2311 Shelby St · Indianapolis city (balance), IN 46203

$375,000

12 bd · 16.0 ba · 3,200 sqft · MultiFamily · 165 Days on market

Built 1920 5,250 sqft lot $117/sqft · 113% above area

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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
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• ARV discount +7.5/15.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

This quadruplex has 2 units on each floor and is conveniently located near Fountain Square and just minutes from downtown Indy. The building has 4 paved parking spots (rear of building) with additional street parking (front of building). Tenants currently have month to month leases and rent includes water/heat. Owner is selling 2 parcels together and does not want to separate. Please see MIBOR website for listing ID's #22078961 & #22078931.

Key facts

• 5,250 sq ft lot
• Built 1920
• Listed 164 days

Tags

• MINUTES FROM DOWNTOWN INDY
• 4 PAVED PARKING SPOTS
• ADDITIONAL STREET PARKING

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/4.0-bath units multifamily listed at $375k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $424/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $375k).
• Recommended offer: $330k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.7% 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.
• Zoned schools: Frederick Douglass School 19 (math 9% / reading 13%, grade F, #909 of 994 statewide, top 92%, 444 students, 81% FRL); H L Harshman Middle School (math 3% / reading 16%, grade F, #316 of 330 statewide, top 96%, 549 students, 84% FRL).
• Market conditions: Rents rising (+2.9%/yr); 500 active listings in the ZIP; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• At $5,428/mo this rent would consume 113% of the median local household income ($57k/yr) (locally 1499% 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 $3k of loan paydown is wiped out by about $11k 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 + 2.9% rent growth), your $105k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 165 days — a 12% lower offer ($330k) is reasonable based on typical stale-listing flexibility.
• 3 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 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $330,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 165 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 1920 — 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: 1.45% ✓
• Cap rate: 11.72%
• Cash-on-cash: 19.39%
• DSCR: 1.86
• GRM: 5.8

CMA / ARV

• ARV (median comp): $176,087
• List price: $375,000
• Delta: 112.96%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.88% rent growth · sell at horizon

5-year hold

• IRR: 11.2%
• Equity multiple: 1.44×
• Total profit: $46,717
• Equity at exit: $55,914

10-year hold

• IRR: 20.2%
• Equity multiple: 2.69×
• Total profit: $177,473
• Equity at exit: $32,423

Cash invested: $105,000 (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 46203

• Home prices YoY: -26.7%
• Rents YoY: 2.9%
• Active inventory: 500
• Price-to-rent: 23.0×

Monthly cashflow live

• Estimated rent: $5,428 high
• Mortgage (P&I): −$1,967
• Tax est. 1.5%: −$469 /mo · $5,625/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,140
• Net cashflow: $1,697

Break-even live

Break-even rent $3,280

Max offer price $375,000

Occupancy floor 64%

Sensitivity live

Price	-10% $1,956	-5% $1,826	+0% $1,697	+5% $1,567	+10% $1,437
Rent	-10% $1,268	-5% $1,482	+0% $1,697	+5% $1,911	+10% $2,125
Rate	-1.0pp $1,885	-0.5pp $1,792	base $1,697	+0.5pp $1,599	+1.0pp $1,501

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

Units	Beds	Baths	Est. rent
▸ 4× units	3	4	$5,428
Total (4 units)			$5,428

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: $93,750
• Closing costs: $11,250
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-21
   days on market $375,000 Active 165 DOM
2. 2026-06-18
   days on market $375,000 Active 162 DOM
3. 2026-06-17
   days on market $375,000 Active 161 DOM
4. 2026-06-16
   days on market $375,000 Active 160 DOM
5. 2026-06-15
   days on market $375,000 Active 159 DOM
6. 2026-06-13
   days on market $375,000 Active 157 DOM
7. 2026-06-13
   days on market $375,000 Active 156 DOM
8. 2026-06-09
   days on market $375,000 Active 153 DOM
9. 2026-06-08
   days on market $375,000 Active 152 DOM
10. 2026-06-07
    days on market $375,000 Active 151 DOM
11. 2026-06-03
    days on market $375,000 Active 147 DOM
12. 2026-06-02
    days on market $375,000 Active 146 DOM
13. 2026-06-01
    days on market $375,000 Active 145 DOM
14. 2026-05-31
    days on market $375,000 Active 144 DOM
15. 2026-01-07
    listed $375,000 Active 448-char remark

    Show marketing remark (448 chars)

    This quadruplex has 2 units on each floor and is conveniently located near Fountain Square and just minutes from downtown Indy. The building has 4 paved parking spots (rear of building) with additional street parking (front of building). Tenants currently have month to month leases and rent includes water/heat. Owner is selling 2 parcels together and does not want to separate. Please see MIBOR website for listing ID's #22078961 & #22078931.

16. 2020-06-13
    historical
17. 2020-02-20
    status Active
18. 2020-01-19
    status Pending
19. 2020-01-19
    price $199,900
20. 2020-01-17
    listed $164,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $65,136
• − Mortgage interest: −$21,006
• − Property taxes: −$5,625
• − Insurance: −$1,875
• − Repairs & maintenance: −$5,211
• − Management: −$5,211
• − Depreciation: −$10,909
• Taxable income: $15,299
• Est. tax owed @ 24.0%: −$3,672
• After-tax cash flow: $16,687/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

+127.4% since first listed

6 events — show timeline

• 2026-01-07 Listed $375,000 MIBOR as Distributed by MLS Grid
• 2020-06-13 Listing Removed — MIBOR as Distributed by MLS Grid
• 2020-02-20 Relisted — MIBOR as Distributed by MLS Grid
• 2020-01-19 Pending — MIBOR as Distributed by MLS Grid
• 2020-01-19 Price Changed $199,900 MIBOR as Distributed by MLS Grid
• 2020-01-17 Listed $164,900 MIBOR as Distributed by MLS Grid