1823 Union St · Indianapolis city (balance), IN 46225

$139,000

3 bd · 2.0 ba · 1,737 sqft · SingleFamily public records · 69 Days on market

Built 1910 3,485 sqft lot $80/sqft · 9% below area Est $254k · 45% under

---

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 +29.7/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• Rent growth +5.0/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Property is ready for the right buyer to unlock its true potential. This home offers a blank canvas for renovation. Full rehab opportunity is ideal for investors looking to bring new life to a property with character and great potential. Home is down to the studs and new roof 2025. Bring your contractor and your creative opportunitys like this don't last long!

Key facts

• 3,485 sq ft lot
• 2 garage spots
• Built 1910

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $139k.

Deal economics

• At list price, monthly cash flow is $506 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $139k).
• Recommended offer: $131k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.7% 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 (+11.0%/yr); 129 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); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 40% of the median local income ($55k/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 $961 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 + 8.0% rent growth), your $39k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 4 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 $11k; list at $139k implies a 1164% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $130,659 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — 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: 1.34% ✓
• Cap rate: 10.66%
• Cash-on-cash: 15.60%
• DSCR: 1.69
• GRM: 6.2

CMA / ARV

• ARV (median comp): $253,534
• List price: $139,000
• Delta: -45.17%
• 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
1750 Union St	0.05mi	4/2.0 (+1)	1,641 (-6%)	4mo	$229,000	$140	80
2134 S Delaware St	0.28mi	3/3.0	1,680 (-3%)	2mo	$195,000	$116	76
14 E Regent St	0.29mi	3/2.5	1,496 (-14%)	2mo	$270,000	$180	60
1214 S Talbott St	0.62mi	3/2.0	1,638 (-6%)	4mo	$270,000	$165	58
2142 Webb St	0.37mi	3/2.0	1,496 (-14%)	3mo	$128,000	$86	58
227 Sanders St	0.60mi	3/3.5	1,819 (+5%)	2mo	$335,000	$184	56
2125 S Garfield Dr	0.73mi	3/2.5	1,820 (+5%)	0mo	$285,000	$157	56
2145 Singleton St	0.57mi	3/1.0	1,869 (+8%)	1mo	$152,000	$81	56
518 Terrace Ave	0.61mi	3/2.5	1,869 (+8%)	2mo	$335,000	$179	56
2302 S Pennsylvania St	0.53mi	3/3.0	1,590 (-8%)	2mo	$275,000	$173	55
706 E Minnesota St	0.58mi	3/3.5	1,589 (-8%)	3mo	$202,000	$127	50
2345 S Pennsylvania St	0.59mi	2/1.5 (-1)	1,936 (+12%)	1mo	$203,999	$105	46

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: 1.50×
• Total profit: $19,544
• Equity at exit: $20,725

10-year hold

• IRR: 24.6%
• Equity multiple: 3.65×
• Total profit: $103,286
• Equity at exit: $12,018

Cash invested: $38,920 (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: 6.2×

Monthly cashflow live

• Estimated rent: $1,856 high
• Mortgage (P&I): −$729
• Tax est. 1.5%: −$174 /mo · $2,085/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$390
• Net cashflow: $506

Break-even live

Break-even rent $1,216

Max offer price $139,000

Occupancy floor 68%

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1713 S Delaware St Indianapolis, IN	2.0	2.0	1785	$1,700	$0.95	43d	1	0.18mi
224 Iowa St Indianapolis, IN	3.0	1.0	1254	$1,450	$1.16	23d	1	0.23mi
438 E Beecher St Indianapolis, IN	3.0	2.5	1500	$1,450	$0.97	23d	1	0.39mi
243 Terrace Ave Indianapolis, IN	4.0	2.0	1669	$2,700	$1.62	17d	1	0.48mi
1436 S New Jersey St Unit A Indianapolis, IN	3.0	2.5	1300	$2,100	$1.62	23d	1	0.48mi
2283 Union St Indianapolis, IN	3.0	2.0	1824	$1,820	$1.00	23d	1	0.49mi
620 E Beecher St Indianapolis, IN	3.0	2.0	1072	$1,639	$1.53	19d	1	0.50mi
1830 Orleans St Indianapolis, IN	3.0	2.5	1586	$1,995	$1.26	43d	1	0.52mi
2109 Singleton St Indianapolis, IN	3.0	2.0	1340	$2,100	$1.57	7d	1	0.52mi
1439 South East St Indianapolis, IN	2.0	2.0	1114	$1,425	$1.28	20d	1	0.54mi
1437 S East St Indianapolis, IN	2.0	2.0	1114	$1,425	$1.28	43d	1	0.55mi
1833 Orleans St Unit 1 Indianapolis, IN	3.0	1.0	1260	$1,350	$1.07	43d	1	0.55mi
1835 Applegate St Indianapolis, IN	4.0	3.0	2024	$2,300	$1.14	43d	1	0.61mi
406 Orange St Indianapolis, IN	3.0	2.5	1820	$2,250	$1.24	43d	1	0.64mi
728 Cottage Ave Indianapolis, IN	3.0	2.5	1831	$2,550	$1.39	23d	1	0.68mi
614 Parkway Ave Indianapolis, IN	3.0	2.0	1360	$1,900	$1.40	21d	1	0.69mi
752 Cottage Ave Indianapolis, IN	3.0	2.0	1548	$1,750	$1.13	14d	1	0.72mi
835 Weghorst St Unit 837 Indianapolis, IN	3.0	1.5	1500	$1,399	$0.93	23d	1	0.73mi
726 Parkway Ave Indianapolis, IN	3.0	2.0	1150	$2,195	$1.91	17d	1	0.74mi
734 Parkway Ave Indianapolis, IN	3.0	2.0	2110	$2,299	$1.09	23d	1	0.75mi
704 Sanders St Indianapolis, IN	2.0	1.0	1290	$1,275	$0.99	23d	1	0.79mi
1247 Wright St Indianapolis, IN	3.0	1.5	1809	$1,750	$0.97	43d	1	0.83mi
1247 Wright St Indianapolis, IN	3.0	1.5	1247	$1,750	$1.40	17d	1	0.83mi
518 Prospect St Unit 1353834P Indianapolis, IN	3.0	2.0	1603	$2,442	$1.52	14d	1	0.84mi
518 Prospect St Unit 1357365P Indianapolis, IN	3.0	2.0	1614	$2,594	$1.61	7d	1	0.84mi
1514 Ringgold Ave Indianapolis, IN	3.0	1.0	1064	$1,295	$1.22	43d	1	0.85mi
1861 Barth Ave Unit 1861 Indianapolis, IN	2.0	1.0	1300	$1,600	$1.23	23d	1	0.86mi
736 E Morris St Indianapolis, IN	2.0	1.5	1500	$1,195	$0.80	3d	1	0.87mi
1011 E Raymond St Indianapolis, IN	2.0	2.0	1100	$1,350	$1.23	23d	1	0.88mi
110 Pennsylvania Ct Indianapolis, IN	3.0	2.0	1202	$1,700	$1.41	4d	1	0.91mi
915 S Meridian St Indianapolis, IN	2.0	1.0–2.0	829	$2,551	$3.08	1d	42	0.91mi
1045 Orange St Indianapolis, IN	2.0	1.0	1232	$2,000	$1.62	23d	1	1.00mi
1045 Orange St Indianapolis, IN	2.0	1.0	1232	$2,200	$1.79	43d	1	1.00mi
714 Buchanan St Indianapolis, IN	2.0	2.0	1100	$1,995	$1.81	14d	1	1.01mi
907 Prospect St Unit 907 Prospect NO AMI Indianapolis, IN	3.0	1.5	1121	$1,400	$1.25	23d	1	1.01mi
932 E Morris St Indianapolis, IN	2.0	2.0	1483	$1,900	$1.28	2d	1	1.02mi
1035 Sanders St Unit 163 Indianapolis, IN	2.0	1.0	1481	$1,921	$1.30	43d	1	1.02mi
1258 E Naomi St Indianapolis, IN	3.0	2.0	1608	$1,450	$0.90	7d	1	1.09mi
1140 Shelby St Apt 515 Indianapolis, IN	2.0	2.0	1181	$2,090	$1.77	23d	1	1.10mi
1012 Prospect St Unit 907 Prospect NO AMI Indianapolis, IN	3.0	1.5	1121	$1,400	$1.25	43d	1	1.10mi

Listing history 21 events

1. 2026-06-18
   days on market $139,000 Active 69 DOM
2. 2026-06-17
   days on market $139,000 Active 68 DOM
3. 2026-06-16
   days on market $139,000 Active 67 DOM
4. 2026-06-15
   days on market $139,000 Active 66 DOM
5. 2026-06-13
   days on market $139,000 Active 64 DOM
6. 2026-06-13
   days on market $139,000 Active 63 DOM
7. 2026-06-09
   days on market $139,000 Active 60 DOM
8. 2026-06-08
   days on market $139,000 Active 59 DOM
9. 2026-06-07
   days on market $139,000 Active 58 DOM
10. 2026-06-03
    days on market $139,000 Active 54 DOM
11. 2026-06-02
    days on market $139,000 Active 53 DOM
12. 2026-06-01
    days on market $139,000 Active 52 DOM
13. 2026-05-31
    days on market $139,000 Active 51 DOM
14. 2026-04-20
    price $139,000 362-char remark

    Show marketing remark (362 chars)

    Property is ready for the right buyer to unlock its true potential. This home offers a blank canvas for renovation. Full rehab opportunity is ideal for investors looking to bring new life to a property with character and great potential. Home is down to the studs and new roof 2025. Bring your contractor and your creative opportunitys like this don't last long!

15. 2026-04-09
    listed $146,000 Active 362-char remark

    Show marketing remark (362 chars)

    Property is ready for the right buyer to unlock its true potential. This home offers a blank canvas for renovation. Full rehab opportunity is ideal for investors looking to bring new life to a property with character and great potential. Home is down to the studs and new roof 2025. Bring your contractor and your creative opportunitys like this don't last long!

16. 2008-05-20
    soldstatus $11,000 113-char remark

    Show marketing remark (113 chars)

    3 BEDROOM CONVENIENT TO DOWNTOWN. ROOM SIZES ARE APPROXIMATE. BANK ONWED. PROPERTY BEING SOLD IN AS IS CONDITION.

17. 2007-10-02
    listed $13,500 113-char remark

    Show marketing remark (113 chars)

    3 BEDROOM CONVENIENT TO DOWNTOWN. ROOM SIZES ARE APPROXIMATE. BANK ONWED. PROPERTY BEING SOLD IN AS IS CONDITION.

18. 2005-02-01
    soldstatus $14,000
19. 2004-08-11
    listed $19,900
20. 2001-11-05
    soldstatus
21. 2001-07-19
    listed $21,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,278
• − Mortgage interest: −$7,786
• − Property taxes: −$2,085
• − Insurance: −$695
• − Repairs & maintenance: −$1,782
• − Management: −$1,782
• − Depreciation: −$4,044
• Taxable income: $4,104
• Est. tax owed @ 24.0%: −$985
• After-tax cash flow: $5,087/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

+534.7% since first listed

8 events — show timeline

• 2026-04-20 Price Changed $139,000 MIBOR as Distributed by MLS Grid
• 2026-04-09 Listed $146,000 MIBOR as Distributed by MLS Grid
• 2008-05-20 Sold (MLS) $11,000 MIBOR as Distributed by MLS Grid
• 2007-10-02 Listed $13,500 MIBOR as Distributed by MLS Grid
• 2005-02-01 Sold (MLS) $14,000 MIBOR as Distributed by MLS Grid
• 2004-08-11 Listed $19,900 MIBOR as Distributed by MLS Grid
• 2001-11-05 Sold (MLS) — MIBOR as Distributed by MLS Grid
• 2001-07-19 Listed $21,900 MIBOR as Distributed by MLS Grid

Property tax history

+22.8%/yr

Latest (2025): $7,127 · +54.6% YoY. Source: county tax records.