533 S Keystone Ave · Indianapolis city (balance), IN 46203

$89,900

2 bd · 1.0 ba · 720 sqft · SingleFamily public records · 23 Days on market

Built 1925 5,619 sqft lot Est $145k · 38% 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 +28.3/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +6.8/10.0
• Rent growth +3.2/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Cute bungalow with decent sized yard. Much potential for right investor or fixer-upper.

Key facts

• Formal dining room
• Eat in kitchen
• Plenty of parking

Tags

• HARDWOOD FLOORS
• EAT IN KITCHEN
• FORMAL DINING ROOM
• FENCED BACKYARD
• BASEMENT SPACE
• PLENTY OF PARKING

Property features AI

Exterior

• Parking: Detached garage with storage (1 garage space)
• Utilities: Public water; Municipal sewer connection; Solid waste service available
• Home design: Single-family residence; One and one-half story
• Construction: Aluminum siding; Block foundation
• Exterior features: Full privacy fencing with gate and wrought iron; Yard (lot under 1/4 acre)

Interior

• Kitchen: Electric oven; Refrigerator
• Bedrooms: Two bedrooms total — one on the main level and one on the upper level (Upper bedroom sized 29x10)
• Flooring: Hardwood floors
• Bathrooms: One full bathroom (on the main level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Hardwood floors; Finished basement area; Five total rooms
• Laundry & utility: Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $287 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $89k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.1% 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 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: William Mckinley School 39 (math 23% / reading 15%, grade F, #829 of 994 statewide, top 84%, 369 students, 76% FRL); Arsenal Technical High School (math 6% / reading 27%, grade F, #353 of 369 statewide, top 96%, 2,366 students, 74% FRL) — zoned schools at 75% FRL track the district average.
• Market conditions: Rents rising (+2.9%/yr); 493 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 45% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 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 + 2.9% rent growth), your $25k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($89k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 21y 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.
• Current owner paid $11k; list at $90k implies a 717% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $88,551 (1.5% below list)

Questions for the listing agent

1. Built in 1925 — 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: 1.18% ✓
• Cap rate: 10.12%
• Cash-on-cash: 13.67%
• DSCR: 1.61
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $144,720
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2217 Spann Ave	0.18mi	2/1.0	720 (0%)	3mo	$177,000	$246	89
524 S Rural St	0.23mi	2/1.0	720 (0%)	7mo	$148,000	$206	83
520 S Rural St	0.23mi	2/1.0	720 (0%)	8mo	$95,000	$132	82
2219 Lexington Ave	0.26mi	2/1.0	717 (-0%)	17mo	$178,366	$249	73
618 S Temple Ave	0.12mi	2/1.0	672 (-7%)	14mo	$137,000	$204	72
2348 Hoyt Ave	0.10mi	2/1.0	748 (+4%)	22mo	$150,000	$201	71
237 S Keystone Ave	0.36mi	3/1.0 (+1)	716 (-1%)	21mo	$135,000	$189	60
1456 Hoyt Ave	0.71mi	2/1.0	732 (+2%)	14mo	$102,000	$139	52
418 S Oxford St	0.34mi	2/1.0	816 (+13%)	14mo	$151,000	$185	51
239 S Temple Ave	0.39mi	3/1.0 (+1)	768 (+7%)	20mo	$110,000	$143	49
1118 Churchman Ave	0.51mi	2/2.0	812 (+13%)	7mo	$244,000	$300	45
35 N Forest Ave	0.71mi	2/1.0	672 (-7%)	18mo	$99,999	$149	40

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 · 2.88% rent growth · sell at horizon

5-year hold

• IRR: 3.6%
• Equity multiple: 1.14×
• Total profit: $3,539
• Equity at exit: $13,404

10-year hold

• IRR: 13.0%
• Equity multiple: 2.03×
• Total profit: $25,966
• Equity at exit: $7,773

Cash invested: $25,172 (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 46203

• Home prices YoY: -26.7%
• Rents YoY: 2.9%
• Active inventory: 493
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,064 high
• Mortgage (P&I): −$471
• Tax from tax record: −$45 /mo · $542/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$224
• Net cashflow: $287

Break-even live

Break-even rent $701

Max offer price $89,900

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
423 Villa Ave Indianapolis, IN	1.0	1.0	593	$799	$1.35	23d	1	0.34mi
2025 Southeastern Ave Indianapolis, IN	1.0	1.0	663	$775	$1.17	43d	1	0.37mi
2034 Southeastern Ave Indianapolis, IN	1.0	1.0	525	$850	$1.62	14d	1	0.38mi
1912 Lexington Ave Unit 1910B Indianapolis, IN	1.0	1.0	660	$850	$1.29	43d	1	0.42mi
3022 English Ave Unit 3022 Indianapolis, IN	2.0	1.0	600	$650	$1.08	43d	1	0.42mi
1022 S Churchman Ave Unit 1024 Indianapolis, IN	1.0	1.0	350	$895	$2.56	43d	1	0.42mi
247 S Randolph St Indianapolis, IN	2.0	1.0	720	$750	$1.04	43d	1	0.45mi
245 S Randolph St Indianapolis, IN	2.0	1.0	720	$750	$1.04	43d	1	0.45mi
815 Dawson St Unit 2 Indianapolis, IN	2.0	1.0	600	$1,300	$2.17	4d	1	0.50mi
1718 Southeastern Ave Indianapolis, IN	1.0	1.0	700	$1,080	$1.54	43d	1	0.58mi
49 S Rural St Indianapolis, IN	2.0	1.5	750	$950	$1.27	10d	1	0.60mi
1023 S State Ave Indianapolis, IN	1.0	1.0	600	$1,099	$1.83	23d	1	0.63mi
270 S Lasalle St Indianapolis, IN	3.0	2.0	562	$1,329	$2.36	7d	1	0.68mi
1026 Laurel St Indianapolis, IN	1.0	1.0	655	$860	$1.31	43d	1	0.85mi
2211 E New York St Unit B Indianapolis, IN	1.0	1.0	650	$725	$1.12	22d	1	0.85mi
1441 Prospect St Indianapolis, IN	2.0	1.0–2.0	2840	$2,000	$0.70	1d	13	0.85mi
1503 Dawson St Indianapolis, IN	2.0	1.0	700	$1,200	$1.71	43d	1	0.88mi
1306 Woodlawn Ave Unit 1D Indianapolis, IN	1.0	1.0	391	$1,025	$2.62	43d	1	0.90mi
1306 Woodlawn Ave Unit 1B Indianapolis, IN	1.0	1.0	720	$1,275	$1.77	43d	1	0.90mi
1224 Prospect St Indianapolis, IN	2.0	1.0–2.0	691	$2,235	$3.23	1d	8	0.97mi
1329 E Market St Unit 8 Indianapolis, IN	1.0	1.0	480	$945	$1.97	22d	1	0.99mi
1640 Asbury St Indianapolis, IN	1.0	1.0	700	$850	$1.21	43d	1	1.04mi
415 N Oxford St Indianapolis, IN	1.0	1.0	580	$650	$1.12	23d	1	1.05mi
1727 S Randolph St Indianapolis, IN	1.0	1.0	616	$950	$1.54	43d	1	1.06mi
330 N Arsenal Ave Unit B Indianapolis, IN	2.0	1.0	700	$1,100	$1.57	7d	1	1.08mi
332 N Arsenal Ave Unit A Indianapolis, IN	2.0	1.0	750	$1,150	$1.53	7d	1	1.08mi
1044 Shelby St Unit 205 CDBG 80% Indianapolis, IN	1.0	1.0	579	$650	$1.12	17d	1	1.10mi
1117 E Market St Indianapolis, IN	2.0	1.0–2.0	803	$1,875	$2.33	3d	15	1.13mi
471 N State Ave Unit 1 Indianapolis, IN	1.0	1.0	634	$785	$1.24	43d	1	1.15mi
37 S Sherman Dr Indianapolis, IN	1.0	1.0	700	$800	$1.14	23d	1	1.19mi
1515 E Michigan St Apt 2 Indianapolis, IN	1.0	1.0	700	$825	$1.18	20d	1	1.22mi
621 Tecumseh St Indianapolis, IN	2.0	1.0	726	$1,025	$1.41	43d	1	1.27mi
679 Woodruff Place East Dr Indianapolis, IN	1.0	1.0	600	$895	$1.49	23d	1	1.28mi
628 N Oxford St Indianapolis, IN	1.0	1.0	536	$775	$1.45	23d	1	1.28mi
718 E Georgia St Indianapolis, IN	2.0	1.0–2.0	904	$1,777	$1.96	3d	15	1.32mi
1556 Shelby St Indianapolis, IN	2.0	1.0	500	$1,000	$2.00	43d	1	1.33mi
1558 Shelby St Indianapolis, IN	1.0	1.0	500	$1,000	$2.00	43d	1	1.33mi
520 Virginia Ave Apt 24 Indianapolis, IN	1.0	1.0	665	$1,575	$2.37	23d	1	1.38mi
784 Woodruff Place Middle Dr Indianapolis, IN	1.0	1.0	750	$1,300	$1.73	43d	1	1.40mi
531 Virginia Ave Indianapolis, IN	1.0	1.0	642	$1,384	$2.16	7d	4	1.41mi

Listing history 7 events

1. 2026-04-23
   status Pending
2. 2026-03-31
   listed $89,900 Active
3. 2012-08-22
   historical 87-char remark

   Show marketing remark (87 chars)

   Cute bungalow with decent sized yard. Much potential for right investor or fixer-upper.

4. 2012-08-21
   soldstatus $11,000 87-char remark

   Show marketing remark (87 chars)

   Cute bungalow with decent sized yard. Much potential for right investor or fixer-upper.

5. 2012-07-01
   listed $9,900 87-char remark

   Show marketing remark (87 chars)

   Cute bungalow with decent sized yard. Much potential for right investor or fixer-upper.

6. 2005-10-19
   historical
7. 2005-05-20
   listed $63,900

ⓘ 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: $542 · $45/mo
• Projected year-2 tax: $653 · $54/mo
• Expected delta: +$111/yr (+$9/mo · 20.5%)

ⓘ 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 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: $12,771
• − Mortgage interest: −$5,036
• − Property taxes: −$542
• − Insurance: −$450
• − Repairs & maintenance: −$1,022
• − Management: −$1,022
• − Depreciation: −$2,615
• Taxable income: $2,085
• Est. tax owed @ 24.0%: −$500
• After-tax cash flow: $2,940/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): 37,758
• Household income: $57,393
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 1499.0

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% Hispanic / Latino 14% Black 12% Two or more races 8% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 12% Puerto Rican 1%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 8% · Canada
• Languages at home: 88% English-only · Spanish 10% Other Indo-European 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: ▼ -127.37%
• Current HPI: 349.579
• Rent YoY: ▲ 2.88%
• 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

+40.7% since first listed

7 events — show timeline

• 2026-04-23 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-31 Listed $89,900 MIBOR as Distributed by MLS Grid
• 2012-08-22 Listing Removed — MIBOR as Distributed by MLS Grid
• 2012-08-21 Sold (MLS) $11,000 MIBOR as Distributed by MLS Grid
• 2012-07-01 Listed $9,900 MIBOR as Distributed by MLS Grid
• 2005-10-19 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-05-20 Listed $63,900 MIBOR as Distributed by MLS Grid

Property tax history

+7.4%/yr

Latest (2025): $542 · -2.7% YoY. Source: county tax records.