4126 Spann Ave · Indianapolis city (balance), IN 46203

$145,000

2 bd · 1.0 ba · 864 sqft · SingleFamily public records · 1 Days on market

Built 1938 5,445 sqft lot $168/sqft · 90% above area Est $153k · 5% under

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Why this score? — see what drove the D 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 +15.9/30.0
• ARV discount +9.8/15.0
• DSCR +4.9/10.0
• 1% rule +3.4/10.0
• Rent growth +3.2/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Super affordable Christian Park Shotgun/Bungalow gem ready for new owners. 2 BR/1 BA w/ a full basement and 2 car detached garage has been well maintained. KT has plenty of counter space and all appliances stay. Washer/dryer in laundry BM included. Relax on the enclosed porch or rear deck. Nice sized shed for additional storage. Newer siding/windows/pex plumbing/roof. Additional parking area behind the home. Privacy fenced back yard and chain link fenced in the front yard enclose the home. Home has strong cigarette smell, BM weeps. Great home and Priced to sell.

Key facts

• Full basement
• Newer siding
• Newer windows

Tags

• FULL BASEMENT
• ENCLOSED PORCH
• REAR DECK
• NICE SIZED SHED
• NEWER SIDING
• NEWER WINDOWS

Property features AI

Exterior

• Parking: Detached 2-car garage with garage door opener
• Utilities: Public water; Municipal sewer connected; 100 amp electric service; Natural gas connected; Cable connected; Electricity connected; Sewer connected; Water connected; Solid waste service available
• Home design: Single family residence; One level
• Construction: Vinyl siding; Block foundation
• Exterior features: Covered patio/porch; Deck; Glass-enclosed porch; Mini barn; Chain link, complete and privacy fencing; Sidewalks; Small trees (under 20 ft)

Interior

• Kitchen: Gas oven; Microwave; Refrigerator
• Bedrooms: 2 bedrooms (both on the main level)
• Bathrooms: 1 full bathroom with tub and shower
• Interior features: Smart thermostat; Smoke alarm; Daylight, full basement; Laundry in unit
• Laundry & utility: Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $69 ($826/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $122k (15.8% below list).
• Recommended offer: $122k (15.8% below list) — sets the bar for 1% rule.
• Cap rate 6.9% 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 D — 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 (+2.9%/yr); 500 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 48% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k 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.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 25y 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.

Risks & watch-outs

• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $122,108 (15.8% below list)

Questions for the listing agent

1. Built in 1938 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.84% ✗
• Cap rate: 6.86%
• Cash-on-cash: 2.03%
• DSCR: 1.09
• GRM: 9.9

CMA / ARV

• ARV (median comp): $152,898
• List price: $145,000
• Delta: -5.17%
• 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
3909 Hoyt Ave	0.23mi	2/1.0	864 (0%)	7mo	$120,000	$139	84
3847 Hoyt Ave	0.27mi	2/1.0	912 (+6%)	6mo	$75,000	$82	73
515 Clyde Ave	0.62mi	2/1.0	864 (0%)	3mo	$132,000	$153	69
545 Dayton Ave	0.34mi	3/1.0 (+1)	896 (+4%)	6mo	$101,000	$113	68
4721 E Morris St	0.65mi	2/1.0	840 (-3%)	9mo	$165,000	$196	58
3710 Hoyt Ave	0.40mi	3/1.0 (+1)	960 (+11%)	1mo	$121,000	$126	57
1214 S Chester Ave	0.63mi	2/1.0	796 (-8%)	0mo	$124,000	$156	57
4648 Brookville Rd	0.44mi	3/2.0 (+1)	936 (+8%)	3mo	$189,900	$203	54
1159 S Bradley Ave	0.63mi	3/1.0 (+1)	936 (+8%)	1mo	$86,000	$92	51
4307 Terrace Ave	0.75mi	3/1.0 (+1)	936 (+8%)	3mo	$150,000	$160	44
1214 S Grant Ave	0.65mi	3/1.0 (+1)	971 (+12%)	1mo	$215,000	$221	43
3562 E Morris St	0.69mi	2/2.0	742 (-14%)	2mo	$165,000	$222	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 · 2.88% rent growth · sell at horizon

5-year hold

• IRR: -13.2%
• Equity multiple: 0.52×
• Total profit: $-19,309
• Equity at exit: $21,620

10-year hold

• IRR: -4.5%
• Equity multiple: 0.71×
• Total profit: $-11,965
• Equity at exit: $12,537

Cash invested: $40,600 (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 46203

• Home prices YoY: -26.7%
• Rents YoY: 2.9%
• Active inventory: 500
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,221 high
• Mortgage (P&I): −$760
• Tax from tax record: −$75 /mo · $901/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $69

Break-even live

Break-even rent $1,134

Max offer price $145,000

Occupancy floor 89%

Sensitivity live

Price	-10% $151	-5% $110	+0% $69	+5% $28	+10% $-13
Rent	-10% $-28	-5% $21	+0% $69	+5% $117	+10% $165
Rate	-1.0pp $142	-0.5pp $106	base $69	+0.5pp $31	+1.0pp $-7

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3906 Hoyt Ave Indianapolis, IN	2.0	1.0	912	$1,250	$1.37	9d	1	0.21mi
528 S Bosart Ave Indianapolis, IN	3.0	1.0	720	$1,305	$1.81	45d	1	0.36mi
3706 Hoyt Ave Indianapolis, IN	3.0	1.0	960	$1,500	$1.56	15d	1	0.40mi
3702 Hoyt Ave Indianapolis, IN	3.0	2.0	960	$1,500	$1.56	15d	1	0.41mi
750 S Dequincy St Indianapolis, IN	3.0	1.5	936	$1,500	$1.60	45d	1	0.50mi
4919 Orion Ave Indianapolis, IN	2.0	1.0	766	$875	$1.14	45d	1	0.67mi
37 S Sherman Dr Indianapolis, IN	1.0	1.0	700	$800	$1.14	25d	1	0.71mi
4214 E Washington St Indianapolis, IN	3.0	2.0	961	$1,145	$1.19	0d	1	0.74mi
4214 E Washington St Indianapolis, IN	3.0	2.0	961	$1,195	$1.24	9d	1	0.74mi
4114 E Washington St Indianapolis, IN	2.0	1.0	909	$1,100	$1.21	46d	1	0.74mi
270 S Lasalle St Indianapolis, IN	3.0	2.0	562	$1,329	$2.36	9d	1	0.80mi
4741 E Washington St Indianapolis, IN	1.0	1.0	700	$950	$1.36	23d	1	0.80mi
3441 Prospect St Indianapolis, IN	2.0	1.0	1008	$1,700	$1.69	46d	1	0.80mi
3441 Prospect St Indianapolis, IN	2.0	1.0	1008	$1,500	$1.49	25d	1	0.80mi
5131 E Burgess Ave Indianapolis, IN	2.0	1.0	816	$1,100	$1.35	45d	1	0.81mi
5131 E Burgess Ave Indianapolis, IN	2.0	1.0	816	$1,100	$1.35	0d	1	0.81mi
340 S Dearborn St Indianapolis, IN	2.0	1.0	873	$1,180	$1.35	25d	1	0.82mi
4815 E Washington St Unit 4815-12 Indianapolis, IN	1.0	1.0	700	$950	$1.36	45d	1	0.85mi
4815 E Washington St Unit 4815-04 Indianapolis, IN	1.0	1.0	600	$895	$1.49	45d	1	0.85mi
4815 E Washington St Unit 4815-10 Indianapolis, IN	1.0	1.0	600	$950	$1.58	23d	1	0.85mi
3518 Terrace Ave Indianapolis, IN	3.0	1.0	864	$1,300	$1.50	45d	1	0.86mi
4831 E Washington St Unit 4 Indianapolis, IN	2.0	2.0	1000	$995	$0.99	25d	1	0.86mi
301 S Gray St Indianapolis, IN	2.0	1.0	841	$1,025	$1.22	25d	1	0.88mi
37 S Tuxedo St Indianapolis, IN	3.0	1.0	950	$1,150	$1.21	45d	1	0.89mi
3022 English Ave Unit 3022 Indianapolis, IN	2.0	1.0	600	$650	$1.08	45d	1	0.92mi
4926 E Washington St Apt 5 Indianapolis, IN	1.0	1.0	700	$895	$1.28	45d	1	0.94mi
83 N Ewing St Unit 83 Indianapolis, IN	3.0	1.0	1016	$1,199	$1.18	45d	1	0.98mi
83 N Ewing St Unit 83 Indianapolis, IN	3.0	1.0	1016	$1,199	$1.18	0d	1	0.98mi
28 S Dearborn St Unit A Indianapolis, IN	3.0	1.0	1100	$1,400	$1.27	12d	1	1.00mi
25 S Emerson Ave Indianapolis, IN	1.0	1.0	710	$649	$0.91	45d	1	1.00mi
3622 E New York St Indianapolis, IN	2.0	1.0	805	$995	$1.24	45d	1	1.01mi
412 N Bradley Ave Unit 3 Indianapolis, IN	2.0	1.0	700	$950	$1.36	25d	1	1.05mi
350 S Oxford St Indianapolis, IN	3.0	1.0	826	$1,300	$1.57	45d	1	1.05mi
5143 E Washington St Apt 102 Indianapolis, IN	1.0	1.0	630	$850	$1.35	45d	1	1.09mi
5143 E Washington St Apt 101 Indianapolis, IN	1.0	1.0	600	$800	$1.33	45d	1	1.09mi
323 S Rural St Indianapolis, IN	3.0	1.5	1090	$1,050	$0.96	45d	1	1.10mi
330 S Rural St Indianapolis, IN	2.0	1.0	960	$1,050	$1.09	9d	1	1.12mi
521 N Gladstone Ave Unit B Indianapolis, IN	1.0	1.0	816	$900	$1.10	9d	1	1.13mi
521 N Gladstone Ave Unit B Indianapolis, IN	1.0	1.0	816	$900	$1.10	0d	1	1.13mi
521 N Gladstone Ave Indianapolis, IN	1.0	1.0	816	$1,100	$1.35	22d	1	1.13mi

Listing history 4 events

1. 2026-05-02
   status Pending 568-char remark
2. 2026-05-01
   listed $145,000 Active 568-char remark
3. 2001-09-07
   historical
4. 2001-03-08
   listed $73,650

ⓘ 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: $901 · $75/mo
• Projected year-2 tax: $1,067 · $89/mo
• Expected delta: +$166/yr (+$14/mo · 18.4%)

ⓘ 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: $14,653
• − Mortgage interest: −$8,122
• − Property taxes: −$901
• − Insurance: −$725
• − Repairs & maintenance: −$1,172
• − Management: −$1,172
• − Depreciation: −$4,218
• Taxable loss: −$1,658
• Est. tax savings @ 24.0%: +$398
• After-tax cash flow: $1,223/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): 37,758
• Household income: $57,393
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 1499.0

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: Predominantly White (69%)
• Race & ethnicity: White 69% Hispanic / Latino 14% Black 12% Two or more races 8% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 12% Puerto Rican 1%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 8% · Canada
• Languages at home: 88% English-only · Spanish 10% Other Indo-European 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: ▼ -127.37%
• Current HPI: 349.579
• Rent YoY: ▲ 2.88%
• 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

+83.3% since first listed

5 events — show timeline

• 2026-05-28 Sold (MLS) $135,000 MIBOR as Distributed by MLS Grid
• 2026-05-02 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-01 Listed $145,000 MIBOR as Distributed by MLS Grid
• 2001-09-07 Listing Removed — MIBOR as Distributed by MLS Grid
• 2001-03-08 Listed $73,650 MIBOR as Distributed by MLS Grid

Property tax history

+10.3%/yr

Latest (2025): $901 · +4.7% YoY. Source: county tax records.