837 N Bancroft St · Indianapolis city (balance), IN 46201

$144,900

4 bd · 1.0 ba · 1,125 sqft · SingleFamily public records · 35 Days on market

Built 1921 6,360 sqft lot $129/sqft · 17% above area Est $247k · 41% under

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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 +15.7/30.0
• ARV discount +15.0/15.0
• 1% rule +4.8/10.0
• DSCR +4.8/10.0
• Rent growth +4.3/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Charm and character meet modern convenience in this classic 1920s bungalow located in the heart of historic Emerson Heights! Step inside to find timeless details including original hardwood floors, natural woodwork, and beautiful built-in bookcases. The main level features a spacious living room that flows seamlessly into a formal dining room, perfect for entertaining. The kitchen offers ample storage with a functional pantry, while the main floor bedroom provides flexibility for a primary suite or home office. Head upstairs to discover three additional bedrooms, or explore the full unfinished basement which offers incredible storage potential and laundry space. Outside, enjoy your morning

Key facts

• Functional pantry
• Alley access
• Built-in bookcases

Tags

• ORIGINAL HARDWOOD FLOORS
• BUILT-IN BOOKCASES
• FUNCTIONAL PANTRY
• FULLY FENCED REAR YARD
• DETACHED GARAGE
• ALLEY ACCESS

Property features AI

Exterior

• Parking: Detached 2-car garage (approx. 480 sq ft)
• Security: Smoke detectors
• Utilities: Public water; Municipal sewer; Solid waste service available
• Home design: Single family residence; One level; Residential property
• Construction: Brick construction; Block foundation
• Exterior features: Covered porch/patio; Full privacy fence; Mature trees on lot; Not in a subdivision

Interior

• Kitchen: Dishwasher
• Bedrooms: 4 bedrooms on the main level
• Flooring: Hardwood floors
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Hardwood floors; Painted woodwork; Masonry fireplace in living room (1)

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $64 ($764/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 $143k (1.6% below list).
• Recommended offer: $141k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.8% 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 rising fast (+7.3%/yr); 480 active listings in the ZIP; 39 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 51% 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 35% 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 $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.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($141k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $140,553 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1921 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 0.98% ✗
• Cap rate: 6.82%
• Cash-on-cash: 1.88%
• DSCR: 1.08
• GRM: 8.5

CMA / ARV

• ARV (median comp): $247,141
• List price: $144,900
• Delta: -41.37%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4818 E 14th St	0.43mi	3/1.0 (-1)	1,104 (-2%)	10mo	$168,000	$152	64
712 N Linwood Ave	0.51mi	3/1.0 (-1)	1,068 (-5%)	2mo	$115,000	$108	61
4820 Nowland Ave	0.50mi	3/1.0 (-1)	1,180 (+5%)	11mo	$149,900	$127	54
718 N Linwood Ave	0.51mi	4/2.0	1,249 (+11%)	1mo	$85,000	$68	53
5017 E 14th St	0.36mi	3/1.0 (-1)	1,290 (+15%)	4mo	$140,000	$109	50
304 N Linwood Ave	0.70mi	4/2.0	1,102 (-2%)	13mo	$200,000	$181	49
1625 N Dequincy St	0.67mi	3/1.0 (-1)	1,026 (-9%)	6mo	$150,000	$146	44
1239 N Ritter Ave	0.66mi	3/1.5 (-1)	986 (-12%)	3mo	$199,900	$203	39
5010 Elliott Ave	0.57mi	4/1.0	1,283 (+14%)	13mo	$138,000	$108	39
4402 E New York St	0.73mi	3/1.0 (-1)	1,032 (-8%)	11mo	$160,000	$155	38
5310 E 16th St	0.71mi	3/1.5 (-1)	1,288 (+14%)	0mo	$148,500	$115	36

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 · 7.31% rent growth · sell at horizon

5-year hold

• IRR: -8.3%
• Equity multiple: 0.68×
• Total profit: $-12,916
• Equity at exit: $21,605

10-year hold

• IRR: 6.3%
• Equity multiple: 1.57×
• Total profit: $23,148
• Equity at exit: $12,528

Cash invested: $40,572 (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: 8.5×

Monthly cashflow live

• Estimated rent: $1,426 high
• Mortgage (P&I): −$760
• Tax from tax record: −$242 /mo · $2,907/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$299
• Net cashflow: $64

Break-even live

Break-even rent $1,345

Max offer price $144,900

Occupancy floor 91%

Sensitivity live

Price	-10% $146	-5% $105	+0% $64	+5% $23	+10% $-18
Rent	-10% $-49	-5% $7	+0% $64	+5% $120	+10% $176
Rate	-1.0pp $137	-0.5pp $101	base $64	+0.5pp $26	+1.0pp $-12

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: $36,225
• Closing costs: $4,347
• Reserves months: —
• Total cash needed: —

Rent comps 39 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
508 Emerson Ave Indianapolis, IN	3.0	1.5	1094	$1,150	$1.05	14d	1	0.33mi
861 N Drexel Ave Indianapolis, IN	3.0	1.0	1000	$1,200	$1.20	8d	1	0.40mi
861 N Drexel Ave Unit 863 Indianapolis, IN	3.0	1.0	1000	$1,200	$1.20	44d	1	0.40mi
415 N Dequincy St Indianapolis, IN	3.0	2.0	1250	$1,900	$1.52	15d	1	0.45mi
306 N Riley Ave Indianapolis, IN	3.0	1.0	1320	$1,095	$0.83	18d	1	0.52mi
622 N Linwood Ave Indianapolis, IN	3.0	2.0	985	$1,299	$1.32	44d	1	0.55mi
4930 Elliott Ave Indianapolis, IN	4.0	1.0	1219	$1,500	$1.23	44d	1	0.58mi
25 N Drexel Ave Unit A Indianapolis, IN	3.0	2.0	1250	$1,325	$1.06	44d	1	0.76mi
4732 E 18th St Unit A Indianapolis, IN	3.0	2.0	1200	$1,700	$1.42	44d	1	0.82mi
119 N Grant Ave Indianapolis, IN	3.0	1.0	1408	$1,195	$0.85	44d	1	0.92mi
822 N Bradley Ave Unit 822 Indianapolis, IN	3.0	1.0	1100	$1,200	$1.09	44d	1	0.93mi
442 N Denny St Indianapolis, IN	3.0	1.0	1140	$1,045	$0.92	24d	1	0.93mi
4214 E Washington St Indianapolis, IN	3.0	2.0	961	$1,195	$1.24	8d	1	0.94mi
1424 N Denny St Indianapolis, IN	3.0	1.0	1206	$1,295	$1.07	44d	1	0.99mi
314 N Denny St Indianapolis, IN	3.0	1.0	1184	$975	$0.82	24d	1	1.00mi
603 N Sherman Dr Indianapolis, IN	3.0	1.0	1250	$1,300	$1.04	44d	1	1.00mi
1513 N Denny St Indianapolis, IN	3.0	1.0	874	$1,399	$1.60	24d	1	1.03mi
447 N Sherman Dr Indianapolis, IN	3.0	1.5	1312	$1,195	$0.91	44d	1	1.04mi
5130 E 21st St Indianapolis, IN	3.0	2.0	1188	$1,500	$1.26	24d	1	1.14mi
5130 E 21st St Indianapolis, IN	3.0	2.0	1188	$1,500	$1.26	44d	1	1.14mi
1015 N Gale St Indianapolis, IN	3.0	2.0	1200	$1,550	$1.29	15d	1	1.16mi
33 N Sherman Dr Unit 33 Indianapolis, IN	3.0	1.5	1288	$1,500	$1.16	8d	1	1.17mi
1521 N Kealing Ave Indianapolis, IN	3.0	1.0	1250	$1,250	$1.00	18d	1	1.18mi
1531 N Kealing Ave Unit A Indianapolis, IN	3.0	2.0	1250	$1,397	$1.12	24d	1	1.18mi
1531 N Kealing Ave Indianapolis, IN	3.0	2.0	1250	$1,500	$1.20	24d	1	1.18mi
1341 N Gale St Indianapolis, IN	4.0	2.0	899	$2,000	$2.22	24d	1	1.22mi
83 N Ewing St Unit 83 Indianapolis, IN	3.0	1.0	1016	$1,199	$1.18	44d	1	1.25mi
953 N Tuxedo St Indianapolis, IN	3.0	1.0	1200	$950	$0.79	24d	1	1.28mi
2194 N Riley Ave Indianapolis, IN	3.0	1.0	1100	$1,749	$1.59	44d	1	1.30mi
1018 N Tuxedo St Unit 1016 Indianapolis, IN	3.0	1.5	1250	$1,099	$0.88	44d	1	1.32mi
840 N Lasalle St Indianapolis, IN	3.0	1.0	1215	$1,100	$0.91	24d	1	1.39mi
933 N Dearborn St Indianapolis, IN	3.0	1.5	1204	$1,500	$1.25	44d	1	1.42mi
137 S Catherwood Ave Indianapolis, IN	3.0	2.0	1008	$1,400	$1.39	20d	1	1.44mi
137 S Catherwood Ave Indianapolis, IN	3.0	1.5	1008	$1,400	$1.39	3d	1	1.44mi
528 S Bosart Ave Indianapolis, IN	3.0	1.0	720	$1,305	$1.81	44d	1	1.45mi
1119 N Dearborn St Indianapolis, IN	3.0	1.5	1200	$1,249	$1.04	44d	1	1.45mi
510 N Dearborn St Indianapolis, IN	3.0	1.0	1008	$1,350	$1.34	44d	1	1.48mi
639 N Gray St Indianapolis, IN	3.0	1.5	1120	$1,220	$1.09	44d	1	1.48mi
637 N Gray St Indianapolis, IN	3.0	1.5	1120	$1,150	$1.03	45d	1	1.48mi

Listing history 15 events

1. 2026-06-18
   days on market $144,900 Active 35 DOM
2. 2026-06-17
   days on market $144,900 Active 34 DOM
3. 2026-06-16
   days on market $144,900 Active 33 DOM
4. 2026-06-15
   days on market $144,900 Active 32 DOM
5. 2026-06-13
   days on market $144,900 Active 30 DOM
6. 2026-06-13
   days on market $144,900 Active 29 DOM
7. 2026-06-09
   days on market $144,900 Active 26 DOM
8. 2026-06-08
   days on market $144,900 Active 25 DOM
9. 2026-06-07
   days on market $144,900 Active 24 DOM
10. 2026-06-03
    days on market $144,900 Active 20 DOM
11. 2026-06-02
    days on market $144,900 Active 19 DOM
12. 2026-06-01
    days on market $144,900 Active 18 DOM
13. 2026-05-31
    days on market $144,900 Active 17 DOM
14. 2026-05-14
    listed $144,900 Active 1016-char remark
15. 2022-01-19
    soldstatus $4,956,897

ⓘ 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: $2,907 · $242/mo
• Projected year-2 tax: $2,907 · $242/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 4/10 Moderate 7 d/yr ≥101°F today · 18 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: $17,107
• − Mortgage interest: −$8,117
• − Property taxes: −$2,907
• − Insurance: −$724
• − Repairs & maintenance: −$1,369
• − Management: −$1,369
• − Depreciation: −$4,215
• Taxable loss: −$1,594
• Est. tax savings @ 24.0%: +$383
• After-tax cash flow: $1,147/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): 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

-97.1% since first listed

2 events — show timeline

• 2026-05-14 Listed $144,900 MIBOR as Distributed by MLS Grid
• 2022-01-19 Sold (Public Records) $4,956,897 Public Records

Property tax history

+13.4%/yr

Latest (2025): $2,907 · +8.0% YoY. Source: county tax records.