2309 S Meridian St · Indianapolis city (balance), IN 46225

$179,000

3 bd · 1.0 ba · 1,888 sqft · SingleFamily public records · 63 Days on market

Built 1910 4,356 sqft lot $95/sqft · 20% below area Est $253k · 29% 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 +18.7/30.0
• ARV discount +15.0/15.0
• DSCR +5.9/10.0
• 1% rule +5.8/10.0
• Rent growth +5.0/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

At 2309 S Meridian ST in INDIANAPOLIS, IN, USA, a charming single-family residence from 1910 stands, offering an inviting home atmosphere that is ready for delightful new beginnings. The kitchen, a central gathering point, showcases beautiful backsplash accents complementing the countertops, all harmoniously framed by classic shaker cabinets, creating a space designed for culinary delight and comfortable engagement. Within this expansive single-family residence, four serene bedrooms provide ample personal retreats for quiet repose, while two full bathrooms offer spaces for refreshing routines. Outdoor living is thoughtfully catered to with a welcoming deck, perfect for peaceful moments or vibrant gatherings, overlooking a private fenced backyard where a charming fire pit invites evening relaxation and memorable experiences. With ample living area, this residence encompasses two distinct stories, offering varied environments for daily routines and special occasions, all set upon a fully fenced private lot. This distinguished single-family residence offers a harmonious blend of character and contemporary comfort, poised to inspire a truly exceptional lifestyle.

Key facts

• Backsplash accents
• Charming fire pit
• Welcoming deck

Tags

• BACKSPLASH ACCENTS
• SHAKER CABINETS
• WELCOMING DECK
• PRIVATE FENCED BACKYARD
• CHARMING FIRE PIT
• FULLY FENCED PRIVATE LOT

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $179k.

Deal economics

• At list price, monthly cash flow is $176 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $179k).
• Recommended offer: $168k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.5% 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 (+11.0%/yr); 129 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).
• This rent runs 42% of the median local income ($55k/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 $1k of loan paydown is wiped out by about $5k 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 + 8.0% rent growth), your $50k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($168k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 26y ago; this cycle's ask has dropped $11k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $125k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $168,260 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — 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: 1.08% ✓
• Cap rate: 7.47%
• Cash-on-cash: 4.22%
• DSCR: 1.19
• GRM: 7.7

CMA / ARV

• ARV (median comp): $252,650
• List price: $179,000
• Delta: -29.15%
• 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
2345 S Pennsylvania St	0.14mi	2/1.5 (-1)	1,936 (+2%)	1mo	$203,999	$105	81
156 E Pleasant Run Parkway North Dr	0.20mi	2/1.0 (-1)	2,020 (+7%)	0mo	$195,000	$97	74
66 E Regent St	0.28mi	3/1.0	2,055 (+9%)	4mo	$96,000	$47	68
205 W Southern Ave	0.37mi	3/1.0	2,023 (+7%)	3mo	$140,000	$69	68
2145 Singleton St	0.63mi	3/1.0	1,869 (-1%)	1mo	$152,000	$81	68
2546 Union St	0.30mi	2/1.0 (-1)	2,032 (+8%)	5mo	$100,000	$49	64
2117 Webb St	0.42mi	3/1.0	2,138 (+13%)	1mo	$60,000	$28	57
2134 S Delaware St	0.32mi	3/3.0	1,680 (-11%)	2mo	$195,000	$116	57
324 E Southern Ave	0.52mi	2/2.0 (-1)	1,632 (-14%)	2mo	$199,900	$122	42
2857 S Capitol Ave	0.56mi	2/1.0 (-1)	1,610 (-15%)	4mo	$219,000	$136	41
1750 Union St	0.59mi	4/2.0 (+1)	1,641 (-13%)	4mo	$229,000	$140	38
1666 Union St	0.69mi	3/2.0	2,157 (+14%)	4mo	$270,000	$125	37

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -3.8%
• Equity multiple: 0.85×
• Total profit: $-7,468
• Equity at exit: $26,689

10-year hold

• IRR: 11.2%
• Equity multiple: 2.09×
• Total profit: $54,873
• Equity at exit: $15,477

Cash invested: $50,120 (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 46225

• Home prices YoY: -8.2%
• Rents YoY: 11.0%
• Active inventory: 129
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,934 high
• Mortgage (P&I): −$939
• Tax from tax record: −$339 /mo · $4,066/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$406
• Net cashflow: $176

Break-even live

Break-even rent $1,712

Max offer price $179,000

Occupancy floor 86%

Sensitivity live

Price	-10% $277	-5% $227	+0% $176	+5% $125	+10% $75
Rent	-10% $23	-5% $100	+0% $176	+5% $252	+10% $329
Rate	-1.0pp $266	-0.5pp $222	base $176	+0.5pp $130	+1.0pp $83

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2283 Union St Indianapolis, IN	3.0	2.0	1824	$1,820	$1.00	24d	1	0.08mi
2109 Singleton St Indianapolis, IN	3.0	2.0	1340	$2,100	$1.57	8d	1	0.66mi
1713 S Delaware St Indianapolis, IN	2.0	2.0	1785	$1,700	$0.95	44d	1	0.66mi
224 Iowa St Indianapolis, IN	3.0	1.0	1254	$1,450	$1.16	24d	1	0.67mi
438 E Beecher St Indianapolis, IN	3.0	2.5	1500	$1,450	$0.97	24d	1	0.69mi
1830 Orleans St Indianapolis, IN	3.0	2.5	1586	$1,995	$1.26	44d	1	0.83mi
1833 Orleans St Unit 1 Indianapolis, IN	3.0	1.0	1260	$1,350	$1.07	44d	1	0.85mi
1835 Applegate St Indianapolis, IN	4.0	3.0	2024	$2,300	$1.14	44d	1	0.90mi
1436 S New Jersey St Unit A Indianapolis, IN	3.0	2.5	1300	$2,100	$1.62	24d	1	0.94mi
243 Terrace Ave Indianapolis, IN	4.0	2.0	1669	$2,700	$1.62	18d	1	0.96mi
350 Terrace Ave Indianapolis, IN	4.0	2.5	2552	$3,000	$1.18	24d	1	1.00mi
350 Terrace Ave Indianapolis, IN	4.0	2.5	2552	$3,000	$1.18	4d	1	1.00mi
406 Parkway Ave Indianapolis, IN	4.0	2.5	2481	$2,250	$0.91	24d	1	1.07mi
1861 Barth Ave Unit 1861 Indianapolis, IN	2.0	1.0	1300	$1,600	$1.23	24d	1	1.09mi
728 Cottage Ave Indianapolis, IN	3.0	2.5	1831	$2,550	$1.39	24d	1	1.10mi
835 Weghorst St Unit 837 Indianapolis, IN	3.0	1.5	1500	$1,399	$0.93	24d	1	1.10mi
3216 Brill Rd Indianapolis, IN	3.0	2.0	1628	$1,646	$1.01	24d	1	1.11mi
406 Orange St Indianapolis, IN	3.0	2.5	1820	$2,250	$1.24	44d	1	1.12mi
752 Cottage Ave Indianapolis, IN	3.0	2.0	1548	$1,750	$1.13	15d	1	1.13mi
614 Parkway Ave Indianapolis, IN	3.0	2.0	1360	$1,900	$1.40	22d	1	1.14mi
734 Parkway Ave Indianapolis, IN	3.0	2.0	2110	$2,299	$1.09	24d	1	1.19mi
704 Sanders St Indianapolis, IN	2.0	1.0	1290	$1,275	$0.99	24d	1	1.24mi
1247 Wright St Indianapolis, IN	3.0	1.5	1809	$1,750	$0.97	44d	1	1.27mi
1247 Wright St Indianapolis, IN	3.0	1.5	1247	$1,750	$1.40	18d	1	1.27mi
1258 E Naomi St Indianapolis, IN	3.0	2.0	1608	$1,450	$0.90	8d	1	1.31mi
518 Prospect St Unit 1353834P Indianapolis, IN	3.0	2.0	1603	$2,442	$1.52	15d	1	1.32mi
518 Prospect St Unit 1357365P Indianapolis, IN	3.0	2.0	1614	$2,594	$1.61	8d	1	1.32mi
736 E Morris St Indianapolis, IN	2.0	1.5	1500	$1,195	$0.80	4d	1	1.33mi
1528 E Tabor St Indianapolis, IN	3.0	1.5	2200	$1,550	$0.70	15d	1	1.36mi
1337 Barth Ave Indianapolis, IN	3.0	1.0	2468	$1,700	$0.69	8d	1	1.37mi
1337 Barth Ave Indianapolis, IN	3.0	1.0	2468	$1,700	$0.69	11d	1	1.37mi
1337 Barth Ave Indianapolis, IN	3.0	1.0	2468	$1,700	$0.69	17d	1	1.37mi
1337 Barth Ave Unit NA Indianapolis, IN	3.0	1.0	2468	$1,700	$0.69	5d	1	1.37mi
1045 Orange St Indianapolis, IN	2.0	1.0	1232	$2,200	$1.79	44d	1	1.38mi
1045 Orange St Indianapolis, IN	2.0	1.0	1232	$2,000	$1.62	24d	1	1.38mi
915 S Meridian St Indianapolis, IN	2.0	1.0–2.0	829	$2,551	$3.08	2d	42	1.39mi
1546 E Bradbury Ave Indianapolis, IN	2.0	1.5	2066	$1,500	$0.73	44d	1	1.39mi
1035 Sanders St Unit 163 Indianapolis, IN	2.0	1.0	1481	$1,921	$1.30	44d	1	1.42mi
1742 Thaddeus St Unit 1742-A Indianapolis, IN	3.0	2.0	1350	$1,600	$1.19	14d	1	1.42mi
822 Union St Indianapolis, IN	3.0	3.0	2384	$3,700	$1.55	24d	1	1.44mi

Listing history 32 events

1. 2026-06-18
   days on market $179,000 Active 63 DOM
2. 2026-06-17
   days on market $179,000 Active 62 DOM
3. 2026-06-16
   days on market $179,000 Active 61 DOM
4. 2026-06-15
   days on market $179,000 Active 60 DOM
5. 2026-06-13
   days on market $179,000 Active 58 DOM
6. 2026-06-13
   pricedays on market $179,000 Active 57 DOM
7. 2026-06-09
   days on market $189,900 Active 54 DOM
8. 2026-06-08
   days on market $189,900 Active 53 DOM
9. 2026-06-07
   days on market $189,900 Active 52 DOM
10. 2026-06-03
    days on market $189,900 Active 48 DOM
11. 2026-06-02
    days on market $189,900 Active 47 DOM
12. 2026-06-01
    days on market $189,900 Active 46 DOM
13. 2026-05-31
    days on market $189,900 Active 45 DOM
14. 2026-04-16
    listed $189,900 Active 1180-char remark

    Show marketing remark (1180 chars)

    At 2309 S Meridian ST in INDIANAPOLIS, IN, USA, a charming single-family residence from 1910 stands, offering an inviting home atmosphere that is ready for delightful new beginnings. The kitchen, a central gathering point, showcases beautiful backsplash accents complementing the countertops, all harmoniously framed by classic shaker cabinets, creating a space designed for culinary delight and comfortable engagement. Within this expansive single-family residence, four serene bedrooms provide ample personal retreats for quiet repose, while two full bathrooms offer spaces for refreshing routines. Outdoor living is thoughtfully catered to with a welcoming deck, perfect for peaceful moments or vibrant gatherings, overlooking a private fenced backyard where a charming fire pit invites evening relaxation and memorable experiences. With ample living area, this residence encompasses two distinct stories, offering varied environments for daily routines and special occasions, all set upon a fully fenced private lot. This distinguished single-family residence offers a harmonious blend of character and contemporary comfort, poised to inspire a truly exceptional lifestyle.

15. 2019-11-08
    soldstatus $125,000 Sold 412-char remark

    Show marketing remark (412 chars)

    Remodeled 4 bed 2 bath featuring privacy fence, 2-car garage, main floor master, enclosed front porch w/ fenced front yard, main level laundry and more. New roof, new kitchen, new flooring, new bathrooms, new stainless appliances, new flooring (tile in kitchen, laundry, baths) fresh paint, new HVAC, new privacy fence, new deck out back, new lights & fixtures needs nothing but your furniture. Check it out!

16. 2019-10-04
    status Pending 412-char remark

    Show marketing remark (412 chars)

    Remodeled 4 bed 2 bath featuring privacy fence, 2-car garage, main floor master, enclosed front porch w/ fenced front yard, main level laundry and more. New roof, new kitchen, new flooring, new bathrooms, new stainless appliances, new flooring (tile in kitchen, laundry, baths) fresh paint, new HVAC, new privacy fence, new deck out back, new lights & fixtures needs nothing but your furniture. Check it out!

17. 2019-09-27
    listed $124,900 Active 412-char remark

    Show marketing remark (412 chars)

    Remodeled 4 bed 2 bath featuring privacy fence, 2-car garage, main floor master, enclosed front porch w/ fenced front yard, main level laundry and more. New roof, new kitchen, new flooring, new bathrooms, new stainless appliances, new flooring (tile in kitchen, laundry, baths) fresh paint, new HVAC, new privacy fence, new deck out back, new lights & fixtures needs nothing but your furniture. Check it out!

18. 2015-01-28
    soldstatus $18,075
19. 2014-07-03
    historical
20. 2013-07-05
    listed $19,500
21. 2006-11-17
    soldstatus $64,000
22. 2006-05-25
    listed $64,000
23. 2006-03-18
    historical
24. 2005-10-06
    listed $64,900
25. 2005-06-04
    historical
26. 2005-01-04
    listed $79,900
27. 2004-05-12
    soldstatus $21,000
28. 2004-02-25
    listed $25,900
29. 2001-11-28
    soldstatus $107,730
30. 2001-04-18
    soldstatus $95,760
31. 2001-03-30
    soldstatus
32. 2000-11-28
    listed $55,000

ⓘ 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: $4,066 · $339/mo
• Projected year-2 tax: $4,066 · $339/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 ≥101°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,213
• − Mortgage interest: −$10,027
• − Property taxes: −$4,066
• − Insurance: −$895
• − Repairs & maintenance: −$1,857
• − Management: −$1,857
• − Depreciation: −$5,207
• Taxable loss: −$696
• Est. tax savings @ 24.0%: +$167
• After-tax cash flow: $2,280/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): 6,037
• Household income: $55,190
• Rent vs Own: 44.0% rent · 56.0% own
• Severe rent burden: 311.0

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 (68%)
• Race & ethnicity: White 68% Two or more races 12% Black 11% Hispanic / Latino 10% Asian 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 2% Italian 2% Slovak 1%
• Foreign-born: 9% · Canada
• Languages at home: 88% English-only · Spanish 10% German/W. Germanic 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: ▼ -36.19%
• Current HPI: 403.9271
• Rent YoY: ▲ 10.98%
• 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

+245.3% since first listed

19 events — show timeline

• 2026-04-16 Listed $189,900 MIBOR as Distributed by MLS Grid
• 2019-11-08 Sold (MLS) $125,000 MIBOR as Distributed by MLS Grid
• 2019-10-04 Pending — MIBOR as Distributed by MLS Grid
• 2019-09-27 Listed $124,900 MIBOR as Distributed by MLS Grid
• 2015-01-28 Sold (Public Records) $18,075 Public Records
• 2014-07-03 Listing Removed — MIBOR as Distributed by MLS Grid
• 2013-07-05 Listed $19,500 MIBOR as Distributed by MLS Grid
• 2006-11-17 Sold (MLS) $64,000 MIBOR as Distributed by MLS Grid
• 2006-05-25 Listed $64,000 MIBOR as Distributed by MLS Grid
• 2006-03-18 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-10-06 Listed $64,900 MIBOR as Distributed by MLS Grid
• 2005-06-04 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-01-04 Listed $79,900 MIBOR as Distributed by MLS Grid
• 2004-05-12 Sold (MLS) $21,000 MIBOR as Distributed by MLS Grid
• 2004-02-25 Listed $25,900 MIBOR as Distributed by MLS Grid
• 2001-11-28 Sold (Public Records) $107,730 Public Records
• 2001-04-18 Sold (Public Records) $95,760 Public Records
• 2001-03-30 Sold (MLS) — MIBOR as Distributed by MLS Grid
• 2000-11-28 Listed $55,000 MIBOR as Distributed by MLS Grid

Property tax history

+13.3%/yr

Latest (2025): $4,066 · +8.3% YoY. Source: county tax records.