1539 Wade St · Indianapolis city (balance), IN 46203

$140,000

4 bd · 2.0 ba · 1,320 sqft · SingleFamily public records · 129 Days on market

Built 1935 5,009 sqft lot $106/sqft · 62% above area Est $173k · 19% 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 +23.3/30.0
• ARV discount +15.0/15.0
• DSCR +7.5/10.0
• 1% rule +6.7/10.0
• 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 MLS

Investor Opportunity in Bean Creek - East of Garfield Park! This property offers a strong value-add opportunity for investors looking to build equity through light rehab. Located in the desirable Bean Creek area just east of Garfield Park, this home presents multiple exit strategies-ideal as a long-term rental or a flip, depending on your investment goals. The home features an enclosed front porch that adds usable square footage and year-round appeal. Inside, a spacious living room flows into a formal dining area, creating a functional layout with good bones. The kitchen has already seen updates and offers ample cabinet space, providing a solid foundation for further improvements. Existing appliances include a refrigerator, stove, and dishwasher. A notable highlight is the presence of 3 bedrooms and 2 full bathrooms, a valuable feature that enhances rental potential and resale value. The home also includes a dedicated laundry room with washer and dryer hookups. Sold As-Is, this property is well-positioned for investors seeking a rehab project with upside in a growing area. With the right vision, this home can be transformed into a strong income-producing asset or a profitable resale.

Key facts

• Formal dining area
• Updated kitchen
• Ample cabinet space

Tags

• ENCLOSED FRONT PORCH
• SPACIOUS LIVING ROOM
• FORMAL DINING AREA
• UPDATED KITCHEN
• AMPLE CABINET SPACE
• DEDICATED LAUNDRY ROOM

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $257 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.5% 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 (+2.9%/yr); 493 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 34% of the median local income ($57k/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 $968 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 129 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y 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 1935 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 129 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.17% ✓
• Cap rate: 8.49%
• Cash-on-cash: 7.86%
• DSCR: 1.35
• GRM: 7.1

CMA / ARV

• ARV (median comp): $173,004
• List price: $140,000
• Delta: -19.08%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1426 E Bradbury Ave	0.10mi	3/2.0 (-1)	1,320 (0%)	1mo	$208,000	$158	89
1639 Comer Ave	0.29mi	3/2.0 (-1)	1,327 (+0%)	1mo	$100,000	$75	80
2027 Spruce St	0.31mi	3/2.0 (-1)	1,432 (+8%)	1mo	$210,000	$147	65
1735 Thaddeus St	0.64mi	4/2.0	1,296 (-2%)	3mo	$105,000	$81	65
1756 E Tabor St	0.29mi	5/2.0 (+1)	1,440 (+9%)	6mo	$122,000	$85	61
2020 Mac Ct	0.61mi	3/1.0 (-1)	1,314 (-0%)	4mo	$185,000	$141	58
2853 S State Ave	0.66mi	3/1.5 (-1)	1,276 (-3%)	7mo	$218,500	$171	50
2165 Napoleon St	0.57mi	3/2.0 (-1)	1,465 (+11%)	1mo	$140,000	$96	49
2845 Tindall St	0.69mi	3/1.0 (-1)	1,200 (-9%)	3mo	$180,000	$150	41
1750 Olive St	0.69mi	3/1.0 (-1)	1,484 (+12%)	3mo	$97,000	$65	36
2415 Finley Ave	0.71mi	3/1.0 (-1)	1,148 (-13%)	3mo	$178,500	$155	33
1810 Shelby St	0.70mi	3/1.0 (-1)	1,480 (+12%)	7mo	$70,100	$47	32

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: -4.4%
• Equity multiple: 0.84×
• Total profit: $-6,467
• Equity at exit: $20,874

10-year hold

• IRR: 5.2%
• Equity multiple: 1.38×
• Total profit: $14,885
• Equity at exit: $12,105

Cash invested: $39,200 (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: 493
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,636 high
• Mortgage (P&I): −$734
• Tax from tax record: −$244 /mo · $2,923/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$344
• Net cashflow: $257

Break-even live

Break-even rent $1,311

Max offer price $140,000

Occupancy floor 79%

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1706 E Tabor St Unit 1708 Indianapolis, IN	3.0	1.0	1000	$1,300	$1.30	7d	1	0.21mi
2020 Boyd Ave Indianapolis, IN	3.0	1.5	1160	$1,450	$1.25	23d	1	0.35mi
2018 Boyd Ave Indianapolis, IN	3.0	1.5	1160	$1,350	$1.16	43d	1	0.35mi
1549 Nelson Ave Indianapolis, IN	3.0	1.0	950	$1,380	$1.45	43d	1	0.46mi
1258 E Naomi St Indianapolis, IN	3.0	2.0	1608	$1,450	$0.90	7d	1	0.57mi
1742 Thaddeus St Unit 1742-A Indianapolis, IN	3.0	2.0	1350	$1,600	$1.19	13d	1	0.62mi
2806 Dietz St Indianapolis, IN	4.0	1.5	1200	$1,345	$1.12	23d	1	0.63mi
1729 Thaddeus St Unit 1729-B Indianapolis, IN	3.0	2.0	1350	$1,600	$1.19	13d	1	0.65mi
1144 McDougal St Indianapolis, IN	3.0	1.0	876	$1,500	$1.71	21d	1	0.65mi
1602 Quill St Unit B Indianapolis, IN	3.0	2.0	1250	$1,750	$1.40	43d	1	0.77mi
1602 Quill St Unit B Indianapolis, IN	3.0	2.0	1250	$1,650	$1.32	14d	1	0.77mi
1534 Dawson St Indianapolis, IN	3.0	1.0	1040	$1,499	$1.44	23d	1	0.84mi
2109 Singleton St Indianapolis, IN	3.0	2.0	1340	$2,100	$1.57	7d	1	0.84mi
1621 Knox St Indianapolis, IN	4.0	2.0	1411	$930	$0.66	4d	1	0.90mi
620 E Beecher St Indianapolis, IN	3.0	2.0	1072	$1,639	$1.53	19d	1	0.91mi
1833 Orleans St Unit 1 Indianapolis, IN	3.0	1.0	1260	$1,350	$1.07	43d	1	0.92mi
1830 Orleans St Indianapolis, IN	3.0	2.5	1586	$1,995	$1.26	43d	1	0.94mi
438 E Beecher St Indianapolis, IN	3.0	2.5	1500	$1,450	$0.97	23d	1	1.00mi
1514 Ringgold Ave Indianapolis, IN	3.0	1.0	1064	$1,295	$1.22	43d	1	1.01mi
835 Weghorst St Unit 837 Indianapolis, IN	3.0	1.5	1500	$1,399	$0.93	23d	1	1.01mi
2770 South East St Unit 302 Indianapolis, IN	3.0	2.0	1158	$1,015	$0.88	2d	1	1.06mi
2770 S East St Apt 103 Indianapolis, IN	3.0	2.0	1190	$1,045	$0.88	14d	1	1.07mi
2760 S East St Indianapolis, IN	2.0–3.0	2.0	1072	$1,045	$0.97	3d	3	1.07mi
752 Cottage Ave Indianapolis, IN	3.0	2.0	1548	$1,750	$1.13	14d	1	1.11mi
728 Cottage Ave Indianapolis, IN	3.0	2.5	1831	$2,550	$1.39	23d	1	1.14mi
3311 Linden St Indianapolis, IN	3.0	1.0	1056	$1,150	$1.09	43d	1	1.17mi
1527 Prospect St Indianapolis, IN	3.0	1.5	1150	$1,200	$1.04	23d	1	1.18mi
726 Parkway Ave Indianapolis, IN	3.0	2.0	1150	$2,195	$1.91	17d	1	1.21mi
1505 S Rural St Indianapolis, IN	3.0	1.0	1104	$1,500	$1.36	12d	1	1.22mi
3334 Laurel St Indianapolis, IN	3.0	1.0	1068	$1,200	$1.12	20d	1	1.23mi
3312 Olive St Indianapolis, IN	3.0	2.0	1000	$1,395	$1.40	23d	1	1.23mi
1247 Wright St Indianapolis, IN	3.0	1.5	1809	$1,750	$0.97	43d	1	1.23mi
1247 Wright St Indianapolis, IN	3.0	1.5	1247	$1,750	$1.40	17d	1	1.23mi
3319 Olive St Indianapolis, IN	3.0	2.0	1588	$1,450	$0.91	23d	1	1.23mi
224 Iowa St Indianapolis, IN	3.0	1.0	1254	$1,450	$1.16	23d	1	1.24mi
1123 Churchman Ave Indianapolis, IN	3.0	1.5	1472	$1,360	$0.92	13d	1	1.25mi
614 Parkway Ave Indianapolis, IN	3.0	2.0	1360	$1,900	$1.40	21d	1	1.26mi
1436 S New Jersey St Unit A Indianapolis, IN	3.0	2.5	1300	$2,100	$1.62	23d	1	1.27mi
1012 Prospect St Unit 1527 Indianapolis, IN	3.0	1.5	1150	$1,200	$1.04	43d	1	1.27mi
1012 Prospect St Unit 512 State 120% AMI Indianapolis, IN	3.0	1.0	1200	$1,400	$1.17	43d	1	1.27mi

Listing history 16 events

1. 2026-06-13
   statusdays on market $140,000 Pending 129 DOM
2. 2026-06-09
   days on market $140,000 Active 126 DOM
3. 2026-06-08
   days on market $140,000 Active 125 DOM
4. 2026-06-07
   days on market $140,000 Active 124 DOM
5. 2026-06-03
   days on market $140,000 Active 120 DOM
6. 2026-06-02
   days on market $140,000 Active 119 DOM
7. 2026-06-01
   days on market $140,000 Active 118 DOM
8. 2026-05-31
   days on market $140,000 Active 117 DOM
9. 2026-04-10
   status Active 1208-char remark

   Show marketing remark (1208 chars)

   Investor Opportunity in Bean Creek - East of Garfield Park! This property offers a strong value-add opportunity for investors looking to build equity through light rehab. Located in the desirable Bean Creek area just east of Garfield Park, this home presents multiple exit strategies-ideal as a long-term rental or a flip, depending on your investment goals. The home features an enclosed front porch that adds usable square footage and year-round appeal. Inside, a spacious living room flows into a formal dining area, creating a functional layout with good bones. The kitchen has already seen updates and offers ample cabinet space, providing a solid foundation for further improvements. Existing appliances include a refrigerator, stove, and dishwasher. A notable highlight is the presence of 3 bedrooms and 2 full bathrooms, a valuable feature that enhances rental potential and resale value. The home also includes a dedicated laundry room with washer and dryer hookups. Sold As-Is, this property is well-positioned for investors seeking a rehab project with upside in a growing area. With the right vision, this home can be transformed into a strong income-producing asset or a profitable resale.

10. 2026-03-30
    status Pending 1208-char remark

    Show marketing remark (1208 chars)

    Investor Opportunity in Bean Creek - East of Garfield Park! This property offers a strong value-add opportunity for investors looking to build equity through light rehab. Located in the desirable Bean Creek area just east of Garfield Park, this home presents multiple exit strategies-ideal as a long-term rental or a flip, depending on your investment goals. The home features an enclosed front porch that adds usable square footage and year-round appeal. Inside, a spacious living room flows into a formal dining area, creating a functional layout with good bones. The kitchen has already seen updates and offers ample cabinet space, providing a solid foundation for further improvements. Existing appliances include a refrigerator, stove, and dishwasher. A notable highlight is the presence of 3 bedrooms and 2 full bathrooms, a valuable feature that enhances rental potential and resale value. The home also includes a dedicated laundry room with washer and dryer hookups. Sold As-Is, this property is well-positioned for investors seeking a rehab project with upside in a growing area. With the right vision, this home can be transformed into a strong income-producing asset or a profitable resale.

11. 2026-03-22
    price $140,000 1208-char remark

    Show marketing remark (1208 chars)

    Investor Opportunity in Bean Creek - East of Garfield Park! This property offers a strong value-add opportunity for investors looking to build equity through light rehab. Located in the desirable Bean Creek area just east of Garfield Park, this home presents multiple exit strategies-ideal as a long-term rental or a flip, depending on your investment goals. The home features an enclosed front porch that adds usable square footage and year-round appeal. Inside, a spacious living room flows into a formal dining area, creating a functional layout with good bones. The kitchen has already seen updates and offers ample cabinet space, providing a solid foundation for further improvements. Existing appliances include a refrigerator, stove, and dishwasher. A notable highlight is the presence of 3 bedrooms and 2 full bathrooms, a valuable feature that enhances rental potential and resale value. The home also includes a dedicated laundry room with washer and dryer hookups. Sold As-Is, this property is well-positioned for investors seeking a rehab project with upside in a growing area. With the right vision, this home can be transformed into a strong income-producing asset or a profitable resale.

12. 2026-01-21
    listed $145,000 Active 1208-char remark

    Show marketing remark (1208 chars)

    Investor Opportunity in Bean Creek - East of Garfield Park! This property offers a strong value-add opportunity for investors looking to build equity through light rehab. Located in the desirable Bean Creek area just east of Garfield Park, this home presents multiple exit strategies-ideal as a long-term rental or a flip, depending on your investment goals. The home features an enclosed front porch that adds usable square footage and year-round appeal. Inside, a spacious living room flows into a formal dining area, creating a functional layout with good bones. The kitchen has already seen updates and offers ample cabinet space, providing a solid foundation for further improvements. Existing appliances include a refrigerator, stove, and dishwasher. A notable highlight is the presence of 3 bedrooms and 2 full bathrooms, a valuable feature that enhances rental potential and resale value. The home also includes a dedicated laundry room with washer and dryer hookups. Sold As-Is, this property is well-positioned for investors seeking a rehab project with upside in a growing area. With the right vision, this home can be transformed into a strong income-producing asset or a profitable resale.

13. 2024-05-23
    historical $1,300
14. 2024-04-16
    listed $1,300
15. 2020-02-01
    historical
16. 2020-01-17
    listed $74,900 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: $2,923 · $244/mo
• Projected year-2 tax: $2,923 · $244/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
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,637
• − Mortgage interest: −$7,842
• − Property taxes: −$2,923
• − Insurance: −$700
• − Repairs & maintenance: −$1,571
• − Management: −$1,571
• − Depreciation: −$4,073
• Taxable income: $957
• Est. tax owed @ 24.0%: −$230
• After-tax cash flow: $2,851/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

+86.9% since first listed

8 events — show timeline

• 2026-04-10 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-30 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-22 Price Changed $140,000 MIBOR as Distributed by MLS Grid
• 2026-01-21 Listed $145,000 MIBOR as Distributed by MLS Grid
• 2024-05-23 Rental Removed $1,300 APPFOLIO
• 2024-04-16 Listed for Rent $1,300 APPFOLIO
• 2020-02-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2020-01-17 Listed $74,900 MIBOR as Distributed by MLS Grid

Property tax history

+22.1%/yr

Latest (2025): $2,923 · +14.1% YoY. Source: county tax records.