3140 Asbury St · Indianapolis city (balance), IN 46237

$179,000

2 bd · 3.0 ba · 728 sqft · MultiFamily public records · 2 Days on market

Built 1960 0.30 ac lot

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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 +28.7/30.0
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• ARV discount +7.5/15.0
• Rent growth +3.4/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Recently renovated duplex in Perry Township, minutes away from downtown. Each side features two bedrooms, a well-appointed bathroom, and the added convenience of in-unit laundry. The home backs up to mature trees with a one car garage and a shed. Conveniently located in proximity to shopping, dining, and more!

Key facts

• Private garage
• Newer vanity
• Large storage shed

Tags

• SIDE-BY-SIDE RANCH DUPLEX
• DEDICATED OFF-STREET DRIVEWAYS
• PRIVATE GARAGE
• LARGE STORAGE SHED
• TILED TUB SHOWER SURROUND
• NEWER VANITY

Property features AI

Finance

• Financial info: Two units total; Gross income and expenses reported as 0

Exterior

• Parking: Detached 1-car garage
• Security: Smoke detector(s)
• Utilities: Municipal water and sewer; Municipal solid waste service
• Home design: Residential income property configured as a duplex; Single-story structure; Not a conversion
• Construction: Vinyl siding with brick accents; Shingle roof; Crawl space foundation; Property gross area approximately 1,456 sq ft; Lot about 0.3 acres
• Exterior features: Exterior storage; Corner lot with mature trees, curbs, street lights and irregular lot shape; Asphalt road frontage

Interior

• Kitchen: Each unit has a 9 x 7 kitchen
• Bedrooms: Two 2-bedroom units (each on one level)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Smoke detectors installed
• Laundry & utility: Laundry connections available; Main-level laundry

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $179k.

Deal economics

• At list price, monthly cash flow is $597 ($7k/yr) — positive. Per door: $298/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $179k).
• 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 (+3.8%/yr); 261 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 39% of the median local income ($79k/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 $5k 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 + 3.8% rent growth), your $50k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 3y 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.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price.

Recommended offer $179,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 1.44% ✓
• Cap rate: 10.29%
• Cash-on-cash: 14.29%
• DSCR: 1.64
• GRM: 5.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.78% rent growth · sell at horizon

5-year hold

• IRR: 5.7%
• Equity multiple: 1.22×
• Total profit: $11,197
• Equity at exit: $26,689

10-year hold

• IRR: 15.9%
• Equity multiple: 2.35×
• Total profit: $67,818
• Equity at exit: $15,477

Cash invested: $50,120 (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 46237

• Rents YoY: 3.8%
• Active inventory: 261
• Price-to-rent: 11.6×

Monthly cashflow live

• Estimated rent: $2,570 medium
• Mortgage (P&I): −$939
• Tax from tax record: −$420 /mo · $5,043/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$540
• Net cashflow: $597

Break-even live

Break-even rent $1,815

Max offer price $179,000

Occupancy floor 72%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,570
Total (2 units)			$2,570

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3146 Asbury St Indianapolis, IN	2.0	1.0	728	$850	$1.17	7d	1	0.01mi
3765 S State Ave Indianapolis, IN	2.0	1.0	700	$995	$1.42	23d	1	0.52mi
2948 Shelby St Unit D Indianapolis, IN	2.0	1.0	750	$1,025	$1.37	43d	1	0.61mi
2469 Dawson St Indianapolis, IN	2.0	1.0	700	$949	$1.36	3d	4	0.88mi
2555 Shelby St Unit 2559 Indianapolis, IN	1.0	1.0	717	$1,250	$1.74	43d	1	0.91mi
2525 Shelby St Unit 1 Indianapolis, IN	1.0	1.0	600	$865	$1.44	3d	1	0.97mi
2525 Shelby St Unit 4 Indianapolis, IN	1.0	1.0	600	$775	$1.29	23d	1	0.97mi
1604 E Kelly St Indianapolis, IN	2.0	1.0	750	$1,025	$1.37	17d	1	1.13mi
2830 S East St Indianapolis, IN	2.0	1.0	656	$1,200	$1.83	43d	1	1.16mi
1409 E Tabor St Indianapolis, IN	1.0	1.0	528	$775	$1.47	23d	1	1.20mi
2913 E Hanna Ave Indianapolis, IN	1.0–2.0	1.0	717	$1,200	$1.67	23d	1	1.25mi
360 Sandra Ln Unit 209-B34 Indianapolis, IN	1.0	1.0	503	$758	$1.51	20d	1	1.27mi
360 Sandra Ln Unit 319-D126 Indianapolis, IN	2.0	1.0	621	$960	$1.55	3d	1	1.27mi
360 Sandra Ln Unit 219-B53 Indianapolis, IN	1.0	1.0	503	$707	$1.41	23d	1	1.27mi
360 Sandra Ln Unit 339-C70 Indianapolis, IN	1.0	1.0	503	$749	$1.49	4d	1	1.27mi
360 Sandra Ln Unit 215-B43 Indianapolis, IN	1.0	1.0	503	$756	$1.50	23d	1	1.27mi
360 Sandra Ln Unit 110-062 Indianapolis, IN	2.0	1.0	621	$949	$1.53	7d	1	1.27mi
360 Sandra Ln Unit 213-B38 Indianapolis, IN	1.0	1.0	503	$758	$1.51	23d	1	1.27mi
360 Sandra Ln Unit 109-013 Indianapolis, IN	2.0	1.0	621	$1,029	$1.66	4d	1	1.27mi
360 Sandra Ln Unit 115-044 Indianapolis, IN	2.0	1.0	621	$999	$1.61	3d	1	1.27mi
360 Sandra Ln Unit 110-064 Indianapolis, IN	2.0	1.0	621	$961	$1.55	3d	1	1.27mi
360 Sandra Ln Unit 320-C10 Indianapolis, IN	1.0	1.0	503	$808	$1.61	23d	1	1.27mi
360 Sandra Ln Unit 314-D59 Indianapolis, IN	2.0	1.0	621	$1,011	$1.63	3d	1	1.27mi
360 Sandra Ln Indianapolis, IN	1.0–2.0	1.0	562	$1,494	$2.66	11d	9	1.27mi
920 E Markwood Ave Indianapolis, IN	1.0–2.0	1.0	838	$949	$1.13	7d	2	1.28mi
3714 Bartlett Ave Indianapolis, IN	1.0	1.0	576	$969	$1.68	4d	4	1.36mi
265 E Southern Ave Indianapolis, IN	1.0–2.0	1.0	800	$1,150	$1.44	2d	2	1.37mi
272 Hoefgen St Unit 1336809P Indianapolis, IN	2.0	1.0	592	$2,055	$3.47	2d	1	1.45mi

Listing history 3 events

1. 2026-06-18
   days on market $179,000 Active 2 DOM
2. 2026-06-16
   remarks 699-char remark
3. 2026-06-16
   listed $179,000 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: $5,043 · $420/mo
• Projected year-2 tax: $5,043 · $420/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 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 · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,840
• − Mortgage interest: −$10,027
• − Property taxes: −$5,043
• − Insurance: −$895
• − Repairs & maintenance: −$2,467
• − Management: −$2,467
• − Depreciation: −$5,207
• Taxable income: $4,734
• Est. tax owed @ 24.0%: −$1,136
• After-tax cash flow: $6,026/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): 43,473
• Household income: $79,078
• Rent vs Own: 31.1% rent · 68.9% own
• Severe rent burden: 1245.0

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 White (71%)
• Race & ethnicity: White 71% Asian 13% Hispanic / Latino 7% Two or more races 6% Black 5%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 2% Lithuanian 2% Romanian 2%
• Foreign-born: 12% · Canada, Philippines
• Languages at home: 84% English-only · Other Asian/Pacific 5% Spanish 5% Other Indo-European 4%

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: ▼ -180.33%
• Current HPI: 238.9661
• Rent YoY: ▲ 3.78%
• 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

+11.9% since first listed

16 events — show timeline

• 2026-06-16 Listed $179,000 MIBOR as Distributed by MLS Grid
• 2025-07-28 Pending — MIBOR as Distributed by MLS Grid
• 2025-05-09 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-05-09 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-03-13 Price Changed $194,900 MIBOR as Distributed by MLS Grid
• 2025-02-26 Relisted — MIBOR as Distributed by MLS Grid
• 2025-02-11 Pending — MIBOR as Distributed by MLS Grid
• 2025-01-31 Listed $199,900 MIBOR as Distributed by MLS Grid
• 2024-12-11 Rental Removed $999 MIBOR
• 2024-10-12 Listed for Rent $999 MIBOR
• 2024-04-26 Rental Removed $899 MIBOR
• 2024-04-05 Price Changed $899 MIBOR
• 2024-02-03 Listed for Rent $999 MIBOR
• 2023-09-21 Sold (MLS) $160,000 MIBOR as Distributed by MLS Grid
• 2023-08-20 Pending — MIBOR as Distributed by MLS Grid
• 2023-08-17 Listed $160,000 MIBOR as Distributed by MLS Grid

Property tax history

+6.6%/yr

Latest (2025): $5,043 · +13.4% YoY. Source: county tax records.