1504 Martin St · Indianapolis city (balance), IN 46227

$110,000

2 bd · 1.0 ba · 858 sqft · SingleFamily public records · 6 Days on market

Built 1936 5,271 sqft lot Est $152k · 28% under

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Why this score? — see what drove the C+ 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 +24.2/30.0
• ARV discount +15.0/15.0
• DSCR +7.8/10.0
• 1% rule +5.5/10.0
• Rent growth +3.1/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity is knocking. .. Loudly. This charming red bungalow in Perry Township is priced at just $110,000 and ready for its next chapter. Open living area, 2 bedrooms, a full bath, and a fantastic private space in back. Yes, it needs some work, but at this price you have room to make it your own and still come out ahead. Investors, first-time buyers, and flippers take note: deals like this don't last. Schedule your showing today!

Key facts

• Open living area
• 5,271 sq ft lot
• Garage

Tags

• OPEN LIVING AREA
• PRIVATE SPACE IN BACK

Property features AI

Exterior

• Parking: Assigned outside parking on gravel
• Utilities: Public water; Municipal sewer connected; Natural gas connected; Solid waste service available
• Home design: Single-family residence; One story; Residential property; Property condition: fixer
• Construction: Vinyl siding; Block foundation
• Exterior features: Deck; Full fencing with gate (front yard); Mature trees; Located on a cul-de-sac; Not in a subdivision

Interior

• Kitchen: Electric oven; Refrigerator; Eat-in kitchen
• Bedrooms: 2 bedrooms (both on the main level)
• Bathrooms: 1 full bathroom with a tub and shower
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Attic access; Eat-in kitchen; Laundry in unit
• Laundry & utility: Washer and dryer included; Main-level laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $220 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Cap rate 8.7% 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 C — 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.
• Zoned schools: Raymond F Brandes School 65 (math 17% / reading 17%, grade F, #837 of 994 statewide, top 86%, 150 students, 83% FRL); H L Harshman Middle School (math 3% / reading 16%, grade F, #316 of 330 statewide, top 96%, 549 students, 84% FRL); Emmerich Manual High School (math 8% / reading 32%, grade F, #345 of 369 statewide, top 95%, 83 students, 64% FRL) — zoned schools at 77% FRL track the district average.
• Market conditions: Rents rising (+2.5%/yr); 248 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $761 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.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 12 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.
• Current owner paid $45k; list at $110k implies a 144% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1936 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $110,000

Questions for the listing agent

1. Built in 1936 — 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: 1.05% ✓
• Cap rate: 8.70%
• Cash-on-cash: 8.58%
• DSCR: 1.38
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $151,866
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1120 Bacon St	0.35mi	2/1.0	832 (-3%)	2mo	$103,950	$125	77
1124 E Murry St	0.33mi	3/1.0 (+1)	840 (-2%)	1mo	$93,000	$111	76
3033 Asbury St	0.25mi	3/1.0 (+1)	912 (+6%)	0mo	$139,900	$153	72
2876 Tindall St	0.38mi	2/1.0	912 (+6%)	2mo	$75,000	$82	71
2822 Tindall St	0.47mi	3/1.0 (+1)	864 (+1%)	5mo	$185,000	$214	68
3057 Dawson St	0.36mi	3/1.0 (+1)	936 (+9%)	1mo	$185,000	$198	62
1620 Norton Ave	0.42mi	3/1.0 (+1)	928 (+8%)	2mo	$119,900	$129	60
1901 Martin St	0.27mi	3/1.0 (+1)	975 (+14%)	5mo	$173,000	$177	56
1820 Martin St	0.24mi	3/1.0 (+1)	975 (+14%)	8mo	$153,000	$157	55
2343 Cameron St	0.73mi	2/1.0	768 (-10%)	3mo	$150,000	$195	46
2301 Cameron St	0.67mi	2/1.0	768 (-10%)	8mo	$165,000	$215	45
711 E Perry St	0.72mi	2/1.0	740 (-14%)	4mo	$155,000	$209	40

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 · 2.46% rent growth · sell at horizon

5-year hold

• IRR: -3.9%
• Equity multiple: 0.86×
• Total profit: $-4,446
• Equity at exit: $16,401

10-year hold

• IRR: 5.2%
• Equity multiple: 1.38×
• Total profit: $11,559
• Equity at exit: $9,511

Cash invested: $30,800 (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 46227

• Rents YoY: 2.5%
• Active inventory: 248
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,154 high
• Mortgage (P&I): −$577
• Tax from tax record: −$69 /mo · $827/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$242
• Net cashflow: $220

Break-even live

Break-even rent $875

Max offer price $110,000

Occupancy floor 76%

Sensitivity live

Price	-10% $283	-5% $251	+0% $220	+5% $189	+10% $158
Rent	-10% $129	-5% $175	+0% $220	+5% $266	+10% $311
Rate	-1.0pp $276	-0.5pp $248	base $220	+0.5pp $192	+1.0pp $163

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3146 Asbury St Indianapolis, IN	2.0	1.0	728	$850	$1.17	9d	1	0.20mi
3311 Linden St Indianapolis, IN	3.0	1.0	1056	$1,150	$1.09	45d	1	0.24mi
3334 Laurel St Indianapolis, IN	3.0	1.0	1068	$1,200	$1.12	21d	1	0.25mi
3312 Olive St Indianapolis, IN	3.0	2.0	1000	$1,395	$1.40	25d	1	0.33mi
2948 Shelby St Unit D Indianapolis, IN	2.0	1.0	750	$1,025	$1.37	45d	1	0.42mi
1620 Norton Ave Indianapolis, IN	3.0	1.0	928	$1,395	$1.50	0d	1	0.43mi
1620 Norton Ave Indianapolis, IN	3.0	1.0	928	$1,395	$1.50	19d	1	0.43mi
1320 1/2 Norton Ave Indianapolis, IN	2.0	1.0	785	$920	$1.17	23d	1	0.43mi
1144 McDougal St Indianapolis, IN	3.0	1.0	876	$1,500	$1.71	23d	1	0.51mi
3765 S State Ave Indianapolis, IN	2.0	1.0	700	$995	$1.42	25d	1	0.55mi
1549 Nelson Ave Indianapolis, IN	3.0	1.0	950	$1,380	$1.45	45d	1	0.57mi
2714 Dawson St Indianapolis, IN	3.0	1.0	912	$1,500	$1.64	0d	1	0.65mi
2633 S Randolph St Unit b Indianapolis, IN	2.0	1.0	900	$995	$1.11	25d	1	0.76mi
2633 S Randolph St Indianapolis, IN	2.0	1.0	900	$995	$1.11	12d	1	0.76mi
3206 S Temple Ave Indianapolis, IN	2.0	1.0	784	$1,080	$1.38	25d	1	0.77mi
2555 Shelby St Unit 2559 Indianapolis, IN	1.0	1.0	717	$1,250	$1.74	45d	1	0.80mi
1637 Hoefgen St Indianapolis, IN	2.0	1.0	780	$1,000	$1.28	45d	1	0.83mi
2525 Shelby St Unit 1 Indianapolis, IN	1.0	1.0	600	$865	$1.44	4d	1	0.87mi
2525 Shelby St Unit 4 Indianapolis, IN	1.0	1.0	600	$775	$1.29	25d	1	0.87mi
2525 Shelby St Unit 4 Indianapolis, IN	1.0	1.0	600	$775	$1.29	0d	1	0.87mi
2469 Dawson St Indianapolis, IN	2.0	1.0	700	$949	$1.36	5d	4	0.92mi
2830 S East St Indianapolis, IN	2.0	1.0	656	$1,200	$1.83	45d	1	0.96mi
2760 S East St Indianapolis, IN	2.0–3.0	2.0	1072	$895	$0.83	5d	3	0.99mi
360 Sandra Ln Unit 110-062 Indianapolis, IN	2.0	1.0	621	$949	$1.53	9d	1	1.05mi
360 Sandra Ln Unit 109-013 Indianapolis, IN	2.0	1.0	621	$1,029	$1.66	6d	1	1.05mi
360 Sandra Ln Unit 314-D59 Indianapolis, IN	2.0	1.0	621	$1,011	$1.63	5d	1	1.05mi
360 Sandra Ln Unit 319-D126 Indianapolis, IN	2.0	1.0	621	$960	$1.55	4d	1	1.05mi
360 Sandra Ln Unit 110-064 Indianapolis, IN	2.0	1.0	621	$961	$1.55	4d	1	1.05mi
360 Sandra Ln Unit 115-044 Indianapolis, IN	2.0	1.0	621	$999	$1.61	5d	1	1.05mi
360 Sandra Ln Indianapolis, IN	1.0–2.0	1.0	562	$1,494	$2.66	13d	9	1.05mi
1051 E Edwards Ave Indianapolis, IN	2.0	1.0	896	$1,150	$1.28	45d	1	1.07mi
1604 E Kelly St Indianapolis, IN	2.0	1.0	750	$1,025	$1.37	19d	1	1.12mi
1604 E Kelly St Indianapolis, IN	2.0	1.0	800	$1,025	$1.28	12d	1	1.12mi
1409 E Tabor St Indianapolis, IN	1.0	1.0	528	$775	$1.47	25d	1	1.15mi
3714 Bartlett Ave Indianapolis, IN	1.0	1.0	576	$969	$1.68	6d	4	1.17mi
265 E Southern Ave Indianapolis, IN	1.0–2.0	1.0	800	$1,150	$1.44	4d	2	1.18mi
1706 E Tabor St Unit 1708 Indianapolis, IN	3.0	1.0	1000	$1,300	$1.30	9d	1	1.19mi
920 E Markwood Ave Indianapolis, IN	1.0–2.0	1.0	838	$949	$1.13	9d	2	1.19mi
2315 Bischoff Dr Beech Grove, IN	2.0	1.0	1065	$848	$0.80	25d	2	1.22mi
2430 Albany St Apt 01 Beech Grove, IN	2.0	1.0	800	$899	$1.12	9d	1	1.24mi

Listing history 5 events

1. 2026-06-21
   days on market $110,000 Active 6 DOM
2. 2026-06-18
   days on market $110,000 Active 3 DOM
3. 2026-06-17
   days on market $110,000 Active 2 DOM
4. 2026-06-15
   remarks 435-char remark
5. 2026-06-15
   listed $110,000 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: $827 · $69/mo
• Projected year-2 tax: $881 · $73/mo
• Expected delta: +$54/yr (+$4/mo · 6.5%)

ⓘ 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 ≥101°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,851
• − Mortgage interest: −$6,162
• − Property taxes: −$827
• − Insurance: −$550
• − Repairs & maintenance: −$1,108
• − Management: −$1,108
• − Depreciation: −$3,200
• Taxable income: $896
• Est. tax owed @ 24.0%: −$215
• After-tax cash flow: $2,428/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): 57,587
• Household income: $53,629
• Rent vs Own: 55.1% rent · 44.9% own
• Severe rent burden: 3583.0

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 0.59)
• Race & ethnicity: White 61% Asian 12% Black 11% Hispanic / Latino 10% Two or more races 8%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Italian 2% Slovak 2% Lithuanian 1%
• Foreign-born: 17% · Philippines, Canada, Vietnam
• Languages at home: 79% English-only · Other Asian/Pacific 9% Spanish 7% 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: ▼ -260.49%
• Current HPI: 276.8271
• Rent YoY: ▲ 2.46%
• 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

+120.4% since first listed

25 events — show timeline

• 2026-06-15 Listed $110,000 MIBOR as Distributed by MLS Grid
• 2025-04-09 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-03-18 Price Changed $135,000 MIBOR as Distributed by MLS Grid
• 2025-03-04 Price Changed $145,000 MIBOR as Distributed by MLS Grid
• 2025-01-10 Listed $150,000 MIBOR as Distributed by MLS Grid
• 2019-02-11 Sold (Public Records) $45,000 Public Records
• 2010-11-02 Listing Removed — MIBOR as Distributed by MLS Grid
• 2010-06-25 Listed $40,000 MIBOR as Distributed by MLS Grid
• 2010-06-19 Listing Removed — MIBOR as Distributed by MLS Grid
• 2010-01-14 Listed $40,000 MIBOR as Distributed by MLS Grid
• 2008-02-20 Listing Removed — MIBOR as Distributed by MLS Grid
• 2007-07-03 Listed $39,900 MIBOR as Distributed by MLS Grid
• 2007-04-12 Listing Removed — MIBOR as Distributed by MLS Grid
• 2006-11-29 Listed $52,900 MIBOR as Distributed by MLS Grid
• 2006-06-01 Listed — MIBOR as Distributed by MLS Grid
• 2006-02-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-11-14 Listed $36,000 MIBOR as Distributed by MLS Grid
• 2005-10-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-06-13 Listed $42,900 MIBOR as Distributed by MLS Grid
• 2004-09-08 Listing Removed — MIBOR as Distributed by MLS Grid
• 2004-09-08 Listing Removed — MIBOR as Distributed by MLS Grid
• 2004-06-15 Listed $44,900 MIBOR as Distributed by MLS Grid
• 2003-09-29 Listed $49,900 MIBOR as Distributed by MLS Grid
• 2003-02-14 Listing Removed — MIBOR as Distributed by MLS Grid
• 2002-08-14 Listed $49,900 MIBOR as Distributed by MLS Grid

Property tax history

-1.0%/yr

Latest (2025): $827 · +18.8% YoY. Source: county tax records.