1641 S Delaware St · Indianapolis city (balance), IN 46225

$179,900

4 bd · 2.0 ba · 994 sqft · SingleFamily public records · 107 Days on market

Built 1885 2,831 sqft lot $181/sqft · 39% above area Est $247k · 27% under

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Cash flow +11.6/30.0
• Rent growth +5.0/5.0
• 1% rule +3.4/10.0
• DSCR +3.4/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Incredible value growth opportunity in this popular Old Southside neighborhood, near the pedestrian bridge connecting to Bates Hendricks. Enjoy a fenced yard and covered porch with this all brick home. 3 bedrooms and 2 full bathrooms. New flooring and fresh paint throughout. The kitchen features stainless steel appliances, a tile backsplash and new Quartz countertops. The updated bathrooms offer ceramic tile flooring, tiled tub surrounds, and nice vanities. Updated lighting, doorknobs, and many of the outlets and light switches have been replaced. 2" mini blinds included. Convenient location near Downtown Indy, Fountain Square, and Garfield Park.

Key facts

• 2,831 sq ft lot
• Built 1885
• Listed 107 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $-54 ($-652/yr) — negative.
• To cash-flow at today's rent, offer at most $170k (5.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $152k (15.7% below list).
• Recommended offer: $152k (15.7% below list) — sets the bar for 1% rule.
• Cap rate 5.9% 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 D — 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.
• Zoned schools: Frederick Douglass School 19 (math 9% / reading 13%, grade F, #909 of 994 statewide, top 92%, 444 students, 81% FRL); H L Harshman Middle School (math 3% / reading 16%, grade F, #316 of 330 statewide, top 96%, 549 students, 84% FRL).
• Market conditions: Rents rising fast (+11.0%/yr); 131 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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 33% of the median local income ($55k/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.

Negotiation context

• It's been on market 107 days — a 9% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 21y ago; this cycle's ask has dropped $20k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $48k; list at $180k implies a 279% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1885 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $151,725 (15.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 107 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
3. Built in 1885 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 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: 0.84% ✗
• Cap rate: 5.93%
• Cash-on-cash: -1.29%
• DSCR: 0.94
• GRM: 9.9

CMA / ARV

• ARV (median comp): $246,928
• List price: $179,900
• Delta: -27.14%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
722 Weghorst St	0.46mi	3/1.0 (-1)	988 (-1%)	4mo	$219,000	$222	66
1750 S Talbott St	0.15mi	3/1.0 (-1)	1,025 (+3%)	18mo	$150,000	$146	64
1913 S Talbott St SE	0.22mi	3/1.0 (-1)	946 (-5%)	11mo	$95,000	$100	63

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -12.9%
• Equity multiple: 0.51×
• Total profit: $-24,563
• Equity at exit: $26,824

10-year hold

• IRR: 2.4%
• Equity multiple: 1.21×
• Total profit: $10,768
• Equity at exit: $15,554

Cash invested: $50,372 (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 46225

• Home prices YoY: -8.2%
• Rents YoY: 11.0%
• Active inventory: 131
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,517 high
• Mortgage (P&I): −$943
• Tax from tax record: −$235 /mo · $2,815/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$319
• Net cashflow: $-54

Break-even live

Break-even rent $1,586

Max offer price $170,306

Occupancy floor 99%

Sensitivity live

Price	-10% $48	-5% $-3	+0% $-54	+5% $-105	+10% $-156
Rent	-10% $-174	-5% $-114	+0% $-54	+5% $6	+10% $66
Rate	-1.0pp $36	-0.5pp $-9	base $-54	+0.5pp $-101	+1.0pp $-148

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1756 S Delaware St Unit 1754 Indianapolis, IN	3.0	2.0	1014	$1,300	$1.28	16d	1	0.13mi
1756 Delaware St Indianapolis, IN	3.0	2.0	1014	$1,300	$1.28	45d	1	0.13mi
1819 Union St Unit 1817 Indianapolis, IN	3.0	2.0	1020	$1,199	$1.18	45d	1	0.21mi
620 E Beecher St Indianapolis, IN	3.0	2.0	1072	$1,639	$1.53	21d	1	0.45mi
1514 Ringgold Ave Indianapolis, IN	3.0	1.0	1064	$1,295	$1.22	45d	1	0.68mi
2314 Union St Indianapolis, IN	3.0	2.0	892	$1,295	$1.45	45d	1	0.74mi
907 Prospect St Unit 907 Prospect NO AMI Indianapolis, IN	3.0	1.5	1121	$1,400	$1.25	25d	1	0.80mi
1012 Prospect St Unit 907 Prospect NO AMI Indianapolis, IN	3.0	1.5	1121	$1,400	$1.25	45d	1	0.89mi
931 Fletcher Ave Indianapolis, IN	1.0–3.0	1.0–2.5	1015	$2,792	$2.75	0d	5	1.15mi
229 S Delaware St Indianapolis, IN	3.0	1.0–3.5	1207	$4,743	$3.93	0d	54	1.26mi
2760 S East St Indianapolis, IN	2.0–3.0	2.0	1072	$1,045	$0.97	5d	3	1.32mi
1534 Dawson St Indianapolis, IN	3.0	1.0	1040	$1,499	$1.44	25d	1	1.41mi
1706 E Tabor St Unit 1708 Indianapolis, IN	3.0	1.0	1000	$1,300	$1.30	9d	1	1.44mi

Listing history 37 events

1. 2026-06-21
   days on market $179,900 Active 107 DOM
2. 2026-06-18
   days on market $179,900 Active 104 DOM
3. 2026-06-17
   days on market $179,900 Active 103 DOM
4. 2026-06-16
   days on market $179,900 Active 102 DOM
5. 2026-06-15
   days on market $179,900 Active 101 DOM
6. 2026-06-13
   days on market $179,900 Active 99 DOM
7. 2026-06-13
   days on market $179,900 Active 98 DOM
8. 2026-06-09
   days on market $179,900 Active 95 DOM
9. 2026-06-08
   days on market $179,900 Active 94 DOM
10. 2026-06-07
    days on market $179,900 Active 93 DOM
11. 2026-06-03
    days on market $179,900 Active 89 DOM
12. 2026-06-02
    days on market $179,900 Active 88 DOM
13. 2026-06-01
    days on market $179,900 Active 87 DOM
14. 2026-05-31
    days on market $179,900 Active 86 DOM
15. 2026-03-27
    price $189,900 661-char remark

    Show marketing remark (661 chars)

    Incredible value growth opportunity in this popular Old Southside neighborhood, near the pedestrian bridge connecting to Bates Hendricks. Enjoy a fenced yard and covered porch with this all brick home. 3 bedrooms and 2 full bathrooms. New flooring and fresh paint throughout. The kitchen features stainless steel appliances, a tile backsplash and new Quartz countertops. The updated bathrooms offer ceramic tile flooring, tiled tub surrounds, and nice vanities. Updated lighting, doorknobs, and many of the outlets and light switches have been replaced. 2" mini blinds included. Convenient location near Downtown Indy, Fountain Square, and Garfield Park.

16. 2026-03-06
    status Active 661-char remark

    Show marketing remark (661 chars)

    Incredible value growth opportunity in this popular Old Southside neighborhood, near the pedestrian bridge connecting to Bates Hendricks. Enjoy a fenced yard and covered porch with this all brick home. 3 bedrooms and 2 full bathrooms. New flooring and fresh paint throughout. The kitchen features stainless steel appliances, a tile backsplash and new Quartz countertops. The updated bathrooms offer ceramic tile flooring, tiled tub surrounds, and nice vanities. Updated lighting, doorknobs, and many of the outlets and light switches have been replaced. 2" mini blinds included. Convenient location near Downtown Indy, Fountain Square, and Garfield Park.

17. 2026-03-04
    listed $199,900 Active 661-char remark

    Show marketing remark (661 chars)

    Incredible value growth opportunity in this popular Old Southside neighborhood, near the pedestrian bridge connecting to Bates Hendricks. Enjoy a fenced yard and covered porch with this all brick home. 3 bedrooms and 2 full bathrooms. New flooring and fresh paint throughout. The kitchen features stainless steel appliances, a tile backsplash and new Quartz countertops. The updated bathrooms offer ceramic tile flooring, tiled tub surrounds, and nice vanities. Updated lighting, doorknobs, and many of the outlets and light switches have been replaced. 2" mini blinds included. Convenient location near Downtown Indy, Fountain Square, and Garfield Park.

18. 2017-05-12
    soldstatus $47,500 Sold 450-char remark

    Show marketing remark (450 chars)

    Newly renovated, all brick home, features 3 bedrooms & 2 full baths. The master bedroom is on the main level. Large living room features distinctive windows, laminate flooring & ceiling fan. Updated kitchen features new stainless steel appliances, cabinets, counters & tile flooring. Other updates include new: A/C, bath fixtures, flooring & interior paint. In addition, electrical wiring has been updated & there is new plumbing.

19. 2017-04-26
    status Pending 450-char remark

    Show marketing remark (450 chars)

    Newly renovated, all brick home, features 3 bedrooms & 2 full baths. The master bedroom is on the main level. Large living room features distinctive windows, laminate flooring & ceiling fan. Updated kitchen features new stainless steel appliances, cabinets, counters & tile flooring. Other updates include new: A/C, bath fixtures, flooring & interior paint. In addition, electrical wiring has been updated & there is new plumbing.

20. 2016-12-02
    listed $55,000 Active 450-char remark

    Show marketing remark (450 chars)

    Newly renovated, all brick home, features 3 bedrooms & 2 full baths. The master bedroom is on the main level. Large living room features distinctive windows, laminate flooring & ceiling fan. Updated kitchen features new stainless steel appliances, cabinets, counters & tile flooring. Other updates include new: A/C, bath fixtures, flooring & interior paint. In addition, electrical wiring has been updated & there is new plumbing.

21. 2016-07-05
    historical
22. 2016-07-03
    listed $59,000 Active
23. 2015-01-14
    historical
24. 2015-01-13
    listed $54,899 Active
25. 2014-08-05
    historical
26. 2014-06-18
    historical
27. 2014-06-17
    listed $54,900
28. 2014-04-08
    historical
29. 2014-04-07
    listed $54,300
30. 2014-01-17
    listed $59,300
31. 2013-12-08
    historical
32. 2013-10-09
    listed $69,995
33. 2013-06-17
    historical
34. 2013-06-12
    soldstatus $17,489
35. 2013-05-03
    listed $16,900
36. 2005-12-09
    soldstatus $15,000
37. 2005-10-06
    listed $22,000

ⓘ 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: $2,815 · $235/mo
• Projected year-2 tax: $2,815 · $235/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 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,207
• − Mortgage interest: −$10,077
• − Property taxes: −$2,815
• − Insurance: −$900
• − Repairs & maintenance: −$1,457
• − Management: −$1,457
• − Depreciation: −$5,233
• Taxable loss: −$3,731
• Est. tax savings @ 24.0%: +$895
• After-tax cash flow: $244/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): 6,037
• Household income: $55,190
• Rent vs Own: 44.0% rent · 56.0% own
• Severe rent burden: 311.0

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: Predominantly White (68%)
• Race & ethnicity: White 68% Two or more races 12% Black 11% Hispanic / Latino 10% Asian 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 2% Italian 2% Slovak 1%
• Foreign-born: 9% · Canada
• Languages at home: 88% English-only · Spanish 10% 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: ▼ -36.19%
• Current HPI: 403.9271
• Rent YoY: ▲ 10.98%
• 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

+763.2% since first listed

23 events — show timeline

• 2026-03-27 Price Changed $189,900 MIBOR as Distributed by MLS Grid
• 2026-03-06 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-04 Listed $199,900 MIBOR as Distributed by MLS Grid
• 2017-05-12 Sold (MLS) $47,500 MIBOR as Distributed by MLS Grid
• 2017-04-26 Pending — MIBOR as Distributed by MLS Grid
• 2016-12-02 Listed $55,000 MIBOR as Distributed by MLS Grid
• 2016-07-05 Listing Removed — MIBOR as Distributed by MLS Grid
• 2016-07-03 Listed $59,000 MIBOR as Distributed by MLS Grid
• 2015-01-14 Listing Removed — MIBOR as Distributed by MLS Grid
• 2015-01-13 Listed $54,899 MIBOR as Distributed by MLS Grid
• 2014-08-05 Listing Removed — MIBOR as Distributed by MLS Grid
• 2014-06-18 Listing Removed — MIBOR as Distributed by MLS Grid
• 2014-06-17 Listed $54,900 MIBOR as Distributed by MLS Grid
• 2014-04-08 Listing Removed — MIBOR as Distributed by MLS Grid
• 2014-04-07 Listed $54,300 MIBOR as Distributed by MLS Grid
• 2014-01-17 Listed $59,300 MIBOR as Distributed by MLS Grid
• 2013-12-08 Listing Removed — MIBOR as Distributed by MLS Grid
• 2013-10-09 Listed $69,995 MIBOR as Distributed by MLS Grid
• 2013-06-17 Listing Removed — MIBOR as Distributed by MLS Grid
• 2013-06-12 Sold (MLS) $17,489 MIBOR as Distributed by MLS Grid
• 2013-05-03 Listed $16,900 MIBOR as Distributed by MLS Grid
• 2005-12-09 Sold (MLS) $15,000 MIBOR as Distributed by MLS Grid
• 2005-10-06 Listed $22,000 MIBOR as Distributed by MLS Grid

Property tax history

+15.7%/yr

Latest (2025): $2,815 · +7.8% YoY. Source: county tax records.