825 Kappes St · Indianapolis city (balance), IN 46221

$165,000

2 bd · 2.0 ba · 720 sqft · SingleFamily public records · 30 Days on market

Built 1940 6,316 sqft lot Est $113k · 46% over

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Why this score? — see what drove the F 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 +12.7/30.0
• DSCR +3.8/10.0
• Rent growth +2.9/5.0
• 1% rule +2.7/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

2 bedrooms, 1 bath, hardwood floors, range, refrigerator, privacy fenced back yard, 1 car detached garage, wood deck, full basement, long lot, dead end street. roof 2 years old, furnace and AC 2 years old. move in ready

Key facts

• Painted cabinets
• Backsplash
• Deck

Tags

• ORIGINAL HARDWOOD FLOORS
• FENCED BACKYARD
• DECK
• SHED WITH ELECTRICITY
• PAINTED CABINETS
• BACKSPLASH

Property features AI

Exterior

• Parking: Detached 1-car garage
• Security: Smoke alarm
• Utilities: Public water; Municipal sewer connected; Regular solid waste service
• Home design: Single-family residence; One-story layout
• Construction: Aluminum siding; Block foundation
• Exterior features: Front porch; Storage shed; Full lot fencing; Street lighting on lot

Interior

• Kitchen: Electric oven; Refrigerator; Microwave; Range hood
• Bedrooms: Two main-level bedrooms; One basement bedroom
• Flooring: Hardwood floors
• Bathrooms: Two full bathrooms (one on main level, one in basement)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Hardwood floors; Smoke alarm
• Laundry & utility: Washer located in basement; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $-19 ($-230/yr) — negative.
• To cash-flow at today's rent, offer at most $162k (2.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $128k (22.6% below list).
• Recommended offer: $128k (22.6% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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 F — 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 (+1.8%/yr); 43 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $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 30 days — a 2% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y 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 $119k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $127,705 (22.6% 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 1940 — 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: 0.77% ✗
• Cap rate: 6.15%
• Cash-on-cash: -0.50%
• DSCR: 0.98
• GRM: 10.8

CMA / ARV

• ARV (on-the-fly): $113,040
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
841 S Addison St	0.54mi	2/1.0	720 (0%)	0mo	$113,000	$157	71
2110 W Mccarty St	0.20mi	2/1.0	768 (+7%)	7mo	$61,000	$79	70
1623 Oliver Ave	0.24mi	2/1.0	744 (+3%)	11mo	$158,000	$212	70
563 S Harris Ave	0.73mi	2/1.0	768 (+7%)	14mo	$65,000	$85	39
617 Marion Ave	0.75mi	1/1.0 (-1)	675 (-6%)	15mo	$166,000	$246	34
2513 W Ray St	0.47mi	1/1.0 (-1)	620 (-14%)	16mo	$64,900	$105	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 · 1.79% rent growth · sell at horizon

5-year hold

• IRR: -18.4%
• Equity multiple: 0.36×
• Total profit: $-29,546
• Equity at exit: $24,602

10-year hold

• IRR: -13.1%
• Equity multiple: 0.27×
• Total profit: $-33,658
• Equity at exit: $14,266

Cash invested: $46,200 (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 46221

• Home prices YoY: -23.7%
• Rents YoY: 1.8%
• Active inventory: 43
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $1,277 high
• Mortgage (P&I): −$865
• Tax from tax record: −$94 /mo · $1,129/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$268
• Net cashflow: $-19

Break-even live

Break-even rent $1,301

Max offer price $161,607

Occupancy floor 96%

Sensitivity live

Price	-10% $74	-5% $27	+0% $-19	+5% $-66	+10% $-113
Rent	-10% $-120	-5% $-70	+0% $-19	+5% $31	+10% $82
Rate	-1.0pp $64	-0.5pp $23	base $-19	+0.5pp $-62	+1.0pp $-105

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1925 Westview Dr Unit 100 Indianapolis, IN	1.0	1.0	600	$900	$1.50	22d	1	0.29mi
1925 Westview Dr Unit 212 Indianapolis, IN	1.0	1.0	600	$900	$1.50	8d	1	0.31mi
1925 Westview Dr Indianapolis, IN	1.0	1.0	600	$900	$1.50	15d	2	0.31mi
1105 Blaine Ave Indianapolis, IN	1.0–2.0	1.0–2.5	1157	$1,795	$1.55	24d	1	0.37mi
841 S Addison St Indianapolis, IN	2.0	1.0	750	$1,295	$1.73	44d	1	0.53mi
1918 W Washington St Unit 12 Indianapolis, IN	1.0	1.0	600	$950	$1.58	44d	1	0.73mi
1909 S Pershing Ave Indianapolis, IN	3.0	1.5	728	$1,750	$2.40	4d	1	1.07mi
460 N White River Parkway Dr W Indianapolis, IN	2.0	1.0	681	$1,725	$2.53	3d	14	1.29mi

Listing history 24 events

1. 2026-06-21
   days on market $165,000 Active 30 DOM
2. 2026-06-18
   days on market $165,000 Active 27 DOM
3. 2026-06-17
   days on market $165,000 Active 26 DOM
4. 2026-06-16
   days on market $165,000 Active 25 DOM
5. 2026-06-15
   days on market $165,000 Active 24 DOM
6. 2026-06-13
   days on market $165,000 Active 22 DOM
7. 2026-06-13
   days on market $165,000 Active 21 DOM
8. 2026-06-09
   days on market $165,000 Active 18 DOM
9. 2026-06-08
   days on market $165,000 Active 17 DOM
10. 2026-06-07
    days on market $165,000 Active 16 DOM
11. 2026-06-03
    days on market $165,000 Active 12 DOM
12. 2026-06-02
    pricedays on market $165,000 Active 11 DOM
13. 2026-06-01
    days on market $170,000 Active 10 DOM
14. 2026-05-31
    days on market $170,000 Active 9 DOM
15. 2026-05-22
    listed $170,000 Active
16. 2026-02-08
    historical
17. 2025-11-12
    soldstatus $119,040
18. 2025-11-11
    price $170,000
19. 2025-10-17
    listed $175,000 Active
20. 2022-05-27
    soldstatus $130,000 Closed 222-char remark

    Show marketing remark (222 chars)

    2 bedrooms, 1 bath, hardwood floors, range, refrigerator, privacy fenced back yard, 1 car detached garage, wood deck, full basement, long lot, dead end street. roof 2 years old, furnace and AC 2 years old. move in ready

21. 2022-05-07
    status Pending 222-char remark

    Show marketing remark (222 chars)

    2 bedrooms, 1 bath, hardwood floors, range, refrigerator, privacy fenced back yard, 1 car detached garage, wood deck, full basement, long lot, dead end street. roof 2 years old, furnace and AC 2 years old. move in ready

22. 2022-04-30
    status Active 222-char remark

    Show marketing remark (222 chars)

    2 bedrooms, 1 bath, hardwood floors, range, refrigerator, privacy fenced back yard, 1 car detached garage, wood deck, full basement, long lot, dead end street. roof 2 years old, furnace and AC 2 years old. move in ready

23. 2022-04-10
    status Pending 222-char remark

    Show marketing remark (222 chars)

    2 bedrooms, 1 bath, hardwood floors, range, refrigerator, privacy fenced back yard, 1 car detached garage, wood deck, full basement, long lot, dead end street. roof 2 years old, furnace and AC 2 years old. move in ready

24. 2022-04-08
    listed $125,000 Active 222-char remark

    Show marketing remark (222 chars)

    2 bedrooms, 1 bath, hardwood floors, range, refrigerator, privacy fenced back yard, 1 car detached garage, wood deck, full basement, long lot, dead end street. roof 2 years old, furnace and AC 2 years old. move in ready

ⓘ 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: $1,129 · $94/mo
• Projected year-2 tax: $1,266 · $105/mo
• Expected delta: +$137/yr (+$11/mo · 12.1%)

ⓘ 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 ≥102°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $15,325
• − Mortgage interest: −$9,243
• − Property taxes: −$1,129
• − Insurance: −$825
• − Repairs & maintenance: −$1,226
• − Management: −$1,226
• − Depreciation: −$4,800
• Taxable loss: −$3,123
• Est. tax savings @ 24.0%: +$750
• After-tax cash flow: $519/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): 27,027
• Household income: $65,280
• Rent vs Own: 38.2% rent · 61.8% own
• Severe rent burden: 1011.0

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% Black 13% Hispanic / Latino 13% Two or more races 7%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 2% Iranian 2% Lithuanian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 87% English-only · Spanish 9% Arabic 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: ▼ -97.56%
• Current HPI: 313.4711
• Rent YoY: ▲ 1.79%
• 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

+36.0% since first listed

10 events — show timeline

• 2026-05-22 Listed $170,000 MIBOR as Distributed by MLS Grid
• 2026-02-08 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-11-12 Sold (Public Records) $119,040 Public Records
• 2025-11-11 Price Changed $170,000 MIBOR as Distributed by MLS Grid
• 2025-10-17 Listed $175,000 MIBOR as Distributed by MLS Grid
• 2022-05-27 Sold (MLS) $130,000 MIBOR as Distributed by MLS Grid
• 2022-05-07 Pending — MIBOR as Distributed by MLS Grid
• 2022-04-30 Relisted — MIBOR as Distributed by MLS Grid
• 2022-04-10 Pending — MIBOR as Distributed by MLS Grid
• 2022-04-08 Listed $125,000 MIBOR as Distributed by MLS Grid

Property tax history

+4.4%/yr

Latest (2025): $1,129 · +7.9% YoY. Source: county tax records.