4922 Farrington Ave · Indianapolis city (balance), IN 46201

$204,900

2 bd · 9846.0 ba · 600 sqft · MultiFamily public records · 3 Days on market

Built 1950 6,055 sqft lot

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +17.5/30.0
• ARV discount +7.5/15.0
• DSCR +5.5/10.0
• 1% rule +4.8/10.0
• Rent growth +4.3/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Good cashflow duplex close to everything Irvington has to offer. Both sides have been updated from top to bottom over the last few years including: roof, windows, siding, plumbing, electrical, flooring, kitchens & appliances, bathrooms, HVAC, water heater and more. Just completed in 4924: 3 new vinyl windows, complete interior paint, range and hood fan, bathroom toilet, closet doors and blinds. 4922 unit tenant goes MTM starting 1/1/2024 paying $925/month ($895 rent + $30 pet fee). 4924 unit is identical and, with current updates, could rent for $900-$950 based on nearby comps. Tenants pay all utilities.

Key facts

• Separate utilities
• Private entrances
• 6,055 sq ft lot

Tags

• WELL MAINTAINED DUPLEX
• PRIVATE ENTRANCES
• SEPARATE UTILITIES
• INDIVIDUAL LAUNDRY AREAS
• FULLY FENCED BACKYARD
• AMPLE CABINET AND WORKSPACE

Property features AI

Finance

• Other: Zoning: ZO01; Lot under 1/4 acre (approx. 0.14 acres); Frontage road access; Not a conversion
• Financial info: Owner pays property taxes; Reported gross income: 0; Reported expenses: 0; Two units total; one unit shows $925/month rent, the other shows no rent listed

Exterior

• Parking: On-street parking
• Utilities: Individual units have central air and forced gas heat; Hot water is electric; Solid waste: No
• Home design: Duplex residential income property; Single-story (one level)
• Construction: Slab foundation
• Exterior features: Fully fenced backyard for each unit; Property is fenced (full)

Interior

• Kitchen: Each unit has a 10 x 8 kitchen
• Bedrooms: Total of 4 bedrooms across units
• Bathrooms: Total of 2 bathrooms across units
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Forced air heating; Central air conditioning
• Laundry & utility: Shared laundry room; Hot water electric

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $205k.

Deal economics

• At list price, monthly cash flow is $157 ($2k/yr) — positive. Per door: $78/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $201k (1.9% below list).
• Recommended offer: $201k (1.9% below list) — sets the bar for 1% rule.
• Cap rate 7.2% vs local median 4.4% in Indianapolis city (balance) — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Indianapolis Public Schools (urban): math 14% / reading 20% proficiency, ranked #286 of 301 in IN (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 77% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+7.3%/yr); 483 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• At $2,010/mo this rent would consume 49% of the median local household income ($49k/yr) (locally 1906% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Marion County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 24y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $201,000 (1.9% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.98% ✗
• Cap rate: 7.21%
• Cash-on-cash: 3.28%
• DSCR: 1.15
• GRM: 8.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 7.31% rent growth · sell at horizon

5-year hold

• IRR: -6.3%
• Equity multiple: 0.75×
• Total profit: $-14,076
• Equity at exit: $30,551

10-year hold

• IRR: 8.0%
• Equity multiple: 1.72×
• Total profit: $41,565
• Equity at exit: $17,716

Cash invested: $57,372 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Indiana: 90 Strongly Landlord-Friendly · R+11
• County: — inherits STATE
• City: — inherits STATE

10-day pay-or-quit; landlord-favorable; preempted.

Methodology + full state rankings →

ZIP-level market 46201

• Home prices YoY: -33.9%
• Rents YoY: 7.3%
• Active inventory: 483
• Price-to-rent: 17.0×

Monthly cashflow live

• Estimated rent: $2,010 medium
• Mortgage (P&I): −$1,075
• Tax from tax record: −$271 /mo · $3,253/yr
• Insurance: −$85
• HOA: −$0
• Vacancy / Maint / Mgmt: −$422
• Net cashflow: $157

Break-even live

Break-even rent $1,811

Max offer price $204,900

Occupancy floor 87%

Sensitivity live

Price	-10% $273	-5% $215	+0% $157	+5% $99	+10% $41
Rent	-10% $-2	-5% $77	+0% $157	+5% $236	+10% $316
Rate	-1.0pp $260	-0.5pp $209	base $157	+0.5pp $104	+1.0pp $50

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,010
Total (2 units)			$2,010

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $51,225
• Closing costs: $6,147
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
25 S Emerson Ave Indianapolis, IN	1.0	1.0	710	$649	$0.91	44d	1	0.33mi
4815 E Washington St Unit 4815-12 Indianapolis, IN	1.0	1.0	700	$950	$1.36	44d	1	0.36mi
4815 E Washington St Unit 4815-10 Indianapolis, IN	1.0	1.0	600	$950	$1.58	22d	1	0.36mi
4815 E Washington St Unit 4815-04 Indianapolis, IN	1.0	1.0	600	$895	$1.49	44d	1	0.36mi
4926 E Washington St Apt 5 Indianapolis, IN	1.0	1.0	700	$895	$1.28	44d	1	0.37mi
4741 E Washington St Indianapolis, IN	1.0	1.0	700	$950	$1.36	22d	1	0.38mi
5143 E Washington St Apt 101 Indianapolis, IN	1.0	1.0	600	$800	$1.33	44d	1	0.40mi
5143 E Washington St Apt 102 Indianapolis, IN	1.0	1.0	630	$850	$1.35	44d	1	0.40mi
528 S Bosart Ave Indianapolis, IN	3.0	1.0	720	$1,305	$1.81	44d	1	0.44mi
4 N Butler Ave Unit 2 Indianapolis, IN	1.0	1.0	500	$675	$1.35	24d	1	0.45mi
5230 E Washington St Indianapolis, IN	1.0	1.0	463	$819	$1.77	11d	6	0.49mi
5230 E Washington St Indianapolis, IN	1.0	1.0	463	$804	$1.74	3d	6	0.49mi
648 Dayton Ave Indianapolis, IN	1.0	1.0	450	$750	$1.67	15d	1	0.62mi
5703 E Washington St Indianapolis, IN	2.0	1.0	628	$1,025	$1.63	3d	3	0.89mi
29 S Audubon Rd Indianapolis, IN	1.0–2.0	1.0	670	$989	$1.48	14d	5	0.91mi
37 S Sherman Dr Indianapolis, IN	1.0	1.0	700	$800	$1.14	24d	1	0.93mi
5730 E Washington St Indianapolis, IN	1.0–2.0	1.0	556	$865	$1.55	14d	4	0.96mi
5819 E Washington St #13 Indianapolis, IN	1.0	1.0	700	$795	$1.14	44d	1	1.00mi
5819 E Washington St #10 Indianapolis, IN	1.0	1.0	550	$715	$1.30	44d	1	1.00mi
810 N Euclid Ave Indianapolis, IN	3.0	1.0	574	$1,550	$2.70	20d	1	1.00mi
830 N Emerson Ave Indianapolis, IN	1.0	1.0	560	$850	$1.52	44d	1	1.03mi
831 N Emerson Ave Indianapolis, IN	1.0	1.0	647	$1,000	$1.55	24d	1	1.03mi
412 N Bradley Ave Unit 3 Indianapolis, IN	2.0	1.0	700	$950	$1.36	24d	1	1.05mi
5901 E Washington St Apt 38 Indianapolis, IN	1.0	1.0	670	$949	$1.42	3d	1	1.09mi
833 N Gladstone Ave Indianapolis, IN	1.0	1.0	687	$825	$1.20	24d	1	1.11mi
5914 E Washington St Indianapolis, IN	1.0	1.0	700	$825	$1.18	24d	1	1.16mi
896 N Gladstone Ave Indianapolis, IN	1.0	1.0	580	$775	$1.34	44d	1	1.20mi
821 N Bradley Ave Indianapolis, IN	1.0	1.0	663	$850	$1.28	5d	1	1.25mi
927 N Chester Ave Indianapolis, IN	1.0	1.0	596	$750	$1.26	44d	1	1.26mi
19 S Webster Ave Indianapolis, IN	1.0	1.0	700	$799	$1.14	44d	1	1.26mi
15 S Webster Ave Indianapolis, IN	1.0	1.0	650	$799	$1.23	5d	1	1.26mi
6052 E Washington St Unit B Indianapolis, IN	1.0	1.0	600	$575	$0.96	24d	1	1.30mi
270 S Lasalle St Indianapolis, IN	3.0	2.0	562	$1,329	$2.36	8d	1	1.32mi

Listing history 3 events

1. 2026-06-21
   days on market $204,900 Active 3 DOM
2. 2026-06-19
   remarks 699-char remark
3. 2026-06-19
   listed $204,900 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast IN · Partial reset (capped growth)

• Current annual tax: $3,253 · $271/mo
• Projected year-2 tax: $3,253 · $271/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,120
• − Mortgage interest: −$11,478
• − Property taxes: −$3,253
• − Insurance: −$1,024
• − Repairs & maintenance: −$1,930
• − Management: −$1,930
• − Depreciation: −$5,961
• Taxable loss: −$1,455
• Est. tax savings @ 24.0%: +$349
• After-tax cash flow: $2,232/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Indianapolis Public Schools
• NCES district ID: 1804770
• Math proficiency: 14% ▼ -7.00%
• Reading proficiency: 20% ▼ -3.00%
• Median HH income: $32,034
• Composite: 13.69/100
• National rank: #9499
• State rank: #286 of 301 in IN

Livability — Indianapolis city (balance)

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Indianapolis city (balance), IN
• County: Marion County · 998,460 people
• City population: 881,119
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 30,335
• Household income: $49,195
• Rent vs Own: 48.4% rent · 51.6% own
• Severe rent burden: 1906.0

Population outlook (Marion County) Hauer SSP2

• Today (2025): 1,025,572 people
• By 2030: 1,065,727 · +3.9%
• By 2040: 1,141,577 · +11.3%
• By 2050: 1,208,920 · +17.9%
• By 2075: 1,367,288 · +33.3%
• By 2100: 1,438,201 · +40.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 53% Hispanic / Latino 23% Black 18% Two or more races 9%
• Hispanic origin (detail): Mexican 14% Puerto Rican 2%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 9% · Canada
• Languages at home: 81% English-only · Spanish 17%

Political lean MEDSL · Marion

• 2024 margin: Strong D (+27.7) · D 63.0% · R 35.3% · Other 1.7%
• 2008→2024 swing: -0.7pp no change · 2008: 28.4pp · 2024: 27.7pp
• All cycles: 2024: D+27.7 2020: D+29.1 2016: D+22.8 2012: D+22.2 2008: D+28.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -192.51%
• Current HPI: 375.0969
• Rent YoY: ▲ 7.31%
• Metro: Indianapolis-Carmel-Anderson, IN
• State GDP YoY: ▲ 2.90%
• F500 in state: 18

Industry mix (Fortune 500 HQ in IN)

Industry	F500 HQs	Revenue
▸Industrial Machinery	2	$37B
▸Healthcare	1	$177B
▸Pharmaceuticals	1	$45B
▸Metals / Steel	1	$18B
▸Agriculture	1	$17B
▸Packaging	1	$12B

Price history

+1621.8% since first listed

9 events — show timeline

• 2026-06-18 Listed $204,900 MIBOR as Distributed by MLS Grid
• 2023-12-28 Sold (MLS) $189,900 MIBOR as Distributed by MLS Grid
• 2023-12-01 Pending — MIBOR as Distributed by MLS Grid
• 2023-11-28 Listed $189,900 MIBOR as Distributed by MLS Grid
• 2022-06-22 Price Changed $825 RENT.
• 2008-04-25 Sold (MLS) $5,000 MIBOR as Distributed by MLS Grid
• 2007-11-15 Listed $6,900 MIBOR as Distributed by MLS Grid
• 2002-09-30 Sold (MLS) $6,000 MIBOR as Distributed by MLS Grid
• 2002-08-28 Listed $11,900 MIBOR as Distributed by MLS Grid

Property tax history

+16.5%/yr

Latest (2025): $3,253 · -13.0% YoY. Source: county tax records.