550 N Lasalle St · Indianapolis city (balance), IN 46201

$53,900

3 bd · 1.0 ba · 1,304 sqft · Condo public records · 39 Days on market

Built 1920 Poor condition $41/sqft · 16% below area Est $95k · 43% under

---

Why this score? — see what drove the B 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.3/5.0
• Livability +2.5/5.0
• Schools +1.4/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

At 550 N Lasalle ST, INDIANAPOLIS a distinctive Fannie Mae HomePath condominium presents a remarkable opportunity for discerning investors and those seeking to personalize their living space. This property stands as a great investment option, inviting those with vision to explore its potential. The three bedrooms provide versatile arrangements for rest, creative pursuits, or dedicated workspaces, each offering a private retreat within the home. A single full bathroom is thoughtfully appointed, ensuring convenience and comfort for daily routines. Encompassing 1304 square feet of living area, this condominium offers generous proportions, allowing for comfortable daily living and entertaining. Spanning two stories, the interior design thoughtfully separates distinct living zones, enhancing both privacy and practical arrangement. Constructed in 1920, this residence embodies a timeless architectural presence, offering a unique foundation for contemporary enhancements. An inviting porch extends an opportunity for tranquil outdoor moments, providing a pleasant setting for relaxation or greeting the day. This condominium represents a compelling prospect for those ready to shape a truly exceptional urban residence or capitalize on a promising investment.

Key facts

• Built 1920
• Listed 39 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath condo listed at $54k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $580 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $54k).
• Recommended offer: $52k (3.0% below list) — sets the bar for market timing.
• Cap rate 20.7% 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 B — 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 (+7.3%/yr); 480 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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 35% of the median local income ($49k/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 $373 of loan paydown is wiped out by about $2k 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 + 7.3% rent growth), your $15k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($52k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 4.3% of price; flood insurance adds $66/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $52,283 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.69% ✓
• Cap rate: 20.68%
• Cash-on-cash: 51.40%
• DSCR: 3.29
• GRM: 3.1

CMA / ARV

• ARV (median comp): $95,000
• List price: $53,900
• Delta: -43.26%
• Verdict: UNDERPRICED
• Comps: 17 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 7.31% rent growth · sell at horizon

5-year hold

• IRR: 49.2%
• Equity multiple: 3.31×
• Total profit: $34,893
• Equity at exit: $8,037

10-year hold

• IRR: 56.8%
• Equity multiple: 8.15×
• Total profit: $107,902
• Equity at exit: $4,660

Cash invested: $15,092 (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 46201

• Home prices YoY: -33.9%
• Rents YoY: 7.3%
• Active inventory: 480
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $1,448 high
• Mortgage (P&I): −$283
• Tax from tax record: −$192 /mo · $2,309/yr
• Insurance: −$22
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$304
• Net cashflow: $580

Break-even live

Break-even rent $714

Max offer price $53,900

Occupancy floor 55%

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: $13,475
• Closing costs: $1,617
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
510 N Dearborn St Indianapolis, IN	3.0	1.0	1008	$1,350	$1.34	43d	1	0.09mi
637 N Gray St Indianapolis, IN	3.0	1.5	1120	$1,150	$1.03	44d	1	0.13mi
639 N Gray St Indianapolis, IN	3.0	1.5	1120	$1,220	$1.09	43d	1	0.13mi
632 N Gray St Indianapolis, IN	3.0	1.0	960	$1,800	$1.88	43d	1	0.14mi
430 N Dearborn St Indianapolis, IN	3.0	1.0	1128	$1,300	$1.15	43d	1	0.17mi
840 N Lasalle St Indianapolis, IN	3.0	1.0	1215	$1,100	$0.91	23d	1	0.18mi
408 N Dearborn St Indianapolis, IN	3.0	2.5	1740	$1,750	$1.01	43d	1	0.21mi
818 N Oakland Ave Unit 46201 Indianapolis, IN	3.0	1.5	1332	$1,550	$1.16	43d	1	0.24mi
909 N Lasalle St Indianapolis, IN	3.0	2.0	1717	$1,600	$0.93	44d	1	0.24mi
409 N Oakland Ave Unit 411 Indianapolis, IN	3.0	2.0	1300	$1,495	$1.15	43d	1	0.25mi
2903 E Michigan St Indianapolis, IN	3.0	2.0	1310	$1,650	$1.26	14d	1	0.26mi
849 N Oakland Ave Indianapolis, IN	4.0	3.0	1638	$2,350	$1.43	12d	1	0.26mi
408 N Oakland Ave Unit A Indianapolis, IN	2.0	2.0	1100	$995	$0.90	17d	1	0.27mi
933 N Dearborn St Indianapolis, IN	3.0	1.5	1204	$1,500	$1.25	43d	1	0.28mi
515 N Oxford St Indianapolis, IN	2.0	1.5	1728	$1,050	$0.61	3d	1	0.29mi
645 N Oxford St Indianapolis, IN	4.0	1.5	1344	$1,500	$1.12	23d	1	0.30mi
253 N Gray St Indianapolis, IN	3.0	1.5	1176	$1,660	$1.41	7d	1	0.32mi
2814 E Michigan St Unit D Indianapolis, IN	2.0	1.5	949	$1,350	$1.42	43d	1	0.34mi
953 N Tuxedo St Indianapolis, IN	3.0	1.0	1200	$950	$0.79	23d	1	0.34mi
2810 E Michigan St Unit C Indianapolis, IN	2.0	1.5	949	$1,350	$1.42	43d	1	0.34mi
619 N Rural St Indianapolis, IN	3.0	2.0	1300	$1,600	$1.23	23d	1	0.35mi
639 N Rural St Indianapolis, IN	3.0	1.0	1000	$1,675	$1.68	17d	1	0.35mi
613-615 N Jefferson Indianapolis, IN	3.0	1.0	1030	$1,600	$1.55	14d	1	0.36mi
3101 E 10th St #301 Indianapolis, IN	2.0	1.0	921	$1,195	$1.30	43d	1	0.39mi
849 N Rural St Unit 849 Indianapolis, IN	3.0	2.5	1300	$2,000	$1.54	43d	1	0.40mi
851 N Rural St Indianapolis, IN	3.0	2.5	1300	$1,700	$1.31	23d	1	0.41mi
1018 N Tuxedo St Unit 1016 Indianapolis, IN	3.0	1.5	1250	$1,099	$0.88	43d	1	0.41mi
83 N Ewing St Unit 83 Indianapolis, IN	3.0	1.0	1016	$1,199	$1.18	43d	1	0.41mi
3030 E 10th St Indianapolis, IN	2.0	1.0	950	$900	$0.95	21d	1	0.42mi
852 N Rural St Indianapolis, IN	2.0	1.5	1528	$1,300	$0.85	23d	1	0.43mi
603 N Sherman Dr Indianapolis, IN	3.0	1.0	1250	$1,300	$1.04	43d	1	0.43mi
447 N Sherman Dr Indianapolis, IN	3.0	1.5	1312	$1,195	$0.91	43d	1	0.44mi
418 Eastern Ave Indianapolis, IN	3.0	1.0	1008	$1,325	$1.31	23d	1	0.46mi
20 N Gray St Indianapolis, IN	3.0	2.0	1300	$1,800	$1.38	43d	1	0.47mi
1015 N Gale St Indianapolis, IN	3.0	2.0	1200	$1,550	$1.29	14d	1	0.47mi
313 Eastern Ave Indianapolis, IN	2.0	1.0	1040	$950	$0.91	21d	1	0.48mi
3712 E Market St Indianapolis, IN	3.0	1.0	1800	$1,450	$0.81	14d	1	0.48mi
822 N Bradley Ave Unit 822 Indianapolis, IN	3.0	1.0	1100	$1,200	$1.09	43d	1	0.49mi
1036 N Parker Ave Indianapolis, IN	4.0	2.0	1342	$1,745	$1.30	4d	1	0.49mi
1038 N Parker Ave Indianapolis, IN	4.0	2.0	1342	$1,745	$1.30	4d	1	0.49mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-05-09
   status Pending 1268-char remark

   Show marketing remark (1268 chars)

   At 550 N Lasalle ST, INDIANAPOLIS a distinctive Fannie Mae HomePath condominium presents a remarkable opportunity for discerning investors and those seeking to personalize their living space. This property stands as a great investment option, inviting those with vision to explore its potential. The three bedrooms provide versatile arrangements for rest, creative pursuits, or dedicated workspaces, each offering a private retreat within the home. A single full bathroom is thoughtfully appointed, ensuring convenience and comfort for daily routines. Encompassing 1304 square feet of living area, this condominium offers generous proportions, allowing for comfortable daily living and entertaining. Spanning two stories, the interior design thoughtfully separates distinct living zones, enhancing both privacy and practical arrangement. Constructed in 1920, this residence embodies a timeless architectural presence, offering a unique foundation for contemporary enhancements. An inviting porch extends an opportunity for tranquil outdoor moments, providing a pleasant setting for relaxation or greeting the day. This condominium represents a compelling prospect for those ready to shape a truly exceptional urban residence or capitalize on a promising investment.

2. 2026-03-31
   listed $53,900 Active 1268-char remark

   Show marketing remark (1268 chars)

   At 550 N Lasalle ST, INDIANAPOLIS a distinctive Fannie Mae HomePath condominium presents a remarkable opportunity for discerning investors and those seeking to personalize their living space. This property stands as a great investment option, inviting those with vision to explore its potential. The three bedrooms provide versatile arrangements for rest, creative pursuits, or dedicated workspaces, each offering a private retreat within the home. A single full bathroom is thoughtfully appointed, ensuring convenience and comfort for daily routines. Encompassing 1304 square feet of living area, this condominium offers generous proportions, allowing for comfortable daily living and entertaining. Spanning two stories, the interior design thoughtfully separates distinct living zones, enhancing both privacy and practical arrangement. Constructed in 1920, this residence embodies a timeless architectural presence, offering a unique foundation for contemporary enhancements. An inviting porch extends an opportunity for tranquil outdoor moments, providing a pleasant setting for relaxation or greeting the day. This condominium represents a compelling prospect for those ready to shape a truly exceptional urban residence or capitalize on a promising investment.

ⓘ 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: $2,309 · $192/mo
• Projected year-2 tax: $2,309 · $192/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 7/10 Severe FEMA zone X (unshaded) · 76% 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 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: $17,376
• − Mortgage interest: −$3,019
• − Property taxes: −$2,309
• − Insurance: −$1,067
• − Repairs & maintenance: −$1,390
• − Management: −$1,390
• − Depreciation: −$1,568
• Taxable income: $6,633
• Est. tax owed @ 24.0%: −$1,592
• After-tax cash flow: $5,367/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.

Condition & rehab AI · 12 photos

Poor 20/100 Extensive rehab

This property requires extensive repairs and updates to improve its condition and value. Painting, flooring replacement, and stair and railing repair are immediate priorities. Landscaping and HVAC updates would also significantly enhance its appeal.

Repairs flagged

• Major Exterior siding — Weathered and possibly damaged
• Major Interior walls — Peeling paint and visible damage
• Major Flooring — Old and possibly damaged
• Major Stairs and railings — Signs of wear

Value-add opportunities

• Resale Painting and updating interior walls — Fresh paint and updated walls can significantly improve the home's appearance and appeal to potential buyers.
• Resale Flooring replacement — Replacing old and damaged flooring can enhance the home's overall condition and value.
• Resale Stair and railing repair — Repairing worn-out stairs and railings can improve safety and the home's overall condition.
• Both Landscaping and curb appeal — A well-maintained and attractive exterior can improve the home's curb appeal and overall value.
• Both HVAC/mechanical updates — Upgrading HVAC and mechanical systems can improve comfort and energy efficiency, which can increase both resale and rental value.
• Both Kitchen and bathroom updates — Updating these areas can significantly increase the home's value and appeal to potential buyers and renters. However, no specific areas are visible in the provided photos.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Weathered and possibly damaged	Major	$15,000–50,000
Interior walls · Peeling paint and visible damage	Major	$15,000–50,000
Flooring · Old and possibly damaged	Major	$15,000–50,000
Stairs and railings · Signs of wear	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Resale Painting and updating interior walls — Fresh paint and updated walls can significantly improve the home's appearance and appeal to potential buyers. ↑
• Resale Flooring replacement — Replacing old and damaged flooring can enhance the home's overall condition and value. ↑
• Resale Stair and railing repair — Repairing worn-out stairs and railings can improve safety and the home's overall condition. ↑
• Both Landscaping and curb appeal — A well-maintained and attractive exterior can improve the home's curb appeal and overall value. ↑
• Both HVAC/mechanical updates — Upgrading HVAC and mechanical systems can improve comfort and energy efficiency, which can increase both resale and rental value. ↑
• Both Kitchen and bathroom updates — Updating these areas can significantly increase the home's value and appeal to potential buyers and renters. However, no specific areas are visible in the provided photos. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 30,335
• Household income: $49,195
• Rent vs Own: 48.4% rent · 51.6% own
• Severe rent burden: 1906.0

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 0.63)
• Race & ethnicity: White 53% Hispanic / Latino 23% Black 18% Two or more races 9%
• Hispanic origin (detail): Mexican 14% Puerto Rican 2%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 9% · Canada
• Languages at home: 81% English-only · Spanish 17%

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: ▼ -192.51%
• Current HPI: 375.0969
• Rent YoY: ▲ 7.31%
• 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

2 events — show timeline

• 2026-05-09 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-31 Listed $53,900 MIBOR as Distributed by MLS Grid

Property tax history

-6.5%/yr

Latest (2025): $2,309 · +23.2% YoY. Source: county tax records.