3557 Caroline Ave · Indianapolis city (balance), IN 46218

$109,000

2 bd · 1.0 ba · 840 sqft · SingleFamily public records · 30 Days on market

Built 1949 5,314 sqft lot Est $108k · at est.

---

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 +24.1/30.0
• DSCR +7.8/10.0
• ARV discount +6.9/15.0
• 1% rule +5.8/10.0
• 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

Quaint updated 2 bed room home features living room dining room combo, eat in kitchen, laundry room, 1 full updated bathroom, freshly painted interior, new flooring. Nice back yard with mature trees. Has been a good rental for several years.

Key facts

• Laundry room
• Eat in kitchen
• Updated home

Tags

• TURNKEY INVESTMENT PROPERTY
• UPDATED HOME
• LIVING ROOM DINING ROOM COMBO
• EAT IN KITCHEN
• LAUNDRY ROOM
• FULL UPDATED BATHROOM

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water; Municipal sewer connected; Municipal solid waste service
• Home design: Single-family residence; One level
• Construction: Vinyl siding; Block foundation
• Exterior features: Lot smaller than 1/4 acre (approximately 0.12 acre)

Interior

• Kitchen: Electric oven; Refrigerator
• Bedrooms: Two main-level bedrooms (one 12x9)
• Bathrooms: One full bathroom on main level
• Heating & cooling: Forced-air heating (natural gas); Central air conditioning
• Interior features: Living room (15x12); Dining room (9x8); Additional main-level room (12x10)
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $109k.

Deal economics

• At list price, monthly cash flow is $214 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $109k).
• Recommended offer: $107k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.7% 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 flat; 334 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); lower-income renter base — watch delinquency; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 37% 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 $754 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 30 days — a 2% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 23y 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 $56k; list at $109k implies a 93% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $107,365 (1.5% below list)

Questions for the listing agent

1. Built in 1949 — 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. 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.
4. 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.
5. 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: 1.08% ✓
• Cap rate: 8.65%
• Cash-on-cash: 8.43%
• DSCR: 1.38
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $107,520
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3714 Hillside Ave	0.19mi	2/2.0	844 (+0%)	4mo	$143,900	$170	83
3511 N Keystone Ave	0.24mi	2/1.0	837 (-0%)	10mo	$113,500	$136	80
3706 Baltimore Ave	0.13mi	2/1.0	812 (-3%)	13mo	$40,000	$49	77
3930 Caroline Ave	0.42mi	2/1.0	812 (-3%)	18mo	$102,500	$126	60
2217 E 34th St	0.28mi	3/1.0 (+1)	912 (+9%)	15mo	$163,450	$179	55
2120 E 34th St	0.23mi	3/2.0 (+1)	900 (+7%)	19mo	$115,000	$128	53
3612 Schofield Ave	0.24mi	3/1.0 (+1)	950 (+13%)	11mo	$126,000	$133	52
3051 N Tacoma Ave	0.70mi	2/1.0	856 (+2%)	15mo	$101,000	$118	52
3932 Millersville Dr	0.44mi	3/1.0 (+1)	925 (+10%)	10mo	$100,000	$108	50
3038 Baltimore Ave	0.67mi	2/1.0	924 (+10%)	4mo	$98,500	$107	49
3331 Orchard Ave	0.34mi	2/1.0	720 (-14%)	14mo	$115,000	$160	49
3135 N Temple Ave	0.64mi	1/1.0 (-1)	725 (-14%)	4mo	$78,000	$108	39

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: -5.9%
• Equity multiple: 0.79×
• Total profit: $-6,545
• Equity at exit: $16,252

10-year hold

• IRR: 1.0%
• Equity multiple: 1.06×
• Total profit: $1,903
• Equity at exit: $9,424

Cash invested: $30,520 (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: 334
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,177 high
• Mortgage (P&I): −$572
• Tax from tax record: −$98 /mo · $1,176/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$247
• Net cashflow: $214

Break-even live

Break-even rent $905

Max offer price $109,000

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: $27,250
• Closing costs: $3,270
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3709 Kinnear Ave Indianapolis, IN	2.0	1.0	650	$1,000	$1.54	43d	1	0.11mi
3723 Orchard Ave Unit 3723 Indianapolis, IN	1.0	1.5	700	$1,300	$1.86	23d	1	0.17mi
3763 Baltimore Ave Unit 3765 Indianapolis, IN	1.0	1.0	750	$750	$1.00	43d	1	0.20mi
3719 Hillside Ave Indianapolis, IN	1.0	1.0	644	$725	$1.13	23d	1	0.21mi
1902 E 35th St Indianapolis, IN	3.0	1.0	1100	$1,600	$1.45	43d	1	0.23mi
3363 Nicholas Ave Indianapolis, IN	2.0	1.0	720	$1,000	$1.39	3d	1	0.29mi
3741 N Tacoma Ave Indianapolis, IN	3.0	1.0	913	$2,200	$2.41	17d	1	0.37mi
3609 Balsam Ave Indianapolis, IN	1.0	1.0	541	$755	$1.40	14d	1	0.59mi
3609 Balsam Ave Indianapolis, IN	1.0	1.0	541	$775	$1.43	2d	1	0.59mi
3535 N Oxford St Indianapolis, IN	3.0	1.0	1015	$1,500	$1.48	21d	1	0.60mi
3610 Balsam Ave Indianapolis, IN	1.0	1.0	464	$775	$1.67	2d	9	0.62mi
3207 N Arsenal Ave Indianapolis, IN	3.0	1.0	994	$1,195	$1.20	23d	1	0.72mi
3472 N Dearborn St Indianapolis, IN	2.0	1.0	890	$1,099	$1.23	19d	1	0.75mi
3132 Dr Andrew J Brown Ave Indianapolis, IN	2.0	1.0–2.0	791	$2,120	$2.68	1d	46	0.82mi
916 Fairfield Ave Unit 918 Indianapolis, IN	3.0	1.0	1000	$1,300	$1.30	7d	1	0.84mi
3909 Winthrop Ave Unit B Indianapolis, IN	2.0	1.5	931	$1,550	$1.66	11d	1	0.86mi
4303 Norwaldo Ave Indianapolis, IN	3.0	1.0	1050	$1,200	$1.14	43d	1	0.90mi
2931 N Tacoma Ave Unit 31 Indianapolis, IN	2.0	1.0	800	$950	$1.19	7d	1	0.91mi
4326 Crittenden Ave Indianapolis, IN	2.0	1.0	812	$1,045	$1.29	20d	1	0.94mi
3139 Guilford Ave Indianapolis, IN	3.0	1.0	1068	$1,345	$1.26	43d	1	0.95mi
4309 Ralston Ave Indianapolis, IN	3.0	1.0	918	$1,600	$1.74	14d	1	0.95mi
3203 Sutherland Ave Unit 1310761P Indianapolis, IN	2.0	1.0	1097	$3,668	$3.34	1d	1	0.99mi
2820 Caroline Ave Indianapolis, IN	3.0	1.5	1112	$1,250	$1.12	23d	1	0.99mi
3522 N Olney St Indianapolis, IN	3.0	1.0	768	$1,300	$1.69	43d	1	1.00mi
3716 N College Ave Unit 3 Indianapolis, IN	2.0	2.0	1100	$1,450	$1.32	43d	1	1.04mi
3359 N College Ave Unit 3359 Indianapolis, IN	2.0	1.5	1082	$1,895	$1.75	23d	1	1.04mi
3421 N Olney St Indianapolis, IN	2.0	1.0	720	$1,195	$1.66	16d	1	1.05mi
636 E 37th St Unit 5 Indianapolis, IN	2.0	1.0	700	$695	$0.99	23d	1	1.07mi
633 E 38th St #4 Indianapolis, IN	3.0	1.0	650	$1,050	$1.62	43d	1	1.08mi
2930 N Dearborn St Indianapolis, IN	1.0	1.0	536	$599	$1.12	23d	1	1.12mi
4115 Meadows Dr Indianapolis, IN	1.0–3.0	1.0–2.0	1013	$1,374	$1.36	43d	9	1.13mi
3615 Sherman Forest Dr Indianapolis, IN	4.0	1.0–2.5	1057	$1,288	$1.22	4d	1	1.15mi
2920 N Lasalle St Indianapolis, IN	3.0	1.0	875	$1,095	$1.25	17d	1	1.18mi
4521 Norwaldo Ave Unit A Indianapolis, IN	2.0	1.5	1024	$1,525	$1.49	23d	1	1.18mi
4521 Norwaldo Ave Unit B Indianapolis, IN	2.0	1.5	1054	$1,600	$1.52	43d	1	1.18mi
4400 E Fall Creek Parkway North Dr Indianapolis, IN	1.0–2.0	1.0–1.5	857	$1,349	$1.57	1d	31	1.20mi
2949 Adams St Indianapolis, IN	2.0	1.0	978	$1,150	$1.18	43d	1	1.21mi
3383 Station St Indianapolis, IN	3.0	1.0	744	$1,250	$1.68	23d	1	1.21mi
2511 E 46th St Indianapolis, IN	1.0–2.0	1.0–2.0	830	$1,305	$1.57	43d	2	1.23mi
2010 E 25th St Indianapolis, IN	2.0	1.0	792	$775	$0.98	23d	1	1.26mi

Listing history 35 events

1. 2026-06-18
   days on market $109,000 Active 30 DOM
2. 2026-06-17
   days on market $109,000 Active 29 DOM
3. 2026-06-16
   days on market $109,000 Active 28 DOM
4. 2026-06-15
   days on market $109,000 Active 27 DOM
5. 2026-06-13
   days on market $109,000 Active 25 DOM
6. 2026-06-13
   days on market $109,000 Active 24 DOM
7. 2026-06-09
   days on market $109,000 Active 21 DOM
8. 2026-06-08
   days on market $109,000 Active 20 DOM
9. 2026-06-07
   days on market $109,000 Active 19 DOM
10. 2026-06-03
    days on market $109,000 Active 15 DOM
11. 2026-06-02
    days on market $109,000 Active 14 DOM
12. 2026-06-01
    days on market $109,000 Active 13 DOM
13. 2026-05-31
    days on market $109,000 Active 12 DOM
14. 2026-05-19
    listed $109,000 Active
15. 2024-07-16
    status Pending
16. 2024-07-15
    historical
17. 2024-07-01
    price $105,000
18. 2024-06-13
    listed $109,000 Active
19. 2021-11-19
    soldstatus $56,500 Closed 243-char remark

    Show marketing remark (243 chars)

    Quaint updated 2 bed room home features living room dining room combo, eat in kitchen, laundry room, 1 full updated bathroom, freshly painted interior, new flooring. Nice back yard with mature trees. Has been a good rental for several years.

20. 2021-10-19
    status Pending 243-char remark

    Show marketing remark (243 chars)

    Quaint updated 2 bed room home features living room dining room combo, eat in kitchen, laundry room, 1 full updated bathroom, freshly painted interior, new flooring. Nice back yard with mature trees. Has been a good rental for several years.

21. 2021-10-15
    listed $60,000 Active 243-char remark

    Show marketing remark (243 chars)

    Quaint updated 2 bed room home features living room dining room combo, eat in kitchen, laundry room, 1 full updated bathroom, freshly painted interior, new flooring. Nice back yard with mature trees. Has been a good rental for several years.

22. 2008-11-21
    soldstatus $12,000
23. 2008-09-12
    listed $12,500
24. 2008-08-30
    historical
25. 2008-02-16
    listed $32,975
26. 2006-09-02
    historical
27. 2006-07-06
    soldstatus $25,000
28. 2006-06-07
    listed $29,900
29. 2005-10-01
    listed $65,000
30. 2004-08-25
    soldstatus $12,000
31. 2004-07-04
    listed $15,900
32. 2004-06-30
    historical
33. 2004-03-15
    historical
34. 2004-02-06
    listed $19,900
35. 2003-10-13
    listed $23,500

ⓘ 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: $1,176 · $98/mo
• Projected year-2 tax: $1,176 · $98/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 5/10 Major FEMA zone X (unshaded) · 32% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°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: $14,120
• − Mortgage interest: −$6,106
• − Property taxes: −$1,176
• − Insurance: −$545
• − Repairs & maintenance: −$1,130
• − Management: −$1,130
• − Depreciation: −$3,171
• Taxable income: $862
• Est. tax owed @ 24.0%: −$207
• After-tax cash flow: $2,367/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

+363.8% since first listed

22 events — show timeline

• 2026-05-19 Listed $109,000 MIBOR as Distributed by MLS Grid
• 2024-07-16 Pending — MIBOR as Distributed by MLS Grid
• 2024-07-15 Listing Removed — MIBOR as Distributed by MLS Grid
• 2024-07-01 Price Changed $105,000 MIBOR as Distributed by MLS Grid
• 2024-06-13 Listed $109,000 MIBOR as Distributed by MLS Grid
• 2021-11-19 Sold (MLS) $56,500 MIBOR as Distributed by MLS Grid
• 2021-10-19 Pending — MIBOR as Distributed by MLS Grid
• 2021-10-15 Listed $60,000 MIBOR as Distributed by MLS Grid
• 2008-11-21 Sold (MLS) $12,000 MIBOR as Distributed by MLS Grid
• 2008-09-12 Listed $12,500 MIBOR as Distributed by MLS Grid
• 2008-08-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2008-02-16 Listed $32,975 MIBOR as Distributed by MLS Grid
• 2006-09-02 Listing Removed — MIBOR as Distributed by MLS Grid
• 2006-07-06 Sold (MLS) $25,000 MIBOR as Distributed by MLS Grid
• 2006-06-07 Listed $29,900 MIBOR as Distributed by MLS Grid
• 2005-10-01 Listed $65,000 MIBOR as Distributed by MLS Grid
• 2004-08-25 Sold (MLS) $12,000 MIBOR as Distributed by MLS Grid
• 2004-07-04 Listed $15,900 MIBOR as Distributed by MLS Grid
• 2004-06-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2004-03-15 Listing Removed — MIBOR as Distributed by MLS Grid
• 2004-02-06 Listed $19,900 MIBOR as Distributed by MLS Grid
• 2003-10-13 Listed $23,500 MIBOR as Distributed by MLS Grid

Property tax history

+7.2%/yr

Latest (2025): $1,176 · +5.3% YoY. Source: county tax records.