3918 N Grand Ave · Indianapolis city (balance), IN 46226

$67,500

4 bd · 4.0 ba · 812 sqft · MultiFamily public records · 156 Days on market

Built 1966 10,193 sqft lot $83/sqft · 6% above area Est $127k · 47% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.2/5.0
• 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 MLS

Duplex for sale. Cleaned up after fire, but still needs work. Both units are vacant. Projected rents are 850-900 per month.

Key facts

• 0.23 acre lot
• Built 1966
• Listed 156 days

🏷️ Possibly a rental listed for sale. The $67,500 price doesn't fit this home's estimated sale value (~$127,040) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $68k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $503/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $68k).
• Recommended offer: $59k (12.0% below list) — sets the bar for market timing.
• Cap rate 24.2% 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: Center For Inquiry School 84 (math 64% / reading 69%, grade B+, #65 of 994 statewide, top 7%, 469 students, 8% FRL); H L Harshman Middle School (math 3% / reading 16%, grade F, #316 of 330 statewide, top 96%, 549 students, 84% FRL) — zoned schools average 46% FRL vs 77% district-wide (31 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 38% at this address vs 17% district-wide (+21 pts) — the actual schools serving this property are materially stronger than the Indianapolis Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+6.8%/yr); 158 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 44% of the median local income ($50k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $467 of loan paydown is wiped out by about $2k 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 + 6.8% rent growth), your $19k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 156 days — a 12% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 23y ago; this cycle's ask has dropped $18k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $59,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 156 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 2.76% ✓
• Cap rate: 24.16%
• Cash-on-cash: 63.83%
• DSCR: 3.84
• GRM: 3.0

CMA / ARV

• ARV (median comp): $127,040
• List price: $67,500
• Delta: -46.87%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.76% rent growth · sell at horizon

5-year hold

• IRR: 67.1%
• Equity multiple: 4.20×
• Total profit: $60,432
• Equity at exit: $10,064

10-year hold

• IRR: 72.5%
• Equity multiple: 9.87×
• Total profit: $167,615
• Equity at exit: $5,836

Cash invested: $18,900 (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 46226

• Rents YoY: 6.8%
• Active inventory: 158
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,863 medium
• Mortgage (P&I): −$354
• Tax est. 1.5%: −$84 /mo · $1,012/yr
• Insurance: −$28
• HOA: −$0
• Vacancy / Maint / Mgmt: −$391
• Net cashflow: $1,005

Break-even live

Break-even rent $590

Max offer price $67,500

Occupancy floor 41%

Sensitivity live

Price	-10% $1,052	-5% $1,029	+0% $1,005	+5% $982	+10% $959
Rent	-10% $858	-5% $932	+0% $1,005	+5% $1,079	+10% $1,152
Rate	-1.0pp $1,039	-0.5pp $1,022	base $1,005	+0.5pp $988	+1.0pp $970

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$1,864
Total (2 units)			$1,863

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: $16,875
• Closing costs: $2,025
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3639 N Emerson Ave Indianapolis, IN	4.0	1.0	1000	$1,450	$1.45	24d	1	0.32mi
3636 N Whittier Pl Indianapolis, IN	3.0	1.0	912	$995	$1.09	10d	1	0.50mi
3516 N Hawthorne Ln Indianapolis, IN	3.0	1.0	925	$1,225	$1.32	6d	1	0.53mi
5602 Glencoe St Indianapolis, IN	3.0	1.0	1000	$1,749	$1.75	20d	1	0.56mi
3718 N Audubon Rd Indianapolis, IN	3.0	1.0	875	$1,300	$1.49	26d	1	0.64mi
3836 Priscilla Ave Indianapolis, IN	3.0	1.5	1040	$1,275	$1.23	4d	1	0.71mi
3316 N Emerson Ave Indianapolis, IN	3.0	1.0	912	$1,100	$1.21	26d	1	0.76mi
3301 Mardenna Ave Indianapolis, IN	3.0	1.0	925	$1,200	$1.30	46d	1	0.78mi
3319 N Hawthorne Ln Indianapolis, IN	3.0	1.0	1084	$1,100	$1.01	26d	1	0.81mi
3332 Wallace Ave Indianapolis, IN	3.0	1.0	936	$1,600	$1.71	26d	1	0.87mi
3142 N Euclid Ave Indianapolis, IN	3.0	1.0	1050	$1,050	$1.00	46d	1	1.18mi
3615 Sherman Forest Dr Indianapolis, IN	4.0	1.0–2.5	1057	$1,800	$1.70	6d	1	1.24mi
4555 N Arlington Ave Indianapolis, IN	1.0–3.0	1.0–1.5	880	$1,379	$1.57	0d	31	1.25mi
3149 N Gladstone Ave Indianapolis, IN	3.0	1.5	1036	$1,350	$1.30	10d	1	1.25mi
2950 N Dequincy St Indianapolis, IN	3.0	1.0	888	$1,375	$1.55	16d	1	1.29mi
2932 Arthington Blvd Indianapolis, IN	3.0	1.0	900	$1,350	$1.50	26d	1	1.36mi
3383 Station St Indianapolis, IN	3.0	1.0	744	$1,250	$1.68	26d	1	1.38mi
4115 Meadows Dr Indianapolis, IN	1.0–3.0	1.0–2.0	1013	$1,592	$1.57	46d	9	1.42mi
3522 N Olney St Indianapolis, IN	3.0	1.0	768	$1,300	$1.69	46d	1	1.44mi

Listing history 28 events

1. 2026-06-13
   statusdays on market $67,500 Pending 156 DOM
2. 2026-06-13
   days on market $67,500 Active 155 DOM
3. 2026-06-09
   days on market $67,500 Active 152 DOM
4. 2026-06-08
   days on market $67,500 Active 151 DOM
5. 2026-06-07
   days on market $67,500 Active 150 DOM
6. 2026-06-03
   days on market $67,500 Active 146 DOM
7. 2026-06-02
   days on market $67,500 Active 145 DOM
8. 2026-06-01
   days on market $67,500 Active 144 DOM
9. 2026-05-31
   days on market $67,500 Active 143 DOM
10. 2026-04-28
    price $69,000 126-char remark

    Show marketing remark (126 chars)

    Duplex for sale. Cleaned up after fire, but still needs work. Both units are vacant. Projected rents are 850-900 per month.

11. 2026-03-31
    price $75,000 126-char remark

    Show marketing remark (126 chars)

    Duplex for sale. Cleaned up after fire, but still needs work. Both units are vacant. Projected rents are 850-900 per month.

12. 2026-02-22
    price $80,000 126-char remark

    Show marketing remark (126 chars)

    Duplex for sale. Cleaned up after fire, but still needs work. Both units are vacant. Projected rents are 850-900 per month.

13. 2026-01-06
    listed $85,000 Active 126-char remark

    Show marketing remark (126 chars)

    Duplex for sale. Cleaned up after fire, but still needs work. Both units are vacant. Projected rents are 850-900 per month.

14. 2025-02-24
    historical $875
15. 2025-02-22
    price $875
16. 2025-01-11
    listed $949
17. 2021-08-19
    soldstatus $65,000 Closed 267-char remark

    Show marketing remark (267 chars)

    2 Bedroom Brick Double in Lawrence Township! Easy Access To Downtown, Shopping Areas and Public Transportation. Excellent opportunity to get an investment property and have immediate income. Some repairs needed to make rentable. Great ROI for duplexes in this market!

18. 2021-06-21
    status Pending 267-char remark

    Show marketing remark (267 chars)

    2 Bedroom Brick Double in Lawrence Township! Easy Access To Downtown, Shopping Areas and Public Transportation. Excellent opportunity to get an investment property and have immediate income. Some repairs needed to make rentable. Great ROI for duplexes in this market!

19. 2021-06-19
    listed $65,000 Active 267-char remark

    Show marketing remark (267 chars)

    2 Bedroom Brick Double in Lawrence Township! Easy Access To Downtown, Shopping Areas and Public Transportation. Excellent opportunity to get an investment property and have immediate income. Some repairs needed to make rentable. Great ROI for duplexes in this market!

20. 2015-01-02
    soldstatus $11,000 Sold
21. 2014-12-29
    status Pending
22. 2014-08-30
    listed $18,500 Active
23. 2009-04-02
    historical
24. 2008-12-05
    listed $9,900
25. 2007-12-07
    historical
26. 2007-06-12
    listed $75,000
27. 2003-10-31
    historical
28. 2003-04-10
    listed $27,900

ⓘ 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 ≥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: $22,356
• − Mortgage interest: −$3,781
• − Property taxes: −$1,012
• − Insurance: −$338
• − Repairs & maintenance: −$1,788
• − Management: −$1,788
• − Depreciation: −$1,964
• Taxable income: $11,684
• Est. tax owed @ 24.0%: −$2,804
• After-tax cash flow: $9,259/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): 47,099
• Household income: $50,325
• Rent vs Own: 53.8% rent · 46.2% own
• Severe rent burden: 2742.0

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 0.62)
• Race & ethnicity: Black 53% White 25% Hispanic / Latino 17% Two or more races 9% Asian 2%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Lithuanian 1% Italian 1% Romanian 1%
• Foreign-born: 11% · Canada
• Languages at home: 86% English-only · Spanish 10% French/Haitian/Cajun 1% Other Asian/Pacific 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: ▼ -218.85%
• Current HPI: 239.43
• Rent YoY: ▲ 6.76%
• 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

+147.3% since first listed

19 events — show timeline

• 2026-04-28 Price Changed $69,000 MIBOR as Distributed by MLS Grid
• 2026-03-31 Price Changed $75,000 MIBOR as Distributed by MLS Grid
• 2026-02-22 Price Changed $80,000 MIBOR as Distributed by MLS Grid
• 2026-01-06 Listed $85,000 MIBOR as Distributed by MLS Grid
• 2025-02-24 Rental Removed $875 MIBOR
• 2025-02-22 Price Changed $875 MIBOR
• 2025-01-11 Listed for Rent $949 MIBOR
• 2021-08-19 Sold (MLS) $65,000 MIBOR as Distributed by MLS Grid
• 2021-06-21 Pending — MIBOR as Distributed by MLS Grid
• 2021-06-19 Listed $65,000 MIBOR as Distributed by MLS Grid
• 2015-01-02 Sold (MLS) $11,000 MIBOR as Distributed by MLS Grid
• 2014-12-29 Pending — MIBOR as Distributed by MLS Grid
• 2014-08-30 Listed $18,500 MIBOR as Distributed by MLS Grid
• 2009-04-02 Listing Removed — MIBOR as Distributed by MLS Grid
• 2008-12-05 Listed $9,900 MIBOR as Distributed by MLS Grid
• 2007-12-07 Listing Removed — MIBOR as Distributed by MLS Grid
• 2007-06-12 Listed $75,000 MIBOR as Distributed by MLS Grid
• 2003-10-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2003-04-10 Listed $27,900 MIBOR as Distributed by MLS Grid

Property tax history

+19.7%/yr

Latest (2025): $3,918 · +0.6% YoY. Source: county tax records.