3521 N Riley Ave · Indianapolis city (balance), IN 46218

$115,000

2 bd · 1.0 ba · 920 sqft · SingleFamily public records · 163 Days on market

Built 1951 7,971 sqft lot $125/sqft · at area comps Est $116k · at est.

---

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 +18.1/30.0
• ARV discount +8.0/15.0
• DSCR +5.7/10.0
• 1% rule +4.7/10.0
• Rent growth +2.7/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 3-bedroom, 1-bath home is currently rented for $900 a month and provides dependable cash flow in a growing area. Located on the northeast side of Indianapolis, it's close to parks, schools, and major roadways. The interior offers a simple, functional layout that's easy to maintain. A solid choice for investors seeking steady rental income with long-term upside.

Key facts

• Close to parks
• Close to schools
• 7,971 sq ft lot

Tags

• CLOSE TO PARKS
• CLOSE TO SCHOOLS
• CLOSE TO MAJOR ROADWAYS
• SIMPLE FUNCTIONAL LAYOUT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $101 ($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 $112k (2.9% below list).
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.3% 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 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: Center For Inquiry School 27 (math 25% / reading 29%, grade F, #737 of 994 statewide, top 76%, 525 students, 51% 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 flat; 338 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 35% 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 $795 of loan paydown is wiped out by about $3k 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 163 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 21y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $101,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 163 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 1951 — 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. 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?
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 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: 0.97% ✗
• Cap rate: 7.35%
• Cash-on-cash: 3.77%
• DSCR: 1.17
• GRM: 8.6

CMA / ARV

• ARV (median comp): $116,375
• List price: $115,000
• Delta: -1.18%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3440 N Emerson Ave	0.14mi	2/1.0	832 (-10%)	7mo	$115,000	$138	72
5415 E 34th St	0.53mi	2/1.0	908 (-1%)	2mo	$107,000	$118	72
3505 N Emerson Ave	0.16mi	3/1.0 (+1)	972 (+6%)	10mo	$115,000	$118	70
3536 N Hawthorne Ln	0.39mi	3/2.0 (+1)	925 (+0%)	6mo	$149,900	$162	67
3125 N Bancroft St	0.52mi	3/1.0 (+1)	936 (+2%)	3mo	$156,000	$167	65
3219 N Colorado Ave	0.60mi	3/1.0 (+1)	912 (-1%)	4mo	$139,900	$153	62
3614 N Whittier Pl	0.58mi	3/2.0 (+1)	912 (-1%)	3mo	$171,999	$189	60
3901 Wallace Ave	0.48mi	2/1.0	1,047 (+14%)	0mo	$55,000	$53	54
4715 Munter Ln	0.64mi	3/1.0 (+1)	864 (-6%)	6mo	$46,000	$53	50
3938 N Grand Ave	0.56mi	3/1.0 (+1)	993 (+8%)	9mo	$135,000	$136	48
3107 Wallace Ave	0.57mi	3/1.0 (+1)	1,009 (+10%)	9mo	$150,000	$149	44
3142 N Euclid Ave	0.66mi	3/1.0 (+1)	1,050 (+14%)	8mo	$114,000	$109	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 · 0.81% rent growth · sell at horizon

5-year hold

• IRR: -12.8%
• Equity multiple: 0.55×
• Total profit: $-14,600
• Equity at exit: $17,147

10-year hold

• IRR: -7.5%
• Equity multiple: 0.57×
• Total profit: $-13,851
• Equity at exit: $9,943

Cash invested: $32,200 (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: 338
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,117 high
• Mortgage (P&I): −$603
• Tax from tax record: −$130 /mo · $1,565/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$235
• Net cashflow: $101

Break-even live

Break-even rent $989

Max offer price $115,000

Occupancy floor 86%

Sensitivity live

Price	-10% $166	-5% $134	+0% $101	+5% $68	+10% $36
Rent	-10% $13	-5% $57	+0% $101	+5% $145	+10% $189
Rate	-1.0pp $159	-0.5pp $130	base $101	+0.5pp $71	+1.0pp $41

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3461 N Dequincy St Indianapolis, IN	1.0	1.0	900	$720	$0.80	45d	1	0.10mi
4726 E 34th St Indianapolis, IN	1.0	1.0	643	$800	$1.24	25d	1	0.26mi
3316 N Emerson Ave Indianapolis, IN	3.0	1.0	912	$1,100	$1.21	25d	1	0.29mi
3332 Wallace Ave Indianapolis, IN	3.0	1.0	936	$1,600	$1.71	25d	1	0.34mi
3516 N Hawthorne Ln Indianapolis, IN	3.0	1.0	925	$1,225	$1.32	6d	1	0.38mi
3301 Mardenna Ave Indianapolis, IN	3.0	1.0	925	$1,200	$1.30	45d	1	0.39mi
3815 N Grand Ave Unit 3815 Indianapolis, IN	2.0	1.0	965	$1,250	$1.30	6d	1	0.45mi
3315 N Euclid Ave Indianapolis, IN	2.0	1.0	780	$1,300	$1.67	16d	1	0.49mi
3319 N Hawthorne Ln Indianapolis, IN	3.0	1.0	1084	$1,100	$1.01	25d	1	0.50mi
3636 N Whittier Pl Indianapolis, IN	3.0	1.0	912	$995	$1.09	9d	1	0.58mi
3142 N Euclid Ave Indianapolis, IN	3.0	1.0	1050	$1,050	$1.00	45d	1	0.67mi
3149 N Gladstone Ave Indianapolis, IN	3.0	1.5	1036	$1,350	$1.30	9d	1	0.75mi
2950 N Dequincy St Indianapolis, IN	3.0	1.0	888	$1,375	$1.55	15d	1	0.77mi
4615 E 30th St Indianapolis, IN	2.0	1.0	660	$1,100	$1.67	25d	1	0.77mi
2932 Arthington Blvd Indianapolis, IN	3.0	1.0	900	$1,350	$1.50	25d	1	0.83mi
3718 N Audubon Rd Indianapolis, IN	3.0	1.0	875	$1,300	$1.49	25d	1	0.83mi
3725 N Sherman Dr #7 Indianapolis, IN	2.0	1.0	729	$845	$1.16	0d	1	0.89mi
3725 N Sherman Dr #7 Indianapolis, IN	2.0	1.0	729	$845	$1.16	5d	1	0.89mi
3383 Station St Indianapolis, IN	3.0	1.0	744	$1,250	$1.68	25d	1	0.99mi
5602 Glencoe St Indianapolis, IN	3.0	1.0	1000	$1,749	$1.75	19d	1	1.00mi
3836 Priscilla Ave Indianapolis, IN	3.0	1.5	1040	$1,275	$1.23	3d	1	1.01mi
3920 E 30th St Indianapolis, IN	3.0	1.0	1071	$1,350	$1.26	9d	1	1.02mi
3920 E 30th St Indianapolis, IN	3.0	1.0	1071	$1,350	$1.26	6d	1	1.02mi
3165 Station St Unit A Indianapolis, IN	2.0	1.0	768	$1,000	$1.30	0d	1	1.07mi
3165 Station St Unit B Indianapolis, IN	1.0	1.0	768	$749	$0.98	0d	1	1.07mi
2864 Forest Manor Ave Indianapolis, IN	3.0	1.0	1018	$1,500	$1.47	25d	1	1.07mi
3615 Sherman Forest Dr Indianapolis, IN	4.0	1.0–2.5	1057	$1,288	$1.22	6d	1	1.10mi
3421 N Olney St Indianapolis, IN	2.0	1.0	720	$1,195	$1.66	18d	1	1.12mi
2862 N Chester Ave Indianapolis, IN	3.0	2.0	1076	$1,520	$1.41	45d	1	1.12mi
3522 N Olney St Indianapolis, IN	3.0	1.0	768	$1,300	$1.69	45d	1	1.14mi
3436 N Lasalle St Indianapolis, IN	3.0	1.0	1118	$1,300	$1.16	0d	1	1.30mi
4115 Meadows Dr Indianapolis, IN	1.0–3.0	1.0–2.0	1013	$1,374	$1.36	45d	9	1.38mi
3472 N Dearborn St Indianapolis, IN	2.0	1.0	890	$1,099	$1.23	21d	1	1.40mi
2949 Adams St Indianapolis, IN	2.0	1.0	978	$1,150	$1.18	45d	1	1.46mi

Listing history 24 events

1. 2026-06-21
   days on market $115,000 Active 163 DOM
2. 2026-06-18
   days on market $115,000 Active 160 DOM
3. 2026-06-17
   days on market $115,000 Active 159 DOM
4. 2026-06-16
   days on market $115,000 Active 158 DOM
5. 2026-06-15
   days on market $115,000 Active 157 DOM
6. 2026-06-13
   days on market $115,000 Active 155 DOM
7. 2026-06-13
   days on market $115,000 Active 154 DOM
8. 2026-06-09
   days on market $115,000 Active 151 DOM
9. 2026-06-08
   days on market $115,000 Active 150 DOM
10. 2026-06-07
    days on market $115,000 Active 149 DOM
11. 2026-06-03
    days on market $115,000 Active 145 DOM
12. 2026-06-02
    days on market $115,000 Active 144 DOM
13. 2026-06-01
    days on market $115,000 Active 143 DOM
14. 2026-05-31
    days on market $115,000 Active 142 DOM
15. 2026-04-15
    price $115,000 368-char remark

    Show marketing remark (368 chars)

    This 3-bedroom, 1-bath home is currently rented for $900 a month and provides dependable cash flow in a growing area. Located on the northeast side of Indianapolis, it's close to parks, schools, and major roadways. The interior offers a simple, functional layout that's easy to maintain. A solid choice for investors seeking steady rental income with long-term upside.

16. 2026-01-09
    listed $125,000 Active 368-char remark

    Show marketing remark (368 chars)

    This 3-bedroom, 1-bath home is currently rented for $900 a month and provides dependable cash flow in a growing area. Located on the northeast side of Indianapolis, it's close to parks, schools, and major roadways. The interior offers a simple, functional layout that's easy to maintain. A solid choice for investors seeking steady rental income with long-term upside.

17. 2025-09-30
    historical
18. 2025-08-23
    price $125,000
19. 2025-07-17
    listed $135,000 Active
20. 2025-06-30
    historical
21. 2024-06-18
    listed $142,000 Active
22. 2022-07-30
    price $999
23. 2006-08-15
    historical
24. 2005-08-15
    listed $59,900

ⓘ 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: $1,565 · $130/mo
• Projected year-2 tax: $1,565 · $130/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 · 18 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: $13,405
• − Mortgage interest: −$6,442
• − Property taxes: −$1,565
• − Insurance: −$575
• − Repairs & maintenance: −$1,072
• − Management: −$1,072
• − Depreciation: −$3,345
• Taxable loss: −$668
• Est. tax savings @ 24.0%: +$160
• After-tax cash flow: $1,373/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

+92.0% since first listed

10 events — show timeline

• 2026-04-15 Price Changed $115,000 MIBOR as Distributed by MLS Grid
• 2026-01-09 Listed $125,000 MIBOR as Distributed by MLS Grid
• 2025-09-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-08-23 Price Changed $125,000 MIBOR as Distributed by MLS Grid
• 2025-07-17 Listed $135,000 MIBOR as Distributed by MLS Grid
• 2025-06-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2024-06-18 Listed $142,000 MIBOR as Distributed by MLS Grid
• 2022-07-30 Price Changed $999 RENT.
• 2006-08-15 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-08-15 Listed $59,900 MIBOR as Distributed by MLS Grid

Property tax history

+11.4%/yr

Latest (2025): $1,565 · +16.4% YoY. Source: county tax records.