327 N Denny St · Indianapolis city (balance), IN 46201

$169,900

6 bd · 4.0 ba · 2,632 sqft · MultiFamily · 47 Days on market

Built 1925 Fair condition 5,401 sqft lot $65/sqft · at area comps Est $171k · at est.

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.8/15.0
• Rent growth +4.3/5.0
• Livability +2.5/5.0
• Condition / age +2.2/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Nestled near the vibrant heart of Indianapolis, this duplex is minutes away from everything: entertainment, dining, and more. Come and see why this is perfect as an investment or a house hack. With some updates throughout, you already have a great start on this 2 level home featuring spacious rooms, additional storage, plenty of natural light, and some retained character. A covered porch houses two separate entrances and a large back yard gives access to the alley. Come and see why this is the one for you!

Key facts

• 5,401 sq ft lot
• Built 1925
• Listed 47 days

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $170k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $882 ($11k/yr) — positive. Per door: $441/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $170k).
• Recommended offer: $165k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.5% 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.
• Zoned schools: Frederick Douglass School 19 (math 9% / reading 13%, grade F, #909 of 994 statewide, top 92%, 444 students, 81% FRL); H L Harshman Middle School (math 3% / reading 16%, grade F, #316 of 330 statewide, top 96%, 549 students, 84% FRL).
• Market conditions: Rents rising fast (+7.3%/yr); 483 active listings in the ZIP; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• At $2,603/mo this rent would consume 63% 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 $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.
• At projected returns (-3.0% appreciation + 7.3% rent growth), your $48k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($165k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 15y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $164,803 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.53% ✓
• Cap rate: 12.52%
• Cash-on-cash: 22.25%
• DSCR: 1.99
• GRM: 5.4

CMA / ARV

• ARV (median comp): $170,968
• List price: $169,900
• Delta: -0.62%
• 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
33 N Sherman Dr	0.22mi	6/4.0	2,576 (-2%)	5mo	$240,000	$93	82
513 N Colorado Ave	0.30mi	6/2.0	2,568 (-2%)	6mo	$75,000	$29	69
450 N Kealing Ave	0.26mi	6/6.0	2,442 (-7%)	10mo	$240,000	$98	60
118 N Euclid Ave	0.31mi	6/2.0	2,628 (-0%)	21mo	$125,000	$48	60
30 & 32 N Dequincy St	0.65mi	6/4.0	2,674 (+2%)	16mo	$290,000	$108	54
442 N Denny St	0.12mi	6/2.0	2,280 (-13%)	16mo	$159,000	$70	51
4826 E Michigan St	0.64mi	7/3.0 (+1)	2,775 (+5%)	5mo	$291,000	$105	48
18 N Gray St	0.70mi	6/2.0	2,668 (+1%)	14mo	$105,000	$39	45
4912 E Washington St	0.70mi	6/3.0	2,900 (+10%)	2mo	$235,000	$81	44
325 N Lasalle St	0.52mi	6/3.0	2,370 (-10%)	15mo	$140,000	$59	43
556 N Gray St N	0.70mi	6/3.0	2,382 (-10%)	12mo	$169,000	$71	37
28 S Dearborn St	0.69mi	5/3.0 (-1)	2,266 (-14%)	3mo	$240,000	$106	33

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: 19.8%
• Equity multiple: 1.85×
• Total profit: $40,475
• Equity at exit: $25,333

10-year hold

• IRR: 30.9%
• Equity multiple: 4.38×
• Total profit: $160,589
• Equity at exit: $14,690

Cash invested: $47,572 (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 46201

• Home prices YoY: -33.9%
• Rents YoY: 7.3%
• Active inventory: 483
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $2,603 high
• Mortgage (P&I): −$891
• Tax est. 1.5%: −$212 /mo · $2,548/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$547
• Net cashflow: $882

Break-even live

Break-even rent $1,486

Max offer price $169,900

Occupancy floor 61%

Sensitivity live

Price	-10% $1,000	-5% $941	+0% $882	+5% $824	+10% $765
Rent	-10% $677	-5% $779	+0% $882	+5% $985	+10% $1,088
Rate	-1.0pp $968	-0.5pp $925	base $882	+0.5pp $838	+1.0pp $793

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,602
Total (2 units)			$2,603

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-12
   status Pending 511-char remark

   Show marketing remark (511 chars)

   Nestled near the vibrant heart of Indianapolis, this duplex is minutes away from everything: entertainment, dining, and more. Come and see why this is perfect as an investment or a house hack. With some updates throughout, you already have a great start on this 2 level home featuring spacious rooms, additional storage, plenty of natural light, and some retained character. A covered porch houses two separate entrances and a large back yard gives access to the alley. Come and see why this is the one for you!

2. 2026-04-22
   price $169,900 511-char remark

   Show marketing remark (511 chars)

   Nestled near the vibrant heart of Indianapolis, this duplex is minutes away from everything: entertainment, dining, and more. Come and see why this is perfect as an investment or a house hack. With some updates throughout, you already have a great start on this 2 level home featuring spacious rooms, additional storage, plenty of natural light, and some retained character. A covered porch houses two separate entrances and a large back yard gives access to the alley. Come and see why this is the one for you!

3. 2026-03-26
   listed $179,900 Active 511-char remark

   Show marketing remark (511 chars)

   Nestled near the vibrant heart of Indianapolis, this duplex is minutes away from everything: entertainment, dining, and more. Come and see why this is perfect as an investment or a house hack. With some updates throughout, you already have a great start on this 2 level home featuring spacious rooms, additional storage, plenty of natural light, and some retained character. A covered porch houses two separate entrances and a large back yard gives access to the alley. Come and see why this is the one for you!

4. 2012-08-24
   historical
5. 2011-08-23
   listed $49,900

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

Taxation est. · year 1

• Rental income: $31,236
• − Mortgage interest: −$9,517
• − Property taxes: −$2,548
• − Insurance: −$850
• − Repairs & maintenance: −$2,499
• − Management: −$2,499
• − Depreciation: −$4,943
• Taxable income: $8,381
• Est. tax owed @ 24.0%: −$2,011
• After-tax cash flow: $8,575/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

Fair 45/100 Moderate rehab

This 2-level home requires significant repairs and updates to its exterior and interior, but has potential for a substantial increase in value with proper renovations.

Repairs flagged

• Major exterior siding — Severe peeling and cracking
• Major interior walls — Significant damage and uneven surfaces
• Major flooring — Worn-out and in need of replacement
• Major windows — Missing panes and overall poor condition

Value-add opportunities

• Both exterior paint job — Enhances curb appeal and property value
• Both interior paint job — Improves the look and feel of the home
• Both flooring replacement — Enhances the overall appearance and comfort
• Both window replacement — Improves energy efficiency and safety

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Severe peeling and cracking	Major	$15,000–50,000
interior walls · Significant damage and uneven surfaces	Major	$15,000–50,000
flooring · Worn-out and in need of replacement	Major	$15,000–50,000
windows · Missing panes and overall poor condition	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both exterior paint job — Enhances curb appeal and property value ↑
• Both interior paint job — Improves the look and feel of the home ↑
• Both flooring replacement — Enhances the overall appearance and comfort ↑
• Both window replacement — Improves energy efficiency and safety ↑

ⓘ 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

+240.5% since first listed

5 events — show timeline

• 2026-05-12 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-22 Price Changed $169,900 MIBOR as Distributed by MLS Grid
• 2026-03-26 Listed $179,900 MIBOR as Distributed by MLS Grid
• 2012-08-24 Listing Removed — MIBOR as Distributed by MLS Grid
• 2011-08-23 Listed $49,900 MIBOR as Distributed by MLS Grid