1214 S Chester Ave · Indianapolis city (balance), IN 46203

$123,900

2 bd · 1.0 ba · 796 sqft · SingleFamily public records · 207 Days on market

Built 1945 7,841 sqft lot $156/sqft · 17% below area Est $149k · 17% 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 +20.0/30.0
• ARV discount +15.0/15.0
• DSCR +6.3/10.0
• 1% rule +5.3/10.0
• 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

Contractor/Investor special! This home is in need of major repair & is reflected in price. All flring & some flr joists will need replaced. Roof & structure appear to be sound. At one point house has been converted to a forced air frnce & bath has been updated. Storage shed included on nice lot. With skill & desire this home could make a nice little rental/starter home. Please use caution entering property due to deteriorated flring. R m sizes & yr blt approx. Sold 'As Is'

Key facts

• 7,841 sq ft lot
• Built 1945
• Listed 207 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $124k.

Deal economics

• At list price, monthly cash flow is $152 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $124k).
• Recommended offer: $109k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.8% 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.
• 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 $857 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.

Negotiation context

• It's been on market 207 days — a 12% lower offer ($109k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 20y ago; this cycle's ask has dropped $23k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $6k; list at $124k implies a 1806% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $109,032 (12.0% below list)

Questions for the listing agent

1. It's been on market 207 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.03% ✓
• Cap rate: 7.77%
• Cash-on-cash: 5.26%
• DSCR: 1.23
• GRM: 8.1

CMA / ARV

• ARV (median comp): $149,379
• List price: $123,900
• Delta: -17.06%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1214 S Chester Ave	0.00mi	2/1.0	796 (0%)	0mo	$124,000	$156	100
1323 S Ewing St	0.29mi	2/1.0	768 (-4%)	7mo	$147,000	$191	75
3562 E Morris St	0.33mi	2/2.0	742 (-7%)	2mo	$165,000	$222	68
4721 E Morris St	0.53mi	2/1.0	840 (+6%)	9mo	$165,000	$196	59
3909 Hoyt Ave	0.47mi	2/1.0	864 (+8%)	7mo	$120,000	$139	58
3550 Terrace Ave	0.33mi	3/1.0 (+1)	864 (+8%)	16mo	$72,000	$83	52
3546 Terrace Ave	0.34mi	3/1.0 (+1)	864 (+8%)	16mo	$72,000	$83	52
4108 E Naomi St	0.49mi	2/1.0	896 (+13%)	8mo	$135,000	$151	50
3919 Spann Ave	0.59mi	2/1.0	864 (+8%)	10mo	$74,000	$86	50
1212 Vandeman St	0.57mi	2/1.0	880 (+11%)	8mo	$39,900	$45	49
3847 Hoyt Ave	0.47mi	2/1.0	912 (+15%)	6mo	$75,000	$82	49
4113 Fletcher Ave	0.54mi	3/1.0 (+1)	912 (+15%)	15mo	$155,000	$170	33

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: -8.3%
• Equity multiple: 0.70×
• Total profit: $-10,527
• Equity at exit: $18,474

10-year hold

• IRR: 1.1%
• Equity multiple: 1.08×
• Total profit: $2,753
• Equity at exit: $10,713

Cash invested: $34,692 (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: 8.1×

Monthly cashflow live

• Estimated rent: $1,276 high
• Mortgage (P&I): −$650
• Tax est. 1.5%: −$155 /mo · $1,858/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$268
• Net cashflow: $152

Break-even live

Break-even rent $1,084

Max offer price $123,900

Occupancy floor 83%

Sensitivity live

Price	-10% $238	-5% $195	+0% $152	+5% $109	+10% $66
Rent	-10% $51	-5% $102	+0% $152	+5% $202	+10% $253
Rate	-1.0pp $214	-0.5pp $184	base $152	+0.5pp $120	+1.0pp $87

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: $30,975
• Closing costs: $3,717
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3518 Terrace Ave Indianapolis, IN	3.0	1.0	864	$1,300	$1.50	44d	1	0.37mi
3906 Hoyt Ave Indianapolis, IN	2.0	1.0	912	$1,250	$1.37	8d	1	0.52mi
3441 Prospect St Indianapolis, IN	2.0	1.0	1008	$1,700	$1.69	45d	1	0.53mi
3441 Prospect St Indianapolis, IN	2.0	1.0	1008	$1,500	$1.49	24d	1	0.53mi
3706 Hoyt Ave Indianapolis, IN	3.0	1.0	960	$1,500	$1.56	15d	1	0.56mi
3702 Hoyt Ave Indianapolis, IN	3.0	2.0	960	$1,500	$1.56	15d	1	0.57mi
3012 E Minnesota St Indianapolis, IN	2.0	1.0	767	$1,000	$1.30	24d	1	0.77mi
3012 E Minnesota St Indianapolis, IN	2.0	1.0	875	$1,000	$1.14	44d	1	0.77mi
1730 Perkins Ave Indianapolis, IN	3.0	1.0	924	$1,300	$1.41	24d	1	0.79mi
750 S Dequincy St Indianapolis, IN	3.0	1.5	936	$1,500	$1.60	44d	1	0.80mi
528 S Bosart Ave Indianapolis, IN	3.0	1.0	720	$1,305	$1.81	44d	1	0.83mi
1505 S Rural St Indianapolis, IN	3.0	1.0	1104	$1,500	$1.36	13d	1	0.93mi
5056 Emerton Pl Unit 5046 Indianapolis, IN	2.0	1.5	1039	$1,245	$1.20	24d	1	0.94mi
5056 Emerton Pl Unit 5056 Indianapolis, IN	2.0	1.0	868	$1,245	$1.43	24d	1	0.94mi
5010 Emerton Pl Indianapolis, IN	2.0	1.5	1002	$1,095	$1.09	44d	1	0.98mi
3022 English Ave Unit 3022 Indianapolis, IN	2.0	1.0	600	$650	$1.08	44d	1	1.03mi
340 S Dearborn St Indianapolis, IN	2.0	1.0	873	$1,180	$1.35	24d	1	1.05mi
270 S Lasalle St Indianapolis, IN	3.0	2.0	562	$1,329	$2.36	8d	1	1.10mi
301 S Gray St Indianapolis, IN	2.0	1.0	841	$1,025	$1.22	24d	1	1.14mi
350 S Oxford St Indianapolis, IN	3.0	1.0	826	$1,300	$1.57	44d	1	1.20mi
4919 Orion Ave Indianapolis, IN	2.0	1.0	766	$875	$1.14	44d	1	1.21mi
2631 Southeastern Ave Indianapolis, IN	3.0	2.0	1072	$1,195	$1.11	12d	1	1.22mi
330 S Rural St Indianapolis, IN	2.0	1.0	960	$1,050	$1.09	8d	1	1.25mi
323 S Rural St Indianapolis, IN	3.0	1.5	1090	$1,050	$0.96	44d	1	1.26mi
37 S Sherman Dr Indianapolis, IN	1.0	1.0	700	$800	$1.14	24d	1	1.26mi
5131 E Burgess Ave Indianapolis, IN	2.0	1.0	816	$1,100	$1.35	44d	1	1.29mi
37 S Tuxedo St Indianapolis, IN	3.0	1.0	950	$1,150	$1.21	44d	1	1.32mi
2230 Woodlawn Ave Indianapolis, IN	2.0	1.0	924	$1,350	$1.46	44d	1	1.35mi
4114 E Washington St Indianapolis, IN	2.0	1.0	909	$1,100	$1.21	45d	1	1.37mi
4214 E Washington St Indianapolis, IN	3.0	2.0	961	$1,195	$1.24	8d	1	1.37mi
28 S Dearborn St Unit A Indianapolis, IN	3.0	1.0	1100	$1,400	$1.27	11d	1	1.39mi
4741 E Washington St Indianapolis, IN	1.0	1.0	700	$950	$1.36	23d	1	1.44mi
1013 Harlan St Indianapolis, IN	2.0	1.0	1008	$1,475	$1.46	44d	1	1.44mi
1011 Harlan St Indianapolis, IN	2.0	2.0	1008	$1,525	$1.51	44d	1	1.45mi
2116 Woodlawn Ave Indianapolis, IN	2.0	2.0	1054	$1,175	$1.11	8d	1	1.45mi
2430 E Kelly St Indianapolis, IN	2.0	1.0	965	$949	$0.98	44d	1	1.45mi
4815 E Washington St Unit 4815-10 Indianapolis, IN	1.0	1.0	600	$950	$1.58	23d	1	1.48mi
4815 E Washington St Unit 4815-12 Indianapolis, IN	1.0	1.0	700	$950	$1.36	44d	1	1.48mi
4815 E Washington St Unit 4815-04 Indianapolis, IN	1.0	1.0	600	$895	$1.49	44d	1	1.48mi
49 S Rural St Indianapolis, IN	2.0	1.5	750	$950	$1.27	11d	1	1.48mi

Listing history 9 events

1. 2026-05-03
   status Pending
2. 2026-04-28
   price $123,900
3. 2026-02-24
   price $129,900
4. 2026-01-19
   price $134,900
5. 2025-12-04
   price $139,900
6. 2025-11-06
   price $144,900
7. 2025-10-08
   listed $147,000 Active
8. 2007-03-29
   soldstatus $6,500 501-char remark

   Show marketing remark (501 chars)

   Contractor/Investor special! This home is in need of major repair & is reflected in price. All flring & some flr joists will need replaced. Roof & structure appear to be sound. At one point house has been converted to a forced air frnce & bath has been updated. Storage shed included on nice lot. With skill & desire this home could make a nice little rental/starter home. Please use caution entering property due to deteriorated flring. R m sizes & yr blt approx. Sold 'As Is'

9. 2006-11-17
   listed $15,000 501-char remark

   Show marketing remark (501 chars)

   Contractor/Investor special! This home is in need of major repair & is reflected in price. All flring & some flr joists will need replaced. Roof & structure appear to be sound. At one point house has been converted to a forced air frnce & bath has been updated. Storage shed included on nice lot. With skill & desire this home could make a nice little rental/starter home. Please use caution entering property due to deteriorated flring. R m sizes & yr blt approx. Sold 'As Is'

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $15,316
• − Mortgage interest: −$6,940
• − Property taxes: −$1,858
• − Insurance: −$620
• − Repairs & maintenance: −$1,225
• − Management: −$1,225
• − Depreciation: −$3,604
• Taxable loss: −$157
• Est. tax savings @ 24.0%: +$38
• After-tax cash flow: $1,862/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

+726.0% since first listed

9 events — show timeline

• 2026-05-03 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-28 Price Changed $123,900 MIBOR as Distributed by MLS Grid
• 2026-02-24 Price Changed $129,900 MIBOR as Distributed by MLS Grid
• 2026-01-19 Price Changed $134,900 MIBOR as Distributed by MLS Grid
• 2025-12-04 Price Changed $139,900 MIBOR as Distributed by MLS Grid
• 2025-11-06 Price Changed $144,900 MIBOR as Distributed by MLS Grid
• 2025-10-08 Listed $147,000 MIBOR as Distributed by MLS Grid
• 2007-03-29 Sold (MLS) $6,500 MIBOR as Distributed by MLS Grid
• 2006-11-17 Listed $15,000 MIBOR as Distributed by MLS Grid

Property tax history

-8.8%/yr

Latest (2025): $217 · -47.8% YoY. Source: county tax records.