639 Warren Ave · Indianapolis city (balance), IN 46221

$110,000

2 bd · 1.0 ba · 814 sqft · SingleFamily public records · 230 Days on market

Built 1930 5,053 sqft lot $135/sqft · 31% below area Est $160k · 31% under

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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 +26.0/30.0
• ARV discount +15.0/15.0
• 1% rule +8.7/10.0
• DSCR +8.7/10.0
• Rent growth +2.9/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor Special - Prime Location!! Unlock the potential of 639 Warren Ave, an incredible investment opportunity in a thriving Indianapolis neighborhood! This property offers the rare chance to create something truly special in a prime location, with endless possibilities for renovation, restoration, or redevelopment. Imagine transforming this blank canvas into a stunning home or profitable rental, perfectly tailored to today's market. With its ideal location close to local amenities, schools, and easy access to downtown, this property is perfectly positioned for long-term growth and value creation. Savvy investors and visionaries alike will recognize the potential here so don't miss your chance to turn opportunity into success at 639 Warren Ave!

Key facts

• 5,053 sq ft lot
• Built 1930
• Listed 229 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $273 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $97k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.3% 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 (+1.8%/yr); 43 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $761 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 230 days — a 12% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $79k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 3.2% of price; built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $96,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 230 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 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.37% ✓
• Cap rate: 9.27%
• Cash-on-cash: 10.63%
• DSCR: 1.47
• GRM: 6.1

CMA / ARV

• ARV (median comp): $159,736
• List price: $110,000
• Delta: -31.14%
• Verdict: UNDERPRICED
• Comps: 13 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
817 Birch Ave	0.14mi	2/1.0	806 (-1%)	19mo	$68,000	$84	76
1623 Oliver Ave	0.49mi	2/1.0	744 (-9%)	11mo	$158,000	$212	53
920 Arbor Ave	0.20mi	3/1.0 (+1)	902 (+11%)	19mo	$140,000	$155	52

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 · 1.79% rent growth · sell at horizon

5-year hold

• IRR: -1.9%
• Equity multiple: 0.93×
• Total profit: $-2,138
• Equity at exit: $16,401

10-year hold

• IRR: 6.4%
• Equity multiple: 1.45×
• Total profit: $13,746
• Equity at exit: $9,511

Cash invested: $30,800 (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 46221

• Home prices YoY: -23.7%
• Rents YoY: 1.8%
• Active inventory: 43
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,506 high
• Mortgage (P&I): −$577
• Tax from tax record: −$294 /mo · $3,527/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$316
• Net cashflow: $273

Break-even live

Break-even rent $1,160

Max offer price $110,000

Occupancy floor 77%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1105 Blaine Ave Indianapolis, IN	1.0–2.0	1.0–2.5	1157	$1,795	$1.55	23d	1	0.47mi
101 S Harding St Apt 307 Indianapolis, IN	2.0	2.0	970	$1,685	$1.74	2d	1	0.68mi
55 S Harding St #308 Indianapolis, IN	1.0	1.0	754	$1,200	$1.59	23d	1	0.70mi
1801 W Morris St Indianapolis, IN	3.0	1.5	1056	$1,795	$1.70	43d	1	0.73mi
1925 Westview Dr Unit 100 Indianapolis, IN	1.0	1.0	600	$900	$1.50	21d	1	0.83mi
1925 Westview Dr Indianapolis, IN	1.0	1.0	600	$900	$1.50	14d	2	0.84mi
1925 Westview Dr Unit 212 Indianapolis, IN	1.0	1.0	600	$900	$1.50	7d	1	0.84mi
1339 W Lee St Indianapolis, IN	2.0	1.5	960	$975	$1.02	3d	1	0.84mi
1918 W Washington St Unit 12 Indianapolis, IN	1.0	1.0	600	$950	$1.58	43d	1	1.00mi
305 W Washington St Indianapolis, IN	1.0	1.0	717	$925	$1.29	1d	1	1.15mi
915 S Meridian St Indianapolis, IN	2.0	1.0–2.0	829	$2,551	$3.08	1d	42	1.18mi
1122 S Meridian St Unit B MERIDIAN Indianapolis, IN	2.0	1.5	840	$1,100	$1.31	43d	1	1.19mi
841 S Addison St Indianapolis, IN	2.0	1.0	750	$1,295	$1.73	43d	1	1.22mi
501 Madison Ave Indianapolis, IN	1.0	1.0	800	$1,412	$1.76	23d	2	1.29mi
460 N White River Parkway Dr W Indianapolis, IN	2.0	1.0	681	$1,725	$2.53	2d	14	1.29mi
50 N Illinois St Unit 1534468P Indianapolis, IN	1.0–5.0	1.5–4.0	1770	$4,021	$2.27	1d	3	1.35mi
1911 Wilcox St Indianapolis, IN	2.0	1.0	896	$1,150	$1.28	43d	1	1.35mi
114 W Market St Indianapolis, IN	1.0–3.0	1.0–2.0	1193	$2,139	$1.79	44d	9	1.35mi
1461 S Meridian St Unit A Indianapolis, IN	1.0	1.0	800	$950	$1.19	43d	1	1.35mi
30 E Georgia St Indianapolis, IN	2.0	1.0–2.0	882	$1,590	$1.80	1d	14	1.37mi
1909 S Pershing Ave Indianapolis, IN	3.0	1.5	728	$1,750	$2.40	3d	1	1.47mi
235 S Delaware St Unit 1364131P Indianapolis, IN	2.0	2.0	893	$3,801	$4.26	13d	1	1.48mi
229 S Delaware St Indianapolis, IN	3.0	1.0–3.5	1207	$3,630	$3.01	1d	54	1.48mi
1524 S Talbott St #3 Indianapolis, IN	1.0	1.0	1011	$725	$0.72	7d	1	1.49mi

Listing history 13 events

1. 2026-06-03
   days on market $110,000 Active 230 DOM
2. 2026-06-02
   days on market $110,000 Active 229 DOM
3. 2026-06-01
   days on market $110,000 Active 228 DOM
4. 2026-05-31
   days on market $110,000 Active 227 DOM
5. 2026-03-27
   status Active 759-char remark

   Show marketing remark (759 chars)

   Investor Special - Prime Location!! Unlock the potential of 639 Warren Ave, an incredible investment opportunity in a thriving Indianapolis neighborhood! This property offers the rare chance to create something truly special in a prime location, with endless possibilities for renovation, restoration, or redevelopment. Imagine transforming this blank canvas into a stunning home or profitable rental, perfectly tailored to today's market. With its ideal location close to local amenities, schools, and easy access to downtown, this property is perfectly positioned for long-term growth and value creation. Savvy investors and visionaries alike will recognize the potential here so don't miss your chance to turn opportunity into success at 639 Warren Ave!

6. 2026-03-11
   status Pending 759-char remark

   Show marketing remark (759 chars)

   Investor Special - Prime Location!! Unlock the potential of 639 Warren Ave, an incredible investment opportunity in a thriving Indianapolis neighborhood! This property offers the rare chance to create something truly special in a prime location, with endless possibilities for renovation, restoration, or redevelopment. Imagine transforming this blank canvas into a stunning home or profitable rental, perfectly tailored to today's market. With its ideal location close to local amenities, schools, and easy access to downtown, this property is perfectly positioned for long-term growth and value creation. Savvy investors and visionaries alike will recognize the potential here so don't miss your chance to turn opportunity into success at 639 Warren Ave!

7. 2026-01-20
   price $110,000 759-char remark

   Show marketing remark (759 chars)

   Investor Special - Prime Location!! Unlock the potential of 639 Warren Ave, an incredible investment opportunity in a thriving Indianapolis neighborhood! This property offers the rare chance to create something truly special in a prime location, with endless possibilities for renovation, restoration, or redevelopment. Imagine transforming this blank canvas into a stunning home or profitable rental, perfectly tailored to today's market. With its ideal location close to local amenities, schools, and easy access to downtown, this property is perfectly positioned for long-term growth and value creation. Savvy investors and visionaries alike will recognize the potential here so don't miss your chance to turn opportunity into success at 639 Warren Ave!

8. 2025-09-30
   listed $120,000 Active 759-char remark

   Show marketing remark (759 chars)

   Investor Special - Prime Location!! Unlock the potential of 639 Warren Ave, an incredible investment opportunity in a thriving Indianapolis neighborhood! This property offers the rare chance to create something truly special in a prime location, with endless possibilities for renovation, restoration, or redevelopment. Imagine transforming this blank canvas into a stunning home or profitable rental, perfectly tailored to today's market. With its ideal location close to local amenities, schools, and easy access to downtown, this property is perfectly positioned for long-term growth and value creation. Savvy investors and visionaries alike will recognize the potential here so don't miss your chance to turn opportunity into success at 639 Warren Ave!

9. 2023-08-02
   soldstatus $79,000 Closed 529-char remark

   Show marketing remark (529 chars)

   Don't miss out on the rare opportunity to own property within true walking distance of $1 Billion Eleven Park/Elanco Global HQ! Check out this property right in the heart of all of the exciting development going on near the White River! This home is a "clean slate" and ready for your finishing touches! Add this to your investment portfolio as a long or short term rental! Or, realize the sweat equity and make this your own! This 2 bedroom could easily be converted into a 3 bedroom with the addition of a closet.

10. 2023-07-23
    status Pending 529-char remark

    Show marketing remark (529 chars)

    Don't miss out on the rare opportunity to own property within true walking distance of $1 Billion Eleven Park/Elanco Global HQ! Check out this property right in the heart of all of the exciting development going on near the White River! This home is a "clean slate" and ready for your finishing touches! Add this to your investment portfolio as a long or short term rental! Or, realize the sweat equity and make this your own! This 2 bedroom could easily be converted into a 3 bedroom with the addition of a closet.

11. 2023-07-19
    status Active 529-char remark

    Show marketing remark (529 chars)

    Don't miss out on the rare opportunity to own property within true walking distance of $1 Billion Eleven Park/Elanco Global HQ! Check out this property right in the heart of all of the exciting development going on near the White River! This home is a "clean slate" and ready for your finishing touches! Add this to your investment portfolio as a long or short term rental! Or, realize the sweat equity and make this your own! This 2 bedroom could easily be converted into a 3 bedroom with the addition of a closet.

12. 2023-07-15
    status Pending 529-char remark

    Show marketing remark (529 chars)

    Don't miss out on the rare opportunity to own property within true walking distance of $1 Billion Eleven Park/Elanco Global HQ! Check out this property right in the heart of all of the exciting development going on near the White River! This home is a "clean slate" and ready for your finishing touches! Add this to your investment portfolio as a long or short term rental! Or, realize the sweat equity and make this your own! This 2 bedroom could easily be converted into a 3 bedroom with the addition of a closet.

13. 2023-07-05
    listed $79,000 Active 529-char remark

    Show marketing remark (529 chars)

    Don't miss out on the rare opportunity to own property within true walking distance of $1 Billion Eleven Park/Elanco Global HQ! Check out this property right in the heart of all of the exciting development going on near the White River! This home is a "clean slate" and ready for your finishing touches! Add this to your investment portfolio as a long or short term rental! Or, realize the sweat equity and make this your own! This 2 bedroom could easily be converted into a 3 bedroom with the addition of a closet.

ⓘ 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: $3,527 · $294/mo
• Projected year-2 tax: $3,527 · $294/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 4/10 Moderate FEMA zone X · 23% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥101°F today · 19 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: $18,068
• − Mortgage interest: −$6,162
• − Property taxes: −$3,527
• − Insurance: −$550
• − Repairs & maintenance: −$1,445
• − Management: −$1,445
• − Depreciation: −$3,200
• Taxable income: $1,738
• Est. tax owed @ 24.0%: −$417
• After-tax cash flow: $2,857/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): 27,027
• Household income: $65,280
• Rent vs Own: 38.2% rent · 61.8% own
• Severe rent burden: 1011.0

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% Black 13% Hispanic / Latino 13% Two or more races 7%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 2% Iranian 2% Lithuanian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 87% English-only · Spanish 9% Arabic 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: ▼ -97.56%
• Current HPI: 313.4711
• Rent YoY: ▲ 1.79%
• 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

+39.2% since first listed

9 events — show timeline

• 2026-03-27 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-11 Pending — MIBOR as Distributed by MLS Grid
• 2026-01-20 Price Changed $110,000 MIBOR as Distributed by MLS Grid
• 2025-09-30 Listed $120,000 MIBOR as Distributed by MLS Grid
• 2023-08-02 Sold (MLS) $79,000 MIBOR as Distributed by MLS Grid
• 2023-07-23 Pending — MIBOR as Distributed by MLS Grid
• 2023-07-19 Relisted — MIBOR as Distributed by MLS Grid
• 2023-07-15 Pending — MIBOR as Distributed by MLS Grid
• 2023-07-05 Listed $79,000 MIBOR as Distributed by MLS Grid

Property tax history

+16.7%/yr

Latest (2025): $3,527 · -6.5% YoY. Source: county tax records.