3904 N Graham Ave · Indianapolis city (balance), IN 46226

$109,900

3 bd · 1.0 ba · 1,080 sqft · SingleFamily public records · 2 Days on market

Built 1956 7,405 sqft lot Est $137k · 20% under

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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 +24.6/30.0
• ARV discount +15.0/15.0
• DSCR +7.9/10.0
• 1% rule +7.0/10.0
• Rent growth +4.2/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

HUD HOME SOLD IN AS-IS CONDITION. CASE NUMBER: 151-782166. INS STATUS: UI 203K ELIGIBLE. REPL BATHROOM FLOORING AND CARPET THROUGHOUT; REPAIR WALLS AND SIDING; THERE IS AN UNDERGROUND TANKER ON THIS PROPERTY; EVD OF LBP

Key facts

• Newer hvac system
• 7,405 sq ft lot
• 2 garage spots

Tags

• NEWER HVAC SYSTEM

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $227 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Cap rate 8.8% 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 (+6.8%/yr); 151 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 31% of the median local income ($50k/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 $760 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.
• At projected returns (-3.0% appreciation + 6.8% rent growth), your $31k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 22y 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 $18k; list at $110k implies a 511% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $109,900

Questions for the listing agent

1. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.20% ✓
• Cap rate: 8.77%
• Cash-on-cash: 8.84%
• DSCR: 1.39
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $137,160
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3904 N Graham Ave	0.00mi	3/1.0	1,080 (0%)	1mo	$107,000	$99	99
3536 N Priscilla Ct	0.41mi	3/1.0	1,102 (+2%)	5mo	$133,500	$121	73
3607 N Graham Ave	0.38mi	3/1.0	1,102 (+2%)	8mo	$116,000	$105	72
5601 Glencoe St	0.23mi	3/1.0	1,152 (+7%)	9mo	$173,000	$150	71
3715 N Irvington Ave	0.43mi	4/1.0 (+1)	1,104 (+2%)	5mo	$120,000	$109	67
3946 N Layman Ave	0.23mi	3/1.5	1,200 (+11%)	6mo	$115,000	$96	64
5660 E 34th St	0.63mi	3/1.5	1,104 (+2%)	4mo	$115,000	$104	61
3811 N Sheridan Ave	0.55mi	3/1.0	1,142 (+6%)	4mo	$185,000	$162	61
4002 N Catherwood Ave	0.39mi	4/1.0 (+1)	984 (-9%)	2mo	$125,000	$127	61
4101 N Arlington Ave	0.38mi	3/1.0	944 (-13%)	6mo	$145,000	$154	56
3945 N Ridgeview Dr	0.68mi	3/2.0	1,176 (+9%)	9mo	$177,900	$151	42
3536 N Hawthorne Ln	0.64mi	3/2.0	925 (-14%)	6mo	$149,900	$162	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 · 6.76% rent growth · sell at horizon

5-year hold

• IRR: 1.5%
• Equity multiple: 1.06×
• Total profit: $1,869
• Equity at exit: $16,386

10-year hold

• IRR: 14.7%
• Equity multiple: 2.41×
• Total profit: $43,417
• Equity at exit: $9,502

Cash invested: $30,772 (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 46226

• Rents YoY: 6.8%
• Active inventory: 151
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,320 high
• Mortgage (P&I): −$576
• Tax from tax record: −$194 /mo · $2,322/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$277
• Net cashflow: $227

Break-even live

Break-even rent $1,032

Max offer price $109,900

Occupancy floor 78%

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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3836 Priscilla Ave Indianapolis, IN	3.0	1.5	1040	$1,275	$1.23	1d	1	0.11mi
5602 Glencoe St Indianapolis, IN	3.0	1.0	1000	$1,749	$1.75	17d	1	0.24mi
3718 N Audubon Rd Indianapolis, IN	3.0	1.0	875	$1,300	$1.49	23d	1	0.25mi
3912 N Webster Ave Indianapolis, IN	4.0	1.0	1274	$1,350	$1.06	21d	1	0.32mi
3636 N Whittier Pl Indianapolis, IN	3.0	1.0	912	$995	$1.09	7d	1	0.46mi
3815 N Grand Ave Unit 3815 Indianapolis, IN	2.0	1.0	965	$1,250	$1.30	4d	1	0.62mi
3516 N Hawthorne Ln Indianapolis, IN	3.0	1.0	925	$1,225	$1.32	4d	1	0.68mi
4404 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	21d	2	0.75mi
4411 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	43d	1	0.76mi
4430 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	43d	1	0.77mi
3639 N Emerson Ave Indianapolis, IN	4.0	1.0	1000	$1,450	$1.45	21d	1	0.78mi
4438 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	43d	1	0.80mi
4437 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	43d	1	0.80mi
4445 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	2d	1	0.81mi
5865 E 46th St Indianapolis, IN	3.0	2.0	1400	$1,500	$1.07	43d	1	0.84mi
4521 Park Forest Ct Indianapolis, IN	2.0	1.0	700	$1,180	$1.69	3d	1	0.85mi
4504 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	2d	1	0.85mi
4555 N Arlington Ave Indianapolis, IN	1.0–3.0	1.0–1.5	880	$1,379	$1.57	3d	30	0.88mi
3319 N Hawthorne Ln Indianapolis, IN	3.0	1.0	1084	$1,100	$1.01	23d	1	0.91mi
4537 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	43d	1	0.92mi
4545 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	43d	1	0.92mi
4405 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	23d	1	0.95mi
3301 Mardenna Ave Indianapolis, IN	3.0	1.0	925	$1,200	$1.30	43d	1	0.98mi
4511 N Kenmore Rd Indianapolis, IN	4.0	2.0	1200	$2,095	$1.75	4d	1	1.05mi
3316 N Emerson Ave Indianapolis, IN	3.0	1.0	912	$1,100	$1.21	23d	1	1.06mi
3070 N Layman Ave #1 Indianapolis, IN	3.0	2.0	1480	$1,700	$1.15	43d	1	1.07mi
4307 N Edmondson Ave Indianapolis, IN	3.0	1.0	900	$1,299	$1.44	1d	1	1.13mi
6563 E 46th St Indianapolis, IN	3.0	1.5	1185	$1,250	$1.05	4d	1	1.14mi
3734 Manor Ct Indianapolis, IN	3.0	1.0	1414	$1,399	$0.99	7d	1	1.17mi
3900 N Shadeland Ave Indianapolis, IN	1.0–2.0	1.0	1070	$1,075	$1.00	2d	6	1.23mi
6005 Dickson Rd Unit 4 Indianapolis, IN	2.0	1.0	873	$725	$0.83	43d	1	1.25mi
6015 Dickson Rd #1 Indianapolis, IN	2.0	1.0	825	$950	$1.15	43d	1	1.26mi
4839 N Kenmore Rd Indianapolis, IN	3.0	2.0	1215	$1,533	$1.26	21d	1	1.27mi
6049 Dickson Rd Apt 4 Indianapolis, IN	2.0	1.0	750	$950	$1.27	43d	1	1.28mi
3332 Wallace Ave Indianapolis, IN	3.0	1.0	936	$1,600	$1.71	23d	1	1.28mi
6048 Dickson Rd #3 Indianapolis, IN	2.0	1.0	725	$900	$1.24	43d	1	1.31mi
6108 Dickson Rd Unit 3 Indianapolis, IN	2.0	1.0	750	$900	$1.20	43d	1	1.32mi
6118 Dickson Rd Apt 3 Indianapolis, IN	2.0	1.0	750	$950	$1.27	43d	1	1.33mi
6051 Laurel Hall Dr Apt 4 Indianapolis, IN	2.0	1.0	750	$950	$1.27	43d	1	1.36mi
6111 Laurel Hall Dr #3 Indianapolis, IN	2.0	1.0	725	$950	$1.31	43d	1	1.37mi

Listing history 7 events

1. 2026-04-22
   status Pending
2. 2026-04-20
   listed $109,900 Active
3. 2009-10-19
   historical 225-char remark

   Show marketing remark (225 chars)

   HUD HOME SOLD IN AS-IS CONDITION. CASE NUMBER: 151-782166. INS STATUS: UI 203K ELIGIBLE. REPL BATHROOM FLOORING AND CARPET THROUGHOUT; REPAIR WALLS AND SIDING; THERE IS AN UNDERGROUND TANKER ON THIS PROPERTY; EVD OF LBP

4. 2009-10-09
   soldstatus $18,000 225-char remark

   Show marketing remark (225 chars)

   HUD HOME SOLD IN AS-IS CONDITION. CASE NUMBER: 151-782166. INS STATUS: UI 203K ELIGIBLE. REPL BATHROOM FLOORING AND CARPET THROUGHOUT; REPAIR WALLS AND SIDING; THERE IS AN UNDERGROUND TANKER ON THIS PROPERTY; EVD OF LBP

5. 2009-07-31
   listed $18,000 225-char remark

   Show marketing remark (225 chars)

   HUD HOME SOLD IN AS-IS CONDITION. CASE NUMBER: 151-782166. INS STATUS: UI 203K ELIGIBLE. REPL BATHROOM FLOORING AND CARPET THROUGHOUT; REPAIR WALLS AND SIDING; THERE IS AN UNDERGROUND TANKER ON THIS PROPERTY; EVD OF LBP

6. 2005-03-30
   soldstatus $73,000 264-char remark

   Show marketing remark (264 chars)

   New Roof, New Windows, 3 bedroom home with large family room, washer and dryer hookup. Fresh Paint, New Carpet, New Vinyl, Newer Kitchen and Bath. Close to shopping and highway. Seller is motivated, show and sell tod ay. Ask about 'Seller Paid' closing cost's.

7. 2004-11-10
   listed $74,900 264-char remark

   Show marketing remark (264 chars)

   New Roof, New Windows, 3 bedroom home with large family room, washer and dryer hookup. Fresh Paint, New Carpet, New Vinyl, Newer Kitchen and Bath. Close to shopping and highway. Seller is motivated, show and sell tod ay. Ask about 'Seller Paid' closing cost's.

ⓘ 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: $2,322 · $194/mo
• Projected year-2 tax: $2,322 · $194/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 3/10 Moderate 7 d/yr ≥101°F today · 18 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: $15,834
• − Mortgage interest: −$6,156
• − Property taxes: −$2,322
• − Insurance: −$550
• − Repairs & maintenance: −$1,267
• − Management: −$1,267
• − Depreciation: −$3,197
• Taxable income: $1,076
• Est. tax owed @ 24.0%: −$258
• After-tax cash flow: $2,463/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): 47,099
• Household income: $50,325
• Rent vs Own: 53.8% rent · 46.2% own
• Severe rent burden: 2742.0

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 0.62)
• Race & ethnicity: Black 53% White 25% Hispanic / Latino 17% Two or more races 9% Asian 2%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Lithuanian 1% Italian 1% Romanian 1%
• Foreign-born: 11% · Canada
• Languages at home: 86% English-only · Spanish 10% French/Haitian/Cajun 1% Other Asian/Pacific 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: ▼ -218.85%
• Current HPI: 239.43
• Rent YoY: ▲ 6.76%
• 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

+46.7% since first listed

7 events — show timeline

• 2026-04-22 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-20 Listed $109,900 MIBOR as Distributed by MLS Grid
• 2009-10-19 Listing Removed — MIBOR as Distributed by MLS Grid
• 2009-10-09 Sold (MLS) $18,000 MIBOR as Distributed by MLS Grid
• 2009-07-31 Listed $18,000 MIBOR as Distributed by MLS Grid
• 2005-03-30 Sold (MLS) $73,000 MIBOR as Distributed by MLS Grid
• 2004-11-10 Listed $74,900 MIBOR as Distributed by MLS Grid

Property tax history

+6.3%/yr

Latest (2025): $2,322 · +11.9% YoY. Source: county tax records.