616 W 39th St · Indianapolis city (balance), IN 46208

$159,900

3 bd · 2.0 ba · 1,640 sqft · SingleFamily public records · 48 Days on market

Built 1912 6,403 sqft lot $98/sqft · 22% below area Est $205k · 22% 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 +22.1/30.0
• ARV discount +15.0/15.0
• DSCR +7.1/10.0
• 1% rule +6.0/10.0
• 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

Listing remarks MLS

3 bedroom 2 bath home leased to long term tenant. Great opportunity near Butler University.

Key facts

• Mature city lot
• Period details
• High ceilings

Tags

• HISTORIC SINGLE-FAMILY HOME
• BUTLER-TARKINGTON AREA
• SPACIOUS LIVING AREAS
• HIGH CEILINGS
• PERIOD DETAILS
• MATURE CITY LOT

Property features AI

Exterior

• Parking: Detached garage space totaling approximately 352 sq ft
• Security: Smoke detector(s)
• Utilities: Public water; Municipal sewer connected; No solid waste service listed
• Home design: Single family residence; Two levels
• Construction: Vinyl siding; Block foundation
• Exterior features: Screened porch; Sidewalks; Street lights; Small trees (under 20 ft)

Interior

• Kitchen: Electric oven; Range hood; Refrigerator; Eat-in kitchen layout
• Bedrooms: Three bedrooms total — one on the main level and two on the upper level (Upper bedrooms: 2; Main bedrooms: 1)
• Bathrooms: Two full bathrooms; Primary bathroom with tub and shower
• Heating & cooling: Forced air heating (natural gas); No central air
• Interior features: Attic access; Eat-in kitchen; Living room (formal); Unfinished basement; Smoke alarm(s)
• Laundry & utility: Gas water heater

🏷️ Possibly a rental listed for sale. The $159,900 price doesn't fit this home's estimated sale value (~$204,931) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $256 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $155k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.2% 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 (+6.4%/yr); 279 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 35% of the median local income ($60k/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 + 6.4% rent growth), your $45k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 25y 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 $72k; list at $160k implies a 122% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $155,103 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1912 — 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: 1.10% ✓
• Cap rate: 8.22%
• Cash-on-cash: 6.87%
• DSCR: 1.31
• GRM: 7.6

CMA / ARV

• ARV (median comp): $204,931
• List price: $159,900
• Delta: -21.97%
• 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
530 W 41st St	0.26mi	3/2.5	1,618 (-1%)	3mo	$345,000	$213	81
4125 Clarendon Rd	0.29mi	2/1.5 (-1)	1,681 (+2%)	4mo	$132,000	$79	72
4130 Rookwood Ave	0.32mi	2/1.5 (-1)	1,752 (+7%)	2mo	$215,000	$123	65
423 Berkley Rd	0.54mi	2/2.0 (-1)	1,680 (+2%)	2mo	$338,900	$202	64
3549 N Kenwood Ave	0.69mi	3/2.0	1,682 (+3%)	1mo	$200,000	$119	62
4137 Rookwood Ave	0.34mi	2/1.0 (-1)	1,512 (-8%)	2mo	$270,000	$179	61
4123 Graceland Ave	0.48mi	3/2.5	1,803 (+10%)	1mo	$375,000	$208	58
4235 Rookwood Ave	0.44mi	2/1.5 (-1)	1,769 (+8%)	2mo	$130,000	$73	58
3821 N Kenwood Ave	0.54mi	2/1.0 (-1)	1,686 (+3%)	8mo	$97,500	$58	55
3649 Graceland Ave	0.51mi	2/1.5 (-1)	1,550 (-6%)	6mo	$190,000	$123	54
3516 N Kenwood Ave	0.72mi	3/2.0	1,508 (-8%)	5mo	$238,000	$158	49
3953 N Capitol Ave	0.47mi	2/1.0 (-1)	1,804 (+10%)	8mo	$211,500	$117	46

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 · 6.43% rent growth · sell at horizon

5-year hold

• IRR: -1.9%
• Equity multiple: 0.93×
• Total profit: $-3,257
• Equity at exit: $23,842

10-year hold

• IRR: 11.3%
• Equity multiple: 2.03×
• Total profit: $46,072
• Equity at exit: $13,825

Cash invested: $44,772 (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 46208

• Rents YoY: 6.4%
• Active inventory: 279
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,763 high
• Mortgage (P&I): −$839
• Tax from tax record: −$232 /mo · $2,778/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$370
• Net cashflow: $256

Break-even live

Break-even rent $1,439

Max offer price $159,900

Occupancy floor 80%

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
608 Bernard Ave Indianapolis, IN	3.0	2.0	1056	$1,475	$1.40	3d	1	0.17mi
320 W 39th St Indianapolis, IN	4.0	2.0	1216	$2,200	$1.81	7d	1	0.28mi
4117 Byram Ave Indianapolis, IN	4.0	2.0	1540	$1,930	$1.25	43d	1	0.29mi
319 W 40th St Indianapolis, IN	3.0	1.0	1176	$1,295	$1.10	14d	1	0.30mi
3827 Graceland Ave Indianapolis, IN	4.0	2.0	2195	$1,595	$0.73	43d	1	0.41mi
731 W 43rd St Indianapolis, IN	4.0	4.0	1600	$3,350	$2.09	17d	1	0.48mi
528 W 43rd St Indianapolis, IN	4.0	2.0	2080	$2,750	$1.32	3d	1	0.50mi
3729 N Kenwood Ave Indianapolis, IN	2.0	1.0	1107	$1,100	$0.99	43d	1	0.57mi
3622 N Capitol Ave Indianapolis, IN	3.0	1.0	1300	$1,300	$1.00	7d	1	0.57mi
3655 N Kenwood Ave Indianapolis, IN	4.0	2.0	1700	$1,700	$1.00	23d	1	0.60mi
3621 N Kenwood Ave Indianapolis, IN	3.0	1.5	1521	$1,599	$1.05	3d	1	0.64mi
206 W 43rd St Indianapolis, IN	3.0	2.5	1544	$2,500	$1.62	23d	1	0.65mi
143 W 35th St Indianapolis, IN	3.0	1.0	1235	$1,175	$0.95	7d	1	0.72mi
3502 N Kenwood Ave Indianapolis, IN	3.0	2.0	1094	$1,220	$1.12	43d	1	0.72mi
3965 N Meridian St Indianapolis, IN	2.0	2.0	1360	$1,650	$1.21	23d	1	0.74mi
3801 N Meridian St Indianapolis, IN	1.0–3.0	1.0–2.0	1057	$2,022	$1.91	20d	35	0.75mi
3707 N Meridian St Indianapolis, IN	2.0	1.0–2.0	1042	$1,199	$1.15	43d	1	0.79mi
3501 N Illinois St Unit 3 Indianapolis, IN	2.0	2.0	1087	$1,350	$1.24	7d	1	0.79mi
3415 N Capitol Ave Indianapolis, IN	3.0	1.0	1176	$1,249	$1.06	23d	1	0.79mi
3413 N Capitol Ave Indianapolis, IN	3.0	1.0	1176	$1,249	$1.06	10d	1	0.79mi
3457 N Illinois St Indianapolis, IN	3.0	2.0	1230	$1,145	$0.93	23d	1	0.81mi
962 W 35th St Indianapolis, IN	2.0	1.0	1768	$1,195	$0.68	3d	1	0.84mi
3541 N Meridian St Indianapolis, IN	1.0–2.0	1.0	987	$880	$0.89	43d	1	0.85mi
4623 Rookwood Ave Indianapolis, IN	3.0	3.5	1792	$3,200	$1.79	16d	1	0.92mi
4631 Graceland Ave Indianapolis, IN	4.0	2.0	2019	$2,900	$1.44	3d	1	1.00mi
926 W 32nd St Indianapolis, IN	3.0	2.0	1050	$1,295	$1.23	7d	1	1.01mi
3217 Rader St Indianapolis, IN	3.0	1.0	1200	$1,299	$1.08	43d	1	1.01mi
3160 Graceland Ave Indianapolis, IN	4.0	2.0	1936	$2,000	$1.03	23d	1	1.03mi
4022 Central Ave Indianapolis, IN	3.0	1.0	1288	$1,500	$1.16	21d	1	1.07mi
3017 Ethel Ave Indianapolis, IN	3.0	1.5	1079	$1,400	$1.30	23d	1	1.13mi
3558 Central Ave Indianapolis, IN	3.0	1.0	1215	$2,100	$1.73	23d	1	1.14mi
3031 Boulevard Pl Indianapolis, IN	3.0	1.5	1395	$1,450	$1.04	17d	1	1.15mi
648 W 30th St Indianapolis, IN	3.0	2.0	1300	$1,500	$1.15	23d	1	1.16mi
1331 W 34th St Indianapolis, IN	2.0	1.0	2160	$1,399	$0.65	23d	1	1.20mi
1331 W 34th St Indianapolis, IN	4.0	2.0	2160	$1,800	$0.83	14d	1	1.20mi
1054 W 31st St Unit A Indianapolis, IN	2.0	1.0	1200	$1,500	$1.25	43d	1	1.21mi
3103 N Meridian St Indianapolis, IN	3.0	2.0	1280	$1,775	$1.39	23d	1	1.26mi
538 W 29th St Indianapolis, IN	3.0	1.0	1132	$1,349	$1.19	23d	1	1.28mi
3851 Broadway St Indianapolis, IN	3.0	1.0	1513	$1,950	$1.29	17d	1	1.28mi
826 W 29th St Indianapolis, IN	3.0	2.0	1200	$1,595	$1.33	43d	1	1.30mi

Listing history 36 events

1. 2026-06-18
   days on market $159,900 Active 48 DOM
2. 2026-06-17
   days on market $159,900 Active 47 DOM
3. 2026-06-16
   days on market $159,900 Active 46 DOM
4. 2026-06-15
   days on market $159,900 Active 45 DOM
5. 2026-06-13
   days on market $159,900 Active 43 DOM
6. 2026-06-13
   days on market $159,900 Active 42 DOM
7. 2026-06-09
   days on market $159,900 Active 39 DOM
8. 2026-06-08
   days on market $159,900 Active 38 DOM
9. 2026-06-07
   days on market $159,900 Active 37 DOM
10. 2026-06-03
    days on market $159,900 Active 33 DOM
11. 2026-06-02
    days on market $159,900 Active 32 DOM
12. 2026-06-01
    days on market $159,900 Active 31 DOM
13. 2026-05-31
    days on market $159,900 Active 30 DOM
14. 2026-05-01
    listed $159,900 Active 796-char remark
15. 2020-06-30
    soldstatus $72,000 Sold 92-char remark

    Show marketing remark (92 chars)

    3 bedroom 2 bath home leased to long term tenant. Great opportunity near Butler University.

16. 2020-06-25
    status Pending 92-char remark

    Show marketing remark (92 chars)

    3 bedroom 2 bath home leased to long term tenant. Great opportunity near Butler University.

17. 2020-06-23
    status Active 92-char remark

    Show marketing remark (92 chars)

    3 bedroom 2 bath home leased to long term tenant. Great opportunity near Butler University.

18. 2020-06-15
    status Pending 92-char remark

    Show marketing remark (92 chars)

    3 bedroom 2 bath home leased to long term tenant. Great opportunity near Butler University.

19. 2020-06-03
    price $79,900 92-char remark

    Show marketing remark (92 chars)

    3 bedroom 2 bath home leased to long term tenant. Great opportunity near Butler University.

20. 2020-05-26
    status Active 92-char remark

    Show marketing remark (92 chars)

    3 bedroom 2 bath home leased to long term tenant. Great opportunity near Butler University.

21. 2020-05-23
    historical 92-char remark

    Show marketing remark (92 chars)

    3 bedroom 2 bath home leased to long term tenant. Great opportunity near Butler University.

22. 2020-02-21
    listed $84,900 Active 92-char remark

    Show marketing remark (92 chars)

    3 bedroom 2 bath home leased to long term tenant. Great opportunity near Butler University.

23. 2019-11-08
    historical
24. 2019-09-18
    price $84,900
25. 2019-08-05
    status Active
26. 2019-08-02
    historical
27. 2019-05-06
    listed $89,900 Active
28. 2007-01-19
    soldstatus $31,900
29. 2006-10-31
    listed $31,900
30. 2006-09-22
    historical
31. 2006-07-19
    historical
32. 2006-06-15
    listed $29,900
33. 2006-01-19
    listed $45,000
34. 2001-12-07
    soldstatus $77,140
35. 2001-09-19
    historical
36. 2001-03-19
    listed $42,000

ⓘ 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: $2,778 · $232/mo
• Projected year-2 tax: $2,778 · $232/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 ≥101°F today · 19 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: $21,157
• − Mortgage interest: −$8,957
• − Property taxes: −$2,778
• − Insurance: −$800
• − Repairs & maintenance: −$1,693
• − Management: −$1,693
• − Depreciation: −$4,652
• Taxable income: $585
• Est. tax owed @ 24.0%: −$140
• After-tax cash flow: $2,933/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): 22,379
• Household income: $60,062
• Rent vs Own: 44.1% rent · 55.9% own
• Severe rent burden: 978.0

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 0.62)
• Race & ethnicity: White 46% Black 40% Hispanic / Latino 8% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 2% Slovak 2% Italian 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 5% French/Haitian/Cajun 1% 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: ▼ -324.63%
• Current HPI: 319.7725
• Rent YoY: ▲ 6.43%
• 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

+280.7% since first listed

23 events — show timeline

• 2026-05-01 Listed $159,900 MIBOR as Distributed by MLS Grid
• 2020-06-30 Sold (MLS) $72,000 MIBOR as Distributed by MLS Grid
• 2020-06-25 Pending — MIBOR as Distributed by MLS Grid
• 2020-06-23 Relisted — MIBOR as Distributed by MLS Grid
• 2020-06-15 Pending — MIBOR as Distributed by MLS Grid
• 2020-06-03 Price Changed $79,900 MIBOR as Distributed by MLS Grid
• 2020-05-26 Relisted — MIBOR as Distributed by MLS Grid
• 2020-05-23 Listing Removed — MIBOR as Distributed by MLS Grid
• 2020-02-21 Listed $84,900 MIBOR as Distributed by MLS Grid
• 2019-11-08 Listing Removed — MIBOR as Distributed by MLS Grid
• 2019-09-18 Price Changed $84,900 MIBOR as Distributed by MLS Grid
• 2019-08-05 Relisted — MIBOR as Distributed by MLS Grid
• 2019-08-02 Listing Removed — MIBOR as Distributed by MLS Grid
• 2019-05-06 Listed $89,900 MIBOR as Distributed by MLS Grid
• 2007-01-19 Sold (MLS) $31,900 MIBOR as Distributed by MLS Grid
• 2006-10-31 Listed $31,900 MIBOR as Distributed by MLS Grid
• 2006-09-22 Listing Removed — MIBOR as Distributed by MLS Grid
• 2006-07-19 Listing Removed — MIBOR as Distributed by MLS Grid
• 2006-06-15 Listed $29,900 MIBOR as Distributed by MLS Grid
• 2006-01-19 Listed $45,000 MIBOR as Distributed by MLS Grid
• 2001-12-07 Sold (Public Records) $77,140 Public Records
• 2001-09-19 Listing Removed — MIBOR as Distributed by MLS Grid
• 2001-03-19 Listed $42,000 MIBOR as Distributed by MLS Grid

Property tax history

+6.4%/yr

Latest (2025): $2,778 · -3.1% YoY. Source: county tax records.