1610 E Palmer St · Indianapolis city (balance), IN 46203

$124,900

2 bd · 1.0 ba · 672 sqft · SingleFamily public records · 32 Days on market

Built 1900 Est $134k · 7% under ↓ 17% 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).

• Cash flow +15.9/30.0
• ARV discount +10.5/15.0
• DSCR +4.9/10.0
• 1% rule +4.0/10.0
• 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

Attention First Time Homeowners or Investors! This completely renovated 2 bedroom 1 bath home in South Fountain Square is move in ready! Located in one of Indy& apos; s hottest up-and-coming areas, you& apos; ll be minutes from downtown, vibrant nightlife, and local dining. Updates include: New Roof, New windows, All new LVP flooring, All New Kitchen and Bath fixtures and cabinetry. All new Appliances: Glass top range, microwave, dishwasher and fridge (minor damage during delivery). New Heat Pump and Central Air unit will be installed after closing. This is a fantastic opportunity to own a home in a sought-after neighborhood. Don& apos; t miss out-schedule your showing today!

Key facts

• New appliances
• Completely renovated
• New lvp flooring

Tags

• COMPLETELY RENOVATED
• NEW ROOF
• NEW WINDOWS
• NEW LVP FLOORING
• NEW KITCHEN AND BATH FIXTURES
• NEW APPLIANCES

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $59 ($707/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $112k (10.3% below list).
• Recommended offer: $112k (10.3% below list) — sets the bar for 1% rule.
• Cap rate 6.9% 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.
• Market conditions: Rents rising (+2.9%/yr); 499 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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 $864 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 32 days — a 3% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $112,068 (10.3% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 10% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 0.90% ✗
• Cap rate: 6.86%
• Cash-on-cash: 2.02%
• DSCR: 1.09
• GRM: 9.3

CMA / ARV

• ARV (on-the-fly): $133,728
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1730 S State Ave	0.17mi	2/1.0	704 (+5%)	4mo	$139,999	$199	81
831 Laurel St	0.64mi	2/1.0	672 (0%)	4mo	$180,000	$268	67
1651 Lawton Ave	0.23mi	2/1.0	624 (-7%)	14mo	$115,050	$184	66
2040 Laurel St	0.55mi	2/1.0	672 (0%)	14mo	$119,900	$178	63
1654 Iowa St	0.15mi	2/1.0	755 (+12%)	12mo	$152,500	$202	62
1812 E Tabor St	0.69mi	2/1.0	668 (-1%)	10mo	$150,000	$225	59
2062 Calhoun St	0.61mi	2/1.0	720 (+7%)	2mo	$149,900	$208	58
1612 E Raymond St	0.59mi	2/1.0	736 (+10%)	11mo	$149,900	$204	48
2350 E Legrande Ave	0.75mi	2/1.0	725 (+8%)	8mo	$134,050	$185	45
1750 E Raymond St	0.61mi	2/1.0	720 (+7%)	19mo	$141,000	$196	44
1861 New St	0.73mi	2/1.0	768 (+14%)	9mo	$120,000	$156	35
1532 E Legrande Ave	0.51mi	1/1.0 (-1)	770 (+15%)	20mo	$95,000	$123	30

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: -13.2%
• Equity multiple: 0.52×
• Total profit: $-16,627
• Equity at exit: $18,623

10-year hold

• IRR: -4.5%
• Equity multiple: 0.71×
• Total profit: $-10,223
• Equity at exit: $10,799

Cash invested: $34,972 (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 46203

• Home prices YoY: -26.7%
• Rents YoY: 2.9%
• Active inventory: 499
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $1,121 high
• Mortgage (P&I): −$655
• Tax from tax record: −$119 /mo · $1,433/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$235
• Net cashflow: $59

Break-even live

Break-even rent $1,046

Max offer price $124,900

Occupancy floor 90%

Sensitivity live

Price	-10% $130	-5% $94	+0% $59	+5% $24	+10% $-12
Rent	-10% $-30	-5% $15	+0% $59	+5% $103	+10% $147
Rate	-1.0pp $122	-0.5pp $91	base $59	+0.5pp $27	+1.0pp $-6

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1640 Asbury St Indianapolis, IN	1.0	1.0	700	$850	$1.21	44d	1	0.13mi
1026 Laurel St Indianapolis, IN	1.0	1.0	655	$860	$1.31	44d	1	0.22mi
1503 Dawson St Indianapolis, IN	2.0	1.0	700	$1,200	$1.71	44d	1	0.23mi
1727 S Randolph St Indianapolis, IN	1.0	1.0	616	$950	$1.54	44d	1	0.29mi
1558 Shelby St Indianapolis, IN	1.0	1.0	500	$1,000	$2.00	44d	1	0.43mi
1556 Shelby St Indianapolis, IN	2.0	1.0	500	$1,000	$2.00	44d	1	0.43mi
1441 Prospect St Indianapolis, IN	2.0	1.0–2.0	2840	$2,000	$0.70	2d	13	0.44mi
1023 S State Ave Indianapolis, IN	1.0	1.0	600	$1,099	$1.83	24d	1	0.52mi
1224 Prospect St Indianapolis, IN	2.0	1.0–2.0	691	$2,235	$3.23	2d	8	0.54mi
1306 Woodlawn Ave Unit 1B Indianapolis, IN	1.0	1.0	720	$1,275	$1.77	44d	1	0.60mi
1306 Woodlawn Ave Unit 1D Indianapolis, IN	1.0	1.0	391	$1,025	$2.62	44d	1	0.60mi
1044 Shelby St Unit 205 CDBG 80% Indianapolis, IN	1.0	1.0	579	$650	$1.12	18d	1	0.63mi
1022 S Churchman Ave Unit 1024 Indianapolis, IN	1.0	1.0	350	$895	$2.56	44d	1	0.65mi
1409 E Tabor St Indianapolis, IN	1.0	1.0	528	$775	$1.47	24d	1	0.67mi
1604 E Kelly St Indianapolis, IN	2.0	1.0	750	$1,025	$1.37	18d	1	0.68mi
815 Dawson St Unit 2 Indianapolis, IN	2.0	1.0	600	$1,300	$2.17	5d	1	0.68mi
1912 Lexington Ave Unit 1910B Indianapolis, IN	1.0	1.0	660	$850	$1.29	44d	1	0.74mi
1861 Orleans St Indianapolis, IN	1.0	1.0	552	$2,500	$4.53	24d	1	0.83mi
2142 S Garfield Dr Unit 2142 Indianapolis, IN	1.0	1.0	500	$650	$1.30	44d	1	0.86mi
2469 Dawson St Indianapolis, IN	2.0	1.0	700	$949	$1.36	4d	4	0.95mi
1436 S New Jersey St Unit C Indianapolis, IN	2.0	2.0	600	$1,600	$2.67	44d	1	1.01mi
1436 S New Jersey St Unit B Indianapolis, IN	2.0	2.0	650	$1,700	$2.62	8d	1	1.01mi
423 Villa Ave Indianapolis, IN	1.0	1.0	593	$799	$1.35	24d	1	1.01mi
2525 Shelby St Unit 4 Indianapolis, IN	1.0	1.0	600	$775	$1.29	24d	1	1.07mi
2525 Shelby St Unit 1 Indianapolis, IN	1.0	1.0	600	$865	$1.44	3d	1	1.07mi
355 E Morris St Indianapolis, IN	2.0	1.0	648	$1,800	$2.78	24d	1	1.12mi
247 S Randolph St Indianapolis, IN	2.0	1.0	720	$750	$1.04	44d	1	1.13mi
245 S Randolph St Indianapolis, IN	2.0	1.0	720	$750	$1.04	44d	1	1.14mi
2555 Shelby St Unit 2559 Indianapolis, IN	1.0	1.0	717	$1,250	$1.74	44d	1	1.14mi
2025 Southeastern Ave Indianapolis, IN	1.0	1.0	663	$775	$1.17	44d	1	1.17mi
340 Prospect St Unit 21 Indianapolis, IN	1.0	1.0	370	$725	$1.96	13d	1	1.18mi
340 Prospect St #22 Indianapolis, IN	1.0	1.0	370	$725	$1.96	15d	1	1.19mi
336 Prospect St Indianapolis, IN	1.0	1.0	450	$772	$1.72	13d	2	1.19mi
2034 Southeastern Ave Indianapolis, IN	1.0	1.0	525	$850	$1.62	15d	1	1.20mi
2209 Ransdell St Indianapolis, IN	2.0	1.0	710	$900	$1.27	44d	1	1.22mi
531 Virginia Ave Indianapolis, IN	1.0	1.0	642	$1,384	$2.16	8d	4	1.22mi
520 Virginia Ave Apt 24 Indianapolis, IN	1.0	1.0	665	$1,575	$2.37	24d	1	1.22mi
1718 Southeastern Ave Indianapolis, IN	1.0	1.0	700	$1,080	$1.54	44d	1	1.24mi
118 E Palmer St Indianapolis, IN	1.0	1.0	600	$649	$1.08	44d	1	1.28mi
118 E Palmer St #122 Indianapolis, IN	1.0	1.0	600	$875	$1.46	44d	1	1.29mi

Listing history 19 events

1. 2026-06-21
   days on market $124,900 Active 32 DOM
2. 2026-06-18
   days on market $124,900 Active 29 DOM
3. 2026-06-17
   days on market $124,900 Active 28 DOM
4. 2026-06-16
   days on market $124,900 Active 27 DOM
5. 2026-06-15
   days on market $124,900 Active 26 DOM
6. 2026-06-13
   days on market $124,900 Active 24 DOM
7. 2026-06-13
   days on market $124,900 Active 23 DOM
8. 2026-06-09
   days on market $124,900 Active 20 DOM
9. 2026-06-08
   days on market $124,900 Active 19 DOM
10. 2026-06-07
    days on market $124,900 Active 18 DOM
11. 2026-06-03
    days on market $124,900 Active 14 DOM
12. 2026-06-02
    days on market $124,900 Active 13 DOM
13. 2026-06-01
    days on market $124,900 Active 12 DOM
14. 2026-05-31
    days on market $124,900 Active 11 DOM
15. 2026-05-19
    listed $124,900 Active
16. 2026-05-01
    historical
17. 2026-01-12
    price $135,000
18. 2025-11-20
    price $145,000
19. 2025-10-24
    listed $150,000 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: $1,433 · $119/mo
• Projected year-2 tax: $1,433 · $119/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 0% 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: $13,448
• − Mortgage interest: −$6,996
• − Property taxes: −$1,433
• − Insurance: −$624
• − Repairs & maintenance: −$1,076
• − Management: −$1,076
• − Depreciation: −$3,633
• Taxable loss: −$1,390
• Est. tax savings @ 24.0%: +$334
• After-tax cash flow: $1,041/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

-16.7% since first listed

5 events — show timeline

• 2026-05-19 Listed $124,900 Fizber.com
• 2026-05-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-01-12 Price Changed $135,000 MIBOR as Distributed by MLS Grid
• 2025-11-20 Price Changed $145,000 MIBOR as Distributed by MLS Grid
• 2025-10-24 Listed $150,000 MIBOR as Distributed by MLS Grid

Property tax history

+8.0%/yr

Latest (2025): $1,433 · +6.9% YoY. Source: county tax records.