3021 Boulevard Pl · Indianapolis city (balance), IN 46208

$130,000

2 bd · 3.0 ba · 990 sqft · MultiFamily public records · 175 Days on market

Built 1915 5,227 sqft lot $131/sqft · 123% above area Est $175k · 26% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

For investors, house hackers, or visionaries, this is the one you have been waiting for! Close proximity to just about everything you could need, a divided covered porch, a large backyard, and a detached 2 car garage begin the desirable features. Adorned with hardwood flooring inside, a great room, a separate dining room, and 3 bedrooms amongst other rooms provide plenty of space. With your skillful touches, this duplex will be seen in its fullest glory. Don't hesitate- come and see it today!

Key facts

• Covered porch
• Hardwood flooring
• Separate dining room

Tags

• COVERED PORCH
• LARGE BACKYARD
• DETACHED GARAGE
• HARDWOOD FLOORING
• GREAT ROOM
• SEPARATE DINING ROOM

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $130k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $502/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $130k).
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.6% 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 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); 283 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• At $2,528/mo this rent would consume 51% 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 $899 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.
• At projected returns (-3.0% appreciation + 6.4% rent growth), your $36k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 175 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 24y 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 $18k; list at $130k implies a 622% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $114,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 175 days. Have you received any prior offers? Is the seller open to a 12% 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 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 1.94% ✓
• Cap rate: 15.55%
• Cash-on-cash: 33.08%
• DSCR: 2.47
• GRM: 4.3

CMA / ARV

• ARV (median comp): $174,636
• List price: $130,000
• Delta: -25.56%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
733 W 25th St	0.71mi	2/2.0	983 (-1%)	10mo	$109,000	$111	53
2446 Paris Ave	0.61mi	2/1.0	1,078 (+9%)	13mo	$145,000	$135	38

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: 32.3%
• Equity multiple: 2.43×
• Total profit: $51,958
• Equity at exit: $19,383

10-year hold

• IRR: 41.3%
• Equity multiple: 5.61×
• Total profit: $167,662
• Equity at exit: $11,240

Cash invested: $36,400 (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: 283
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $2,528 medium
• Mortgage (P&I): −$682
• Tax from tax record: −$258 /mo · $3,095/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$531
• Net cashflow: $1,003

Break-even live

Break-even rent $1,258

Max offer price $130,000

Occupancy floor 55%

Sensitivity live

Price	-10% $1,077	-5% $1,040	+0% $1,003	+5% $967	+10% $930
Rent	-10% $804	-5% $903	+0% $1,003	+5% $1,103	+10% $1,203
Rate	-1.0pp $1,069	-0.5pp $1,036	base $1,003	+0.5pp $970	+1.0pp $935

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$2,528
Total (2 units)			$2,528

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2937 Shriver Ave Indianapolis, IN	1.0	1.0	564	$850	$1.51	44d	1	0.14mi
2937 N Kenwood Ave Unit A Indianapolis, IN	1.0	1.0	672	$889	$1.32	22d	1	0.24mi
3017 Ethel Ave Indianapolis, IN	3.0	1.5	1079	$1,400	$1.30	24d	1	0.25mi
2818 N Capitol Ave Apt 1 Indianapolis, IN	1.0	1.0	600	$2,000	$3.33	44d	1	0.30mi
2808 N Capitol Ave Indianapolis, IN	2.0	1.0	900	$975	$1.08	24d	1	0.31mi
541 W 29th St Indianapolis, IN	1.0	1.0	740	$900	$1.22	20d	1	0.36mi
516 W 28th St Indianapolis, IN	2.0	1.0	1005	$1,100	$1.09	24d	1	0.39mi
3413 N Capitol Ave Indianapolis, IN	3.0	1.0	588	$1,299	$2.21	24d	1	0.49mi
1 W 28th St Indianapolis, IN	1.0	1.0	656	$970	$1.48	4d	15	0.49mi
3310 N Meridian St Indianapolis, IN	1.0–2.0	1.0	750	$1,150	$1.53	44d	3	0.49mi
3330 N Meridian St Unit 3330-306 Indianapolis, IN	1.0	1.0	650	$855	$1.32	21d	1	0.50mi
3340 N Meridian St Unit 3340-305 Indianapolis, IN	1.0	1.0	650	$855	$1.32	24d	1	0.52mi
3340 N Meridian St Unit 3340-302 Indianapolis, IN	1.0	1.0	650	$855	$1.32	21d	1	0.53mi
3469 Graceland Ave Indianapolis, IN	2.0	1.0	1000	$1,200	$1.20	44d	1	0.57mi
2625 N Meridian St Indianapolis, IN	1.0–2.0	1.0–2.0	850	$2,150	$2.53	8d	8	0.60mi
3502 N Kenwood Ave Indianapolis, IN	3.0	2.0	1094	$1,220	$1.12	44d	1	0.61mi
3501 N Illinois St Unit 3 Indianapolis, IN	2.0	2.0	1087	$1,350	$1.24	8d	1	0.65mi
926 W 32nd St Indianapolis, IN	3.0	2.0	1050	$1,295	$1.23	8d	1	0.68mi
55 W Fall Creek Parkway South Dr Unit C Indianapolis, IN	2.0	1.0	1000	$1,035	$1.03	44d	1	0.68mi
3540 N Meridian St Indianapolis, IN	1.0	1.0	757	$789	$1.04	5d	3	0.75mi
3541 N Meridian St Indianapolis, IN	1.0–2.0	1.0	987	$880	$0.89	44d	1	0.78mi
3524 N Pennsylvania St Indianapolis, IN	2.0	1.0	725	$872	$1.20	4d	4	0.79mi
2316 Indianapolis Ave Indianapolis, IN	1.0	1.0	550	$800	$1.45	15d	1	0.80mi
3601 N Meridian St Indianapolis, IN	1.0	1.0	700	$775	$1.11	24d	1	0.82mi
524 W 23rd St Indianapolis, IN	2.0	1.0	664	$949	$1.43	44d	1	0.83mi
3640 N Meridian St Unit 01 Indianapolis, IN	3.0	1.0	1000	$999	$1.00	44d	1	0.85mi
3640 N Meridian St Unit 11 Indianapolis, IN	1.0	1.0	700	$699	$1.00	44d	1	0.85mi
3640 N Meridian St Unit 13 Indianapolis, IN	1.0	1.0	700	$699	$1.00	24d	1	0.85mi
819 Edgemont Ave Apt 115 Indianapolis, IN	1.0	1.0	540	$915	$1.69	44d	1	0.85mi
3710 N Meridian St Indianapolis, IN	2.0	1.0–2.0	670	$969	$1.45	3d	34	0.88mi
3707 N Meridian St Indianapolis, IN	2.0	1.0–2.0	1042	$1,199	$1.15	44d	1	0.88mi
2235 Doctor Martin Luther King Junior St Indianapolis, IN	3.0	1.5	948	$1,700	$1.79	44d	1	0.90mi
3554 N Washington Blvd Apt 2 Indianapolis, IN	1.0	1.0	800	$750	$0.94	44d	1	0.90mi
3729 N Kenwood Ave Indianapolis, IN	2.0	1.0	1107	$1,100	$0.99	44d	1	0.91mi
3558 Washington Blvd Indianapolis, IN	3.0	1.0	975	$1,199	$1.23	8d	1	0.91mi
3726 N Meridian St Apt 33 Indianapolis, IN	1.0	1.0	725	$750	$1.03	24d	1	0.93mi
1039 W 36th St Indianapolis, IN	2.0	1.0	864	$995	$1.15	44d	1	0.93mi
906 Burdsal Pkwy Indianapolis, IN	2.0	1.0	936	$1,295	$1.38	24d	1	0.93mi
908 Burdsal Pkwy Marion, IN	2.0	1.0	936	$1,300	$1.39	24d	1	0.93mi
2334 N Delaware St Unit B Indianapolis, IN	1.0	1.0	740	$1,400	$1.89	44d	1	0.93mi

Listing history 29 events

1. 2026-06-21
   days on market $130,000 Active 175 DOM
2. 2026-06-18
   days on market $130,000 Active 172 DOM
3. 2026-06-17
   days on market $130,000 Active 171 DOM
4. 2026-06-16
   days on market $130,000 Active 170 DOM
5. 2026-06-15
   days on market $130,000 Active 169 DOM
6. 2026-06-13
   days on market $130,000 Active 167 DOM
7. 2026-06-13
   days on market $130,000 Active 166 DOM
8. 2026-06-09
   days on market $130,000 Active 163 DOM
9. 2026-06-08
   days on market $130,000 Active 162 DOM
10. 2026-06-07
    days on market $130,000 Active 161 DOM
11. 2026-06-03
    days on market $130,000 Active 157 DOM
12. 2026-06-02
    days on market $130,000 Active 156 DOM
13. 2026-06-01
    days on market $130,000 Active 155 DOM
14. 2026-05-31
    days on market $130,000 Active 154 DOM
15. 2026-04-03
    status Active 497-char remark

    Show marketing remark (497 chars)

    For investors, house hackers, or visionaries, this is the one you have been waiting for! Close proximity to just about everything you could need, a divided covered porch, a large backyard, and a detached 2 car garage begin the desirable features. Adorned with hardwood flooring inside, a great room, a separate dining room, and 3 bedrooms amongst other rooms provide plenty of space. With your skillful touches, this duplex will be seen in its fullest glory. Don't hesitate- come and see it today!

16. 2026-03-31
    status Active 497-char remark

    Show marketing remark (497 chars)

    For investors, house hackers, or visionaries, this is the one you have been waiting for! Close proximity to just about everything you could need, a divided covered porch, a large backyard, and a detached 2 car garage begin the desirable features. Adorned with hardwood flooring inside, a great room, a separate dining room, and 3 bedrooms amongst other rooms provide plenty of space. With your skillful touches, this duplex will be seen in its fullest glory. Don't hesitate- come and see it today!

17. 2026-03-16
    status Active 497-char remark

    Show marketing remark (497 chars)

    For investors, house hackers, or visionaries, this is the one you have been waiting for! Close proximity to just about everything you could need, a divided covered porch, a large backyard, and a detached 2 car garage begin the desirable features. Adorned with hardwood flooring inside, a great room, a separate dining room, and 3 bedrooms amongst other rooms provide plenty of space. With your skillful touches, this duplex will be seen in its fullest glory. Don't hesitate- come and see it today!

18. 2025-11-14
    listed $130,000 Active 497-char remark

    Show marketing remark (497 chars)

    For investors, house hackers, or visionaries, this is the one you have been waiting for! Close proximity to just about everything you could need, a divided covered porch, a large backyard, and a detached 2 car garage begin the desirable features. Adorned with hardwood flooring inside, a great room, a separate dining room, and 3 bedrooms amongst other rooms provide plenty of space. With your skillful touches, this duplex will be seen in its fullest glory. Don't hesitate- come and see it today!

19. 2016-03-18
    soldstatus $18,000 Sold 131-char remark

    Show marketing remark (131 chars)

    Motivated seller!!! This property can be purchase through seller finance. Both sides are occupied..Tenants pay their own utilities.

20. 2016-03-11
    status Pending 131-char remark

    Show marketing remark (131 chars)

    Motivated seller!!! This property can be purchase through seller finance. Both sides are occupied..Tenants pay their own utilities.

21. 2016-02-22
    listed $45,000 Active 131-char remark

    Show marketing remark (131 chars)

    Motivated seller!!! This property can be purchase through seller finance. Both sides are occupied..Tenants pay their own utilities.

22. 2014-07-12
    historical
23. 2014-07-11
    soldstatus $25,000
24. 2014-06-06
    listed $25,000
25. 2011-09-12
    historical
26. 2011-09-09
    soldstatus $12,500
27. 2011-03-19
    listed $16,000
28. 2003-04-10
    soldstatus $37,000
29. 2002-12-31
    listed $49,900

ⓘ 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: $3,095 · $258/mo
• Projected year-2 tax: $3,095 · $258/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 6/10 Major FEMA zone X (unshaded) · 71% 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: $30,336
• − Mortgage interest: −$7,282
• − Property taxes: −$3,095
• − Insurance: −$650
• − Repairs & maintenance: −$2,427
• − Management: −$2,427
• − Depreciation: −$3,782
• Taxable income: $10,674
• Est. tax owed @ 24.0%: −$2,562
• After-tax cash flow: $9,478/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

+160.5% since first listed

15 events — show timeline

• 2026-04-03 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-31 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-16 Relisted — MIBOR as Distributed by MLS Grid
• 2025-11-14 Listed $130,000 MIBOR as Distributed by MLS Grid
• 2016-03-18 Sold (MLS) $18,000 MIBOR as Distributed by MLS Grid
• 2016-03-11 Pending — MIBOR as Distributed by MLS Grid
• 2016-02-22 Listed $45,000 MIBOR as Distributed by MLS Grid
• 2014-07-12 Listing Removed — MIBOR as Distributed by MLS Grid
• 2014-07-11 Sold (MLS) $25,000 MIBOR as Distributed by MLS Grid
• 2014-06-06 Listed $25,000 MIBOR as Distributed by MLS Grid
• 2011-09-12 Listing Removed — MIBOR as Distributed by MLS Grid
• 2011-09-09 Sold (MLS) $12,500 MIBOR as Distributed by MLS Grid
• 2011-03-19 Listed $16,000 MIBOR as Distributed by MLS Grid
• 2003-04-10 Sold (MLS) $37,000 MIBOR as Distributed by MLS Grid
• 2002-12-31 Listed $49,900 MIBOR as Distributed by MLS Grid

Property tax history

+6.6%/yr

Latest (2025): $3,095 · +20.5% YoY. Source: county tax records.