642 Udell St · Indianapolis city (balance), IN 46208

$145,000

4 bd · 2.5 ba · 2,780 sqft · SingleFamily public records · 78 Days on market

Built 1925 5,097 sqft lot $52/sqft · 22% below area Est $186k · 22% 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 +28.8/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• Rent growth +4.1/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

You won't want to miss out on this investment opportunity. Large 5 bedroom 2.5 bath home featuring a fenced in back yard, 2 main level bedrooms, and a finished attic area for many different uses. You will be hard pressed to find a better investment in the area.

Key facts

• Finished attic area
• Fenced in back yard
• 5,097 sq ft lot

Tags

• FENCED IN BACK YARD
• FINISHED ATTIC AREA

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $487 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $136k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.3% 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 (+6.4%/yr); 279 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 38% of the median local income ($60k/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 $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.
• At projected returns (-3.0% appreciation + 6.4% rent growth), your $41k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 26y 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 $19k; list at $145k implies a 663% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $136,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.30% ✓
• Cap rate: 10.32%
• Cash-on-cash: 14.38%
• DSCR: 1.64
• GRM: 6.4

CMA / ARV

• ARV (median comp): $185,901
• List price: $145,000
• Delta: -22.00%
• 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
534 W 26th St	0.25mi	4/2.5	2,700 (-3%)	3mo	$290,000	$107	81
2726 Boulevard Pl	0.47mi	4/1.5	2,695 (-3%)	3mo	$80,000	$30	66
354 W 26th St	0.43mi	3/1.0 (-1)	2,852 (+3%)	2mo	$75,000	$26	63
1016 W 31st St	0.45mi	3/2.0 (-1)	2,680 (-4%)	10mo	$124,900	$47	58
3156 Graceland Ave	0.61mi	4/3.5	2,804 (+1%)	10mo	$270,000	$96	58
3114 N Capitol Ave	0.62mi	3/2.5 (-1)	2,724 (-2%)	8mo	$160,000	$59	56
2718 Boulevard Pl	0.47mi	4/3.0	2,459 (-12%)	2mo	$380,000	$155	55
2868 Indianapolis Ave	0.20mi	3/2.0 (-1)	2,390 (-14%)	9mo	$98,000	$41	53
1054 W 32nd St	0.58mi	4/2.5	2,519 (-9%)	8mo	$100,000	$40	51
1005 W 25th St	0.49mi	3/2.5 (-1)	2,406 (-14%)	1mo	$235,000	$98	49
2823 Boulevard Pl	0.49mi	4/2.0	2,464 (-11%)	11mo	$173,300	$70	47
3035 N Capitol Ave	0.62mi	3/2.0 (-1)	2,447 (-12%)	11mo	$255,000	$104	35

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 · 6.43% rent growth · sell at horizon

5-year hold

• IRR: 8.6%
• Equity multiple: 1.35×
• Total profit: $14,275
• Equity at exit: $21,620

10-year hold

• IRR: 20.6%
• Equity multiple: 3.02×
• Total profit: $82,193
• 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 46208

• Rents YoY: 6.4%
• Active inventory: 279
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,891 high
• Mortgage (P&I): −$760
• Tax from tax record: −$187 /mo · $2,241/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$397
• Net cashflow: $487

Break-even live

Break-even rent $1,275

Max offer price $145,000

Occupancy floor 69%

Sensitivity live

Price	-10% $569	-5% $528	+0% $487	+5% $445	+10% $404
Rent	-10% $337	-5% $412	+0% $487	+5% $561	+10% $636
Rate	-1.0pp $560	-0.5pp $523	base $487	+0.5pp $449	+1.0pp $411

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 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2868 Indianapolis Ave Indianapolis, IN	3.0	2.0	2390	$1,550	$0.65	8d	1	0.20mi
2868 Indianapolis Ave Indianapolis, IN	3.0	2.0	2390	$1,550	$0.65	22d	1	0.20mi
1061 W 33rd St Indianapolis, IN	3.0	2.0	2400	$1,550	$0.65	44d	1	0.59mi
3160 Graceland Ave Indianapolis, IN	4.0	2.0	1936	$2,000	$1.03	24d	1	0.60mi
1331 W 34th St Indianapolis, IN	4.0	2.0	2160	$1,800	$0.83	15d	1	0.90mi
3078 N Pennsylvania St Indianapolis, IN	3.0	3.5	2440	$3,050	$1.25	3d	1	0.94mi
2146 Gent Ave Indianapolis, IN	3.0	2.0	1952	$2,000	$1.02	22d	1	0.98mi
3827 Graceland Ave Indianapolis, IN	4.0	2.0	2195	$1,595	$0.73	44d	1	1.31mi
2517 N Park Ave Indianapolis, IN	3.0	1.5	2000	$1,800	$0.90	44d	1	1.33mi
1631 Montcalm St Indianapolis, IN	3.0	2.0	2592	$2,000	$0.77	8d	1	1.33mi
2340 N Park Ave Indianapolis, IN	4.0	3.5	3500	$3,500	$1.00	5d	1	1.37mi
2136 Central Ave Indianapolis, IN	3.0	1.0–2.0	1325	$3,499	$2.64	2d	33	1.39mi
3128 Broadway St Indianapolis, IN	4.0	1.5	1999	$2,200	$1.10	24d	1	1.41mi
1827 N Talbott St Indianapolis, IN	3.0	2.0	2632	$2,100	$0.80	3d	1	1.46mi

Listing history 29 events

1. 2026-06-18
   days on market $145,000 Active 78 DOM
2. 2026-06-17
   days on market $145,000 Active 77 DOM
3. 2026-06-16
   days on market $145,000 Active 76 DOM
4. 2026-06-15
   days on market $145,000 Active 75 DOM
5. 2026-06-13
   days on market $145,000 Active 73 DOM
6. 2026-06-13
   days on market $145,000 Active 72 DOM
7. 2026-06-09
   days on market $145,000 Active 69 DOM
8. 2026-06-08
   days on market $145,000 Active 68 DOM
9. 2026-06-07
   days on market $145,000 Active 67 DOM
10. 2026-06-03
    days on market $145,000 Active 63 DOM
11. 2026-06-02
    days on market $145,000 Active 62 DOM
12. 2026-06-01
    days on market $145,000 Active 61 DOM
13. 2026-05-31
    days on market $145,000 Active 60 DOM
14. 2026-05-19
    price $145,000 263-char remark

    Show marketing remark (263 chars)

    You won't want to miss out on this investment opportunity. Large 5 bedroom 2.5 bath home featuring a fenced in back yard, 2 main level bedrooms, and a finished attic area for many different uses. You will be hard pressed to find a better investment in the area.

15. 2026-03-31
    listed $150,000 Active 263-char remark

    Show marketing remark (263 chars)

    You won't want to miss out on this investment opportunity. Large 5 bedroom 2.5 bath home featuring a fenced in back yard, 2 main level bedrooms, and a finished attic area for many different uses. You will be hard pressed to find a better investment in the area.

16. 2016-04-06
    historical
17. 2016-01-12
    listed $11,900 Active
18. 2005-01-18
    soldstatus $19,000
19. 2004-10-25
    listed $22,500
20. 2004-10-04
    historical
21. 2004-04-26
    listed $58,000
22. 2003-02-28
    historical
23. 2002-08-13
    listed $60,000
24. 2002-07-09
    soldstatus $15,000
25. 2001-08-24
    listed $15,000
26. 2001-08-19
    historical
27. 2001-02-20
    listed $35,000
28. 2001-02-13
    historical
29. 2000-08-21
    listed $33,000

ⓘ 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: $2,241 · $187/mo
• Projected year-2 tax: $2,241 · $187/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 3/10 Moderate FEMA zone X (unshaded) · 20% 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 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: $22,695
• − Mortgage interest: −$8,122
• − Property taxes: −$2,241
• − Insurance: −$725
• − Repairs & maintenance: −$1,816
• − Management: −$1,816
• − Depreciation: −$4,218
• Taxable income: $3,758
• Est. tax owed @ 24.0%: −$902
• After-tax cash flow: $4,937/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): 22,379
• Household income: $60,062
• Rent vs Own: 44.1% rent · 55.9% own
• Severe rent burden: 978.0

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: White 46% Black 40% Hispanic / Latino 8% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 2% Slovak 2% Italian 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 5% French/Haitian/Cajun 1% 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: ▼ -324.63%
• Current HPI: 319.7725
• Rent YoY: ▲ 6.43%
• 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

+339.4% since first listed

16 events — show timeline

• 2026-05-19 Price Changed $145,000 MIBOR as Distributed by MLS Grid
• 2026-03-31 Listed $150,000 MIBOR as Distributed by MLS Grid
• 2016-04-06 Listing Removed — MIBOR as Distributed by MLS Grid
• 2016-01-12 Listed $11,900 MIBOR as Distributed by MLS Grid
• 2005-01-18 Sold (MLS) $19,000 MIBOR as Distributed by MLS Grid
• 2004-10-25 Listed $22,500 MIBOR as Distributed by MLS Grid
• 2004-10-04 Listing Removed — MIBOR as Distributed by MLS Grid
• 2004-04-26 Listed $58,000 MIBOR as Distributed by MLS Grid
• 2003-02-28 Listing Removed — MIBOR as Distributed by MLS Grid
• 2002-08-13 Listed $60,000 MIBOR as Distributed by MLS Grid
• 2002-07-09 Sold (MLS) $15,000 MIBOR as Distributed by MLS Grid
• 2001-08-24 Listed $15,000 MIBOR as Distributed by MLS Grid
• 2001-08-19 Listing Removed — MIBOR as Distributed by MLS Grid
• 2001-02-20 Listed $35,000 MIBOR as Distributed by MLS Grid
• 2001-02-13 Listing Removed — MIBOR as Distributed by MLS Grid
• 2000-08-21 Listed $33,000 MIBOR as Distributed by MLS Grid

Property tax history

+26.1%/yr

Latest (2025): $2,241 · +15.6% YoY. Source: county tax records.