3937 N Irvington Ave · Indianapolis city (balance), IN 46226

$120,000

3 bd · 1.5 ba · 1,218 sqft · SingleFamily public records · 3 Days on market

Built 1959 10,062 sqft lot Est $128k · 6% 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 +25.1/30.0
• ARV discount +10.3/15.0
• DSCR +8.2/10.0
• 1% rule +6.2/10.0
• 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 MLS

HUD HOME SOLD IN AS-IS CONDITION. FOR MORE INFORMATION REGARDING HUD FORMS, EARNEST MONEY, PROCEDURES, REGISTERING AND BIDDING SEE WEBSITE BELOW. ALL INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED. NO SHOWING APPT. NECESSARY - USE HUD KEY. CASE NUMBER 151-627725. 203K ELIGIBLE. INSURED STATUS: IE. ESCROW AMOUNT $2618. LEAD STABILIZATION ESTIMATE $1518. INSTALL WATER HEATER $550. INSPECT FOUNDATION $550. EVID OF POSSIBLE MOLD. EVID OF WOOD DESTROYING ORGANISM DAMAGE FOUND IN WALL, NEAR WINDOW AND

Key facts

• Strong rental demand
• 0.23 acre lot
• 2 garage spots

Tags

• CONVENIENT ACCESS TO I-465
• CONVENIENT ACCESS TO I-70
• STRONG RENTAL DEMAND
• IMPROVING INFRASTRUCTURE

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Municipal sewer connected
• Home design: Single-family residence; One-level design
• Construction: Aluminum siding and brick exterior; Block foundation
• Exterior features: Lot under 1/4 acre (approximately 0.23 acre)

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: Three bedrooms on the main level
• Bathrooms: One full bath; One half bath
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Attic access; Eat-in kitchen; Finished basement; Accessible entrance; Smoke alarm
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $264 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Cap rate 8.9% 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; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 42% 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 32% of the median local income ($50k/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 $830 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.
• At projected returns (-3.0% appreciation + 6.8% rent growth), your $34k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 18y 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 $41k; list at $120k implies a 194% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $120,000

Questions for the listing agent

1. Built in 1959 — 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: 1.12% ✓
• Cap rate: 8.93%
• Cash-on-cash: 9.43%
• DSCR: 1.42
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $127,890
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3946 N Layman Ave	0.13mi	3/1.5	1,200 (-2%)	6mo	$115,000	$96	87
5601 Glencoe St	0.26mi	3/1.0	1,152 (-5%)	9mo	$173,000	$150	70
3904 N Graham Ave	0.35mi	3/1.0	1,080 (-11%)	1mo	$107,000	$99	62
4934 E 41st St	0.56mi	3/1.5	1,178 (-3%)	9mo	$47,000	$40	61
3715 N Irvington Ave	0.33mi	4/1.0 (+1)	1,104 (-9%)	5mo	$120,000	$109	58
3912 N Webster Ave	0.66mi	4/1.0 (+1)	1,274 (+5%)	2mo	$125,000	$98	53
3536 N Audubon Rd	0.57mi	3/1.0	1,140 (-6%)	10mo	$120,000	$105	52
5605 Glencoe St	0.27mi	4/1.5 (+1)	1,056 (-13%)	10mo	$158,500	$150	52
6108 Roselawn Dr	0.74mi	3/1.0	1,296 (+6%)	3mo	$170,000	$131	50
3536 N Priscilla Ct	0.62mi	3/1.0	1,102 (-10%)	5mo	$133,500	$121	49
3607 N Graham Ave	0.59mi	3/1.0	1,102 (-10%)	8mo	$116,000	$105	48
3901 Wallace Ave	0.66mi	2/1.0 (-1)	1,047 (-14%)	0mo	$55,000	$53	39

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 · 6.76% rent growth · sell at horizon

5-year hold

• IRR: 2.0%
• Equity multiple: 1.08×
• Total profit: $2,671
• Equity at exit: $17,892

10-year hold

• IRR: 14.9%
• Equity multiple: 2.41×
• Total profit: $47,483
• Equity at exit: $10,375

Cash invested: $33,600 (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 46226

• Rents YoY: 6.8%
• Active inventory: 151
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,349 high
• Mortgage (P&I): −$629
• Tax from tax record: −$123 /mo · $1,473/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$283
• Net cashflow: $264

Break-even live

Break-even rent $1,015

Max offer price $120,000

Occupancy floor 75%

Sensitivity live

Price	-10% $332	-5% $298	+0% $264	+5% $230	+10% $196
Rent	-10% $157	-5% $211	+0% $264	+5% $317	+10% $371
Rate	-1.0pp $324	-0.5pp $295	base $264	+0.5pp $233	+1.0pp $201

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5602 Glencoe St Indianapolis, IN	3.0	1.0	1000	$1,749	$1.75	18d	1	0.24mi
3815 N Grand Ave Unit 3815 Indianapolis, IN	2.0	1.0	965	$1,250	$1.30	5d	1	0.34mi
3836 Priscilla Ave Indianapolis, IN	3.0	1.5	1040	$1,275	$1.23	2d	1	0.42mi
3718 N Audubon Rd Indianapolis, IN	3.0	1.0	875	$1,300	$1.49	24d	1	0.42mi
3636 N Whittier Pl Indianapolis, IN	3.0	1.0	912	$995	$1.09	8d	1	0.43mi
3639 N Emerson Ave Indianapolis, IN	4.0	1.0	1000	$1,450	$1.45	22d	1	0.55mi
3516 N Hawthorne Ln Indianapolis, IN	3.0	1.0	925	$1,225	$1.32	5d	1	0.59mi
3912 N Webster Ave Indianapolis, IN	4.0	1.0	1274	$1,350	$1.06	22d	1	0.64mi
3319 N Hawthorne Ln Indianapolis, IN	3.0	1.0	1084	$1,100	$1.01	24d	1	0.87mi
3734 Manor Ct Indianapolis, IN	3.0	1.0	1414	$1,399	$0.99	8d	1	0.88mi
5865 E 46th St Indianapolis, IN	3.0	2.0	1400	$1,500	$1.07	44d	1	0.88mi
3301 Mardenna Ave Indianapolis, IN	3.0	1.0	925	$1,200	$1.30	44d	1	0.89mi
4404 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	22d	2	0.92mi
3316 N Emerson Ave Indianapolis, IN	3.0	1.0	912	$1,100	$1.21	24d	1	0.92mi
4430 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	44d	1	0.94mi
4411 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	44d	1	0.94mi
4438 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	44d	1	0.95mi
4437 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	44d	1	0.97mi
4555 N Arlington Ave Indianapolis, IN	1.0–3.0	1.0–1.5	880	$1,379	$1.57	4d	30	0.97mi
4445 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	3d	1	0.98mi
4504 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	3d	1	0.99mi
4521 Park Forest Ct Indianapolis, IN	2.0	1.0	700	$1,180	$1.69	4d	1	1.00mi
4537 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	44d	1	1.06mi
4545 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	44d	1	1.06mi
4405 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	24d	1	1.09mi
3332 Wallace Ave Indianapolis, IN	3.0	1.0	936	$1,600	$1.71	24d	1	1.10mi
3070 N Layman Ave #1 Indianapolis, IN	3.0	2.0	1480	$1,700	$1.15	44d	1	1.14mi
4511 N Kenmore Rd Indianapolis, IN	4.0	2.0	1200	$2,095	$1.75	5d	1	1.22mi
3315 N Euclid Ave Indianapolis, IN	2.0	1.0	780	$1,300	$1.67	15d	1	1.25mi
3167 Shick Dr Indianapolis, IN	4.0	1.0	1141	$2,350	$2.06	44d	1	1.27mi
6005 Dickson Rd Unit 4 Indianapolis, IN	2.0	1.0	873	$725	$0.83	44d	1	1.30mi
6015 Dickson Rd #1 Indianapolis, IN	2.0	1.0	825	$950	$1.15	44d	1	1.31mi
6563 E 46th St Indianapolis, IN	3.0	1.5	1185	$1,250	$1.05	5d	1	1.33mi
6049 Dickson Rd Apt 4 Indianapolis, IN	2.0	1.0	750	$950	$1.27	44d	1	1.34mi
6048 Dickson Rd #3 Indianapolis, IN	2.0	1.0	725	$900	$1.24	44d	1	1.37mi
6108 Dickson Rd Unit 3 Indianapolis, IN	2.0	1.0	750	$900	$1.20	44d	1	1.39mi
4307 N Edmondson Ave Indianapolis, IN	3.0	1.0	900	$1,299	$1.44	2d	1	1.40mi
6118 Dickson Rd Apt 3 Indianapolis, IN	2.0	1.0	750	$950	$1.27	44d	1	1.40mi
4839 N Kenmore Rd Indianapolis, IN	3.0	2.0	1215	$1,533	$1.26	22d	1	1.40mi
6051 Laurel Hall Dr Apt 4 Indianapolis, IN	2.0	1.0	750	$950	$1.27	44d	1	1.41mi

Listing history 10 events

1. 2026-05-19
   status Pending
2. 2026-05-16
   listed $120,000 Active
3. 2026-02-14
   status Pending
4. 2026-02-10
   status Active
5. 2026-02-10
   price $120,000
6. 2026-01-26
   status Pending
7. 2026-01-14
   listed $139,000 Active
8. 2008-04-23
   soldstatus $40,853 500-char remark

   Show marketing remark (500 chars)

   HUD HOME SOLD IN AS-IS CONDITION. FOR MORE INFORMATION REGARDING HUD FORMS, EARNEST MONEY, PROCEDURES, REGISTERING AND BIDDING SEE WEBSITE BELOW. ALL INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED. NO SHOWING APPT. NECESSARY - USE HUD KEY. CASE NUMBER 151-627725. 203K ELIGIBLE. INSURED STATUS: IE. ESCROW AMOUNT $2618. LEAD STABILIZATION ESTIMATE $1518. INSTALL WATER HEATER $550. INSPECT FOUNDATION $550. EVID OF POSSIBLE MOLD. EVID OF WOOD DESTROYING ORGANISM DAMAGE FOUND IN WALL, NEAR WINDOW AND

9. 2008-01-11
   listed $35,000 500-char remark

   Show marketing remark (500 chars)

   HUD HOME SOLD IN AS-IS CONDITION. FOR MORE INFORMATION REGARDING HUD FORMS, EARNEST MONEY, PROCEDURES, REGISTERING AND BIDDING SEE WEBSITE BELOW. ALL INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED. NO SHOWING APPT. NECESSARY - USE HUD KEY. CASE NUMBER 151-627725. 203K ELIGIBLE. INSURED STATUS: IE. ESCROW AMOUNT $2618. LEAD STABILIZATION ESTIMATE $1518. INSTALL WATER HEATER $550. INSPECT FOUNDATION $550. EVID OF POSSIBLE MOLD. EVID OF WOOD DESTROYING ORGANISM DAMAGE FOUND IN WALL, NEAR WINDOW AND

10. 2001-06-01
    soldstatus $95,099

ⓘ 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: $1,473 · $123/mo
• Projected year-2 tax: $1,473 · $123/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 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,193
• − Mortgage interest: −$6,722
• − Property taxes: −$1,473
• − Insurance: −$600
• − Repairs & maintenance: −$1,295
• − Management: −$1,295
• − Depreciation: −$3,491
• Taxable income: $1,316
• Est. tax owed @ 24.0%: −$316
• After-tax cash flow: $2,852/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

+26.2% since first listed

10 events — show timeline

• 2026-05-19 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-16 Listed $120,000 MIBOR as Distributed by MLS Grid
• 2026-02-14 Pending — MIBOR as Distributed by MLS Grid
• 2026-02-10 Relisted — MIBOR as Distributed by MLS Grid
• 2026-02-10 Price Changed $120,000 MIBOR as Distributed by MLS Grid
• 2026-01-26 Pending — MIBOR as Distributed by MLS Grid
• 2026-01-14 Listed $139,000 MIBOR as Distributed by MLS Grid
• 2008-04-23 Sold (MLS) $40,853 MIBOR as Distributed by MLS Grid
• 2008-01-11 Listed $35,000 MIBOR as Distributed by MLS Grid
• 2001-06-01 Sold (Public Records) $95,099 Public Records

Property tax history

+7.8%/yr

Latest (2025): $1,473 · +6.9% YoY. Source: county tax records.