1621 Union St · Indianapolis city (balance), IN 46225

$126,580

4 bd · 1.0 ba · 2,262 sqft · SingleFamily public records · 133 Days on market

Built 1900 4,182 sqft lot $56/sqft · 45% below area

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Four bedrooms plus bonus room ready for your decorator's touch. Near Bates-Hendricks and convenient access to highways and downtown. Fenced rear yard, covered porch and rear patio. New water heater, furnace 2yrs, updated electrical.

Key facts

• Covered porch
• Updated electrical
• New water heater

Tags

• FENCED REAR YARD
• COVERED PORCH
• REAR PATIO
• NEW WATER HEATER
• UPDATED ELECTRICAL

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $127k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $127k).
• Recommended offer: $111k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.2% 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 (+11.0%/yr); 129 active listings in the ZIP; 31 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).
• At $2,448/mo this rent would consume 53% of the median local household income ($55k/yr) (locally 311% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $875 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 + 8.0% rent growth), your $35k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 133 days — a 12% lower offer ($111k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 26y ago; this cycle's ask is 15% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $111,390 (12.0% below list)

Questions for the listing agent

1. It's been on market 133 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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: 1.93% ✓
• Cap rate: 16.20%
• Cash-on-cash: 35.37%
• DSCR: 2.57
• GRM: 4.3

CMA / ARV

• ARV (median comp): $343,025
• List price: $126,580
• Delta: -63.10%
• 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
1415 Union St	0.21mi	4/2.5	2,177 (-4%)	1mo	$439,000	$202	78
29 E Palmer St	0.04mi	5/3.5 (+1)	2,520 (+11%)	0mo	$375,000	$149	64
2117 Webb St	0.53mi	3/1.0 (-1)	2,138 (-6%)	1mo	$60,000	$28	60
818 Iowa St	0.65mi	3/1.0 (-1)	2,187 (-3%)	1mo	$146,000	$67	59
2165 S Meridian St	0.55mi	3/1.0 (-1)	2,398 (+6%)	2mo	$68,500	$29	58
1602 Leonard St	0.71mi	3/2.0 (-1)	2,288 (+1%)	0mo	$275,000	$120	56
325 Sanders St	0.44mi	3/2.5 (-1)	2,042 (-10%)	1mo	$359,000	$176	51
519 Lincoln St	0.45mi	3/2.0 (-1)	2,510 (+11%)	1mo	$323,500	$129	51
515 Orange St	0.52mi	3/2.5 (-1)	2,462 (+9%)	0mo	$310,000	$126	50
826 E Minnesota St	0.66mi	3/3.0 (-1)	2,347 (+4%)	1mo	$450,000	$192	49
719 Terrace Ave	0.58mi	4/2.0	2,559 (+13%)	0mo	$279,900	$109	46
373 E Morris St	0.52mi	3/3.5 (-1)	2,478 (+10%)	1mo	$342,900	$138	44

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: 36.6%
• Equity multiple: 2.66×
• Total profit: $59,003
• Equity at exit: $18,873

10-year hold

• IRR: 45.8%
• Equity multiple: 6.53×
• Total profit: $196,121
• Equity at exit: $10,944

Cash invested: $35,442 (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: 4.3×

Monthly cashflow live

• Estimated rent: $2,448 high
• Mortgage (P&I): −$664
• Tax from tax record: −$173 /mo · $2,075/yr
• Insurance: −$53
• HOA: −$0
• Vacancy / Maint / Mgmt: −$514
• Net cashflow: $1,045

Break-even live

Break-even rent $1,126

Max offer price $126,580

Occupancy floor 52%

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: $31,645
• Closing costs: $3,797
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
243 Terrace Ave Indianapolis, IN	4.0	2.0	1669	$2,700	$1.62	18d	1	0.31mi
350 Terrace Ave Indianapolis, IN	4.0	2.5	2552	$3,000	$1.18	4d	1	0.37mi
350 Terrace Ave Indianapolis, IN	4.0	2.5	2552	$3,000	$1.18	24d	1	0.37mi
406 Parkway Ave Indianapolis, IN	4.0	2.5	2481	$2,250	$0.91	24d	1	0.43mi
406 Orange St Indianapolis, IN	3.0	2.5	1820	$2,250	$1.24	44d	1	0.47mi
1830 Orleans St Indianapolis, IN	3.0	2.5	1586	$1,995	$1.26	44d	1	0.54mi
728 Cottage Ave Indianapolis, IN	3.0	2.5	1831	$2,550	$1.39	24d	1	0.59mi
743 Cottage Ave Indianapolis, IN	5.0	2.0	2233	$1,995	$0.89	44d	1	0.60mi
1835 Applegate St Indianapolis, IN	4.0	3.0	2024	$2,300	$1.14	44d	1	0.62mi
734 Parkway Ave Indianapolis, IN	3.0	2.0	2110	$2,299	$1.09	24d	1	0.64mi
518 Prospect St Unit 1357365P Indianapolis, IN	3.0	2.0	1614	$2,594	$1.61	7d	1	0.67mi
518 Prospect St Unit 1353834P Indianapolis, IN	3.0	2.0	1603	$2,442	$1.52	15d	1	0.67mi
2283 Union St Indianapolis, IN	3.0	2.0	1824	$1,820	$1.00	24d	1	0.69mi
1247 Wright St Indianapolis, IN	3.0	1.5	1809	$1,750	$0.97	44d	1	0.71mi
822 Union St Indianapolis, IN	3.0	3.0	2384	$3,700	$1.55	24d	1	0.75mi
818 Union St Indianapolis, IN	4.0	4.0	2624	$3,900	$1.49	24d	1	0.75mi
1301 Ringgold Ave Unit 1303750P Indianapolis, IN	3.0	3.0	2884	$6,514	$2.26	44d	1	0.88mi
1337 Barth Ave Unit NA Indianapolis, IN	3.0	1.0	2468	$1,700	$0.69	4d	1	0.91mi
1337 Barth Ave Indianapolis, IN	3.0	1.0	2468	$1,700	$0.69	7d	1	0.91mi
1337 Barth Ave Indianapolis, IN	3.0	1.0	2468	$1,700	$0.69	16d	1	0.91mi
1337 Barth Ave Indianapolis, IN	3.0	1.0	2468	$1,700	$0.69	10d	1	0.91mi
1205 Cottage Ave Unit 1372938P Indianapolis, IN	4.0	3.5	2680	$6,638	$2.48	44d	1	1.01mi
1258 E Naomi St Indianapolis, IN	3.0	2.0	1608	$1,450	$0.90	7d	1	1.10mi
1409 Linden St Unit 1028898P Indianapolis, IN	5.0	6.0	2895	$14,651	$5.06	24d	1	1.13mi
1330 Laurel St Indianapolis, IN	3.0	2.0	1911	$2,250	$1.18	20d	1	1.17mi
229 S Delaware St Indianapolis, IN	3.0	1.0–3.5	1207	$4,758	$3.94	2d	54	1.27mi
1140 Hoyt Ave Indianapolis, IN	4.0	1.5	1831	$1,895	$1.03	44d	1	1.29mi
1135 Spann Ave Indianapolis, IN	4.0	2.5	1836	$2,495	$1.36	18d	1	1.35mi
1528 E Tabor St Indianapolis, IN	3.0	1.5	2200	$1,550	$0.70	15d	1	1.36mi
1641 Iowa St Indianapolis, IN	3.0	3.0	1938	$1,900	$0.98	24d	1	1.38mi
1399 Hoefgen St Indianapolis, IN	5.0	3.0	2122	$2,100	$0.99	2d	1	1.43mi

Listing history 14 events

1. 2026-06-19
   status $126,580 Active 133 DOM
2. 2026-05-19
   status Pending 236-char remark

   Show marketing remark (236 chars)

   Four bedrooms plus bonus room ready for your decorator's touch. Near Bates-Hendricks and convenient access to highways and downtown. Fenced rear yard, covered porch and rear patio. New water heater, furnace 2yrs, updated electrical.

3. 2026-04-04
   status Active 236-char remark

   Show marketing remark (236 chars)

   Four bedrooms plus bonus room ready for your decorator's touch. Near Bates-Hendricks and convenient access to highways and downtown. Fenced rear yard, covered porch and rear patio. New water heater, furnace 2yrs, updated electrical.

4. 2026-02-12
   status Pending 236-char remark

   Show marketing remark (236 chars)

   Four bedrooms plus bonus room ready for your decorator's touch. Near Bates-Hendricks and convenient access to highways and downtown. Fenced rear yard, covered porch and rear patio. New water heater, furnace 2yrs, updated electrical.

5. 2026-01-30
   price $126,580 236-char remark

   Show marketing remark (236 chars)

   Four bedrooms plus bonus room ready for your decorator's touch. Near Bates-Hendricks and convenient access to highways and downtown. Fenced rear yard, covered porch and rear patio. New water heater, furnace 2yrs, updated electrical.

6. 2026-01-30
   status Active 236-char remark

   Show marketing remark (236 chars)

   Four bedrooms plus bonus room ready for your decorator's touch. Near Bates-Hendricks and convenient access to highways and downtown. Fenced rear yard, covered porch and rear patio. New water heater, furnace 2yrs, updated electrical.

7. 2026-01-16
   status Pending 236-char remark

   Show marketing remark (236 chars)

   Four bedrooms plus bonus room ready for your decorator's touch. Near Bates-Hendricks and convenient access to highways and downtown. Fenced rear yard, covered porch and rear patio. New water heater, furnace 2yrs, updated electrical.

8. 2026-01-04
   status Active 236-char remark

   Show marketing remark (236 chars)

   Four bedrooms plus bonus room ready for your decorator's touch. Near Bates-Hendricks and convenient access to highways and downtown. Fenced rear yard, covered porch and rear patio. New water heater, furnace 2yrs, updated electrical.

9. 2025-12-26
   historical 236-char remark

   Show marketing remark (236 chars)

   Four bedrooms plus bonus room ready for your decorator's touch. Near Bates-Hendricks and convenient access to highways and downtown. Fenced rear yard, covered porch and rear patio. New water heater, furnace 2yrs, updated electrical.

10. 2025-12-03
    status Active 236-char remark

    Show marketing remark (236 chars)

    Four bedrooms plus bonus room ready for your decorator's touch. Near Bates-Hendricks and convenient access to highways and downtown. Fenced rear yard, covered porch and rear patio. New water heater, furnace 2yrs, updated electrical.

11. 2025-11-08
    status Pending 236-char remark

    Show marketing remark (236 chars)

    Four bedrooms plus bonus room ready for your decorator's touch. Near Bates-Hendricks and convenient access to highways and downtown. Fenced rear yard, covered porch and rear patio. New water heater, furnace 2yrs, updated electrical.

12. 2025-09-30
    listed $110,000 Active 236-char remark

    Show marketing remark (236 chars)

    Four bedrooms plus bonus room ready for your decorator's touch. Near Bates-Hendricks and convenient access to highways and downtown. Fenced rear yard, covered porch and rear patio. New water heater, furnace 2yrs, updated electrical.

13. 2001-02-18
    historical
14. 2000-08-18
    listed $55,202

ⓘ 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: $2,075 · $173/mo
• Projected year-2 tax: $2,075 · $173/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 100% 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: $29,378
• − Mortgage interest: −$7,090
• − Property taxes: −$2,075
• − Insurance: −$633
• − Repairs & maintenance: −$2,350
• − Management: −$2,350
• − Depreciation: −$3,682
• Taxable income: $11,197
• Est. tax owed @ 24.0%: −$2,687
• After-tax cash flow: $9,848/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

+129.3% since first listed

13 events — show timeline

• 2026-05-19 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-04 Relisted — MIBOR as Distributed by MLS Grid
• 2026-02-12 Pending — MIBOR as Distributed by MLS Grid
• 2026-01-30 Price Changed $126,580 MIBOR as Distributed by MLS Grid
• 2026-01-30 Relisted — MIBOR as Distributed by MLS Grid
• 2026-01-16 Pending — MIBOR as Distributed by MLS Grid
• 2026-01-04 Relisted — MIBOR as Distributed by MLS Grid
• 2025-12-26 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-12-03 Relisted — MIBOR as Distributed by MLS Grid
• 2025-11-08 Pending — MIBOR as Distributed by MLS Grid
• 2025-09-30 Listed $110,000 MIBOR as Distributed by MLS Grid
• 2001-02-18 Listing Removed — MIBOR as Distributed by MLS Grid
• 2000-08-18 Listed $55,202 MIBOR as Distributed by MLS Grid

Property tax history

+7.2%/yr

Latest (2025): $2,075 · +8.5% YoY. Source: county tax records.