37 S Gray · Indianapolis city (balance), IN 46201

$84,555

2 bd · 1.0 ba · 1,060 sqft · SingleFamily public records · 5 Days on market

Built 1922 5,097 sqft lot Est $113k · 25% 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• Rent growth +4.3/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Just off of East Washington St sits 37 S Gray a 2 bed, 1 bath home with a simple, functional & aesthetic layout, fully enclosed front porch, a basement & large backyard. This home recently had the roof replaced along with plumbing main lines updated & a bathroom remodel. Come & see this gem before it's gone!

Key facts

• Large backyard
• Bathroom remodel
• Bungalow style home

Tags

• BUNGALOW STYLE HOME
• LARGE BACKYARD
• ROOF REPLACED
• PLUMBING MAIN LINES UPDATED
• BATHROOM REMODEL

Property features AI

Exterior

• Parking: Alley access; Garage listed with 216 sq ft (garage spaces reported as 0)
• Utilities: Public water; Municipal sewer connected; Solid waste service available
• Home design: Single-family residence; One story
• Construction: Vinyl siding with brick; Block foundation
• Exterior features: Lot under 1/4 acre (approximately 0.12 acre)

Interior

• Kitchen: Eat-in kitchen; No appliances included
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced air heating; Cooling: Other
• Interior features: Eat-in kitchen; Has basement; Five total rooms
• Laundry & utility: No laundry appliances listed

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $377 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Cap rate 11.6% 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 (+7.3%/yr); 483 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 45% 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).
• This rent runs 31% of the median local income ($49k/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 $584 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 + 7.3% rent growth), your $24k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 20y 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.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $84,555

Questions for the listing agent

1. Built in 1922 — 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: 1.49% ✓
• Cap rate: 11.65%
• Cash-on-cash: 19.13%
• DSCR: 1.85
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $113,420
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3037 Newton Ave	0.22mi	3/1.0 (+1)	1,074 (+1%)	2mo	$156,000	$145	81
331 S Oakland Ave	0.37mi	3/1.0 (+1)	1,056 (-0%)	5mo	$135,000	$128	73
215 Trowbridge St	0.48mi	1/1.0 (-1)	1,071 (+1%)	4mo	$57,000	$53	67
3780 E Pleasant Run Parkway North Dr	0.47mi	3/1.0 (+1)	1,026 (-3%)	3mo	$136,000	$133	65
318 N Kealing Ave	0.53mi	2/1.0	1,113 (+5%)	3mo	$152,000	$137	65
3106 Newton Ave	0.18mi	3/2.0 (+1)	912 (-14%)	1mo	$95,500	$105	58
415 S Oakland Ave	0.44mi	3/1.0 (+1)	1,032 (-3%)	15mo	$91,000	$88	58
3526 E Vermont St	0.48mi	2/1.0	1,152 (+9%)	10mo	$61,000	$53	55
3040 English Ave	0.52mi	3/1.0 (+1)	1,140 (+8%)	9mo	$80,000	$70	51
317 N Bradley Ave	0.67mi	3/1.5 (+1)	1,100 (+4%)	8mo	$95,000	$86	48
274 Leeds Ave	0.45mi	3/2.0 (+1)	936 (-12%)	12mo	$100,000	$107	41
3730 E Pleasant Run Parkway North Dr	0.55mi	3/1.0 (+1)	912 (-14%)	15mo	$147,900	$162	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 · 7.31% rent growth · sell at horizon

5-year hold

• IRR: 16.0%
• Equity multiple: 1.68×
• Total profit: $16,057
• Equity at exit: $12,607

10-year hold

• IRR: 27.7%
• Equity multiple: 3.98×
• Total profit: $70,587
• Equity at exit: $7,311

Cash invested: $23,675 (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 46201

• Home prices YoY: -33.9%
• Rents YoY: 7.3%
• Active inventory: 483
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,256 high
• Mortgage (P&I): −$443
• Tax from tax record: −$137 /mo · $1,638/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$264
• Net cashflow: $377

Break-even live

Break-even rent $779

Max offer price $84,555

Occupancy floor 65%

Sensitivity live

Price	-10% $425	-5% $401	+0% $377	+5% $353	+10% $330
Rent	-10% $278	-5% $328	+0% $377	+5% $427	+10% $477
Rate	-1.0pp $420	-0.5pp $399	base $377	+0.5pp $355	+1.0pp $333

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: $21,139
• Closing costs: $2,537
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
28 S Dearborn St Unit B Indianapolis, IN	2.0	1.5	1166	$1,150	$0.99	24d	1	0.01mi
28 S Dearborn St Unit A Indianapolis, IN	3.0	1.0	1100	$1,400	$1.27	11d	1	0.01mi
20 N Gray St Indianapolis, IN	3.0	2.0	1300	$1,800	$1.38	44d	1	0.11mi
37 S Tuxedo St Indianapolis, IN	3.0	1.0	950	$1,150	$1.21	44d	1	0.15mi
235 N Oakland Ave Indianapolis, IN	2.0	1.0	800	$1,000	$1.25	44d	1	0.24mi
253 N Gray St Indianapolis, IN	3.0	1.5	1176	$1,660	$1.41	8d	1	0.24mi
49 S Rural St Indianapolis, IN	2.0	1.5	750	$950	$1.27	11d	1	0.29mi
253 S Gray St Indianapolis, IN	3.0	1.5	1176	$1,660	$1.41	3d	1	0.29mi
301 S Gray St Indianapolis, IN	2.0	1.0	841	$1,025	$1.22	24d	1	0.32mi
409 N Oakland Ave Unit 411 Indianapolis, IN	3.0	2.0	1300	$1,495	$1.15	44d	1	0.37mi
408 N Oakland Ave Unit A Indianapolis, IN	2.0	2.0	1100	$995	$0.90	18d	1	0.37mi
430 N Dearborn St Indianapolis, IN	3.0	1.0	1128	$1,300	$1.15	44d	1	0.39mi
340 S Dearborn St Indianapolis, IN	2.0	1.0	873	$1,180	$1.35	24d	1	0.40mi
83 N Ewing St Unit 83 Indianapolis, IN	3.0	1.0	1016	$1,199	$1.18	44d	1	0.41mi
313 Eastern Ave Indianapolis, IN	2.0	1.0	1040	$950	$0.91	23d	1	0.45mi
3622 E New York St Indianapolis, IN	2.0	1.0	805	$995	$1.24	44d	1	0.46mi
323 S Rural St Indianapolis, IN	3.0	1.5	1090	$1,050	$0.96	44d	1	0.47mi
2903 E Michigan St Indianapolis, IN	3.0	2.0	1310	$1,650	$1.26	15d	1	0.47mi
39 N Tacoma Ave Indianapolis, IN	3.0	1.0	1233	$895	$0.73	44d	1	0.47mi
510 N Dearborn St Indianapolis, IN	3.0	1.0	1008	$1,350	$1.34	44d	1	0.48mi
241 S Temple Ave Indianapolis, IN	3.0	2.0	1200	$1,350	$1.12	44d	1	0.48mi
37 S Sherman Dr Indianapolis, IN	1.0	1.0	700	$800	$1.14	24d	1	0.48mi
350 S Oxford St Indianapolis, IN	3.0	1.0	826	$1,300	$1.57	44d	1	0.49mi
33 N Sherman Dr Unit 33 Indianapolis, IN	3.0	1.5	1288	$1,500	$1.16	8d	1	0.51mi
330 S Rural St Indianapolis, IN	2.0	1.0	960	$1,050	$1.09	8d	1	0.51mi
418 Eastern Ave Indianapolis, IN	3.0	1.0	1008	$1,325	$1.31	24d	1	0.52mi
224 N Tacoma Ave Unit B TACOMA Indianapolis, IN	1.0	1.0	1200	$799	$0.67	8d	1	0.52mi
228 N Tacoma Ave Indianapolis, IN	3.0	1.0	1200	$1,100	$0.92	11d	1	0.52mi
8 S Bradley Ave Indianapolis, IN	2.0	1.0	1300	$950	$0.73	24d	1	0.53mi
613-615 N Jefferson Indianapolis, IN	3.0	1.0	1030	$1,600	$1.55	15d	1	0.54mi
2814 E Michigan St Unit D Indianapolis, IN	2.0	1.5	949	$1,350	$1.42	44d	1	0.54mi
2810 E Michigan St Unit C Indianapolis, IN	2.0	1.5	949	$1,350	$1.42	44d	1	0.54mi
632 N Gray St Indianapolis, IN	3.0	1.0	960	$1,800	$1.88	44d	1	0.64mi
637 N Gray St Indianapolis, IN	3.0	1.5	1120	$1,150	$1.03	45d	1	0.64mi
2631 Southeastern Ave Indianapolis, IN	3.0	2.0	1072	$1,195	$1.11	12d	1	0.65mi
639 N Gray St Indianapolis, IN	3.0	1.5	1120	$1,220	$1.09	44d	1	0.65mi
447 N Sherman Dr Indianapolis, IN	3.0	1.5	1312	$1,195	$0.91	44d	1	0.65mi
412 N Bradley Ave Unit 3 Indianapolis, IN	2.0	1.0	700	$950	$1.36	24d	1	0.65mi
439 N Forest Ave Indianapolis, IN	3.0	2.0	1030	$1,200	$1.17	24d	1	0.65mi
314 N Denny St Indianapolis, IN	3.0	1.0	1184	$975	$0.82	24d	1	0.66mi

Listing history 4 events

1. 2026-06-21
   days on market $84,555 Active 5 DOM
2. 2026-06-18
   days on market $84,555 Active 2 DOM
3. 2026-06-17
   remarks 317-char remark
4. 2026-06-17
   listed $84,555 Active 1 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: $1,638 · $137/mo
• Projected year-2 tax: $1,638 · $137/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 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,077
• − Mortgage interest: −$4,736
• − Property taxes: −$1,638
• − Insurance: −$423
• − Repairs & maintenance: −$1,206
• − Management: −$1,206
• − Depreciation: −$2,460
• Taxable income: $3,407
• Est. tax owed @ 24.0%: −$818
• After-tax cash flow: $3,711/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): 30,335
• Household income: $49,195
• Rent vs Own: 48.4% rent · 51.6% own
• Severe rent burden: 1906.0

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: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 53% Hispanic / Latino 23% Black 18% Two or more races 9%
• Hispanic origin (detail): Mexican 14% Puerto Rican 2%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 9% · Canada
• Languages at home: 81% English-only · Spanish 17%

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: ▼ -192.51%
• Current HPI: 375.0969
• Rent YoY: ▲ 7.31%
• 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

+182.8% since first listed

3 events — show timeline

• 2026-06-15 Listed $84,555 MIBOR as Distributed by MLS Grid
• 2007-02-12 Listing Removed — MIBOR as Distributed by MLS Grid
• 2006-08-13 Listed $29,900 MIBOR as Distributed by MLS Grid

Property tax history

+8.3%/yr

Latest (2025): $1,638 · +2.5% YoY. Source: county tax records.