229 Bakemeyer St · Indianapolis city (balance), IN 46225

$164,900

2 bd · 1.0 ba · 1,120 sqft · SingleFamily public records · 45 Days on market

Built 1909 0.46 ac lot $147/sqft · at area comps Est $181k · 9% under

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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 +13.0/30.0
• ARV discount +11.5/15.0
• Rent growth +5.0/5.0
• DSCR +3.9/10.0
• 1% rule +2.7/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Very well maintain 2 bedroom home. Updates include windows, furnace, a/c, water heater. Property sits on 2 spacious lots. Hardwoods under carpet. Great first time homebuyer or investment. All appliances stay. Pro perty being sold 'As Is'.

Key facts

• Lush green space
• Original woodwork
• Oversized lot

Tags

• HARDWOOD FLOORS
• ORIGINAL WOODWORK
• OVERSIZED LOT
• LUSH GREEN SPACE
• MATURE TREES
• CERTIFIED WILDLIFE HABITAT

Property features AI

Finance

• Other: Approximately 0.46 acre lot (1/4–1/2 acre)

Exterior

• Parking: Detached 2-car garage (576 sq ft)
• Utilities: Public water; Municipal sewer connected; Cable available; Electricity connected; Natural gas connected
• Home design: Single family residence; One story
• Construction: Vinyl siding; Block foundation
• Exterior features: Covered patio; Patio; City lot; Mature trees; Small trees (under 20 ft)

Interior

• Kitchen: Gas oven; Refrigerator
• Bedrooms: 2 bedrooms (both on the main level)
• Flooring: Hardwood floors
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Hardwood floors; Eat-in kitchen; Cellar
• Laundry & utility: Laundry connections throughout

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $-11 ($-126/yr) — negative.
• To cash-flow at today's rent, offer at most $163k (1.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $126k (23.3% below list).
• Recommended offer: $126k (23.3% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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 fast (+11.0%/yr); 129 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $1k of loan paydown is wiped out by about $5k 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 45 days — a 3% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 20y ago; this cycle's ask has dropped $15k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $63k; list at $165k implies a 163% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1909 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $126,409 (23.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. Built in 1909 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.77% ✗
• Cap rate: 6.22%
• Cash-on-cash: -0.27%
• DSCR: 0.99
• GRM: 10.9

CMA / ARV

• ARV (median comp): $180,923
• List price: $164,900
• Delta: -8.86%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
32 Bakemeyer St	0.25mi	3/1.5 (+1)	1,104 (-1%)	2mo	$165,000	$149	77
44 Bakemeyer St	0.23mi	3/2.0 (+1)	1,104 (-1%)	6mo	$177,500	$161	73
321 Gimber Ct	0.15mi	3/1.5 (+1)	1,200 (+7%)	6mo	$182,500	$152	69
113 W Gimber St	0.16mi	2/1.0	1,008 (-10%)	10mo	$170,000	$169	68
2828 S Illinois St	0.25mi	3/1.0 (+1)	1,224 (+9%)	2mo	$182,000	$149	66
2810 S Pennsylvania St	0.44mi	2/1.0	1,076 (-4%)	8mo	$190,000	$177	66
121 W Gimber St	0.14mi	3/1.5 (+1)	1,008 (-10%)	5mo	$193,000	$191	66
110 Pennsylvania Ct	0.46mi	3/1.0 (+1)	1,202 (+7%)	4mo	$115,000	$96	58
346 Gimber Ct	0.12mi	3/2.0 (+1)	1,272 (+14%)	7mo	$196,000	$154	57
2501 Ransdell St	0.72mi	3/1.5 (+1)	1,104 (-1%)	0mo	$108,000	$98	57
2825 S Delaware St	0.56mi	3/1.0 (+1)	1,035 (-8%)	6mo	$200,000	$193	51
408 Gimber Ct	0.13mi	3/2.0 (+1)	1,272 (+14%)	20mo	$188,000	$148	45

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -11.9%
• Equity multiple: 0.55×
• Total profit: $-20,772
• Equity at exit: $24,587

10-year hold

• IRR: 2.8%
• Equity multiple: 1.24×
• Total profit: $11,207
• Equity at exit: $14,258

Cash invested: $46,172 (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 46225

• Home prices YoY: -8.2%
• Rents YoY: 11.0%
• Active inventory: 129
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $1,264 high
• Mortgage (P&I): −$865
• Tax from tax record: −$76 /mo · $908/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $-11

Break-even live

Break-even rent $1,277

Max offer price $163,041

Occupancy floor 96%

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: $41,225
• Closing costs: $4,947
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2859 S Meridian St Indianapolis, IN	1.0–2.0	1.0	771	$906	$1.17	23d	2	0.35mi
2859 S Meridian St Indianapolis, IN	1.0–2.0	1.0	771	$906	$1.17	43d	2	0.35mi
110 Pennsylvania Ct Indianapolis, IN	3.0	2.0	1202	$1,700	$1.41	4d	1	0.44mi
2904 S Pennsylvania St Indianapolis, IN	1.0	1.0	750	$725	$0.97	23d	2	0.47mi
2314 Union St Indianapolis, IN	3.0	2.0	892	$1,295	$1.45	43d	1	0.55mi
265 E Southern Ave Indianapolis, IN	1.0–2.0	1.0	800	$1,150	$1.44	2d	2	0.65mi
2760 S East St Indianapolis, IN	2.0–3.0	2.0	1072	$895	$0.83	3d	3	0.77mi
2770 S East St Apt 103 Indianapolis, IN	3.0	2.0	1190	$1,045	$0.88	14d	1	0.78mi
2770 South East St Unit 302 Indianapolis, IN	3.0	2.0	1158	$1,015	$0.88	3d	1	0.78mi
2236 Ransdell St Indianapolis, IN	2.0	1.0	850	$1,150	$1.35	43d	1	0.83mi
2209 Ransdell St Indianapolis, IN	2.0	1.0	710	$900	$1.27	43d	1	0.90mi
3500 Bluff Rd Indianapolis, IN	2.0	2.0	781	$1,399	$1.79	4d	5	0.97mi
1819 Union St Unit 1817 Indianapolis, IN	3.0	2.0	1020	$1,199	$1.18	43d	1	1.06mi
1756 Delaware St Indianapolis, IN	3.0	2.0	1014	$1,300	$1.28	43d	1	1.14mi
1756 S Delaware St Unit 1754 Indianapolis, IN	3.0	2.0	1014	$1,300	$1.28	14d	1	1.14mi
2109 Singleton St Indianapolis, IN	3.0	2.0	1340	$2,100	$1.57	7d	1	1.15mi
224 Iowa St Indianapolis, IN	3.0	1.0	1254	$1,450	$1.16	23d	1	1.22mi
438 E Beecher St Indianapolis, IN	3.0	2.5	1500	$1,450	$0.97	23d	1	1.23mi
620 E Beecher St Indianapolis, IN	3.0	2.0	1072	$1,639	$1.53	19d	1	1.29mi
2555 Shelby St Unit 2559 Indianapolis, IN	1.0	1.0	717	$1,250	$1.74	43d	1	1.32mi
2948 Shelby St Unit D Indianapolis, IN	2.0	1.0	750	$1,025	$1.37	43d	1	1.33mi
1524 S Talbott St #3 Indianapolis, IN	1.0	1.0	1011	$725	$0.72	7d	1	1.34mi
1011 E Raymond St Indianapolis, IN	2.0	2.0	1100	$1,350	$1.23	23d	1	1.35mi
1461 S Meridian St Unit A Indianapolis, IN	1.0	1.0	800	$950	$1.19	43d	1	1.36mi
1833 Orleans St Unit 1 Indianapolis, IN	3.0	1.0	1260	$1,350	$1.07	43d	1	1.38mi
2103 Ringgold Ave Indianapolis, IN	1.0	1.0	1090	$775	$0.71	14d	1	1.39mi
1144 McDougal St Indianapolis, IN	3.0	1.0	876	$1,500	$1.71	21d	1	1.40mi
512 E Minnesota St Unit 203 Indianapolis, IN	2.0	1.0	903	$1,195	$1.32	23d	1	1.42mi
823 Iowa St Indianapolis, IN	2.0	1.0	812	$1,100	$1.35	43d	1	1.48mi
1436 S New Jersey St Unit A Indianapolis, IN	3.0	2.5	1300	$2,100	$1.62	23d	1	1.49mi

Listing history 16 events

1. 2026-06-18
   days on market $164,900 Active 45 DOM
2. 2026-06-17
   days on market $164,900 Active 44 DOM
3. 2026-06-16
   days on market $164,900 Active 43 DOM
4. 2026-06-15
   days on market $164,900 Active 42 DOM
5. 2026-06-13
   days on market $164,900 Active 40 DOM
6. 2026-06-13
   days on market $164,900 Active 39 DOM
7. 2026-06-09
   pricedays on market $164,900 Active 36 DOM
8. 2026-06-08
   days on market $177,500 Active 35 DOM
9. 2026-06-07
   days on market $177,500 Active 34 DOM
10. 2026-06-03
    days on market $177,500 Active 30 DOM
11. 2026-06-02
    days on market $177,500 Active 29 DOM
12. 2026-06-01
    days on market $177,500 Active 28 DOM
13. 2026-05-31
    days on market $177,500 Active 27 DOM
14. 2026-05-04
    listed $179,500 Active 841-char remark
15. 2006-10-16
    soldstatus $62,670 245-char remark

    Show marketing remark (245 chars)

    Very well maintain 2 bedroom home. Updates include windows, furnace, a/c, water heater. Property sits on 2 spacious lots. Hardwoods under carpet. Great first time homebuyer or investment. All appliances stay. Pro perty being sold 'As Is'.

16. 2006-07-14
    listed $64,900 245-char remark

    Show marketing remark (245 chars)

    Very well maintain 2 bedroom home. Updates include windows, furnace, a/c, water heater. Property sits on 2 spacious lots. Hardwoods under carpet. Great first time homebuyer or investment. All appliances stay. Pro perty being sold 'As Is'.

ⓘ 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: $908 · $76/mo
• Projected year-2 tax: $1,155 · $96/mo
• Expected delta: +$247/yr (+$21/mo · 27.1%)

ⓘ 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 3/10 Moderate 6 d/yr ≥101°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $15,169
• − Mortgage interest: −$9,237
• − Property taxes: −$908
• − Insurance: −$824
• − Repairs & maintenance: −$1,214
• − Management: −$1,214
• − Depreciation: −$4,797
• Taxable loss: −$3,025
• Est. tax savings @ 24.0%: +$726
• After-tax cash flow: $600/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): 6,037
• Household income: $55,190
• Rent vs Own: 44.0% rent · 56.0% own
• Severe rent burden: 311.0

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 (68%)
• Race & ethnicity: White 68% Two or more races 12% Black 11% Hispanic / Latino 10% Asian 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 2% Italian 2% Slovak 1%
• Foreign-born: 9% · Canada
• Languages at home: 88% English-only · Spanish 10% German/W. Germanic 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: ▼ -36.19%
• Current HPI: 403.9271
• Rent YoY: ▲ 10.98%
• 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

+154.1% since first listed

5 events — show timeline

• 2026-06-09 Price Changed $164,900 MIBOR as Distributed by MLS Grid
• 2026-05-22 Price Changed $177,500 MIBOR as Distributed by MLS Grid
• 2026-05-04 Listed $179,500 MIBOR as Distributed by MLS Grid
• 2006-10-16 Sold (MLS) $62,670 MIBOR as Distributed by MLS Grid
• 2006-07-14 Listed $64,900 MIBOR as Distributed by MLS Grid

Property tax history

+6.0%/yr

Latest (2025): $908 · +2.3% YoY. Source: county tax records.