3816 Fletcher Ave · Indianapolis city (balance), IN 46203

$139,900

2 bd · 1.0 ba · 1,336 sqft · SingleFamily public records · 110 Days on market

Built 1920 5,314 sqft lot $105/sqft · 45% above area Est $162k · 14% 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 +21.9/30.0
• ARV discount +13.6/15.0
• DSCR +7.0/10.0
• 1% rule +5.0/10.0
• 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 MLS

Don't miss this GEM in the Christian Park area. Nicely updated w/ new carpet, new paint inside & out, bathroom & kitchen both freshened up, etc. This warm & inviting home not only has a large living room/dining area combo, but it also has a cozy breakfast nook & large family room off the kitchen. You will not be disappointed, for the price/payment. Room sizes are approximate/estimated. This property is agent owned.

Key facts

• Cozy breakfast nook
• Large family room
• New carpet

Tags

• NEW CARPET
• NEW PAINT
• COZY BREAKFAST NOOK
• LARGE FAMILY ROOM

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $221 ($3k/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 $140k (0.0% below list).
• Recommended offer: $127k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.2% 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 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 (+2.9%/yr); 493 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); 45% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 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 110 days — a 9% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 21y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $65k; list at $140k implies a 114% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $127,309 (9.0% below list)

Questions for the listing agent

1. It's been on market 110 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.00% ✗
• Cap rate: 8.19%
• Cash-on-cash: 6.78%
• DSCR: 1.30
• GRM: 8.3

CMA / ARV

• ARV (median comp): $162,032
• List price: $139,900
• Delta: -13.66%
• 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
4102 Spann Ave	0.24mi	2/2.0	1,296 (-3%)	1mo	$180,000	$139	79
3713 Spann Ave	0.10mi	2/1.0	1,440 (+8%)	8mo	$162,495	$113	76
3916 Fletcher Ave	0.12mi	2/1.0	1,536 (+15%)	4mo	$85,000	$55	66
1215 S Chester Ave	0.60mi	2/1.0	1,296 (-3%)	4mo	$178,900	$138	64
1233 Vandeman St	0.74mi	2/2.0	1,300 (-3%)	2mo	$155,000	$119	55
4613 Young Ave	0.69mi	2/1.0	1,440 (+8%)	2mo	$155,000	$108	53
315 S Dearborn St	0.57mi	3/1.0 (+1)	1,232 (-8%)	9mo	$159,000	$129	48
335 S Dearborn St	0.55mi	2/1.0	1,512 (+13%)	9mo	$75,000	$50	44
659 Temperance Ave	0.49mi	3/2.0 (+1)	1,536 (+15%)	2mo	$179,500	$117	41
1326 S Kealing Ave	0.60mi	2/2.0	1,536 (+15%)	2mo	$190,000	$124	41
4401 E Pleasant Run Pkwy S	0.63mi	2/1.0	1,536 (+15%)	8mo	$170,000	$111	39
3040 English Ave	0.60mi	3/1.0 (+1)	1,140 (-15%)	9mo	$80,000	$70	35

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 · 2.88% rent growth · sell at horizon

5-year hold

• IRR: -6.0%
• Equity multiple: 0.78×
• Total profit: $-8,774
• Equity at exit: $20,860

10-year hold

• IRR: 3.4%
• Equity multiple: 1.25×
• Total profit: $9,695
• Equity at exit: $12,096

Cash invested: $39,172 (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: 493
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,398 high
• Mortgage (P&I): −$734
• Tax from tax record: −$91 /mo · $1,098/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$294
• Net cashflow: $221

Break-even live

Break-even rent $1,118

Max offer price $139,900

Occupancy floor 79%

Sensitivity live

Price	-10% $300	-5% $261	+0% $221	+5% $182	+10% $142
Rent	-10% $111	-5% $166	+0% $221	+5% $277	+10% $332
Rate	-1.0pp $292	-0.5pp $257	base $221	+0.5pp $185	+1.0pp $148

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3906 Hoyt Ave Indianapolis, IN	2.0	1.0	912	$1,250	$1.37	8d	1	0.09mi
3706 Hoyt Ave Indianapolis, IN	3.0	1.0	960	$1,500	$1.56	14d	1	0.13mi
3702 Hoyt Ave Indianapolis, IN	3.0	2.0	960	$1,500	$1.56	14d	1	0.14mi
4318 Spann Ave Indianapolis, IN	3.0	1.0	1411	$1,200	$0.85	44d	1	0.39mi
739 Temperance Ave Indianapolis, IN	3.0	1.0	1136	$1,350	$1.19	44d	1	0.48mi
3441 Prospect St Indianapolis, IN	2.0	1.0	1008	$1,700	$1.69	45d	1	0.55mi
3441 Prospect St Indianapolis, IN	2.0	1.0	1008	$1,500	$1.49	24d	1	0.55mi
253 S Gray St Indianapolis, IN	3.0	1.5	1176	$1,660	$1.41	2d	1	0.68mi
750 S Dequincy St Indianapolis, IN	3.0	1.5	936	$1,500	$1.60	44d	1	0.74mi
8 S Bradley Ave Indianapolis, IN	2.0	1.0	1300	$950	$0.73	24d	1	0.75mi
37 S Tuxedo St Indianapolis, IN	3.0	1.0	950	$1,150	$1.21	44d	1	0.77mi
33 N Sherman Dr Unit 33 Indianapolis, IN	3.0	1.5	1288	$1,500	$1.16	8d	1	0.84mi
4114 E Washington St Indianapolis, IN	2.0	1.0	909	$1,100	$1.21	45d	1	0.84mi
4214 E Washington St Indianapolis, IN	3.0	2.0	961	$1,195	$1.24	8d	1	0.86mi
28 S Dearborn St Unit B Indianapolis, IN	2.0	1.5	1166	$1,150	$0.99	24d	1	0.86mi
28 S Dearborn St Unit A Indianapolis, IN	3.0	1.0	1100	$1,400	$1.27	11d	1	0.86mi
323 S Rural St Indianapolis, IN	3.0	1.5	1090	$1,050	$0.96	44d	1	0.86mi
330 S Rural St Indianapolis, IN	2.0	1.0	960	$1,050	$1.09	8d	1	0.88mi
2631 Southeastern Ave Indianapolis, IN	3.0	2.0	1072	$1,195	$1.11	12d	1	0.90mi
21 N Colorado Ave Indianapolis, IN	3.0	1.5	1520	$2,000	$1.32	44d	1	0.91mi
3712 E Market St Indianapolis, IN	3.0	1.0	1800	$1,450	$0.81	15d	1	0.92mi
5010 Brookville Rd Indianapolis, IN	3.0	2.0	1656	$1,350	$0.82	8d	1	0.95mi
4931 Orion Ave Indianapolis, IN	2.0	1.0	1200	$1,450	$1.21	24d	1	0.95mi
119 N Grant Ave Indianapolis, IN	3.0	1.0	1408	$1,195	$0.85	44d	1	0.96mi
83 N Ewing St Unit 83 Indianapolis, IN	3.0	1.0	1016	$1,199	$1.18	44d	1	0.96mi
20 N Gray St Indianapolis, IN	3.0	2.0	1300	$1,800	$1.38	44d	1	0.98mi
314 N Denny St Indianapolis, IN	3.0	1.0	1184	$975	$0.82	24d	1	1.00mi
241 S Temple Ave Indianapolis, IN	3.0	2.0	1200	$1,350	$1.12	44d	1	1.01mi
25 N Drexel Ave Unit A Indianapolis, IN	3.0	2.0	1250	$1,325	$1.06	44d	1	1.01mi
3012 E Minnesota St Indianapolis, IN	2.0	1.0	875	$1,000	$1.14	44d	1	1.06mi
4831 E Washington St Unit 4 Indianapolis, IN	2.0	2.0	1000	$995	$0.99	24d	1	1.07mi
253 N Gray St Indianapolis, IN	3.0	1.5	1176	$1,660	$1.41	8d	1	1.09mi
1505 S Rural St Indianapolis, IN	3.0	1.0	1104	$1,500	$1.36	13d	1	1.11mi
1730 Perkins Ave Indianapolis, IN	3.0	1.0	924	$1,300	$1.41	24d	1	1.12mi
447 N Sherman Dr Indianapolis, IN	3.0	1.5	1312	$1,195	$0.91	44d	1	1.13mi
442 N Denny St Indianapolis, IN	3.0	1.0	1140	$1,045	$0.92	24d	1	1.14mi
909 Saint Peter St Indianapolis, IN	3.0	2.0	1200	$1,800	$1.50	44d	1	1.15mi
408 N Dearborn St Indianapolis, IN	3.0	2.5	1740	$1,750	$1.01	44d	1	1.17mi
2320 Spann Ave Indianapolis, IN	2.0	2.0	1219	$1,795	$1.47	17d	1	1.17mi
5015 Reeder St Indianapolis, IN	3.0	2.0	1482	$1,950	$1.32	44d	1	1.17mi

Listing history 19 events

1. 2026-06-07
   status $139,900 Pending 110 DOM
2. 2026-06-03
   days on market $139,900 Active 110 DOM
3. 2026-06-02
   days on market $139,900 Active 109 DOM
4. 2026-06-01
   days on market $139,900 Active 108 DOM
5. 2026-05-31
   days on market $139,900 Active 107 DOM
6. 2026-04-12
   status Active 441-char remark

   Show marketing remark (441 chars)

   Don't miss this GEM in the Christian Park area. Nicely updated w/ new carpet, new paint inside & out, bathroom & kitchen both freshened up, etc. This warm & inviting home not only has a large living room/dining area combo, but it also has a cozy breakfast nook & large family room off the kitchen. You will not be disappointed, for the price/payment. Room sizes are approximate/estimated. This property is agent owned.

7. 2026-04-12
   price $139,900 441-char remark

   Show marketing remark (441 chars)

   Don't miss this GEM in the Christian Park area. Nicely updated w/ new carpet, new paint inside & out, bathroom & kitchen both freshened up, etc. This warm & inviting home not only has a large living room/dining area combo, but it also has a cozy breakfast nook & large family room off the kitchen. You will not be disappointed, for the price/payment. Room sizes are approximate/estimated. This property is agent owned.

8. 2026-03-18
   historical 441-char remark

   Show marketing remark (441 chars)

   Don't miss this GEM in the Christian Park area. Nicely updated w/ new carpet, new paint inside & out, bathroom & kitchen both freshened up, etc. This warm & inviting home not only has a large living room/dining area combo, but it also has a cozy breakfast nook & large family room off the kitchen. You will not be disappointed, for the price/payment. Room sizes are approximate/estimated. This property is agent owned.

9. 2026-03-04
   price $144,900 441-char remark

   Show marketing remark (441 chars)

   Don't miss this GEM in the Christian Park area. Nicely updated w/ new carpet, new paint inside & out, bathroom & kitchen both freshened up, etc. This warm & inviting home not only has a large living room/dining area combo, but it also has a cozy breakfast nook & large family room off the kitchen. You will not be disappointed, for the price/payment. Room sizes are approximate/estimated. This property is agent owned.

10. 2026-01-19
    listed $149,900 Active 441-char remark

    Show marketing remark (441 chars)

    Don't miss this GEM in the Christian Park area. Nicely updated w/ new carpet, new paint inside & out, bathroom & kitchen both freshened up, etc. This warm & inviting home not only has a large living room/dining area combo, but it also has a cozy breakfast nook & large family room off the kitchen. You will not be disappointed, for the price/payment. Room sizes are approximate/estimated. This property is agent owned.

11. 2020-12-15
    soldstatus $65,300
12. 2017-07-12
    historical Active with Contingency
13. 2017-07-12
    status Active
14. 2017-07-09
    historical
15. 2017-07-09
    historical
16. 2017-05-22
    historical Active with Contingency
17. 2017-01-14
    listed $79,900 Active
18. 2005-10-20
    soldstatus $74,900
19. 2005-05-17
    listed $74,900

ⓘ 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: $1,098 · $91/mo
• Projected year-2 tax: $1,143 · $95/mo
• Expected delta: +$46/yr (+$4/mo · 4.2%)

ⓘ 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 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,780
• − Mortgage interest: −$7,837
• − Property taxes: −$1,098
• − Insurance: −$700
• − Repairs & maintenance: −$1,342
• − Management: −$1,342
• − Depreciation: −$4,070
• Taxable income: $392
• Est. tax owed @ 24.0%: −$94
• After-tax cash flow: $2,561/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

+86.8% since first listed

14 events — show timeline

• 2026-04-12 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-12 Price Changed $139,900 MIBOR as Distributed by MLS Grid
• 2026-03-18 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-03-04 Price Changed $144,900 MIBOR as Distributed by MLS Grid
• 2026-01-19 Listed $149,900 MIBOR as Distributed by MLS Grid
• 2020-12-15 Sold (Public Records) $65,300 Public Records
• 2017-07-12 Contingent — MIBOR as Distributed by MLS Grid
• 2017-07-12 Relisted — MIBOR as Distributed by MLS Grid
• 2017-07-09 Listing Removed — MIBOR as Distributed by MLS Grid
• 2017-07-09 Listing Removed — MIBOR as Distributed by MLS Grid
• 2017-05-22 Contingent — MIBOR as Distributed by MLS Grid
• 2017-01-14 Listed $79,900 MIBOR as Distributed by MLS Grid
• 2005-10-20 Sold (MLS) $74,900 MIBOR as Distributed by MLS Grid
• 2005-05-17 Listed $74,900 MIBOR as Distributed by MLS Grid

Property tax history

+11.1%/yr

Latest (2025): $1,098 · +4.0% YoY. Source: county tax records.