2320 Churchman Ave · Indianapolis city (balance), IN 46203

$130,000

2 bd · 2.0 ba · 1,737 sqft · SingleFamily public records · 276 Days on market

Built 1920 4,400 sqft lot Est $208k · 38% under

---

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 +23.3/30.0
• ARV discount +15.0/15.0
• DSCR +7.5/10.0
• 1% rule +6.9/10.0
• 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

Beautiful new completely remodeled home! This home has an amazing enterance to a very nice cozy front enclose sitting room. It has new roof, gutters and windows throughout the house and nice size mudroom. New electrical wiring, plubming, drywall and insulation has been installed. Brand new kitchen appliances, 32 in kitchen cabinets w/quartz countertops. Completely remoldel nicely sized two car garage. Graveled driveway coming! You will definitely love this open concept home w/ gorgeous new flooring throughout the entire home. Enjoy entertaining family & friends with tons of natural light! Relax and enjoy breakfast and coffee in your new sitting room. THIS IS MUST SEE!!! This home is conveniently located near I-465 & I-70!

Key facts

• New drywall
• New plumbing
• New gutters

Tags

• NEW ROOF
• NEW GUTTERS
• NEW WINDOWS
• NEW ELECTRICAL WIRING
• NEW PLUMBING
• NEW DRYWALL

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Municipal sewer connected; No solid waste service listed
• Home design: Single-family residence; One level
• Construction: Wood siding exterior; Block foundation
• Exterior features: Street lights; Mature trees; Not in a subdivision; See remarks

Interior

• Kitchen: No appliances listed
• Bedrooms: Two main-level bedrooms; One basement bedroom
• Flooring: Hardwood floors; Luxury vinyl plank in several rooms (sun room, mud room, bedroom 2, and other listed rooms)
• 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; Daylight basement
• Laundry & utility: Laundry located in the basement

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $238 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.5% 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; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 32% 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 $899 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 276 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y ago; this cycle's ask has dropped $50k (28%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $114,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 276 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 1920 — 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: 1.19% ✓
• Cap rate: 8.49%
• Cash-on-cash: 7.86%
• DSCR: 1.35
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $208,440
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2017 E Legrande Ave	0.48mi	2/1.0	1,808 (+4%)	9mo	$175,000	$97	59
1918 Calvin St	0.39mi	3/2.0 (+1)	1,560 (-10%)	4mo	$199,900	$128	56
2026 Calhoun St	0.53mi	3/2.0 (+1)	1,632 (-6%)	7mo	$201,000	$123	54
1914 Calvin St	0.40mi	3/2.0 (+1)	1,560 (-10%)	6mo	$200,000	$128	54
1804 E Tabor St	0.57mi	3/1.0 (+1)	1,807 (+4%)	5mo	$92,500	$51	53
2653 S Randolph St	0.65mi	2/1.0	1,824 (+5%)	5mo	$92,000	$50	53
309 N 25th Ave	0.67mi	2/1.0	1,830 (+5%)	4mo	$220,000	$120	52
3603 Margaret Ave	0.69mi	3/1.5 (+1)	1,657 (-5%)	6mo	$220,000	$133	49
1842 E Legrande Ave	0.56mi	2/1.0	1,488 (-14%)	1mo	$87,000	$58	45
2441 S State Ave	0.71mi	2/1.0	1,600 (-8%)	8mo	$130,000	$81	44
2824 Centre Pkwy	0.74mi	3/1.0 (+1)	1,613 (-7%)	3mo	$196,000	$122	42
1735 E Legrande Ave	0.67mi	2/1.0	1,488 (-14%)	4mo	$150,000	$101	37

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: -4.4%
• Equity multiple: 0.84×
• Total profit: $-5,990
• Equity at exit: $19,383

10-year hold

• IRR: 5.2%
• Equity multiple: 1.38×
• Total profit: $13,880
• Equity at exit: $11,240

Cash invested: $36,400 (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 46203

• Home prices YoY: -26.7%
• Rents YoY: 2.9%
• Active inventory: 499
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,544 high
• Mortgage (P&I): −$682
• Tax from tax record: −$245 /mo · $2,945/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$324
• Net cashflow: $238

Break-even live

Break-even rent $1,242

Max offer price $130,000

Occupancy floor 80%

Sensitivity live

Price	-10% $312	-5% $275	+0% $238	+5% $202	+10% $165
Rent	-10% $116	-5% $177	+0% $238	+5% $299	+10% $360
Rate	-1.0pp $304	-0.5pp $272	base $238	+0.5pp $205	+1.0pp $171

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1505 S Rural St Indianapolis, IN	3.0	1.0	1104	$1,500	$1.36	13d	1	0.75mi
410 N 20th Ave Beech Grove, IN	3.0	1.0	1224	$1,400	$1.14	25d	1	0.75mi
1546 E Bradbury Ave Indianapolis, IN	2.0	1.5	2066	$1,500	$0.73	45d	1	0.85mi
1619 S Randolph St Indianapolis, IN	3.0	1.0	2016	$1,195	$0.59	25d	1	0.86mi
1528 E Tabor St Indianapolis, IN	3.0	1.5	2200	$1,550	$0.70	16d	1	0.89mi
1628 Cruft St Indianapolis, IN	3.0	2.0	1992	$1,495	$0.75	45d	1	0.89mi
1641 Iowa St Indianapolis, IN	3.0	3.0	1938	$1,900	$0.98	25d	1	0.93mi
2018 Boyd Ave Indianapolis, IN	3.0	1.5	1160	$1,350	$1.16	45d	1	1.01mi
2020 Boyd Ave Indianapolis, IN	3.0	1.5	1160	$1,450	$1.25	25d	1	1.01mi
1543 S State Ave Indianapolis, IN	2.0	1.0	1086	$1,100	$1.01	8d	1	1.01mi
2315 Bischoff Dr Beech Grove, IN	2.0	1.0	1065	$848	$0.80	25d	2	1.02mi
1602 Quill St Unit B Indianapolis, IN	3.0	2.0	1250	$1,650	$1.32	16d	1	1.06mi
1602 Quill St Unit B Indianapolis, IN	3.0	2.0	1250	$1,750	$1.40	45d	1	1.06mi
1230 Harlan St Indianapolis, IN	3.0	3.5	2167	$2,600	$1.20	3d	1	1.07mi
1729 Thaddeus St Unit 1729-B Indianapolis, IN	3.0	2.0	1350	$1,600	$1.19	15d	1	1.09mi
1742 Thaddeus St Unit 1742-A Indianapolis, IN	3.0	2.0	1350	$1,600	$1.19	15d	1	1.10mi
1258 E Naomi St Indianapolis, IN	3.0	2.0	1608	$1,450	$0.90	8d	1	1.15mi
1123 Churchman Ave Indianapolis, IN	3.0	1.5	1472	$1,360	$0.92	15d	1	1.15mi
1053 Villa Ave Indianapolis, IN	3.0	1.5	1281	$1,400	$1.09	45d	1	1.28mi
376 Ticen St Beech Grove, IN	3.0	1.5	1524	$1,746	$1.15	5d	1	1.30mi
1011 E Raymond St Indianapolis, IN	2.0	2.0	1100	$1,350	$1.23	25d	1	1.32mi
909 Saint Peter St Indianapolis, IN	3.0	2.0	1200	$1,800	$1.50	45d	1	1.33mi
1861 Barth Ave Unit 1861 Indianapolis, IN	2.0	1.0	1300	$1,600	$1.23	25d	1	1.34mi
1330 Laurel St Indianapolis, IN	3.0	2.0	1911	$2,250	$1.18	21d	1	1.34mi
2116 Woodlawn Ave Indianapolis, IN	2.0	2.0	1054	$1,175	$1.11	8d	1	1.35mi
1020 S Randolph St Indianapolis, IN	3.0	1.5	1550	$1,650	$1.06	25d	1	1.36mi
2103 Ringgold Ave Indianapolis, IN	1.0	1.0	1090	$775	$0.71	15d	1	1.37mi
2218 Pleasant St Indianapolis, IN	3.0	2.0	1376	$2,499	$1.82	25d	1	1.39mi
1527 Prospect St Indianapolis, IN	3.0	1.5	1150	$1,200	$1.04	25d	1	1.39mi
1441 Prospect St Indianapolis, IN	2.0	1.0–2.0	2840	$2,000	$0.70	3d	13	1.45mi
1337 Prospect St Unit 3 Indianapolis, IN	1.0	2.0	1100	$1,450	$1.32	45d	1	1.49mi

Listing history 11 events

1. 2026-05-01
   status Pending
2. 2026-05-01
   price $130,000
3. 2025-12-02
   price $165,000
4. 2025-07-29
   listed $180,000 Active
5. 2022-03-04
   soldstatus $210,000 Closed 741-char remark

   Show marketing remark (741 chars)

   Beautiful new completely remodeled home! This home has an amazing enterance to a very nice cozy front enclose sitting room. It has new roof, gutters and windows throughout the house and nice size mudroom. New electrical wiring, plubming, drywall and insulation has been installed. Brand new kitchen appliances, 32 in kitchen cabinets w/quartz countertops. Completely remoldel nicely sized two car garage. Graveled driveway coming! You will definitely love this open concept home w/ gorgeous new flooring throughout the entire home. Enjoy entertaining family & friends with tons of natural light! Relax and enjoy breakfast and coffee in your new sitting room. THIS IS MUST SEE!!! This home is conveniently located near I-465 & I-70!

6. 2022-01-24
   status Pending 741-char remark

   Show marketing remark (741 chars)

   Beautiful new completely remodeled home! This home has an amazing enterance to a very nice cozy front enclose sitting room. It has new roof, gutters and windows throughout the house and nice size mudroom. New electrical wiring, plubming, drywall and insulation has been installed. Brand new kitchen appliances, 32 in kitchen cabinets w/quartz countertops. Completely remoldel nicely sized two car garage. Graveled driveway coming! You will definitely love this open concept home w/ gorgeous new flooring throughout the entire home. Enjoy entertaining family & friends with tons of natural light! Relax and enjoy breakfast and coffee in your new sitting room. THIS IS MUST SEE!!! This home is conveniently located near I-465 & I-70!

7. 2022-01-13
   listed $206,900 Active 741-char remark

   Show marketing remark (741 chars)

   Beautiful new completely remodeled home! This home has an amazing enterance to a very nice cozy front enclose sitting room. It has new roof, gutters and windows throughout the house and nice size mudroom. New electrical wiring, plubming, drywall and insulation has been installed. Brand new kitchen appliances, 32 in kitchen cabinets w/quartz countertops. Completely remoldel nicely sized two car garage. Graveled driveway coming! You will definitely love this open concept home w/ gorgeous new flooring throughout the entire home. Enjoy entertaining family & friends with tons of natural light! Relax and enjoy breakfast and coffee in your new sitting room. THIS IS MUST SEE!!! This home is conveniently located near I-465 & I-70!

8. 2020-11-25
   soldstatus $40,000 Closed 733-char remark

   Show marketing remark (733 chars)

   OFFER WAS ACCEPTED PRIOR TO AUCTION. A 5% Buyer's Premium will apply on any accepted offer both before or at the time of Auction. List price noted is only a starting bid price, but Seller reserves the right to accept or reject offers prior to Auction. Solid home, just needs some updates to be a real gem. Features: 3 bedrms, dining rm, living rm, kitchen, updates to electrical & HVAC. Nice Jalousie Windows Enclosed Front Porch, Full Basement. 1 bedrm has laundry hook ups but bsmt has them as well. Big 2 Car Garage w/GDO built after 2002. Great for someone wanting sweat equity, a flipper or great rental home. Homes within blocks of similar size have sold for up to & above $90,000 (fixed up). Mike Heimel Auctioneer.

9. 2020-11-24
   status Pending 733-char remark

   Show marketing remark (733 chars)

   OFFER WAS ACCEPTED PRIOR TO AUCTION. A 5% Buyer's Premium will apply on any accepted offer both before or at the time of Auction. List price noted is only a starting bid price, but Seller reserves the right to accept or reject offers prior to Auction. Solid home, just needs some updates to be a real gem. Features: 3 bedrms, dining rm, living rm, kitchen, updates to electrical & HVAC. Nice Jalousie Windows Enclosed Front Porch, Full Basement. 1 bedrm has laundry hook ups but bsmt has them as well. Big 2 Car Garage w/GDO built after 2002. Great for someone wanting sweat equity, a flipper or great rental home. Homes within blocks of similar size have sold for up to & above $90,000 (fixed up). Mike Heimel Auctioneer.

10. 2020-10-28
    status Pending 733-char remark

    Show marketing remark (733 chars)

    OFFER WAS ACCEPTED PRIOR TO AUCTION. A 5% Buyer's Premium will apply on any accepted offer both before or at the time of Auction. List price noted is only a starting bid price, but Seller reserves the right to accept or reject offers prior to Auction. Solid home, just needs some updates to be a real gem. Features: 3 bedrms, dining rm, living rm, kitchen, updates to electrical & HVAC. Nice Jalousie Windows Enclosed Front Porch, Full Basement. 1 bedrm has laundry hook ups but bsmt has them as well. Big 2 Car Garage w/GDO built after 2002. Great for someone wanting sweat equity, a flipper or great rental home. Homes within blocks of similar size have sold for up to & above $90,000 (fixed up). Mike Heimel Auctioneer.

11. 2020-10-15
    listed $37,000 Active 733-char remark

    Show marketing remark (733 chars)

    OFFER WAS ACCEPTED PRIOR TO AUCTION. A 5% Buyer's Premium will apply on any accepted offer both before or at the time of Auction. List price noted is only a starting bid price, but Seller reserves the right to accept or reject offers prior to Auction. Solid home, just needs some updates to be a real gem. Features: 3 bedrms, dining rm, living rm, kitchen, updates to electrical & HVAC. Nice Jalousie Windows Enclosed Front Porch, Full Basement. 1 bedrm has laundry hook ups but bsmt has them as well. Big 2 Car Garage w/GDO built after 2002. Great for someone wanting sweat equity, a flipper or great rental home. Homes within blocks of similar size have sold for up to & above $90,000 (fixed up). Mike Heimel Auctioneer.

ⓘ 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: $2,945 · $245/mo
• Projected year-2 tax: $2,945 · $245/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 4/10 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,528
• − Mortgage interest: −$7,282
• − Property taxes: −$2,945
• − Insurance: −$650
• − Repairs & maintenance: −$1,482
• − Management: −$1,482
• − Depreciation: −$3,782
• Taxable income: $905
• Est. tax owed @ 24.0%: −$217
• After-tax cash flow: $2,644/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

+251.4% since first listed

11 events — show timeline

• 2026-05-01 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-01 Price Changed $130,000 MIBOR as Distributed by MLS Grid
• 2025-12-02 Price Changed $165,000 MIBOR as Distributed by MLS Grid
• 2025-07-29 Listed $180,000 MIBOR as Distributed by MLS Grid
• 2022-03-04 Sold (MLS) $210,000 MIBOR as Distributed by MLS Grid
• 2022-01-24 Pending — MIBOR as Distributed by MLS Grid
• 2022-01-13 Listed $206,900 MIBOR as Distributed by MLS Grid
• 2020-11-25 Sold (MLS) $40,000 MIBOR as Distributed by MLS Grid
• 2020-11-24 Pending — MIBOR as Distributed by MLS Grid
• 2020-10-28 Pending — MIBOR as Distributed by MLS Grid
• 2020-10-15 Listed $37,000 MIBOR as Distributed by MLS Grid

Property tax history

+17.7%/yr

Latest (2025): $2,945 · -5.3% YoY. Source: county tax records.