1334 Calhoun St · Indianapolis city (balance), IN 46203

$118,000

2 bd · 1.0 ba · 786 sqft · SingleFamily public records · 124 Days on market

Built 1900 3,790 sqft lot $150/sqft · 96% above area Est $178k · 34% under

---

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 +17.1/30.0
• ARV discount +15.0/15.0
• 1% rule +5.3/10.0
• DSCR +5.3/10.0
• 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

Listing remarks MLS

RENTED FOR $1,150/MONTH, this property offers an investor instant cash flow on day one. This 2-bed/1-bath home features a detached garage - a rare find at this price point - with easy I-65 access putting downtown Indianapolis just minutes away. Lease runs through July 2026.

Key facts

• 3,790 sq ft lot
• Garage
• Built 1900

🏷️ Possibly a rental listed for sale. The $118,000 price doesn't fit this home's estimated sale value (~$178,191) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $118k.

Deal economics

• At list price, monthly cash flow is $81 ($973/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $118k).
• Recommended offer: $104k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.1% 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.
• 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; 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 $816 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 124 days — a 12% lower offer ($104k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 25y 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 $60k; list at $118k implies a 97% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $103,840 (12.0% below list)

Questions for the listing agent

1. It's been on market 124 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.03% ✓
• Cap rate: 7.12%
• Cash-on-cash: 2.95%
• DSCR: 1.13
• GRM: 8.1

CMA / ARV

• ARV (median comp): $178,191
• List price: $118,000
• Delta: -33.78%
• 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
1637 Hoefgen St	0.64mi	2/1.0	780 (-1%)	4mo	$90,000	$115	66
1418 Finley Ave	0.50mi	2/1.0	844 (+7%)	2mo	$55,000	$65	63
1730 S State Ave	0.36mi	2/1.0	704 (-10%)	4mo	$139,999	$199	63
1805 Orleans St	0.63mi	2/1.0	781 (-1%)	8mo	$78,000	$100	62
1610 Ringgold Ave	0.53mi	2/1.0	850 (+8%)	1mo	$164,000	$193	61
1602 Harlan St	0.65mi	2/1.0	808 (+3%)	7mo	$130,000	$161	59
1431 Finley Ave	0.53mi	2/1.0	858 (+9%)	3mo	$75,000	$87	58
2005 Reformers Ave	0.53mi	3/1.0 (+1)	816 (+4%)	9mo	$154,900	$190	57
2062 Calhoun St	0.63mi	2/1.0	720 (-8%)	2mo	$149,900	$208	54
2237 Villa Ave	0.63mi	3/1.0 (+1)	846 (+8%)	1mo	$175,000	$207	52
1606 Asbury St	0.49mi	3/1.0 (+1)	892 (+14%)	4mo	$145,000	$163	46
2029 Reformers Ave	0.57mi	3/1.0 (+1)	875 (+11%)	6mo	$95,000	$109	44

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 · 2.88% rent growth · sell at horizon

5-year hold

• IRR: -11.7%
• Equity multiple: 0.57×
• Total profit: $-14,043
• Equity at exit: $17,594

10-year hold

• IRR: -2.7%
• Equity multiple: 0.82×
• Total profit: $-5,936
• Equity at exit: $10,202

Cash invested: $33,040 (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: 8.1×

Monthly cashflow live

• Estimated rent: $1,221 high
• Mortgage (P&I): −$619
• Tax from tax record: −$215 /mo · $2,582/yr
• Insurance: −$49
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $81

Break-even live

Break-even rent $1,118

Max offer price $118,000

Occupancy floor 88%

Sensitivity live

Price	-10% $148	-5% $114	+0% $81	+5% $48	+10% $14
Rent	-10% $-15	-5% $33	+0% $81	+5% $129	+10% $178
Rate	-1.0pp $141	-0.5pp $111	base $81	+0.5pp $51	+1.0pp $19

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: $29,500
• Closing costs: $3,540
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1117 E Naomi St Indianapolis, IN	2.0	1.5	976	$1,450	$1.49	0d	1	0.19mi
1409 E Tabor St Indianapolis, IN	1.0	1.0	528	$775	$1.47	25d	1	0.30mi
2103 Ringgold Ave Indianapolis, IN	1.0	1.0	1090	$775	$0.71	15d	1	0.36mi
1604 E Kelly St Indianapolis, IN	2.0	1.0	800	$1,025	$1.28	12d	1	0.38mi
1604 E Kelly St Indianapolis, IN	2.0	1.0	750	$1,025	$1.37	19d	1	0.38mi
1011 E Raymond St Indianapolis, IN	2.0	2.0	1100	$1,350	$1.23	25d	1	0.40mi
1706 E Tabor St Unit 1708 Indianapolis, IN	3.0	1.0	1000	$1,300	$1.30	9d	1	0.42mi
1637 S State Ave Indianapolis, IN	2.0	1.5	816	$900	$1.10	19d	1	0.43mi
1620 E Palmer St Indianapolis, IN	2.0	1.0	824	$1,200	$1.46	25d	1	0.44mi
1815 Dawson St Unit 1815 Indianapolis, IN	2.0	1.0	1019	$999	$0.98	16d	1	0.45mi
1640 Asbury St Indianapolis, IN	1.0	1.0	700	$850	$1.21	45d	1	0.45mi
1543 S State Ave Indianapolis, IN	2.0	1.0	1086	$1,100	$1.01	9d	1	0.47mi
944 E Minnesota St Indianapolis, IN	2.0	2.0	944	$1,299	$1.38	45d	1	0.47mi
823 Iowa St Indianapolis, IN	2.0	1.0	812	$1,100	$1.35	0d	1	0.51mi
823 Iowa St Indianapolis, IN	2.0	1.0	812	$1,100	$1.35	45d	1	0.51mi
1727 S Randolph St Indianapolis, IN	1.0	1.0	616	$950	$1.54	45d	1	0.53mi
1534 Dawson St Indianapolis, IN	3.0	1.0	1040	$1,499	$1.44	25d	1	0.56mi
1514 Ringgold Ave Indianapolis, IN	3.0	1.0	1064	$1,295	$1.22	45d	1	0.57mi
1861 Orleans St Indianapolis, IN	1.0	1.0	552	$2,500	$4.53	25d	1	0.58mi
2036 Calhoun St Indianapolis, IN	2.0	1.0	880	$1,200	$1.36	9d	1	0.60mi
1503 Dawson St Indianapolis, IN	2.0	1.0	700	$1,200	$1.71	45d	1	0.61mi
620 E Beecher St Indianapolis, IN	3.0	2.0	1072	$1,639	$1.53	21d	1	0.62mi
1026 Laurel St Indianapolis, IN	1.0	1.0	655	$860	$1.31	45d	1	0.63mi
1318 Shelby St Unit B 120% AMI Indianapolis, IN	1.0	1.0	1116	$1,350	$1.21	25d	1	0.64mi
1026 Orange St Indianapolis, IN	2.0	2.0	1007	$1,600	$1.59	18d	1	0.64mi
1024 Orange St Indianapolis, IN	2.0	2.0	1007	$1,650	$1.64	45d	1	0.64mi
2525 Shelby St Unit 4 Indianapolis, IN	1.0	1.0	600	$775	$1.29	25d	1	0.67mi
2525 Shelby St Unit 4 Indianapolis, IN	1.0	1.0	600	$775	$1.29	0d	1	0.67mi
1637 Hoefgen St Indianapolis, IN	2.0	1.0	780	$1,000	$1.28	45d	1	0.67mi
2525 Shelby St Unit 1 Indianapolis, IN	1.0	1.0	600	$865	$1.44	4d	1	0.67mi
2469 Dawson St Indianapolis, IN	2.0	1.0	700	$949	$1.36	5d	4	0.73mi
512 E Minnesota St Unit 203 Indianapolis, IN	2.0	1.0	903	$1,195	$1.32	25d	1	0.74mi
2555 Shelby St Unit 2559 Indianapolis, IN	1.0	1.0	717	$1,250	$1.74	45d	1	0.75mi
1337 Prospect St Unit 3 Indianapolis, IN	1.0	2.0	1100	$1,450	$1.32	45d	1	0.77mi
1441 Prospect St Indianapolis, IN	2.0	1.0–2.0	2840	$1,972	$0.69	0d	14	0.77mi
1224 Prospect St Indianapolis, IN	2.0	1.0–2.0	691	$2,223	$3.21	0d	8	0.81mi
1437 S East St Indianapolis, IN	2.0	2.0	1114	$1,425	$1.28	45d	1	0.82mi
1439 South East St Indianapolis, IN	2.0	2.0	1114	$1,425	$1.28	0d	1	0.82mi
1439 South East St Indianapolis, IN	2.0	2.0	1114	$1,425	$1.28	22d	1	0.82mi
1012 Prospect St Unit 907 Prospect NO AMI Indianapolis, IN	3.0	1.5	1121	$1,400	$1.25	45d	1	0.83mi

Listing history 32 events

1. 2026-06-21
   days on market $118,000 Active 124 DOM
2. 2026-06-18
   days on market $118,000 Active 121 DOM
3. 2026-06-17
   days on market $118,000 Active 120 DOM
4. 2026-06-16
   days on market $118,000 Active 119 DOM
5. 2026-06-15
   days on market $118,000 Active 118 DOM
6. 2026-06-13
   days on market $118,000 Active 116 DOM
7. 2026-06-13
   days on market $118,000 Active 115 DOM
8. 2026-06-09
   days on market $118,000 Active 112 DOM
9. 2026-06-08
   days on market $118,000 Active 111 DOM
10. 2026-06-07
    days on market $118,000 Active 110 DOM
11. 2026-06-03
    days on market $118,000 Active 106 DOM
12. 2026-06-02
    days on market $118,000 Active 105 DOM
13. 2026-06-01
    days on market $118,000 Active 104 DOM
14. 2026-05-31
    days on market $118,000 Active 103 DOM
15. 2026-04-03
    price $118,000 274-char remark

    Show marketing remark (274 chars)

    RENTED FOR $1,150/MONTH, this property offers an investor instant cash flow on day one. This 2-bed/1-bath home features a detached garage - a rare find at this price point - with easy I-65 access putting downtown Indianapolis just minutes away. Lease runs through July 2026.

16. 2026-03-19
    price $120,000 274-char remark

    Show marketing remark (274 chars)

    RENTED FOR $1,150/MONTH, this property offers an investor instant cash flow on day one. This 2-bed/1-bath home features a detached garage - a rare find at this price point - with easy I-65 access putting downtown Indianapolis just minutes away. Lease runs through July 2026.

17. 2026-02-17
    listed $122,500 Active 274-char remark

    Show marketing remark (274 chars)

    RENTED FOR $1,150/MONTH, this property offers an investor instant cash flow on day one. This 2-bed/1-bath home features a detached garage - a rare find at this price point - with easy I-65 access putting downtown Indianapolis just minutes away. Lease runs through July 2026.

18. 2022-02-07
    price $1,095
19. 2021-07-05
    soldstatus $59,900 Closed 385-char remark

    Show marketing remark (385 chars)

    3 Bedroom home with detached garage is great investment! Home in need of maintenance and updates. Tub surround and kitchen faucet replaced in 2020. Living room, dining room, master and kitchen on main level. 2 bedrooms up. Unfinished basement includes laundry area. Tenants rights apply. Long time tenant willing to stay. Do NOT show up at property without a scheduled appointment.

20. 2021-06-19
    status Pending 385-char remark

    Show marketing remark (385 chars)

    3 Bedroom home with detached garage is great investment! Home in need of maintenance and updates. Tub surround and kitchen faucet replaced in 2020. Living room, dining room, master and kitchen on main level. 2 bedrooms up. Unfinished basement includes laundry area. Tenants rights apply. Long time tenant willing to stay. Do NOT show up at property without a scheduled appointment.

21. 2021-06-17
    listed $59,900 Active 385-char remark

    Show marketing remark (385 chars)

    3 Bedroom home with detached garage is great investment! Home in need of maintenance and updates. Tub surround and kitchen faucet replaced in 2020. Living room, dining room, master and kitchen on main level. 2 bedrooms up. Unfinished basement includes laundry area. Tenants rights apply. Long time tenant willing to stay. Do NOT show up at property without a scheduled appointment.

22. 2010-01-21
    historical
23. 2010-01-20
    soldstatus $14,000
24. 2009-12-08
    listed $14,000
25. 2009-10-01
    historical
26. 2008-06-09
    listed $19,900
27. 2007-12-29
    historical
28. 2007-01-09
    listed $59,900
29. 2004-06-16
    historical
30. 2004-01-16
    listed $62,900
31. 2001-05-30
    soldstatus $23,000
32. 2001-04-20
    listed $25,000

ⓘ 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: $2,582 · $215/mo
• Projected year-2 tax: $2,582 · $215/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 4/10 Moderate FEMA zone X (unshaded) · 22% 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
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,647
• − Mortgage interest: −$6,610
• − Property taxes: −$2,582
• − Insurance: −$590
• − Repairs & maintenance: −$1,172
• − Management: −$1,172
• − Depreciation: −$3,433
• Taxable loss: −$911
• Est. tax savings @ 24.0%: +$219
• After-tax cash flow: $1,192/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

+372.0% since first listed

18 events — show timeline

• 2026-04-03 Price Changed $118,000 MIBOR as Distributed by MLS Grid
• 2026-03-19 Price Changed $120,000 MIBOR as Distributed by MLS Grid
• 2026-02-17 Listed $122,500 MIBOR as Distributed by MLS Grid
• 2022-02-07 Price Changed $1,095 RENT.
• 2021-07-05 Sold (MLS) $59,900 MIBOR as Distributed by MLS Grid
• 2021-06-19 Pending — MIBOR as Distributed by MLS Grid
• 2021-06-17 Listed $59,900 MIBOR as Distributed by MLS Grid
• 2010-01-21 Listing Removed — MIBOR as Distributed by MLS Grid
• 2010-01-20 Sold (MLS) $14,000 MIBOR as Distributed by MLS Grid
• 2009-12-08 Listed $14,000 MIBOR as Distributed by MLS Grid
• 2009-10-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2008-06-09 Listed $19,900 MIBOR as Distributed by MLS Grid
• 2007-12-29 Listing Removed — MIBOR as Distributed by MLS Grid
• 2007-01-09 Listed $59,900 MIBOR as Distributed by MLS Grid
• 2004-06-16 Listing Removed — MIBOR as Distributed by MLS Grid
• 2004-01-16 Listed $62,900 MIBOR as Distributed by MLS Grid
• 2001-05-30 Sold (MLS) $23,000 MIBOR as Distributed by MLS Grid
• 2001-04-20 Listed $25,000 MIBOR as Distributed by MLS Grid

Property tax history

+9.9%/yr

Latest (2025): $2,582 · +7.6% YoY. Source: county tax records.