623 Eugene St · Indianapolis city (balance), IN 46208

$230,000

5 bd · 1.0 ba · 2,688 sqft · MultiFamily public records · 3 Days on market

Built 1919 5,140 sqft lot Est $199k · 16% over

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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 +26.8/30.0
• DSCR +9.2/10.0
• 1% rule +7.1/10.0
• Rent growth +4.1/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• ARV discount +0.5/15.0
• 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

This is a great investment opportunity. Large duplex with each unit having 2 bedrooms, 1 bath, hardwood floors, and over 1,300 sq ft.

Key facts

• 5,140 sq ft lot
• Built 1919
• Listed 3 days

Property features AI

Finance

• Other: Current use: Residential; Lot under 1/4 acre
• Financial info: Multi-unit property with 2 units; Unit 1 listed rent $1,000/month; Unit 2 listed rent $1,100/month; Reported gross income and expenses listed as 0

Exterior

• Parking: On-street parking
• Utilities: Solid waste service available
• Home design: Duplex (residential income property); Two levels
• Construction: Vinyl with brick exterior
• Exterior features: No fence; Sidewalks; Asphalt road frontage with city street access and street cuts

Interior

• Kitchen: Unit kitchens approx. 15x12; Range/oven; Refrigerator
• Bedrooms: Two 2-bedroom units
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Updated/remodeled condition; Has basement
• Laundry & utility: Unit 1: Dryer and washer connections; Unit 2: Washer/dryer connections; Owner pays water; Utilities include electricity for hot water and fuel/electric for heat; second unit also lists gas and central air

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $230k.

Deal economics

• At list price, monthly cash flow is $626 ($8k/yr) — positive. Per door: $313/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $230k).
• Cap rate 9.6% 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 fast (+6.4%/yr); 279 active listings in the ZIP; 5 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 $2,790/mo this rent would consume 56% 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 $2k of loan paydown is wiped out by about $7k 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 $64k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 23y 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.
• Current owner paid $10k; list at $230k implies a 2200% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1919 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $230,000

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 1919 — 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: 1.21% ✓
• Cap rate: 9.56%
• Cash-on-cash: 11.67%
• DSCR: 1.52
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $198,912
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2866-2868 Highland Pl	0.35mi	6/2.0 (+1)	2,672 (-1%)	4mo	$50,000	$19	70
837 W Roache St	0.36mi	5/3.0	2,344 (-13%)	20mo	$156,000	$67	37
622 Udell St	0.10mi	4/4.5 (-1)	3,048 (+13%)	21mo	$240,000	$79	37
1134 W 27th St	0.58mi	6/3.0 (+1)	2,385 (-11%)	8mo	$175,500	$74	34
3026 N Capitol Ave	0.52mi	6/3.0 (+1)	2,396 (-11%)	16mo	$161,000	$67	31
706 Edgemont Ave	0.48mi	6/6.0 (+1)	2,532 (-6%)	21mo	$261,500	$103	30
3227 N Kenwood Ave	0.70mi	6/3.0 (+1)	2,563 (-5%)	24mo	$345,000	$135	26

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: 4.9%
• Equity multiple: 1.20×
• Total profit: $12,609
• Equity at exit: $34,294

10-year hold

• IRR: 17.3%
• Equity multiple: 2.65×
• Total profit: $106,338
• Equity at exit: $19,886

Cash invested: $64,400 (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: 13.7×

Monthly cashflow live

• Estimated rent: $2,790 high
• Mortgage (P&I): −$1,206
• Tax from tax record: −$276 /mo · $3,311/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$586
• Net cashflow: $626

Break-even live

Break-even rent $1,997

Max offer price $230,000

Occupancy floor 73%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,790
Total (2 units)			$2,790

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3160 Graceland Ave Indianapolis, IN	4.0	2.0	1936	$2,000	$1.03	24d	1	0.51mi
1331 W 34th St Indianapolis, IN	4.0	2.0	2160	$1,800	$0.83	15d	1	0.91mi
3827 Graceland Ave Indianapolis, IN	4.0	2.0	2195	$1,595	$0.73	44d	1	1.23mi
3128 Broadway St Indianapolis, IN	4.0	1.5	1999	$2,200	$1.10	24d	1	1.34mi
2340 N Park Ave Indianapolis, IN	4.0	3.5	3500	$3,500	$1.00	4d	1	1.35mi

Listing history 4 events

1. 2026-06-18
   days on market $230,000 Active 3 DOM
2. 2026-06-17
   days on market $230,000 Active 2 DOM
3. 2026-06-15
   remarks 658-char remark
4. 2026-06-15
   listed $230,000 Active 1 DOM

ⓘ 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: $3,311 · $276/mo
• Projected year-2 tax: $3,311 · $276/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 3/10 Moderate FEMA zone X (unshaded) · 20% 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: $33,480
• − Mortgage interest: −$12,884
• − Property taxes: −$3,311
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,678
• − Management: −$2,678
• − Depreciation: −$6,691
• Taxable income: $4,088
• Est. tax owed @ 24.0%: −$981
• After-tax cash flow: $6,534/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

+823.7% since first listed

8 events — show timeline

• 2026-06-12 Listed $230,000 MIBOR as Distributed by MLS Grid
• 2013-08-02 Listing Removed — MIBOR as Distributed by MLS Grid
• 2013-07-25 Sold (MLS) $10,000 MIBOR as Distributed by MLS Grid
• 2013-03-12 Listed $11,900 MIBOR as Distributed by MLS Grid
• 2011-05-29 Listing Removed — MIBOR as Distributed by MLS Grid
• 2010-05-28 Listed $29,000 MIBOR as Distributed by MLS Grid
• 2003-04-30 Sold (MLS) $18,000 MIBOR as Distributed by MLS Grid
• 2003-01-29 Listed $24,900 MIBOR as Distributed by MLS Grid

Property tax history

+12.8%/yr

Latest (2025): $3,311 · +31.4% YoY. Source: county tax records.