4312 Norwaldo Ave · Indianapolis city (balance), IN 46205

$175,000

2 bd · 4.0 ba · 736 sqft · MultiFamily public records · 59 Days on market

Built 1945 7,840 sqft lot $238/sqft · 154% above area Est $138k · 27% over

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.6/10.0
• Rent growth +4.1/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Opportunity knocks at 4312-4314 Norwaldo Ave! This duplex is perfectly positioned just steps from the Indiana State Fairgrounds, one of Indianapolis' most active event hubs, bringing year-round traffic from the Indiana State Fair, concerts, festivals, and exhibitions. The location alone makes this property a standout for investors looking to capitalize on strong rental demand and future appreciation. Each unit features 2 bedrooms and 1 bathroom, with basement laundry offering added convenience for tenants. While the property could use some TLC, it presents a fantastic value-add opportunity for those looking to renovate, increase rents, and build equity quickly. Whether you're considering a full renovation, light cosmetic updates, or a long-term hold strategy, the upside here is clear. A great addition to any portfolio. Don't miss your chance to turn potential into profit in one of Indianapolis' most active and accessible locations!

Key facts

• Strong rental demand
• Basement laundry
• 7,840 sq ft lot

Tags

• STRONG RENTAL DEMAND
• VALUE-ADD OPPORTUNITY
• BASEMENT LAUNDRY

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $175k.

Deal economics

• At list price, monthly cash flow is $701 ($8k/yr) — positive. Per door: $350/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $175k).
• Recommended offer: $170k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.1% 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 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 rising fast (+6.2%/yr); 314 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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 ($72k/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 $1k of loan paydown is wiped out by about $5k 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 + 6.2% rent growth), your $49k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 22y 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 $45k; list at $175k implies a 289% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $169,750 (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. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.46% ✓
• Cap rate: 11.10%
• Cash-on-cash: 17.16%
• DSCR: 1.76
• GRM: 5.7

CMA / ARV

• ARV (median comp): $137,660
• List price: $175,000
• Delta: 27.12%
• Verdict: OVERPRICED
• Comps: 9 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4354 Norwaldo Ave	0.08mi	1/1.0 (-1)	800 (+9%)	9mo	$160,000	$200	58

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 · 6.21% rent growth · sell at horizon

5-year hold

• IRR: 12.3%
• Equity multiple: 1.51×
• Total profit: $24,908
• Equity at exit: $26,093

10-year hold

• IRR: 23.8%
• Equity multiple: 3.39×
• Total profit: $116,950
• Equity at exit: $15,131

Cash invested: $49,000 (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 46205

• Rents YoY: 6.2%
• Active inventory: 314
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $2,556 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$328 /mo · $3,933/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$537
• Net cashflow: $701

Break-even live

Break-even rent $1,669

Max offer price $175,000

Occupancy floor 68%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,556
Total (2 units)			$2,556

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4560 Marcy Ln Indianapolis, IN	1.0–2.0	1.0	770	$1,565	$2.03	14d	8	0.40mi
2106 E 46th St Indianapolis, IN	1.0	1.0	552	$925	$1.68	10d	1	0.43mi
4525 Indianola Ave Indianapolis, IN	1.0	1.0	480	$774	$1.61	4d	1	0.48mi
2511 E 46th St Indianapolis, IN	1.0–2.0	1.0–2.0	830	$1,305	$1.57	43d	2	0.56mi
5006 Rosslyn Ave Indianapolis, IN	2.0	1.0	744	$2,000	$2.69	23d	1	0.71mi
3763 Baltimore Ave Unit 3765 Indianapolis, IN	1.0	1.0	750	$750	$1.00	43d	1	0.76mi
4400 E Fall Creek Parkway North Dr Indianapolis, IN	1.0–2.0	1.0–1.5	857	$1,349	$1.57	1d	31	0.77mi
3723 Orchard Ave Unit 3723 Indianapolis, IN	1.0	1.5	700	$1,300	$1.86	23d	1	0.77mi
3709 Kinnear Ave Indianapolis, IN	2.0	1.0	650	$1,000	$1.54	43d	1	0.80mi
3719 Hillside Ave Indianapolis, IN	1.0	1.0	644	$725	$1.13	23d	1	0.83mi
5018 Lemans Dr Indianapolis, IN	4.0	1.0–2.0	762	$1,209	$1.59	2d	37	0.85mi
2111 E 52nd St Indianapolis, IN	1.0–2.0	1.0	750	$1,150	$1.53	7d	4	0.86mi
5169 Caroline Ave Indianapolis, IN	1.0	1.0	600	$1,400	$2.33	23d	1	0.86mi
3609 Balsam Ave Indianapolis, IN	1.0	1.0	541	$755	$1.40	14d	1	0.95mi
3609 Balsam Ave Indianapolis, IN	1.0	1.0	541	$775	$1.43	2d	1	0.95mi
3610 Balsam Ave Indianapolis, IN	1.0	1.0	464	$775	$1.67	2d	9	0.97mi
3519 Balsam Ave Unit 7 Indianapolis, IN	1.0	1.0	450	$850	$1.89	23d	1	0.98mi
3519 Balsam Ave Unit 6 Indianapolis, IN	1.0	1.0	450	$775	$1.72	43d	1	0.99mi
5220 Luzzane Dr Indianapolis, IN	1.0–3.0	1.0–2.0	1046	$1,410	$1.35	16d	19	1.00mi
5220 Luzzane Ln Unit V-802 Indianapolis, IN	1.0	1.0	750	$978	$1.30	2d	1	1.01mi
5220 Luzzane Ln Unit V-301 Indianapolis, IN	1.0	1.0	750	$1,099	$1.47	7d	1	1.01mi
5220 Luzzane Ln Unit V-503 Indianapolis, IN	1.0	1.0	750	$999	$1.33	19d	1	1.01mi
5220 Luzzane Ln Unit V-906 Indianapolis, IN	1.0	1.0	750	$1,016	$1.35	13d	1	1.01mi
2135 Winthrop Ave Indianapolis, IN	1.0–3.0	1.0–2.0	926	$1,918	$2.07	7d	1	1.07mi
1040 Fairfield Ave Unit 104011 Indianapolis, IN	1.0	1.0	519	$799	$1.54	23d	1	1.09mi
4115 Meadows Dr Indianapolis, IN	1.0–3.0	1.0–2.0	1013	$1,374	$1.36	43d	9	1.13mi
636 E 37th St Unit 5 Indianapolis, IN	2.0	1.0	700	$695	$0.99	23d	1	1.14mi
633 E 38th St #4 Indianapolis, IN	3.0	1.0	650	$1,050	$1.62	43d	1	1.14mi
3363 Nicholas Ave Indianapolis, IN	2.0	1.0	720	$1,000	$1.39	3d	1	1.20mi
3836 Central Ave Indianapolis, IN	1.0	1.0	600	$1,125	$1.88	23d	1	1.28mi
3615 Sherman Forest Dr Indianapolis, IN	4.0	1.0–2.5	1057	$1,288	$1.22	4d	1	1.39mi
721 E 54th St Indianapolis, IN	1.0	1.0	650	$1,295	$1.99	7d	1	1.39mi

Listing history 28 events

1. 2026-06-18
   days on market $175,000 Active 59 DOM
2. 2026-06-17
   days on market $175,000 Active 58 DOM
3. 2026-06-16
   days on market $175,000 Active 57 DOM
4. 2026-06-15
   days on market $175,000 Active 56 DOM
5. 2026-06-13
   days on market $175,000 Active 54 DOM
6. 2026-06-13
   days on market $175,000 Active 53 DOM
7. 2026-06-09
   days on market $175,000 Active 50 DOM
8. 2026-06-08
   days on market $175,000 Active 49 DOM
9. 2026-06-07
   days on market $175,000 Active 48 DOM
10. 2026-06-03
    days on market $175,000 Active 44 DOM
11. 2026-06-02
    days on market $175,000 Active 43 DOM
12. 2026-06-01
    days on market $175,000 Active 42 DOM
13. 2026-05-31
    days on market $175,000 Active 41 DOM
14. 2026-04-17
    listed $175,000 Active 945-char remark

    Show marketing remark (945 chars)

    Opportunity knocks at 4312-4314 Norwaldo Ave! This duplex is perfectly positioned just steps from the Indiana State Fairgrounds, one of Indianapolis' most active event hubs, bringing year-round traffic from the Indiana State Fair, concerts, festivals, and exhibitions. The location alone makes this property a standout for investors looking to capitalize on strong rental demand and future appreciation. Each unit features 2 bedrooms and 1 bathroom, with basement laundry offering added convenience for tenants. While the property could use some TLC, it presents a fantastic value-add opportunity for those looking to renovate, increase rents, and build equity quickly. Whether you're considering a full renovation, light cosmetic updates, or a long-term hold strategy, the upside here is clear. A great addition to any portfolio. Don't miss your chance to turn potential into profit in one of Indianapolis' most active and accessible locations!

15. 2024-09-09
    historical $825
16. 2024-08-18
    listed $825
17. 2024-03-14
    historical $825
18. 2024-01-26
    listed $825
19. 2024-01-13
    historical $895
20. 2023-12-15
    listed $895
21. 2009-07-24
    historical 277-char remark

    Show marketing remark (277 chars)

    Awesome Opportunity! Re-conditioned double / duplex fully leased. 2 Bedroom / 1 Bath w/ Basement on each side. Appliances, new carpet, paint & cosmetics. Property maintained by professional management. Low utilities, low taxes, great location! Must see - investment payoff!

22. 2009-07-24
    soldstatus $45,000 277-char remark

    Show marketing remark (277 chars)

    Awesome Opportunity! Re-conditioned double / duplex fully leased. 2 Bedroom / 1 Bath w/ Basement on each side. Appliances, new carpet, paint & cosmetics. Property maintained by professional management. Low utilities, low taxes, great location! Must see - investment payoff!

23. 2009-01-15
    listed $49,900 277-char remark

    Show marketing remark (277 chars)

    Awesome Opportunity! Re-conditioned double / duplex fully leased. 2 Bedroom / 1 Bath w/ Basement on each side. Appliances, new carpet, paint & cosmetics. Property maintained by professional management. Low utilities, low taxes, great location! Must see - investment payoff!

24. 2008-06-30
    soldstatus $20,000
25. 2008-03-06
    listed $23,500
26. 2008-01-10
    soldstatus $40,544
27. 2004-03-30
    soldstatus $49,000
28. 2004-01-31
    listed $52,500

ⓘ 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: $3,933 · $328/mo
• Projected year-2 tax: $3,933 · $328/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 3/10 Moderate 7 d/yr ≥102°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $30,672
• − Mortgage interest: −$9,803
• − Property taxes: −$3,933
• − Insurance: −$875
• − Repairs & maintenance: −$2,454
• − Management: −$2,454
• − Depreciation: −$5,091
• Taxable income: $6,063
• Est. tax owed @ 24.0%: −$1,455
• After-tax cash flow: $6,955/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): 28,259
• Household income: $72,417
• Rent vs Own: 46.3% rent · 53.7% own
• Severe rent burden: 1149.0

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 0.64)
• Race & ethnicity: White 50% Black 32% Two or more races 10% Hispanic / Latino 7% Asian 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 3% Slovak 2% Romanian 2%
• Foreign-born: 5% · Canada
• Languages at home: 89% English-only · Spanish 6% Other Indo-European 2% 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: ▼ -322.77%
• Current HPI: 380.5407
• Rent YoY: ▲ 6.21%
• 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

+233.3% since first listed

15 events — show timeline

• 2026-04-17 Listed $175,000 MIBOR as Distributed by MLS Grid
• 2024-09-09 Rental Removed $825 APPFOLIO
• 2024-08-18 Listed for Rent $825 APPFOLIO
• 2024-03-14 Rental Removed $825 APPFOLIO
• 2024-01-26 Listed for Rent $825 APPFOLIO
• 2024-01-13 Rental Removed $895 APPFOLIO
• 2023-12-15 Listed for Rent $895 APPFOLIO
• 2009-07-24 Listing Removed — MIBOR as Distributed by MLS Grid
• 2009-07-24 Sold (MLS) $45,000 MIBOR as Distributed by MLS Grid
• 2009-01-15 Listed $49,900 MIBOR as Distributed by MLS Grid
• 2008-06-30 Sold (MLS) $20,000 MIBOR as Distributed by MLS Grid
• 2008-03-06 Listed $23,500 MIBOR as Distributed by MLS Grid
• 2008-01-10 Sold (Public Records) $40,544 Public Records
• 2004-03-30 Sold (MLS) $49,000 MIBOR as Distributed by MLS Grid
• 2004-01-31 Listed $52,500 MIBOR as Distributed by MLS Grid

Property tax history

+9.4%/yr

Latest (2025): $3,933 · +14.0% YoY. Source: county tax records.