251 S Dearborn St · Indianapolis city (balance), IN 46201

$145,000

1 bd · 3.0 ba · 562 sqft · MultiFamily public records · 52 Days on market

Built 1943 4,487 sqft lot $258/sqft · 178% above area Est $157k · 7% under

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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 +21.9/30.0
• ARV discount +10.8/15.0
• DSCR +7.0/10.0
• 1% rule +6.2/10.0
• Rent growth +4.3/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Recently renovated, including roof, duplex. Previous leases were $650/side for a total of $1,300/month in rent.

Key facts

• Renovated duplex
• Refreshed bathroom
• Prime location

Tags

• RENOVATED DUPLEX
• REFRESHED KITCHEN
• REFRESHED BATHROOM
• PRIME LOCATION

Property features AI

Finance

• Other: Total of 2 units; Unit rents listed as $699/month and $740/month
• Financial info: Gross monthly income reported as $1,439; Reported expenses $0

Exterior

• Parking: Detached 2-car garage
• Utilities: No solid waste service listed
• Home design: Duplex residential income property; One story
• Exterior features: Residential use; Access road; Lot under 1/4 acre

Interior

• Kitchen: Each unit has a 10x10 kitchen
• Bedrooms: Two 1-bedroom units
• Interior features: One-level units

What this means for you Summary

Snapshot

• This is a 1-bed/3.0-bath multifamily listed at $145k.

Deal economics

• At list price, monthly cash flow is $227 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $141k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.2% 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 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.
• Market conditions: Rents rising fast (+7.3%/yr); 480 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 40% of the median local income ($49k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k 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.
• At projected returns (-3.0% appreciation + 7.3% rent growth), your $41k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 12y 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 $120k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1943 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $140,650 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1943 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.12% ✓
• Cap rate: 8.17%
• Cash-on-cash: 6.72%
• DSCR: 1.30
• GRM: 7.4

CMA / ARV

• ARV (median comp): $156,628
• List price: $145,000
• Delta: -7.42%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 7.31% rent growth · sell at horizon

5-year hold

• IRR: -1.0%
• Equity multiple: 0.96×
• Total profit: $-1,600
• Equity at exit: $21,620

10-year hold

• IRR: 12.9%
• Equity multiple: 2.24×
• Total profit: $50,508
• Equity at exit: $12,537

Cash invested: $40,600 (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 46201

• Home prices YoY: -33.9%
• Rents YoY: 7.3%
• Active inventory: 480
• Price-to-rent: 14.9×

Monthly cashflow live

• Estimated rent: $1,627 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$237 /mo · $2,847/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$342
• Net cashflow: $227

Break-even live

Break-even rent $1,339

Max offer price $145,000

Occupancy floor 81%

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$1,626
Total (2 units)			$1,627

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3022 English Ave Unit 3022 Indianapolis, IN	2.0	1.0	600	$650	$1.08	44d	1	0.32mi
49 S Rural St Indianapolis, IN	2.0	1.5	750	$950	$1.27	11d	1	0.39mi
37 S Sherman Dr Indianapolis, IN	1.0	1.0	700	$800	$1.14	24d	1	0.51mi
415 N Oxford St Indianapolis, IN	1.0	1.0	580	$650	$1.12	24d	1	0.68mi
320 N Sherman Dr Indianapolis, IN	—	1.0	750	$525	$0.70	44d	1	0.72mi
320 N Sherman Dr Unit A Indianapolis, IN	—	1.0	450	$525	$1.17	4d	1	0.72mi
412 N Bradley Ave Unit 3 Indianapolis, IN	2.0	1.0	700	$950	$1.36	24d	1	0.82mi
2034 Southeastern Ave Indianapolis, IN	1.0	1.0	525	$850	$1.62	15d	1	0.86mi
2025 Southeastern Ave Indianapolis, IN	1.0	1.0	663	$775	$1.17	44d	1	0.88mi
2211 E New York St Unit B Indianapolis, IN	1.0	1.0	650	$725	$1.12	22d	1	0.88mi
628 N Oxford St Indianapolis, IN	1.0	1.0	536	$775	$1.45	24d	1	0.95mi
423 Villa Ave Indianapolis, IN	1.0	1.0	593	$799	$1.35	24d	1	0.95mi
245 S Randolph St Indianapolis, IN	2.0	1.0	720	$750	$1.04	44d	1	0.98mi
247 S Randolph St Indianapolis, IN	2.0	1.0	720	$750	$1.04	44d	1	0.98mi
1718 Southeastern Ave Indianapolis, IN	1.0	1.0	700	$1,080	$1.54	44d	1	1.06mi
1022 S Churchman Ave Unit 1024 Indianapolis, IN	1.0	1.0	350	$895	$2.56	44d	1	1.07mi
1912 Lexington Ave Unit 1910B Indianapolis, IN	1.0	1.0	660	$850	$1.29	44d	1	1.10mi
1912 Lexington Ave Unit 1912A Indianapolis, IN	—	1.0	660	$825	$1.25	44d	1	1.10mi
821 N Bradley Ave Indianapolis, IN	1.0	1.0	663	$850	$1.28	4d	1	1.10mi
648 Dayton Ave Indianapolis, IN	1.0	1.0	450	$750	$1.67	15d	1	1.15mi
4741 E Washington St Indianapolis, IN	1.0	1.0	700	$950	$1.36	22d	1	1.16mi
815 Dawson St Unit 2 Indianapolis, IN	2.0	1.0	600	$1,300	$2.17	4d	1	1.18mi
4815 E Washington St Unit 4815-12 Indianapolis, IN	1.0	1.0	700	$950	$1.36	44d	1	1.23mi
4815 E Washington St Unit 4815-10 Indianapolis, IN	1.0	1.0	600	$950	$1.58	22d	1	1.23mi
4815 E Washington St Unit 4815-04 Indianapolis, IN	1.0	1.0	600	$895	$1.49	44d	1	1.23mi
621 Tecumseh St Indianapolis, IN	2.0	1.0	726	$1,025	$1.41	44d	1	1.24mi
833 N Gladstone Ave Indianapolis, IN	1.0	1.0	687	$825	$1.20	24d	1	1.25mi
679 Woodruff Place East Dr Indianapolis, IN	1.0	1.0	600	$895	$1.49	24d	1	1.26mi
927 N Chester Ave Indianapolis, IN	1.0	1.0	596	$750	$1.26	44d	1	1.26mi
1028 N Olney St Unit 1030 Indianapolis, IN	1.0	1.0	700	$800	$1.14	24d	1	1.26mi
1036 N Tuxedo St Indianapolis, IN	1.0	1.0	646	$750	$1.16	4d	1	1.27mi
471 N State Ave Unit 1 Indianapolis, IN	1.0	1.0	634	$785	$1.24	44d	1	1.29mi
1023 S State Ave Indianapolis, IN	1.0	1.0	600	$1,099	$1.83	24d	1	1.30mi
1114 N Dearborn St Indianapolis, IN	1.0	1.0	646	$795	$1.23	44d	1	1.31mi
896 N Gladstone Ave Indianapolis, IN	1.0	1.0	580	$775	$1.34	44d	1	1.31mi
1106 N Gale St Unit 3 Indianapolis, IN	—	1.0	400	$650	$1.62	4d	1	1.31mi
1106 N Gale St Unit 1 Indianapolis, IN	2.0	1.0	750	$895	$1.19	44d	1	1.31mi
1413 Washington St Indianapolis, IN	—	1.0	350	$800	$2.29	44d	1	1.33mi
4926 E Washington St Apt 5 Indianapolis, IN	1.0	1.0	700	$895	$1.28	44d	1	1.34mi
332 N Arsenal Ave Unit A Indianapolis, IN	2.0	1.0	750	$1,150	$1.53	8d	1	1.36mi

Listing history 27 events

1. 2026-06-18
   days on market $145,000 Active 52 DOM
2. 2026-06-17
   days on market $145,000 Active 51 DOM
3. 2026-06-16
   days on market $145,000 Active 50 DOM
4. 2026-06-15
   days on market $145,000 Active 49 DOM
5. 2026-06-13
   days on market $145,000 Active 47 DOM
6. 2026-06-13
   days on market $145,000 Active 46 DOM
7. 2026-06-09
   days on market $145,000 Active 43 DOM
8. 2026-06-08
   days on market $145,000 Active 42 DOM
9. 2026-06-07
   days on market $145,000 Active 41 DOM
10. 2026-06-03
    days on market $145,000 Active 37 DOM
11. 2026-06-02
    days on market $145,000 Active 36 DOM
12. 2026-06-01
    days on market $145,000 Active 35 DOM
13. 2026-05-31
    price $145,000 Active 34 DOM
14. 2026-05-31
    days on market $150,000 Active 34 DOM
15. 2026-05-18
    status Active 949-char remark
16. 2026-05-18
    status Pending 949-char remark
17. 2026-04-27
    listed $150,000 Active 949-char remark
18. 2025-05-02
    historical $740
19. 2025-02-27
    listed $750
20. 2022-12-11
    historical
21. 2021-06-18
    soldstatus $119,900 Closed 111-char remark

    Show marketing remark (111 chars)

    Recently renovated, including roof, duplex. Previous leases were $650/side for a total of $1,300/month in rent.

22. 2021-06-05
    status Pending 111-char remark

    Show marketing remark (111 chars)

    Recently renovated, including roof, duplex. Previous leases were $650/side for a total of $1,300/month in rent.

23. 2021-06-03
    listed $119,900 Active 111-char remark

    Show marketing remark (111 chars)

    Recently renovated, including roof, duplex. Previous leases were $650/side for a total of $1,300/month in rent.

24. 2020-02-24
    historical
25. 2019-12-31
    listed $44,900
26. 2014-10-16
    historical
27. 2014-06-09
    listed $9,500

ⓘ 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: $2,847 · $237/mo
• Projected year-2 tax: $2,847 · $237/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 ≥101°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $19,524
• − Mortgage interest: −$8,122
• − Property taxes: −$2,847
• − Insurance: −$725
• − Repairs & maintenance: −$1,562
• − Management: −$1,562
• − Depreciation: −$4,218
• Taxable income: $488
• Est. tax owed @ 24.0%: −$117
• After-tax cash flow: $2,610/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): 30,335
• Household income: $49,195
• Rent vs Own: 48.4% rent · 51.6% own
• Severe rent burden: 1906.0

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 0.63)
• Race & ethnicity: White 53% Hispanic / Latino 23% Black 18% Two or more races 9%
• Hispanic origin (detail): Mexican 14% Puerto Rican 2%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 9% · Canada
• Languages at home: 81% English-only · Spanish 17%

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: ▼ -192.51%
• Current HPI: 375.0969
• Rent YoY: ▲ 7.31%
• 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

+1426.3% since first listed

14 events — show timeline

• 2026-05-31 Price Changed $145,000 MIBOR as Distributed by MLS Grid
• 2026-05-18 Relisted — MIBOR as Distributed by MLS Grid
• 2026-05-18 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-27 Listed $150,000 MIBOR as Distributed by MLS Grid
• 2025-05-02 Rental Removed $740 APPFOLIO
• 2025-02-27 Listed for Rent $750 APPFOLIO
• 2022-12-11 Rental Removed — RENT.
• 2021-06-18 Sold (MLS) $119,900 MIBOR as Distributed by MLS Grid
• 2021-06-05 Pending — MIBOR as Distributed by MLS Grid
• 2021-06-03 Listed $119,900 MIBOR as Distributed by MLS Grid
• 2020-02-24 Listing Removed — MIBOR as Distributed by MLS Grid
• 2019-12-31 Listed $44,900 MIBOR as Distributed by MLS Grid
• 2014-10-16 Listing Removed — MIBOR as Distributed by MLS Grid
• 2014-06-09 Listed $9,500 MIBOR as Distributed by MLS Grid

Property tax history

+21.5%/yr

Latest (2025): $2,847 · -3.9% YoY. Source: county tax records.