1856 N Dexter St · Indianapolis city (balance), IN 46202

$135,000

3 bd · 1.0 ba · 1,232 sqft · SingleFamily public records · 18 Days on market

Built 1925 5,184 sqft lot $110/sqft · 7% above area Est $173k · 22% 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 +21.1/30.0
• ARV discount +15.0/15.0
• DSCR +6.7/10.0
• 1% rule +6.0/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor special! Two bedroom shotgun house with covered front porch and fenced back yard is ready for some love and attention. Are you looking for an investment? This could be it for you!

Key facts

• Central ac
• Galley kitchen
• Front porch

Tags

• HARDWOOD FLOORS
• GALLEY KITCHEN
• FULL BASEMENT
• FRONT PORCH
• UPDATED MECHANICALS
• CENTRAL AC

Property features AI

Exterior

• Parking: Concrete parking surface; No garage
• Utilities: Public water; Municipal sewer connection; Municipal solid waste service
• Home design: Single family residence; Two levels / two-story
• Construction: Aluminum siding; Block foundation
• Exterior features: Approximately 0.12-acre lot (< 1/4 acre)

Interior

• Kitchen: Microwave; Electric oven; Refrigerator
• Bedrooms: Two bedrooms on the upper level
• Bathrooms: One full bathroom (upper level)
• Heating & cooling: Forced air heat (natural gas); Central air conditioning
• Interior features: Microwave; Electric oven; Refrigerator; Finished basement; Seven total rooms (4 main level, 3 upper level)
• Laundry & utility: Main level laundry room (approximately 5x6)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $194 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $135k).
• Recommended offer: $133k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.0% 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 soft (-0.4%/yr); 262 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); 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 $933 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 18 days — a 2% lower offer ($133k) is reasonable based on typical stale-listing flexibility.
• 6 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.
• Current owner paid $75k; list at $135k implies a 80% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $132,975 (1.5% below list)

Questions for the listing agent

1. Built in 1925 — 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: 1.10% ✓
• Cap rate: 8.01%
• Cash-on-cash: 6.15%
• DSCR: 1.27
• GRM: 7.6

CMA / ARV

• ARV (median comp): $173,416
• List price: $135,000
• Delta: -22.15%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2035 Koehne St	0.20mi	2/1.0 (-1)	1,261 (+2%)	14mo	$64,000	$51	70
1835 Koehne St	0.11mi	2/1.0 (-1)	1,066 (-14%)	2mo	$130,000	$122	66
1510 W 22nd St	0.38mi	2/1.0 (-1)	1,270 (+3%)	13mo	$164,000	$129	61
1341 W 26th St	0.74mi	3/1.5	1,236 (+0%)	10mo	$210,500	$170	55
1330 W Pruitt St	0.42mi	3/1.0	1,088 (-12%)	8mo	$150,000	$138	54
2041 N Dexter St	0.18mi	3/2.0	1,050 (-15%)	10mo	$227,500	$217	54
1303 W 25th St	0.68mi	3/2.0	1,156 (-6%)	2mo	$211,000	$183	52
1206 W 25th St	0.73mi	3/1.0	1,152 (-6%)	7mo	$72,750	$63	49
1824 Milburn St	0.38mi	2/1.0 (-1)	1,368 (+11%)	14mo	$175,000	$128	47
1215 W 25th St	0.70mi	2/1.0 (-1)	1,344 (+9%)	2mo	$139,000	$103	45
1338 W 25th St	0.70mi	2/1.0 (-1)	1,376 (+12%)	6mo	$83,000	$60	38
1309 W 26th St	0.75mi	3/2.0	1,050 (-15%)	1mo	$210,000	$200	36

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -10.4%
• Equity multiple: 0.63×
• Total profit: $-13,845
• Equity at exit: $20,129

10-year hold

• IRR: -6.1%
• Equity multiple: 0.66×
• Total profit: $-12,802
• Equity at exit: $11,672

Cash invested: $37,800 (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 46202

• Home prices YoY: -26.2%
• Rents YoY: -0.4%
• Active inventory: 262
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,487 high
• Mortgage (P&I): −$708
• Tax from tax record: −$217 /mo · $2,606/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$312
• Net cashflow: $194

Break-even live

Break-even rent $1,242

Max offer price $135,000

Occupancy floor 82%

Sensitivity live

Price	-10% $270	-5% $232	+0% $194	+5% $156	+10% $117
Rent	-10% $76	-5% $135	+0% $194	+5% $252	+10% $311
Rate	-1.0pp $262	-0.5pp $228	base $194	+0.5pp $159	+1.0pp $123

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1920 Sugar Grove Ave Indianapolis, IN	3.0	1.5	1378	$1,175	$0.85	3d	1	0.06mi
1228 W 18th St Indianapolis, IN	2.0	1.0	1050	$1,200	$1.14	44d	1	0.14mi
1135 W 21st St Indianapolis, IN	3.0	2.0	1296	$1,495	$1.15	24d	1	0.25mi
1133 W 21st St Indianapolis, IN	3.0	2.0	1296	$1,495	$1.15	24d	1	0.26mi
1415 W Pruitt St Indianapolis, IN	3.0	1.0	1001	$1,249	$1.25	24d	1	0.38mi
1367 W Pruitt St Indianapolis, IN	3.0	1.0	1088	$1,450	$1.33	44d	1	0.38mi
2248 N Harding St Indianapolis, IN	2.0	1.0	1100	$899	$0.82	24d	1	0.42mi
1410 Breedlove Ln Indianapolis, IN	2.0	1.0–2.0	886	$2,557	$2.88	2d	63	0.46mi
1449 Montcalm St Indianapolis, IN	3.0	1.0	1300	$1,900	$1.46	44d	1	0.49mi
1244 Edgemont Ave Indianapolis, IN	2.0	1.0	1092	$1,275	$1.17	44d	1	0.63mi
1201 Indiana Ave Indianapolis, IN	1.0–3.0	1.0–3.5	967	$2,404	$2.49	2d	36	0.64mi
1150 N White River Pkwy West Dr Indianapolis, IN	1.0–2.0	1.0	722	$1,224	$1.69	2d	9	0.75mi
970 Edgemont Ave Indianapolis, IN	2.0	1.0	740	$845	$1.14	5d	1	0.77mi
908 Burdsal Pkwy Marion, IN	2.0	1.0	936	$1,300	$1.39	24d	1	0.78mi
906 Burdsal Pkwy Indianapolis, IN	2.0	1.0	936	$1,295	$1.38	24d	1	0.78mi
1519 W 28th St Indianapolis, IN	2.0	1.0	816	$895	$1.10	44d	1	0.94mi
1441 W Lynn Dr Indianapolis, IN	3.0	2.0	967	$1,550	$1.60	44d	1	0.95mi
2106 Cold Spring Rd Indianapolis, IN	2.0	1.0–1.5	940	$1,189	$1.26	3d	4	0.96mi
930 W 10th St Indianapolis, IN	1.0–4.0	1.0–4.0	874	$3,144	$3.59	4d	1	0.98mi
2235 Doctor Martin Luther King Junior St Indianapolis, IN	3.0	1.5	948	$1,700	$1.79	44d	1	0.98mi
955 N Traub Ave Indianapolis, IN	3.0	2.0	1300	$1,449	$1.11	44d	1	1.01mi
1227 W 29th St Indianapolis, IN	3.0	1.5	1056	$1,250	$1.18	24d	1	1.05mi
735 W 11th St Indianapolis, IN	2.0	1.0	712	$1,398	$1.96	44d	1	1.05mi
1023 N Pershing Ave Indianapolis, IN	3.0	1.5	1182	$1,350	$1.14	24d	1	1.07mi
1401 Doctor Martin Luther King Junior St Indianapolis, IN	1.0–2.0	1.0	982	$1,875	$1.91	14d	1	1.07mi
2701 W 17th St Indianapolis, IN	2.0	1.0	810	$899	$1.11	8d	1	1.07mi
1226 Doctor Martin Luther King Junior St Indianapolis, IN	1.0–3.0	1.0–3.5	1067	$2,285	$2.14	2d	10	1.10mi
1409 N Warman Ave Indianapolis, IN	2.0	1.0	816	$1,300	$1.59	21d	1	1.16mi
2602 Mansion Dr Indianapolis, IN	2.0–3.0	2.0	1850	$1,675	$0.91	8d	6	1.17mi
1155 N Holmes Ave Indianapolis, IN	3.0	1.0	952	$2,800	$2.94	3d	1	1.18mi
936 Camp St Indianapolis, IN	3.0	2.0	1334	$2,800	$2.10	4d	1	1.20mi
445 W 25th St Indianapolis, IN	4.0	2.0	1500	$1,900	$1.27	44d	1	1.20mi
928 Camp St Indianapolis, IN	2.0	1.5	1240	$2,000	$1.61	24d	1	1.21mi
824 W 29th St Indianapolis, IN	3.0	2.0	1200	$1,595	$1.33	44d	1	1.22mi
826 W 29th St Indianapolis, IN	3.0	2.0	1200	$1,595	$1.33	44d	1	1.24mi
460 N White River Parkway Dr W Indianapolis, IN	2.0	1.0	681	$1,725	$2.53	3d	14	1.30mi
1054 W 31st St Unit A Indianapolis, IN	2.0	1.0	1200	$1,500	$1.25	44d	1	1.30mi
560 Udell St Indianapolis, IN	3.0	1.5	1176	$1,190	$1.01	24d	1	1.31mi
2011 N Kessler Boulevard Dr Indianapolis, IN	3.0	1.0	888	$1,375	$1.55	24d	1	1.32mi
516 W 28th St Indianapolis, IN	2.0	1.0	1005	$1,100	$1.09	24d	1	1.32mi

Listing history 15 events

1. 2026-05-18
   status Pending 694-char remark
2. 2026-04-30
   listed $135,000 Active 694-char remark
3. 2024-09-28
   historical $1,100
4. 2024-08-03
   listed $1,100
5. 2022-06-27
   price $900
6. 2022-03-11
   soldstatus $75,000 Closed 188-char remark

   Show marketing remark (188 chars)

   Investor special! Two bedroom shotgun house with covered front porch and fenced back yard is ready for some love and attention. Are you looking for an investment? This could be it for you!

7. 2022-02-04
   status Pending 188-char remark

   Show marketing remark (188 chars)

   Investor special! Two bedroom shotgun house with covered front porch and fenced back yard is ready for some love and attention. Are you looking for an investment? This could be it for you!

8. 2022-02-02
   listed $75,000 Active 188-char remark

   Show marketing remark (188 chars)

   Investor special! Two bedroom shotgun house with covered front porch and fenced back yard is ready for some love and attention. Are you looking for an investment? This could be it for you!

9. 2009-04-04
   historical
10. 2008-04-03
    listed $16,000
11. 2007-05-25
    soldstatus $7,000
12. 2007-01-26
    listed $9,900
13. 2001-12-04
    soldstatus $58,520
14. 2001-10-31
    soldstatus $17,500
15. 2001-07-17
    listed $20,900

ⓘ 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: $2,606 · $217/mo
• Projected year-2 tax: $2,606 · $217/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 0% 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: $17,849
• − Mortgage interest: −$7,562
• − Property taxes: −$2,606
• − Insurance: −$675
• − Repairs & maintenance: −$1,428
• − Management: −$1,428
• − Depreciation: −$3,927
• Taxable income: $223
• Est. tax owed @ 24.0%: −$54
• After-tax cash flow: $2,271/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): 20,180
• Household income: $63,506
• Rent vs Own: 70.6% rent · 29.4% own
• Severe rent burden: 1829.0

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 0.57)
• Race & ethnicity: White 62% Black 20% Hispanic / Latino 8% Asian 6% Two or more races 5%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 4% Romanian 3% Slovak 3%
• Foreign-born: 11% · Canada, China
• Languages at home: 86% English-only · Spanish 6% Other Indo-European 3% Arabic 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: ▼ -136.75%
• Current HPI: 385.5518
• Rent YoY: ▼ -0.37%
• 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

+545.9% since first listed

15 events — show timeline

• 2026-05-18 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-30 Listed $135,000 MIBOR as Distributed by MLS Grid
• 2024-09-28 Rental Removed $1,100 PROPERTYWARE
• 2024-08-03 Listed for Rent $1,100 PROPERTYWARE
• 2022-06-27 Price Changed $900 RENT.
• 2022-03-11 Sold (MLS) $75,000 MIBOR as Distributed by MLS Grid
• 2022-02-04 Pending — MIBOR as Distributed by MLS Grid
• 2022-02-02 Listed $75,000 MIBOR as Distributed by MLS Grid
• 2009-04-04 Listing Removed — MIBOR as Distributed by MLS Grid
• 2008-04-03 Listed $16,000 MIBOR as Distributed by MLS Grid
• 2007-05-25 Sold (MLS) $7,000 MIBOR as Distributed by MLS Grid
• 2007-01-26 Listed $9,900 MIBOR as Distributed by MLS Grid
• 2001-12-04 Sold (Public Records) $58,520 Public Records
• 2001-10-31 Sold (MLS) $17,500 MIBOR as Distributed by MLS Grid
• 2001-07-17 Listed $20,900 MIBOR as Distributed by MLS Grid

Property tax history

+12.6%/yr

Latest (2025): $2,606 · +22.6% YoY. Source: county tax records.