4625 Northeastern Ave · Indianapolis city (balance), IN 46239

$230,000

2 bd · 1.5 ba · 1,365 sqft · SingleFamily public records · 1 Days on market

Built 1955 0.50 ac lot Est $244k · 6% under

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Why this score? — see what drove the D 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 +12.4/30.0
• ARV discount +10.1/15.0
• Rent growth +4.0/5.0
• Schools +4.0/10.0
• DSCR +3.7/10.0
• 1% rule +2.9/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Looking for a remodeled home in a peaceful country setting, this is it! This Bedford Limestone ranch features new baths, kitchen, floors throughout and lighting. The solid tongue and grove wood walls have been painted a bright white like ship lap that would even make Joanna Gaines fall in love. The vinyl windows are newer along w/ the roof and water heater. The crawl space also had a makeover when the current owner purchased the house in 2014. Don't miss out on this one, come see it today!

Key facts

• Half-acre lot
• Spacious kitchen
• Ample prep space

Tags

• HALF-ACRE LOT
• MATURE TREES
• NATURAL LIGHT
• LARGE PICTURE WINDOWS
• SPACIOUS KITCHEN
• AMPLE PREP SPACE

Property features AI

Finance

• Other: Approximately 0.5-acre lot

Exterior

• Parking: Detached 2-car garage
• Utilities: Municipal sewer connection; Private water source; Solid waste service available
• Home design: Single-family residence; One story
• Construction: Stone and wood siding exterior; Crawl space foundation
• Exterior features: Patio; Mini barn; Mature trees

Interior

• Kitchen: Gas oven; Refrigerator; Eat-in kitchen
• Bedrooms: Three bedrooms on the main level (one 14x11, one 12x8, additional bedroom 14x12)
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Painted woodwork; Eat-in kitchen; Sump pump; Water softener (owned); Disposal
• Laundry & utility: Main-level laundry (9x6); Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $230k.

Deal economics

• At list price, monthly cash flow is $-36 ($-433/yr) — negative.
• To cash-flow at today's rent, offer at most $224k (2.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $182k (20.9% below list).
• Recommended offer: $182k (20.9% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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 D — affects rentability + tenant quality, not the cash-flow math above.
• Franklin Township Community School Corporation (urban): math 42% / reading 47% proficiency, ranked #87 of 301 in IN (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+6.1%/yr); 333 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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 $2k of loan paydown is wiped out by about $7k 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 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 13y 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 $186k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $181,844 (20.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.79% ✗
• Cap rate: 6.10%
• Cash-on-cash: -0.67%
• DSCR: 0.97
• GRM: 10.5

CMA / ARV

• ARV (on-the-fly): $244,335
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9027 Imperial Dr	0.38mi	3/1.5 (+1)	1,378 (+1%)	0mo	$285,000	$207	75
8742 Ballard Ln	0.28mi	3/2.0 (+1)	1,449 (+6%)	2mo	$305,000	$210	68
4247 S Eaton Ave	0.37mi	3/2.0 (+1)	1,505 (+10%)	0mo	$195,000	$130	58
4135 Kerry Dr	0.58mi	3/2.0 (+1)	1,424 (+4%)	2mo	$259,000	$182	57
8425 Lawrence Ave	0.36mi	2/1.0	1,278 (-6%)	18mo	$225,000	$176	56
4122 Sungate Ct	0.44mi	3/2.0 (+1)	1,428 (+5%)	21mo	$255,000	$179	48
4025 S Post Rd	0.64mi	2/1.0	1,202 (-12%)	3mo	$170,000	$141	46
4423 Skylark Dr	0.48mi	3/1.0 (+1)	1,488 (+9%)	15mo	$227,000	$153	43
4406 Skylark Dr	0.46mi	3/1.5 (+1)	1,200 (-12%)	16mo	$182,450	$152	40
4904 Betholm Dr	0.74mi	3/1.5 (+1)	1,232 (-10%)	9mo	$180,000	$146	37
5220 Gehring Dr	0.66mi	3/2.0 (+1)	1,533 (+12%)	14mo	$309,990	$202	30
8745 Hemingway Dr	0.72mi	3/2.0 (+1)	1,562 (+14%)	15mo	$310,000	$198	22

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 · 6.11% rent growth · sell at horizon

5-year hold

• IRR: -14.3%
• Equity multiple: 0.48×
• Total profit: $-33,745
• Equity at exit: $34,294

10-year hold

• IRR: -1.4%
• Equity multiple: 0.89×
• Total profit: $-6,858
• Equity at exit: $19,886

Cash invested: $64,400 (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 46239

• Home prices YoY: -29.2%
• Rents YoY: 6.1%
• Active inventory: 333
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $1,818 high
• Mortgage (P&I): −$1,206
• Tax from tax record: −$171 /mo · $2,048/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$382
• Net cashflow: $-36

Break-even live

Break-even rent $1,864

Max offer price $223,627

Occupancy floor 97%

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4127 S Post Rd Indianapolis, IN	3.0	2.0	1460	$1,585	$1.09	24d	1	0.53mi
8520 Sierra Ridge Dr Indianapolis, IN	2.0–3.0	2.0	1091	$1,350	$1.24	2d	18	0.80mi
9237 Kavanaugh Dr Indianapolis, IN	3.0	2.0	1503	$2,200	$1.46	18d	1	0.85mi
3718 Laurel Cherry Ln Indianapolis, IN	3.0	2.0	1368	$1,695	$1.24	24d	1	1.03mi
5325 Montavia Ln Indianapolis, IN	3.0	2.0	1632	$1,849	$1.13	24d	1	1.16mi
5602 Wild Horse Dr Indianapolis, IN	3.0	2.0	1616	$1,911	$1.18	8d	1	1.17mi
4146 Palermo Garden Indianapolis, IN	3.0	2.0	1790	$2,100	$1.17	2d	1	1.27mi
8544 Sweet Birch Dr Indianapolis, IN	3.0	2.0	1209	$1,700	$1.41	3d	1	1.28mi

Listing history 2 events

1. 2026-06-18
   remarks 699-char remark
2. 2026-06-18
   listed $230,000 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: $2,048 · $171/mo
• Projected year-2 tax: $2,048 · $171/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 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,821
• − Mortgage interest: −$12,884
• − Property taxes: −$2,048
• − Insurance: −$1,150
• − Repairs & maintenance: −$1,746
• − Management: −$1,746
• − Depreciation: −$6,691
• Taxable loss: −$4,443
• Est. tax savings @ 24.0%: +$1,066
• After-tax cash flow: $633/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: Franklin Township Community School Corporation
• NCES district ID: 1803750
• Math proficiency: 42% ▼ -12.00%
• Reading proficiency: 47% ▼ -6.00%
• Median HH income: $67,825
• Composite: 39.91/100
• National rank: #3852
• State rank: #87 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): 33,931
• Household income: $100,331
• Rent vs Own: 17.6% rent · 82.4% own
• Severe rent burden: 567.0

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 0.61)
• Race & ethnicity: White 57% Black 24% Hispanic / Latino 9% Two or more races 9% Asian 4%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Lithuanian 2% Slovak 2% Romanian 1%
• Foreign-born: 7% · Canada, Philippines, China
• Languages at home: 89% English-only · Spanish 6% Other Indo-European 2% Chinese 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: ▼ -93.15%
• Current HPI: 226.1965
• Rent YoY: ▲ 6.11%
• 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

+109.1% since first listed

11 events — show timeline

• 2026-06-18 Listed $230,000 MIBOR as Distributed by MLS Grid
• 2021-09-29 Sold (MLS) $186,000 MIBOR as Distributed by MLS Grid
• 2021-08-30 Pending — MIBOR as Distributed by MLS Grid
• 2021-08-27 Listed $189,900 MIBOR as Distributed by MLS Grid
• 2014-05-29 Listing Removed — MIBOR as Distributed by MLS Grid
• 2014-05-29 Sold (MLS) $95,000 MIBOR as Distributed by MLS Grid
• 2014-03-20 Listed $95,000 MIBOR as Distributed by MLS Grid
• 2014-03-10 Listing Removed — MIBOR as Distributed by MLS Grid
• 2013-09-09 Listing Removed — MIBOR as Distributed by MLS Grid
• 2013-09-09 Listed $100,000 MIBOR as Distributed by MLS Grid
• 2013-04-22 Listed $110,000 MIBOR as Distributed by MLS Grid

Property tax history

+7.5%/yr

Latest (2025): $2,048 · -3.9% YoY. Source: county tax records.