505 Saint Paul St · Indianapolis city (balance), IN 46203

$144,500

2 bd · 1.0 ba · 937 sqft · SingleFamily public records · 10 Days on market

Built 1920 4,356 sqft lot Est $136k · 6% over

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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 +17.0/30.0
• DSCR +5.3/10.0
• ARV discount +4.6/15.0
• 1% rule +3.6/10.0
• Rent growth +3.2/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Check it out. This 2 bedroom 1 bath home in Indy. This home has a newer roof and new flooring in living room. 2 car detached and fenced in back yard. Also a white picket fenced in front yard. Great location

Key facts

• Newer roof
• New flooring
• Fenced in back yard

Tags

• NEWER ROOF
• NEW FLOORING
• FENCED IN BACK YARD

Property features AI

Exterior

• Parking: Detached 2-car garage (approximately 440 sq ft)
• Utilities: Public water; Municipal sewer connected
• Home design: Single-family residence; One story
• Construction: Vinyl siding; Block foundation
• Exterior features: Lot smaller than 1/4 acre (approximately 0.1 acre)

Interior

• Kitchen: Microwave; Electric oven; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Attic access; Finished basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $144k.

Deal economics

• At list price, monthly cash flow is $99 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $124k (14.3% below list).
• Recommended offer: $124k (14.3% below list) — sets the bar for 1% rule.
• Cap rate 7.1% 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 (+2.9%/yr); 493 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $999 of loan paydown is wiped out by about $4k 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 10 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,838 (14.3% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.86% ✗
• Cap rate: 7.11%
• Cash-on-cash: 2.93%
• DSCR: 1.13
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $135,865
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2251 English Ave	0.02mi	3/1.0 (+1)	960 (+2%)	10mo	$179,900	$187	82
917 St Peter St	0.35mi	2/1.0	913 (-3%)	9mo	$90,000	$99	72
274 Leeds Ave	0.40mi	3/2.0 (+1)	936 (-0%)	12mo	$100,000	$107	62
1524 Pleasant St	0.59mi	2/1.0	995 (+6%)	1mo	$125,000	$126	61
1341 Fletcher Ave	0.68mi	2/1.0	860 (-8%)	0mo	$215,000	$250	54
3106 Newton Ave	0.74mi	3/2.0 (+1)	912 (-3%)	1mo	$95,500	$105	51
215 Trowbridge St	0.40mi	1/1.0 (-1)	1,071 (+14%)	4mo	$57,000	$53	49
1641 Deloss St	0.41mi	3/1.5 (+1)	1,038 (+11%)	9mo	$205,000	$197	48
1118 Churchman Ave	0.53mi	2/2.0	812 (-13%)	7mo	$244,000	$300	43
331 S Oakland Ave	0.60mi	3/1.0 (+1)	1,056 (+13%)	5mo	$135,000	$128	41
3037 Newton Ave	0.67mi	3/1.0 (+1)	1,074 (+15%)	2mo	$156,000	$145	38
1145 Villa Ave	0.60mi	3/2.0 (+1)	1,044 (+11%)	8mo	$299,900	$287	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 2.88% rent growth · sell at horizon

5-year hold

• IRR: -11.8%
• Equity multiple: 0.57×
• Total profit: $-17,331
• Equity at exit: $21,545

10-year hold

• IRR: -2.9%
• Equity multiple: 0.81×
• Total profit: $-7,827
• Equity at exit: $12,494

Cash invested: $40,460 (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 46203

• Home prices YoY: -26.7%
• Rents YoY: 2.9%
• Active inventory: 493
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,238 high
• Mortgage (P&I): −$758
• Tax from tax record: −$62 /mo · $739/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$260
• Net cashflow: $99

Break-even live

Break-even rent $1,113

Max offer price $144,500

Occupancy floor 87%

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: $36,125
• Closing costs: $4,335
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
225 Hamilton Ave Indianapolis, IN	2.0	2.0	1008	$1,695	$1.68	43d	1	0.20mi
423 Villa Ave Indianapolis, IN	1.0	1.0	593	$799	$1.35	23d	1	0.23mi
2025 Southeastern Ave Indianapolis, IN	1.0	1.0	663	$775	$1.17	43d	1	0.25mi
2034 Southeastern Ave Indianapolis, IN	1.0	1.0	525	$850	$1.62	14d	1	0.26mi
2631 Southeastern Ave Indianapolis, IN	3.0	2.0	1072	$1,195	$1.11	11d	1	0.28mi
247 S Randolph St Indianapolis, IN	2.0	1.0	720	$750	$1.04	43d	1	0.32mi
245 S Randolph St Indianapolis, IN	2.0	1.0	720	$750	$1.04	43d	1	0.32mi
330 S Rural St Indianapolis, IN	2.0	1.0	960	$1,050	$1.09	7d	1	0.37mi
1912 Lexington Ave Unit 1910B Indianapolis, IN	1.0	1.0	660	$850	$1.29	43d	1	0.37mi
2230 Woodlawn Ave Indianapolis, IN	2.0	1.0	924	$1,350	$1.46	43d	1	0.38mi
2116 Woodlawn Ave Indianapolis, IN	2.0	2.0	1054	$1,175	$1.11	7d	1	0.40mi
323 S Rural St Indianapolis, IN	3.0	1.5	1090	$1,050	$0.96	43d	1	0.40mi
518 S State Ave Indianapolis, IN	2.0	1.0	900	$725	$0.81	43d	1	0.42mi
350 S Oxford St Indianapolis, IN	3.0	1.0	826	$1,300	$1.57	43d	1	0.42mi
1011 Harlan St Indianapolis, IN	2.0	2.0	1008	$1,525	$1.51	43d	1	0.44mi
1013 Harlan St Indianapolis, IN	2.0	1.0	1008	$1,475	$1.46	43d	1	0.45mi
815 Dawson St Unit 2 Indianapolis, IN	2.0	1.0	600	$1,300	$2.17	4d	1	0.45mi
1718 Southeastern Ave Indianapolis, IN	1.0	1.0	700	$1,080	$1.54	43d	1	0.45mi
3022 English Ave Unit 3022 Indianapolis, IN	2.0	1.0	600	$650	$1.08	43d	1	0.52mi
1023 S State Ave Indianapolis, IN	1.0	1.0	600	$1,099	$1.83	23d	1	0.60mi
49 S Rural St Indianapolis, IN	2.0	1.5	750	$950	$1.27	10d	1	0.60mi
1449 Fletcher Ave Indianapolis, IN	2.0	2.0	1000	$2,000	$2.00	17d	1	0.62mi
301 S Gray St Indianapolis, IN	2.0	1.0	841	$1,025	$1.22	23d	1	0.66mi
340 S Dearborn St Indianapolis, IN	2.0	1.0	873	$1,180	$1.35	23d	1	0.67mi
225 N Hamilton Ave Indianapolis, IN	2.0	2.0	1008	$1,695	$1.68	43d	1	0.72mi
228 N Randolph St Indianapolis, IN	2.0	2.0	1008	$1,695	$1.68	43d	1	0.74mi
270 S Lasalle St Indianapolis, IN	3.0	2.0	562	$1,329	$2.36	7d	1	0.75mi
2211 E New York St Unit B Indianapolis, IN	1.0	1.0	650	$725	$1.12	21d	1	0.77mi
1529 E Ohio St Indianapolis, IN	2.0	1.0	1118	$1,299	$1.16	43d	1	0.79mi
1441 Prospect St Indianapolis, IN	2.0	1.0–2.0	2840	$2,000	$0.70	1d	13	0.81mi
1145 Bates St Indianapolis, IN	2.0	1.0	1065	$1,500	$1.41	21d	1	0.83mi
1148 Fletcher Ave Indianapolis, IN	2.0	1.0	900	$1,800	$2.00	17d	1	0.83mi
1306 Woodlawn Ave Unit 1B Indianapolis, IN	1.0	1.0	720	$1,275	$1.77	43d	1	0.84mi
28 S Dearborn St Unit A Indianapolis, IN	3.0	1.0	1100	$1,400	$1.27	10d	1	0.85mi
1337 Prospect St Unit 3 Indianapolis, IN	1.0	2.0	1100	$1,450	$1.32	43d	1	0.86mi
1026 Laurel St Indianapolis, IN	1.0	1.0	655	$860	$1.31	43d	1	0.87mi
313 Eastern Ave Indianapolis, IN	2.0	1.0	1040	$950	$0.91	21d	1	0.89mi
1503 Dawson St Indianapolis, IN	2.0	1.0	700	$1,200	$1.71	43d	1	0.90mi
1224 Prospect St Indianapolis, IN	2.0	1.0–2.0	691	$2,235	$3.23	1d	8	0.91mi
3441 Prospect St Indianapolis, IN	2.0	1.0	1008	$1,500	$1.49	23d	1	0.93mi

Listing history 9 events

1. 2026-06-18
   days on market $144,500 Active 10 DOM
2. 2026-06-17
   days on market $144,500 Active 9 DOM
3. 2026-06-16
   statusdays on market $144,500 Active 8 DOM
4. 2026-06-07
   statusdays on market $144,500 Pending 7 DOM
5. 2026-06-03
   days on market $144,500 Active 4 DOM
6. 2026-06-02
   days on market $144,500 Active 3 DOM
7. 2026-06-01
   days on market $144,500 Active 2 DOM
8. 2026-05-31
   remarks 206-char remark
9. 2026-05-31
   listed $144,500 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: $739 · $62/mo
• Projected year-2 tax: $984 · $82/mo
• Expected delta: +$244/yr (+$20/mo · 33.1%)

ⓘ 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 4/10 Moderate 7 d/yr ≥101°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: $14,861
• − Mortgage interest: −$8,094
• − Property taxes: −$739
• − Insurance: −$722
• − Repairs & maintenance: −$1,189
• − Management: −$1,189
• − Depreciation: −$4,204
• Taxable loss: −$1,277
• Est. tax savings @ 24.0%: +$306
• After-tax cash flow: $1,491/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): 37,758
• Household income: $57,393
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 1499.0

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: Predominantly White (69%)
• Race & ethnicity: White 69% Hispanic / Latino 14% Black 12% Two or more races 8% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 12% Puerto Rican 1%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 8% · Canada
• Languages at home: 88% English-only · Spanish 10% Other Indo-European 1%

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: ▼ -127.37%
• Current HPI: 349.579
• Rent YoY: ▲ 2.88%
• 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

1 event — show timeline

• 2026-05-30 Listed $144,500 MIBOR as Distributed by MLS Grid

Property tax history

+12.7%/yr

Latest (2025): $739 · +16.4% YoY. Source: county tax records.