2225 Howard St · Indianapolis city (balance), IN 46221

$130,000

2 bd · 1.0 ba · 923 sqft · SingleFamily public records · 113 Days on market

Built 1920 4,138 sqft lot $141/sqft · 50% above area Est $131k · at est.

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Why this score? — see what drove the D- 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 +13.4/30.0
• ARV discount +8.0/15.0
• 1% rule +5.2/10.0
• DSCR +4.0/10.0
• Rent growth +2.9/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this 2-bedroom, 1-bath home offers interior updates, functional space, and a convenient location. A covered front porch leads you into the living room, creating a central gathering space as you enter. Just off the living area are two spacious bedrooms. Moving further into the home, you'll find the kitchen along with a separate dining area, providing defined spaces for cooking and meals. The bathroom has been updated and features a modern walk-in shower with a tile surround. Toward the back of the home, you'll find a dedicated laundry room and a bonus room. A partial unfinished basement adds extra storage space. The detached 2-car garage is a valuable feature, complete with its own separate electric meter. This setup offers flexibility for a workshop, hobby area, or car projects. With its own separate electric meter, it offers added convenience and flexibility for managing usage independently from the main house. Located just minutes from Lucas Oil Stadium, Indianapolis Zoo, and downtown, with easy access to Interstate 70, this property offers strong connectivity to major attractions, dining, and commuting routes. Great opportunity for buyers looking to add value and make it their own - schedule your showing today!

Key facts

• Covered front porch
• Bonus room
• 4,138 sq ft lot

Tags

• COVERED FRONT PORCH
• MODERN WALK-IN SHOWER
• DEDICATED LAUNDRY ROOM
• BONUS ROOM
• PARTIAL UNFINISHED BASEMENT
• DETACHED 2-CAR GARAGE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $3 ($33/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $130k).
• Recommended offer: $118k (9.0% below list) — sets the bar for market timing.
• Cap rate 6.3% 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 D — 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 (+1.8%/yr); 43 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).

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.

Negotiation context

• It's been on market 113 days — a 9% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 7y 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 $22k; list at $130k implies a 491% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $118,300 (9.0% below list)

Questions for the listing agent

1. It's been on market 113 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 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: 1.02% ✓
• Cap rate: 6.32%
• Cash-on-cash: 0.09%
• DSCR: 1.00
• GRM: 8.2

CMA / ARV

• ARV (median comp): $131,436
• List price: $130,000
• Delta: -1.09%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1546 Kappes St	0.31mi	2/1.0	1,004 (+9%)	11mo	$164,000	$163	62
1846 W Minnesota St	0.35mi	1/1.0 (-1)	1,008 (+9%)	8mo	$85,000	$84	56
833 S Tremont St	0.58mi	2/1.0	993 (+8%)	7mo	$79,000	$80	54
1801 W Morris St	0.44mi	3/1.5 (+1)	1,056 (+14%)	12mo	$189,000	$179	38
851 S Pershing Ave	0.55mi	2/1.0	1,056 (+14%)	24mo	$118,000	$112	31

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 · 1.79% rent growth · sell at horizon

5-year hold

• IRR: -17.6%
• Equity multiple: 0.39×
• Total profit: $-22,377
• Equity at exit: $19,383

10-year hold

• IRR: -12.5%
• Equity multiple: 0.31×
• Total profit: $-25,199
• 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 46221

• Home prices YoY: -23.7%
• Rents YoY: 1.8%
• Active inventory: 43
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,324 high
• Mortgage (P&I): −$682
• Tax from tax record: −$308 /mo · $3,690/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$278
• Net cashflow: $3

Break-even live

Break-even rent $1,321

Max offer price $130,000

Occupancy floor 95%

Sensitivity live

Price	-10% $76	-5% $40	+0% $3	+5% $-34	+10% $-71
Rent	-10% $-102	-5% $-50	+0% $3	+5% $55	+10% $107
Rate	-1.0pp $68	-0.5pp $36	base $3	+0.5pp $-31	+1.0pp $-65

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 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1925 Westview Dr Indianapolis, IN	1.0	1.0	600	$900	$1.50	15d	2	0.38mi
1925 Westview Dr Unit 212 Indianapolis, IN	1.0	1.0	600	$900	$1.50	8d	1	0.38mi
1339 W Lee St Indianapolis, IN	2.0	1.5	960	$975	$1.02	4d	1	0.39mi
1925 Westview Dr Unit 100 Indianapolis, IN	1.0	1.0	600	$900	$1.50	22d	1	0.39mi
1909 S Pershing Ave Indianapolis, IN	3.0	1.5	728	$1,750	$2.40	4d	1	0.42mi
1801 W Morris St Indianapolis, IN	3.0	1.5	1056	$1,795	$1.70	44d	1	0.45mi
841 S Addison St Indianapolis, IN	2.0	1.0	750	$1,295	$1.73	44d	1	0.60mi
1105 Blaine Ave Indianapolis, IN	1.0–2.0	1.0–2.5	1157	$1,795	$1.55	24d	1	0.71mi
1918 W Washington St Unit 12 Indianapolis, IN	1.0	1.0	600	$950	$1.58	44d	1	1.37mi
101 S Harding St Apt 307 Indianapolis, IN	2.0	2.0	970	$1,685	$1.74	3d	1	1.46mi
86 N Holmes Ave Indianapolis, IN	2.0	1.0	978	$1,050	$1.07	17d	1	1.48mi
55 S Harding St #308 Indianapolis, IN	1.0	1.0	754	$1,200	$1.59	24d	1	1.48mi

Listing history 20 events

1. 2026-06-18
   days on market $130,000 Active 113 DOM
2. 2026-06-17
   days on market $130,000 Active 112 DOM
3. 2026-06-16
   days on market $130,000 Active 111 DOM
4. 2026-06-15
   days on market $130,000 Active 110 DOM
5. 2026-06-13
   days on market $130,000 Active 108 DOM
6. 2026-06-13
   days on market $130,000 Active 107 DOM
7. 2026-06-09
   days on market $130,000 Active 104 DOM
8. 2026-06-08
   days on market $130,000 Active 103 DOM
9. 2026-06-07
   days on market $130,000 Active 102 DOM
10. 2026-06-03
    days on market $130,000 Active 98 DOM
11. 2026-06-02
    days on market $130,000 Active 97 DOM
12. 2026-06-01
    days on market $130,000 Active 96 DOM
13. 2026-05-31
    days on market $130,000 Active 95 DOM
14. 2026-02-25
    listed $130,000 Active 1245-char remark

    Show marketing remark (1245 chars)

    Welcome to this 2-bedroom, 1-bath home offers interior updates, functional space, and a convenient location. A covered front porch leads you into the living room, creating a central gathering space as you enter. Just off the living area are two spacious bedrooms. Moving further into the home, you'll find the kitchen along with a separate dining area, providing defined spaces for cooking and meals. The bathroom has been updated and features a modern walk-in shower with a tile surround. Toward the back of the home, you'll find a dedicated laundry room and a bonus room. A partial unfinished basement adds extra storage space. The detached 2-car garage is a valuable feature, complete with its own separate electric meter. This setup offers flexibility for a workshop, hobby area, or car projects. With its own separate electric meter, it offers added convenience and flexibility for managing usage independently from the main house. Located just minutes from Lucas Oil Stadium, Indianapolis Zoo, and downtown, with easy access to Interstate 70, this property offers strong connectivity to major attractions, dining, and commuting routes. Great opportunity for buyers looking to add value and make it their own - schedule your showing today!

15. 2020-01-02
    soldstatus $22,000 Sold 206-char remark

    Show marketing remark (206 chars)

    **Investor Special** 2 bedroom, 1 bath with large 2 car detached garage with extra storage room. 923 total square feet with a 221 square foot unfinished basement. Home needs some TLC and is priced to sell.

16. 2019-12-12
    status Pending 206-char remark

    Show marketing remark (206 chars)

    **Investor Special** 2 bedroom, 1 bath with large 2 car detached garage with extra storage room. 923 total square feet with a 221 square foot unfinished basement. Home needs some TLC and is priced to sell.

17. 2019-11-25
    price $25,000 206-char remark

    Show marketing remark (206 chars)

    **Investor Special** 2 bedroom, 1 bath with large 2 car detached garage with extra storage room. 923 total square feet with a 221 square foot unfinished basement. Home needs some TLC and is priced to sell.

18. 2019-10-18
    price $30,000 206-char remark

    Show marketing remark (206 chars)

    **Investor Special** 2 bedroom, 1 bath with large 2 car detached garage with extra storage room. 923 total square feet with a 221 square foot unfinished basement. Home needs some TLC and is priced to sell.

19. 2019-07-03
    listed $38,000 Active 206-char remark

    Show marketing remark (206 chars)

    **Investor Special** 2 bedroom, 1 bath with large 2 car detached garage with extra storage room. 923 total square feet with a 221 square foot unfinished basement. Home needs some TLC and is priced to sell.

20. 2019-02-28
    soldstatus $22,000

ⓘ 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: $3,690 · $308/mo
• Projected year-2 tax: $3,690 · $308/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 ≥102°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,891
• − Mortgage interest: −$7,282
• − Property taxes: −$3,690
• − Insurance: −$650
• − Repairs & maintenance: −$1,271
• − Management: −$1,271
• − Depreciation: −$3,782
• Taxable loss: −$2,056
• Est. tax savings @ 24.0%: +$493
• After-tax cash flow: $526/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): 27,027
• Household income: $65,280
• Rent vs Own: 38.2% rent · 61.8% own
• Severe rent burden: 1011.0

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% Black 13% Hispanic / Latino 13% Two or more races 7%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 2% Iranian 2% Lithuanian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 87% English-only · Spanish 9% Arabic 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: ▼ -97.56%
• Current HPI: 313.4711
• Rent YoY: ▲ 1.79%
• 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

+490.9% since first listed

7 events — show timeline

• 2026-02-25 Listed $130,000 MIBOR as Distributed by MLS Grid
• 2020-01-02 Sold (MLS) $22,000 MIBOR as Distributed by MLS Grid
• 2019-12-12 Pending — MIBOR as Distributed by MLS Grid
• 2019-11-25 Price Changed $25,000 MIBOR as Distributed by MLS Grid
• 2019-10-18 Price Changed $30,000 MIBOR as Distributed by MLS Grid
• 2019-07-03 Listed $38,000 MIBOR as Distributed by MLS Grid
• 2019-02-28 Sold (Public Records) $22,000 Public Records

Property tax history

+20.1%/yr

Latest (2025): $3,690 · +27.5% YoY. Source: county tax records.