909 N Ewing St · Indianapolis city (balance), IN 46201

$100,000

1 bd · 1.0 ba · 586 sqft · MultiFamily public records · 3 Days on market

Built 1920 4,443 sqft lot Est $148k · 33% under

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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 +7.4/30.0
• Rent growth +4.3/5.0
• 1% rule +3.5/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.5/10.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Two doors. One century-old craftsman that's been quietly holding down the near-eastside since 1920. The exterior says everything a seasoned investor needs to hear - covered porch, decorative trim columns, and dual-entry configuration. Both units mirror each other in layout. They're currently configured as 2 separate 1bd/1ba units but have the potential for reconfiguration to a larger single family layout. Each side has had renovations started but need finishing. Showings are now available. The 46201 rental market is not waiting around, and neither is this one.

Key facts

• Covered porch
• Landscaping
• 4,443 sq ft lot

Tags

• COVERED PORCH
• DECORATIVE TRIM COLUMNS
• DUAL-ENTRY CONFIGURATION
• LANDSCAPING

Property features AI

Finance

• Other: Property conversion: No
• Financial info: Gross income and expenses reported as $0; No units listed for rental income

Exterior

• Utilities: No solid waste service
• Home design: Duplex (residential income); One story
• Construction: <1/4 acre lot (0.1 acre)
• Exterior features: Vacant current use; Access road

Interior

• Bedrooms: 1-bedroom unit (one level)
• Interior features: Finished basement

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath multifamily listed at $100k.

Deal economics

• At list price, monthly cash flow is $-129 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $77k (22.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $85k (14.8% below list).
• Recommended offer: $77k (22.7% below list) — sets the bar for cash-flow.

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 fast (+7.3%/yr); 480 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 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.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 19y 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: property tax is 2.8% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $77,263 (22.7% 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. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.85% ✗
• Cap rate: 4.75%
• Cash-on-cash: -5.52%
• DSCR: 0.75
• GRM: 9.8

CMA / ARV

• ARV (on-the-fly): $148,258
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3419 E 9th St	0.13mi	2/1.0 (+1)	672 (+15%)	24mo	$170,000	$253	45

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 · 7.31% rent growth · sell at horizon

5-year hold

• IRR: -20.1%
• Equity multiple: 0.27×
• Total profit: $-20,468
• Equity at exit: $14,910

10-year hold

• IRR: -4.8%
• Equity multiple: 0.62×
• Total profit: $-10,768
• Equity at exit: $8,646

Cash invested: $28,000 (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 46201

• Home prices YoY: -33.9%
• Rents YoY: 7.3%
• Active inventory: 480
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $852 high
• Mortgage (P&I): −$524
• Tax from tax record: −$235 /mo · $2,824/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$179
• Net cashflow: $-129

Break-even live

Break-even rent $1,014

Max offer price $77,263

Occupancy floor —

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
821 N Bradley Ave Indianapolis, IN	1.0	1.0	663	$850	$1.28	4d	1	0.23mi
1028 N Olney St Unit 1030 Indianapolis, IN	1.0	1.0	700	$800	$1.14	23d	1	0.25mi
1106 N Gale St Unit 3 Indianapolis, IN	—	1.0	400	$650	$1.62	4d	1	0.27mi
1106 N Gale St Unit 1 Indianapolis, IN	2.0	1.0	750	$895	$1.19	43d	1	0.27mi
1036 N Tuxedo St Indianapolis, IN	1.0	1.0	646	$750	$1.16	4d	1	0.30mi
927 N Chester Ave Indianapolis, IN	1.0	1.0	596	$750	$1.26	43d	1	0.35mi
1301 N Olney St Unit 1303 Indianapolis, IN	2.0	1.0	750	$1,100	$1.47	43d	1	0.40mi
412 N Bradley Ave Unit 3 Indianapolis, IN	2.0	1.0	700	$950	$1.36	23d	1	0.42mi
1114 N Dearborn St Indianapolis, IN	1.0	1.0	646	$795	$1.23	44d	1	0.43mi
896 N Gladstone Ave Indianapolis, IN	1.0	1.0	580	$775	$1.34	43d	1	0.45mi
320 N Sherman Dr Unit A Indianapolis, IN	—	1.0	450	$525	$1.17	4d	1	0.46mi
320 N Sherman Dr Indianapolis, IN	—	1.0	750	$525	$0.70	43d	1	0.46mi
833 N Gladstone Ave Indianapolis, IN	1.0	1.0	687	$825	$1.20	23d	1	0.48mi
1306 N Chester Ave Indianapolis, IN	1.0	1.0	600	$800	$1.33	20d	1	0.48mi
1358 N Gale St Indianapolis, IN	1.0	1.0	550	$890	$1.62	16d	1	0.50mi
1327 N Chester Ave Indianapolis, IN	1.0	1.0	600	$795	$1.32	13d	1	0.53mi
628 N Oxford St Indianapolis, IN	1.0	1.0	536	$775	$1.45	23d	1	0.58mi
415 N Oxford St Indianapolis, IN	1.0	1.0	580	$650	$1.12	23d	1	0.64mi
3709 Brookside Parkway South Dr Indianapolis, IN	1.0	1.0	742	$825	$1.11	23d	1	0.67mi
1518 N Chester Ave Indianapolis, IN	2.0	1.0	672	$700	$1.04	7d	1	0.68mi
1450 N Gladstone Ave Indianapolis, IN	1.0	1.0	588	$799	$1.36	43d	1	0.69mi
1432 N Colorado Ave Indianapolis, IN	1.0	1.0	584	$875	$1.50	23d	1	0.70mi
1538 N Grant Ave Indianapolis, IN	1.0	1.0	375	$700	$1.87	43d	1	0.73mi
1531 N Grant Ave Indianapolis, IN	1.0	1.0	611	$875	$1.43	23d	1	0.73mi
1510 N Gladstone Ave Indianapolis, IN	1.0	1.0	570	$765	$1.34	43d	1	0.73mi
1512 N Gladstone Ave Unit 1510 1510 Indianapolis, IN	1.0	1.0	570	$830	$1.46	14d	1	0.74mi
1315 N Rural St Indianapolis, IN	1.0	1.0	700	$1,000	$1.43	4d	1	0.74mi
37 S Sherman Dr Indianapolis, IN	1.0	1.0	700	$800	$1.14	23d	1	0.77mi
3058 Brookside Parkway North Dr Indianapolis, IN	1.0	1.0	700	$875	$1.25	12d	1	0.91mi
2827 E 18th St Indianapolis, IN	2.0	1.0	726	$1,300	$1.79	23d	1	1.00mi
49 S Rural St Indianapolis, IN	2.0	1.5	750	$950	$1.27	10d	1	1.02mi
4741 E Washington St Indianapolis, IN	1.0	1.0	700	$950	$1.36	21d	1	1.06mi
1931 N Oxford St Indianapolis, IN	1.0	1.0	616	$875	$1.42	3d	1	1.10mi
4815 E Washington St Unit 4815-10 Indianapolis, IN	1.0	1.0	600	$950	$1.58	21d	1	1.11mi
4815 E Washington St Unit 4815-12 Indianapolis, IN	1.0	1.0	700	$950	$1.36	43d	1	1.11mi
4815 E Washington St Unit 4815-04 Indianapolis, IN	1.0	1.0	600	$895	$1.49	43d	1	1.11mi
621 Tecumseh St Indianapolis, IN	2.0	1.0	726	$1,025	$1.41	43d	1	1.12mi
2211 E New York St Unit B Indianapolis, IN	1.0	1.0	650	$725	$1.12	21d	1	1.13mi
830 N Emerson Ave Indianapolis, IN	1.0	1.0	560	$850	$1.52	43d	1	1.15mi
679 Woodruff Place East Dr Indianapolis, IN	1.0	1.0	600	$895	$1.49	23d	1	1.16mi

Listing history 17 events

1. 2026-06-18
   days on market $100,000 Active 3 DOM
2. 2026-06-17
   remarks 568-char remark
3. 2026-06-17
   days on market $100,000 Active 2 DOM
4. 2026-06-15
   days on marketlisting id $100,000 Active 1 DOM
5. 2026-06-15
   days on market $100,000 Active 26 DOM
6. 2026-06-13
   days on market $100,000 Active 24 DOM
7. 2026-06-13
   days on market $100,000 Active 23 DOM
8. 2026-06-09
   days on market $100,000 Active 20 DOM
9. 2026-06-08
   days on market $100,000 Active 19 DOM
10. 2026-06-07
    days on market $100,000 Active 18 DOM
11. 2026-06-03
    days on market $100,000 Active 14 DOM
12. 2026-06-02
    days on market $100,000 Active 13 DOM
13. 2026-06-01
    days on market $100,000 Active 12 DOM
14. 2026-05-31
    days on market $100,000 Active 11 DOM
15. 2026-05-20
    listed $100,000 Active
16. 2007-09-26
    historical
17. 2007-01-16
    listed $30,000

ⓘ 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: $2,824 · $235/mo
• Projected year-2 tax: $2,824 · $235/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 ≥102°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,219
• − Mortgage interest: −$5,602
• − Property taxes: −$2,824
• − Insurance: −$500
• − Repairs & maintenance: −$817
• − Management: −$817
• − Depreciation: −$2,909
• Taxable loss: −$3,251
• Est. tax savings @ 24.0%: +$780
• After-tax cash flow: $-764/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): 30,335
• Household income: $49,195
• Rent vs Own: 48.4% rent · 51.6% own
• Severe rent burden: 1906.0

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 53% Hispanic / Latino 23% Black 18% Two or more races 9%
• Hispanic origin (detail): Mexican 14% Puerto Rican 2%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 9% · Canada
• Languages at home: 81% English-only · Spanish 17%

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: ▼ -192.51%
• Current HPI: 375.0969
• Rent YoY: ▲ 7.31%
• 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

+233.3% since first listed

3 events — show timeline

• 2026-05-20 Listed $100,000 MIBOR as Distributed by MLS Grid
• 2007-09-26 Listing Removed — MIBOR as Distributed by MLS Grid
• 2007-01-16 Listed $30,000 MIBOR as Distributed by MLS Grid

Property tax history

+17.3%/yr

Latest (2025): $2,824 · +2.0% YoY. Source: county tax records.