2026 Clay St · Indianapolis city (balance), IN 46205

$210,000

2 bd · 1.0 ba · 752 sqft · MultiFamily public records · 339 Days on market

Built 1958 5,140 sqft lot $279/sqft · 131% above area Est $272k · 23% 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 +23.4/30.0
• ARV discount +15.0/15.0
• DSCR +7.5/10.0
• 1% rule +5.9/10.0
• Rent growth +4.1/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Don't miss this remarkable duplex located in the highly sought-after SoBro neighborhood! The area is bustling with investment, making this a prime time to secure a property in this thriving community. Perfect for a first-time homebuyer that wants to use a renovation loan to buy and renovate, or an newer investor that could live on one side and rent the other side out. The duplex is currently generating income with one tenant on a month-to-month lease, and the other tenant on a one-year lease, paying a total of $1,800/month, with estimated market rent at $2,420/month. The addresses are 2026 and 2028 Clay St. Recent updates to the property include fresh paint, updated light fixtures, modern appliances, and a renovated kitchen and bathroom, ensuring it's move-in ready and low maintenance. Situated in a convenient north side location, this property offers easy access to everything Indy has to offer. Enjoy proximity to schools, parks, shopping, and recreational spots like the Monon Trail. Commuting is simplified with access to the Red & Purple Lines, and major roads such as N College Ave, N Keystone Ave, 38th St, and Fall Creek Pkwy. The Fairgrounds are also just a short distance away.

Key facts

• Renovated bathroom
• Fresh paint
• Newer roof

Tags

• NEWER ROOF
• FRESH PAINT
• UPDATED LIGHT FIXTURES
• MODERN APPLIANCES
• RENOVATED KITCHEN
• RENOVATED BATHROOM

🏷️ Possibly a rental listed for sale. The $210,000 price doesn't fit this home's estimated sale value (~$272,207) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $210k.

Deal economics

• At list price, monthly cash flow is $388 ($5k/yr) — positive. Per door: $194/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $210k).
• Recommended offer: $185k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.5% 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); 317 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 38% 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 $6k 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 $59k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 339 days — a 12% lower offer ($185k) is reasonable based on typical stale-listing flexibility.
• 5 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 $28k; list at $210k implies a 653% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $184,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 339 days. Have you received any prior offers? Is the seller open to a 12% 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 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 1.09% ✓
• Cap rate: 8.51%
• Cash-on-cash: 7.91%
• DSCR: 1.35
• GRM: 7.6

CMA / ARV

• ARV (median comp): $272,207
• List price: $210,000
• Delta: -22.85%
• Verdict: UNDERPRICED
• Comps: 10 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	0.20mi	1/1.0 (-1)	800 (+6%)	9mo	$160,000	$200	68

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: -0.7%
• Equity multiple: 0.97×
• Total profit: $-1,659
• Equity at exit: $31,312

10-year hold

• IRR: 12.0%
• Equity multiple: 2.09×
• Total profit: $64,021
• Equity at exit: $18,157

Cash invested: $58,800 (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: 317
• Price-to-rent: 15.2×

Monthly cashflow live

• Estimated rent: $2,299 medium
• Mortgage (P&I): −$1,101
• Tax from tax record: −$240 /mo · $2,878/yr
• Insurance: −$88
• HOA: −$0
• Vacancy / Maint / Mgmt: −$483
• Net cashflow: $388

Break-even live

Break-even rent $1,808

Max offer price $210,000

Occupancy floor 78%

Sensitivity live

Price	-10% $506	-5% $447	+0% $388	+5% $328	+10% $269
Rent	-10% $206	-5% $297	+0% $388	+5% $478	+10% $569
Rate	-1.0pp $493	-0.5pp $441	base $388	+0.5pp $333	+1.0pp $278

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$2,300
Total (2 units)			$2,299

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: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4326 Crittenden Ave Indianapolis, IN	2.0	1.0	812	$1,045	$1.29	21d	1	0.16mi
4303 Norwaldo Ave Indianapolis, IN	3.0	1.0	1050	$1,200	$1.14	45d	1	0.21mi
4521 Norwaldo Ave Unit A Indianapolis, IN	2.0	1.5	1024	$1,525	$1.49	25d	1	0.28mi
4521 Norwaldo Ave Unit B Indianapolis, IN	2.0	1.5	1054	$1,600	$1.52	45d	1	0.28mi
2106 E 46th St Indianapolis, IN	1.0	1.0	552	$925	$1.68	12d	1	0.31mi
4309 Ralston Ave Indianapolis, IN	3.0	1.0	918	$1,600	$1.74	16d	1	0.33mi
2511 E 46th St Indianapolis, IN	1.0–2.0	1.0–2.0	830	$1,305	$1.57	45d	2	0.35mi
4560 Marcy Ln Indianapolis, IN	1.0–2.0	1.0	770	$1,565	$2.03	16d	8	0.54mi
4400 E Fall Creek Parkway North Dr Indianapolis, IN	1.0–2.0	1.0–1.5	857	$1,349	$1.57	0d	34	0.55mi
5006 Rosslyn Ave Indianapolis, IN	2.0	1.0	744	$2,000	$2.69	25d	1	0.76mi
2111 E 52nd St Indianapolis, IN	1.0–2.0	1.0	750	$1,150	$1.53	9d	4	0.77mi
5169 Caroline Ave Indianapolis, IN	1.0	1.0	600	$1,400	$2.33	25d	1	0.77mi
3763 Baltimore Ave Unit 3765 Indianapolis, IN	1.0	1.0	750	$750	$1.00	45d	1	0.79mi
5005 Indianola Ave Indianapolis, IN	2.0	1.0	884	$1,249	$1.41	45d	1	0.79mi
3741 N Tacoma Ave Indianapolis, IN	3.0	1.0	913	$2,200	$2.41	19d	1	0.83mi
3719 Hillside Ave Indianapolis, IN	1.0	1.0	644	$725	$1.13	25d	1	0.84mi
5161 Primrose Ave Indianapolis, IN	2.0	1.0	837	$1,850	$2.21	16d	1	0.84mi
3723 Orchard Ave Unit 3723 Indianapolis, IN	1.0	1.5	700	$1,300	$1.86	25d	1	0.85mi
3709 Kinnear Ave Indianapolis, IN	2.0	1.0	650	$1,000	$1.54	45d	1	0.87mi
4554 Winthrop Ave Unit 4554-10 Indianapolis, IN	2.0	1.0	800	$1,030	$1.29	25d	1	0.90mi
4554 Winthrop Ave Unit 4554-8 Indianapolis, IN	2.0	1.0	800	$1,030	$1.29	9d	1	0.90mi
5018 Lemans Dr Indianapolis, IN	4.0	1.0–2.0	762	$1,209	$1.59	0d	35	0.94mi
4115 Meadows Dr Indianapolis, IN	1.0–3.0	1.0–2.0	1013	$1,374	$1.36	45d	9	0.95mi
5315 Norwaldo Ave Indianapolis, IN	2.0	1.0	843	$1,400	$1.66	9d	1	0.98mi
5220 Luzzane Dr Indianapolis, IN	1.0–3.0	1.0–2.0	1046	$1,410	$1.35	17d	19	1.03mi
5220 Luzzane Dr Indianapolis, IN	1.0–3.0	1.0–2.0	948	$1,315	$1.39	45d	5	1.03mi
3909 Winthrop Ave Unit B Indianapolis, IN	2.0	1.5	931	$1,550	$1.66	13d	1	1.03mi
5220 Luzzane Ln Unit C-A 10 Indianapolis, IN	1.0	1.0	752	$929	$1.24	25d	1	1.04mi
5220 Luzzane Ln Unit V-802 Indianapolis, IN	1.0	1.0	750	$999	$1.33	0d	1	1.04mi
5220 Luzzane Ln Unit V-512 Indianapolis, IN	2.0	1.0	900	$1,214	$1.35	3d	1	1.04mi
5220 Luzzane Ln Unit C-E Indianapolis, IN	2.0	1.0	852	$1,049	$1.23	23d	1	1.04mi
5220 Luzzane Ln Unit C-H Indianapolis, IN	1.0	1.0	752	$1,028	$1.37	23d	1	1.04mi
5220 Luzzane Ln Unit C-H Indianapolis, IN	1.0	1.0	752	$1,009	$1.34	5d	1	1.04mi
5220 Luzzane Ln Unit C-F 10 Indianapolis, IN	1.0	1.0	752	$899	$1.20	25d	1	1.04mi
5220 Luzzane Ln Unit V-812 Indianapolis, IN	2.0	1.0	900	$1,164	$1.29	9d	1	1.04mi
5220 Luzzane Ln Unit V-301 Indianapolis, IN	1.0	1.0	750	$1,099	$1.47	9d	1	1.04mi
5220 Luzzane Ln Unit V-503 Indianapolis, IN	1.0	1.0	750	$999	$1.33	21d	1	1.04mi
5220 Luzzane Ln Unit V-906 Indianapolis, IN	1.0	1.0	750	$1,016	$1.35	15d	1	1.04mi
5220 Luzzane Ln Unit V-712 Indianapolis, IN	2.0	1.0	900	$1,149	$1.28	5d	1	1.04mi
5220 Luzzane Ln Unit V-607 Indianapolis, IN	2.0	1.0	900	$1,299	$1.44	0d	1	1.04mi

Listing history 23 events

1. 2026-06-21
   days on market $210,000 Active 339 DOM
2. 2026-06-18
   days on market $210,000 Active 336 DOM
3. 2026-06-17
   days on market $210,000 Active 335 DOM
4. 2026-06-16
   days on market $210,000 Active 334 DOM
5. 2026-06-15
   days on market $210,000 Active 333 DOM
6. 2026-06-13
   days on market $210,000 Active 331 DOM
7. 2026-06-13
   days on market $210,000 Active 330 DOM
8. 2026-06-09
   days on market $210,000 Active 327 DOM
9. 2026-06-08
   days on market $210,000 Active 326 DOM
10. 2026-06-07
    days on market $210,000 Active 325 DOM
11. 2026-06-03
    days on market $210,000 Active 321 DOM
12. 2026-06-02
    days on market $210,000 Active 320 DOM
13. 2026-06-01
    days on market $210,000 Active 319 DOM
14. 2026-05-31
    days on market $210,000 Active 318 DOM
15. 2025-08-15
    status Active 1203-char remark

    Show marketing remark (1203 chars)

    Don't miss this remarkable duplex located in the highly sought-after SoBro neighborhood! The area is bustling with investment, making this a prime time to secure a property in this thriving community. Perfect for a first-time homebuyer that wants to use a renovation loan to buy and renovate, or an newer investor that could live on one side and rent the other side out. The duplex is currently generating income with one tenant on a month-to-month lease, and the other tenant on a one-year lease, paying a total of $1,800/month, with estimated market rent at $2,420/month. The addresses are 2026 and 2028 Clay St. Recent updates to the property include fresh paint, updated light fixtures, modern appliances, and a renovated kitchen and bathroom, ensuring it's move-in ready and low maintenance. Situated in a convenient north side location, this property offers easy access to everything Indy has to offer. Enjoy proximity to schools, parks, shopping, and recreational spots like the Monon Trail. Commuting is simplified with access to the Red & Purple Lines, and major roads such as N College Ave, N Keystone Ave, 38th St, and Fall Creek Pkwy. The Fairgrounds are also just a short distance away.

16. 2025-07-16
    listed $210,000 Active 1203-char remark

    Show marketing remark (1203 chars)

    Don't miss this remarkable duplex located in the highly sought-after SoBro neighborhood! The area is bustling with investment, making this a prime time to secure a property in this thriving community. Perfect for a first-time homebuyer that wants to use a renovation loan to buy and renovate, or an newer investor that could live on one side and rent the other side out. The duplex is currently generating income with one tenant on a month-to-month lease, and the other tenant on a one-year lease, paying a total of $1,800/month, with estimated market rent at $2,420/month. The addresses are 2026 and 2028 Clay St. Recent updates to the property include fresh paint, updated light fixtures, modern appliances, and a renovated kitchen and bathroom, ensuring it's move-in ready and low maintenance. Situated in a convenient north side location, this property offers easy access to everything Indy has to offer. Enjoy proximity to schools, parks, shopping, and recreational spots like the Monon Trail. Commuting is simplified with access to the Red & Purple Lines, and major roads such as N College Ave, N Keystone Ave, 38th St, and Fall Creek Pkwy. The Fairgrounds are also just a short distance away.

17. 2013-12-01
    historical
18. 2012-11-26
    listed $60,000
19. 2012-10-09
    historical
20. 2012-09-24
    soldstatus $27,900
21. 2012-08-28
    listed $36,900
22. 2003-07-11
    soldstatus
23. 2003-03-14
    listed $26,900

ⓘ 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: $2,878 · $240/mo
• Projected year-2 tax: $2,878 · $240/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 ≥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: $27,588
• − Mortgage interest: −$11,763
• − Property taxes: −$2,878
• − Insurance: −$1,050
• − Repairs & maintenance: −$2,207
• − Management: −$2,207
• − Depreciation: −$6,109
• Taxable income: $1,373
• Est. tax owed @ 24.0%: −$330
• After-tax cash flow: $4,321/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

+680.7% since first listed

9 events — show timeline

• 2025-08-15 Relisted — MIBOR as Distributed by MLS Grid
• 2025-07-16 Listed $210,000 MIBOR as Distributed by MLS Grid
• 2013-12-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2012-11-26 Listed $60,000 MIBOR as Distributed by MLS Grid
• 2012-10-09 Listing Removed — MIBOR as Distributed by MLS Grid
• 2012-09-24 Sold (MLS) $27,900 MIBOR as Distributed by MLS Grid
• 2012-08-28 Listed $36,900 MIBOR as Distributed by MLS Grid
• 2003-07-11 Sold (MLS) — MIBOR as Distributed by MLS Grid
• 2003-03-14 Listed $26,900 MIBOR as Distributed by MLS Grid

Property tax history

+9.0%/yr

Latest (2025): $2,878 · +6.1% YoY. Source: county tax records.