4150 Fletcher Ave · Indianapolis city (balance), IN 46203

$109,900

3 bd · 1.0 ba · 912 sqft · SingleFamily public records · 2 Days on market

Built 1954 5,445 sqft lot Est $140k · 21% 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 +28.2/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.2/10.0
• 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

FANTASTC BUY. .. REMODELED 3 bedroom, 1 bath bungalow with a large lot AND privacy fenced rear lawn for UTMOST PRIVACY!. .. Dimensional shingle roof, thermal windows, covered front porch, all cabinets, counters, fixtures, ceramic and plank flooring, light fixtures, pex plumbing. ALL NEW in past 4 years. The living room has a vaulted ceiling with architectural detailing imparting a spacious/open living space. Much interest and showings already. Hurry, this one won't last long!. ..

Key facts

• 5,445 sq ft lot
• Built 1954
• Listed 2 days

Property features AI

Finance

• Other: Property type: Residential; Lot size: approximately 0.13 acres (< 1/4 acre); GPS-friendly directions

Exterior

• Parking: Asphalt parking
• Security: Smoke detector(s)
• Utilities: Public water; Municipal sewer connected; Electricity connected; Natural gas connected; Cable available; Sewer connected
• Home design: Single-family residence; Updated/remodeled condition; One story
• Construction: Wood siding; Block foundation
• Exterior features: Covered patio/porch; Storage shed; Privacy fence (full, complete); Curbs and sidewalks; Storm sewer

Interior

• Kitchen: Electric oven; Microwave with hood; Dishwasher; Garbage disposal; Refrigerator
• Bedrooms: Three bedrooms on the main level (primary bedroom — see remarks)
• Bathrooms: One full bathroom with a tub and shower
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Attic access; Vaulted ceilings; Smart thermostat; Painted woodwork; Living room is a formal space; Smoke alarm
• Laundry & utility: Main-level laundry; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $347 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Cap rate 10.1% 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 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: Christian Park School 82 (math 8% / reading 8%, grade F, #949 of 994 statewide, top 97%, 246 students, 83% FRL).
• Market conditions: Rents rising (+2.9%/yr); 493 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $760 of loan paydown is wiped out by about $3k 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 + 2.9% rent growth), your $31k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $109,900

Questions for the listing agent

1. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.22% ✓
• Cap rate: 10.08%
• Cash-on-cash: 13.54%
• DSCR: 1.60
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $139,536
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
545 Dayton Ave	0.30mi	3/1.0	896 (-2%)	6mo	$101,000	$113	78
3847 Hoyt Ave	0.28mi	2/1.0 (-1)	912 (0%)	6mo	$75,000	$82	77
3710 Hoyt Ave	0.43mi	3/1.0	960 (+5%)	1mo	$121,000	$126	70
3909 Hoyt Ave	0.23mi	2/1.0 (-1)	864 (-5%)	7mo	$120,000	$139	70
4648 Brookville Rd	0.46mi	3/2.0	936 (+3%)	3mo	$189,900	$203	68
1159 S Bradley Ave	0.59mi	3/1.0	936 (+3%)	1mo	$86,000	$92	67
4307 Terrace Ave	0.68mi	3/1.0	936 (+3%)	3mo	$150,000	$160	61
1214 S Grant Ave	0.60mi	3/1.0	971 (+6%)	1mo	$215,000	$221	60
515 Clyde Ave	0.58mi	2/1.0 (-1)	864 (-5%)	3mo	$132,000	$153	57
3780 E Pleasant Run Parkway North Dr	0.60mi	3/1.0	1,026 (+12%)	3mo	$136,000	$133	49
1214 S Chester Ave	0.59mi	2/1.0 (-1)	796 (-13%)	0mo	$124,000	$156	46
4514 Rowney St	0.74mi	3/1.0	1,043 (+14%)	3mo	$185,000	$177	39

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: 3.5%
• Equity multiple: 1.13×
• Total profit: $4,136
• Equity at exit: $16,386

10-year hold

• IRR: 12.9%
• Equity multiple: 2.02×
• Total profit: $31,385
• Equity at exit: $9,502

Cash invested: $30,772 (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: 493
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,345 high
• Mortgage (P&I): −$576
• Tax from tax record: −$93 /mo · $1,121/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$283
• Net cashflow: $347

Break-even live

Break-even rent $906

Max offer price $109,900

Occupancy floor 69%

Sensitivity live

Price	-10% $409	-5% $378	+0% $347	+5% $316	+10% $285
Rent	-10% $241	-5% $294	+0% $347	+5% $400	+10% $453
Rate	-1.0pp $403	-0.5pp $375	base $347	+0.5pp $319	+1.0pp $290

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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3906 Hoyt Ave Indianapolis, IN	2.0	1.0	912	$1,250	$1.37	8d	1	0.26mi
528 S Bosart Ave Indianapolis, IN	3.0	1.0	720	$1,305	$1.81	44d	1	0.31mi
750 S Dequincy St Indianapolis, IN	3.0	1.5	936	$1,500	$1.60	44d	1	0.44mi
3706 Hoyt Ave Indianapolis, IN	3.0	1.0	960	$1,500	$1.56	14d	1	0.46mi
3702 Hoyt Ave Indianapolis, IN	3.0	2.0	960	$1,500	$1.56	14d	1	0.46mi
4919 Orion Ave Indianapolis, IN	2.0	1.0	766	$875	$1.14	44d	1	0.62mi
4214 E Washington St Indianapolis, IN	3.0	2.0	961	$1,195	$1.24	8d	1	0.74mi
4114 E Washington St Indianapolis, IN	2.0	1.0	909	$1,100	$1.21	45d	1	0.75mi
5131 E Burgess Ave Indianapolis, IN	2.0	1.0	816	$1,100	$1.35	44d	1	0.76mi
4831 E Washington St Unit 4 Indianapolis, IN	2.0	2.0	1000	$995	$0.99	24d	1	0.83mi
270 S Lasalle St Indianapolis, IN	3.0	2.0	562	$1,329	$2.36	8d	1	0.84mi
3441 Prospect St Indianapolis, IN	2.0	1.0	1008	$1,700	$1.69	45d	1	0.85mi
3441 Prospect St Indianapolis, IN	2.0	1.0	1008	$1,500	$1.49	24d	1	0.85mi
340 S Dearborn St Indianapolis, IN	2.0	1.0	873	$1,180	$1.35	24d	1	0.87mi
3518 Terrace Ave Indianapolis, IN	3.0	1.0	864	$1,300	$1.50	44d	1	0.89mi
37 S Tuxedo St Indianapolis, IN	3.0	1.0	950	$1,150	$1.21	44d	1	0.93mi
301 S Gray St Indianapolis, IN	2.0	1.0	841	$1,025	$1.22	24d	1	0.93mi
3022 English Ave Unit 3022 Indianapolis, IN	2.0	1.0	600	$650	$1.08	44d	1	0.97mi
83 N Ewing St Unit 83 Indianapolis, IN	3.0	1.0	1016	$1,199	$1.18	44d	1	1.01mi
3622 E New York St Indianapolis, IN	2.0	1.0	805	$995	$1.24	44d	1	1.04mi
28 S Dearborn St Unit A Indianapolis, IN	3.0	1.0	1100	$1,400	$1.27	11d	1	1.04mi
412 N Bradley Ave Unit 3 Indianapolis, IN	2.0	1.0	700	$950	$1.36	24d	1	1.07mi
350 S Oxford St Indianapolis, IN	3.0	1.0	826	$1,300	$1.57	44d	1	1.11mi
4 N Butler Ave Unit 11 Indianapolis, IN	2.0	1.0	850	$750	$0.88	5d	1	1.11mi
4 N Butler Ave Unit 8 Indianapolis, IN	2.0	1.0	850	$800	$0.94	44d	1	1.11mi
323 S Rural St Indianapolis, IN	3.0	1.5	1090	$1,050	$0.96	44d	1	1.15mi
330 S Rural St Indianapolis, IN	2.0	1.0	960	$1,050	$1.09	8d	1	1.17mi
622 N Linwood Ave Indianapolis, IN	3.0	2.0	985	$1,299	$1.32	44d	1	1.19mi
2631 Southeastern Ave Indianapolis, IN	3.0	2.0	1072	$1,195	$1.11	12d	1	1.21mi
5250 E Market St Unit 5252 Indianapolis, IN	2.0	1.0	1000	$1,350	$1.35	15d	1	1.21mi
706 N Bosart Ave Indianapolis, IN	2.0	1.0	1000	$1,070	$1.07	24d	1	1.23mi
49 S Rural St Indianapolis, IN	2.0	1.5	750	$950	$1.27	11d	1	1.25mi
235 N Oakland Ave Indianapolis, IN	2.0	1.0	800	$1,000	$1.25	44d	1	1.27mi
729 N Bosart Ave Indianapolis, IN	2.0	1.0	888	$1,195	$1.35	24d	1	1.27mi
508 Emerson Ave Indianapolis, IN	3.0	1.5	1094	$1,150	$1.05	14d	1	1.28mi
508 N Emerson Ave Unit 506 Indianapolis, IN	2.0	1.0	950	$950	$1.00	15d	1	1.28mi
5056 Emerton Pl Unit 5056 Indianapolis, IN	2.0	1.0	868	$1,245	$1.43	24d	1	1.29mi
5056 Emerton Pl Unit 5046 Indianapolis, IN	2.0	1.5	1039	$1,245	$1.20	24d	1	1.29mi
628 N Riley Ave Indianapolis, IN	2.0	1.5	948	$1,295	$1.37	24d	1	1.29mi
810 N Euclid Ave Indianapolis, IN	3.0	1.0	574	$1,550	$2.70	20d	1	1.29mi

Listing history 4 events

1. 2026-06-02
   status $109,900 Pending 2 DOM
2. 2026-06-01
   days on market $109,900 Active 2 DOM
3. 2026-05-31
   remarks 484-char remark
4. 2026-05-31
   listed $109,900 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: $1,121 · $93/mo
• Projected year-2 tax: $1,121 · $93/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 ≥102°F today · 19 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: $16,143
• − Mortgage interest: −$6,156
• − Property taxes: −$1,121
• − Insurance: −$550
• − Repairs & maintenance: −$1,291
• − Management: −$1,291
• − Depreciation: −$3,197
• Taxable income: $2,536
• Est. tax owed @ 24.0%: −$609
• After-tax cash flow: $3,558/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

+4.7% since first listed

2 events — show timeline

• 2026-05-30 Listed $109,900 MIBOR as Distributed by MLS Grid
• 2022-02-24 Listed $105,000 MIBOR as Distributed by MLS Grid

Property tax history

+2.5%/yr

Latest (2025): $1,121 · -1.4% YoY. Source: county tax records.