1037 W 32nd St · Indianapolis city (balance), IN 46208

$95,900

3 bd · 1.5 ba · 1,494 sqft · SingleFamily public records · 24 Days on market

Built 1915 5,706 sqft lot $64/sqft · 14% above area Est $115k · 17% 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

Listing remarks MLS

This spacious remodeled 3 bedroom home with a bath & half is a must see. There is beautiful original woodwork throughout. The interior has been freshly painted. The home has new windows, vinyl flooring, hot water heater , 200 amp electrical panel, kitchen cabinets, countertops, entry doors, and window treatments. The raised ceilings are freshly textured and the bathrooms updated. The vinyl siding is newer and there is a large covered front porch to spend the evenings.

Key facts

• Half bath
• Interstate access
• Downtown indy

Tags

• INTERSTATE ACCESS
• DOWNTOWN INDY
• LARGE LIVING ROOM
• FORMAL DINING ROOM
• HALF BATH
• LAUNDRY ROOM

Property features AI

Exterior

• Utilities: Public water; Municipal sewer connected; Natural gas connected; Cable available; Solid waste service
• Home design: Single-family residence; Two levels
• Construction: Vinyl siding; Block foundation
• Exterior features: Covered patio/porch; Property fenced (complete fence); Mature trees; Sidewalks; Less than 1/4 acre lot

Interior

• Kitchen: Gas oven; Exhaust fan
• Bedrooms: Three upstairs bedrooms; Primary bedroom with walk-in closet
• Bathrooms: One full bathroom upstairs; One half bathroom on the main level
• Heating & cooling: Forced air heating (natural gas); No central air
• Interior features: High ceilings; Stained woodwork; Living room is a formal space; Smoke alarm
• Laundry & utility: Main-level laundry; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $96k.

Deal economics

• At list price, monthly cash flow is $408 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $96k).
• Recommended offer: $94k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.4% 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); 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 $663 of loan paydown is wiped out by about $3k 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 $27k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($94k) is reasonable based on typical stale-listing flexibility.
• 6 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 $57k; list at $96k implies a 68% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; 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 $94,461 (1.5% below list)

Questions for the listing agent

1. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.55% ✓
• Cap rate: 11.40%
• Cash-on-cash: 18.24%
• DSCR: 1.81
• GRM: 5.4

CMA / ARV

• ARV (median comp): $115,022
• List price: $95,900
• Delta: -16.62%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
713 W 32nd St	0.35mi	3/2.0	1,417 (-5%)	1mo	$147,000	$104	72
1453 W 34th St	0.52mi	3/1.0	1,528 (+2%)	1mo	$150,000	$98	70
1205 W 32nd St	0.19mi	3/1.0	1,686 (+13%)	0mo	$122,500	$73	68
1307 Congress Ave	0.32mi	3/2.0	1,655 (+11%)	2mo	$200,000	$121	63
1149 W 36th St	0.32mi	2/1.0 (-1)	1,605 (+7%)	4mo	$134,000	$83	62
1226 W 29th St	0.38mi	2/1.0 (-1)	1,616 (+8%)	1mo	$127,900	$79	61
950 W 28th St	0.44mi	3/2.5	1,713 (+15%)	1mo	$320,000	$187	50
1707 River Shore Pkwy	0.58mi	2/2.0 (-1)	1,316 (-12%)	1mo	$219,500	$167	45
851 W 25th St	0.75mi	3/1.5	1,334 (-11%)	4mo	$90,000	$67	44
3052 Skylar Ln	0.65mi	2/1.5 (-1)	1,674 (+12%)	2mo	$145,729	$87	43
1215 W 25th St	0.74mi	2/1.0 (-1)	1,344 (-10%)	2mo	$139,000	$103	40
3105 N White River Parkway East Dr	0.62mi	3/3.0	1,715 (+15%)	3mo	$230,000	$134	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: 14.1%
• Equity multiple: 1.59×
• Total profit: $15,851
• Equity at exit: $14,299

10-year hold

• IRR: 25.6%
• Equity multiple: 3.64×
• Total profit: $71,018
• Equity at exit: $8,292

Cash invested: $26,852 (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: 5.4×

Monthly cashflow live

• Estimated rent: $1,488 high
• Mortgage (P&I): −$503
• Tax from tax record: −$225 /mo · $2,696/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$313
• Net cashflow: $408

Break-even live

Break-even rent $972

Max offer price $95,900

Occupancy floor 68%

Sensitivity live

Price	-10% $462	-5% $435	+0% $408	+5% $381	+10% $354
Rent	-10% $291	-5% $349	+0% $408	+5% $467	+10% $526
Rate	-1.0pp $456	-0.5pp $432	base $408	+0.5pp $383	+1.0pp $358

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: $23,975
• Closing costs: $2,877
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3217 Rader St Indianapolis, IN	3.0	1.0	1200	$1,299	$1.08	44d	1	0.12mi
1054 W 31st St Unit A Indianapolis, IN	2.0	1.0	1200	$1,500	$1.25	44d	1	0.12mi
926 W 32nd St Indianapolis, IN	3.0	2.0	1050	$1,295	$1.23	8d	1	0.19mi
962 W 35th St Indianapolis, IN	2.0	1.0	1768	$1,195	$0.68	4d	1	0.27mi
1227 W 29th St Indianapolis, IN	3.0	1.5	1056	$1,250	$1.18	24d	1	0.39mi
826 W 29th St Indianapolis, IN	3.0	2.0	1200	$1,595	$1.33	44d	1	0.44mi
648 W 30th St Indianapolis, IN	3.0	2.0	1300	$1,500	$1.15	24d	1	0.46mi
824 W 29th St Indianapolis, IN	3.0	2.0	1200	$1,595	$1.33	44d	1	0.46mi
3017 Ethel Ave Indianapolis, IN	3.0	1.5	1079	$1,400	$1.30	24d	1	0.62mi
538 W 29th St Indianapolis, IN	3.0	1.0	1132	$1,349	$1.19	24d	1	0.64mi
560 Udell St Indianapolis, IN	3.0	1.5	1176	$1,190	$1.01	24d	1	0.64mi
3057 Armory Dr Indianapolis, IN	2.0	2.0	1674	$1,695	$1.01	44d	1	0.67mi
3057 Armory Dr Indianapolis, IN	2.0	1.5	1674	$1,495	$0.89	8d	1	0.67mi
516 W 28th St Indianapolis, IN	2.0	1.0	1005	$1,100	$1.09	24d	1	0.75mi
1244 Edgemont Ave Indianapolis, IN	2.0	1.0	1092	$1,275	$1.17	44d	1	0.80mi
906 Burdsal Pkwy Indianapolis, IN	2.0	1.0	936	$1,295	$1.38	24d	1	0.85mi
908 Burdsal Pkwy Marion, IN	2.0	1.0	936	$1,300	$1.39	24d	1	0.85mi
1343 Edgemont Ave Indianapolis, IN	4.0	2.0	1545	$2,095	$1.36	44d	1	0.87mi
3031 Boulevard Pl Indianapolis, IN	3.0	1.5	1395	$1,450	$1.04	18d	1	0.88mi
445 W 25th St Indianapolis, IN	4.0	2.0	1500	$1,900	$1.27	44d	1	0.98mi
3469 Graceland Ave Indianapolis, IN	2.0	1.0	1000	$1,200	$1.20	44d	1	1.03mi
3413 N Capitol Ave Indianapolis, IN	3.0	1.0	1176	$1,249	$1.06	11d	1	1.05mi
3415 N Capitol Ave Indianapolis, IN	3.0	1.0	1176	$1,249	$1.06	24d	1	1.05mi
2248 N Harding St Indianapolis, IN	2.0	1.0	1100	$899	$0.82	24d	1	1.06mi
2808 N Capitol Ave Indianapolis, IN	2.0	1.0	900	$975	$1.08	24d	1	1.06mi
1367 W Pruitt St Indianapolis, IN	3.0	1.0	1088	$1,450	$1.33	44d	1	1.07mi
143 W 35th St Indianapolis, IN	3.0	1.0	1235	$1,175	$0.95	8d	1	1.10mi
1415 W Pruitt St Indianapolis, IN	3.0	1.0	1001	$1,249	$1.25	24d	1	1.11mi
3502 N Kenwood Ave Indianapolis, IN	3.0	2.0	1094	$1,220	$1.12	44d	1	1.13mi
3622 N Capitol Ave Indianapolis, IN	3.0	1.0	1300	$1,300	$1.00	8d	1	1.14mi
2235 Doctor Martin Luther King Junior St Indianapolis, IN	3.0	1.5	948	$1,700	$1.79	44d	1	1.16mi
3457 N Illinois St Indianapolis, IN	3.0	2.0	1230	$1,145	$0.93	24d	1	1.20mi
3501 N Illinois St Unit 3 Indianapolis, IN	2.0	2.0	1087	$1,350	$1.24	8d	1	1.21mi
3621 N Kenwood Ave Indianapolis, IN	3.0	1.5	1521	$1,599	$1.05	4d	1	1.22mi
1133 W 21st St Indianapolis, IN	3.0	2.0	1296	$1,495	$1.15	24d	1	1.23mi
1135 W 21st St Indianapolis, IN	3.0	2.0	1296	$1,495	$1.15	24d	1	1.23mi
320 W 39th St Indianapolis, IN	4.0	2.0	1216	$2,200	$1.81	8d	1	1.24mi
3655 N Kenwood Ave Indianapolis, IN	4.0	2.0	1700	$1,700	$1.00	24d	1	1.25mi
608 Bernard Ave Indianapolis, IN	3.0	2.0	1056	$1,475	$1.40	4d	1	1.26mi
3103 N Meridian St Indianapolis, IN	3.0	2.0	1280	$1,775	$1.39	24d	1	1.27mi

Listing history 14 events

1. 2026-06-02
   status $95,900 Pending 24 DOM
2. 2026-06-01
   days on market $95,900 Active 24 DOM
3. 2026-05-31
   days on market $95,900 Active 23 DOM
4. 2026-05-08
   listed $95,900 Active 452-char remark
5. 2006-05-23
   soldstatus $57,133 478-char remark

   Show marketing remark (478 chars)

   This spacious remodeled 3 bedroom home with a bath & half is a must see. There is beautiful original woodwork throughout. The interior has been freshly painted. The home has new windows, vinyl flooring, hot water heater , 200 amp electrical panel, kitchen cabinets, countertops, entry doors, and window treatments. The raised ceilings are freshly textured and the bathrooms updated. The vinyl siding is newer and there is a large covered front porch to spend the evenings.

6. 2005-12-08
   listed $63,900 478-char remark

   Show marketing remark (478 chars)

   This spacious remodeled 3 bedroom home with a bath & half is a must see. There is beautiful original woodwork throughout. The interior has been freshly painted. The home has new windows, vinyl flooring, hot water heater , 200 amp electrical panel, kitchen cabinets, countertops, entry doors, and window treatments. The raised ceilings are freshly textured and the bathrooms updated. The vinyl siding is newer and there is a large covered front porch to spend the evenings.

7. 2005-11-21
   soldstatus $26,000

   Show marketing remark (261 chars)

   This property is being sold 'AS IS'. No offers will be presented without proof of funds or a prequalification letter based on a credit report. Allow 3 to 5 days for all responses. Please no VA's or FHA's. Earnest money to be 2% of sales price, or $1000 minimum.

8. 2005-10-15
   historical
9. 2005-10-12
   listed $27,500

   Show marketing remark (261 chars)

   This property is being sold 'AS IS'. No offers will be presented without proof of funds or a prequalification letter based on a credit report. Allow 3 to 5 days for all responses. Please no VA's or FHA's. Earnest money to be 2% of sales price, or $1000 minimum.

10. 2005-04-21
    listed $33,900
11. 2004-03-10
    historical
12. 2003-09-11
    listed $54,900
13. 2003-04-04
    soldstatus $12,900
14. 2003-01-29
    listed $12,900

ⓘ 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: $2,696 · $225/mo
• Projected year-2 tax: $2,696 · $225/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) · 75% 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: $17,858
• − Mortgage interest: −$5,372
• − Property taxes: −$2,696
• − Insurance: −$480
• − Repairs & maintenance: −$1,429
• − Management: −$1,429
• − Depreciation: −$2,790
• Taxable income: $3,663
• Est. tax owed @ 24.0%: −$879
• After-tax cash flow: $4,018/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

+643.4% since first listed

12 events — show timeline

• 2026-06-01 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-08 Listed $95,900 MIBOR as Distributed by MLS Grid
• 2006-05-23 Sold (MLS) $57,133 MIBOR as Distributed by MLS Grid
• 2005-12-08 Listed $63,900 MIBOR as Distributed by MLS Grid
• 2005-11-21 Sold (MLS) $26,000 MIBOR as Distributed by MLS Grid
• 2005-10-15 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-10-12 Listed $27,500 MIBOR as Distributed by MLS Grid
• 2005-04-21 Listed $33,900 MIBOR as Distributed by MLS Grid
• 2004-03-10 Listing Removed — MIBOR as Distributed by MLS Grid
• 2003-09-11 Listed $54,900 MIBOR as Distributed by MLS Grid
• 2003-04-04 Sold (MLS) $12,900 MIBOR as Distributed by MLS Grid
• 2003-01-29 Listed $12,900 MIBOR as Distributed by MLS Grid

Property tax history

+7.1%/yr

Latest (2025): $2,696 · +4.1% YoY. Source: county tax records.