1661 N Pasadena St · Indianapolis city (balance), IN 46219

$120,000

2 bd · 1.0 ba · 735 sqft · SingleFamily public records · 91 Days on market

Built 1956 7,013 sqft lot $163/sqft · 46% above area Est $165k · 27% under ↓ 20% 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 +11.7/30.0
• DSCR +3.4/10.0
• Rent growth +3.2/5.0
• 1% rule +2.6/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Turnkey Cash-Flow Rental - Exceeds 1% Rule Asking Price: $145,000 Current Rent: $1,500/month + $200/month pet fee Total Monthly Income: $1,700/month Property Details 2 Bedrooms 1 Bathroom 1,470 total sq ft 735 sq ft main level 735 sq ft basement Built in 1956 Investment Highlights Exceeds the 1% rule Strong in-place cash flow Tenant in place Turnkey opportunity Recent Updates New flooring throughout Updated kitchen and appliances prior to current tenant placement New gas lines New plumbing Updated bathroom fixtures New water heater Roof approximately 10 years old Why This Deal Works Immediate cash flow with additional pet fee income Solid rent-to-price ratio Larger total square footage with basement space Minimal deferred maintenance based on recent updates.

Key facts

• New plumbing
• New flooring
• New water heater

Tags

• NEW FLOORING
• UPDATED KITCHEN
• NEW GAS LINES
• NEW PLUMBING
• UPDATED BATHROOM FIXTURES
• NEW WATER HEATER

🏷️ Possibly a rental listed for sale. The $120,000 price doesn't fit this home's estimated sale value (~$164,768) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $-35 ($-423/yr) — negative.
• To cash-flow at today's rent, offer at most $114k (5.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $91k (24.1% below list).
• Recommended offer: $91k (24.1% below list) — sets the bar for 1% rule.
• Cap rate 5.9% 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.
• 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 rising (+2.6%/yr); 143 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent is only 18% of the median local income ($61k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 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.

Negotiation context

• It's been on market 91 days — a 9% lower offer ($109k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $25k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $91,095 (24.1% 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 91 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 1956 — 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: 5.94%
• Cash-on-cash: -1.26%
• DSCR: 0.94
• GRM: 11.0

CMA / ARV

• ARV (median comp): $164,768
• List price: $120,000
• Delta: -27.17%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6213 Windsor Dr	0.67mi	2/1.0	816 (+11%)	5mo	$125,000	$153	46
2307 Magnolia Pl	0.71mi	2/1.0	816 (+11%)	12mo	$115,000	$141	39
2219 N Webster Ave	0.70mi	3/1.0 (+1)	816 (+11%)	8mo	$153,000	$188	37
2317 Barnor Dr	0.70mi	2/1.0	816 (+11%)	21mo	$109,900	$135	31
2323 Barnor Dr	0.71mi	2/1.0	816 (+11%)	21mo	$109,900	$135	31

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 · 2.63% rent growth · sell at horizon

5-year hold

• IRR: -18.8%
• Equity multiple: 0.34×
• Total profit: $-22,059
• Equity at exit: $17,892

10-year hold

• IRR: -12.0%
• Equity multiple: 0.30×
• Total profit: $-23,604
• Equity at exit: $10,375

Cash invested: $33,600 (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 46219

• Rents YoY: 2.6%
• Active inventory: 143
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $911 high
• Mortgage (P&I): −$629
• Tax from tax record: −$76 /mo · $907/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$191
• Net cashflow: $-35

Break-even live

Break-even rent $956

Max offer price $113,776

Occupancy floor 99%

Sensitivity live

Price	-10% $33	-5% $-1	+0% $-35	+5% $-69	+10% $-103
Rent	-10% $-107	-5% $-71	+0% $-35	+5% $1	+10% $37
Rate	-1.0pp $25	-0.5pp $-5	base $-35	+0.5pp $-66	+1.0pp $-98

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6046 E 21st St Indianapolis, IN	1.0–2.0	1.0	642	$873	$1.36	0d	9	0.66mi
6046 E 21st St Indianapolis, IN	1.0–2.0	1.0	792	$865	$1.09	23d	11	0.66mi
1424 N Campbell Ave Unit 1424 Indianapolis, IN	1.0	1.0	750	$905	$1.21	25d	1	0.67mi
1702 N Ritter Ave Indianapolis, IN	2.0	1.0	750	$1,200	$1.60	5d	1	1.08mi
2304 N Ritter Ave Apt 9 Indianapolis, IN	2.0	1.0	725	$799	$1.10	22d	1	1.26mi
5322 E 19th Pl Indianapolis, IN	2.0	1.0	720	$945	$1.31	45d	1	1.27mi
2308 N Ritter Ave Apt 24 Indianapolis, IN	2.0	1.0	725	$825	$1.14	22d	1	1.27mi
2302 N Ritter Ave Indianapolis, IN	2.0	1.0	725	$788	$1.09	9d	2	1.28mi
2312 N Ritter Ave Apt 31 Indianapolis, IN	2.0	1.0	725	$825	$1.14	23d	1	1.30mi
5242 E 20th Pl Indianapolis, IN	2.0	1.0	720	$1,050	$1.46	9d	1	1.36mi
6052 E Washington St Unit B Indianapolis, IN	1.0	1.0	600	$575	$0.96	25d	1	1.41mi
15 S Webster Ave Indianapolis, IN	1.0	1.0	650	$799	$1.23	6d	1	1.47mi
15 S Webster Ave Unit 17 A Indianapolis, IN	1.0	1.0	650	$799	$1.23	0d	1	1.47mi
5914 E Washington St Indianapolis, IN	1.0	1.0	700	$825	$1.18	25d	1	1.47mi
19 S Webster Ave Indianapolis, IN	1.0	1.0	700	$799	$1.14	45d	1	1.48mi

Listing history 31 events

1. 2026-06-21
   days on market $120,000 Active 91 DOM
2. 2026-06-18
   days on market $120,000 Active 88 DOM
3. 2026-06-17
   days on market $120,000 Active 87 DOM
4. 2026-06-16
   days on market $120,000 Active 86 DOM
5. 2026-06-15
   days on market $120,000 Active 85 DOM
6. 2026-06-13
   days on market $120,000 Active 83 DOM
7. 2026-06-13
   days on market $120,000 Active 82 DOM
8. 2026-06-09
   days on market $120,000 Active 79 DOM
9. 2026-06-08
   days on market $120,000 Active 78 DOM
10. 2026-06-07
    days on market $120,000 Active 77 DOM
11. 2026-06-03
    days on market $120,000 Active 73 DOM
12. 2026-06-02
    days on market $120,000 Active 72 DOM
13. 2026-06-01
    days on market $120,000 Active 71 DOM
14. 2026-05-31
    days on market $120,000 Active 70 DOM
15. 2026-05-10
    price $120,000 796-char remark

    Show marketing remark (796 chars)

    Turnkey Cash-Flow Rental - Exceeds 1% Rule Asking Price: $145,000 Current Rent: $1,500/month + $200/month pet fee Total Monthly Income: $1,700/month Property Details 2 Bedrooms 1 Bathroom 1,470 total sq ft 735 sq ft main level 735 sq ft basement Built in 1956 Investment Highlights Exceeds the 1% rule Strong in-place cash flow Tenant in place Turnkey opportunity Recent Updates New flooring throughout Updated kitchen and appliances prior to current tenant placement New gas lines New plumbing Updated bathroom fixtures New water heater Roof approximately 10 years old Why This Deal Works Immediate cash flow with additional pet fee income Solid rent-to-price ratio Larger total square footage with basement space Minimal deferred maintenance based on recent updates.

16. 2026-05-07
    historical
17. 2026-04-03
    price $125,000 796-char remark

    Show marketing remark (796 chars)

    Turnkey Cash-Flow Rental - Exceeds 1% Rule Asking Price: $145,000 Current Rent: $1,500/month + $200/month pet fee Total Monthly Income: $1,700/month Property Details 2 Bedrooms 1 Bathroom 1,470 total sq ft 735 sq ft main level 735 sq ft basement Built in 1956 Investment Highlights Exceeds the 1% rule Strong in-place cash flow Tenant in place Turnkey opportunity Recent Updates New flooring throughout Updated kitchen and appliances prior to current tenant placement New gas lines New plumbing Updated bathroom fixtures New water heater Roof approximately 10 years old Why This Deal Works Immediate cash flow with additional pet fee income Solid rent-to-price ratio Larger total square footage with basement space Minimal deferred maintenance based on recent updates.

18. 2026-03-24
    status Active 796-char remark

    Show marketing remark (796 chars)

    Turnkey Cash-Flow Rental - Exceeds 1% Rule Asking Price: $145,000 Current Rent: $1,500/month + $200/month pet fee Total Monthly Income: $1,700/month Property Details 2 Bedrooms 1 Bathroom 1,470 total sq ft 735 sq ft main level 735 sq ft basement Built in 1956 Investment Highlights Exceeds the 1% rule Strong in-place cash flow Tenant in place Turnkey opportunity Recent Updates New flooring throughout Updated kitchen and appliances prior to current tenant placement New gas lines New plumbing Updated bathroom fixtures New water heater Roof approximately 10 years old Why This Deal Works Immediate cash flow with additional pet fee income Solid rent-to-price ratio Larger total square footage with basement space Minimal deferred maintenance based on recent updates.

19. 2026-03-24
    price $130,000 796-char remark

    Show marketing remark (796 chars)

    Turnkey Cash-Flow Rental - Exceeds 1% Rule Asking Price: $145,000 Current Rent: $1,500/month + $200/month pet fee Total Monthly Income: $1,700/month Property Details 2 Bedrooms 1 Bathroom 1,470 total sq ft 735 sq ft main level 735 sq ft basement Built in 1956 Investment Highlights Exceeds the 1% rule Strong in-place cash flow Tenant in place Turnkey opportunity Recent Updates New flooring throughout Updated kitchen and appliances prior to current tenant placement New gas lines New plumbing Updated bathroom fixtures New water heater Roof approximately 10 years old Why This Deal Works Immediate cash flow with additional pet fee income Solid rent-to-price ratio Larger total square footage with basement space Minimal deferred maintenance based on recent updates.

20. 2026-03-21
    listed $145,000 Active 796-char remark

    Show marketing remark (796 chars)

    Turnkey Cash-Flow Rental - Exceeds 1% Rule Asking Price: $145,000 Current Rent: $1,500/month + $200/month pet fee Total Monthly Income: $1,700/month Property Details 2 Bedrooms 1 Bathroom 1,470 total sq ft 735 sq ft main level 735 sq ft basement Built in 1956 Investment Highlights Exceeds the 1% rule Strong in-place cash flow Tenant in place Turnkey opportunity Recent Updates New flooring throughout Updated kitchen and appliances prior to current tenant placement New gas lines New plumbing Updated bathroom fixtures New water heater Roof approximately 10 years old Why This Deal Works Immediate cash flow with additional pet fee income Solid rent-to-price ratio Larger total square footage with basement space Minimal deferred maintenance based on recent updates.

21. 2026-03-19
    price $129,995
22. 2026-03-11
    price $134,995
23. 2026-03-04
    listed $139,995 Active
24. 2024-09-07
    soldstatus $115,900 Closed
25. 2024-08-08
    status Pending
26. 2024-07-31
    price $115,900
27. 2024-07-16
    price $122,000
28. 2024-06-28
    price $128,000
29. 2024-06-13
    price $135,000
30. 2024-05-29
    price $142,500
31. 2024-05-15
    listed $149,900 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: $907 · $76/mo
• Projected year-2 tax: $964 · $80/mo
• Expected delta: +$56/yr (+$5/mo · 6.2%)

ⓘ 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 100% 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: $10,931
• − Mortgage interest: −$6,722
• − Property taxes: −$907
• − Insurance: −$600
• − Repairs & maintenance: −$875
• − Management: −$875
• − Depreciation: −$3,491
• Taxable loss: −$2,537
• Est. tax savings @ 24.0%: +$609
• After-tax cash flow: $186/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): 38,855
• Household income: $60,803
• Rent vs Own: 41.0% rent · 59.0% own
• Severe rent burden: 2191.0

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 0.63)
• Race & ethnicity: White 54% Black 22% Hispanic / Latino 18% Two or more races 9%
• Hispanic origin (detail): Mexican 10% Puerto Rican 1%
• Common ancestry: Slovak 2% Romanian 2% Lithuanian 2%
• Foreign-born: 10% · Canada
• Languages at home: 85% English-only · Spanish 14%

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: ▼ -199.69%
• Current HPI: 289.8788
• Rent YoY: ▲ 2.63%
• 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

-19.9% since first listed

17 events — show timeline

• 2026-05-10 Price Changed $120,000 MIBOR as Distributed by MLS Grid
• 2026-05-07 Listing Removed — NIRA MLS as Distributed by MLS Grid
• 2026-04-03 Price Changed $125,000 MIBOR as Distributed by MLS Grid
• 2026-03-24 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-24 Price Changed $130,000 MIBOR as Distributed by MLS Grid
• 2026-03-21 Listed $145,000 MIBOR as Distributed by MLS Grid
• 2026-03-19 Price Changed $129,995 NIRA MLS as Distributed by MLS Grid
• 2026-03-11 Price Changed $134,995 NIRA MLS as Distributed by MLS Grid
• 2026-03-04 Listed $139,995 NIRA MLS as Distributed by MLS Grid
• 2024-09-07 Sold (MLS) $115,900 MIBOR as Distributed by MLS Grid
• 2024-08-08 Pending — MIBOR as Distributed by MLS Grid
• 2024-07-31 Price Changed $115,900 MIBOR as Distributed by MLS Grid
• 2024-07-16 Price Changed $122,000 MIBOR as Distributed by MLS Grid
• 2024-06-28 Price Changed $128,000 MIBOR as Distributed by MLS Grid
• 2024-06-13 Price Changed $135,000 MIBOR as Distributed by MLS Grid
• 2024-05-29 Price Changed $142,500 MIBOR as Distributed by MLS Grid
• 2024-05-15 Listed $149,900 MIBOR as Distributed by MLS Grid

Property tax history

-1.0%/yr

Latest (2025): $907 · +17.2% YoY. Source: county tax records.