2033 Forest Manor Ave · Indianapolis city (balance), IN 46218

$100,000

3 bd · 1.0 ba · 1,036 sqft · SingleFamily public records · 78 Days on market

Built 1904 9,496 sqft lot $97/sqft · 8% above area Est $111k · 10% 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 +29.7/30.0
• ARV discount +11.8/15.0
• DSCR +10.0/10.0
• 1% rule +8.1/10.0
• Rent growth +2.7/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This charming 11/2-story home offers a welcoming feel the moment you arrive, with a layout that makes everyday living simple and comfortable. Step inside and you'll find a space that blends classic character with practical functionality. Whether you're looking for your next home or a place with room to add your own touches, this one is worth seeing in person. Built in 1904, this traditional single-family home offers 1,036 square feet per county records and features a low-maintenance vinyl exterior with vinyl windows. The main level includes two bedrooms and a full bathroom, while the upper level provides an additional bedroom that can serve as a private retreat, guest room, or office space. An attached two-car carport offers covered parking and could easily be enclosed to create a garage by finishing the exterior walls, adding even more value and flexibility to this well-maintained home.

Key facts

• 9,496 sq ft lot
• 2 garage spots
• Built 1904

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $365 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $94k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.7% 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.
• Zoned schools: Center For Inquiry School 27 (math 25% / reading 29%, grade F, #737 of 994 statewide, top 76%, 525 students, 51% FRL); H L Harshman Middle School (math 3% / reading 16%, grade F, #316 of 330 statewide, top 96%, 549 students, 84% FRL).
• Market conditions: Rents flat; 338 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 41% of the median local income ($38k/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 $691 of loan paydown is wiped out by about $3k 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 + 0.8% rent growth), your $28k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($94k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y ago; this cycle's ask has dropped $29k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $75k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1904 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $94,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 78 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 1904 — 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: 1.31% ✓
• Cap rate: 10.67%
• Cash-on-cash: 15.62%
• DSCR: 1.70
• GRM: 6.4

CMA / ARV

• ARV (median comp): $110,608
• List price: $100,000
• Delta: -9.59%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4109 East 21st St	0.02mi	3/1.0	1,080 (+4%)	11mo	$85,000	$79	82
2225 N Drexel Ave	0.41mi	3/1.0	1,044 (+1%)	6mo	$100,000	$96	75
4218 E 18th St	0.32mi	3/1.0	1,080 (+4%)	10mo	$170,000	$157	70
1625 N Dequincy St	0.66mi	3/1.0	1,026 (-1%)	6mo	$150,000	$146	62
2037 Adams St	0.57mi	3/1.0	1,106 (+7%)	3mo	$118,000	$107	59
2194 N Riley Ave	0.64mi	3/1.0	1,008 (-3%)	10mo	$112,500	$112	57
4706 E 21st St	0.39mi	3/1.5	888 (-14%)	0mo	$130,000	$146	55
1843 Kildare Ave	0.61mi	3/2.0	984 (-5%)	5mo	$178,000	$181	54
2049 Houston St	0.63mi	3/1.0	912 (-12%)	7mo	$117,000	$128	45
1444 Wallace Ave	0.73mi	2/1.0 (-1)	1,121 (+8%)	8mo	$194,900	$174	41
2030 Houston St	0.66mi	3/2.0	912 (-12%)	7mo	$130,000	$143	40
1836 N Riley Ave	0.65mi	3/1.0	912 (-12%)	13mo	$159,900	$175	39

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 · 0.81% rent growth · sell at horizon

5-year hold

• IRR: 4.0%
• Equity multiple: 1.15×
• Total profit: $4,192
• Equity at exit: $14,910

10-year hold

• IRR: 11.4%
• Equity multiple: 1.80×
• Total profit: $22,472
• Equity at exit: $8,646

Cash invested: $28,000 (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 46218

• Home prices YoY: -17.1%
• Rents YoY: 0.8%
• Active inventory: 338
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,311 high
• Mortgage (P&I): −$524
• Tax from tax record: −$105 /mo · $1,260/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$275
• Net cashflow: $365

Break-even live

Break-even rent $850

Max offer price $100,000

Occupancy floor 67%

Sensitivity live

Price	-10% $421	-5% $393	+0% $365	+5% $336	+10% $308
Rent	-10% $261	-5% $313	+0% $365	+5% $416	+10% $468
Rate	-1.0pp $415	-0.5pp $390	base $365	+0.5pp $339	+1.0pp $312

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2030 N Colorado Ave Indianapolis, IN	2.0	1.0	728	$1,150	$1.58	25d	1	0.07mi
1951 N Bosart Ave Indianapolis, IN	2.0	1.0	728	$1,000	$1.37	6d	1	0.39mi
2221 Station St Indianapolis, IN	3.0	2.5	1312	$1,600	$1.22	25d	1	0.41mi
4732 E 18th St Unit A Indianapolis, IN	3.0	2.0	1200	$1,700	$1.42	45d	1	0.53mi
1509 N Chester Ave Indianapolis, IN	2.0	1.0	950	$1,100	$1.16	24d	1	0.58mi
1509 N Chester Ave Indianapolis, IN	2.0	1.0	950	$1,100	$1.16	0d	1	0.58mi
1506 N Grant Ave Indianapolis, IN	2.0	1.0	780	$1,150	$1.47	16d	1	0.59mi
1513 N Denny St Indianapolis, IN	3.0	1.0	874	$1,399	$1.60	25d	1	0.59mi
2194 N Riley Ave Indianapolis, IN	3.0	1.0	1100	$1,749	$1.59	45d	1	0.61mi
3617 Brookside Parkway South Dr Indianapolis, IN	2.0	1.0	800	$999	$1.25	25d	1	0.64mi
1531 N Kealing Ave Indianapolis, IN	3.0	2.0	1250	$1,500	$1.20	25d	1	0.65mi
1531 N Kealing Ave Unit A Indianapolis, IN	3.0	2.0	1250	$1,397	$1.12	25d	1	0.65mi
3601 Brookside Parkway South Dr Indianapolis, IN	2.0	1.0	1025	$995	$0.97	45d	1	0.66mi
3601 Brookside Parkway South Dr Indianapolis, IN	2.0	1.0	1025	$995	$0.97	25d	1	0.66mi
1521 N Kealing Ave Indianapolis, IN	3.0	1.0	1250	$1,250	$1.00	19d	1	0.66mi
1824 N Riley Ave Indianapolis, IN	2.0	1.0	720	$1,150	$1.60	45d	1	0.66mi
1421 N Colorado Ave Indianapolis, IN	2.0	1.0	983	$1,225	$1.25	25d	1	0.68mi
1424 N Denny St Indianapolis, IN	3.0	1.0	1206	$1,295	$1.07	45d	1	0.71mi
1417 N Denny St Indianapolis, IN	2.0	1.0	1000	$1,125	$1.12	25d	1	0.71mi
2343 E Adams St Indianapolis, IN	2.0	1.0	1200	$1,199	$1.00	45d	1	0.73mi
2341 Adams St Indianapolis, IN	2.0	1.0	1200	$1,199	$1.00	45d	1	0.73mi
4930 Elliott Ave Indianapolis, IN	4.0	1.0	1219	$1,500	$1.23	45d	1	0.77mi
5119 E 21st St Indianapolis, IN	2.0	1.0	816	$1,199	$1.47	45d	1	0.78mi
2045 N Dearborn St Indianapolis, IN	3.0	2.0	912	$1,145	$1.26	25d	1	0.78mi
5130 E 21st St Indianapolis, IN	3.0	2.0	1188	$1,500	$1.26	25d	1	0.78mi
5130 E 21st St Indianapolis, IN	3.0	2.0	1188	$1,500	$1.26	45d	1	0.78mi
2819 N Gladstone Ave Indianapolis, IN	4.0	2.0	1261	$1,450	$1.15	45d	1	0.79mi
1421 N Olney St Indianapolis, IN	2.0	1.0	1064	$975	$0.92	0d	1	0.80mi
1421 N Olney St Indianapolis, IN	2.0	1.0	1064	$975	$0.92	12d	1	0.80mi
2410 Adams St Indianapolis, IN	3.0	1.0	900	$1,200	$1.33	12d	1	0.80mi
3451 E 26th St Indianapolis, IN	3.0	2.0	1200	$1,650	$1.38	45d	1	0.80mi
3449 E 26th St Indianapolis, IN	3.0	2.0	1200	$1,512	$1.26	4d	1	0.81mi
1505 N Tuxedo St Unit 1507 Indianapolis, IN	2.0	1.0	1000	$1,100	$1.10	45d	1	0.82mi
1938 N Dearborn St Indianapolis, IN	3.0	1.0	1162	$1,400	$1.20	25d	1	0.82mi
1341 N Gale St Indianapolis, IN	4.0	2.0	899	$2,000	$2.22	25d	1	0.84mi
2864 Forest Manor Ave Indianapolis, IN	3.0	1.0	1018	$1,500	$1.47	25d	1	0.87mi
2862 N Chester Ave Indianapolis, IN	3.0	2.0	1076	$1,520	$1.41	45d	1	0.88mi
2826 Station St Indianapolis, IN	3.0	2.0	1248	$1,550	$1.24	45d	1	0.89mi
1323 N Olney St Indianapolis, IN	2.0	1.0	1288	$945	$0.73	45d	1	0.91mi
2828 N Gale St Indianapolis, IN	3.0	2.0	1248	$1,260	$1.01	0d	1	0.93mi

Listing history 19 events

1. 2026-06-17
   status $100,000 Pending 78 DOM
2. 2026-06-16
   days on market $100,000 Active 78 DOM
3. 2026-06-15
   days on market $100,000 Active 77 DOM
4. 2026-06-13
   days on market $100,000 Active 75 DOM
5. 2026-06-13
   pricedays on market $100,000 Active 74 DOM
6. 2026-06-09
   days on market $109,000 Active 71 DOM
7. 2026-06-08
   days on market $109,000 Active 70 DOM
8. 2026-06-07
   days on market $109,000 Active 69 DOM
9. 2026-06-03
   days on market $109,000 Active 65 DOM
10. 2026-06-02
    days on market $109,000 Active 64 DOM
11. 2026-06-01
    days on market $109,000 Active 63 DOM
12. 2026-05-31
    days on market $109,000 Active 62 DOM
13. 2026-05-08
    price $119,000 903-char remark

    Show marketing remark (903 chars)

    This charming 11/2-story home offers a welcoming feel the moment you arrive, with a layout that makes everyday living simple and comfortable. Step inside and you'll find a space that blends classic character with practical functionality. Whether you're looking for your next home or a place with room to add your own touches, this one is worth seeing in person. Built in 1904, this traditional single-family home offers 1,036 square feet per county records and features a low-maintenance vinyl exterior with vinyl windows. The main level includes two bedrooms and a full bathroom, while the upper level provides an additional bedroom that can serve as a private retreat, guest room, or office space. An attached two-car carport offers covered parking and could easily be enclosed to create a garage by finishing the exterior walls, adding even more value and flexibility to this well-maintained home.

14. 2026-04-20
    status Active 903-char remark

    Show marketing remark (903 chars)

    This charming 11/2-story home offers a welcoming feel the moment you arrive, with a layout that makes everyday living simple and comfortable. Step inside and you'll find a space that blends classic character with practical functionality. Whether you're looking for your next home or a place with room to add your own touches, this one is worth seeing in person. Built in 1904, this traditional single-family home offers 1,036 square feet per county records and features a low-maintenance vinyl exterior with vinyl windows. The main level includes two bedrooms and a full bathroom, while the upper level provides an additional bedroom that can serve as a private retreat, guest room, or office space. An attached two-car carport offers covered parking and could easily be enclosed to create a garage by finishing the exterior walls, adding even more value and flexibility to this well-maintained home.

15. 2026-04-01
    status Pending 903-char remark

    Show marketing remark (903 chars)

    This charming 11/2-story home offers a welcoming feel the moment you arrive, with a layout that makes everyday living simple and comfortable. Step inside and you'll find a space that blends classic character with practical functionality. Whether you're looking for your next home or a place with room to add your own touches, this one is worth seeing in person. Built in 1904, this traditional single-family home offers 1,036 square feet per county records and features a low-maintenance vinyl exterior with vinyl windows. The main level includes two bedrooms and a full bathroom, while the upper level provides an additional bedroom that can serve as a private retreat, guest room, or office space. An attached two-car carport offers covered parking and could easily be enclosed to create a garage by finishing the exterior walls, adding even more value and flexibility to this well-maintained home.

16. 2026-03-11
    listed $129,000 Active 903-char remark

    Show marketing remark (903 chars)

    This charming 11/2-story home offers a welcoming feel the moment you arrive, with a layout that makes everyday living simple and comfortable. Step inside and you'll find a space that blends classic character with practical functionality. Whether you're looking for your next home or a place with room to add your own touches, this one is worth seeing in person. Built in 1904, this traditional single-family home offers 1,036 square feet per county records and features a low-maintenance vinyl exterior with vinyl windows. The main level includes two bedrooms and a full bathroom, while the upper level provides an additional bedroom that can serve as a private retreat, guest room, or office space. An attached two-car carport offers covered parking and could easily be enclosed to create a garage by finishing the exterior walls, adding even more value and flexibility to this well-maintained home.

17. 2018-07-30
    soldstatus $75,000 Sold 264-char remark

    Show marketing remark (264 chars)

    Great opportunity for investment properties! 100% rented! Long term renter. Highly maintained and great rent. New Vinyl siding is being put on now and the interior has just been redone! This home can be a part of a group sale of 6 other tenant occupied properties.

18. 2018-06-30
    status Pending 264-char remark

    Show marketing remark (264 chars)

    Great opportunity for investment properties! 100% rented! Long term renter. Highly maintained and great rent. New Vinyl siding is being put on now and the interior has just been redone! This home can be a part of a group sale of 6 other tenant occupied properties.

19. 2018-06-12
    listed $75,000 Active 264-char remark

    Show marketing remark (264 chars)

    Great opportunity for investment properties! 100% rented! Long term renter. Highly maintained and great rent. New Vinyl siding is being put on now and the interior has just been redone! This home can be a part of a group sale of 6 other tenant occupied properties.

ⓘ 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: $1,260 · $105/mo
• Projected year-2 tax: $1,260 · $105/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 3/10 Moderate 7 d/yr ≥101°F today · 18 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: $15,731
• − Mortgage interest: −$5,602
• − Property taxes: −$1,260
• − Insurance: −$500
• − Repairs & maintenance: −$1,258
• − Management: −$1,258
• − Depreciation: −$2,909
• Taxable income: $2,943
• Est. tax owed @ 24.0%: −$706
• After-tax cash flow: $3,668/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): 29,360
• Household income: $38,063
• Rent vs Own: 47.2% rent · 52.8% own
• Severe rent burden: 2340.0

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 Black (68%)
• Race & ethnicity: Black 68% White 18% Hispanic / Latino 9% Two or more races 6%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 1%
• Foreign-born: 5% · Canada, Philippines
• Languages at home: 92% English-only · Spanish 7%

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: ▼ -81.57%
• Current HPI: 395.7071
• Rent YoY: ▲ 0.81%
• 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

+58.7% since first listed

7 events — show timeline

• 2026-05-08 Price Changed $119,000 MIBOR as Distributed by MLS Grid
• 2026-04-20 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-01 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-11 Listed $129,000 MIBOR as Distributed by MLS Grid
• 2018-07-30 Sold (MLS) $75,000 MIBOR as Distributed by MLS Grid
• 2018-06-30 Pending — MIBOR as Distributed by MLS Grid
• 2018-06-12 Listed $75,000 MIBOR as Distributed by MLS Grid

Property tax history

+4.3%/yr

Latest (2025): $1,260 · +9.2% YoY. Source: county tax records.