2048 N Goodlet Ave · Indianapolis city (balance), IN 46222

$145,000

3 bd · 1.5 ba · 900 sqft · SingleFamily public records · 1 Days on market

Built 1948 8,233 sqft lot Est $148k · at est.

---

Why this score? — see what drove the D 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 +17.4/30.0
• ARV discount +8.6/15.0
• DSCR +5.4/10.0
• 1% rule +3.7/10.0
• Rent growth +3.1/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

GREAT INVESTMENT OPPORTUNITY. RECENTLY UPDATED THREE BEDROOM HOME WITH VERY GREAT POTENTIAL. CONVENIENTLY LOCATED NEAR DOWNTOWN INDY AND SPEEDWAY.

Key facts

• Covered front porch
• Westside location
• Unfinished basement

Tags

• COVERED FRONT PORCH
• LONG DRIVEWAY
• FENCED FRONT YARD
• UNFINISHED BASEMENT
• WESTSIDE LOCATION
• EASY ACCESS TO DOWNTOWN

Property features AI

Exterior

• Parking: No designated parking
• Utilities: Public water; Municipal sewer connected; Municipal solid waste service
• Home design: Single-family residence; One story
• Construction: Aluminum siding; Block foundation
• Exterior features: Lot under 1/4 acre (approximately 0.19 acre)

Interior

• Kitchen: Electric oven; Refrigerator; Eat-in kitchen layout
• Bedrooms: Three bedrooms on the main level (two approx. 10 x 10, one unspecified)
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Attic access; Eat-in kitchen

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $109 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $126k (13.2% below list).
• Recommended offer: $126k (13.2% below list) — sets the bar for 1% rule.
• Cap rate 7.2% 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 D — 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 (+2.5%/yr); 170 active listings in the ZIP; 27 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 $1k 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

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 20y 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 $55k; list at $145k implies a 164% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $125,816 (13.2% below list)

Questions for the listing agent

1. Built in 1948 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.87% ✗
• Cap rate: 7.19%
• Cash-on-cash: 3.22%
• DSCR: 1.14
• GRM: 9.6

CMA / ARV

• ARV (on-the-fly): $148,500
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2250 N Goodlet Ave	0.18mi	3/1.0	925 (+3%)	11mo	$85,000	$92	76
2438 N Goodlet Ave	0.47mi	3/2.0	915 (+2%)	1mo	$65,000	$71	73
3201 W 22nd St	0.04mi	4/1.5 (+1)	995 (+11%)	8mo	$183,500	$184	69
2370 N Moreland Ave	0.42mi	3/2.0	920 (+2%)	8mo	$166,000	$180	68
1715 N Alton Ave	0.39mi	2/1.0 (-1)	924 (+3%)	6mo	$80,000	$87	65
1954 N Exeter Ave	0.43mi	2/1.0 (-1)	832 (-8%)	1mo	$72,000	$87	60
1816 N Moreland Ave	0.31mi	3/1.5	984 (+9%)	13mo	$177,000	$180	59
2020 N Alton Ave	0.26mi	2/1.0 (-1)	792 (-12%)	2mo	$85,000	$107	59
2464 Sharon Ave	0.58mi	3/1.0	936 (+4%)	10mo	$163,500	$175	56
1205 N Centennial St	0.71mi	3/1.0	864 (-4%)	6mo	$130,000	$150	53
1857 N Luett Ave N	0.64mi	3/1.0	1,000 (+11%)	5mo	$165,000	$165	46
2036 N Somerset Ave	0.53mi	2/1.0 (-1)	816 (-9%)	10mo	$139,900	$171	44

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 · 2.46% rent growth · sell at horizon

5-year hold

• IRR: -11.8%
• Equity multiple: 0.57×
• Total profit: $-17,291
• Equity at exit: $21,620

10-year hold

• IRR: -3.4%
• Equity multiple: 0.78×
• Total profit: $-9,098
• Equity at exit: $12,537

Cash invested: $40,600 (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 46222

• Home prices YoY: -16.7%
• Rents YoY: 2.5%
• Active inventory: 170
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $1,258 high
• Mortgage (P&I): −$760
• Tax from tax record: −$64 /mo · $770/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$264
• Net cashflow: $109

Break-even live

Break-even rent $1,120

Max offer price $145,000

Occupancy floor 86%

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2011 N Kessler Boulevard Dr Indianapolis, IN	3.0	1.0	888	$1,375	$1.55	23d	1	0.15mi
2365 N Goodlet Ave Indianapolis, IN	3.0	1.5	900	$1,099	$1.22	23d	1	0.38mi
2418 N Centennial St Indianapolis, IN	2.0	1.0	725	$1,099	$1.52	43d	1	0.39mi
2014 N Exeter Ave Indianapolis, IN	2.0	1.0	660	$1,295	$1.96	7d	1	0.39mi
3621 Lawnview Ln Indianapolis, IN	1.0–4.0	1.0–1.5	1012	$1,162	$1.15	1d	13	0.44mi
2106 Cold Spring Rd Indianapolis, IN	2.0	1.0–1.5	940	$1,189	$1.26	2d	4	0.50mi
2701 W 17th St Indianapolis, IN	2.0	1.0	810	$899	$1.11	7d	1	0.59mi
2602 Mansion Dr Indianapolis, IN	2.0–3.0	2.0	1850	$1,675	$0.91	7d	6	0.68mi
1621 N Livingston Ave Indianapolis, IN	3.0	1.0	952	$1,300	$1.37	23d	1	0.70mi
1409 N Warman Ave Indianapolis, IN	2.0	1.0	816	$1,300	$1.59	20d	1	0.70mi
1155 N Holmes Ave Indianapolis, IN	3.0	1.0	952	$2,800	$2.94	2d	1	0.87mi
2930 Lafayette Rd Indianapolis, IN	2.0	1.0	642	$1,108	$1.72	1d	5	0.96mi
3014 W 10th St Indianapolis, IN	2.0	1.0	850	$749	$0.88	43d	1	1.00mi
3014 W 10th St Unit 1 Indianapolis, IN	2.0	1.0	850	$749	$0.88	23d	1	1.00mi
771 Haugh St Indianapolis, IN	2.0	1.0	714	$1,250	$1.75	19d	1	1.19mi
925 N Somerset Ave Indianapolis, IN	3.0	1.0	1061	$1,300	$1.23	7d	1	1.20mi
2 Philip Ct Indianapolis, IN	3.0	1.0	1000	$1,295	$1.29	23d	1	1.20mi
2907 Corvallis Cres Indianapolis, IN	3.0	1.0	1104	$1,200	$1.09	43d	1	1.22mi
2907 Corvallis Cres Indianapolis, IN	3.0	1.5	1104	$1,200	$1.09	23d	1	1.22mi
3215 N Alton Ave Indianapolis, IN	1.0–3.0	1.0–2.0	970	$1,579	$1.63	2d	16	1.28mi
3215 N Alton Ave Unit 33S3323B Indianapolis, IN	2.0	2.0	1064	$1,109	$1.04	43d	1	1.29mi
3215 N Alton Ave Unit 3326C Indianapolis, IN	2.0	2.0	1064	$1,109	$1.04	20d	1	1.29mi
1415 W Pruitt St Indianapolis, IN	3.0	1.0	1001	$1,249	$1.25	23d	1	1.33mi
2248 N Harding St Indianapolis, IN	2.0	1.0	1100	$899	$0.82	23d	1	1.37mi
1367 W Pruitt St Indianapolis, IN	3.0	1.0	1088	$1,450	$1.33	43d	1	1.41mi
1519 W 28th St Indianapolis, IN	2.0	1.0	816	$895	$1.10	43d	1	1.44mi
1150 N White River Pkwy West Dr Indianapolis, IN	1.0–2.0	1.0	722	$1,224	$1.69	1d	9	1.44mi

Listing history 2 events

1. 2026-06-17
   remarks 394-char remark
2. 2026-06-17
   listed $145,000 Active 1 DOM

ⓘ 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: $770 · $64/mo
• Projected year-2 tax: $1,001 · $83/mo
• Expected delta: +$231/yr (+$19/mo · 30.0%)

ⓘ 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: $15,098
• − Mortgage interest: −$8,122
• − Property taxes: −$770
• − Insurance: −$725
• − Repairs & maintenance: −$1,208
• − Management: −$1,208
• − Depreciation: −$4,218
• Taxable loss: −$1,154
• Est. tax savings @ 24.0%: +$277
• After-tax cash flow: $1,584/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): 38,887
• Household income: $50,783
• Rent vs Own: 51.7% rent · 48.3% own
• Severe rent burden: 1750.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 32% Black 30% Hispanic / Latino 30% Two or more races 12% Asian 2%
• Hispanic origin (detail): Mexican 24% Puerto Rican 1%
• Common ancestry: Lithuanian 1% Iranian 1% Slovak 1%
• Foreign-born: 21% · Canada, Jamaica
• Languages at home: 67% English-only · Spanish 25% Other Indo-European 3% Arabic 2%

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: ▼ -75.47%
• Current HPI: 375.8479
• Rent YoY: ▲ 2.46%
• 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

+383.3% since first listed

12 events — show timeline

• 2026-06-16 Listed $145,000 MIBOR as Distributed by MLS Grid
• 2017-12-04 Sold (Public Records) $55,000 Public Records
• 2017-12-01 Sold (MLS) $55,000 MIBOR as Distributed by MLS Grid
• 2017-11-28 Listed $55,000 MIBOR as Distributed by MLS Grid
• 2017-11-28 Pending — MIBOR as Distributed by MLS Grid
• 2010-10-18 Listing Removed — MIBOR as Distributed by MLS Grid
• 2010-10-08 Sold (MLS) $14,001 MIBOR as Distributed by MLS Grid
• 2010-09-03 Listed $13,500 MIBOR as Distributed by MLS Grid
• 2010-03-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2009-08-18 Listed $48,900 MIBOR as Distributed by MLS Grid
• 2007-01-26 Listing Removed — MIBOR as Distributed by MLS Grid
• 2006-10-11 Listed $30,000 MIBOR as Distributed by MLS Grid

Property tax history

+0.1%/yr

Latest (2025): $770 · +9.9% YoY. Source: county tax records.