604 Lincoln St · Indianapolis city (balance), IN 46203

$79,000

2 bd · 1.0 ba · 1,064 sqft · Condo public records · 474 Days on market

Built 1880 ↓ 54% since listing

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

Great location in Bates Hendricks. This two bedroom townhome has great access to downtown. The townhome features a large back yard with alley access and front covered porch and basement for storage. A lot of the work has been done already and needs your finishing touches. The home features 2 bedrooms upstairs with living room, dining room, kitchen and bathroom downstairs. The potential is limitless whether you want to move in or do some renovations. This would also make a great rental investment.

Key facts

• Alley access
• Front covered porch
• Large back yard

Tags

• LARGE BACK YARD
• ALLEY ACCESS
• FRONT COVERED PORCH
• BASEMENT FOR STORAGE
• GREAT ACCESS TO DOWNTOWN

Property features AI

Finance

• Other: Less than 1/4 acre lot; Basement present (unfinished)

Exterior

• Parking: Alley access; Gravel parking
• Utilities: Public water; Municipal sewer; Trash service included (solid waste available)
• Home design: Attached townhouse; One-and-a-half story; Faces south; Property in fixer condition
• Construction: Vinyl siding; Block foundation
• Exterior features: Covered porch/patio; No fence

Interior

• Kitchen: Kitchen on main level
• Bedrooms: Two bedrooms on the upper level
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; No central air
• Interior features: Dishwasher; Electric oven
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $79k.

Deal economics

• At list price, monthly cash flow is $452 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $79k).
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.2% 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 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 (+2.9%/yr); 499 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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).
• This rent runs 31% 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 $546 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 + 2.9% rent growth), your $22k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 474 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts; this cycle's ask has dropped $91k (54%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.9% of price; built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $69,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 474 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 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 1.86% ✓
• Cap rate: 13.16%
• Cash-on-cash: 24.52%
• DSCR: 2.09
• GRM: 4.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.88% rent growth · sell at horizon

5-year hold

• IRR: 17.8%
• Equity multiple: 1.72×
• Total profit: $15,928
• Equity at exit: $11,779

10-year hold

• IRR: 26.2%
• Equity multiple: 3.29×
• Total profit: $50,702
• Equity at exit: $6,830

Cash invested: $22,120 (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: 4.5×

Monthly cashflow live

• Estimated rent: $1,466 high
• Mortgage (P&I): −$414
• Tax from tax record: −$259 /mo · $3,112/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$308
• Net cashflow: $452

Break-even live

Break-even rent $894

Max offer price $79,000

Occupancy floor 64%

Sensitivity live

Price	-10% $497	-5% $474	+0% $452	+5% $430	+10% $407
Rent	-10% $336	-5% $394	+0% $452	+5% $510	+10% $568
Rate	-1.0pp $492	-0.5pp $472	base $452	+0.5pp $431	+1.0pp $411

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: $19,750
• Closing costs: $2,370
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
512 E Minnesota St Unit 203 Indianapolis, IN	2.0	1.0	903	$1,195	$1.32	25d	1	0.09mi
1437 S East St Indianapolis, IN	2.0	2.0	1114	$1,425	$1.28	45d	1	0.10mi
1439 South East St Indianapolis, IN	2.0	2.0	1114	$1,425	$1.28	21d	1	0.10mi
1436 S New Jersey St Unit A Indianapolis, IN	3.0	2.5	1300	$2,100	$1.62	25d	1	0.17mi
835 Weghorst St Unit 837 Indianapolis, IN	3.0	1.5	1500	$1,399	$0.93	25d	1	0.18mi
614 Parkway Ave Indianapolis, IN	3.0	2.0	1360	$1,900	$1.40	23d	1	0.22mi
1833 Orleans St Unit 1 Indianapolis, IN	3.0	1.0	1260	$1,350	$1.07	45d	1	0.22mi
823 Iowa St Indianapolis, IN	2.0	1.0	812	$1,100	$1.35	45d	1	0.23mi
726 Parkway Ave Indianapolis, IN	3.0	2.0	1150	$2,195	$1.91	18d	1	0.23mi
1409 S Alabama St Indianapolis, IN	2.0	1.0	949	$1,245	$1.31	45d	1	0.25mi
1407 S Alabama St Indianapolis, IN	2.0	1.0	949	$1,150	$1.21	45d	1	0.25mi
944 E Minnesota St Indianapolis, IN	2.0	2.0	944	$1,299	$1.38	45d	1	0.27mi
620 E Beecher St Indianapolis, IN	3.0	2.0	1072	$1,639	$1.53	21d	1	0.29mi
438 E Beecher St Indianapolis, IN	3.0	2.5	1500	$1,450	$0.97	25d	1	0.30mi
1514 Ringgold Ave Indianapolis, IN	3.0	1.0	1064	$1,295	$1.22	45d	1	0.30mi
1247 Wright St Indianapolis, IN	3.0	1.5	1247	$1,750	$1.40	19d	1	0.31mi
224 Iowa St Indianapolis, IN	3.0	1.0	1254	$1,450	$1.16	25d	1	0.32mi
704 Sanders St Indianapolis, IN	2.0	1.0	1290	$1,275	$0.99	25d	1	0.32mi
436 Sanders St Indianapolis, IN	1.0	1.0	800	$800	$1.00	8d	1	0.35mi
736 E Morris St Indianapolis, IN	2.0	1.5	1500	$1,195	$0.80	5d	1	0.40mi
1024 Orange St Indianapolis, IN	2.0	2.0	1007	$1,650	$1.64	45d	1	0.42mi
1026 Orange St Indianapolis, IN	2.0	2.0	1007	$1,600	$1.59	17d	1	0.42mi
1756 S Delaware St Unit 1754 Indianapolis, IN	3.0	2.0	1014	$1,300	$1.28	16d	1	0.44mi
1756 Delaware St Indianapolis, IN	3.0	2.0	1014	$1,300	$1.28	45d	1	0.44mi
1045 Orange St Indianapolis, IN	2.0	1.0	1232	$2,200	$1.79	45d	1	0.45mi
1045 Orange St Indianapolis, IN	2.0	1.0	1232	$2,000	$1.62	25d	1	0.45mi
1524 S Talbott St #3 Indianapolis, IN	1.0	1.0	1011	$725	$0.72	8d	1	0.45mi
1861 Barth Ave Unit 1861 Indianapolis, IN	2.0	1.0	1300	$1,600	$1.23	25d	1	0.46mi
1035 Sanders St Unit 163 Indianapolis, IN	2.0	1.0	1481	$1,921	$1.30	45d	1	0.47mi
2109 Singleton St Indianapolis, IN	3.0	2.0	1340	$2,100	$1.57	8d	1	0.48mi
932 E Morris St Indianapolis, IN	2.0	2.0	1483	$1,900	$1.28	4d	1	0.49mi
907 Prospect St Unit 907 Prospect NO AMI Indianapolis, IN	3.0	1.5	1121	$1,400	$1.25	25d	1	0.49mi
1318 Shelby St Unit B 120% AMI Indianapolis, IN	1.0	1.0	1116	$1,350	$1.21	25d	1	0.50mi
1819 Union St Unit 1817 Indianapolis, IN	3.0	2.0	1020	$1,199	$1.18	45d	1	0.55mi
1140 Shelby St Apt 515 Indianapolis, IN	2.0	2.0	1181	$2,090	$1.77	25d	1	0.55mi
2103 Ringgold Ave Indianapolis, IN	1.0	1.0	1090	$775	$0.71	15d	1	0.56mi
1012 Prospect St Unit 512 State 120% AMI Indianapolis, IN	3.0	1.0	1200	$1,400	$1.17	45d	1	0.57mi
1012 Prospect St Unit 1527 Indianapolis, IN	3.0	1.5	1150	$1,200	$1.04	45d	1	0.57mi
1012 Prospect St Unit B 120% AMI Indianapolis, IN	1.0	1.0	1116	$1,350	$1.21	45d	1	0.57mi
1012 Prospect St Unit 907 Prospect NO AMI Indianapolis, IN	3.0	1.5	1121	$1,400	$1.25	45d	1	0.57mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-05-01
   status Pending
2. 2026-03-17
   price $79,000
3. 2026-01-30
   price $99,900
4. 2026-01-05
   price $124,900
5. 2025-12-01
   status Active
6. 2025-11-30
   historical
7. 2025-10-21
   price $129,900
8. 2025-09-09
   price $139,000
9. 2025-09-02
   status Active
10. 2025-08-31
    historical
11. 2025-08-16
    price $153,000
12. 2025-06-02
    status Active
13. 2025-05-30
    historical
14. 2025-05-02
    status Active
15. 2025-04-30
    historical
16. 2025-01-02
    listed $170,000 Active
17. 2022-01-25
    price $875

ⓘ 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: $3,112 · $259/mo
• Projected year-2 tax: $3,112 · $259/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: $17,598
• − Mortgage interest: −$4,425
• − Property taxes: −$3,112
• − Insurance: −$395
• − Repairs & maintenance: −$1,408
• − Management: −$1,408
• − Depreciation: −$2,298
• Taxable income: $4,551
• Est. tax owed @ 24.0%: −$1,092
• After-tax cash flow: $4,331/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

-53.5% since first listed

17 events — show timeline

• 2026-05-01 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-17 Price Changed $79,000 MIBOR as Distributed by MLS Grid
• 2026-01-30 Price Changed $99,900 MIBOR as Distributed by MLS Grid
• 2026-01-05 Price Changed $124,900 MIBOR as Distributed by MLS Grid
• 2025-12-01 Relisted — MIBOR as Distributed by MLS Grid
• 2025-11-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-10-21 Price Changed $129,900 MIBOR as Distributed by MLS Grid
• 2025-09-09 Price Changed $139,000 MIBOR as Distributed by MLS Grid
• 2025-09-02 Relisted — MIBOR as Distributed by MLS Grid
• 2025-08-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-08-16 Price Changed $153,000 MIBOR as Distributed by MLS Grid
• 2025-06-02 Relisted — MIBOR as Distributed by MLS Grid
• 2025-05-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-05-02 Relisted — MIBOR as Distributed by MLS Grid
• 2025-04-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-01-02 Listed $170,000 MIBOR as Distributed by MLS Grid
• 2022-01-25 Price Changed $875 RENT.

Property tax history

-37.5%/yr

Latest (2025): $3,112 · -37.5% YoY. Source: county tax records.