3643 N Lesley Ave · Indianapolis city (balance), IN 46218

$114,900

3 bd · 1.0 ba · 1,792 sqft · SingleFamily public records · 6 Days on market

Built 1947 8,220 sqft lot Est $186k · 38% 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 +7.9/10.0
• Rent growth +2.7/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

3 Bd 1Ba Investment opportunity sits on two lots*LR w/ wood burning FP* Separate DR*2BD on main flr with large 3rd BD on upper level*Unfinished Basement great for storage*Property being "SOLD AS IS"All room sizes are approximate

Key facts

• Single-level home
• Fireplace
• 8,220 sq ft lot

Tags

• SINGLE-LEVEL HOME
• WOOD CONSTRUCTION PROFILE
• CENTRALIZED LIVING AREA
• FIREPLACE
• CENTRAL AIR CONDITIONING
• WARM AIR HEATING SYSTEM

Property features AI

Finance

• Other: Not in subdivision; Sidewalks, storm sewer, and street lights nearby; Lot is under 1/4 acre (approx. 0.19 acre)

Exterior

• Parking: Detached garage with storage (1 car, approximately 240 sq ft); Gravel parking
• Security: Smoke alarm
• Utilities: Public water; Municipal sewer connected; Natural gas connected; Cable available; Solid waste service
• Home design: Single family residence; One story
• Construction: Vinyl siding; Block foundation
• Exterior features: Covered porch/patio; Full yard fence; Storage shed

Interior

• Kitchen: Refrigerator; Range hood
• Bedrooms: 2 bedrooms (both on the main level); Primary bedroom with tub and separate shower (see remarks)
• Flooring: Hardwood floors
• Bathrooms: 1 full bathroom (main level) with tub and separate shower
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Hardwood floors; Pantry; Smoke alarm; Sump pump
• Laundry & utility: Laundry in basement; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $361 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• 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.
• Zoned schools: Arlington Woods School 99 (math 2% / reading 8%, grade F, #970 of 994 statewide, top 99%, 335 students, 85% FRL); Shortridge High School (math 20% / reading 51%, grade F, #263 of 369 statewide, top 72%, 1,089 students, 70% FRL) — zoned schools at 78% FRL track the district average.
• Market conditions: Rents flat; 334 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• At $1,479/mo this rent would consume 47% of the median local household income ($38k/yr) (locally 2340% 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 $794 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.
• 2 sale attempts since 9y 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 $40k; list at $115k implies a 187% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $114,900

Questions for the listing agent

1. Built in 1947 — 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: 1.29% ✓
• Cap rate: 10.06%
• Cash-on-cash: 13.46%
• DSCR: 1.60
• GRM: 6.5

CMA / ARV

• ARV (on-the-fly): $186,368
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5426 Culver St	0.52mi	3/1.0	1,728 (-4%)	2mo	$179,000	$104	68
3505 N Layman Ave	0.21mi	2/1.0 (-1)	1,925 (+7%)	8mo	$96,000	$50	66
3506 N Lesley Ave	0.20mi	2/1.0 (-1)	1,980 (+10%)	7mo	$143,000	$72	62
4013 N Graham Ave	0.46mi	3/2.5	1,913 (+7%)	9mo	$200,000	$105	54
3823 N Butler Ave	0.51mi	3/2.0	1,550 (-14%)	5mo	$220,000	$142	46
5441 E 34th St	0.42mi	4/1.5 (+1)	1,588 (-11%)	13mo	$210,000	$132	44
4128 N Webster Ave	0.73mi	4/2.0 (+1)	1,924 (+7%)	2mo	$195,000	$101	43
5349 Culver St	0.59mi	3/1.5	2,009 (+12%)	9mo	$175,000	$87	43
3922 N Butler Ave	0.59mi	4/2.0 (+1)	1,589 (-11%)	4mo	$123,500	$78	42
5546 Marilyn Rd	0.63mi	3/2.0	1,550 (-14%)	13mo	$205,000	$132	33
4023 N Arlington Ave	0.60mi	4/1.5 (+1)	1,532 (-14%)	11mo	$222,000	$145	32
4012 Sawyer St	0.67mi	4/2.0 (+1)	1,987 (+11%)	15mo	$191,000	$96	29

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 · 0.81% rent growth · sell at horizon

5-year hold

• IRR: 1.0%
• Equity multiple: 1.04×
• Total profit: $1,209
• Equity at exit: $17,132

10-year hold

• IRR: 8.3%
• Equity multiple: 1.57×
• Total profit: $18,249
• Equity at exit: $9,934

Cash invested: $32,172 (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 46218

• Home prices YoY: -17.1%
• Rents YoY: 0.8%
• Active inventory: 334
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,479 high
• Mortgage (P&I): −$603
• Tax from tax record: −$157 /mo · $1,887/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$311
• Net cashflow: $361

Break-even live

Break-even rent $1,022

Max offer price $114,900

Occupancy floor 71%

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3940 N Graham Ave Indianapolis, IN	3.0	1.0	2378	$1,501	$0.63	43d	1	0.41mi
3912 N Webster Ave Indianapolis, IN	4.0	1.0	1274	$1,350	$1.06	21d	1	0.56mi
3070 N Layman Ave #1 Indianapolis, IN	3.0	2.0	1480	$1,700	$1.15	43d	1	0.71mi
3707 N Riley Ave Indianapolis, IN	3.0	1.5	2016	$1,500	$0.74	23d	1	0.76mi
3734 Manor Ct Indianapolis, IN	3.0	1.0	1414	$1,399	$0.99	7d	1	1.05mi
4176 N Irwin Ave Indianapolis, IN	4.0	2.0	2006	$1,595	$0.80	21d	1	1.17mi
5865 E 46th St Indianapolis, IN	3.0	2.0	1400	$1,500	$1.07	43d	1	1.20mi

Listing history 6 events

1. 2026-06-18
   days on market $114,900 Active 6 DOM
2. 2026-06-17
   days on market $114,900 Active 5 DOM
3. 2026-06-16
   days on market $114,900 Active 4 DOM
4. 2026-06-15
   days on market $114,900 Active 3 DOM
5. 2026-06-13
   remarks 611-char remark
6. 2026-06-13
   listed $114,900 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: $1,887 · $157/mo
• Projected year-2 tax: $1,887 · $157/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 ≥101°F today · 18 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: $17,751
• − Mortgage interest: −$6,436
• − Property taxes: −$1,887
• − Insurance: −$574
• − Repairs & maintenance: −$1,420
• − Management: −$1,420
• − Depreciation: −$3,343
• Taxable income: $2,670
• Est. tax owed @ 24.0%: −$641
• After-tax cash flow: $3,690/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): 29,360
• Household income: $38,063
• Rent vs Own: 47.2% rent · 52.8% own
• Severe rent burden: 2340.0

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 Black (68%)
• Race & ethnicity: Black 68% White 18% Hispanic / Latino 9% Two or more races 6%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 1%
• Foreign-born: 5% · Canada, Philippines
• Languages at home: 92% English-only · Spanish 7%

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: ▼ -81.57%
• Current HPI: 395.7071
• Rent YoY: ▲ 0.81%
• 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

+139.9% since first listed

5 events — show timeline

• 2026-06-12 Listed $114,900 MIBOR as Distributed by MLS Grid
• 2017-11-01 Sold (MLS) $40,000 MIBOR as Distributed by MLS Grid
• 2017-10-23 Pending — MIBOR as Distributed by MLS Grid
• 2017-10-22 Contingent — MIBOR as Distributed by MLS Grid
• 2017-10-22 Listed $47,900 MIBOR as Distributed by MLS Grid

Property tax history

+2.0%/yr

Latest (2025): $1,887 · +13.8% YoY. Source: county tax records.