6104 Hillside Ave · Indianapolis city (balance), IN 46220

$595,000

8 bd · 16.0 ba · 3,630 sqft · MultiFamily public records · 30 Days on market

Built 1960 0.29 ac lot

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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 +21.7/30.0
• ARV discount +7.5/15.0
• DSCR +6.9/10.0
• 1% rule +5.5/10.0
• Rent growth +2.8/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Don't miss this incredible 4-plex featuring an exceptionally rare, massive lot and a huge off-street parking area directly adjacent to the building-a premium asset for tenants and a major selling point in any market. The building sits on a huge lot at the end of the street! Extremely in demand 2 bedrooms 1 bath per unit in the Glendale area. Very private backyard with patios and decks for the tenants to peacefully enjoy! Each unit has its own entry in the back of the building and share a common front entry with a space for mailboxes.

Key facts

• Private backyard
• Massive lot
• Patios and decks

Tags

• MASSIVE LOT
• OFF-STREET PARKING
• PRIVATE BACKYARD
• PATIOS AND DECKS
• OWN ENTRY

Property features AI

Finance

• Other: Lot size approximately 0.29 acres; Possible use: apartment (under 20 units); Current use: apartment (under 20 units)
• Financial info: Property configured as apartment use (under 20 units); Four total units; Listed unit rents vary (examples: $850 and $1,025 monthly; other units listed with monthly rent of $0)
• HOA & community: Not low-maintenance community

Exterior

• Parking: Parking lot with gravel surface
• Security: Smoke detector(s)
• Utilities: Separate gas meters; Sewer and public water available; Solid waste service
• Home design: Residential income property (quadruplex); Two-story structure; Slab entry/foundation
• Construction: Brick construction; Asphalt roof; Slab foundation; Built as a quadruplex
• Exterior features: Partial privacy fencing; Mature trees on lot; Street access with street cuts; Asphalt road frontage

Interior

• Kitchen: Each unit has an eat-in kitchen; Range/Oven; Refrigerator
• Bedrooms: Four 2-bedroom units
• Heating & cooling: Forced heat (gas); Central air (separate meters); Gas hot water
• Interior features: Smoke detectors
• Laundry & utility: Washer and dryer connections in units; Some units include washer and dryer

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1-bath units multifamily listed at $595k.

Deal economics

• At list price, monthly cash flow is $920 ($11k/yr) — positive. Per door: $230/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $595k).
• Recommended offer: $586k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.1% 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 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 (+1.4%/yr); 165 active listings in the ZIP; solid renter incomes; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• At $6,246/mo this rent would consume 69% of the median local household income ($108k/yr) (locally 1182% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k 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 30 days — a 2% lower offer ($586k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 10y ago; this cycle's ask has dropped $45k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $586,075 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 1.05% ✓
• Cap rate: 8.15%
• Cash-on-cash: 6.62%
• DSCR: 1.29
• GRM: 7.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.35% rent growth · sell at horizon

5-year hold

• IRR: -8.0%
• Equity multiple: 0.71×
• Total profit: $-48,014
• Equity at exit: $88,716

10-year hold

• IRR: -0.6%
• Equity multiple: 0.96×
• Total profit: $-6,750
• Equity at exit: $51,445

Cash invested: $166,600 (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 46220

• Rents YoY: 1.4%
• Active inventory: 165
• Price-to-rent: 31.8×

Monthly cashflow live

• Estimated rent: $6,246 high
• Mortgage (P&I): −$3,120
• Tax from tax record: −$647 /mo · $7,759/yr
• Insurance: −$248
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,312
• Net cashflow: $920

Break-even live

Break-even rent $5,082

Max offer price $595,000

Occupancy floor 80%

Sensitivity live

Price	-10% $1,256	-5% $1,088	+0% $920	+5% $751	+10% $583
Rent	-10% $426	-5% $673	+0% $920	+5% $1,166	+10% $1,413
Rate	-1.0pp $1,219	-0.5pp $1,071	base $920	+0.5pp $765	+1.0pp $609

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$6,248
Total (4 units)			$6,246

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: $148,750
• Closing costs: $17,850
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   statusdays on market $595,000 Pending 30 DOM
2. 2026-06-18
   days on market $595,000 Active 29 DOM
3. 2026-06-17
   price $595,000 Active 28 DOM
4. 2026-06-17
   days on market $610,000 Active 28 DOM
5. 2026-06-16
   days on market $610,000 Active 27 DOM
6. 2026-06-15
   days on market $610,000 Active 26 DOM
7. 2026-06-13
   days on market $610,000 Active 24 DOM
8. 2026-06-13
   days on market $610,000 Active 23 DOM
9. 2026-06-09
   days on market $610,000 Active 20 DOM
10. 2026-06-08
    days on market $610,000 Active 19 DOM
11. 2026-06-07
    pricedays on market $610,000 Active 18 DOM
12. 2026-06-03
    days on market $640,000 Active 14 DOM
13. 2026-06-02
    days on market $640,000 Active 13 DOM
14. 2026-06-01
    days on market $640,000 Active 12 DOM
15. 2026-05-31
    days on market $640,000 Active 11 DOM
16. 2026-05-20
    listed $640,000 Active
17. 2016-09-02
    listed $295,000

ⓘ 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: $7,759 · $647/mo
• Projected year-2 tax: $7,759 · $647/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 · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $74,952
• − Mortgage interest: −$33,329
• − Property taxes: −$7,759
• − Insurance: −$2,975
• − Repairs & maintenance: −$5,996
• − Management: −$5,996
• − Depreciation: −$17,309
• Taxable income: $1,587
• Est. tax owed @ 24.0%: −$381
• After-tax cash flow: $10,654/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): 36,952
• Household income: $108,050
• Rent vs Own: 33.3% rent · 66.7% own
• Severe rent burden: 1182.0

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 (75%)
• Race & ethnicity: White 75% Black 12% Two or more races 8% Hispanic / Latino 5% Asian 2%
• Common ancestry: Slovak 4% Romanian 3% Italian 3%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 3%

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: ▼ -415.17%
• Current HPI: 214.8034
• Rent YoY: ▲ 1.35%
• 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

+116.9% since first listed

2 events — show timeline

• 2026-05-20 Listed $640,000 MIBOR as Distributed by MLS Grid
• 2016-09-02 Listed $295,000 MIBOR as Distributed by MLS Grid

Property tax history

+6.7%/yr

Latest (2025): $7,759 · +0.2% YoY. Source: county tax records.