4603-4605 E Washington St · Indianapolis city (balance), IN 46201

$105,000

4 bd · 2.0 ba · 1,322 sqft · Condo public records · 85 Days on market

Built 1890 Poor condition $79/sqft · 13% above area ↓ 25% 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.3/5.0
• Livability +2.5/5.0
• Schools +1.4/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fixer upper duplex on Indy's east side! This property is full of potential, but for the serious investor only. Currently zoned as a duplex, this property offers an abundance of space for several options. Includes detached garage in back. Come take a look

Key facts

• Zoned as a duplex
• Detached garage
• Abundance of space

Tags

• DETACHED GARAGE
• ZONED AS A DUPLEX
• ABUNDANCE OF SPACE

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath condo listed at $105k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $436 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• Recommended offer: $99k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.3% 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); 52% 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 36% 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 $726 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 $29k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 85 days — a 6% lower offer ($99k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $98,700 (6.0% below list)

Questions for the listing agent

1. It's been on market 85 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.40% ✓
• Cap rate: 11.27%
• Cash-on-cash: 17.79%
• DSCR: 1.79
• GRM: 6.0

CMA / ARV

• ARV (median comp): $238,271
• List price: $105,000
• Delta: -55.93%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 7.31% rent growth · sell at horizon

5-year hold

• IRR: 14.1%
• Equity multiple: 1.59×
• Total profit: $17,418
• Equity at exit: $15,656

10-year hold

• IRR: 25.9%
• Equity multiple: 3.75×
• Total profit: $80,839
• Equity at exit: $9,078

Cash invested: $29,400 (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: 6.0×

Monthly cashflow live

• Estimated rent: $1,470 high
• Mortgage (P&I): −$551
• Tax est. 1.5%: −$131 /mo · $1,575/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$309
• Net cashflow: $436

Break-even live

Break-even rent $919

Max offer price $105,000

Occupancy floor 65%

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
25 N Drexel Ave Unit A Indianapolis, IN	3.0	2.0	1250	$1,325	$1.06	43d	1	0.04mi
21 N Colorado Ave Indianapolis, IN	3.0	1.5	1520	$2,000	$1.32	43d	1	0.20mi
4214 E Washington St Indianapolis, IN	3.0	2.0	961	$1,195	$1.24	7d	1	0.25mi
117 N Riley Ave Indianapolis, IN	3.0	3.0	1664	$1,600	$0.96	20d	1	0.31mi
306 N Riley Ave Indianapolis, IN	3.0	1.0	1320	$1,095	$0.83	17d	1	0.32mi
415 N Dequincy St Indianapolis, IN	3.0	2.0	1250	$1,900	$1.52	14d	1	0.34mi
119 N Grant Ave Indianapolis, IN	3.0	1.0	1408	$1,195	$0.85	43d	1	0.35mi
622 N Linwood Ave Indianapolis, IN	3.0	2.0	985	$1,299	$1.32	43d	1	0.43mi
642 N Colorado Ave Indianapolis, IN	3.0	2.0	1572	$1,450	$0.92	43d	1	0.51mi
314 N Denny St Indianapolis, IN	3.0	1.0	1184	$975	$0.82	23d	1	0.51mi
508 Emerson Ave Indianapolis, IN	3.0	1.5	1094	$1,150	$1.05	14d	1	0.54mi
442 N Denny St Indianapolis, IN	3.0	1.0	1140	$1,045	$0.92	23d	1	0.58mi
33 N Sherman Dr Unit 33 Indianapolis, IN	3.0	1.5	1288	$1,500	$1.16	7d	1	0.58mi
801 N Gladstone Ave Indianapolis, IN	3.0	1.5	1776	$1,225	$0.69	43d	1	0.58mi
861 N Drexel Ave Indianapolis, IN	3.0	1.0	1000	$1,200	$1.20	7d	1	0.63mi
861 N Drexel Ave Unit 863 Indianapolis, IN	3.0	1.0	1000	$1,200	$1.20	43d	1	0.63mi
5010 Brookville Rd Indianapolis, IN	3.0	2.0	1656	$1,350	$0.82	7d	1	0.63mi
447 N Sherman Dr Indianapolis, IN	3.0	1.5	1312	$1,195	$0.91	43d	1	0.66mi
3712 E Market St Indianapolis, IN	3.0	1.0	1800	$1,450	$0.81	14d	1	0.66mi
603 N Sherman Dr Indianapolis, IN	3.0	1.0	1250	$1,300	$1.04	43d	1	0.70mi
83 N Ewing St Unit 83 Indianapolis, IN	3.0	1.0	1016	$1,199	$1.18	43d	1	0.74mi
4318 Spann Ave Indianapolis, IN	3.0	1.0	1411	$1,200	$0.85	43d	1	0.74mi
822 N Bradley Ave Unit 822 Indianapolis, IN	3.0	1.0	1100	$1,200	$1.09	43d	1	0.79mi
739 Temperance Ave Indianapolis, IN	3.0	1.0	1136	$1,350	$1.19	43d	1	0.90mi
750 S Dequincy St Indianapolis, IN	3.0	1.5	936	$1,500	$1.60	43d	1	0.92mi
37 S Tuxedo St Indianapolis, IN	3.0	1.0	950	$1,150	$1.21	43d	1	0.93mi
28 S Dearborn St Unit A Indianapolis, IN	3.0	1.0	1100	$1,400	$1.27	10d	1	1.06mi
408 N Dearborn St Indianapolis, IN	3.0	2.5	1740	$1,750	$1.01	43d	1	1.08mi
3706 Hoyt Ave Indianapolis, IN	3.0	1.0	960	$1,500	$1.56	14d	1	1.09mi
3702 Hoyt Ave Indianapolis, IN	3.0	2.0	960	$1,500	$1.56	14d	1	1.09mi
430 N Dearborn St Indianapolis, IN	3.0	1.0	1128	$1,300	$1.15	43d	1	1.09mi
253 N Gray St Indianapolis, IN	3.0	1.5	1176	$1,660	$1.41	7d	1	1.10mi
510 N Dearborn St Indianapolis, IN	3.0	1.0	1008	$1,350	$1.34	43d	1	1.12mi
20 N Gray St Indianapolis, IN	3.0	2.0	1300	$1,800	$1.38	43d	1	1.12mi
1015 N Gale St Indianapolis, IN	3.0	2.0	1200	$1,550	$1.29	14d	1	1.13mi
953 N Tuxedo St Indianapolis, IN	3.0	1.0	1200	$950	$0.79	23d	1	1.17mi
840 N Lasalle St Indianapolis, IN	3.0	1.0	1215	$1,100	$0.91	23d	1	1.17mi
253 S Gray St Indianapolis, IN	3.0	1.5	1176	$1,660	$1.41	2d	1	1.17mi
909 N Lasalle St Indianapolis, IN	3.0	2.0	1717	$1,600	$0.93	44d	1	1.18mi
409 N Oakland Ave Unit 411 Indianapolis, IN	3.0	2.0	1300	$1,495	$1.15	43d	1	1.19mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-18
   days on market $105,000 Active 85 DOM
2. 2026-06-17
   days on market $105,000 Active 84 DOM
3. 2026-06-16
   days on market $105,000 Active 83 DOM
4. 2026-06-15
   days on market $105,000 Active 82 DOM
5. 2026-06-13
   days on market $105,000 Active 80 DOM
6. 2026-06-13
   days on market $105,000 Active 79 DOM
7. 2026-06-09
   days on market $105,000 Active 76 DOM
8. 2026-06-08
   days on market $105,000 Active 75 DOM
9. 2026-06-07
   days on market $105,000 Active 74 DOM
10. 2026-06-03
    days on market $105,000 Active 72 DOM
11. 2026-06-02
    days on market $105,000 Active 71 DOM
12. 2026-06-01
    days on market $105,000 Active 70 DOM
13. 2026-05-31
    days on market $105,000 Active 69 DOM
14. 2026-04-30
    price $105,000 258-char remark

    Show marketing remark (258 chars)

    Fixer upper duplex on Indy's east side! This property is full of potential, but for the serious investor only. Currently zoned as a duplex, this property offers an abundance of space for several options. Includes detached garage in back. Come take a look

15. 2026-04-30
    price $119,900 258-char remark

    Show marketing remark (258 chars)

    Fixer upper duplex on Indy's east side! This property is full of potential, but for the serious investor only. Currently zoned as a duplex, this property offers an abundance of space for several options. Includes detached garage in back. Come take a look

16. 2026-04-08
    price $129,900 258-char remark

    Show marketing remark (258 chars)

    Fixer upper duplex on Indy's east side! This property is full of potential, but for the serious investor only. Currently zoned as a duplex, this property offers an abundance of space for several options. Includes detached garage in back. Come take a look

17. 2026-03-21
    listed $139,900 Active 258-char remark

    Show marketing remark (258 chars)

    Fixer upper duplex on Indy's east side! This property is full of potential, but for the serious investor only. Currently zoned as a duplex, this property offers an abundance of space for several options. Includes detached garage in back. Come take a look

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $17,642
• − Mortgage interest: −$5,882
• − Property taxes: −$1,575
• − Insurance: −$525
• − Repairs & maintenance: −$1,411
• − Management: −$1,411
• − Depreciation: −$3,055
• Taxable income: $3,783
• Est. tax owed @ 24.0%: −$908
• After-tax cash flow: $4,322/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.

Condition & rehab AI · 12 photos

Poor 20/100 Extensive rehab

This fixer-upper duplex requires extensive rehabilitation to become move-in ready. Significant repairs and updates are needed to improve the home's condition and increase its resale and rental value.

Repairs flagged

• Major roof — Severe damage to the roof is evident.
• Major exterior siding — Significant portions of the siding are missing or damaged.
• Major interior walls/paint — Peeling paint and deteriorated walls indicate extensive damage.
• Major windows — Boarded-up windows suggest structural damage or abandonment.
• Major foundation/structure — The foundation appears to be in poor condition, indicating potential structural issues.
• Major HVAC/mechanicals — No visible HVAC or mechanical systems, indicating potential issues with heating and cooling.
• Major landscaping — Overgrown and unkempt landscaping suggests neglect and requires significant work to improve curb appeal.

Value-add opportunities

• Both Rehabilitation of the roof, exterior siding, and interior walls/paint — These repairs would significantly improve the home's appearance and functionality, attracting both buyers and renters.
• Both Rehabilitation of the windows and foundation — These repairs would address structural issues and improve the home's overall condition.
• Both HVAC and mechanical systems — Upgrading the HVAC and mechanical systems would improve comfort and energy efficiency, attracting both buyers and renters.
• Both Landscaping and curb appeal — A well-maintained and attractive exterior would enhance the home's curb appeal and attract potential buyers and renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Severe damage to the roof is evident.	Major	$15,000–50,000
exterior siding · Significant portions of the siding are missing or damaged.	Major	$15,000–50,000
interior walls/paint · Peeling paint and deteriorated walls indicate extensive damage.	Major	$15,000–50,000
windows · Boarded-up windows suggest structural damage or abandonment.	Major	$15,000–50,000
foundation/structure · The foundation appears to be in poor condition, indicating potential structural issues.	Major	$15,000–50,000
HVAC/mechanicals · No visible HVAC or mechanical systems, indicating potential issues with heating and cooling.	Major	$15,000–50,000
landscaping · Overgrown and unkempt landscaping suggests neglect and requires significant work to improve curb appeal.	Major	$15,000–50,000
Total estimated repair cost · 7 items		$105,000–350,000

Value-add ROI direction

• Both Rehabilitation of the roof, exterior siding, and interior walls/paint — These repairs would significantly improve the home's appearance and functionality, attracting both buyers and renters. ↑
• Both Rehabilitation of the windows and foundation — These repairs would address structural issues and improve the home's overall condition. ↑
• Both HVAC and mechanical systems — Upgrading the HVAC and mechanical systems would improve comfort and energy efficiency, attracting both buyers and renters. ↑
• Both Landscaping and curb appeal — A well-maintained and attractive exterior would enhance the home's curb appeal and attract potential buyers and renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-24.9% since first listed

4 events — show timeline

• 2026-04-30 Price Changed $105,000 MIBOR as Distributed by MLS Grid
• 2026-04-30 Price Changed $119,900 MIBOR as Distributed by MLS Grid
• 2026-04-08 Price Changed $129,900 MIBOR as Distributed by MLS Grid
• 2026-03-21 Listed $139,900 MIBOR as Distributed by MLS Grid

Property tax history

+34.6%/yr

Latest (2025): $5,413 · -16.6% YoY. Source: county tax records.