1440 Herschell Ave · Indianapolis city (balance), IN 46202

$112,000

2 bd · 1.0 ba · 832 sqft · SingleFamily public records · 44 Days on market

Built 1940 5,619 sqft lot $135/sqft · 31% below area Est $163k · 31% 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 +23.8/30.0
• ARV discount +15.0/15.0
• DSCR +7.7/10.0
• 1% rule +5.9/10.0
• 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

RENTED FOR $1,425/MONTH, this West Indianapolis single-family is generating income on day one with a lease in place through September 2026. Walking distance to Riverside Park, this is a low entry point at $115,000 with a reliable tenant already in place - an easy add to any rental portfolio.

Key facts

• Investment property
• 5,619 sq ft lot
• Built 1940

Tags

• INVESTMENT PROPERTY

🏷️ Possibly a rental listed for sale. The $112,000 price doesn't fit this home's estimated sale value (~$162,531) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $112k.

Deal economics

• At list price, monthly cash flow is $215 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $112k).
• Recommended offer: $109k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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 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); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $774 of loan paydown is wiped out by about $3k 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.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($109k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y 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 $45k; list at $112k implies a 149% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $108,640 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 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 1940 — 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: 1.09% ✓
• Cap rate: 8.59%
• Cash-on-cash: 8.21%
• DSCR: 1.37
• GRM: 7.6

CMA / ARV

• ARV (median comp): $162,531
• List price: $112,000
• Delta: -31.09%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2023 Gent Ave	0.35mi	2/1.5	875 (+5%)	23mo	$179,750	$205	54
2126 White Ave	0.26mi	3/1.0 (+1)	920 (+11%)	18mo	$133,000	$145	51
1006 Edgemont Ave	0.68mi	3/1.0 (+1)	954 (+15%)	3mo	$75,000	$79	36

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: -7.2%
• Equity multiple: 0.74×
• Total profit: $-8,051
• Equity at exit: $16,700

10-year hold

• IRR: -1.7%
• Equity multiple: 0.90×
• Total profit: $-3,215
• Equity at exit: $9,684

Cash invested: $31,360 (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: 7.6×

Monthly cashflow live

• Estimated rent: $1,220 high
• Mortgage (P&I): −$587
• Tax from tax record: −$115 /mo · $1,386/yr
• Insurance: −$47
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $215

Break-even live

Break-even rent $949

Max offer price $112,000

Occupancy floor 77%

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: $28,000
• Closing costs: $3,360
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1415 W Pruitt St Indianapolis, IN	3.0	1.0	1001	$1,249	$1.25	23d	1	0.09mi
2248 N Harding St Indianapolis, IN	2.0	1.0	1100	$899	$0.82	23d	1	0.15mi
1367 W Pruitt St Indianapolis, IN	3.0	1.0	1088	$1,450	$1.33	43d	1	0.15mi
1244 Edgemont Ave Indianapolis, IN	2.0	1.0	1092	$1,275	$1.17	43d	1	0.42mi
1228 W 18th St Indianapolis, IN	2.0	1.0	1050	$1,200	$1.14	43d	1	0.46mi
1214 W 25th St Indianapolis, IN	1.0	1.0	800	$775	$0.97	23d	1	0.51mi
1319 W 27th St Indianapolis, IN	2.0	1.0	651	$900	$1.38	12d	1	0.60mi
1519 W 28th St Indianapolis, IN	2.0	1.0	816	$895	$1.10	43d	1	0.64mi
1510 Stadium Way Unit 220 Indianapolis, IN	1.0	1.0	665	$1,365	$2.05	7d	1	0.66mi
970 Edgemont Ave Indianapolis, IN	2.0	1.0	740	$845	$1.14	4d	1	0.70mi
1457 W 29th St Indianapolis, IN	2.0	1.0	686	$995	$1.45	20d	1	0.75mi
906 Burdsal Pkwy Indianapolis, IN	2.0	1.0	936	$1,295	$1.38	23d	1	0.76mi
908 Burdsal Pkwy Marion, IN	2.0	1.0	936	$1,300	$1.39	23d	1	0.76mi
1410 Breedlove Ln Indianapolis, IN	2.0	1.0–2.0	886	$2,557	$2.88	1d	63	0.76mi
2106 Cold Spring Rd Indianapolis, IN	2.0	1.0–1.5	940	$1,189	$1.26	3d	4	0.78mi
1227 W 29th St Indianapolis, IN	3.0	1.5	1056	$1,250	$1.18	23d	1	0.82mi
819 Edgemont Ave Apt 115 Indianapolis, IN	1.0	1.0	540	$915	$1.69	43d	1	0.86mi
2602 Mansion Dr Indianapolis, IN	2.0–3.0	2.0	1850	$1,379	$0.75	7d	6	0.89mi
1411 N Pershing Ave Indianapolis, IN	1.0	1.0	700	$850	$1.21	43d	1	0.91mi
1201 Indiana Ave Indianapolis, IN	1.0–3.0	1.0–3.5	967	$1,770	$1.83	1d	36	0.96mi
1150 N White River Pkwy West Dr Indianapolis, IN	1.0–2.0	1.0	722	$1,224	$1.69	2d	9	0.98mi
1341 W Congress Ave Unit 1343 Indianapolis, IN	1.0	1.0	600	$750	$1.25	43d	1	1.02mi
2701 W 17th St Indianapolis, IN	2.0	1.0	810	$899	$1.11	7d	1	1.04mi
2235 Doctor Martin Luther King Junior St Indianapolis, IN	3.0	1.5	948	$1,700	$1.79	43d	1	1.07mi
524 W 23rd St Indianapolis, IN	2.0	1.0	664	$949	$1.43	43d	1	1.09mi
2774 Pixel DR Indianapolis, IN	1.0	1.0	750	$1,100	$1.47	43d	1	1.11mi
1261 W 32nd St Indianapolis, IN	2.0	1.0	832	$975	$1.17	43d	1	1.12mi
1460 W 32nd St Indianapolis, IN	1.0	1.0	576	$847	$1.47	23d	1	1.12mi
2316 Indianapolis Ave Indianapolis, IN	1.0	1.0	550	$800	$1.45	14d	1	1.13mi
1470 W 32nd St Indianapolis, IN	2.0	1.0	700	$1,000	$1.43	43d	1	1.13mi
1409 N Warman Ave Indianapolis, IN	2.0	1.0	816	$1,300	$1.59	20d	1	1.17mi
2011 N Kessler Boulevard Dr Indianapolis, IN	3.0	1.0	888	$1,375	$1.55	23d	1	1.18mi
1441 W Lynn Dr Indianapolis, IN	3.0	2.0	967	$1,550	$1.60	43d	1	1.22mi
1155 N Holmes Ave Indianapolis, IN	3.0	1.0	952	$2,800	$2.94	3d	1	1.24mi
516 W 28th St Indianapolis, IN	2.0	1.0	1005	$1,100	$1.09	23d	1	1.27mi
2365 N Goodlet Ave Indianapolis, IN	3.0	1.5	900	$1,099	$1.22	23d	1	1.27mi
541 W 29th St Indianapolis, IN	1.0	1.0	740	$900	$1.22	20d	1	1.29mi
930 W 10th St Indianapolis, IN	1.0–4.0	1.0–4.0	874	$2,371	$2.71	4d	1	1.29mi
3440 N Harding St Indianapolis, IN	2.0	1.0	754	$1,325	$1.76	43d	1	1.30mi
3440 N Harding St Indianapolis, IN	2.0	1.0	754	$1,275	$1.69	20d	1	1.30mi

Listing history 17 events

1. 2026-06-18
   days on market $112,000 Active 44 DOM
2. 2026-06-17
   days on market $112,000 Active 43 DOM
3. 2026-06-16
   days on market $112,000 Active 42 DOM
4. 2026-06-15
   days on market $112,000 Active 41 DOM
5. 2026-06-13
   days on market $112,000 Active 39 DOM
6. 2026-06-13
   days on market $112,000 Active 38 DOM
7. 2026-06-09
   days on market $112,000 Active 35 DOM
8. 2026-06-08
   days on market $112,000 Active 34 DOM
9. 2026-06-07
   statusdays on market $112,000 Active 33 DOM
10. 2026-05-11
    status Pending 292-char remark

    Show marketing remark (292 chars)

    RENTED FOR $1,425/MONTH, this West Indianapolis single-family is generating income on day one with a lease in place through September 2026. Walking distance to Riverside Park, this is a low entry point at $115,000 with a reliable tenant already in place - an easy add to any rental portfolio.

11. 2026-04-24
    status Active 292-char remark

    Show marketing remark (292 chars)

    RENTED FOR $1,425/MONTH, this West Indianapolis single-family is generating income on day one with a lease in place through September 2026. Walking distance to Riverside Park, this is a low entry point at $115,000 with a reliable tenant already in place - an easy add to any rental portfolio.

12. 2026-04-24
    price $112,000 292-char remark

    Show marketing remark (292 chars)

    RENTED FOR $1,425/MONTH, this West Indianapolis single-family is generating income on day one with a lease in place through September 2026. Walking distance to Riverside Park, this is a low entry point at $115,000 with a reliable tenant already in place - an easy add to any rental portfolio.

13. 2026-04-14
    status Pending 292-char remark

    Show marketing remark (292 chars)

    RENTED FOR $1,425/MONTH, this West Indianapolis single-family is generating income on day one with a lease in place through September 2026. Walking distance to Riverside Park, this is a low entry point at $115,000 with a reliable tenant already in place - an easy add to any rental portfolio.

14. 2026-04-01
    listed $115,000 Active 292-char remark

    Show marketing remark (292 chars)

    RENTED FOR $1,425/MONTH, this West Indianapolis single-family is generating income on day one with a lease in place through September 2026. Walking distance to Riverside Park, this is a low entry point at $115,000 with a reliable tenant already in place - an easy add to any rental portfolio.

15. 2021-04-22
    soldstatus $45,000 Closed 371-char remark

    Show marketing remark (371 chars)

    Great opportunity for first time home owner or investor! 2 Bedroom one Bath, eat-in Kitchen in Riverside Community close to bus line, Riverside Park, Colts athletic area, community center, walking trails, Global Preparatory Academy and Riverside schools. Home comes with stove, refrigerator, washer and dryer. Home also comes with home warranty for buyer's peace of mind.

16. 2021-04-02
    status Pending 371-char remark

    Show marketing remark (371 chars)

    Great opportunity for first time home owner or investor! 2 Bedroom one Bath, eat-in Kitchen in Riverside Community close to bus line, Riverside Park, Colts athletic area, community center, walking trails, Global Preparatory Academy and Riverside schools. Home comes with stove, refrigerator, washer and dryer. Home also comes with home warranty for buyer's peace of mind.

17. 2021-03-29
    listed $49,900 Active 371-char remark

    Show marketing remark (371 chars)

    Great opportunity for first time home owner or investor! 2 Bedroom one Bath, eat-in Kitchen in Riverside Community close to bus line, Riverside Park, Colts athletic area, community center, walking trails, Global Preparatory Academy and Riverside schools. Home comes with stove, refrigerator, washer and dryer. Home also comes with home warranty for buyer's peace of mind.

ⓘ 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: $1,386 · $115/mo
• Projected year-2 tax: $1,386 · $115/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 ≥102°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: $14,645
• − Mortgage interest: −$6,274
• − Property taxes: −$1,386
• − Insurance: −$560
• − Repairs & maintenance: −$1,172
• − Management: −$1,172
• − Depreciation: −$3,258
• Taxable income: $824
• Est. tax owed @ 24.0%: −$198
• After-tax cash flow: $2,378/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

+124.4% since first listed

8 events — show timeline

• 2026-05-11 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-24 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-24 Price Changed $112,000 MIBOR as Distributed by MLS Grid
• 2026-04-14 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-01 Listed $115,000 MIBOR as Distributed by MLS Grid
• 2021-04-22 Sold (MLS) $45,000 MIBOR as Distributed by MLS Grid
• 2021-04-02 Pending — MIBOR as Distributed by MLS Grid
• 2021-03-29 Listed $49,900 MIBOR as Distributed by MLS Grid

Property tax history

+41.7%/yr

Latest (2025): $1,386 · +9.4% YoY. Source: county tax records.