1942 Houston St · Indianapolis city (balance), IN 46218

$155,000

2 bd · 6.0 ba · 456 sqft · MultiFamily public records · 13 Days on market

Built 1922 5,401 sqft lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Multi-family units

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

Listing remarks MLS

1-bed double available now! Home has new gutters & downspouts, updated kitchen, new furnace on 1944 side, new water heaters on both sides, new bathrooms, could make a nice rental or house hack!

Key facts

• Fully leased
• Brookside pool
• Park amenities

Tags

• INCOME PRODUCING DUPLEX
• FULLY LEASED
• RAPIDLY DEVELOPING AREA
• ONE BLOCK FROM POGUES RUN
• PARK AMENITIES
• BROOKSIDE POOL

Property features AI

Finance

• Other: Multi-unit totals: 2 units, 8 rooms overall
• Financial info: Property listed as residential income duplex with two units; Unit 1 rent reported as $825 per month; Unit 2 rent reported as $850 per month; Gross income and expenses reported as 0 in the provided data; Owner pays: Not Applicable

Exterior

• Parking: On-street parking
• Utilities: Solid waste service available; Building utilities described as 'Other'
• Home design: Duplex (residential income property); Conversion: No
• Construction: Vinyl siding
• Exterior features: Property currently used for residential purposes; Lot under 1/4 acre (0.12 acre); Lot features listed as not applicable; Road access listed as not applicable

Interior

• Kitchen: Each unit has a 12x9 kitchen
• Bedrooms: Two bedrooms per unit (multi-unit totals: 2 beds each)
• Bathrooms: Two bathrooms total across units (multi-unit total: 2 baths)
• Interior features: Building described as 'Other' (per listing information)
• Laundry & utility: Laundry connections provided for all units; Utilities listed as 'Other' for each unit

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/3.0-bath units multifamily listed at $155k.

Deal economics

• At list price, monthly cash flow is $861 ($10k/yr) — positive. Per door: $430/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Cap rate 13.0% 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 flat; 334 active listings in the ZIP; 2 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• At $2,464/mo this rent would consume 78% 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 $1k of loan paydown is wiped out by about $5k 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 + 0.8% rent growth), your $43k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 23y 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 $125k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $155,000

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 1922 — 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. 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.
6. 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.
7. 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: 1.59% ✓
• Cap rate: 12.95%
• Cash-on-cash: 23.79%
• DSCR: 2.06
• GRM: 5.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.81% rent growth · sell at horizon

5-year hold

• IRR: 14.5%
• Equity multiple: 1.56×
• Total profit: $24,422
• Equity at exit: $23,111

10-year hold

• IRR: 21.5%
• Equity multiple: 2.64×
• Total profit: $71,160
• Equity at exit: $13,402

Cash invested: $43,400 (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: 10.5×

Monthly cashflow live

• Estimated rent: $2,464 high
• Mortgage (P&I): −$813
• Tax from tax record: −$209 /mo · $2,504/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$517
• Net cashflow: $861

Break-even live

Break-even rent $1,375

Max offer price $155,000

Occupancy floor 60%

Sensitivity live

Price	-10% $948	-5% $904	+0% $861	+5% $817	+10% $773
Rent	-10% $666	-5% $763	+0% $861	+5% $958	+10% $1,055
Rate	-1.0pp $939	-0.5pp $900	base $861	+0.5pp $820	+1.0pp $779

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	3	$2,464
Total (2 units)			$2,464

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1538 N Grant Ave Indianapolis, IN	1.0	1.0	375	$700	$1.87	44d	1	0.72mi
2932 N Dearborn St Indianapolis, IN	1.0	1.0	300	$599	$2.00	44d	1	1.10mi

Listing history 23 events

1. 2026-06-02
   statusdays on market $155,000 Pending 13 DOM
2. 2026-06-01
   days on market $155,000 Active 12 DOM
3. 2026-05-31
   days on market $155,000 Active 11 DOM
4. 2026-05-20
   listed $155,000 Active
5. 2022-12-29
   soldstatus $125,000 Closed
6. 2022-12-01
   status Pending
7. 2022-12-01
   listed $130,000 Active
8. 2020-01-25
   soldstatus $57,000 Sold 197-char remark

   Show marketing remark (197 chars)

   1-bed double available now! Home has new gutters & downspouts, updated kitchen, new furnace on 1944 side, new water heaters on both sides, new bathrooms, could make a nice rental or house hack!

9. 2019-12-07
   status Pending 197-char remark

   Show marketing remark (197 chars)

   1-bed double available now! Home has new gutters & downspouts, updated kitchen, new furnace on 1944 side, new water heaters on both sides, new bathrooms, could make a nice rental or house hack!

10. 2019-12-05
    listed $60,000 Active 197-char remark

    Show marketing remark (197 chars)

    1-bed double available now! Home has new gutters & downspouts, updated kitchen, new furnace on 1944 side, new water heaters on both sides, new bathrooms, could make a nice rental or house hack!

11. 2019-10-16
    historical
12. 2019-09-17
    price $47,900
13. 2019-08-27
    price $50,000
14. 2019-08-01
    listed $55,000 Active
15. 2012-11-19
    historical
16. 2012-11-16
    soldstatus $3,500
17. 2012-07-02
    listed $10,000
18. 2007-03-29
    soldstatus $13,900
19. 2006-12-31
    historical
20. 2006-12-29
    listed $13,900
21. 2006-06-11
    listed $22,500
22. 2004-08-30
    historical
23. 2003-09-23
    listed $24,900

ⓘ 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: $2,504 · $209/mo
• Projected year-2 tax: $2,504 · $209/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 0% 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: $29,568
• − Mortgage interest: −$8,682
• − Property taxes: −$2,504
• − Insurance: −$775
• − Repairs & maintenance: −$2,365
• − Management: −$2,365
• − Depreciation: −$4,509
• Taxable income: $8,367
• Est. tax owed @ 24.0%: −$2,008
• After-tax cash flow: $8,318/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

+522.5% since first listed

20 events — show timeline

• 2026-05-20 Listed $155,000 MIBOR as Distributed by MLS Grid
• 2022-12-29 Sold (MLS) $125,000 MIBOR as Distributed by MLS Grid
• 2022-12-01 Pending — MIBOR as Distributed by MLS Grid
• 2022-12-01 Listed $130,000 MIBOR as Distributed by MLS Grid
• 2020-01-25 Sold (MLS) $57,000 MIBOR as Distributed by MLS Grid
• 2019-12-07 Pending — MIBOR as Distributed by MLS Grid
• 2019-12-05 Listed $60,000 MIBOR as Distributed by MLS Grid
• 2019-10-16 Listing Removed — MIBOR as Distributed by MLS Grid
• 2019-09-17 Price Changed $47,900 MIBOR as Distributed by MLS Grid
• 2019-08-27 Price Changed $50,000 MIBOR as Distributed by MLS Grid
• 2019-08-01 Listed $55,000 MIBOR as Distributed by MLS Grid
• 2012-11-19 Listing Removed — MIBOR as Distributed by MLS Grid
• 2012-11-16 Sold (MLS) $3,500 MIBOR as Distributed by MLS Grid
• 2012-07-02 Listed $10,000 MIBOR as Distributed by MLS Grid
• 2007-03-29 Sold (MLS) $13,900 MIBOR as Distributed by MLS Grid
• 2006-12-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2006-12-29 Listed $13,900 MIBOR as Distributed by MLS Grid
• 2006-06-11 Listed $22,500 MIBOR as Distributed by MLS Grid
• 2004-08-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2003-09-23 Listed $24,900 MIBOR as Distributed by MLS Grid

Property tax history

+9.3%/yr

Latest (2025): $2,504 · +10.1% YoY. Source: county tax records.