31 W Arizona St · Indianapolis city (balance), IN 46225

$85,000

4 bd · 1.0 ba · 1,352 sqft · SingleFamily public records · 59 Days on market

Built 1929 3,398 sqft lot $63/sqft · 61% below area

---

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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• 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 is a great fixer with views of Lucas Oil Stadium from the front yard. Home has been gutted to studs and is ready for your vision! Original floorplan is for 3 bedrooms and a large eat in kitchen.

Key facts

• Gutted to studs
• Large eat in kitchen
• 3,398 sq ft lot

Tags

• VIEWS OF LUCAS OIL STADIUM
• GUTTED TO STUDS
• LARGE EAT IN KITCHEN

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $772 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• Recommended offer: $82k (3.0% below list) — sets the bar for market timing.
• Cap rate 17.2% 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 fast (+11.0%/yr); 129 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 42% of the median local income ($55k/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 $588 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $24k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 17y ago; this cycle's ask has dropped $15k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $12k; list at $85k implies a 639% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.8% of price; built in 1929 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $82,450 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 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 1929 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 2.27% ✓
• Cap rate: 17.19%
• Cash-on-cash: 38.91%
• DSCR: 2.73
• GRM: 3.7

CMA / ARV

• ARV (median comp): $215,333
• List price: $85,000
• Delta: -60.53%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
125 Kansas St	0.15mi	3/1.0 (-1)	1,381 (+2%)	13mo	$130,000	$94	73
1250 Union St	0.19mi	3/1.5 (-1)	1,440 (+6%)	1mo	$200,000	$139	72
35 Iowa St	0.37mi	3/2.5 (-1)	1,400 (+4%)	2mo	$239,000	$171	64
337 E Minnesota St	0.57mi	3/2.0 (-1)	1,371 (+1%)	8mo	$265,000	$193	56
337 Sanders St	0.47mi	3/2.0 (-1)	1,320 (-2%)	15mo	$262,000	$198	53
255 Iowa St	0.55mi	3/1.0 (-1)	1,452 (+7%)	6mo	$105,000	$72	52
726 Sanders St	0.74mi	3/2.0 (-1)	1,404 (+4%)	3mo	$330,000	$235	48
711 Terrace Ave	0.70mi	3/2.0 (-1)	1,475 (+9%)	1mo	$323,500	$219	42
240 E Caven St	0.56mi	3/1.0 (-1)	1,175 (-13%)	10mo	$235,000	$200	39
305 Sanders St	0.42mi	3/2.0 (-1)	1,542 (+14%)	13mo	$285,000	$185	37
14 E Regent St	0.71mi	3/2.5 (-1)	1,496 (+11%)	2mo	$270,000	$180	36
430 Terrace Ave	0.53mi	3/2.0 (-1)	1,504 (+11%)	14mo	$210,000	$140	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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 41.4%
• Equity multiple: 2.92×
• Total profit: $45,693
• Equity at exit: $12,674

10-year hold

• IRR: 50.2%
• Equity multiple: 7.30×
• Total profit: $149,959
• Equity at exit: $7,349

Cash invested: $23,800 (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 46225

• Home prices YoY: -8.2%
• Rents YoY: 11.0%
• Active inventory: 129
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $1,927 high
• Mortgage (P&I): −$446
• Tax from tax record: −$270 /mo · $3,234/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$405
• Net cashflow: $772

Break-even live

Break-even rent $950

Max offer price $85,000

Occupancy floor 55%

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
243 Terrace Ave Indianapolis, IN	4.0	2.0	1669	$2,700	$1.62	18d	1	0.40mi
1756 S Delaware St Unit 1754 Indianapolis, IN	3.0	2.0	1014	$1,300	$1.28	15d	1	0.47mi
1819 Union St Unit 1817 Indianapolis, IN	3.0	2.0	1020	$1,199	$1.18	44d	1	0.47mi
1756 Delaware St Indianapolis, IN	3.0	2.0	1014	$1,300	$1.28	44d	1	0.47mi
406 Orange St Indianapolis, IN	3.0	2.5	1820	$2,250	$1.24	44d	1	0.49mi
1436 S New Jersey St Unit A Indianapolis, IN	3.0	2.5	1300	$2,100	$1.62	24d	1	0.50mi
224 Iowa St Indianapolis, IN	3.0	1.0	1254	$1,450	$1.16	24d	1	0.51mi
518 Prospect St Unit 1357365P Indianapolis, IN	3.0	2.0	1614	$2,594	$1.61	8d	1	0.63mi
518 Prospect St Unit 1353834P Indianapolis, IN	3.0	2.0	1603	$2,442	$1.52	15d	1	0.63mi
614 Parkway Ave Indianapolis, IN	3.0	2.0	1360	$1,900	$1.40	22d	1	0.64mi
726 Parkway Ave Indianapolis, IN	3.0	2.0	1150	$2,195	$1.91	17d	1	0.72mi
728 Cottage Ave Indianapolis, IN	3.0	2.5	1831	$2,550	$1.39	24d	1	0.72mi
438 E Beecher St Indianapolis, IN	3.0	2.5	1500	$1,450	$0.97	24d	1	0.74mi
752 Cottage Ave Indianapolis, IN	3.0	2.0	1548	$1,750	$1.13	15d	1	0.76mi
1247 Wright St Indianapolis, IN	3.0	1.5	1809	$1,750	$0.97	44d	1	0.78mi
1247 Wright St Indianapolis, IN	3.0	1.5	1247	$1,750	$1.40	18d	1	0.78mi
1830 Orleans St Indianapolis, IN	3.0	2.5	1586	$1,995	$1.26	44d	1	0.79mi
1833 Orleans St Unit 1 Indianapolis, IN	3.0	1.0	1260	$1,350	$1.07	44d	1	0.82mi
620 E Beecher St Indianapolis, IN	3.0	2.0	1072	$1,639	$1.53	20d	1	0.83mi
835 Weghorst St Unit 837 Indianapolis, IN	3.0	1.5	1500	$1,399	$0.93	24d	1	0.83mi
907 Prospect St Unit 907 Prospect NO AMI Indianapolis, IN	3.0	1.5	1121	$1,400	$1.25	24d	1	0.92mi
1514 Ringgold Ave Indianapolis, IN	3.0	1.0	1064	$1,295	$1.22	44d	1	0.93mi
2109 Singleton St Indianapolis, IN	3.0	2.0	1340	$2,100	$1.57	8d	1	0.94mi
2283 Union St Indianapolis, IN	3.0	2.0	1824	$1,820	$1.00	24d	1	0.98mi
2314 Union St Indianapolis, IN	3.0	2.0	892	$1,295	$1.45	44d	1	1.01mi
229 S Delaware St Indianapolis, IN	3.0	1.0–3.5	1207	$4,758	$3.94	2d	54	1.03mi
1012 Prospect St Unit 1527 Indianapolis, IN	3.0	1.5	1150	$1,200	$1.04	44d	1	1.03mi
1012 Prospect St Unit 907 Prospect NO AMI Indianapolis, IN	3.0	1.5	1121	$1,400	$1.25	44d	1	1.03mi
1012 Prospect St Unit 512 State 120% AMI Indianapolis, IN	3.0	1.0	1200	$1,400	$1.17	44d	1	1.03mi
931 Fletcher Ave Indianapolis, IN	2.0–3.0	1.0–2.5	1094	$2,765	$2.53	2d	4	1.16mi
1140 Hoyt Ave Indianapolis, IN	4.0	1.5	1831	$1,895	$1.03	44d	1	1.27mi
1135 Spann Ave Indianapolis, IN	4.0	2.5	1836	$2,495	$1.36	18d	1	1.31mi
1258 E Naomi St Indianapolis, IN	3.0	2.0	1608	$1,450	$0.90	8d	1	1.32mi
50 N Illinois St Unit 1534468P Indianapolis, IN	1.0–5.0	1.5–4.0	1770	$6,769	$3.82	2d	3	1.32mi
50 N Illinois St Unit 1534466P Indianapolis, IN	3.0	2.0	1593	$4,136	$2.60	15d	1	1.32mi
114 W Market St Indianapolis, IN	1.0–3.0	1.0–2.0	1193	$2,879	$2.41	44d	9	1.37mi
1742 Thaddeus St Unit 1742-A Indianapolis, IN	3.0	2.0	1350	$1,600	$1.19	14d	1	1.38mi
1729 Thaddeus St Unit 1729-B Indianapolis, IN	3.0	2.0	1350	$1,600	$1.19	14d	1	1.40mi
451 E Market St Indianapolis, IN	3.0	1.0–2.0	842	$2,283	$2.71	2d	53	1.40mi
110 Pennsylvania Ct Indianapolis, IN	3.0	2.0	1202	$1,700	$1.41	4d	1	1.41mi

Listing history 19 events

1. 2026-06-18
   days on market $85,000 Active 59 DOM
2. 2026-06-17
   days on market $85,000 Active 58 DOM
3. 2026-06-16
   days on market $85,000 Active 57 DOM
4. 2026-06-15
   pricedays on market $85,000 Active 56 DOM
5. 2026-06-13
   days on market $95,000 Active 54 DOM
6. 2026-06-13
   days on market $95,000 Active 53 DOM
7. 2026-06-09
   days on market $95,000 Active 50 DOM
8. 2026-06-08
   days on market $95,000 Active 49 DOM
9. 2026-06-07
   days on market $95,000 Active 48 DOM
10. 2026-06-03
    days on market $95,000 Active 44 DOM
11. 2026-06-02
    pricedays on market $95,000 Active 43 DOM
12. 2026-06-01
    days on market $99,900 Active 42 DOM
13. 2026-05-31
    days on market $99,900 Active 41 DOM
14. 2026-04-20
    listed $99,900 Active 199-char remark

    Show marketing remark (199 chars)

    This is a great fixer with views of Lucas Oil Stadium from the front yard. Home has been gutted to studs and is ready for your vision! Original floorplan is for 3 bedrooms and a large eat in kitchen.

15. 2025-05-09
    historical
16. 2025-05-08
    listed $65,000 Active
17. 2009-12-14
    historical
18. 2009-12-14
    soldstatus $11,500
19. 2009-09-04
    listed $11,900

ⓘ 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: $3,234 · $270/mo
• Projected year-2 tax: $3,234 · $270/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 · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $23,125
• − Mortgage interest: −$4,761
• − Property taxes: −$3,234
• − Insurance: −$425
• − Repairs & maintenance: −$1,850
• − Management: −$1,850
• − Depreciation: −$2,473
• Taxable income: $8,532
• Est. tax owed @ 24.0%: −$2,048
• After-tax cash flow: $7,213/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): 6,037
• Household income: $55,190
• Rent vs Own: 44.0% rent · 56.0% own
• Severe rent burden: 311.0

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 (68%)
• Race & ethnicity: White 68% Two or more races 12% Black 11% Hispanic / Latino 10% Asian 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 2% Italian 2% Slovak 1%
• Foreign-born: 9% · Canada
• Languages at home: 88% English-only · Spanish 10% German/W. Germanic 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: ▼ -36.19%
• Current HPI: 403.9271
• Rent YoY: ▲ 10.98%
• 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

+739.5% since first listed

6 events — show timeline

• 2026-04-20 Listed $99,900 MIBOR as Distributed by MLS Grid
• 2025-05-09 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-05-08 Listed $65,000 MIBOR as Distributed by MLS Grid
• 2009-12-14 Listing Removed — MIBOR as Distributed by MLS Grid
• 2009-12-14 Sold (MLS) $11,500 MIBOR as Distributed by MLS Grid
• 2009-09-04 Listed $11,900 MIBOR as Distributed by MLS Grid

Property tax history

+11.8%/yr

Latest (2025): $3,234 · +17.3% YoY. Source: county tax records.