3702 N Kenwood Ave · Indianapolis city (balance), IN 46208

$175,000

2 bd · 6.0 ba · 874 sqft · MultiFamily public records · 52 Days on market

Built 1920 5,445 sqft lot $200/sqft · 69% above area Est $244k · 28% under

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Why this score? — see what drove the B 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• Rent growth +4.1/5.0
• 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 (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

two unit residential home on a corner lot. This is an investor's dream, with just a little TLC, this property has great potential. It's centrally located near, shopping, dinning, the interstate and much more. It's a must see! Don't let it pass you by.

Key facts

• Covered front porch
• Rear parking pad
• Sunroom

Tags

• COVERED FRONT PORCH
• SUNROOM
• REAR PARKING PAD
• HARDWOOD FLOORS

Property features AI

Finance

• Financial info: Gross monthly income reported: $1,484; Expenses reported: $0; Unit rents: One 2-bedroom unit at $799/month; one 1-bedroom unit at $685/month; Total units: 2

Exterior

• Parking: Detached garage (1 garage space)
• Utilities: Solid waste: No information provided
• Home design: Duplex residential income property; Structure type: Duplex
• Construction: Less than 1/4 acre lot
• Exterior features: Residential use; Access road

Interior

• Kitchen: 10x10 kitchens in each unit
• Bedrooms: Two 2-bedroom and 1-bedroom units (see unit details below)
• Interior features: Basement present

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/3.0-bath units multifamily listed at $175k.

Deal economics

• At list price, monthly cash flow is $690 ($8k/yr) — positive. Per door: $345/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $175k).
• Recommended offer: $170k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.0% 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 B — 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 (+6.4%/yr); 279 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).
• At $2,519/mo this rent would consume 50% of the median local household income ($60k/yr) (locally 978% 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 $1k of loan paydown is wiped out by about $5k 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 + 6.4% rent growth), your $49k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 9y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $18k; list at $175k implies a 900% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $169,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.44% ✓
• Cap rate: 11.02%
• Cash-on-cash: 16.90%
• DSCR: 1.75
• GRM: 5.8

CMA / ARV

• ARV (median comp): $243,727
• List price: $175,000
• Delta: -28.20%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3706 N Kenwood Ave	0.01mi	2/1.0	750 (-14%)	20mo	$245,000	$327	39

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 · 6.43% rent growth · sell at horizon

5-year hold

• IRR: 12.1%
• Equity multiple: 1.50×
• Total profit: $24,668
• Equity at exit: $26,093

10-year hold

• IRR: 23.8%
• Equity multiple: 3.41×
• Total profit: $118,039
• Equity at exit: $15,131

Cash invested: $49,000 (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 46208

• Rents YoY: 6.4%
• Active inventory: 279
• Price-to-rent: 11.6×

Monthly cashflow live

• Estimated rent: $2,519 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$309 /mo · $3,714/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$529
• Net cashflow: $690

Break-even live

Break-even rent $1,646

Max offer price $175,000

Occupancy floor 68%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	3	$2,520
Total (2 units)			$2,519

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3729 N Kenwood Ave Indianapolis, IN	2.0	1.0	1107	$1,100	$0.99	43d	1	0.07mi
3710 N Meridian St Indianapolis, IN	2.0	1.0–2.0	670	$969	$1.45	2d	34	0.19mi
3726 N Meridian St Apt 33 Indianapolis, IN	1.0	1.0	725	$750	$1.03	23d	1	0.20mi
3640 N Meridian St Unit 01 Indianapolis, IN	3.0	1.0	1000	$999	$1.00	43d	1	0.20mi
3640 N Meridian St Unit 11 Indianapolis, IN	1.0	1.0	700	$699	$1.00	43d	1	0.20mi
3640 N Meridian St Unit 13 Indianapolis, IN	1.0	1.0	700	$699	$1.00	23d	1	0.20mi
3502 N Kenwood Ave Indianapolis, IN	3.0	2.0	1094	$1,220	$1.12	43d	1	0.24mi
3707 N Meridian St Indianapolis, IN	2.0	1.0–2.0	1042	$1,199	$1.15	43d	1	0.25mi
3540 N Meridian St Indianapolis, IN	1.0	1.0	757	$789	$1.04	4d	3	0.25mi
3501 N Illinois St Unit 3 Indianapolis, IN	2.0	2.0	1087	$1,350	$1.24	7d	1	0.27mi
3469 Graceland Ave Indianapolis, IN	2.0	1.0	1000	$1,200	$1.20	43d	1	0.27mi
3601 N Meridian St Indianapolis, IN	1.0	1.0	700	$775	$1.11	23d	1	0.27mi
3541 N Meridian St Indianapolis, IN	1.0–2.0	1.0	987	$880	$0.89	43d	1	0.30mi
3801 N Meridian St Indianapolis, IN	1.0–3.0	1.0–2.0	1057	$1,474	$1.39	20d	35	0.30mi
57 E 38th St Indianapolis, IN	1.0	1.0	750	$770	$1.03	2d	4	0.34mi
3413 N Capitol Ave Indianapolis, IN	3.0	1.0	588	$1,299	$2.21	23d	1	0.36mi
3671 N Pennsylvania St Indianapolis, IN	2.0	1.0	725	$794	$1.10	19d	1	0.37mi
3524 N Pennsylvania St Indianapolis, IN	2.0	1.0	725	$872	$1.20	2d	4	0.37mi
4031 Boulevard Pl Indianapolis, IN	1.0	1.0	700	$895	$1.28	20d	1	0.45mi
3558 Washington Blvd Indianapolis, IN	3.0	1.0	975	$1,199	$1.23	7d	1	0.47mi
3340 N Meridian St Unit 3340-305 Indianapolis, IN	1.0	1.0	650	$855	$1.32	23d	1	0.48mi
3554 N Washington Blvd Apt 2 Indianapolis, IN	1.0	1.0	800	$750	$0.94	43d	1	0.48mi
3340 N Meridian St Unit 3340-302 Indianapolis, IN	1.0	1.0	650	$855	$1.32	20d	1	0.49mi
3330 N Meridian St Unit 3330-306 Indianapolis, IN	1.0	1.0	650	$855	$1.32	20d	1	0.50mi
3310 N Meridian St Indianapolis, IN	1.0–2.0	1.0	750	$1,150	$1.53	43d	3	0.52mi
3815 Washington Blvd Indianapolis, IN	2.0	1.0	1000	$1,250	$1.25	7d	1	0.53mi
3924 Byram Ave Indianapolis, IN	1.0	1.0	810	$1,099	$1.36	4d	1	0.57mi
3836 Central Ave Indianapolis, IN	1.0	1.0	600	$1,125	$1.88	23d	1	0.61mi
608 Bernard Ave Indianapolis, IN	3.0	2.0	1056	$1,475	$1.40	2d	1	0.65mi
4210 Graceland Ave Indianapolis, IN	1.0	1.0	676	$900	$1.33	21d	1	0.66mi
4023 Clarendon Rd Indianapolis, IN	1.0	1.0	572	$950	$1.66	43d	1	0.67mi
633 E 38th St #4 Indianapolis, IN	3.0	1.0	650	$1,050	$1.62	43d	1	0.81mi
636 E 37th St Unit 5 Indianapolis, IN	2.0	1.0	700	$695	$0.99	23d	1	0.82mi
3716 N College Ave Unit 3 Indianapolis, IN	2.0	2.0	1100	$1,450	$1.32	43d	1	0.84mi
732 Clarendon Pl Indianapolis, IN	2.0	1.0	800	$1,100	$1.38	43d	1	0.94mi
3017 Ethel Ave Indianapolis, IN	3.0	1.5	1079	$1,400	$1.30	23d	1	0.94mi
2937 N Kenwood Ave Unit A Indianapolis, IN	1.0	1.0	672	$889	$1.32	21d	1	0.95mi
3359 N College Ave Unit 3359 Indianapolis, IN	2.0	1.5	1082	$1,895	$1.75	23d	1	0.95mi
2937 Shriver Ave Indianapolis, IN	1.0	1.0	564	$850	$1.51	43d	1	0.97mi
916 Fairfield Ave Unit 918 Indianapolis, IN	3.0	1.0	1000	$1,300	$1.30	7d	1	1.03mi

Listing history 37 events

1. 2026-06-18
   days on market $175,000 Active 52 DOM
2. 2026-06-17
   days on market $175,000 Active 51 DOM
3. 2026-06-16
   days on market $175,000 Active 50 DOM
4. 2026-06-15
   days on market $175,000 Active 49 DOM
5. 2026-06-13
   days on market $175,000 Active 47 DOM
6. 2026-06-13
   days on market $175,000 Active 46 DOM
7. 2026-06-09
   days on market $175,000 Active 43 DOM
8. 2026-06-08
   days on market $175,000 Active 42 DOM
9. 2026-06-07
   days on market $175,000 Active 41 DOM
10. 2026-06-03
    days on market $175,000 Active 37 DOM
11. 2026-06-02
    days on market $175,000 Active 36 DOM
12. 2026-06-01
    days on market $175,000 Active 35 DOM
13. 2026-05-31
    price $175,000 Active 34 DOM
14. 2026-05-31
    days on market $185,000 Active 34 DOM
15. 2026-04-27
    listed $185,000 Active 1032-char remark
16. 2021-02-17
    historical
17. 2021-01-19
    price $130,000
18. 2021-01-18
    listed $100,000 Active
19. 2019-01-15
    soldstatus $17,500 Sold

    Show marketing remark (254 chars)

    two unit residential home on a corner lot. This is an investor's dream, with just a little TLC, this property has great potential. It's centrally located near, shopping, dinning, the interstate and much more. It's a must see! Don't let it pass you by.

20. 2018-12-31
    status Pending

    Show marketing remark (254 chars)

    two unit residential home on a corner lot. This is an investor's dream, with just a little TLC, this property has great potential. It's centrally located near, shopping, dinning, the interstate and much more. It's a must see! Don't let it pass you by.

21. 2018-12-21
    price $28,000

    Show marketing remark (254 chars)

    two unit residential home on a corner lot. This is an investor's dream, with just a little TLC, this property has great potential. It's centrally located near, shopping, dinning, the interstate and much more. It's a must see! Don't let it pass you by.

22. 2018-11-16
    status Active

    Show marketing remark (254 chars)

    two unit residential home on a corner lot. This is an investor's dream, with just a little TLC, this property has great potential. It's centrally located near, shopping, dinning, the interstate and much more. It's a must see! Don't let it pass you by.

23. 2018-11-06
    status Pending

    Show marketing remark (254 chars)

    two unit residential home on a corner lot. This is an investor's dream, with just a little TLC, this property has great potential. It's centrally located near, shopping, dinning, the interstate and much more. It's a must see! Don't let it pass you by.

24. 2018-10-18
    status Active

    Show marketing remark (254 chars)

    two unit residential home on a corner lot. This is an investor's dream, with just a little TLC, this property has great potential. It's centrally located near, shopping, dinning, the interstate and much more. It's a must see! Don't let it pass you by.

25. 2018-10-09
    status Pending

    Show marketing remark (254 chars)

    two unit residential home on a corner lot. This is an investor's dream, with just a little TLC, this property has great potential. It's centrally located near, shopping, dinning, the interstate and much more. It's a must see! Don't let it pass you by.

26. 2018-09-23
    listed $33,000 Active

    Show marketing remark (254 chars)

    two unit residential home on a corner lot. This is an investor's dream, with just a little TLC, this property has great potential. It's centrally located near, shopping, dinning, the interstate and much more. It's a must see! Don't let it pass you by.

27. 2017-09-22
    soldstatus $22,000 Sold
28. 2017-09-19
    status Pending
29. 2017-09-18
    price $29,900
30. 2017-09-07
    status Active
31. 2017-08-21
    status Pending
32. 2017-08-04
    listed $33,000 Active
33. 2017-07-31
    historical
34. 2017-07-21
    soldstatus $16,000 Sold
35. 2017-07-18
    status Pending
36. 2017-07-07
    listed $38,000 Active
37. 2017-07-06
    listed $38,000 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: $3,714 · $309/mo
• Projected year-2 tax: $3,714 · $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 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,228
• − Mortgage interest: −$9,803
• − Property taxes: −$3,714
• − Insurance: −$875
• − Repairs & maintenance: −$2,418
• − Management: −$2,418
• − Depreciation: −$5,091
• Taxable income: $5,909
• Est. tax owed @ 24.0%: −$1,418
• After-tax cash flow: $6,861/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): 22,379
• Household income: $60,062
• Rent vs Own: 44.1% rent · 55.9% own
• Severe rent burden: 978.0

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 0.62)
• Race & ethnicity: White 46% Black 40% Hispanic / Latino 8% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 2% Slovak 2% Italian 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 5% French/Haitian/Cajun 1% 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: ▼ -324.63%
• Current HPI: 319.7725
• Rent YoY: ▲ 6.43%
• 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

+360.5% since first listed

24 events — show timeline

• 2026-05-31 Price Changed $175,000 MIBOR as Distributed by MLS Grid
• 2026-04-27 Listed $185,000 MIBOR as Distributed by MLS Grid
• 2021-02-17 Listing Removed — MIBOR as Distributed by MLS Grid
• 2021-01-19 Price Changed $130,000 MIBOR as Distributed by MLS Grid
• 2021-01-18 Listed $100,000 MIBOR as Distributed by MLS Grid
• 2019-01-15 Sold (MLS) $17,500 MIBOR as Distributed by MLS Grid
• 2018-12-31 Pending — MIBOR as Distributed by MLS Grid
• 2018-12-21 Price Changed $28,000 MIBOR as Distributed by MLS Grid
• 2018-11-16 Relisted — MIBOR as Distributed by MLS Grid
• 2018-11-06 Pending — MIBOR as Distributed by MLS Grid
• 2018-10-18 Relisted — MIBOR as Distributed by MLS Grid
• 2018-10-09 Pending — MIBOR as Distributed by MLS Grid
• 2018-09-23 Listed $33,000 MIBOR as Distributed by MLS Grid
• 2017-09-22 Sold (MLS) $22,000 MIBOR as Distributed by MLS Grid
• 2017-09-19 Pending — MIBOR as Distributed by MLS Grid
• 2017-09-18 Price Changed $29,900 MIBOR as Distributed by MLS Grid
• 2017-09-07 Relisted — MIBOR as Distributed by MLS Grid
• 2017-08-21 Pending — MIBOR as Distributed by MLS Grid
• 2017-08-04 Listed $33,000 MIBOR as Distributed by MLS Grid
• 2017-07-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2017-07-21 Sold (MLS) $16,000 MIBOR as Distributed by MLS Grid
• 2017-07-18 Pending — MIBOR as Distributed by MLS Grid
• 2017-07-07 Listed $38,000 MIBOR as Distributed by MLS Grid
• 2017-07-06 Listed $38,000 MIBOR as Distributed by MLS Grid

Property tax history

+14.1%/yr

Latest (2025): $3,714 · +4.7% YoY. Source: county tax records.