1131 S Chester Ave · Indianapolis city (balance), IN 46203

$99,950

2 bd · 1.0 ba · 908 sqft · SingleFamily public records · 29 Days on market

Built 1971 Est $137k · 27% under

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Why this score? — see what drove the B 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 +28.1/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• 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 MLS

Fixer upper estate sale opportunity on the south east side is near Christian Park and Twin Aire. This 2 bedroom, 1 bathroom home needs quite a bit of work. There are a couple active roof leaks and will probably need some mold remediation. The furnace and water heater work. No sight unseen offers. Seller prefers that buyers do their due diligence before making an offer, to waive inspections and close quickly.

Key facts

• New drywall
• New bath
• Open floor plan

Tags

• NEW ROOF
• NEW DRYWALL
• NEW BATH
• OPEN FLOOR PLAN

Property features AI

Exterior

• Home design: Built in 1971
• Construction: Living area approximately 908
• Exterior features: Located in the Near Southeast subdivision

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $313 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $98k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.1% 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 B — 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); 499 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 48% 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 $692 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 2.9% rent growth), your $28k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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.
• Current owner paid $39k; list at $100k implies a 156% gain — meaningful room to come down on a strong offer.

Recommended offer $98,450 (1.5% below list)

Questions for the listing agent

1. Built in 1971 — 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. 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.
4. 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.
5. 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: 1.28% ✓
• Cap rate: 10.06%
• Cash-on-cash: 13.44%
• DSCR: 1.60
• GRM: 6.5

CMA / ARV

• ARV (on-the-fly): $137,108
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1159 S Bradley Ave	0.13mi	3/1.0 (+1)	936 (+3%)	1mo	$86,000	$92	83
1214 S Grant Ave	0.12mi	3/1.0 (+1)	971 (+7%)	1mo	$215,000	$221	77
3847 Hoyt Ave	0.38mi	2/1.0	912 (+0%)	6mo	$75,000	$82	76
1214 S Chester Ave	0.10mi	2/1.0	796 (-12%)	0mo	$124,000	$156	75
4307 Terrace Ave	0.29mi	3/1.0 (+1)	936 (+3%)	3mo	$150,000	$160	74
3909 Hoyt Ave	0.37mi	2/1.0	864 (-5%)	7mo	$120,000	$139	69
4108 E Naomi St	0.57mi	2/1.0	896 (-1%)	8mo	$135,000	$151	65
3710 Hoyt Ave	0.47mi	3/1.0 (+1)	960 (+6%)	1mo	$121,000	$126	62
1212 Vandeman St	0.61mi	2/1.0	880 (-3%)	8mo	$39,900	$45	60
4721 E Morris St	0.50mi	2/1.0	840 (-8%)	9mo	$165,000	$196	57
545 Dayton Ave	0.68mi	3/1.0 (+1)	896 (-1%)	6mo	$101,000	$113	56
4514 Rowney St	0.42mi	3/1.0 (+1)	1,043 (+15%)	3mo	$185,000	$177	48

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: 3.4%
• Equity multiple: 1.13×
• Total profit: $3,631
• Equity at exit: $14,903

10-year hold

• IRR: 12.8%
• Equity multiple: 2.01×
• Total profit: $28,321
• Equity at exit: $8,642

Cash invested: $27,986 (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: 499
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,275 high
• Mortgage (P&I): −$524
• Tax from tax record: −$128 /mo · $1,539/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$268
• Net cashflow: $313

Break-even live

Break-even rent $879

Max offer price $99,950

Occupancy floor 70%

Sensitivity live

Price	-10% $370	-5% $342	+0% $313	+5% $285	+10% $257
Rent	-10% $213	-5% $263	+0% $313	+5% $364	+10% $414
Rate	-1.0pp $364	-0.5pp $339	base $313	+0.5pp $287	+1.0pp $261

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: $24,988
• Closing costs: $2,998
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3906 Hoyt Ave Indianapolis, IN	2.0	1.0	912	$1,250	$1.37	8d	1	0.39mi
3518 Terrace Ave Indianapolis, IN	3.0	1.0	864	$1,300	$1.50	44d	1	0.46mi
3706 Hoyt Ave Indianapolis, IN	3.0	1.0	960	$1,500	$1.56	15d	1	0.47mi
3702 Hoyt Ave Indianapolis, IN	3.0	2.0	960	$1,500	$1.56	15d	1	0.48mi
3441 Prospect St Indianapolis, IN	2.0	1.0	1008	$1,700	$1.69	45d	1	0.56mi
3441 Prospect St Indianapolis, IN	2.0	1.0	1008	$1,500	$1.49	24d	1	0.56mi
750 S Dequincy St Indianapolis, IN	3.0	1.5	936	$1,500	$1.60	44d	1	0.68mi
528 S Bosart Ave Indianapolis, IN	3.0	1.0	720	$1,305	$1.81	44d	1	0.69mi
3012 E Minnesota St Indianapolis, IN	2.0	1.0	767	$1,000	$1.30	24d	1	0.89mi
3012 E Minnesota St Indianapolis, IN	2.0	1.0	875	$1,000	$1.14	44d	1	0.89mi
1730 Perkins Ave Indianapolis, IN	3.0	1.0	924	$1,300	$1.41	24d	1	0.91mi
340 S Dearborn St Indianapolis, IN	2.0	1.0	873	$1,180	$1.35	24d	1	0.98mi
3022 English Ave Unit 3022 Indianapolis, IN	2.0	1.0	600	$650	$1.08	44d	1	0.98mi
5056 Emerton Pl Unit 5056 Indianapolis, IN	2.0	1.0	868	$1,245	$1.43	24d	1	0.99mi
5056 Emerton Pl Unit 5046 Indianapolis, IN	2.0	1.5	1039	$1,245	$1.20	24d	1	0.99mi
270 S Lasalle St Indianapolis, IN	3.0	2.0	562	$1,329	$2.36	8d	1	1.01mi
1505 S Rural St Indianapolis, IN	3.0	1.0	1104	$1,500	$1.36	13d	1	1.03mi
5010 Emerton Pl Indianapolis, IN	2.0	1.5	1002	$1,095	$1.09	44d	1	1.03mi
301 S Gray St Indianapolis, IN	2.0	1.0	841	$1,025	$1.22	24d	1	1.06mi
4919 Orion Ave Indianapolis, IN	2.0	1.0	766	$875	$1.14	44d	1	1.07mi
37 S Sherman Dr Indianapolis, IN	1.0	1.0	700	$800	$1.14	24d	1	1.13mi
350 S Oxford St Indianapolis, IN	3.0	1.0	826	$1,300	$1.57	44d	1	1.15mi
5131 E Burgess Ave Indianapolis, IN	2.0	1.0	816	$1,100	$1.35	44d	1	1.15mi
2631 Southeastern Ave Indianapolis, IN	3.0	2.0	1072	$1,195	$1.11	12d	1	1.19mi
330 S Rural St Indianapolis, IN	2.0	1.0	960	$1,050	$1.09	8d	1	1.21mi
323 S Rural St Indianapolis, IN	3.0	1.5	1090	$1,050	$0.96	44d	1	1.21mi
37 S Tuxedo St Indianapolis, IN	3.0	1.0	950	$1,150	$1.21	44d	1	1.21mi
4114 E Washington St Indianapolis, IN	2.0	1.0	909	$1,100	$1.21	45d	1	1.23mi
4214 E Washington St Indianapolis, IN	3.0	2.0	961	$1,195	$1.24	8d	1	1.23mi
4741 E Washington St Indianapolis, IN	1.0	1.0	700	$950	$1.36	22d	1	1.29mi
28 S Dearborn St Unit A Indianapolis, IN	3.0	1.0	1100	$1,400	$1.27	11d	1	1.29mi
4815 E Washington St Unit 4815-12 Indianapolis, IN	1.0	1.0	700	$950	$1.36	44d	1	1.33mi
4815 E Washington St Unit 4815-04 Indianapolis, IN	1.0	1.0	600	$895	$1.49	44d	1	1.33mi
4815 E Washington St Unit 4815-10 Indianapolis, IN	1.0	1.0	600	$950	$1.58	22d	1	1.33mi
4831 E Washington St Unit 4 Indianapolis, IN	2.0	2.0	1000	$995	$0.99	24d	1	1.34mi
2230 Woodlawn Ave Indianapolis, IN	2.0	1.0	924	$1,350	$1.46	44d	1	1.38mi
83 N Ewing St Unit 83 Indianapolis, IN	3.0	1.0	1016	$1,199	$1.18	44d	1	1.40mi
4926 E Washington St Apt 5 Indianapolis, IN	1.0	1.0	700	$895	$1.28	44d	1	1.41mi
49 S Rural St Indianapolis, IN	2.0	1.5	750	$950	$1.27	11d	1	1.41mi
3622 E New York St Indianapolis, IN	2.0	1.0	805	$995	$1.24	44d	1	1.43mi

Listing history 15 events

1. 2026-06-16
   days on market $99,950 Active 29 DOM
2. 2026-06-15
   days on market $99,950 Active 28 DOM
3. 2026-06-13
   days on market $99,950 Active 26 DOM
4. 2026-06-13
   days on market $99,950 Active 25 DOM
5. 2026-06-09
   days on market $99,950 Active 22 DOM
6. 2026-06-08
   days on market $99,950 Active 21 DOM
7. 2026-06-07
   days on market $99,950 Active 20 DOM
8. 2026-06-03
   days on market $99,950 Active 16 DOM
9. 2026-06-02
   days on market $99,950 Active 15 DOM
10. 2026-06-01
    days on market $99,950 Active 14 DOM
11. 2026-05-31
    days on market $99,950 Active 13 DOM
12. 2026-05-19
    listed $99,950 Active
13. 2023-01-30
    soldstatus $39,000 Closed 411-char remark

    Show marketing remark (411 chars)

    Fixer upper estate sale opportunity on the south east side is near Christian Park and Twin Aire. This 2 bedroom, 1 bathroom home needs quite a bit of work. There are a couple active roof leaks and will probably need some mold remediation. The furnace and water heater work. No sight unseen offers. Seller prefers that buyers do their due diligence before making an offer, to waive inspections and close quickly.

14. 2023-01-19
    status Pending 411-char remark

    Show marketing remark (411 chars)

    Fixer upper estate sale opportunity on the south east side is near Christian Park and Twin Aire. This 2 bedroom, 1 bathroom home needs quite a bit of work. There are a couple active roof leaks and will probably need some mold remediation. The furnace and water heater work. No sight unseen offers. Seller prefers that buyers do their due diligence before making an offer, to waive inspections and close quickly.

15. 2023-01-13
    listed $49,900 Active 411-char remark

    Show marketing remark (411 chars)

    Fixer upper estate sale opportunity on the south east side is near Christian Park and Twin Aire. This 2 bedroom, 1 bathroom home needs quite a bit of work. There are a couple active roof leaks and will probably need some mold remediation. The furnace and water heater work. No sight unseen offers. Seller prefers that buyers do their due diligence before making an offer, to waive inspections and close quickly.

ⓘ 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: $1,539 · $128/mo
• Projected year-2 tax: $1,539 · $128/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: $15,303
• − Mortgage interest: −$5,599
• − Property taxes: −$1,539
• − Insurance: −$500
• − Repairs & maintenance: −$1,224
• − Management: −$1,224
• − Depreciation: −$2,908
• Taxable income: $2,309
• Est. tax owed @ 24.0%: −$554
• After-tax cash flow: $3,206/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

+100.3% since first listed

4 events — show timeline

• 2026-05-19 Listed $99,950 FSBO.com
• 2023-01-30 Sold (MLS) $39,000 MIBOR as Distributed by MLS Grid
• 2023-01-19 Pending — MIBOR as Distributed by MLS Grid
• 2023-01-13 Listed $49,900 MIBOR as Distributed by MLS Grid

Property tax history

+43.4%/yr

Latest (2025): $1,539 · -28.7% YoY. Source: county tax records.