1020-1022 N Rural St · Indianapolis city (balance), IN 46201

$209,000

6 bd · 3.0 ba · 3,024 sqft · MultiFamily · 212 Days on market

Built 1917 Good condition 6,447 sqft lot $69/sqft · at area comps Est $201k · at est. ↓ 13% since listing

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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 +9.5/10.0
• ARV discount +5.8/15.0
• Rent growth +4.3/5.0
• Condition / age +3.8/5.0
• Livability +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Turnkey duplex close to downtown that's ready for you to call this home, add to your investment portfolio, or live on one side and rent out the other! Updated on both sides including newer roof, exterior metal siding, paint, flooring, some windows, kitchen and bathroom fixtures and appliances allow for immediate occupancy. Rents for a duplex like this are easily up to $1000/mo for each side, allowing you to turn a profit right away, or help pay for your mortgage if you decide to live on one side. Whatever you decide, this will be a worthwhile investment.

Key facts

• Updated appliances
• Turnkey duplex
• Newer roof

Tags

• TURNKEY DUPLEX
• NEWER ROOF
• EXTERIOR METAL SIDING
• UPDATED KITCHEN
• UPDATED BATHROOM FIXTURES
• UPDATED APPLIANCES

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $209k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $957 ($11k/yr) — positive. Per door: $479/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $209k).
• Recommended offer: $184k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.8% 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 (+7.3%/yr); 480 active listings in the ZIP; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• At $3,040/mo this rent would consume 74% of the median local household income ($49k/yr) (locally 1906% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 $59k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 212 days — a 12% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $30k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $183,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 212 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1917 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 1.45% ✓
• Cap rate: 11.79%
• Cash-on-cash: 19.63%
• DSCR: 1.87
• GRM: 5.7

CMA / ARV

• ARV (median comp): $201,205
• List price: $209,000
• Delta: 3.87%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1217 N Rural St	0.15mi	6/2.0	3,066 (+1%)	19mo	$177,000	$58	71
1027 N Rural St	0.02mi	6/2.0	2,688 (-11%)	15mo	$138,000	$51	64
1102 N Dearborn St	0.29mi	5/4.0 (-1)	2,693 (-11%)	1mo	$220,000	$82	59
1027 N Keystone Ave	0.23mi	6/3.0	2,576 (-15%)	10mo	$325,000	$126	57
2326-28 E 16th St	0.50mi	5/3.0 (-1)	2,873 (-5%)	11mo	$165,000	$57	54
910 N Tacoma Ave	0.24mi	6/2.5	2,636 (-13%)	23mo	$288,000	$109	46
1129-1131 N Lasalle St	0.40mi	6/3.0	2,624 (-13%)	16mo	$148,000	$56	46
815-817 N Jefferson Ave	0.44mi	6/3.0	2,680 (-11%)	18mo	$320,000	$119	45
414 N Tacoma Ave	0.64mi	6/6.0	3,360 (+11%)	1mo	$500,000	$149	39

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 · 7.31% rent growth · sell at horizon

5-year hold

• IRR: 16.5%
• Equity multiple: 1.70×
• Total profit: $40,901
• Equity at exit: $31,163

10-year hold

• IRR: 28.0%
• Equity multiple: 4.01×
• Total profit: $176,008
• Equity at exit: $18,071

Cash invested: $58,520 (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: 11.5×

Monthly cashflow live

• Estimated rent: $3,040 high
• Mortgage (P&I): −$1,096
• Tax est. 1.5%: −$261 /mo · $3,135/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$638
• Net cashflow: $957

Break-even live

Break-even rent $1,828

Max offer price $209,000

Occupancy floor 64%

Sensitivity live

Price	-10% $1,102	-5% $1,029	+0% $957	+5% $885	+10% $813
Rent	-10% $717	-5% $837	+0% $957	+5% $1,077	+10% $1,197
Rate	-1.0pp $1,063	-0.5pp $1,010	base $957	+0.5pp $903	+1.0pp $848

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$3,040
Total (2 units)			$3,040

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: $52,250
• Closing costs: $6,270
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-01
   days on market $209,000 Active 212 DOM
2. 2026-05-31
   days on market $209,000 Active 211 DOM
3. 2026-05-05
   price $209,000 560-char remark

   Show marketing remark (560 chars)

   Turnkey duplex close to downtown that's ready for you to call this home, add to your investment portfolio, or live on one side and rent out the other! Updated on both sides including newer roof, exterior metal siding, paint, flooring, some windows, kitchen and bathroom fixtures and appliances allow for immediate occupancy. Rents for a duplex like this are easily up to $1000/mo for each side, allowing you to turn a profit right away, or help pay for your mortgage if you decide to live on one side. Whatever you decide, this will be a worthwhile investment.

4. 2026-03-10
   price $219,000 560-char remark

   Show marketing remark (560 chars)

   Turnkey duplex close to downtown that's ready for you to call this home, add to your investment portfolio, or live on one side and rent out the other! Updated on both sides including newer roof, exterior metal siding, paint, flooring, some windows, kitchen and bathroom fixtures and appliances allow for immediate occupancy. Rents for a duplex like this are easily up to $1000/mo for each side, allowing you to turn a profit right away, or help pay for your mortgage if you decide to live on one side. Whatever you decide, this will be a worthwhile investment.

5. 2025-12-10
   status Active 560-char remark

   Show marketing remark (560 chars)

   Turnkey duplex close to downtown that's ready for you to call this home, add to your investment portfolio, or live on one side and rent out the other! Updated on both sides including newer roof, exterior metal siding, paint, flooring, some windows, kitchen and bathroom fixtures and appliances allow for immediate occupancy. Rents for a duplex like this are easily up to $1000/mo for each side, allowing you to turn a profit right away, or help pay for your mortgage if you decide to live on one side. Whatever you decide, this will be a worthwhile investment.

6. 2025-11-28
   status Pending 560-char remark

   Show marketing remark (560 chars)

   Turnkey duplex close to downtown that's ready for you to call this home, add to your investment portfolio, or live on one side and rent out the other! Updated on both sides including newer roof, exterior metal siding, paint, flooring, some windows, kitchen and bathroom fixtures and appliances allow for immediate occupancy. Rents for a duplex like this are easily up to $1000/mo for each side, allowing you to turn a profit right away, or help pay for your mortgage if you decide to live on one side. Whatever you decide, this will be a worthwhile investment.

7. 2025-11-12
   price $224,000 560-char remark

   Show marketing remark (560 chars)

   Turnkey duplex close to downtown that's ready for you to call this home, add to your investment portfolio, or live on one side and rent out the other! Updated on both sides including newer roof, exterior metal siding, paint, flooring, some windows, kitchen and bathroom fixtures and appliances allow for immediate occupancy. Rents for a duplex like this are easily up to $1000/mo for each side, allowing you to turn a profit right away, or help pay for your mortgage if you decide to live on one side. Whatever you decide, this will be a worthwhile investment.

8. 2025-10-20
   listed $239,000 Active 560-char remark

   Show marketing remark (560 chars)

   Turnkey duplex close to downtown that's ready for you to call this home, add to your investment portfolio, or live on one side and rent out the other! Updated on both sides including newer roof, exterior metal siding, paint, flooring, some windows, kitchen and bathroom fixtures and appliances allow for immediate occupancy. Rents for a duplex like this are easily up to $1000/mo for each side, allowing you to turn a profit right away, or help pay for your mortgage if you decide to live on one side. Whatever you decide, this will be a worthwhile investment.

ⓘ 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 ≥102°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: $36,480
• − Mortgage interest: −$11,707
• − Property taxes: −$3,135
• − Insurance: −$1,045
• − Repairs & maintenance: −$2,918
• − Management: −$2,918
• − Depreciation: −$6,080
• Taxable income: $8,676
• Est. tax owed @ 24.0%: −$2,082
• After-tax cash flow: $9,405/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This turnkey duplex is in good condition with updated fixtures and appliances, making it ready for immediate occupancy. Potential buyers and renters can appreciate the fresh paint and curb appeal, while investors can benefit from the rental potential and increased value.

Value-add opportunities

• Both Paint exterior and interior — Fresh paint enhances curb appeal and interior aesthetics
• Both Replace any old or damaged windows — New windows improve energy efficiency and appearance
• Both Upgrade kitchen appliances — Modern appliances can increase both resale and rental value
• Both Install smart home devices — Smart home features can increase both resale and rental value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior and interior — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Replace any old or damaged windows — New windows improve energy efficiency and appearance ↑
• Both Upgrade kitchen appliances — Modern appliances can increase both resale and rental value ↑
• Both Install smart home devices — Smart home features can increase both resale and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-12.6% since first listed

6 events — show timeline

• 2026-05-05 Price Changed $209,000 MIBOR as Distributed by MLS Grid
• 2026-03-10 Price Changed $219,000 MIBOR as Distributed by MLS Grid
• 2025-12-10 Relisted — MIBOR as Distributed by MLS Grid
• 2025-11-28 Pending — MIBOR as Distributed by MLS Grid
• 2025-11-12 Price Changed $224,000 MIBOR as Distributed by MLS Grid
• 2025-10-20 Listed $239,000 MIBOR as Distributed by MLS Grid