338 S Rural St · Indianapolis city (balance), IN 46201

$115,000

3 bd · 1.0 ba · 1,056 sqft · SingleFamily public records · 42 Days on market

Built 1920 4,356 sqft lot $109/sqft · 57% above area Est $133k · 13% under ↓ 12% since listing

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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 +28.5/30.0
• ARV discount +13.6/15.0
• DSCR +10.0/10.0
• 1% rule +6.9/10.0
• Rent growth +4.3/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 3-bedroom, 1-bath home situated on a corner lot featuring a covered front porch, functional layout, and an unfinished basement offering additional storage or potential. This property provides a great opportunity for homeowners or investors looking for a home with solid space and future possibilities.

Key facts

• Covered front porch
• Unfinished basement
• Additional storage

Tags

• CORNER LOT
• COVERED FRONT PORCH
• UNFINISHED BASEMENT
• ADDITIONAL STORAGE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $374 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $112k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.2% 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 (+7.3%/yr); 480 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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 33% of the median local income ($49k/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 $795 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 + 7.3% rent growth), your $32k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($112k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $111,550 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 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 1920 — 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: 1.19% ✓
• Cap rate: 10.20%
• Cash-on-cash: 13.95%
• DSCR: 1.62
• GRM: 7.0

CMA / ARV

• ARV (median comp): $132,948
• List price: $115,000
• Delta: -13.50%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
331 S Oakland Ave	0.21mi	3/1.0	1,056 (0%)	5mo	$135,000	$128	86
3037 Newton Ave	0.28mi	3/1.0	1,074 (+2%)	2mo	$156,000	$145	82
2134 Spann Ave	0.48mi	3/1.0	1,085 (+3%)	1mo	$125,000	$115	72
3040 English Ave	0.26mi	3/1.0	1,140 (+8%)	9mo	$80,000	$70	67
3780 E Pleasant Run Parkway North Dr	0.64mi	3/1.0	1,026 (-3%)	3mo	$136,000	$133	63
2336 Hoyt Ave	0.43mi	2/1.0 (-1)	1,106 (+5%)	6mo	$85,000	$77	62
1828 E Maryland St	0.66mi	3/1.0	1,100 (+4%)	4mo	$105,000	$95	59
2251 English Ave	0.41mi	3/1.0	960 (-9%)	10mo	$179,900	$187	57
3106 Newton Ave	0.35mi	3/2.0	912 (-14%)	1mo	$95,500	$105	56
158 Harlan St	0.55mi	3/1.0	1,172 (+11%)	3mo	$57,000	$49	53
917 St Peter St	0.58mi	2/1.0 (-1)	913 (-14%)	9mo	$90,000	$99	38
1740 Spann Ave	0.71mi	3/2.0	1,178 (+12%)	7mo	$280,000	$238	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 · 7.31% rent growth · sell at horizon

5-year hold

• IRR: 8.6%
• Equity multiple: 1.35×
• Total profit: $11,347
• Equity at exit: $17,147

10-year hold

• IRR: 21.0%
• Equity multiple: 3.12×
• Total profit: $68,119
• Equity at exit: $9,943

Cash invested: $32,200 (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: 480
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,364 high
• Mortgage (P&I): −$603
• Tax from tax record: −$52 /mo · $622/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$286
• Net cashflow: $374

Break-even live

Break-even rent $890

Max offer price $115,000

Occupancy floor 68%

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
330 S Rural St Indianapolis, IN	2.0	1.0	960	$1,050	$1.09	7d	1	0.02mi
323 S Rural St Indianapolis, IN	3.0	1.5	1090	$1,050	$0.96	43d	1	0.06mi
350 S Oxford St Indianapolis, IN	3.0	1.0	826	$1,300	$1.57	43d	1	0.08mi
2631 Southeastern Ave Indianapolis, IN	3.0	2.0	1072	$1,195	$1.11	11d	1	0.13mi
241 S Temple Ave Indianapolis, IN	3.0	2.0	1200	$1,350	$1.12	43d	1	0.15mi
301 S Gray St Indianapolis, IN	2.0	1.0	841	$1,025	$1.22	23d	1	0.31mi
253 S Gray St Indianapolis, IN	3.0	1.5	1176	$1,660	$1.41	2d	1	0.32mi
340 S Dearborn St Indianapolis, IN	2.0	1.0	873	$1,180	$1.35	23d	1	0.33mi
49 S Rural St Indianapolis, IN	2.0	1.5	750	$950	$1.27	10d	1	0.34mi
2320 Spann Ave Indianapolis, IN	2.0	2.0	1219	$1,795	$1.47	16d	1	0.37mi
225 Hamilton Ave Indianapolis, IN	2.0	2.0	1008	$1,695	$1.68	43d	1	0.44mi
420 Hamilton Ave Unit A Indianapolis, IN	3.0	2.0	1350	$1,550	$1.15	43d	1	0.48mi
420 Hamilton Ave Unit B Indianapolis, IN	3.0	2.0	1350	$1,450	$1.07	10d	1	0.48mi
151 Harlan St Unit A Indianapolis, IN	3.0	2.0	1250	$1,549	$1.24	23d	1	0.51mi
28 S Dearborn St Unit B Indianapolis, IN	2.0	1.5	1166	$1,150	$0.99	23d	1	0.52mi
28 S Dearborn St Unit A Indianapolis, IN	3.0	1.0	1100	$1,400	$1.27	10d	1	0.52mi
420 Harlan St Indianapolis, IN	2.0	2.0	1260	$1,500	$1.19	23d	1	0.53mi
2015 Southeastern Ave Unit 2015 Indianapolis, IN	2.0	2.5	1350	$2,200	$1.63	23d	1	0.53mi
39 N Tacoma Ave Indianapolis, IN	3.0	1.0	1233	$895	$0.73	43d	1	0.53mi
2015 E Maryland St Indianapolis, IN	3.0	2.0	1250	$1,495	$1.20	43d	1	0.55mi
909 Saint Peter St Indianapolis, IN	3.0	2.0	1200	$1,800	$1.50	43d	1	0.57mi
20 N Gray St Indianapolis, IN	3.0	2.0	1300	$1,800	$1.38	43d	1	0.58mi
2218 Pleasant St Indianapolis, IN	3.0	2.0	1376	$2,499	$1.82	23d	1	0.59mi
247 S Randolph St Indianapolis, IN	2.0	1.0	720	$750	$1.04	43d	1	0.60mi
245 S Randolph St Indianapolis, IN	2.0	1.0	720	$750	$1.04	43d	1	0.60mi
37 S Tuxedo St Indianapolis, IN	3.0	1.0	950	$1,150	$1.21	43d	1	0.61mi
228 N Tacoma Ave Indianapolis, IN	3.0	1.0	1200	$1,100	$0.92	10d	1	0.63mi
2230 Woodlawn Ave Indianapolis, IN	2.0	1.0	924	$1,350	$1.46	43d	1	0.63mi
235 N Oakland Ave Indianapolis, IN	2.0	1.0	800	$1,000	$1.25	43d	1	0.66mi
2116 Woodlawn Ave Indianapolis, IN	2.0	2.0	1054	$1,175	$1.11	7d	1	0.69mi
313 Eastern Ave Indianapolis, IN	2.0	1.0	1040	$950	$0.91	21d	1	0.71mi
253 N Gray St Indianapolis, IN	3.0	1.5	1176	$1,660	$1.41	7d	1	0.72mi
225 N Hamilton Ave Indianapolis, IN	2.0	2.0	1008	$1,695	$1.68	43d	1	0.72mi
1011 Harlan St Indianapolis, IN	2.0	2.0	1008	$1,525	$1.51	43d	1	0.72mi
1013 Harlan St Indianapolis, IN	2.0	1.0	1008	$1,475	$1.46	43d	1	0.73mi
44 Parkview Ave Indianapolis, IN	3.0	2.0	1250	$1,695	$1.36	20d	1	0.73mi
44 E Parkview Ave Unit A Indianapolis, IN	3.0	2.0	1296	$1,695	$1.31	23d	1	0.73mi
44 E Parkview Ave Unit B Indianapolis, IN	3.0	2.0	1297	$1,695	$1.31	43d	1	0.73mi
12 N Randolph St Indianapolis, IN	3.0	1.0	1485	$1,650	$1.11	43d	1	0.74mi
43 N Randolph St Indianapolis, IN	3.0	2.0	1250	$1,399	$1.12	43d	1	0.76mi

Listing history 2 events

1. 2026-04-29
   price $115,000 310-char remark

   Show marketing remark (310 chars)

   Charming 3-bedroom, 1-bath home situated on a corner lot featuring a covered front porch, functional layout, and an unfinished basement offering additional storage or potential. This property provides a great opportunity for homeowners or investors looking for a home with solid space and future possibilities.

2. 2026-04-09
   listed $130,000 Active 310-char remark

   Show marketing remark (310 chars)

   Charming 3-bedroom, 1-bath home situated on a corner lot featuring a covered front porch, functional layout, and an unfinished basement offering additional storage or potential. This property provides a great opportunity for homeowners or investors looking for a home with solid space and future possibilities.

ⓘ 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: $622 · $52/mo
• Projected year-2 tax: $800 · $67/mo
• Expected delta: +$178/yr (+$15/mo · 28.5%)

ⓘ 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 ≥101°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: $16,364
• − Mortgage interest: −$6,442
• − Property taxes: −$622
• − Insurance: −$575
• − Repairs & maintenance: −$1,309
• − Management: −$1,309
• − Depreciation: −$3,345
• Taxable income: $2,761
• Est. tax owed @ 24.0%: −$663
• After-tax cash flow: $3,830/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): 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

-11.5% since first listed

2 events — show timeline

• 2026-04-29 Price Changed $115,000 MIBOR as Distributed by MLS Grid
• 2026-04-09 Listed $130,000 MIBOR as Distributed by MLS Grid

Property tax history

-1.2%/yr

Latest (2025): $622 · +8.1% YoY. Source: county tax records.