728 N Emerson Ave · Indianapolis city (balance), IN 46219

$155,000

2 bd · 1.0 ba · 1,820 sqft · SingleFamily public records · 60 Days on market

Built 1910 6,708 sqft lot $85/sqft · 32% below area Est $229k · 32% under

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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 +16.9/30.0
• ARV discount +15.0/15.0
• DSCR +5.3/10.0
• 1% rule +4.6/10.0
• 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

Listing remarks MLS

The heart of this inviting home is its well-appointed kitchen, designed for both culinary endeavors and social gatherings. Here, a large kitchen island provides generous space for meal preparation or casual dining, complemented by stone countertops that offer both beauty and durability. The stovetop is ready for your culinary creations, while the stylish shaker cabinets provide ample storage. A convenient kitchen bar creates an engaging spot for conversation and enjoyment. Built in 1910, this residence offers 1160 square feet of comfortable living space across two stories, providing distinct areas for rest and daily routines. With three bedrooms and a full bathroom, the home accommodates practical living. Outside, the property extends to 6708 square feet of lot area within a residential area, featuring a welcoming porch perfect for quiet contemplation and a deck designed for outdoor relaxation. Recent updates in the last few years and Sold as-is.

Key facts

• Large kitchen island
• Kitchen bar
• Stone countertops

Tags

• WELL-APPOINTED KITCHEN
• LARGE KITCHEN ISLAND
• STONE COUNTERTOPS
• STYLISH SHAKER CABINETS
• KITCHEN BAR
• WELCOMING PORCH

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $102 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $149k (3.7% below list).
• Recommended offer: $149k (3.7% below list) — sets the bar for 1% rule.
• Cap rate 7.1% 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 (+2.6%/yr); 140 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 42% 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).

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.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 20y ago; this cycle's ask has dropped $15k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $149,294 (3.7% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 4% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 0.96% ✗
• Cap rate: 7.08%
• Cash-on-cash: 2.82%
• DSCR: 1.13
• GRM: 8.7

CMA / ARV

• ARV (median comp): $229,322
• List price: $155,000
• Delta: -32.41%
• 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
827 Wallace Ave	0.31mi	2/1.0	1,742 (-4%)	2mo	$176,000	$101	77
827 N Hawthorne Ln	0.25mi	3/2.0 (+1)	1,989 (+9%)	1mo	$115,000	$58	63
156 S Spencer Ave	0.70mi	2/1.0	1,764 (-3%)	2mo	$195,000	$111	60
5265 E 10th St	0.34mi	2/1.5	1,584 (-13%)	1mo	$297,000	$188	60
950 N Hawthorne Ln	0.31mi	2/1.0	1,553 (-15%)	3mo	$207,000	$133	59
1125 N Downey Ave	0.51mi	2/1.0	2,000 (+10%)	3mo	$185,000	$93	57
115 S Bancroft St	0.62mi	3/2.5 (+1)	1,793 (-2%)	3mo	$189,000	$105	55
960 N Audubon Rd	0.74mi	2/1.5	1,737 (-5%)	2mo	$260,000	$150	54
145 S Hawthorne Ln	0.73mi	3/2.0 (+1)	1,716 (-6%)	3mo	$295,000	$172	44
1536 N Butler Ave	0.73mi	3/1.5 (+1)	2,028 (+11%)	1mo	$238,000	$117	39
813 N Gladstone Ave	0.67mi	3/2.0 (+1)	2,066 (+14%)	1mo	$230,000	$111	36
733 N Grant Ave	0.73mi	2/2.0	1,560 (-14%)	2mo	$120,000	$77	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 · 2.63% rent growth · sell at horizon

5-year hold

• IRR: -12.2%
• Equity multiple: 0.56×
• Total profit: $-19,142
• Equity at exit: $23,111

10-year hold

• IRR: -3.7%
• Equity multiple: 0.76×
• Total profit: $-10,445
• Equity at exit: $13,402

Cash invested: $43,400 (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 46219

• Rents YoY: 2.6%
• Active inventory: 140
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,493 high
• Mortgage (P&I): −$813
• Tax from tax record: −$200 /mo · $2,399/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$314
• Net cashflow: $102

Break-even live

Break-even rent $1,364

Max offer price $155,000

Occupancy floor 88%

Sensitivity live

Price	-10% $190	-5% $146	+0% $102	+5% $58	+10% $14
Rent	-10% $-16	-5% $43	+0% $102	+5% $161	+10% $220
Rate	-1.0pp $180	-0.5pp $142	base $102	+0.5pp $62	+1.0pp $21

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
606 N Emerson Ave Indianapolis, IN	2.0	1.5	1372	$2,450	$1.79	24d	1	0.15mi
415 N Dequincy St Indianapolis, IN	3.0	2.0	1250	$1,900	$1.52	15d	1	0.36mi
306 N Riley Ave Indianapolis, IN	3.0	1.0	1320	$1,095	$0.83	18d	1	0.41mi
117 N Riley Ave Indianapolis, IN	3.0	3.0	1664	$1,600	$0.96	20d	1	0.46mi
5414 E 10th St Indianapolis, IN	3.0	2.0	2322	$1,850	$0.80	18d	1	0.46mi
642 N Colorado Ave Indianapolis, IN	3.0	2.0	1572	$1,450	$0.92	44d	1	0.66mi
614 N Colorado Ave Indianapolis, IN	2.0	2.0	1736	$1,200	$0.69	24d	1	0.67mi
25 N Drexel Ave Unit A Indianapolis, IN	3.0	2.0	1250	$1,325	$1.06	44d	1	0.67mi
801 N Gladstone Ave Indianapolis, IN	3.0	1.5	1776	$1,225	$0.69	44d	1	0.70mi
325 N Gladstone Ave Indianapolis, IN	3.0	2.0	2580	$1,285	$0.50	44d	1	0.78mi
323 N Gladstone Ave Indianapolis, IN	3.0	2.0	2580	$1,285	$0.50	44d	1	0.78mi
21 N Colorado Ave Indianapolis, IN	3.0	1.5	1520	$2,000	$1.32	44d	1	0.82mi
119 N Grant Ave Indianapolis, IN	3.0	1.0	1408	$1,195	$0.85	44d	1	0.88mi
1742 N Whittier Pl Indianapolis, IN	2.0	1.0	1440	$995	$0.69	11d	1	0.99mi
603 N Sherman Dr Indianapolis, IN	3.0	1.0	1250	$1,300	$1.04	44d	1	1.02mi
447 N Sherman Dr Indianapolis, IN	3.0	1.5	1312	$1,195	$0.91	44d	1	1.05mi
5010 Brookville Rd Indianapolis, IN	3.0	2.0	1656	$1,350	$0.82	8d	1	1.07mi
1414 Priscilla Ave Indianapolis, IN	3.0	1.5	2116	$2,000	$0.95	12d	1	1.08mi
1414 Priscilla Ave Indianapolis, IN	3.0	2.0	2116	$2,000	$0.95	24d	1	1.08mi
33 N Sherman Dr Unit 33 Indianapolis, IN	3.0	1.5	1288	$1,500	$1.16	8d	1	1.14mi
8 S Bradley Ave Indianapolis, IN	2.0	1.0	1300	$950	$0.73	24d	1	1.15mi
3712 E Market St Indianapolis, IN	3.0	1.0	1800	$1,450	$0.81	15d	1	1.18mi
1848 N Audubon Rd Indianapolis, IN	3.0	1.0	2180	$1,681	$0.77	24d	1	1.22mi
1521 N Kealing Ave Indianapolis, IN	3.0	1.0	1250	$1,250	$1.00	18d	1	1.29mi
1531 N Kealing Ave Indianapolis, IN	3.0	2.0	1250	$1,500	$1.20	24d	1	1.30mi
1531 N Kealing Ave Unit A Indianapolis, IN	3.0	2.0	1250	$1,397	$1.12	24d	1	1.30mi
338 S Arlington Ave Indianapolis, IN	2.0	2.0	1303	$1,610	$1.24	24d	1	1.33mi
338 S Arlington Ave Apt 204 Indianapolis, IN	2.0	2.0	1303	$1,674	$1.28	15d	1	1.33mi
1323 N Olney St Indianapolis, IN	2.0	1.0	1288	$945	$0.73	44d	1	1.36mi
1519 N Gale St Indianapolis, IN	2.0	1.5	1552	$1,295	$0.83	44d	1	1.38mi
1018 N Tuxedo St Unit 1016 Indianapolis, IN	3.0	1.5	1250	$1,099	$0.88	44d	1	1.39mi
4318 Spann Ave Indianapolis, IN	3.0	1.0	1411	$1,200	$0.85	44d	1	1.40mi
909 N Lasalle St Indianapolis, IN	3.0	2.0	1717	$1,600	$0.93	45d	1	1.42mi

Listing history 18 events

1. 2026-06-07
   statusdays on market $155,000 Pending 60 DOM
2. 2026-06-03
   days on market $155,000 Active 58 DOM
3. 2026-06-02
   days on market $155,000 Active 57 DOM
4. 2026-06-01
   days on market $155,000 Active 56 DOM
5. 2026-05-31
   days on market $155,000 Active 55 DOM
6. 2026-05-12
   price $155,000 961-char remark

   Show marketing remark (961 chars)

   The heart of this inviting home is its well-appointed kitchen, designed for both culinary endeavors and social gatherings. Here, a large kitchen island provides generous space for meal preparation or casual dining, complemented by stone countertops that offer both beauty and durability. The stovetop is ready for your culinary creations, while the stylish shaker cabinets provide ample storage. A convenient kitchen bar creates an engaging spot for conversation and enjoyment. Built in 1910, this residence offers 1160 square feet of comfortable living space across two stories, providing distinct areas for rest and daily routines. With three bedrooms and a full bathroom, the home accommodates practical living. Outside, the property extends to 6708 square feet of lot area within a residential area, featuring a welcoming porch perfect for quiet contemplation and a deck designed for outdoor relaxation. Recent updates in the last few years and Sold as-is.

7. 2026-04-06
   listed $170,000 Active 961-char remark

   Show marketing remark (961 chars)

   The heart of this inviting home is its well-appointed kitchen, designed for both culinary endeavors and social gatherings. Here, a large kitchen island provides generous space for meal preparation or casual dining, complemented by stone countertops that offer both beauty and durability. The stovetop is ready for your culinary creations, while the stylish shaker cabinets provide ample storage. A convenient kitchen bar creates an engaging spot for conversation and enjoyment. Built in 1910, this residence offers 1160 square feet of comfortable living space across two stories, providing distinct areas for rest and daily routines. With three bedrooms and a full bathroom, the home accommodates practical living. Outside, the property extends to 6708 square feet of lot area within a residential area, featuring a welcoming porch perfect for quiet contemplation and a deck designed for outdoor relaxation. Recent updates in the last few years and Sold as-is.

8. 2022-05-12
   soldstatus $195,000 Closed 538-char remark

   Show marketing remark (538 chars)

   Come check out this 3 bedroom, 1 bathroom completely remodeled home in Emerson Heights. From top to bottom this house has been updated with style and modern touches. The kitchen is a chefs dream with new black stainless steel appliances, quartz countertops, and plenty of storage space. You will love the brand new bathroom with subway tile shower and designer fixtures. Lots of windows letting in natural light, giving a bright and airy space. This home also features a large backyard, and off street parking. Don't miss out on this one!

9. 2022-04-14
   status Pending 538-char remark

   Show marketing remark (538 chars)

   Come check out this 3 bedroom, 1 bathroom completely remodeled home in Emerson Heights. From top to bottom this house has been updated with style and modern touches. The kitchen is a chefs dream with new black stainless steel appliances, quartz countertops, and plenty of storage space. You will love the brand new bathroom with subway tile shower and designer fixtures. Lots of windows letting in natural light, giving a bright and airy space. This home also features a large backyard, and off street parking. Don't miss out on this one!

10. 2022-04-05
    status Active 538-char remark

    Show marketing remark (538 chars)

    Come check out this 3 bedroom, 1 bathroom completely remodeled home in Emerson Heights. From top to bottom this house has been updated with style and modern touches. The kitchen is a chefs dream with new black stainless steel appliances, quartz countertops, and plenty of storage space. You will love the brand new bathroom with subway tile shower and designer fixtures. Lots of windows letting in natural light, giving a bright and airy space. This home also features a large backyard, and off street parking. Don't miss out on this one!

11. 2022-03-15
    status Pending 538-char remark

    Show marketing remark (538 chars)

    Come check out this 3 bedroom, 1 bathroom completely remodeled home in Emerson Heights. From top to bottom this house has been updated with style and modern touches. The kitchen is a chefs dream with new black stainless steel appliances, quartz countertops, and plenty of storage space. You will love the brand new bathroom with subway tile shower and designer fixtures. Lots of windows letting in natural light, giving a bright and airy space. This home also features a large backyard, and off street parking. Don't miss out on this one!

12. 2022-03-07
    listed $195,000 Active 538-char remark

    Show marketing remark (538 chars)

    Come check out this 3 bedroom, 1 bathroom completely remodeled home in Emerson Heights. From top to bottom this house has been updated with style and modern touches. The kitchen is a chefs dream with new black stainless steel appliances, quartz countertops, and plenty of storage space. You will love the brand new bathroom with subway tile shower and designer fixtures. Lots of windows letting in natural light, giving a bright and airy space. This home also features a large backyard, and off street parking. Don't miss out on this one!

13. 2010-11-26
    historical
14. 2010-05-25
    listed $39,900
15. 2009-09-02
    historical
16. 2008-04-01
    listed $39,900
17. 2007-02-08
    soldstatus $15,000
18. 2006-11-28
    listed $18,000

ⓘ 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: $2,399 · $200/mo
• Projected year-2 tax: $2,399 · $200/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 · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,915
• − Mortgage interest: −$8,682
• − Property taxes: −$2,399
• − Insurance: −$775
• − Repairs & maintenance: −$1,433
• − Management: −$1,433
• − Depreciation: −$4,509
• Taxable loss: −$1,317
• Est. tax savings @ 24.0%: +$316
• After-tax cash flow: $1,541/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): 38,855
• Household income: $60,803
• Rent vs Own: 41.0% rent · 59.0% own
• Severe rent burden: 2191.0

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 54% Black 22% Hispanic / Latino 18% Two or more races 9%
• Hispanic origin (detail): Mexican 10% Puerto Rican 1%
• Common ancestry: Slovak 2% Romanian 2% Lithuanian 2%
• Foreign-born: 10% · Canada
• Languages at home: 85% English-only · Spanish 14%

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: ▼ -199.69%
• Current HPI: 289.8788
• Rent YoY: ▲ 2.63%
• 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

+761.1% since first listed

13 events — show timeline

• 2026-05-12 Price Changed $155,000 MIBOR as Distributed by MLS Grid
• 2026-04-06 Listed $170,000 MIBOR as Distributed by MLS Grid
• 2022-05-12 Sold (MLS) $195,000 MIBOR as Distributed by MLS Grid
• 2022-04-14 Pending — MIBOR as Distributed by MLS Grid
• 2022-04-05 Relisted — MIBOR as Distributed by MLS Grid
• 2022-03-15 Pending — MIBOR as Distributed by MLS Grid
• 2022-03-07 Listed $195,000 MIBOR as Distributed by MLS Grid
• 2010-11-26 Listing Removed — MIBOR as Distributed by MLS Grid
• 2010-05-25 Listed $39,900 MIBOR as Distributed by MLS Grid
• 2009-09-02 Listing Removed — MIBOR as Distributed by MLS Grid
• 2008-04-01 Listed $39,900 MIBOR as Distributed by MLS Grid
• 2007-02-08 Sold (MLS) $15,000 MIBOR as Distributed by MLS Grid
• 2006-11-28 Listed $18,000 MIBOR as Distributed by MLS Grid

Property tax history

+20.1%/yr

Latest (2025): $2,399 · -0.4% YoY. Source: county tax records.