2973 N Chester Ave · Indianapolis city (balance), IN 46218

$59,900

2 bd · 1.0 ba · 672 sqft · SingleFamily public records · 85 Days on market

Built 1951 3,790 sqft lot $89/sqft · 35% below area Est $92k · 35% under

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Why this score? — see what drove the B 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +2.7/5.0
• 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 property is gutted and needs full rehab.

Key facts

• 3,790 sq ft lot
• Built 1951
• Listed 85 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $362 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($982 rent vs $60k).
• Recommended offer: $56k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.5% 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 B — 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 flat; 334 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 31% of the median local income ($38k/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 $414 of loan paydown is wiped out by about $2k 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 + 0.8% rent growth), your $17k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 85 days — a 6% lower offer ($56k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 $30k; list at $60k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $56,306 (6.0% below list)

Questions for the listing agent

1. It's been on market 85 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.64% ✓
• Cap rate: 13.54%
• Cash-on-cash: 25.90%
• DSCR: 2.15
• GRM: 5.1

CMA / ARV

• ARV (median comp): $92,053
• List price: $59,900
• Delta: -34.93%
• 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
2954 N Drexel Ave	0.35mi	2/1.0	672 (0%)	10mo	$129,999	$193	75
2907 Forest Manor Ave	0.13mi	2/1.0	768 (+14%)	1mo	$73,000	$95	69
4615 E 30th St	0.39mi	1/1.0 (-1)	660 (-2%)	6mo	$45,000	$68	69
3109 Forest Manor Ave	0.18mi	2/1.0	750 (+12%)	8mo	$115,000	$153	66
3114 Adams St	0.60mi	2/1.0	725 (+8%)	3mo	$63,000	$87	56
2959 N Lasalle St	0.61mi	2/1.0	720 (+7%)	11mo	$59,900	$83	50
2876 Stuart St	0.53mi	2/1.0	576 (-14%)	3mo	$30,900	$54	49
2925 Stuart St	0.49mi	2/1.0	596 (-11%)	13mo	$46,800	$79	47
2839 N Lasalle St	0.64mi	2/1.0	768 (+14%)	5mo	$55,000	$72	42
2843 Adams St	0.58mi	2/1.0	576 (-14%)	9mo	$75,000	$130	42
3355 Wallace Ave	0.71mi	2/1.0	768 (+14%)	2mo	$59,500	$77	41
4744 E 33rd St	0.63mi	2/1.0	768 (+14%)	11mo	$60,000	$78	37

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 · 0.81% rent growth · sell at horizon

5-year hold

• IRR: 17.1%
• Equity multiple: 1.67×
• Total profit: $11,245
• Equity at exit: $8,931

10-year hold

• IRR: 24.0%
• Equity multiple: 2.86×
• Total profit: $31,221
• Equity at exit: $5,179

Cash invested: $16,772 (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 46218

• Home prices YoY: -17.1%
• Rents YoY: 0.8%
• Active inventory: 334
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $982 high
• Mortgage (P&I): −$314
• Tax est. 1.5%: −$75 /mo · $898/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$206
• Net cashflow: $362

Break-even live

Break-even rent $524

Max offer price $59,900

Occupancy floor 58%

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4615 E 30th St Indianapolis, IN	2.0	1.0	660	$1,100	$1.67	23d	1	0.39mi
3383 Station St Indianapolis, IN	3.0	1.0	744	$1,250	$1.68	23d	1	0.52mi
2722 N Olney St Indianapolis, IN	2.0	1.0	650	$795	$1.22	43d	1	0.57mi
3421 N Olney St Indianapolis, IN	2.0	1.0	720	$1,195	$1.66	16d	1	0.68mi
2930 N Dearborn St Indianapolis, IN	1.0	1.0	536	$599	$1.12	23d	1	0.71mi
4726 E 34th St Indianapolis, IN	1.0	1.0	643	$800	$1.24	23d	1	0.71mi
2422 Adams St Unit 2 Indianapolis, IN	1.0	1.0	700	$850	$1.21	43d	1	0.79mi
2449 Wheeler St Indianapolis, IN	1.0	1.0	600	$950	$1.58	23d	1	0.92mi
3725 N Sherman Dr #7 Indianapolis, IN	2.0	1.0	729	$845	$1.16	4d	1	0.92mi
3011 Oxford Ln Indianapolis, IN	1.0	1.0	640	$800	$1.25	43d	1	0.95mi
2821 Oxford Ln Indianapolis, IN	1.0	1.0	640	$825	$1.29	43d	1	1.06mi
2030 N Colorado Ave Indianapolis, IN	2.0	1.0	728	$1,150	$1.58	23d	1	1.10mi
3615 Sherman Forest Dr Indianapolis, IN	4.0	1.0–2.5	1057	$1,288	$1.22	4d	1	1.13mi
2530 N Temple Ave Indianapolis, IN	1.0	1.0	720	$750	$1.04	20d	1	1.18mi
1951 N Bosart Ave Indianapolis, IN	2.0	1.0	728	$1,000	$1.37	4d	1	1.26mi
1931 N Oxford St Indianapolis, IN	1.0	1.0	616	$875	$1.42	4d	1	1.46mi
2312 N Ritter Ave Apt 31 Indianapolis, IN	2.0	1.0	725	$825	$1.14	21d	1	1.46mi
4115 Meadows Dr Indianapolis, IN	1.0–3.0	1.0–2.0	1013	$1,374	$1.36	43d	9	1.47mi
2302 N Ritter Ave Indianapolis, IN	2.0	1.0	725	$788	$1.09	7d	2	1.49mi
2308 N Ritter Ave Apt 24 Indianapolis, IN	2.0	1.0	725	$825	$1.14	20d	1	1.49mi

Listing history 19 events

1. 2026-06-18
   days on market $59,900 Active 85 DOM
2. 2026-06-17
   days on market $59,900 Active 84 DOM
3. 2026-06-16
   days on market $59,900 Active 83 DOM
4. 2026-06-15
   days on market $59,900 Active 82 DOM
5. 2026-06-13
   days on market $59,900 Active 80 DOM
6. 2026-06-13
   days on market $59,900 Active 79 DOM
7. 2026-06-09
   days on market $59,900 Active 76 DOM
8. 2026-06-08
   days on market $59,900 Active 75 DOM
9. 2026-06-07
   days on market $59,900 Active 74 DOM
10. 2026-06-03
    days on market $59,900 Active 70 DOM
11. 2026-06-02
    days on market $59,900 Active 69 DOM
12. 2026-06-01
    days on market $59,900 Active 68 DOM
13. 2026-05-31
    days on market $59,900 Active 67 DOM
14. 2026-03-24
    listed $59,900 Active 44-char remark

    Show marketing remark (44 chars)

    The property is gutted and needs full rehab.

15. 2025-08-30
    soldstatus $30,000 Closed 220-char remark

    Show marketing remark (220 chars)

    This Ugly Little Duckling is looking for someone to Restore it Back to its Glory. Has suffered Fire Damage. 2 Bed 1 Bath. Has Potential to be a Great Home or Investment Property for the Savy Investor. Seller is Motivated

16. 2025-08-18
    status Pending 220-char remark

    Show marketing remark (220 chars)

    This Ugly Little Duckling is looking for someone to Restore it Back to its Glory. Has suffered Fire Damage. 2 Bed 1 Bath. Has Potential to be a Great Home or Investment Property for the Savy Investor. Seller is Motivated

17. 2025-08-01
    status Active 220-char remark

    Show marketing remark (220 chars)

    This Ugly Little Duckling is looking for someone to Restore it Back to its Glory. Has suffered Fire Damage. 2 Bed 1 Bath. Has Potential to be a Great Home or Investment Property for the Savy Investor. Seller is Motivated

18. 2025-07-23
    status Pending 220-char remark

    Show marketing remark (220 chars)

    This Ugly Little Duckling is looking for someone to Restore it Back to its Glory. Has suffered Fire Damage. 2 Bed 1 Bath. Has Potential to be a Great Home or Investment Property for the Savy Investor. Seller is Motivated

19. 2025-07-22
    listed $37,000 Active 220-char remark

    Show marketing remark (220 chars)

    This Ugly Little Duckling is looking for someone to Restore it Back to its Glory. Has suffered Fire Damage. 2 Bed 1 Bath. Has Potential to be a Great Home or Investment Property for the Savy Investor. Seller is Motivated

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 · 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: $11,786
• − Mortgage interest: −$3,355
• − Property taxes: −$898
• − Insurance: −$300
• − Repairs & maintenance: −$943
• − Management: −$943
• − Depreciation: −$1,743
• Taxable income: $3,605
• Est. tax owed @ 24.0%: −$865
• After-tax cash flow: $3,479/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): 29,360
• Household income: $38,063
• Rent vs Own: 47.2% rent · 52.8% own
• Severe rent burden: 2340.0

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 Black (68%)
• Race & ethnicity: Black 68% White 18% Hispanic / Latino 9% Two or more races 6%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 1%
• Foreign-born: 5% · Canada, Philippines
• Languages at home: 92% English-only · Spanish 7%

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: ▼ -81.57%
• Current HPI: 395.7071
• Rent YoY: ▲ 0.81%
• 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

+61.9% since first listed

6 events — show timeline

• 2026-03-24 Listed $59,900 MIBOR as Distributed by MLS Grid
• 2025-08-30 Sold (MLS) $30,000 MIBOR as Distributed by MLS Grid
• 2025-08-18 Pending — MIBOR as Distributed by MLS Grid
• 2025-08-01 Relisted — MIBOR as Distributed by MLS Grid
• 2025-07-23 Pending — MIBOR as Distributed by MLS Grid
• 2025-07-22 Listed $37,000 MIBOR as Distributed by MLS Grid

Property tax history

-14.4%/yr

Latest (2025): $52 · -92.8% YoY. Source: county tax records.