1906 Charles St · Indianapolis city (balance), IN 46225

$149,900

4 bd · 1.5 ba · 1,294 sqft · SingleFamily public records · 19 Days on market

Built 1910 3,572 sqft lot Est $221k · 32% under

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Why this score? — see what drove the C+ 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 +20.9/30.0
• ARV discount +15.0/15.0
• DSCR +6.7/10.0
• 1% rule +6.5/10.0
• 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

INVESTOR SPECIAL! Welcome to a prime investment prospect - a 3 bed, 1.5 bath home ideally situated close to downtown! This property offers the best of both worlds: immediate rental income without the need for renovations or the option to enhance and elevate its value further. Step into a spacious interior with included appliances, providing a turnkey experience for potential tenants. The private backyard is an added bonus, offering an attractive feature for renters seeking outdoor space. With the flexibility to rent as is or invest in renovations for increased returns, this property caters to a variety of investment strategies. Act now to seize this golden opportunity and unlock the full potential of this investor special!

Key facts

• Central location
• 3,572 sq ft lot
• Garage

Tags

• CENTRAL LOCATION
• QUICK ACCESS TO DOWNTOWN
• INCOME-PRODUCING POTENTIAL

Property features AI

Exterior

• Parking: No garage square footage recorded
• Utilities: Public water; Municipal sewer connected; No solid waste service recorded
• Home design: Single family residence; One-story
• Construction: Vinyl siding; Block foundation
• Exterior features: Property sits on approximately 0.08 acres; Less than 1/4 acre lot

Interior

• Kitchen: Gas oven; Refrigerator
• Bedrooms: Two bedrooms on the main level (sizes approximately 10x10 and 8x9)
• Bathrooms: One full bath and one half bath on the main level
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Attic access; Basement present

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $209 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $148k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.0% 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 C — 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; 40 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).
• This rent runs 38% of the median local income ($55k/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 $1k 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 $42k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 13y 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 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $147,651 (1.5% below list)

Questions for the listing agent

1. Built in 1910 — 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: 1.15% ✓
• Cap rate: 7.96%
• Cash-on-cash: 5.96%
• DSCR: 1.27
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $221,274
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
35 Iowa St	0.10mi	3/2.5 (-1)	1,400 (+8%)	2mo	$239,000	$171	71
337 E Minnesota St	0.41mi	3/2.0 (-1)	1,371 (+6%)	8mo	$265,000	$193	58
1869 New St	0.73mi	3/2.0 (-1)	1,280 (-1%)	1mo	$337,000	$263	56
240 E Caven St	0.30mi	3/1.0 (-1)	1,175 (-9%)	10mo	$235,000	$200	56
255 Iowa St	0.33mi	3/1.0 (-1)	1,452 (+12%)	6mo	$105,000	$72	52
1250 Union St	0.58mi	3/1.5 (-1)	1,440 (+11%)	1mo	$200,000	$139	48
337 Sanders St	0.68mi	3/2.0 (-1)	1,320 (+2%)	15mo	$262,000	$198	46
125 Kansas St	0.61mi	3/1.0 (-1)	1,381 (+7%)	13mo	$130,000	$94	42
728 E Beecher St	0.65mi	3/2.0 (-1)	1,154 (-11%)	7mo	$187,500	$162	38
711 Terrace Ave	0.73mi	3/2.0 (-1)	1,475 (+14%)	1mo	$323,500	$219	35
1445 Kennington St	0.45mi	3/3.0 (-1)	1,464 (+13%)	21mo	$185,000	$126	29
741 Weghorst St	0.72mi	3/2.0 (-1)	1,158 (-10%)	18mo	$197,500	$171	27

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: -1.0%
• Equity multiple: 0.96×
• Total profit: $-1,766
• Equity at exit: $22,351

10-year hold

• IRR: 13.7%
• Equity multiple: 2.37×
• Total profit: $57,572
• Equity at exit: $12,961

Cash invested: $41,972 (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: 7.2×

Monthly cashflow live

• Estimated rent: $1,729 high
• Mortgage (P&I): −$786
• Tax from tax record: −$309 /mo · $3,708/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$363
• Net cashflow: $209

Break-even live

Break-even rent $1,465

Max offer price $149,900

Occupancy floor 83%

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1819 Union St Unit 1817 Indianapolis, IN	3.0	2.0	1020	$1,199	$1.18	44d	1	0.05mi
1756 Delaware St Indianapolis, IN	3.0	2.0	1014	$1,300	$1.28	44d	1	0.16mi
1756 S Delaware St Unit 1754 Indianapolis, IN	3.0	2.0	1014	$1,300	$1.28	15d	1	0.16mi
224 Iowa St Indianapolis, IN	3.0	1.0	1254	$1,450	$1.16	24d	1	0.28mi
438 E Beecher St Indianapolis, IN	3.0	2.5	1500	$1,450	$0.97	24d	1	0.45mi
2283 Union St Indianapolis, IN	3.0	2.0	1824	$1,820	$1.00	24d	1	0.49mi
243 Terrace Ave Indianapolis, IN	4.0	2.0	1669	$2,700	$1.62	18d	1	0.51mi
1436 S New Jersey St Unit A Indianapolis, IN	3.0	2.5	1300	$2,100	$1.62	24d	1	0.52mi
2314 Union St Indianapolis, IN	3.0	2.0	892	$1,295	$1.45	44d	1	0.52mi
620 E Beecher St Indianapolis, IN	3.0	2.0	1072	$1,639	$1.53	20d	1	0.56mi
2109 Singleton St Indianapolis, IN	3.0	2.0	1340	$2,100	$1.57	7d	1	0.57mi
1830 Orleans St Indianapolis, IN	3.0	2.5	1586	$1,995	$1.26	44d	1	0.58mi
1833 Orleans St Unit 1 Indianapolis, IN	3.0	1.0	1260	$1,350	$1.07	44d	1	0.60mi
406 Orange St Indianapolis, IN	3.0	2.5	1820	$2,250	$1.24	44d	1	0.67mi
614 Parkway Ave Indianapolis, IN	3.0	2.0	1360	$1,900	$1.40	22d	1	0.72mi
728 Cottage Ave Indianapolis, IN	3.0	2.5	1831	$2,550	$1.39	24d	1	0.73mi
752 Cottage Ave Indianapolis, IN	3.0	2.0	1548	$1,750	$1.13	15d	1	0.76mi
835 Weghorst St Unit 837 Indianapolis, IN	3.0	1.5	1500	$1,399	$0.93	24d	1	0.78mi
726 Parkway Ave Indianapolis, IN	3.0	2.0	1150	$2,195	$1.91	17d	1	0.78mi
518 Prospect St Unit 1353834P Indianapolis, IN	3.0	2.0	1603	$2,442	$1.52	15d	1	0.87mi
518 Prospect St Unit 1357365P Indianapolis, IN	3.0	2.0	1614	$2,594	$1.61	7d	1	0.87mi
1247 Wright St Indianapolis, IN	3.0	1.5	1809	$1,750	$0.97	44d	1	0.87mi
1247 Wright St Indianapolis, IN	3.0	1.5	1247	$1,750	$1.40	18d	1	0.87mi
1514 Ringgold Ave Indianapolis, IN	3.0	1.0	1064	$1,295	$1.22	44d	1	0.90mi
110 Pennsylvania Ct Indianapolis, IN	3.0	2.0	1202	$1,700	$1.41	4d	1	0.92mi
907 Prospect St Unit 907 Prospect NO AMI Indianapolis, IN	3.0	1.5	1121	$1,400	$1.25	24d	1	1.05mi
1258 E Naomi St Indianapolis, IN	3.0	2.0	1608	$1,450	$0.90	7d	1	1.14mi
1012 Prospect St Unit 512 State 120% AMI Indianapolis, IN	3.0	1.0	1200	$1,400	$1.17	44d	1	1.15mi
1012 Prospect St Unit 1527 Indianapolis, IN	3.0	1.5	1150	$1,200	$1.04	44d	1	1.15mi
1012 Prospect St Unit 907 Prospect NO AMI Indianapolis, IN	3.0	1.5	1121	$1,400	$1.25	44d	1	1.15mi
2760 S East St Indianapolis, IN	2.0–3.0	2.0	1072	$1,045	$0.97	3d	3	1.17mi
2770 S East St Apt 103 Indianapolis, IN	3.0	2.0	1190	$1,045	$0.88	15d	1	1.18mi
2770 South East St Unit 302 Indianapolis, IN	3.0	2.0	1158	$1,015	$0.88	3d	1	1.18mi
2020 Boyd Ave Indianapolis, IN	3.0	1.5	1160	$1,450	$1.25	24d	1	1.22mi
2018 Boyd Ave Indianapolis, IN	3.0	1.5	1160	$1,350	$1.16	44d	1	1.22mi
1742 Thaddeus St Unit 1742-A Indianapolis, IN	3.0	2.0	1350	$1,600	$1.19	14d	1	1.24mi
1729 Thaddeus St Unit 1729-B Indianapolis, IN	3.0	2.0	1350	$1,600	$1.19	14d	1	1.27mi
931 Fletcher Ave Indianapolis, IN	2.0–3.0	1.0–2.5	1094	$2,765	$2.53	2d	4	1.41mi
1602 Quill St Unit B Indianapolis, IN	3.0	2.0	1250	$1,750	$1.40	44d	1	1.42mi
1602 Quill St Unit B Indianapolis, IN	3.0	2.0	1250	$1,650	$1.32	15d	1	1.42mi

Listing history 14 events

1. 2026-06-18
   days on market $149,900 Active 19 DOM
2. 2026-06-17
   pricedays on market $149,900 Active 18 DOM
3. 2026-06-16
   days on market $154,900 Active 17 DOM
4. 2026-06-15
   days on market $154,900 Active 16 DOM
5. 2026-06-13
   days on market $154,900 Active 14 DOM
6. 2026-06-13
   days on market $154,900 Active 13 DOM
7. 2026-06-09
   days on market $154,900 Active 10 DOM
8. 2026-06-08
   days on market $154,900 Active 9 DOM
9. 2026-06-07
   days on market $154,900 Active 8 DOM
10. 2026-06-03
    days on market $154,900 Active 4 DOM
11. 2026-06-02
    days on market $154,900 Active 3 DOM
12. 2026-06-01
    days on market $154,900 Active 2 DOM
13. 2026-05-31
    remarks 699-char remark
14. 2026-05-31
    listed $154,900 Active 1 DOM

ⓘ 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: $3,708 · $309/mo
• Projected year-2 tax: $3,708 · $309/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: $20,751
• − Mortgage interest: −$8,397
• − Property taxes: −$3,708
• − Insurance: −$750
• − Repairs & maintenance: −$1,660
• − Management: −$1,660
• − Depreciation: −$4,361
• Taxable income: $216
• Est. tax owed @ 24.0%: −$52
• After-tax cash flow: $2,451/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

+229.6% since first listed

27 events — show timeline

• 2026-05-29 Listed $154,900 MIBOR as Distributed by MLS Grid
• 2025-03-13 Rental Removed $1,275 APPFOLIO
• 2025-02-04 Price Changed $1,275 APPFOLIO
• 2025-02-01 Listed for Rent $1,200 APPFOLIO
• 2025-01-09 Rental Removed $1,399 APPFOLIO
• 2024-11-22 Price Changed $1,399 APPFOLIO
• 2024-10-04 Price Changed $1,400 APPFOLIO
• 2024-09-06 Listed for Rent $1,475 APPFOLIO
• 2024-03-22 Sold (MLS) $135,000 MIBOR as Distributed by MLS Grid
• 2024-02-29 Pending — MIBOR as Distributed by MLS Grid
• 2024-01-29 Relisted — MIBOR as Distributed by MLS Grid
• 2024-01-29 Price Changed $149,000 MIBOR as Distributed by MLS Grid
• 2024-01-10 Pending — MIBOR as Distributed by MLS Grid
• 2023-12-19 Listed $160,000 MIBOR as Distributed by MLS Grid
• 2022-11-16 Listing Removed — MIBOR as Distributed by MLS Grid
• 2022-10-26 Listed $144,900 MIBOR as Distributed by MLS Grid
• 2022-08-22 Listing Removed — MIBOR as Distributed by MLS Grid
• 2022-08-21 Price Changed $1,450 RENT.
• 2022-08-18 Price Changed $154,900 MIBOR as Distributed by MLS Grid
• 2022-08-10 Price Changed $159,900 MIBOR as Distributed by MLS Grid
• 2022-08-02 Listed $169,900 MIBOR as Distributed by MLS Grid
• 2021-08-16 Sold (MLS) $80,000 MIBOR as Distributed by MLS Grid
• 2021-07-01 Pending — MIBOR as Distributed by MLS Grid
• 2021-06-24 Listed $95,000 MIBOR as Distributed by MLS Grid
• 2018-07-05 Sold (Public Records) $49,000 Public Records
• 2014-05-20 Listing Removed — MIBOR as Distributed by MLS Grid
• 2013-11-19 Listed $47,000 MIBOR as Distributed by MLS Grid

Property tax history

+24.6%/yr

Latest (2025): $3,708 · +46.4% YoY. Source: county tax records.