1525 Villa Ave · Indianapolis city (balance), IN 46203

$129,900

1 bd · 2.0 ba · 741 sqft · MultiFamily public records · 19 Days on market

Built 1924 4,051 sqft lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.2/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Double. 4 rooms per side. Bank owned. Needs some repairs.

Key facts

• 4,051 sq ft lot
• Built 1924
• Listed 19 days

Property features AI

Finance

• Financial info: Two-unit property; Reported gross income: $0; Reported expenses: $0; One unit currently listed with monthly rent of $650

Exterior

• Utilities: Solid waste service: No
• Home design: Duplex (Residential Income); Conversion: No
• Construction: No construction details provided
• Exterior features: Property currently vacant; Lot of about 0.09 acre; GPS-friendly directions

Interior

• Kitchen: Kitchen in one unit measures approximately 8 x 11
• Bedrooms: One 1-bedroom unit (unit spans 2 levels)
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 1-bed/2.0-bath multifamily listed at $130k.

Deal economics

• At list price, monthly cash flow is $958 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $128k (1.5% below list) — sets the bar for market timing.
• Cap rate 15.1% 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 (+2.9%/yr); 493 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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).
• At $2,340/mo this rent would consume 49% of the median local household income ($57k/yr) (locally 1499% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $898 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.
• At projected returns (-3.0% appreciation + 2.9% rent growth), your $36k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 23y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $12k; list at $130k implies a 1030% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $127,951 (1.5% below list)

Questions for the listing agent

1. Built in 1924 — 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.80% ✓
• Cap rate: 15.15%
• Cash-on-cash: 31.62%
• DSCR: 2.41
• GRM: 4.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.88% rent growth · sell at horizon

5-year hold

• IRR: 26.4%
• Equity multiple: 2.09×
• Total profit: $39,734
• Equity at exit: $19,369

10-year hold

• IRR: 34.0%
• Equity multiple: 4.08×
• Total profit: $112,162
• Equity at exit: $11,231

Cash invested: $36,372 (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 46203

• Home prices YoY: -26.7%
• Rents YoY: 2.9%
• Active inventory: 493
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $2,340 high
• Mortgage (P&I): −$681
• Tax from tax record: −$155 /mo · $1,860/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$491
• Net cashflow: $958

Break-even live

Break-even rent $1,127

Max offer price $129,900

Occupancy floor 54%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,340
Total (2 units)			$2,340

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1503 Dawson St Indianapolis, IN	2.0	1.0	700	$1,200	$1.71	43d	1	0.12mi
1026 Laurel St Indianapolis, IN	1.0	1.0	655	$860	$1.31	43d	1	0.19mi
1727 S Randolph St Indianapolis, IN	1.0	1.0	616	$950	$1.54	43d	1	0.19mi
1640 Asbury St Indianapolis, IN	1.0	1.0	700	$850	$1.21	43d	1	0.22mi
1022 S Churchman Ave Unit 1024 Indianapolis, IN	1.0	1.0	350	$895	$2.56	43d	1	0.46mi
1023 S State Ave Indianapolis, IN	1.0	1.0	600	$1,099	$1.83	23d	1	0.50mi
1441 Prospect St Indianapolis, IN	2.0	1.0–2.0	2840	$1,614	$0.57	1d	13	0.57mi
815 Dawson St Unit 2 Indianapolis, IN	2.0	1.0	600	$1,300	$2.17	4d	1	0.62mi
1912 Lexington Ave Unit 1912A Indianapolis, IN	—	1.0	660	$825	$1.25	43d	1	0.65mi
1912 Lexington Ave Unit 1910B Indianapolis, IN	1.0	1.0	660	$850	$1.29	43d	1	0.65mi
1224 Prospect St Indianapolis, IN	2.0	1.0–2.0	691	$1,648	$2.38	1d	8	0.72mi
1306 Woodlawn Ave Unit 1B Indianapolis, IN	1.0	1.0	720	$1,275	$1.77	43d	1	0.74mi
1306 Woodlawn Ave Unit 1D Indianapolis, IN	1.0	1.0	391	$1,025	$2.62	43d	1	0.74mi
1558 Shelby St Indianapolis, IN	1.0	1.0	500	$1,000	$2.00	43d	1	0.75mi
1556 Shelby St Indianapolis, IN	2.0	1.0	500	$1,000	$2.00	43d	1	0.75mi
1140 Shelby St Unit 203 Indianapolis, IN	—	1.0	593	$1,290	$2.18	7d	1	0.80mi
1604 E Kelly St Indianapolis, IN	2.0	1.0	750	$1,025	$1.37	17d	1	0.82mi
1044 Shelby St Unit 205 CDBG 80% Indianapolis, IN	1.0	1.0	579	$650	$1.12	17d	1	0.84mi
1409 E Tabor St Indianapolis, IN	1.0	1.0	528	$775	$1.47	23d	1	0.87mi
423 Villa Ave Indianapolis, IN	1.0	1.0	593	$799	$1.35	23d	1	0.92mi
2469 Dawson St Indianapolis, IN	2.0	1.0	700	$949	$1.36	3d	4	0.99mi
247 S Randolph St Indianapolis, IN	2.0	1.0	720	$750	$1.04	43d	1	1.05mi
245 S Randolph St Indianapolis, IN	2.0	1.0	720	$750	$1.04	43d	1	1.06mi
2025 Southeastern Ave Indianapolis, IN	1.0	1.0	663	$775	$1.17	43d	1	1.06mi
2034 Southeastern Ave Indianapolis, IN	1.0	1.0	525	$850	$1.62	14d	1	1.09mi
3022 English Ave Unit 3022 Indianapolis, IN	2.0	1.0	600	$650	$1.08	43d	1	1.13mi
1861 Orleans St Indianapolis, IN	1.0	1.0	552	$2,500	$4.53	23d	1	1.16mi
2142 S Garfield Dr Unit 2142 Indianapolis, IN	1.0	1.0	500	$650	$1.30	43d	1	1.17mi
1718 Southeastern Ave Indianapolis, IN	1.0	1.0	700	$1,080	$1.54	43d	1	1.18mi
2525 Shelby St Unit 1 Indianapolis, IN	1.0	1.0	600	$865	$1.44	3d	1	1.28mi
2525 Shelby St Unit 4 Indianapolis, IN	1.0	1.0	600	$775	$1.29	23d	1	1.28mi
1436 S New Jersey St Unit B Indianapolis, IN	2.0	2.0	650	$1,700	$2.62	7d	1	1.33mi
1436 S New Jersey St Unit C Indianapolis, IN	2.0	2.0	600	$1,600	$2.67	43d	1	1.33mi
2555 Shelby St Unit 2559 Indianapolis, IN	1.0	1.0	717	$1,250	$1.74	43d	1	1.35mi
520 Virginia Ave Apt 24 Indianapolis, IN	1.0	1.0	665	$1,575	$2.37	23d	1	1.41mi
355 E Morris St Indianapolis, IN	2.0	1.0	648	$1,800	$2.78	23d	1	1.41mi
531 Virginia Ave Indianapolis, IN	1.0	1.0	642	$1,384	$2.16	7d	4	1.41mi
1413 Washington St Indianapolis, IN	—	1.0	350	$800	$2.29	43d	1	1.44mi
340 Prospect St Unit 21 Indianapolis, IN	1.0	1.0	370	$725	$1.96	12d	1	1.46mi
340 Prospect St #22 Indianapolis, IN	1.0	1.0	370	$725	$1.96	14d	1	1.47mi

Listing history 12 events

1. 2026-06-18
   days on market $129,900 Active 19 DOM
2. 2026-06-17
   days on market $129,900 Active 18 DOM
3. 2026-06-16
   days on market $129,900 Active 17 DOM
4. 2026-06-15
   days on market $129,900 Active 16 DOM
5. 2026-06-13
   days on market $129,900 Active 14 DOM
6. 2026-06-13
   pricedays on market $129,900 Active 13 DOM
7. 2026-06-09
   days on market $140,000 Active 10 DOM
8. 2026-06-08
   days on market $140,000 Active 9 DOM
9. 2026-06-07
   days on market $140,000 Active 8 DOM
10. 2026-06-03
    days on market $140,000 Active 4 DOM
11. 2026-06-02
    days on market $140,000 Active 3 DOM
12. 2026-06-01
    days on market $140,000 Active 2 DOM

ⓘ 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: $1,860 · $155/mo
• Projected year-2 tax: $1,860 · $155/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: $28,080
• − Mortgage interest: −$7,276
• − Property taxes: −$1,860
• − Insurance: −$650
• − Repairs & maintenance: −$2,246
• − Management: −$2,246
• − Depreciation: −$3,779
• Taxable income: $10,023
• Est. tax owed @ 24.0%: −$2,405
• After-tax cash flow: $9,094/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): 37,758
• Household income: $57,393
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 1499.0

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% Hispanic / Latino 14% Black 12% Two or more races 8% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 12% Puerto Rican 1%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 8% · Canada
• Languages at home: 88% English-only · Spanish 10% Other Indo-European 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: ▼ -127.37%
• Current HPI: 349.579
• Rent YoY: ▲ 2.88%
• 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

+700.0% since first listed

10 events — show timeline

• 2026-05-30 Listed $140,000 MIBOR as Distributed by MLS Grid
• 2026-01-16 Rental Removed $699 APPFOLIO
• 2025-12-17 Listed for Rent $699 APPFOLIO
• 2024-09-27 Rental Removed $625 APPFOLIO
• 2024-08-10 Price Changed $625 APPFOLIO
• 2024-06-01 Listed for Rent $675 APPFOLIO
• 2003-10-30 Sold (MLS) $11,500 MIBOR as Distributed by MLS Grid
• 2003-09-08 Listed $17,500 MIBOR as Distributed by MLS Grid
• 2003-04-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2003-01-08 Listed $17,500 MIBOR as Distributed by MLS Grid

Property tax history

+7.0%/yr

Latest (2025): $1,860 · -2.1% YoY. Source: county tax records.