1010 Bates St · Indianapolis city (balance), IN 46202

$119,900

2 bd · 1.0 ba · 1,524 sqft · SingleFamily public records · 53 Days on market

Built 1900 3,398 sqft lot $79/sqft · 65% below area

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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
• DSCR +10.0/10.0
• 1% rule +9.3/10.0
• ARV discount +7.5/15.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Located in the heart of Fountain Square, this 2-bedroom, 1-bathroom home has been used as a rental property for many years and is ready for its next chapter. The property offers a great opportunity for investors or buyers looking to renovate and build equity. With its prime location just minutes from downtown, restaurants, shops, and all the entertainment Fountain Square has to offer, this home has strong potential as a rental, flip, or personal residence. Bring your vision and restore this property to its full potential.

Key facts

• Prime location
• 3,398 sq ft lot
• Built 1900

Tags

• PRIME LOCATION
• MINUTES FROM DOWNTOWN

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $589 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $116k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.2% 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 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 soft (-0.4%/yr); 262 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); 42% 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 32% of the median local income ($64k/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 $829 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 + 0.0% rent growth), your $34k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 53 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 20y 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 $25k; list at $120k implies a 378% 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 $116,303 (3.0% below list)

Questions for the listing agent

1. It's been on market 53 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 1900 — 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 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: 1.43% ✓
• Cap rate: 12.19%
• Cash-on-cash: 21.04%
• DSCR: 1.94
• GRM: 5.8

CMA / ARV

• ARV (median comp): $347,493
• List price: $119,900
• Delta: -65.50%
• 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
1205 Hoyt Ave	0.46mi	2/1.0	1,581 (+4%)	0mo	$237,000	$150	72
1152 Lexington Ave	0.48mi	2/1.0	1,596 (+5%)	1mo	$148,000	$93	68
827 Laurel St	0.60mi	3/1.0 (+1)	1,495 (-2%)	3mo	$255,000	$171	61
1034 Elm St	0.51mi	3/2.0 (+1)	1,587 (+4%)	0mo	$385,000	$243	60
805 Bates St	0.18mi	3/2.5 (+1)	1,360 (-11%)	4mo	$342,500	$252	59
1617 Fletcher Ave	0.60mi	3/2.0 (+1)	1,512 (-1%)	4mo	$249,900	$165	59
1619 English Ave	0.53mi	2/1.0	1,696 (+11%)	1mo	$130,000	$77	56
1512 English Ave	0.44mi	3/2.0 (+1)	1,416 (-7%)	4mo	$145,000	$102	55
830 Olive St	0.55mi	3/2.0 (+1)	1,618 (+6%)	2mo	$335,000	$207	54
1613 E Ohio St	0.63mi	2/1.0	1,324 (-13%)	2mo	$195,000	$147	47
633 Lockerbie St	0.65mi	3/2.0 (+1)	1,722 (+13%)	1mo	$557,000	$323	38
332 S Walcott St	0.59mi	3/2.0 (+1)	1,749 (+15%)	3mo	$162,000	$93	37

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 10.2%
• Equity multiple: 1.39×
• Total profit: $13,038
• Equity at exit: $17,877

10-year hold

• IRR: 16.8%
• Equity multiple: 2.20×
• Total profit: $40,191
• Equity at exit: $10,367

Cash invested: $33,572 (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 46202

• Home prices YoY: -26.2%
• Rents YoY: -0.4%
• Active inventory: 262
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $1,712 high
• Mortgage (P&I): −$629
• Tax from tax record: −$85 /mo · $1,021/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$360
• Net cashflow: $589

Break-even live

Break-even rent $967

Max offer price $119,900

Occupancy floor 61%

Sensitivity live

Price	-10% $657	-5% $623	+0% $589	+5% $555	+10% $521
Rent	-10% $454	-5% $521	+0% $589	+5% $656	+10% $724
Rate	-1.0pp $649	-0.5pp $619	base $589	+0.5pp $558	+1.0pp $526

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1145 Bates St Indianapolis, IN	2.0	1.0	1065	$1,500	$1.41	22d	1	0.15mi
929 English Ave Unit A Indianapolis, IN	2.0	2.0	1100	$1,600	$1.45	44d	1	0.19mi
718 E Georgia St Indianapolis, IN	2.0	1.0–2.0	904	$1,777	$1.96	4d	15	0.22mi
931 Fletcher Ave Indianapolis, IN	2.0–3.0	1.0–2.5	1094	$1,718	$1.57	2d	4	0.34mi
1117 E Market St Indianapolis, IN	2.0	1.0–2.0	803	$1,875	$2.33	3d	15	0.36mi
145 McKim Ave Indianapolis, IN	3.0	2.5	1470	$2,195	$1.49	45d	1	0.36mi
113 S Arsenal Ave Indianapolis, IN	3.0	2.0	1296	$1,800	$1.39	44d	1	0.45mi
1512 English Ave Indianapolis, IN	3.0	2.0	1416	$1,650	$1.17	5d	1	0.46mi
1058 E Ohio St Indianapolis, IN	3.0	1.5	1098	$1,999	$1.82	18d	3	0.47mi
1100 E Ohio St Indianapolis, IN	3.0	1.5	1098	$2,190	$1.99	2d	1	0.47mi
1012 Hosbrook St Indianapolis, IN	2.0	2.5	1728	$2,400	$1.39	24d	1	0.53mi
101 N Arsenal Ave Indianapolis, IN	3.0	2.0	1300	$1,749	$1.35	44d	1	0.55mi
451 E Market St Indianapolis, IN	3.0	1.0–2.0	842	$1,862	$2.21	2d	53	0.56mi
530 E Ohio St Indianapolis, IN	2.0	1.0–2.0	935	$1,838	$1.97	2d	7	0.57mi
115 N Arsenal Ave Indianapolis, IN	3.0	2.0	1297	$1,800	$1.39	44d	1	0.58mi
117 N Arsenal Ave Unit 117 Indianapolis, IN	3.0	2.0	1250	$1,800	$1.44	44d	1	0.58mi
119 N Arsenal Ave Unit 119 Indianapolis, IN	3.0	2.0	1250	$1,800	$1.44	44d	1	0.58mi
119 N Arsenal Ave Indianapolis, IN	3.0	2.0	1250	$1,800	$1.44	22d	1	0.58mi
117 N Arsenal Ave Indianapolis, IN	3.0	2.0	1250	$1,800	$1.44	5d	1	0.58mi
512 S State Ave Unit 512 State 120% AMI Indianapolis, IN	3.0	1.0	1200	$1,400	$1.17	24d	1	0.59mi
1430 E Ohio St Indianapolis, IN	3.0	1.5	2174	$1,745	$0.80	44d	1	0.59mi
1613 Fletcher Ave Indianapolis, IN	2.0	1.0	2208	$2,149	$0.97	24d	1	0.61mi
1529 E Ohio St Indianapolis, IN	2.0	1.0	1118	$1,299	$1.16	44d	1	0.61mi
1223 E New York St Indianapolis, IN	3.0	3.0	2154	$2,300	$1.07	4d	1	0.62mi
1541 E Ohio St Indianapolis, IN	3.0	1.0	1400	$1,399	$1.00	44d	1	0.63mi
1534 E Ohio St Indianapolis, IN	3.0	2.5	1204	$1,650	$1.37	17d	1	0.63mi
1643 Fletcher Ave Indianapolis, IN	3.0	2.0	2019	$2,249	$1.11	24d	1	0.64mi
714 Buchanan St Indianapolis, IN	2.0	2.0	1100	$1,995	$1.81	15d	1	0.68mi
229 S Delaware St Indianapolis, IN	3.0	1.0–3.5	1207	$3,630	$3.01	2d	54	0.71mi
1012 Prospect St Unit B 120% AMI Indianapolis, IN	1.0	1.0	1116	$1,350	$1.21	44d	1	0.74mi
1012 Prospect St Unit 512 State 120% AMI Indianapolis, IN	3.0	1.0	1200	$1,400	$1.17	44d	1	0.74mi
1012 Prospect St Unit 907 Prospect NO AMI Indianapolis, IN	3.0	1.5	1121	$1,400	$1.25	44d	1	0.74mi
1012 Prospect St Unit 1527 Indianapolis, IN	3.0	1.5	1150	$1,200	$1.04	44d	1	0.74mi
1404 E Vermont St Indianapolis, IN	2.0	2.5	1353	$1,950	$1.44	44d	1	0.74mi
12 N Randolph St Indianapolis, IN	3.0	1.0	1485	$1,650	$1.11	44d	1	0.75mi
2015 Southeastern Ave Unit 2015 Indianapolis, IN	2.0	2.5	1350	$2,200	$1.63	24d	1	0.75mi
2015 E Maryland St Indianapolis, IN	3.0	2.0	1250	$1,495	$1.20	44d	1	0.75mi
1502 Woodlawn Ave Indianapolis, IN	2.0	2.0	1441	$2,500	$1.73	15d	1	0.75mi
402 E New York St #202 Indianapolis, IN	2.0	2.5	1192	$1,924	$1.61	8d	1	0.76mi
907 Prospect St Unit 907 Prospect NO AMI Indianapolis, IN	3.0	1.5	1121	$1,400	$1.25	24d	1	0.76mi

Listing history 16 events

1. 2026-06-01
   days on market $119,900 Active 53 DOM
2. 2026-05-31
   days on market $119,900 Active 52 DOM
3. 2026-04-21
   price $119,900 527-char remark

   Show marketing remark (527 chars)

   Located in the heart of Fountain Square, this 2-bedroom, 1-bathroom home has been used as a rental property for many years and is ready for its next chapter. The property offers a great opportunity for investors or buyers looking to renovate and build equity. With its prime location just minutes from downtown, restaurants, shops, and all the entertainment Fountain Square has to offer, this home has strong potential as a rental, flip, or personal residence. Bring your vision and restore this property to its full potential.

4. 2026-04-09
   listed $125,000 Active 527-char remark

   Show marketing remark (527 chars)

   Located in the heart of Fountain Square, this 2-bedroom, 1-bathroom home has been used as a rental property for many years and is ready for its next chapter. The property offers a great opportunity for investors or buyers looking to renovate and build equity. With its prime location just minutes from downtown, restaurants, shops, and all the entertainment Fountain Square has to offer, this home has strong potential as a rental, flip, or personal residence. Bring your vision and restore this property to its full potential.

5. 2025-06-09
   historical $1,025
6. 2025-05-08
   price $1,025
7. 2025-04-12
   listed $1,075
8. 2016-04-28
   soldstatus $25,100 Sold 261-char remark

   Show marketing remark (261 chars)

   Excellent investment opportunity near up & coming downtown areas! Move-in condition. Newer water heater, newer carpeting, nice-sized rooms, and updated bathroom. View of downtown from backyard! Property has been rented for $550/month for past few years.

9. 2016-04-24
   status Pending 261-char remark

   Show marketing remark (261 chars)

   Excellent investment opportunity near up & coming downtown areas! Move-in condition. Newer water heater, newer carpeting, nice-sized rooms, and updated bathroom. View of downtown from backyard! Property has been rented for $550/month for past few years.

10. 2016-04-19
    listed $29,900 Active 261-char remark

    Show marketing remark (261 chars)

    Excellent investment opportunity near up & coming downtown areas! Move-in condition. Newer water heater, newer carpeting, nice-sized rooms, and updated bathroom. View of downtown from backyard! Property has been rented for $550/month for past few years.

11. 2013-01-01
    historical
12. 2012-03-09
    listed $24,900
13. 2008-08-19
    historical
14. 2008-04-23
    listed $35,000
15. 2008-04-21
    historical
16. 2006-03-31
    listed $15,000

ⓘ 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: $1,021 · $85/mo
• Projected year-2 tax: $1,021 · $85/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 3/10 Moderate FEMA zone X (unshaded) · 20% 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: $20,546
• − Mortgage interest: −$6,716
• − Property taxes: −$1,021
• − Insurance: −$600
• − Repairs & maintenance: −$1,644
• − Management: −$1,644
• − Depreciation: −$3,488
• Taxable income: $5,433
• Est. tax owed @ 24.0%: −$1,304
• After-tax cash flow: $5,761/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): 20,180
• Household income: $63,506
• Rent vs Own: 70.6% rent · 29.4% own
• Severe rent burden: 1829.0

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 0.57)
• Race & ethnicity: White 62% Black 20% Hispanic / Latino 8% Asian 6% Two or more races 5%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 4% Romanian 3% Slovak 3%
• Foreign-born: 11% · Canada, China
• Languages at home: 86% English-only · Spanish 6% Other Indo-European 3% Arabic 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: ▼ -136.75%
• Current HPI: 385.5518
• Rent YoY: ▼ -0.37%
• 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

+699.3% since first listed

14 events — show timeline

• 2026-04-21 Price Changed $119,900 MIBOR as Distributed by MLS Grid
• 2026-04-09 Listed $125,000 MIBOR as Distributed by MLS Grid
• 2025-06-09 Rental Removed $1,025 PROPERTYWARE
• 2025-05-08 Price Changed $1,025 PROPERTYWARE
• 2025-04-12 Listed for Rent $1,075 PROPERTYWARE
• 2016-04-28 Sold (MLS) $25,100 MIBOR as Distributed by MLS Grid
• 2016-04-24 Pending — MIBOR as Distributed by MLS Grid
• 2016-04-19 Listed $29,900 MIBOR as Distributed by MLS Grid
• 2013-01-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2012-03-09 Listed $24,900 MIBOR as Distributed by MLS Grid
• 2008-08-19 Listing Removed — MIBOR as Distributed by MLS Grid
• 2008-04-23 Listed $35,000 MIBOR as Distributed by MLS Grid
• 2008-04-21 Listing Removed — MIBOR as Distributed by MLS Grid
• 2006-03-31 Listed $15,000 MIBOR as Distributed by MLS Grid

Property tax history

+2.3%/yr

Latest (2025): $1,021 · +11.6% YoY. Source: county tax records.