2907 Forest Manor Ave · Indianapolis city (balance), IN 46218

$75,000

2 bd · 1.0 ba · 768 sqft · SingleFamily · 257 Days on market

Built 1925 6,403 sqft lot Est $67k · 12% over

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Why this score? — see what drove the C+ 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +2.7/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +2.0/15.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Nestled at 2907 Forest Manor AVE, INDIANAPOLIS, IN, this single-family residence presents an inviting home, ready to move in. This property includes a covered front porch and a lot area of 6403 square feet, offering a decent sized back yard with alley access, plenty of room for a future garage. With 768 square feet of living area, 2 bedrooms and 1 full bathroom, this residence offers a wonderful opportunity to establish a comfortable and stylish home at an affordable price. Easy access to I-70 and Emerson. Home has new flooring, cabinets, and more, so come take a look.

Key facts

• Covered front porch
• Alley access
• Easy access to i-70

Tags

• COVERED FRONT PORCH
• DECENT SIZED BACK YARD
• ALLEY ACCESS
• NEW FLOORING
• NEW CABINETS
• EASY ACCESS TO I-70

Property features AI

Finance

• Other: Lot under 1/4 acre (approx. 0.15 acre)

Exterior

• Parking: Guest street parking; Detached (no garage spaces)
• Utilities: Public water; Municipal sewer connected; Cable available; Solid waste service available
• Home design: Single-family residence; Updated/remodeled; One story
• Construction: Vinyl siding; Block foundation
• Exterior features: Covered patio/porch; Curbs and sidewalks; Mature trees; No fence

Interior

• Kitchen: Gas water heater (no listed kitchen appliances)
• Bedrooms: Two bedrooms on the main level (12 x 11 and 10 x 12)
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Forced-air heating (electric and natural gas); No central cooling
• Interior features: Painted woodwork; Smoke alarm
• Laundry & utility: Main-level laundry; Utility room (6 x 9)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $443 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $66k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.4% 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 C — 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 flat; 334 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 38% of the median local income ($38k/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 $519 of loan paydown is wiped out by about $2k 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 + 0.8% rent growth), your $21k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 257 days — a 12% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 25y ago; this cycle's ask has dropped $62k (45%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $16k; list at $75k implies a 355% 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 $66,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 257 days. Have you received any prior offers? Is the seller open to a 12% 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: 1.62% ✓
• Cap rate: 13.38%
• Cash-on-cash: 25.31%
• DSCR: 2.13
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $66,816
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2907 Forest Manor Ave	0.00mi	2/1.0	768 (0%)	1mo	$73,000	$95	99
3109 Forest Manor Ave	0.26mi	2/1.0	750 (-2%)	8mo	$115,000	$153	77
2919 N Denny St	0.17mi	2/1.0	816 (+6%)	6mo	$52,500	$64	76
2820 N Gladstone Ave	0.13mi	1/1.0 (-1)	806 (+5%)	9mo	$39,900	$50	73
3924 E 30th St	0.19mi	2/1.0	836 (+9%)	10mo	$85,000	$102	68
3355 Wallace Ave	0.72mi	2/1.0	768 (0%)	2mo	$59,500	$77	65
2839 N Lasalle St	0.70mi	2/1.0	768 (0%)	5mo	$55,000	$72	63
3114 Adams St	0.72mi	2/1.0	725 (-6%)	3mo	$63,000	$87	55
4615 E 30th St	0.33mi	1/1.0 (-1)	660 (-14%)	6mo	$45,000	$68	52
3015 Adams St	0.65mi	2/1.0	819 (+7%)	9mo	$155,000	$189	51
4715 Munter Ln	0.43mi	3/1.0 (+1)	864 (+12%)	6mo	$46,000	$53	49
2818 N Lasalle St	0.73mi	3/2.0 (+1)	875 (+14%)	2mo	$195,000	$223	32

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 · 0.81% rent growth · sell at horizon

5-year hold

• IRR: 16.4%
• Equity multiple: 1.64×
• Total profit: $13,448
• Equity at exit: $11,183

10-year hold

• IRR: 23.3%
• Equity multiple: 2.80×
• Total profit: $37,803
• Equity at exit: $6,485

Cash invested: $21,000 (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 46218

• Home prices YoY: -17.1%
• Rents YoY: 0.8%
• Active inventory: 334
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $1,217 high
• Mortgage (P&I): −$393
• Tax est. 1.5%: −$94 /mo · $1,125/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $443

Break-even live

Break-even rent $656

Max offer price $75,000

Occupancy floor 59%

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2864 Forest Manor Ave Indianapolis, IN	3.0	1.0	1018	$1,500	$1.47	24d	1	0.03mi
2862 N Chester Ave Indianapolis, IN	3.0	2.0	1076	$1,520	$1.41	44d	1	0.09mi
3920 E 30th St Indianapolis, IN	3.0	1.0	1071	$1,350	$1.26	8d	1	0.18mi
3920 E 30th St Indianapolis, IN	3.0	1.0	1071	$1,350	$1.26	4d	1	0.18mi
3149 N Gladstone Ave Indianapolis, IN	3.0	1.5	1036	$1,350	$1.30	8d	1	0.33mi
4615 E 30th St Indianapolis, IN	2.0	1.0	660	$1,100	$1.67	24d	1	0.35mi
2932 Arthington Blvd Indianapolis, IN	3.0	1.0	900	$1,350	$1.50	24d	1	0.35mi
3142 N Euclid Ave Indianapolis, IN	3.0	1.0	1050	$1,050	$1.00	44d	1	0.39mi
2950 N Dequincy St Indianapolis, IN	3.0	1.0	888	$1,375	$1.55	14d	1	0.45mi
2722 N Olney St Indianapolis, IN	2.0	1.0	650	$795	$1.22	44d	1	0.54mi
3315 N Euclid Ave Indianapolis, IN	2.0	1.0	780	$1,300	$1.67	15d	1	0.59mi
2949 Adams St Indianapolis, IN	2.0	1.0	978	$1,150	$1.18	44d	1	0.61mi
3383 Station St Indianapolis, IN	3.0	1.0	744	$1,250	$1.68	24d	1	0.66mi
2920 N Lasalle St Indianapolis, IN	3.0	1.0	875	$1,095	$1.25	18d	1	0.70mi
3332 Wallace Ave Indianapolis, IN	3.0	1.0	936	$1,600	$1.71	24d	1	0.71mi
2422 Adams St Unit 2 Indianapolis, IN	1.0	1.0	700	$850	$1.21	44d	1	0.75mi
2410 Adams St Indianapolis, IN	3.0	1.0	900	$1,200	$1.33	11d	1	0.76mi
2930 N Dearborn St Indianapolis, IN	1.0	1.0	536	$599	$1.12	24d	1	0.76mi
4726 E 34th St Indianapolis, IN	1.0	1.0	643	$800	$1.24	24d	1	0.79mi
3421 N Olney St Indianapolis, IN	2.0	1.0	720	$1,195	$1.66	16d	1	0.82mi
2449 Wheeler St Indianapolis, IN	1.0	1.0	600	$950	$1.58	24d	1	0.89mi
3316 N Emerson Ave Indianapolis, IN	3.0	1.0	912	$1,100	$1.21	24d	1	0.93mi
3011 Oxford Ln Indianapolis, IN	1.0	1.0	640	$800	$1.25	44d	1	0.93mi
3461 N Dequincy St Indianapolis, IN	1.0	1.0	900	$720	$0.80	44d	1	0.94mi
3522 N Olney St Indianapolis, IN	3.0	1.0	768	$1,300	$1.69	44d	1	0.95mi
2194 N Riley Ave Indianapolis, IN	3.0	1.0	1100	$1,749	$1.59	44d	1	0.95mi
2030 N Colorado Ave Indianapolis, IN	2.0	1.0	728	$1,150	$1.58	24d	1	0.96mi
3301 Mardenna Ave Indianapolis, IN	3.0	1.0	925	$1,200	$1.30	44d	1	1.04mi
2821 Oxford Ln Indianapolis, IN	1.0	1.0	640	$825	$1.29	44d	1	1.05mi
3472 N Dearborn St Indianapolis, IN	2.0	1.0	890	$1,099	$1.23	20d	1	1.06mi
3725 N Sherman Dr #7 Indianapolis, IN	2.0	1.0	729	$845	$1.16	4d	1	1.07mi
1951 N Bosart Ave Indianapolis, IN	2.0	1.0	728	$1,000	$1.37	4d	1	1.11mi
3319 N Hawthorne Ln Indianapolis, IN	3.0	1.0	1084	$1,100	$1.01	24d	1	1.16mi
2931 N Tacoma Ave Unit 31 Indianapolis, IN	2.0	1.0	800	$950	$1.19	8d	1	1.17mi
2045 N Dearborn St Indianapolis, IN	3.0	2.0	912	$1,145	$1.26	24d	1	1.18mi
2530 N Temple Ave Indianapolis, IN	1.0	1.0	720	$750	$1.04	20d	1	1.18mi
3535 N Oxford St Indianapolis, IN	3.0	1.0	1015	$1,500	$1.48	22d	1	1.22mi
5119 E 21st St Indianapolis, IN	2.0	1.0	816	$1,199	$1.47	44d	1	1.23mi
3615 Sherman Forest Dr Indianapolis, IN	4.0	1.0–2.5	1057	$1,288	$1.22	4d	1	1.28mi
3516 N Hawthorne Ln Indianapolis, IN	3.0	1.0	925	$1,225	$1.32	4d	1	1.30mi

Listing history 17 events

1. 2026-05-05
   status Pending
2. 2026-04-21
   price $75,000
3. 2026-04-14
   price $95,000
4. 2026-02-24
   price $99,900
5. 2025-12-23
   price $109,500
6. 2025-10-24
   price $117,500
7. 2025-09-23
   price $129,900
8. 2025-08-20
   listed $137,500 Active
9. 2022-10-19
   historical
10. 2022-05-19
    listed $139,900 Active
11. 2007-03-30
    historical
12. 2006-11-21
    listed $18,500
13. 2004-09-10
    listed $15,950
14. 2002-11-18
    historical
15. 2002-04-17
    listed $19,900
16. 2001-06-29
    soldstatus $16,500
17. 2001-01-17
    listed $17,900

ⓘ 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 3/10 Moderate 7 d/yr ≥101°F today · 17 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: $14,600
• − Mortgage interest: −$4,201
• − Property taxes: −$1,125
• − Insurance: −$375
• − Repairs & maintenance: −$1,168
• − Management: −$1,168
• − Depreciation: −$2,182
• Taxable income: $4,381
• Est. tax owed @ 24.0%: −$1,052
• After-tax cash flow: $4,263/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): 29,360
• Household income: $38,063
• Rent vs Own: 47.2% rent · 52.8% own
• Severe rent burden: 2340.0

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 Black (68%)
• Race & ethnicity: Black 68% White 18% Hispanic / Latino 9% Two or more races 6%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 1%
• Foreign-born: 5% · Canada, Philippines
• Languages at home: 92% English-only · Spanish 7%

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: ▼ -81.57%
• Current HPI: 395.7071
• Rent YoY: ▲ 0.81%
• 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

+319.0% since first listed

17 events — show timeline

• 2026-05-05 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-21 Price Changed $75,000 MIBOR as Distributed by MLS Grid
• 2026-04-14 Price Changed $95,000 MIBOR as Distributed by MLS Grid
• 2026-02-24 Price Changed $99,900 MIBOR as Distributed by MLS Grid
• 2025-12-23 Price Changed $109,500 MIBOR as Distributed by MLS Grid
• 2025-10-24 Price Changed $117,500 MIBOR as Distributed by MLS Grid
• 2025-09-23 Price Changed $129,900 MIBOR as Distributed by MLS Grid
• 2025-08-20 Listed $137,500 MIBOR as Distributed by MLS Grid
• 2022-10-19 Listing Removed — MIBOR as Distributed by MLS Grid
• 2022-05-19 Listed $139,900 MIBOR as Distributed by MLS Grid
• 2007-03-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2006-11-21 Listed $18,500 MIBOR as Distributed by MLS Grid
• 2004-09-10 Listed $15,950 MIBOR as Distributed by MLS Grid
• 2002-11-18 Listing Removed — MIBOR as Distributed by MLS Grid
• 2002-04-17 Listed $19,900 MIBOR as Distributed by MLS Grid
• 2001-06-29 Sold (MLS) $16,500 MIBOR as Distributed by MLS Grid
• 2001-01-17 Listed $17,900 MIBOR as Distributed by MLS Grid