1621 Oliver Ave · Indianapolis city (balance), IN 46221

$125,000

2 bd · 1.0 ba · 1,440 sqft · SingleFamily public records · 2 Days on market

Built 1946 4,966 sqft lot Est $134k · 7% under

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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 +29.1/30.0
• ARV discount +10.5/15.0
• DSCR +10.0/10.0
• 1% rule +7.9/10.0
• Rent growth +2.9/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Updated 2BR Home Near Downtown Indianapolis Recently updated 2-bedroom, 1-bath single-family home located just minutes from downtown Indianapolis with quick access to I-70, major employers, shopping, and dining. The home has a flexible split-level layout with one bedroom on the main level and one upstairs, providing options for a home office, guest room, roommate arrangement, or additional living space. Recent updates include fresh interior paint, new flooring, newer HVAC system (approximately 5 years old). The home also has energy-efficient vinyl windows with tilt-in sashes for easy maintenance. The home is equipped with a gas furnace, central air conditioning, and electric water heater

Key facts

• Carport
• Storage shed
• Off-street parking

Tags

• FLEXIBLE SPLIT-LEVEL LAYOUT
• ENERGY-EFFICIENT VINYL WINDOWS
• NEWER HVAC
• CARPORT
• OFF-STREET PARKING
• STORAGE SHED

Property features AI

Finance

• Other: Property on approximately 0.11 acres; Residential property subtype: Single Family Residence

Exterior

• Parking: Carport; Asphalt and concrete surfaces
• Utilities: Public water; Municipal sewer
• Home design: Single family residence; One and one-half story
• Construction: Aluminum siding; Block foundation
• Exterior features: Storage shed; Other exterior features

Interior

• Kitchen: Gas oven; Refrigerator
• Bedrooms: Two bedrooms total — one on the main level and one on the upper level
• Flooring: Hardwood floors
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Hardwood floors; Supplemental storage; Painted woodwork
• Laundry & utility: Main-level laundry room; Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $433 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Cap rate 10.5% 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 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 (+1.8%/yr); 43 active listings in the ZIP; 17 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 $864 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 + 1.8% rent growth), your $35k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $125,000

Questions for the listing agent

1. Built in 1946 — 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: 1.29% ✓
• Cap rate: 10.45%
• Cash-on-cash: 14.85%
• DSCR: 1.66
• GRM: 6.5

CMA / ARV

• ARV (on-the-fly): $133,920
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
820 Coffey St	0.30mi	2/1.0	1,488 (+3%)	9mo	$138,000	$93	73
1023 S Pershing Ave	0.56mi	2/1.0	1,440 (0%)	2mo	$139,900	$97	72
1822 W Wyoming St	0.24mi	2/1.0	1,574 (+9%)	5mo	$140,000	$89	69
1922 Westview Dr	0.49mi	2/1.0	1,330 (-8%)	4mo	$144,500	$109	61
1842 Westview Dr	0.45mi	3/2.0 (+1)	1,560 (+8%)	5mo	$185,000	$119	52
1256 Kappes St	0.65mi	3/2.0 (+1)	1,524 (+6%)	0mo	$181,000	$119	51
1221 S Belmont Ave	0.64mi	3/1.0 (+1)	1,596 (+11%)	2mo	$103,000	$65	46
1131 S Pershing Ave	0.65mi	3/1.0 (+1)	1,332 (-8%)	12mo	$166,000	$125	42
121 Neal Ave	0.49mi	3/2.0 (+1)	1,618 (+12%)	6mo	$85,000	$53	42
821 S Tremont St	0.57mi	3/1.0 (+1)	1,639 (+14%)	6mo	$105,000	$64	40
1245 S Belmont Ave	0.67mi	3/1.0 (+1)	1,632 (+13%)	1mo	$100,000	$61	40
1123 S Pershing Ave	0.64mi	3/1.0 (+1)	1,650 (+15%)	7mo	$95,000	$58	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 · 1.79% rent growth · sell at horizon

5-year hold

• IRR: 4.0%
• Equity multiple: 1.15×
• Total profit: $5,395
• Equity at exit: $18,638

10-year hold

• IRR: 12.4%
• Equity multiple: 1.93×
• Total profit: $32,481
• Equity at exit: $10,808

Cash invested: $35,000 (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 46221

• Home prices YoY: -23.7%
• Rents YoY: 1.8%
• Active inventory: 43
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,614 high
• Mortgage (P&I): −$656
• Tax from tax record: −$135 /mo · $1,616/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$339
• Net cashflow: $433

Break-even live

Break-even rent $1,066

Max offer price $125,000

Occupancy floor 68%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1105 Blaine Ave Indianapolis, IN	1.0–2.0	1.0–2.5	1157	$1,795	$1.55	24d	1	0.36mi
1124 S Reisner St Indianapolis, IN	3.0	2.0	1548	$1,700	$1.10	44d	1	0.39mi
2015 W Wilkins St Indianapolis, IN	3.0	1.0	1250	$1,895	$1.52	44d	1	0.49mi
1801 W Morris St Indianapolis, IN	3.0	1.5	1056	$1,795	$1.70	44d	1	0.50mi
101 S Harding St Apt 307 Indianapolis, IN	2.0	2.0	970	$1,685	$1.74	3d	1	0.57mi
1339 W Lee St Indianapolis, IN	2.0	1.5	960	$975	$1.02	3d	1	0.69mi
261 N Pershing Ave Indianapolis, IN	2.0	2.0	1764	$1,600	$0.91	24d	1	0.95mi
86 N Holmes Ave Indianapolis, IN	2.0	1.0	978	$1,050	$1.07	16d	1	1.07mi
1911 Wilcox St Indianapolis, IN	2.0	1.0	896	$1,150	$1.28	44d	1	1.10mi
264 N Holmes Ave Indianapolis, IN	2.0	1.0	1540	$1,199	$0.78	24d	1	1.16mi
264 N Holmes Ave Indianapolis, IN	2.0	1.0	1092	$1,200	$1.10	10d	1	1.16mi
156 Haugh St Indianapolis, IN	3.0	2.5	1800	$2,000	$1.11	44d	1	1.16mi
240 N Warman Ave Indianapolis, IN	2.0–3.0	1.0–2.0	1052	$1,150	$1.09	20d	5	1.20mi
525 N Belmont Ave Indianapolis, IN	3.0	1.0	912	$1,225	$1.34	24d	1	1.25mi
326 N Warman Ave Indianapolis, IN	3.0	2.5	1804	$2,150	$1.19	2d	1	1.27mi
2127 Haines Ave Indianapolis, IN	3.0	2.0	1250	$2,000	$1.60	2d	1	1.31mi
2952 W New York St Indianapolis, IN	2.0	2.5	1867	$2,000	$1.07	22d	1	1.34mi

Listing history 3 events

1. 2026-06-18
   days on market $125,000 Active 2 DOM
2. 2026-06-17
   remarks 699-char remark
3. 2026-06-17
   listed $125,000 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: $1,616 · $135/mo
• Projected year-2 tax: $1,616 · $135/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 ≥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: $19,372
• − Mortgage interest: −$7,002
• − Property taxes: −$1,616
• − Insurance: −$625
• − Repairs & maintenance: −$1,550
• − Management: −$1,550
• − Depreciation: −$3,636
• Taxable income: $3,393
• Est. tax owed @ 24.0%: −$814
• After-tax cash flow: $4,382/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): 27,027
• Household income: $65,280
• Rent vs Own: 38.2% rent · 61.8% own
• Severe rent burden: 1011.0

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% Black 13% Hispanic / Latino 13% Two or more races 7%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 2% Iranian 2% Lithuanian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 87% English-only · Spanish 9% Arabic 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: ▼ -97.56%
• Current HPI: 313.4711
• Rent YoY: ▲ 1.79%
• 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

1 event — show timeline

• 2026-06-16 Listed $125,000 MIBOR as Distributed by MLS Grid

Property tax history

+9.4%/yr

Latest (2025): $1,616 · +11.3% YoY. Source: county tax records.