1732 S Drexel Ave · Indianapolis city (balance), IN 46203

$174,900

3 bd · 1.5 ba · 1,344 sqft · SingleFamily public records · 23 Days on market

Built 1965 6,665 sqft lot Est $161k · 8% over

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Why this score? — see what drove the D- 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 +16.5/30.0
• DSCR +5.1/10.0
• 1% rule +4.1/10.0
• ARV discount +3.7/15.0
• Rent growth +3.2/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious living room/ Dining room combo with kitchen that has a breakfast area. Laundry mud room connects into Master BR, 2nd bedroom has atrium doors to back deck. Home has lots of possibilities: needs some work. 3 Bedrooms with 1 full/ 1 half bath. Huge mini barn for storage in back yard. Property taxes are estimated since no exemptions will be applicable- now.

Key facts

• 6,665 sq ft lot
• Garage
• Built 1965

Property features AI

Finance

• Other: Lot size approximately 0.15 acres (less than 1/4 acre); Lot features include city lot, curbs, sidewalks, storm sewer, street lights, and zoned parcel

Exterior

• Parking: Attached carport and garage with concrete surface and garage door opener
• Utilities: Public water; Municipal sewer; 200+ amp electrical service; Natural gas connected
• Home design: Single-family residence; One story
• Construction: Vinyl siding and stone exterior; Crawl space foundation
• Exterior features: Front porch; Mini barn; Storage

Interior

• Kitchen: Range hood; Refrigerator
• Bedrooms: Three bedrooms on the main level; Primary bedroom details: see remarks
• Bathrooms: One full bathroom; One half bathroom (main level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Attic access; Formal living room
• Laundry & utility: Main-level laundry room; Washer; Dryer; Water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $102 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $158k (9.4% below list).
• Recommended offer: $158k (9.4% below list) — sets the bar for 1% rule.
• Cap rate 7.0% 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 D — 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.
• Zoned schools: Frederick Douglass School 19 (math 9% / reading 13%, grade F, #909 of 994 statewide, top 92%, 444 students, 81% FRL); H L Harshman Middle School (math 3% / reading 16%, grade F, #316 of 330 statewide, top 96%, 549 students, 84% FRL).
• Market conditions: Rents rising (+2.9%/yr); 500 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 47% 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 ($57k/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.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 20y 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 $37k; list at $175k implies a 373% gain — meaningful room to come down on a strong offer.

Recommended offer $158,486 (9.4% below list)

Questions for the listing agent

1. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.91% ✗
• Cap rate: 7.00%
• Cash-on-cash: 2.51%
• DSCR: 1.11
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $161,280
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1701 S Drexel Ave	0.07mi	3/2.0	1,350 (+0%)	8mo	$195,000	$144	88
1925 Dayton Ave	0.18mi	3/1.0	1,300 (-3%)	14mo	$150,000	$115	72
4919 E Naomi St	0.34mi	3/1.0	1,308 (-3%)	7mo	$150,000	$115	71
4412 Terrace Ave	0.32mi	4/2.0 (+1)	1,452 (+8%)	1mo	$210,000	$145	64
1400 Temperance Ave	0.32mi	3/1.0	1,176 (-12%)	1mo	$190,000	$162	61
1215 S Chester Ave	0.53mi	2/1.0 (-1)	1,296 (-4%)	4mo	$178,900	$138	59
4817 Rowney St	0.34mi	3/2.0	1,204 (-10%)	10mo	$129,000	$107	57
1623 S Grant Ave	0.32mi	3/1.5	1,500 (+12%)	13mo	$198,000	$132	55
1902 S Grant Ave	0.32mi	4/2.0 (+1)	1,488 (+11%)	7mo	$102,000	$69	54
4814 Southeastern Ave	0.32mi	2/1.0 (-1)	1,536 (+14%)	12mo	$185,000	$120	44
1205 S Dequincy St	0.50mi	3/1.0	1,521 (+13%)	12mo	$175,000	$115	43
1102 S Dequincy St	0.59mi	2/1.0 (-1)	1,160 (-14%)	10mo	$70,000	$60	34

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 · 2.88% rent growth · sell at horizon

5-year hold

• IRR: -12.5%
• Equity multiple: 0.55×
• Total profit: $-22,026
• Equity at exit: $26,078

10-year hold

• IRR: -3.6%
• Equity multiple: 0.76×
• Total profit: $-11,619
• Equity at exit: $15,122

Cash invested: $48,972 (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 46203

• Home prices YoY: -26.7%
• Rents YoY: 2.9%
• Active inventory: 500
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,585 high
• Mortgage (P&I): −$917
• Tax from tax record: −$160 /mo · $1,915/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$333
• Net cashflow: $102

Break-even live

Break-even rent $1,455

Max offer price $174,900

Occupancy floor 89%

Sensitivity live

Price	-10% $201	-5% $152	+0% $102	+5% $53	+10% $3
Rent	-10% $-23	-5% $40	+0% $102	+5% $165	+10% $228
Rate	-1.0pp $190	-0.5pp $147	base $102	+0.5pp $57	+1.0pp $11

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: $43,725
• Closing costs: $5,247
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4703 E Minnesota St Indianapolis, IN	4.0	1.5	1588	$1,695	$1.07	45d	1	0.05mi
5015 Reeder St Indianapolis, IN	3.0	2.0	1482	$1,950	$1.32	45d	1	0.36mi
5056 Emerton Pl Unit 5046 Indianapolis, IN	2.0	1.5	1039	$1,245	$1.20	25d	1	0.40mi
5010 Emerton Pl Indianapolis, IN	2.0	1.5	1002	$1,095	$1.09	45d	1	0.43mi
739 Temperance Ave Indianapolis, IN	3.0	1.0	1136	$1,350	$1.19	45d	1	0.83mi
750 S Dequincy St Indianapolis, IN	3.0	1.5	936	$1,500	$1.60	45d	1	0.85mi
3906 Hoyt Ave Indianapolis, IN	2.0	1.0	912	$1,250	$1.37	9d	1	0.97mi
4318 Spann Ave Indianapolis, IN	3.0	1.0	1411	$1,200	$0.85	45d	1	1.01mi
3441 Prospect St Indianapolis, IN	2.0	1.0	1008	$1,500	$1.49	25d	1	1.06mi
3441 Prospect St Indianapolis, IN	2.0	1.0	1008	$1,700	$1.69	46d	1	1.06mi
3706 Hoyt Ave Indianapolis, IN	3.0	1.0	960	$1,500	$1.56	15d	1	1.08mi
3702 Hoyt Ave Indianapolis, IN	3.0	2.0	960	$1,500	$1.56	15d	1	1.09mi
1730 Perkins Ave Indianapolis, IN	3.0	1.0	924	$1,300	$1.41	25d	1	1.11mi
3012 E Minnesota St Indianapolis, IN	2.0	1.0	875	$1,000	$1.14	45d	1	1.13mi
5010 Brookville Rd Indianapolis, IN	3.0	2.0	1656	$1,350	$0.82	9d	1	1.27mi
410 N 20th Ave Beech Grove, IN	3.0	1.0	1224	$1,400	$1.14	25d	1	1.34mi
1505 S Rural St Indianapolis, IN	3.0	1.0	1104	$1,500	$1.36	14d	1	1.34mi
4931 Orion Ave Indianapolis, IN	2.0	1.0	1200	$1,450	$1.21	25d	1	1.35mi
142 N 7th Ave Beech Grove, IN	2.0	1.0	1212	$1,150	$0.95	45d	1	1.40mi

Listing history 14 events

1. 2026-06-21
   days on market $174,900 Active 23 DOM
2. 2026-06-18
   days on market $174,900 Active 20 DOM
3. 2026-06-17
   days on market $174,900 Active 19 DOM
4. 2026-06-16
   days on market $174,900 Active 18 DOM
5. 2026-06-15
   days on market $174,900 Active 17 DOM
6. 2026-06-13
   days on market $174,900 Active 15 DOM
7. 2026-06-13
   days on market $174,900 Active 14 DOM
8. 2026-06-09
   days on market $174,900 Active 11 DOM
9. 2026-06-08
   days on market $174,900 Active 10 DOM
10. 2026-06-07
    days on market $174,900 Active 9 DOM
11. 2026-06-03
    days on market $174,900 Active 5 DOM
12. 2026-06-02
    days on market $174,900 Active 4 DOM
13. 2026-06-01
    days on market $174,900 Active 3 DOM
14. 2026-05-31
    days on market $174,900 Active 2 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: $1,915 · $160/mo
• Projected year-2 tax: $1,915 · $160/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 ≥102°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: $19,018
• − Mortgage interest: −$9,797
• − Property taxes: −$1,915
• − Insurance: −$874
• − Repairs & maintenance: −$1,521
• − Management: −$1,521
• − Depreciation: −$5,088
• Taxable loss: −$1,700
• Est. tax savings @ 24.0%: +$408
• After-tax cash flow: $1,636/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): 37,758
• Household income: $57,393
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 1499.0

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 (69%)
• Race & ethnicity: White 69% Hispanic / Latino 14% Black 12% Two or more races 8% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 12% Puerto Rican 1%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 8% · Canada
• Languages at home: 88% English-only · Spanish 10% 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: ▼ -127.37%
• Current HPI: 349.579
• Rent YoY: ▲ 2.88%
• 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

+175.4% since first listed

8 events — show timeline

• 2026-05-29 Listed $174,900 MIBOR as Distributed by MLS Grid
• 2017-05-22 Sold (MLS) $37,000 MIBOR as Distributed by MLS Grid
• 2017-05-09 Pending — MIBOR as Distributed by MLS Grid
• 2017-04-07 Price Changed $45,000 MIBOR as Distributed by MLS Grid
• 2017-03-09 Price Changed $47,900 MIBOR as Distributed by MLS Grid
• 2017-01-28 Listed $52,900 MIBOR as Distributed by MLS Grid
• 2007-04-02 Sold (MLS) $65,000 MIBOR as Distributed by MLS Grid
• 2006-11-24 Listed $63,500 MIBOR as Distributed by MLS Grid

Property tax history

+43.3%/yr

Latest (2025): $1,915 · +9.1% YoY. Source: county tax records.