2831 Walker Ave · Indianapolis city (balance), IN 46203

$135,000

2 bd · 2.0 ba · 766 sqft · MultiFamily public records · 1 Days on market

Built 1962 10,019 sqft lot

---

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 +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

Multi-family units

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

Listing remarks

Opportunity packed duplex with strong upside potential. Each side offers 2 bedrooms and 1 bathroom, making it an attractive option for both investors and owner occupants. The solid brick exterior provides lasting curb appeal and durability, while the interior offers a great value add opportunity without requiring a full gut renovation. For investors, this property checks many of the boxes for a BRRRR strategy. There is room to build equity through cosmetic updates and operational improvements, with potential to increase rents and improve overall returns. Whether you're looking to renovate, refinance, and hold, or simply add a cash flowing asset to your portfolio, this duplex offers flexibil

Key facts

• 0.23 acre lot
• Built 1962

Property features AI

Finance

• Other: Current use: residential; Lot size approximately 0.23 acres (< 1/4 acre)
• Financial info: Owner pays: insurance (hazard); Gross income reported as 0; Expenses reported as 0; Two units total; unit rents listed as $770/month for one 2-bedroom unit and $0/month for the other (monthly)

Exterior

• Utilities: Municipal storm available and connected; Solid waste service available
• Home design: Duplex (residential income property); One story
• Construction: Brick and vinyl siding exterior; Asphalt roof
• Exterior features: Storage shed; Asphalt road access

Interior

• Kitchen: Two 2-bedroom units, each with a kitchen
• Bedrooms: Four bedrooms total across units (multi-unit)
• Bathrooms: Two bathrooms total across units (multi-unit)
• Interior features: Fixer condition; Attached property (duplex)

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $135k.

Deal economics

• At list price, monthly cash flow is $747 ($9k/yr) — positive. Per door: $374/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Cap rate 12.9% 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); 493 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• At $2,291/mo this rent would consume 48% of the median local household income ($57k/yr) (locally 1499% 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 $933 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.
• At projected returns (-3.0% appreciation + 2.9% rent growth), your $38k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price.

Recommended offer $135,000

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 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 1.70% ✓
• Cap rate: 12.93%
• Cash-on-cash: 23.72%
• DSCR: 2.06
• GRM: 4.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 16.8%
• Equity multiple: 1.68×
• Total profit: $25,543
• Equity at exit: $20,129

10-year hold

• IRR: 25.3%
• Equity multiple: 3.19×
• Total profit: $82,844
• Equity at exit: $11,672

Cash invested: $37,800 (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 46203

• Home prices YoY: -26.7%
• Rents YoY: 2.9%
• Active inventory: 493
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $2,291 medium
• Mortgage (P&I): −$708
• Tax from tax record: −$299 /mo · $3,584/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$481
• Net cashflow: $747

Break-even live

Break-even rent $1,345

Max offer price $135,000

Occupancy floor 62%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,290
Total (2 units)			$2,291

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2430 E Kelly St Indianapolis, IN	2.0	1.0	965	$949	$0.98	44d	1	0.41mi
2633 S Randolph St Unit b Indianapolis, IN	2.0	1.0	900	$995	$1.11	23d	1	0.59mi
2633 S Randolph St Indianapolis, IN	2.0	1.0	900	$995	$1.11	10d	1	0.59mi
2430 Albany St Apt 01 Beech Grove, IN	2.0	1.0	800	$899	$1.12	7d	1	0.63mi
2430 Albany St Beech Grove, IN	2.0	1.0	800	$899	$1.12	14d	1	0.64mi
2469 Dawson St Indianapolis, IN	2.0	1.0	700	$949	$1.36	3d	4	0.68mi
2315 Bischoff Dr Beech Grove, IN	2.0	1.0	1065	$848	$0.80	23d	2	0.72mi
2036 Calhoun St Indianapolis, IN	2.0	1.0	880	$1,200	$1.36	7d	1	0.77mi
1730 Perkins Ave Indianapolis, IN	3.0	1.0	924	$1,300	$1.41	23d	1	0.85mi
1637 Hoefgen St Indianapolis, IN	2.0	1.0	780	$1,000	$1.28	44d	1	0.85mi
1706 E Tabor St Unit 1708 Indianapolis, IN	3.0	1.0	1000	$1,300	$1.30	7d	1	0.88mi
3206 S Temple Ave Indianapolis, IN	2.0	1.0	784	$1,080	$1.38	23d	1	0.90mi
3012 E Minnesota St Indianapolis, IN	2.0	1.0	875	$1,000	$1.14	44d	1	0.93mi
3012 E Minnesota St Indianapolis, IN	2.0	1.0	767	$1,000	$1.30	23d	1	0.93mi
1604 E Kelly St Indianapolis, IN	2.0	1.0	800	$1,025	$1.28	10d	1	0.97mi
1604 E Kelly St Indianapolis, IN	2.0	1.0	750	$1,025	$1.37	18d	1	0.97mi
1549 Nelson Ave Indianapolis, IN	3.0	1.0	950	$1,380	$1.45	44d	1	0.98mi
1505 S Rural St Indianapolis, IN	3.0	1.0	1104	$1,500	$1.36	12d	1	1.02mi
1815 Dawson St Unit 1815 Indianapolis, IN	2.0	1.0	1019	$999	$0.98	14d	1	1.04mi
1727 S Randolph St Indianapolis, IN	1.0	1.0	616	$950	$1.54	44d	1	1.06mi
3146 Asbury St Indianapolis, IN	2.0	1.0	728	$850	$1.17	7d	1	1.12mi
1409 E Tabor St Indianapolis, IN	1.0	1.0	528	$775	$1.47	23d	1	1.13mi
1640 Asbury St Indianapolis, IN	1.0	1.0	700	$850	$1.21	44d	1	1.21mi
1637 S State Ave Indianapolis, IN	2.0	1.5	816	$900	$1.10	18d	1	1.23mi
1534 Dawson St Indianapolis, IN	3.0	1.0	1040	$1,499	$1.44	23d	1	1.25mi
1144 McDougal St Indianapolis, IN	3.0	1.0	876	$1,500	$1.71	22d	1	1.28mi
1503 Dawson St Indianapolis, IN	2.0	1.0	700	$1,200	$1.71	44d	1	1.28mi
3518 Terrace Ave Indianapolis, IN	3.0	1.0	864	$1,300	$1.50	44d	1	1.28mi
1543 S State Ave Indianapolis, IN	2.0	1.0	1086	$1,100	$1.01	7d	1	1.29mi
2525 Shelby St Unit 1 Indianapolis, IN	1.0	1.0	600	$865	$1.44	3d	1	1.30mi
2525 Shelby St Unit 4 Indianapolis, IN	1.0	1.0	600	$775	$1.29	23d	1	1.30mi
2555 Shelby St Unit 2559 Indianapolis, IN	1.0	1.0	717	$1,250	$1.74	44d	1	1.30mi
1620 E Palmer St Indianapolis, IN	2.0	1.0	824	$1,200	$1.46	23d	1	1.33mi
1026 Laurel St Indianapolis, IN	1.0	1.0	655	$860	$1.31	44d	1	1.36mi
2948 Shelby St Unit D Indianapolis, IN	2.0	1.0	750	$1,025	$1.37	44d	1	1.45mi
3441 Prospect St Indianapolis, IN	2.0	1.0	1008	$1,700	$1.69	44d	1	1.45mi
3441 Prospect St Indianapolis, IN	2.0	1.0	1008	$1,500	$1.49	23d	1	1.45mi
1011 E Raymond St Indianapolis, IN	2.0	2.0	1100	$1,350	$1.23	23d	1	1.47mi
68 N 7th Ave #2 Beech Grove, IN	1.0	1.0	600	$825	$1.38	44d	1	1.48mi
1620 Norton Ave Indianapolis, IN	3.0	1.0	928	$1,395	$1.50	18d	1	1.50mi

Listing history 3 events

1. 2026-06-02
   status $135,000 Pending 1 DOM
2. 2026-06-02
   remarks 699-char remark
3. 2026-06-02
   listed $135,000 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: $3,584 · $299/mo
• Projected year-2 tax: $3,584 · $299/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 · 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: $27,492
• − Mortgage interest: −$7,562
• − Property taxes: −$3,584
• − Insurance: −$675
• − Repairs & maintenance: −$2,199
• − Management: −$2,199
• − Depreciation: −$3,927
• Taxable income: $7,345
• Est. tax owed @ 24.0%: −$1,763
• After-tax cash flow: $7,202/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

• 2026-06-01 Listed $135,000 MIBOR as Distributed by MLS Grid

Property tax history

+9.0%/yr

Latest (2025): $3,584 · +38.1% YoY. Source: county tax records.