1406 Terrace Ave · Indianapolis city (balance), IN 46203

$160,000

3 bd · 1.0 ba · 895 sqft · SingleFamily public records · 44 Days on market

Built 1915 3,964 sqft lot $179/sqft · 10% below area

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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 +19.2/30.0
• ARV discount +7.5/15.0
• DSCR +6.0/10.0
• 1% rule +4.3/10.0
• 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

Seller willing to finish all necessary items for suitable buyer. Nestled at 1406 Terrace AVE, INDIANAPOLIS, IN, this single-family residence offers an inviting home, ready to welcome its new owners. Envision mornings spent in the sunroom, a bright and airy space where natural light streams through, creating a warm and inviting atmosphere, providing a tranquil start to each day. The kitchen features shaker cabinets and a backsplash, combining style and functionality, making meal preparation a pleasure. Step outside onto the patio, an outdoor space that presents opportunities for relaxation and enjoyment of the surrounding environment. With three bedrooms and one full bathroom spread across t

Key facts

• Extra lot
• Sunroom
• Shaker cabinets

Tags

• SUNROOM
• SHAKER CABINETS
• PATIO
• EXTRA LOT

Property features AI

Exterior

• Parking: No garage square footage listed
• Utilities: Public water; Municipal sewer connection; Electricity connected; Natural gas connected; Cable available; Solid waste service in place
• Home design: Single-family residence in fixer condition; Two levels; Faces south; Has additional parcel(s)
• Construction: Foundation includes brick/mortar, partial cellar; Construction materials: Other
• Exterior features: Full fence enclosing the property; Property has a view; Less than 1/4 acre lot (approximately 0.09 acre)

Interior

• Kitchen: Kitchen on main level (17x10)
• Bedrooms: Three bedrooms total — two on the main level and one on the upper level; Bedroom sizes include 15x12 (upper), 11x11 (main), and one 14x14 room on the main level
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Other appliances (unspecified)
• Laundry & utility: Basement present

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $172 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $149k (7.0% below list).
• Recommended offer: $149k (7.0% below list) — sets the bar for 1% rule.
• Cap rate 7.6% 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.
• 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: William Mckinley School 39 (math 23% / reading 15%, grade F, #829 of 994 statewide, top 84%, 369 students, 76% FRL); Arsenal Technical High School (math 6% / reading 27%, grade F, #353 of 369 statewide, top 96%, 2,366 students, 74% FRL) — zoned schools at 75% FRL track the district average.
• 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 21d 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 31% of the median local income ($57k/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 $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.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 2y 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 $110k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $148,849 (7.0% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
2. Built in 1915 — 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: 0.93% ✗
• Cap rate: 7.58%
• Cash-on-cash: 4.60%
• DSCR: 1.20
• GRM: 9.0

CMA / ARV

• ARV (median comp): $320,974
• List price: $160,000
• Delta: -50.15%
• 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
1606 Asbury St	0.35mi	3/1.0	892 (-0%)	4mo	$145,000	$163	80
1752 Linden St	0.37mi	3/1.0	940 (+5%)	7mo	$95,000	$101	68
1610 Ringgold Ave	0.46mi	2/1.0 (-1)	850 (-5%)	1mo	$164,000	$193	64
1221 Cottage Ave	0.19mi	2/2.0 (-1)	968 (+8%)	6mo	$262,000	$271	64
1341 Fletcher Ave	0.60mi	2/1.0 (-1)	860 (-4%)	0mo	$215,000	$250	60
1524 Pleasant St	0.43mi	2/1.0 (-1)	995 (+11%)	2mo	$125,000	$126	55
1514 Lawton Ave	0.39mi	2/1.0 (-1)	1,000 (+12%)	6mo	$179,900	$180	52
1418 St Paul St	0.62mi	3/1.0	1,000 (+12%)	1mo	$170,000	$170	50
722 Weghorst St	0.64mi	3/1.0	988 (+10%)	4mo	$219,000	$222	50
1602 Harlan St	0.54mi	2/1.0 (-1)	808 (-10%)	7mo	$130,000	$161	48
1118 Churchman Ave	0.59mi	2/2.0 (-1)	812 (-9%)	7mo	$244,000	$300	42
1805 Orleans St	0.73mi	2/1.0 (-1)	781 (-13%)	8mo	$78,000	$100	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: -9.3%
• Equity multiple: 0.66×
• Total profit: $-15,213
• Equity at exit: $23,857

10-year hold

• IRR: -0.0%
• Equity multiple: 1.00×
• Total profit: $-67
• Equity at exit: $13,834

Cash invested: $44,800 (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: 499
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,488 high
• Mortgage (P&I): −$839
• Tax from tax record: −$99 /mo · $1,182/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$313
• Net cashflow: $172

Break-even live

Break-even rent $1,271

Max offer price $160,000

Occupancy floor 83%

Sensitivity live

Price	-10% $262	-5% $217	+0% $172	+5% $126	+10% $81
Rent	-10% $54	-5% $113	+0% $172	+5% $230	+10% $289
Rate	-1.0pp $252	-0.5pp $212	base $172	+0.5pp $130	+1.0pp $88

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1441 Prospect St Indianapolis, IN	2.0	1.0–2.0	2840	$1,972	$0.69	0d	14	0.22mi
1620 E Palmer St Indianapolis, IN	2.0	1.0	824	$1,200	$1.46	25d	1	0.25mi
1224 Prospect St Indianapolis, IN	2.0	1.0–2.0	691	$2,223	$3.21	0d	8	0.28mi
1543 S State Ave Indianapolis, IN	2.0	1.0	1086	$1,100	$1.01	9d	1	0.30mi
1026 Orange St Indianapolis, IN	2.0	2.0	1007	$1,600	$1.59	17d	1	0.34mi
1024 Orange St Indianapolis, IN	2.0	2.0	1007	$1,650	$1.64	45d	1	0.35mi
1637 S State Ave Indianapolis, IN	2.0	1.5	816	$900	$1.10	19d	1	0.35mi
1534 Dawson St Indianapolis, IN	3.0	1.0	1040	$1,499	$1.44	25d	1	0.38mi
1503 Dawson St Indianapolis, IN	2.0	1.0	700	$1,200	$1.71	45d	1	0.38mi
1012 Prospect St Unit 907 Prospect NO AMI Indianapolis, IN	3.0	1.5	1121	$1,400	$1.25	45d	1	0.40mi
1514 Ringgold Ave Indianapolis, IN	3.0	1.0	1064	$1,295	$1.22	45d	1	0.42mi
907 Prospect St Unit 907 Prospect NO AMI Indianapolis, IN	3.0	1.5	1121	$1,400	$1.25	25d	1	0.48mi
1117 E Naomi St Indianapolis, IN	2.0	1.5	976	$1,450	$1.49	0d	1	0.51mi
944 E Minnesota St Indianapolis, IN	2.0	2.0	944	$1,299	$1.38	45d	1	0.51mi
1815 Dawson St Unit 1815 Indianapolis, IN	2.0	1.0	1019	$999	$0.98	16d	1	0.55mi
815 Dawson St Unit 2 Indianapolis, IN	2.0	1.0	600	$1,300	$2.17	5d	1	0.55mi
1013 Harlan St Indianapolis, IN	2.0	1.0	1008	$1,475	$1.46	45d	1	0.60mi
1449 Fletcher Ave Indianapolis, IN	2.0	2.0	1000	$2,000	$2.00	19d	1	0.60mi
1011 Harlan St Indianapolis, IN	2.0	2.0	1008	$1,525	$1.51	45d	1	0.60mi
2116 Woodlawn Ave Indianapolis, IN	2.0	2.0	1054	$1,175	$1.11	9d	1	0.63mi
823 Iowa St Indianapolis, IN	2.0	1.0	812	$1,100	$1.35	0d	1	0.65mi
823 Iowa St Indianapolis, IN	2.0	1.0	812	$1,100	$1.35	45d	1	0.65mi
1148 Fletcher Ave Indianapolis, IN	2.0	1.0	900	$1,800	$2.00	19d	1	0.65mi
2230 Woodlawn Ave Indianapolis, IN	2.0	1.0	924	$1,350	$1.46	45d	1	0.71mi
714 Buchanan St Indianapolis, IN	2.0	2.0	1100	$1,995	$1.81	16d	1	0.72mi
931 Fletcher Ave Indianapolis, IN	1.0–3.0	1.0–2.5	1015	$2,792	$2.75	0d	5	0.72mi
518 S State Ave Indianapolis, IN	2.0	1.0	900	$725	$0.81	45d	1	0.74mi
1437 S East St Indianapolis, IN	2.0	2.0	1114	$1,425	$1.28	45d	1	0.77mi
1439 South East St Indianapolis, IN	2.0	2.0	1114	$1,425	$1.28	21d	1	0.77mi
1439 South East St Indianapolis, IN	2.0	2.0	1114	$1,425	$1.28	0d	1	0.77mi
512 E Minnesota St Unit 203 Indianapolis, IN	2.0	1.0	903	$1,195	$1.32	25d	1	0.79mi
2036 Calhoun St Indianapolis, IN	2.0	1.0	880	$1,200	$1.36	9d	1	0.81mi
620 E Beecher St Indianapolis, IN	3.0	2.0	1072	$1,639	$1.53	21d	1	0.83mi
1436 S New Jersey St Unit B Indianapolis, IN	2.0	2.0	650	$1,700	$2.62	9d	1	0.86mi
1436 S New Jersey St Unit C Indianapolis, IN	2.0	2.0	600	$1,600	$2.67	45d	1	0.86mi
1706 E Tabor St Unit 1708 Indianapolis, IN	3.0	1.0	1000	$1,300	$1.30	9d	1	0.86mi
929 English Ave Unit A Indianapolis, IN	2.0	2.0	1100	$1,600	$1.45	45d	1	0.88mi
1011 E Raymond St Indianapolis, IN	2.0	2.0	1100	$1,350	$1.23	25d	1	0.89mi
1604 E Kelly St Indianapolis, IN	2.0	1.0	750	$1,025	$1.37	19d	1	0.89mi
1604 E Kelly St Indianapolis, IN	2.0	1.0	800	$1,025	$1.28	12d	1	0.89mi

Listing history 28 events

1. 2026-06-21
   days on market $160,000 Active 44 DOM
2. 2026-06-18
   days on market $160,000 Active 41 DOM
3. 2026-06-17
   days on market $160,000 Active 40 DOM
4. 2026-06-16
   days on market $160,000 Active 39 DOM
5. 2026-06-15
   days on market $160,000 Active 38 DOM
6. 2026-06-13
   days on market $160,000 Active 36 DOM
7. 2026-06-13
   days on market $160,000 Active 35 DOM
8. 2026-06-09
   days on market $160,000 Active 32 DOM
9. 2026-06-08
   days on market $160,000 Active 31 DOM
10. 2026-06-07
    days on market $160,000 Active 30 DOM
11. 2026-06-03
    days on market $160,000 Active 26 DOM
12. 2026-06-02
    days on market $160,000 Active 25 DOM
13. 2026-06-01
    days on market $160,000 Active 24 DOM
14. 2026-05-31
    days on market $160,000 Active 23 DOM
15. 2026-05-08
    listed $160,000 Active 1070-char remark
16. 2026-03-31
    historical
17. 2026-03-20
    status Active
18. 2025-11-30
    listed $210,000 Active
19. 2025-06-02
    historical
20. 2025-05-06
    status Active
21. 2025-05-02
    status Pending
22. 2025-04-24
    listed $65,000 Active
23. 2024-11-22
    soldstatus $110,000 Closed
24. 2024-10-17
    status Pending
25. 2024-10-14
    status Active
26. 2024-10-10
    status Pending
27. 2024-10-07
    price $129,000
28. 2024-09-27
    listed $144,000 Active

ⓘ 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: $1,182 · $99/mo
• Projected year-2 tax: $1,271 · $106/mo
• Expected delta: +$89/yr (+$7/mo · 7.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (shaded) · 66% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥101°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $17,862
• − Mortgage interest: −$8,962
• − Property taxes: −$1,182
• − Insurance: −$800
• − Repairs & maintenance: −$1,429
• − Management: −$1,429
• − Depreciation: −$4,655
• Taxable loss: −$595
• Est. tax savings @ 24.0%: +$143
• After-tax cash flow: $2,203/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

+11.1% since first listed

14 events — show timeline

• 2026-05-08 Listed $160,000 MIBOR as Distributed by MLS Grid
• 2026-03-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-03-20 Relisted — MIBOR as Distributed by MLS Grid
• 2025-11-30 Listed $210,000 MIBOR as Distributed by MLS Grid
• 2025-06-02 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-05-06 Relisted — MIBOR as Distributed by MLS Grid
• 2025-05-02 Pending — MIBOR as Distributed by MLS Grid
• 2025-04-24 Listed $65,000 MIBOR as Distributed by MLS Grid
• 2024-11-22 Sold (MLS) $110,000 MIBOR as Distributed by MLS Grid
• 2024-10-17 Pending — MIBOR as Distributed by MLS Grid
• 2024-10-14 Relisted — MIBOR as Distributed by MLS Grid
• 2024-10-10 Pending — MIBOR as Distributed by MLS Grid
• 2024-10-07 Price Changed $129,000 MIBOR as Distributed by MLS Grid
• 2024-09-27 Listed $144,000 MIBOR as Distributed by MLS Grid

Property tax history

+12.5%/yr

Latest (2025): $1,182 · +43.9% YoY. Source: county tax records.