644 Marion Ave · Indianapolis city (balance), IN 46221

$195,000

3 bd · 2.0 ba · 2,780 sqft · SingleFamily public records · 44 Days on market

Built 1900 6,011 sqft lot $70/sqft · 7% above area Est $143k · 37% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +2.9/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to this completely remodeled move in ready gem! This spacious updated home includes 3 bedrooms plus one bonus room in the attic, two full luxuriously updated bathrooms, nice open concept, fully fenced back yard and a two car garage! Conveniently located minutes to i70, from Indy's down town and all it has to offer!

Key facts

• Updated kitchen
• Finished garage
• Versatile bonus room

Tags

• OPEN-CONCEPT LIVING AREA
• UPDATED KITCHEN
• VERSATILE BONUS ROOM
• FINISHED GARAGE
• FULLY FENCED BACKYARD

Property features AI

Exterior

• Parking: Detached 2-car garage
• Security: Smoke detector(s)
• Utilities: Community sewer; Private water source; 200+ amp electric service; Cable available and connected; Sewer and water connected
• Home design: Single family residence; Residential property; One- and two-level layout; Faces north
• Construction: Vinyl siding; Block foundation
• Exterior features: Covered, wrap-around porch; Mature trees; Curbs and street lights; Other exterior features

Interior

• Kitchen: Dishwasher; Electric oven; Microwave (with hood); Garbage disposal; Refrigerator
• Bedrooms: Primary bedroom with walk-in closet; Three bedrooms on the main level
• Bathrooms: Two full bathrooms; Primary bathroom with tub and shower
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: High ceilings; Kitchen island; Eat-in kitchen; Pantry; Walk-in closet(s); Breakfast bar; Laundry in unit; Updated/remodeled condition; Smoke alarm(s)
• Laundry & utility: Washer; Dryer; Upper-level laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $195k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $195k).
• Recommended offer: $189k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.7% 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 (+1.8%/yr); 43 active listings in the ZIP; 4 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).
• At $3,539/mo this rent would consume 65% of the median local household income ($65k/yr) (locally 1011% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 + 1.8% rent growth), your $55k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 20y ago; this cycle's ask has dropped $15k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $130k; list at $195k implies a 50% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $189,150 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 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 1900 — 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 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: 1.81% ✓
• Cap rate: 14.66%
• Cash-on-cash: 29.90%
• DSCR: 2.33
• GRM: 4.6

CMA / ARV

• ARV (median comp): $142,834
• List price: $195,000
• Delta: 36.52%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
642 Division St	0.14mi	3/2.0	2,864 (+3%)	8mo	$220,000	$77	82
1321 W Oliver Ave	0.17mi	4/2.0 (+1)	2,905 (+4%)	23mo	$155,500	$54	61
1750 W Morris St	0.72mi	4/2.0 (+1)	2,376 (-14%)	5mo	$24,900	$10	33

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 · 1.79% rent growth · sell at horizon

5-year hold

• IRR: 23.1%
• Equity multiple: 1.93×
• Total profit: $50,898
• Equity at exit: $29,075

10-year hold

• IRR: 30.2%
• Equity multiple: 3.55×
• Total profit: $139,278
• Equity at exit: $16,860

Cash invested: $54,600 (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 46221

• Home prices YoY: -23.7%
• Rents YoY: 1.8%
• Active inventory: 43
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $3,539 medium
• Mortgage (P&I): −$1,023
• Tax from tax record: −$331 /mo · $3,976/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$743
• Net cashflow: $1,360

Break-even live

Break-even rent $1,817

Max offer price $195,000

Occupancy floor 57%

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1551 W New York St Indianapolis, IN	3.0	2.0	2619	$1,600	$0.61	7d	1	1.09mi
818 Union St Indianapolis, IN	4.0	4.0	2624	$3,900	$1.49	23d	1	1.24mi
822 Union St Indianapolis, IN	3.0	3.0	2384	$3,700	$1.55	23d	1	1.24mi
50 N Illinois St Unit 1534468P Indianapolis, IN	1.0–5.0	1.5–4.0	1770	$5,395	$3.05	1d	3	1.35mi

Listing history 28 events

1. 2026-06-18
   days on market $195,000 Active 44 DOM
2. 2026-06-17
   days on market $195,000 Active 43 DOM
3. 2026-06-16
   days on market $195,000 Active 42 DOM
4. 2026-06-15
   price $195,000 Active 41 DOM
5. 2026-06-15
   days on market $200,000 Active 41 DOM
6. 2026-06-13
   days on market $200,000 Active 39 DOM
7. 2026-06-13
   days on market $200,000 Active 38 DOM
8. 2026-06-09
   days on market $200,000 Active 35 DOM
9. 2026-06-08
   days on market $200,000 Active 34 DOM
10. 2026-06-07
    days on market $200,000 Active 33 DOM
11. 2026-06-03
    days on market $200,000 Active 29 DOM
12. 2026-06-02
    days on market $200,000 Active 28 DOM
13. 2026-06-01
    days on market $200,000 Active 27 DOM
14. 2026-05-31
    days on market $200,000 Active 26 DOM
15. 2026-05-13
    price $200,000 580-char remark
16. 2026-05-04
    listed $210,000 Active 580-char remark
17. 2020-10-02
    soldstatus $130,000 Sold 329-char remark

    Show marketing remark (329 chars)

    Welcome home to this completely remodeled move in ready gem! This spacious updated home includes 3 bedrooms plus one bonus room in the attic, two full luxuriously updated bathrooms, nice open concept, fully fenced back yard and a two car garage! Conveniently located minutes to i70, from Indy's down town and all it has to offer!

18. 2020-09-20
    status Pending 329-char remark

    Show marketing remark (329 chars)

    Welcome home to this completely remodeled move in ready gem! This spacious updated home includes 3 bedrooms plus one bonus room in the attic, two full luxuriously updated bathrooms, nice open concept, fully fenced back yard and a two car garage! Conveniently located minutes to i70, from Indy's down town and all it has to offer!

19. 2020-09-14
    historical 329-char remark

    Show marketing remark (329 chars)

    Welcome home to this completely remodeled move in ready gem! This spacious updated home includes 3 bedrooms plus one bonus room in the attic, two full luxuriously updated bathrooms, nice open concept, fully fenced back yard and a two car garage! Conveniently located minutes to i70, from Indy's down town and all it has to offer!

20. 2020-08-21
    status Pending 329-char remark

    Show marketing remark (329 chars)

    Welcome home to this completely remodeled move in ready gem! This spacious updated home includes 3 bedrooms plus one bonus room in the attic, two full luxuriously updated bathrooms, nice open concept, fully fenced back yard and a two car garage! Conveniently located minutes to i70, from Indy's down town and all it has to offer!

21. 2020-08-18
    status Pending 329-char remark

    Show marketing remark (329 chars)

    Welcome home to this completely remodeled move in ready gem! This spacious updated home includes 3 bedrooms plus one bonus room in the attic, two full luxuriously updated bathrooms, nice open concept, fully fenced back yard and a two car garage! Conveniently located minutes to i70, from Indy's down town and all it has to offer!

22. 2020-08-13
    listed $130,000 Active 329-char remark

    Show marketing remark (329 chars)

    Welcome home to this completely remodeled move in ready gem! This spacious updated home includes 3 bedrooms plus one bonus room in the attic, two full luxuriously updated bathrooms, nice open concept, fully fenced back yard and a two car garage! Conveniently located minutes to i70, from Indy's down town and all it has to offer!

23. 2019-09-18
    soldstatus $45,000 Sold

    Show marketing remark (273 chars)

    Large 3-4 bedroom home with excellent location close to downtown. The home is located within 2 blocks of the Biltwell Event Center and within 2 miles of Lucas Oil Stadium and the Indianapolis Zoo. This area is up and coming and the home will make an excellent investment.

24. 2019-09-05
    status Pending

    Show marketing remark (273 chars)

    Large 3-4 bedroom home with excellent location close to downtown. The home is located within 2 blocks of the Biltwell Event Center and within 2 miles of Lucas Oil Stadium and the Indianapolis Zoo. This area is up and coming and the home will make an excellent investment.

25. 2019-08-18
    listed $44,900 Active

    Show marketing remark (273 chars)

    Large 3-4 bedroom home with excellent location close to downtown. The home is located within 2 blocks of the Biltwell Event Center and within 2 miles of Lucas Oil Stadium and the Indianapolis Zoo. This area is up and coming and the home will make an excellent investment.

26. 2006-12-29
    soldstatus $16,200
27. 2006-08-17
    listed $19,900
28. 2001-06-18
    soldstatus $48,013

ⓘ 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: $3,976 · $331/mo
• Projected year-2 tax: $3,976 · $331/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 4/10 Moderate FEMA zone X · 24% 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 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: $42,464
• − Mortgage interest: −$10,923
• − Property taxes: −$3,976
• − Insurance: −$975
• − Repairs & maintenance: −$3,397
• − Management: −$3,397
• − Depreciation: −$5,673
• Taxable income: $14,124
• Est. tax owed @ 24.0%: −$3,390
• After-tax cash flow: $12,935/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): 27,027
• Household income: $65,280
• Rent vs Own: 38.2% rent · 61.8% own
• Severe rent burden: 1011.0

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% Black 13% Hispanic / Latino 13% Two or more races 7%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 2% Iranian 2% Lithuanian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 87% English-only · Spanish 9% 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: ▼ -97.56%
• Current HPI: 313.4711
• Rent YoY: ▲ 1.79%
• 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

+306.1% since first listed

15 events — show timeline

• 2026-06-15 Price Changed $195,000 MIBOR as Distributed by MLS Grid
• 2026-05-13 Price Changed $200,000 MIBOR as Distributed by MLS Grid
• 2026-05-04 Listed $210,000 MIBOR as Distributed by MLS Grid
• 2020-10-02 Sold (MLS) $130,000 MIBOR as Distributed by MLS Grid
• 2020-09-20 Pending — MIBOR as Distributed by MLS Grid
• 2020-09-14 Listing Removed — MIBOR as Distributed by MLS Grid
• 2020-08-21 Pending — MIBOR as Distributed by MLS Grid
• 2020-08-18 Pending — MIBOR as Distributed by MLS Grid
• 2020-08-13 Listed $130,000 MIBOR as Distributed by MLS Grid
• 2019-09-18 Sold (MLS) $45,000 MIBOR as Distributed by MLS Grid
• 2019-09-05 Pending — MIBOR as Distributed by MLS Grid
• 2019-08-18 Listed $44,900 MIBOR as Distributed by MLS Grid
• 2006-12-29 Sold (MLS) $16,200 MIBOR as Distributed by MLS Grid
• 2006-08-17 Listed $19,900 MIBOR as Distributed by MLS Grid
• 2001-06-18 Sold (Public Records) $48,013 Public Records

Property tax history

+14.9%/yr

Latest (2025): $3,976 · +13.7% YoY. Source: county tax records.