437 N Gray St · Indianapolis city (balance), IN 46201

$65,000

1 bd · 4.0 ba · 742 sqft · MultiFamily public records · 37 Days on market

Built 1910 3,790 sqft lot

---

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 +29.2/30.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• Rent growth +4.3/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Duplex property, 1 bedroom, 1 bath on each side! Hardwood floors, original woodwork, and a nice detached garage! This is a Fannie Mae HomePath Property.

Key facts

• 3,790 sq ft lot
• Garage
• Built 1910

Property features AI

Finance

• Other: Lot about 0.09 acre
• Financial info: Two total units; Unit 1 listed rent: $1,800 per month; Reported gross income: $0; Reported expenses: 1

Exterior

• Parking: Detached garage (1 car)
• Utilities: No curbside solid waste service
• Home design: Duplex residential income property; Attached property; One-and-a-half story
• Construction: Brick construction
• Exterior features: Residential use; Access road frontage

Interior

• Kitchen: Unit 1 has a kitchen
• Bedrooms: One unit includes 4+ bedrooms (unit listed as '4 Bedroom Or More')
• Interior features: Has basement

What this means for you Summary

Snapshot

• This is a 1-bed/4.0-bath multifamily listed at $65k.

Deal economics

• At list price, monthly cash flow is $227 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($856 rent vs $65k).
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.5% 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 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.
• Market conditions: Rents rising fast (+7.3%/yr); 480 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); 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 $449 of loan paydown is wiped out by about $2k 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 + 7.3% rent growth), your $18k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 14y 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 $8k; list at $65k implies a 693% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $63,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — 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. 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.
5. 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.
6. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.32% ✓
• Cap rate: 10.49%
• Cash-on-cash: 14.98%
• DSCR: 1.67
• GRM: 6.3

CMA / ARV

• ARV (on-the-fly): $227,794
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
445 N Dearborn St	0.05mi	2/1.0 (+1)	700 (-6%)	18mo	$215,000	$307	56
3419 E 9th St	0.42mi	2/1.0 (+1)	672 (-9%)	24mo	$170,000	$253	28

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 · 7.31% rent growth · sell at horizon

5-year hold

• IRR: 10.4%
• Equity multiple: 1.43×
• Total profit: $7,821
• Equity at exit: $9,692

10-year hold

• IRR: 22.7%
• Equity multiple: 3.36×
• Total profit: $42,868
• Equity at exit: $5,620

Cash invested: $18,200 (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 46201

• Home prices YoY: -33.9%
• Rents YoY: 7.3%
• Active inventory: 480
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $856 high
• Mortgage (P&I): −$341
• Tax est. 1.5%: −$81 /mo · $975/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$180
• Net cashflow: $227

Break-even live

Break-even rent $569

Max offer price $65,000

Occupancy floor 68%

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
415 N Oxford St Indianapolis, IN	1.0	1.0	580	$650	$1.12	23d	1	0.14mi
628 N Oxford St Indianapolis, IN	1.0	1.0	536	$775	$1.45	23d	1	0.29mi
320 N Sherman Dr Indianapolis, IN	—	1.0	750	$525	$0.70	43d	1	0.52mi
320 N Sherman Dr Unit A Indianapolis, IN	—	1.0	450	$525	$1.17	4d	1	0.52mi
49 S Rural St Indianapolis, IN	2.0	1.5	750	$950	$1.27	10d	1	0.54mi
412 N Bradley Ave Unit 3 Indianapolis, IN	2.0	1.0	700	$950	$1.36	23d	1	0.57mi
1036 N Tuxedo St Indianapolis, IN	1.0	1.0	646	$750	$1.16	4d	1	0.61mi
1028 N Olney St Unit 1030 Indianapolis, IN	1.0	1.0	700	$800	$1.14	23d	1	0.62mi
1114 N Dearborn St Indianapolis, IN	1.0	1.0	646	$795	$1.23	44d	1	0.62mi
2211 E New York St Unit B Indianapolis, IN	1.0	1.0	650	$725	$1.12	21d	1	0.65mi
821 N Bradley Ave Indianapolis, IN	1.0	1.0	663	$850	$1.28	4d	1	0.66mi
37 S Sherman Dr Indianapolis, IN	1.0	1.0	700	$800	$1.14	23d	1	0.67mi
1106 N Gale St Unit 3 Indianapolis, IN	—	1.0	400	$650	$1.62	4d	1	0.68mi
1106 N Gale St Unit 1 Indianapolis, IN	2.0	1.0	750	$895	$1.19	43d	1	0.68mi
621 Tecumseh St Indianapolis, IN	2.0	1.0	726	$1,025	$1.41	43d	1	0.77mi
1301 N Olney St Unit 1303 Indianapolis, IN	2.0	1.0	750	$1,100	$1.47	43d	1	0.79mi
679 Woodruff Place East Dr Indianapolis, IN	1.0	1.0	600	$895	$1.49	23d	1	0.80mi
1315 N Rural St Indianapolis, IN	1.0	1.0	700	$1,000	$1.43	4d	1	0.81mi
927 N Chester Ave Indianapolis, IN	1.0	1.0	596	$750	$1.26	43d	1	0.83mi
1358 N Gale St Indianapolis, IN	1.0	1.0	550	$890	$1.62	16d	1	0.90mi
833 N Gladstone Ave Indianapolis, IN	1.0	1.0	687	$825	$1.20	23d	1	0.90mi
896 N Gladstone Ave Indianapolis, IN	1.0	1.0	580	$775	$1.34	43d	1	0.92mi
784 Woodruff Place Middle Dr Indianapolis, IN	1.0	1.0	750	$1,300	$1.73	43d	1	0.95mi
3022 English Ave Unit 3022 Indianapolis, IN	2.0	1.0	600	$650	$1.08	43d	1	0.96mi
471 N State Ave Unit 1 Indianapolis, IN	1.0	1.0	634	$785	$1.24	43d	1	0.98mi
1306 N Chester Ave Indianapolis, IN	1.0	1.0	600	$800	$1.33	20d	1	0.99mi
1327 N Chester Ave Indianapolis, IN	1.0	1.0	600	$795	$1.32	14d	1	1.03mi
2034 Southeastern Ave Indianapolis, IN	1.0	1.0	525	$850	$1.62	14d	1	1.07mi
3709 Brookside Parkway South Dr Indianapolis, IN	1.0	1.0	742	$825	$1.11	23d	1	1.10mi
2025 Southeastern Ave Indianapolis, IN	1.0	1.0	663	$775	$1.17	43d	1	1.11mi
1515 E Michigan St Apt 2 Indianapolis, IN	1.0	1.0	700	$825	$1.18	20d	1	1.11mi
3058 Brookside Parkway North Dr Indianapolis, IN	1.0	1.0	700	$875	$1.25	12d	1	1.14mi
332 N Arsenal Ave Unit A Indianapolis, IN	2.0	1.0	750	$1,150	$1.53	7d	1	1.17mi
1518 N Chester Ave Indianapolis, IN	2.0	1.0	672	$700	$1.04	7d	1	1.17mi
330 N Arsenal Ave Unit B Indianapolis, IN	2.0	1.0	700	$1,100	$1.57	7d	1	1.17mi
1718 Southeastern Ave Indianapolis, IN	1.0	1.0	700	$1,080	$1.54	43d	1	1.18mi
2827 E 18th St Indianapolis, IN	2.0	1.0	726	$1,300	$1.79	23d	1	1.19mi
245 S Randolph St Indianapolis, IN	2.0	1.0	720	$750	$1.04	43d	1	1.19mi
247 S Randolph St Indianapolis, IN	2.0	1.0	720	$750	$1.04	43d	1	1.19mi
1450 N Gladstone Ave Indianapolis, IN	1.0	1.0	588	$799	$1.36	43d	1	1.19mi

Listing history 19 events

1. 2026-06-18
   days on market $65,000 Active 37 DOM
2. 2026-06-17
   days on market $65,000 Active 36 DOM
3. 2026-06-16
   days on market $65,000 Active 35 DOM
4. 2026-06-15
   days on market $65,000 Active 34 DOM
5. 2026-06-13
   days on market $65,000 Active 32 DOM
6. 2026-06-13
   days on market $65,000 Active 31 DOM
7. 2026-06-09
   days on market $65,000 Active 28 DOM
8. 2026-06-08
   days on market $65,000 Active 27 DOM
9. 2026-06-07
   days on market $65,000 Active 26 DOM
10. 2026-06-03
    days on market $65,000 Active 22 DOM
11. 2026-06-02
    days on market $65,000 Active 21 DOM
12. 2026-06-01
    days on market $65,000 Active 20 DOM
13. 2026-05-31
    days on market $65,000 Active 19 DOM
14. 2026-05-19
    status Active
15. 2026-03-06
    status Pending
16. 2026-02-26
    listed $65,000 Active
17. 2012-08-03
    historical 152-char remark

    Show marketing remark (152 chars)

    Duplex property, 1 bedroom, 1 bath on each side! Hardwood floors, original woodwork, and a nice detached garage! This is a Fannie Mae HomePath Property.

18. 2012-08-03
    soldstatus $8,200 152-char remark

    Show marketing remark (152 chars)

    Duplex property, 1 bedroom, 1 bath on each side! Hardwood floors, original woodwork, and a nice detached garage! This is a Fannie Mae HomePath Property.

19. 2012-05-08
    listed $11,500 152-char remark

    Show marketing remark (152 chars)

    Duplex property, 1 bedroom, 1 bath on each side! Hardwood floors, original woodwork, and a nice detached garage! This is a Fannie Mae HomePath Property.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,274
• − Mortgage interest: −$3,641
• − Property taxes: −$975
• − Insurance: −$325
• − Repairs & maintenance: −$822
• − Management: −$822
• − Depreciation: −$1,891
• Taxable income: $1,798
• Est. tax owed @ 24.0%: −$432
• After-tax cash flow: $2,294/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): 30,335
• Household income: $49,195
• Rent vs Own: 48.4% rent · 51.6% own
• Severe rent burden: 1906.0

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 0.63)
• Race & ethnicity: White 53% Hispanic / Latino 23% Black 18% Two or more races 9%
• Hispanic origin (detail): Mexican 14% Puerto Rican 2%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 9% · Canada
• Languages at home: 81% English-only · Spanish 17%

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: ▼ -192.51%
• Current HPI: 375.0969
• Rent YoY: ▲ 7.31%
• 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

+465.2% since first listed

6 events — show timeline

• 2026-05-19 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-06 Pending — MIBOR as Distributed by MLS Grid
• 2026-02-26 Listed $65,000 MIBOR as Distributed by MLS Grid
• 2012-08-03 Listing Removed — MIBOR as Distributed by MLS Grid
• 2012-08-03 Sold (MLS) $8,200 MIBOR as Distributed by MLS Grid
• 2012-05-08 Listed $11,500 MIBOR as Distributed by MLS Grid

Property tax history

+13.7%/yr

Latest (2025): $5,147 · +49.6% YoY. Source: county tax records.