3531 Harvest Ave · Indianapolis city (balance), IN 46226

$224,900

2 bd · 3.0 ba · 759 sqft · SingleFamily public records · 10 Days on market

Built 1968 7,100 sqft lot Est $166k · 35% over

---

Why this score? — see what drove the F 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 +6.7/30.0
• Rent growth +4.2/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• DSCR +1.0/10.0
• 1% rule +0.7/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Beautifully remodeled 5-bedroom, 3-bath home on Indianapolis' east side! This move-in-ready property offers lots of rooms with updated living space with fresh paint, new flooring, and modern siding throughout the exterior of the house!. Enjoy a spacious floor plan featuring a large living room, oversized kitchen island, covered deck, oversized shed, and fully fenced backyard. The basement includes flexible living space perfect for a recreation room, home office, or additional bedroom. A fantastic combination of space, updates, and value!

Key facts

• 7,100 sq ft lot
• Garage
• Built 1968

Property features AI

Finance

• Other: 100% of optional level finished

Exterior

• Parking: Attached garage
• Utilities: Public water; Municipal sewer connected; No solid waste service listed
• Home design: Single family residence; One level (main living on a single level) ; Less than 1/4 acre lot (approximately 0.16 acre)
• Construction: Cement siding; Block foundation
• Exterior features: Privacy fencing; Yard enclosed by fence

Interior

• Kitchen: Electric cooktop; Electric oven; Microwave; Dishwasher; Disposal; Refrigerator
• Bedrooms: Four bedrooms on the main level; One bedroom in the basement (finished)
• Bathrooms: Three full bathrooms total; Two full baths on the main level; One full bath in the basement
• Interior features: Attic access; Breakfast bar; Built-in features; Walk-in closet(s); Finished basement with finished walls and ceiling; Basement has egress window(s); Electric fireplace
• Laundry & utility: Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $-357 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $162k (28.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $129k (42.8% below list).
• Recommended offer: $129k (42.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade F — 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); 153 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $2k of loan paydown is wiped out by about $7k 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 10 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $128,702 (42.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1968 — 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. 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?
5. 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.
6. 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.
7. 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: 0.57% ✗
• Cap rate: 4.39%
• Cash-on-cash: -6.80%
• DSCR: 0.70
• GRM: 14.6

CMA / ARV

• ARV (on-the-fly): $166,221
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3965 Alsace Pl	0.56mi	3/1.0 (+1)	864 (+14%)	9mo	$189,000	$219	30
8248 E 41st St	0.73mi	3/1.0 (+1)	720 (-5%)	20mo	$120,000	$167	28

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: -24.7%
• Equity multiple: 0.14×
• Total profit: $-54,203
• Equity at exit: $33,533

10-year hold

• IRR: -13.0%
• Equity multiple: 0.14×
• Total profit: $-54,423
• Equity at exit: $19,445

Cash invested: $62,972 (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: 153
• Price-to-rent: 14.6×

Monthly cashflow live

• Estimated rent: $1,287 high
• Mortgage (P&I): −$1,179
• Tax from tax record: −$100 /mo · $1,204/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$270
• Net cashflow: $-357

Break-even live

Break-even rent $1,739

Max offer price $161,881

Occupancy floor —

Sensitivity live

Price	-10% $-229	-5% $-293	+0% $-357	+5% $-420	+10% $-484
Rent	-10% $-458	-5% $-408	+0% $-357	+5% $-306	+10% $-255
Rate	-1.0pp $-243	-0.5pp $-300	base $-357	+0.5pp $-415	+1.0pp $-474

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: $56,225
• Closing costs: $6,747
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7838 Ridgewood Dr Indianapolis, IN	3.0	2.0	936	$1,540	$1.65	44d	1	0.48mi
7838 Ridgewood Dr Indianapolis, IN	3.0	2.0	936	$1,540	$1.65	24d	1	0.48mi
3631 Decamp Dr Indianapolis, IN	3.0	1.0	1000	$1,335	$1.33	24d	1	0.53mi
3226 Wellington Ave Indianapolis, IN	3.0	1.0	900	$1,149	$1.28	11d	1	0.58mi
7925 Crossbridge Dr Indianapolis, IN	2.0	2.0	1072	$1,200	$1.12	44d	1	0.59mi
7975 Red Mill Dr Indianapolis, IN	2.0	1.0	576	$975	$1.69	44d	1	0.59mi
3809 Biscayne Rd Indianapolis, IN	2.0	1.5	992	$1,020	$1.03	15d	1	0.59mi
3938 Biscayne Rd Indianapolis, IN	3.0	1.0	1000	$1,895	$1.90	4d	1	0.71mi
8862 Bel Air Ct Indianapolis, IN	3.0	1.0	1073	$1,264	$1.18	18d	1	0.76mi
8724 Montery Rd Indianapolis, IN	3.0	1.0	925	$1,500	$1.62	44d	1	0.78mi
9226 E 36th Pl Indianapolis, IN	3.0	1.0	1073	$1,250	$1.16	8d	1	0.93mi
9060 E 39th Pl Indianapolis, IN	1.0–2.0	1.0–1.5	820	$1,040	$1.27	24d	1	0.97mi
4315 Aspen Way Indianapolis, IN	3.0	1.0	1080	$1,380	$1.28	44d	1	1.02mi
7171 Twin Oaks Dr Indianapolis, IN	3.0	1.0–1.5	801	$1,199	$1.50	24d	9	1.12mi
3775 Allerton Pl Indianapolis, IN	1.0–4.0	2.0	1068	$1,383	$1.29	14d	1	1.12mi
7845 Bonita Ct Indianapolis, IN	3.0	1.0	1073	$1,400	$1.30	8d	1	1.18mi
7910 Roy Rd Indianapolis, IN	3.0	1.0	1073	$1,445	$1.35	24d	1	1.20mi
9438 Conried Dr Indianapolis, IN	3.0	1.0	1094	$1,445	$1.32	5d	1	1.31mi
3900 N Shadeland Ave Indianapolis, IN	1.0–2.0	1.0	1070	$1,075	$1.00	4d	6	1.45mi

Listing history 8 events

1. 2026-06-21
   days on market $224,900 Active 10 DOM
2. 2026-06-18
   days on market $224,900 Active 7 DOM
3. 2026-06-17
   days on market $224,900 Active 6 DOM
4. 2026-06-16
   days on market $224,900 Active 5 DOM
5. 2026-06-15
   days on market $224,900 Active 4 DOM
6. 2026-06-13
   days on market $224,900 Active 2 DOM
7. 2026-06-13
   remarks 543-char remark
8. 2026-06-13
   listed $224,900 Active 1 DOM

ⓘ 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: $1,204 · $100/mo
• Projected year-2 tax: $1,558 · $130/mo
• Expected delta: +$354/yr (+$29/mo · 29.4%)

ⓘ 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 3/10 Moderate 7 d/yr ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,444
• − Mortgage interest: −$12,598
• − Property taxes: −$1,204
• − Insurance: −$1,124
• − Repairs & maintenance: −$1,236
• − Management: −$1,236
• − Depreciation: −$6,543
• Taxable loss: −$8,496
• Est. tax savings @ 24.0%: +$2,039
• After-tax cash flow: $-2,242/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

1 event — show timeline

• 2026-06-11 Listed $224,900 MIBOR as Distributed by MLS Grid

Property tax history

+1.5%/yr

Latest (2025): $1,204 · +46.3% YoY. Source: county tax records.