3408 Harvest Ave · Indianapolis city (balance), IN 46226

$121,000

3 bd · 2.0 ba · 735 sqft · SingleFamily public records · 17 Days on market

Built 1964 6,708 sqft lot $165/sqft · 72% above area Est $139k · 13% under

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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 +16.8/30.0
• ARV discount +13.4/15.0
• DSCR +5.2/10.0
• 1% rule +5.1/10.0
• Rent growth +4.2/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Charming, fully updated 2 bed, 2 bath bungalow on a quiet street-move-in ready and packed with value! Perfect for first-time buyers or investors, this home features fresh paint inside and out, new vinyl plank flooring, and major updates including a new furnace and water heater for truly low-maintenance living. The basement offers added flexibility with its own bathroom and kitchenette-ideal for extra living space or potential rental setup. Enjoy a fully fenced yard with mature trees, a concrete patio, and a mini barn for storage or hobbies. No HOA means added freedom and fewer restrictions. Clean, updated, and full of opportunity-schedule your showing today!

Key facts

• New furnace
• Fully updated
• New water heater

Tags

• FULLY UPDATED
• NEW FURNACE
• NEW WATER HEATER
• BASEMENT KITCHENETTE
• FULLY FENCED YARD
• CONCRETE PATIO

Property features AI

Exterior

• Parking: Concrete parking surface
• Security: Smoke alarm
• Utilities: Public water; Municipal sewer connected; Natural gas connected; Cable available
• Home design: Single-family residence; One story
• Construction: Vinyl siding; Block foundation
• Exterior features: Patio; Porch; Storage shed; Privacy fence; Corner lot with sidewalks and storm sewer

Interior

• Kitchen: Dishwasher; Disposal; Electric oven; Range hood; Refrigerator; Exhaust fan
• Bedrooms: Two main-level bedrooms
• Bathrooms: Two full bathrooms (one on main level, one in basement)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Eat-in kitchen; Finished basement with egress window(s) and storage space; Utility room
• Laundry & utility: Main-level laundry with sink; Washer and dryer included; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $121k.

Deal economics

• At list price, monthly cash flow is $77 ($926/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $121k).
• Recommended offer: $119k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.1% 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 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 fast (+6.8%/yr); 151 active listings in the ZIP; 3 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 $837 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 17 days — a 2% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 25y 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.

Recommended offer $119,185 (1.5% below list)

Questions for the listing agent

1. Built in 1964 — 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: 1.01% ✓
• Cap rate: 7.06%
• Cash-on-cash: 2.73%
• DSCR: 1.12
• GRM: 8.2

CMA / ARV

• ARV (median comp): $139,266
• List price: $121,000
• Delta: -13.12%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.76% rent growth · sell at horizon

5-year hold

• IRR: -7.6%
• Equity multiple: 0.71×
• Total profit: $-9,827
• Equity at exit: $18,041

10-year hold

• IRR: 6.5%
• Equity multiple: 1.57×
• Total profit: $19,320
• Equity at exit: $10,462

Cash invested: $33,880 (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 46226

• Rents YoY: 6.8%
• Active inventory: 151
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,226 medium
• Mortgage (P&I): −$635
• Tax from tax record: −$206 /mo · $2,473/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$257
• Net cashflow: $77

Break-even live

Break-even rent $1,128

Max offer price $121,000

Occupancy floor 89%

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: $30,250
• Closing costs: $3,630
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7975 Red Mill Dr Indianapolis, IN	2.0	1.0	576	$975	$1.69	43d	1	0.69mi
9060 E 39th Pl Indianapolis, IN	1.0–2.0	1.0–1.5	820	$1,040	$1.27	23d	1	1.06mi
7171 Twin Oaks Dr Indianapolis, IN	3.0	1.0–1.5	801	$1,399	$1.75	23d	9	1.13mi

Listing history 18 events

1. 2026-06-09
   days on market $121,000 Active 17 DOM
2. 2026-06-08
   days on market $121,000 Active 16 DOM
3. 2026-06-07
   statusdays on market $121,000 Active 15 DOM
4. 2026-05-04
   status Pending 672-char remark
5. 2026-04-29
   price $121,000 672-char remark
6. 2026-04-23
   listed $124,000 Active 672-char remark
7. 2025-09-10
   historical
8. 2025-08-24
   price $144,000
9. 2025-07-30
   price $149,000
10. 2025-07-10
    listed $160,000 Active
11. 2024-07-10
    historical
12. 2023-11-02
    listed $170,000 Active
13. 2023-10-05
    historical $1,400
14. 2023-09-29
    listed $1,400
15. 2001-12-10
    historical
16. 2001-06-11
    listed $71,500
17. 2001-05-28
    historical
18. 2001-03-15
    listed $77,900

ⓘ 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: $2,473 · $206/mo
• Projected year-2 tax: $2,473 · $206/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 3/10 Moderate 7 d/yr ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,707
• − Mortgage interest: −$6,778
• − Property taxes: −$2,473
• − Insurance: −$605
• − Repairs & maintenance: −$1,177
• − Management: −$1,177
• − Depreciation: −$3,520
• Taxable loss: −$1,022
• Est. tax savings @ 24.0%: +$245
• After-tax cash flow: $1,172/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): 47,099
• Household income: $50,325
• Rent vs Own: 53.8% rent · 46.2% own
• Severe rent burden: 2742.0

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 0.62)
• Race & ethnicity: Black 53% White 25% Hispanic / Latino 17% Two or more races 9% Asian 2%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Lithuanian 1% Italian 1% Romanian 1%
• Foreign-born: 11% · Canada
• Languages at home: 86% English-only · Spanish 10% French/Haitian/Cajun 1% Other Asian/Pacific 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: ▼ -218.85%
• Current HPI: 239.43
• Rent YoY: ▲ 6.76%
• 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

+55.3% since first listed

19 events — show timeline

• 2026-06-11 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-06-05 Relisted — MIBOR as Distributed by MLS Grid
• 2026-05-22 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-20 Relisted — MIBOR as Distributed by MLS Grid
• 2026-05-04 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-29 Price Changed $121,000 MIBOR as Distributed by MLS Grid
• 2026-04-23 Listed $124,000 MIBOR as Distributed by MLS Grid
• 2025-09-10 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-08-24 Price Changed $144,000 MIBOR as Distributed by MLS Grid
• 2025-07-30 Price Changed $149,000 MIBOR as Distributed by MLS Grid
• 2025-07-10 Listed $160,000 MIBOR as Distributed by MLS Grid
• 2024-07-10 Listing Removed — MIBOR as Distributed by MLS Grid
• 2023-11-02 Listed $170,000 MIBOR as Distributed by MLS Grid
• 2023-10-05 Rental Removed $1,400 Avail
• 2023-09-29 Listed for Rent $1,400 Avail
• 2001-12-10 Listing Removed — MIBOR as Distributed by MLS Grid
• 2001-06-11 Listed $71,500 MIBOR as Distributed by MLS Grid
• 2001-05-28 Listing Removed — MIBOR as Distributed by MLS Grid
• 2001-03-15 Listed $77,900 MIBOR as Distributed by MLS Grid

Property tax history

+9.3%/yr

Latest (2025): $2,473 · +25.1% YoY. Source: county tax records.