726 Dorman St · Indianapolis city (balance), IN 46202

$225,000

2 bd · 1.0 ba · 1,136 sqft · SingleFamily public records · 79 Days on market

Built 1890 5,009 sqft lot $198/sqft · 32% below area Est $382k · 41% under ↓ 15% since listing

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Cash flow +12.4/30.0
• DSCR +3.7/10.0
• 1% rule +2.6/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Incredible opportunity awaits in coveted Cottage Home! Nestled on the best block of Downtown Indy's most darling neighborhood, this home is ready for your creative vision to take wing. Roll up your sleeves, because this one is perfectly primed for an owner-occupied sweat equity project. Vault the ceilings upstairs, build an addition above the back 180, refinish the beautiful old hardwoods, let your imagination run wild. Right around the corner from the Monon Trail, and within walking distance of the Bottleworks District, Mass Ave, Sidedoor Bagel, King Dough, Natural State Provisions, and all of the great things Downtown Indy offers, this one is a rare gem. Location, location, location!

Key facts

• Downtown indy
• Bottleworks district
• Mass ave

Tags

• COTTAGE HOME
• DOWNTOWN INDY
• MONON TRAIL
• BOTTLEWORKS DISTRICT
• MASS AVE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $-37 ($-443/yr) — negative.
• To cash-flow at today's rent, offer at most $218k (2.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $171k (23.9% below list).
• Recommended offer: $171k (23.9% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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 D — 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 soft (-0.4%/yr); 262 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 40% 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 32% of the median local income ($64k/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 $2k of loan paydown is wiped out by about $7k 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 79 days — a 6% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $171,113 (23.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 79 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 0.76% ✗
• Cap rate: 6.10%
• Cash-on-cash: -0.70%
• DSCR: 0.97
• GRM: 11.0

CMA / ARV

• ARV (median comp): $381,881
• List price: $225,000
• Delta: -41.08%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
355 E Saint Clair St	0.65mi	2/1.5	1,120 (-1%)	0mo	$260,000	$232	65
383 E Arch St	0.64mi	2/1.5	1,120 (-1%)	4mo	$335,000	$299	62
354 E Arch St	0.65mi	2/1.5	1,120 (-1%)	11mo	$330,000	$295	56
1215 E 10th St	0.28mi	1/1.0 (-1)	1,250 (+10%)	18mo	$227,000	$182	50
1420 E Market St	0.67mi	3/1.5 (+1)	1,104 (-3%)	11mo	$241,000	$218	48
1219 E 15th St	0.64mi	2/2.5	1,213 (+7%)	15mo	$250,000	$206	40
1818 E 11th St	0.66mi	2/1.0	1,006 (-11%)	14mo	$160,050	$159	38
1531 Yandes St	0.70mi	2/2.5	1,299 (+14%)	6mo	$320,000	$246	32

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -20.5%
• Equity multiple: 0.30×
• Total profit: $-43,904
• Equity at exit: $33,548

10-year hold

• IRR: -21.3%
• Equity multiple: 0.03×
• Total profit: $-60,952
• Equity at exit: $19,454

Cash invested: $63,000 (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 46202

• Home prices YoY: -26.2%
• Rents YoY: -0.4%
• Active inventory: 262
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $1,711 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$115 /mo · $1,381/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$359
• Net cashflow: $-37

Break-even live

Break-even rent $1,758

Max offer price $218,471

Occupancy floor 97%

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1118 E Saint Clair St Indianapolis, IN	2.0	2.0	984	$2,200	$2.24	44d	1	0.08mi
888 Massachusetts Ave Unit 1014221P Indianapolis, IN	3.0	3.0	807	$5,027	$6.23	7d	1	0.26mi
747 N College Ave Unit 1378238P Indianapolis, IN	1.0	1.0	775	$2,352	$3.03	20d	1	0.31mi
617 N College Ave Indianapolis, IN	2.0	1.0–2.0	758	$2,337	$3.08	2d	14	0.32mi
617 N College Ave Indianapolis, IN	2.0	1.0–2.0	762	$2,574	$3.38	44d	16	0.32mi
721 E North St Indianapolis, IN	2.0	2.0	960	$2,050	$2.14	44d	1	0.32mi
1401 E 10th St Unit 122 Indianapolis, IN	1.0	1.0	781	$1,250	$1.60	44d	1	0.35mi
1404 E Vermont St Indianapolis, IN	2.0	2.5	1353	$1,950	$1.44	44d	1	0.36mi
1515 E Michigan St Apt 2 Indianapolis, IN	1.0	1.0	700	$825	$1.18	20d	1	0.38mi
1102 N College Ave Indianapolis, IN	2.0	2.0	1200	$1,400	$1.17	44d	1	0.46mi
920 Broadway St Unit B Indianapolis, IN	2.0	1.5	1018	$1,995	$1.96	3d	1	0.47mi
843 N Park Ave Indianapolis, IN	3.0	3.0	1350	$1,900	$1.41	3d	1	0.48mi
332 N Arsenal Ave Unit A Indianapolis, IN	2.0	1.0	750	$1,150	$1.53	7d	1	0.49mi
330 N Arsenal Ave Unit B Indianapolis, IN	2.0	1.0	700	$1,100	$1.57	7d	1	0.49mi
609 E 10th St Indianapolis, IN	1.0	1.0	1000	$1,200	$1.20	44d	1	0.50mi
471 N State Ave Apt 4 Indianapolis, IN	1.0	1.0	800	$865	$1.08	20d	1	0.50mi
1100 E Ohio St Indianapolis, IN	3.0	1.5	1098	$2,190	$1.99	2d	1	0.51mi
1058 E Ohio St Indianapolis, IN	3.0	1.5	1098	$1,999	$1.82	17d	3	0.51mi
604 E 10th St Indianapolis, IN	2.0	2.5	1387	$2,395	$1.73	10d	1	0.52mi
726 N East St Indianapolis, IN	1.0	1.0	700	$1,425	$2.04	14d	5	0.54mi
437 N State Ave Indianapolis, IN	2.0	1.5	933	$1,350	$1.45	24d	1	0.54mi
437 N State Ave Indianapolis, IN	2.0	1.5	933	$1,500	$1.61	44d	1	0.54mi
437 N State Ave Indianapolis, IN	2.0	1.5	933	$1,350	$1.45	12d	1	0.54mi
784 Woodruff Place Middle Dr Indianapolis, IN	1.0	1.0	750	$1,300	$1.73	44d	1	0.55mi
1730 Alloy Dr Indianapolis, IN	2.0	2.5	1350	$2,400	$1.78	24d	1	0.60mi
501n N New Jersey St Unit 1378235P Indianapolis, IN	2.0	1.0–2.0	1006	$4,885	$4.86	3d	2	0.60mi
530 Massachusetts Ave Indianapolis, IN	1.0	1.0–1.5	863	$2,916	$3.38	2d	15	0.61mi
423 E Michigan St Indianapolis, IN	2.0	2.0	632	$2,709	$4.29	3d	10	0.62mi
1117 E Market St Indianapolis, IN	2.0	1.0–2.0	803	$1,875	$2.33	3d	15	0.63mi
119 N Arsenal Ave Unit 119 Indianapolis, IN	3.0	2.0	1250	$1,800	$1.44	44d	1	0.64mi
119 N Arsenal Ave Indianapolis, IN	3.0	2.0	1250	$1,800	$1.44	22d	1	0.64mi
970 Fort Wayne Ave Unit E Indianapolis, IN	2.0	2.0	1172	$2,100	$1.79	44d	1	0.64mi
117 N Arsenal Ave Unit 117 Indianapolis, IN	3.0	2.0	1250	$1,800	$1.44	44d	1	0.64mi
115 N Arsenal Ave Indianapolis, IN	3.0	2.0	1297	$1,800	$1.39	44d	1	0.65mi
117 N Arsenal Ave Indianapolis, IN	3.0	2.0	1250	$1,800	$1.44	4d	1	0.65mi
1534 E Ohio St Indianapolis, IN	3.0	2.5	1204	$1,650	$1.37	16d	1	0.65mi
530 E Ohio St Indianapolis, IN	2.0	1.0–2.0	935	$1,838	$1.97	2d	7	0.66mi
1529 E Ohio St Indianapolis, IN	2.0	1.0	1118	$1,299	$1.16	44d	1	0.66mi
101 N Arsenal Ave Indianapolis, IN	3.0	2.0	1300	$1,749	$1.35	44d	1	0.67mi
1541 E Ohio St Indianapolis, IN	3.0	1.0	1400	$1,399	$1.00	44d	1	0.67mi

Listing history 24 events

1. 2026-06-18
   days on market $225,000 Active 79 DOM
2. 2026-06-17
   days on market $225,000 Active 78 DOM
3. 2026-06-16
   days on market $225,000 Active 77 DOM
4. 2026-06-15
   days on market $225,000 Active 76 DOM
5. 2026-06-13
   days on market $225,000 Active 74 DOM
6. 2026-06-13
   pricedays on market $225,000 Active 73 DOM
7. 2026-06-09
   days on market $235,000 Active 70 DOM
8. 2026-06-08
   days on market $235,000 Active 69 DOM
9. 2026-06-07
   days on market $235,000 Active 68 DOM
10. 2026-06-03
    days on market $235,000 Active 64 DOM
11. 2026-06-02
    days on market $235,000 Active 63 DOM
12. 2026-06-01
    days on market $235,000 Active 62 DOM
13. 2026-05-31
    days on market $235,000 Active 61 DOM
14. 2026-03-31
    historical

    Show marketing remark (694 chars)

    Incredible opportunity awaits in coveted Cottage Home! Nestled on the best block of Downtown Indy's most darling neighborhood, this home is ready for your creative vision to take wing. Roll up your sleeves, because this one is perfectly primed for an owner-occupied sweat equity project. Vault the ceilings upstairs, build an addition above the back 180, refinish the beautiful old hardwoods, let your imagination run wild. Right around the corner from the Monon Trail, and within walking distance of the Bottleworks District, Mass Ave, Sidedoor Bagel, King Dough, Natural State Provisions, and all of the great things Downtown Indy offers, this one is a rare gem. Location, location, location!

15. 2026-03-31
    listed $235,000 Active 694-char remark

    Show marketing remark (694 chars)

    Incredible opportunity awaits in coveted Cottage Home! Nestled on the best block of Downtown Indy's most darling neighborhood, this home is ready for your creative vision to take wing. Roll up your sleeves, because this one is perfectly primed for an owner-occupied sweat equity project. Vault the ceilings upstairs, build an addition above the back 180, refinish the beautiful old hardwoods, let your imagination run wild. Right around the corner from the Monon Trail, and within walking distance of the Bottleworks District, Mass Ave, Sidedoor Bagel, King Dough, Natural State Provisions, and all of the great things Downtown Indy offers, this one is a rare gem. Location, location, location!

16. 2026-03-25
    price $235,000
17. 2026-01-01
    status Active
18. 2025-09-22
    status Pending
19. 2025-07-16
    status Active
20. 2025-07-09
    historical
21. 2025-01-17
    price $265,000
22. 2024-10-04
    status Active
23. 2024-08-14
    status Active
24. 2024-04-10
    listed $275,000 Active

ⓘ 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: $1,381 · $115/mo
• Projected year-2 tax: $1,647 · $137/mo
• Expected delta: +$266/yr (+$22/mo · 19.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (shaded) · 24% 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: $20,534
• − Mortgage interest: −$12,603
• − Property taxes: −$1,381
• − Insurance: −$1,125
• − Repairs & maintenance: −$1,643
• − Management: −$1,643
• − Depreciation: −$6,545
• Taxable loss: −$4,407
• Est. tax savings @ 24.0%: +$1,058
• After-tax cash flow: $614/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): 20,180
• Household income: $63,506
• Rent vs Own: 70.6% rent · 29.4% own
• Severe rent burden: 1829.0

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 0.57)
• Race & ethnicity: White 62% Black 20% Hispanic / Latino 8% Asian 6% Two or more races 5%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 4% Romanian 3% Slovak 3%
• Foreign-born: 11% · Canada, China
• Languages at home: 86% English-only · Spanish 6% Other Indo-European 3% 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: ▼ -136.75%
• Current HPI: 385.5518
• Rent YoY: ▼ -0.37%
• 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

-14.5% since first listed

11 events — show timeline

• 2026-03-31 Listed $235,000 MIBOR as Distributed by MLS Grid
• 2026-03-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-03-25 Price Changed $235,000 MIBOR as Distributed by MLS Grid
• 2026-01-01 Relisted — MIBOR as Distributed by MLS Grid
• 2025-09-22 Pending — MIBOR as Distributed by MLS Grid
• 2025-07-16 Relisted — MIBOR as Distributed by MLS Grid
• 2025-07-09 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-01-17 Price Changed $265,000 MIBOR as Distributed by MLS Grid
• 2024-10-04 Relisted — MIBOR as Distributed by MLS Grid
• 2024-08-14 Relisted — MIBOR as Distributed by MLS Grid
• 2024-04-10 Listed $275,000 MIBOR as Distributed by MLS Grid

Property tax history

+20.9%/yr

Latest (2025): $1,381 · -10.8% YoY. Source: county tax records.