1134 N Keystone Ave · Indianapolis city (balance), IN 46201

$224,900

3 bd · 2.0 ba · 2,424 sqft · SingleFamily public records · 199 Days on market

Built 1900 5,968 sqft lot $93/sqft · 48% below area

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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).

• Cash flow +20.4/30.0
• ARV discount +7.5/15.0
• DSCR +6.5/10.0
• 1% rule +4.6/10.0
• Rent growth +4.3/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunity knocks at this Windsor Park fixer! This 3 bedroom, 2 bath two-story home sits amongst high-end renovations and new builds in a quickly appreciating neighborhood. Some heavy lifting has been done already and the home has been gutted to the studs. Come in and design a new floor plan or renovate what is already existing. Several sales surrounding in the mid $700,000 range. Plenty of room out back for a two-car garage with carriage house. Experienced investors (end buyers) only, no wholesalers! Please visit the property with your contractor prior to offer submission.

Key facts

• Gutted to the studs
• High-end renovations
• Two-car garage

Tags

• HIGH-END RENOVATIONS
• GUTTED TO THE STUDS
• TWO-CAR GARAGE
• PLENTY OF ROOM OUT BACK

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $292 ($4k/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 $216k (3.9% below list).
• Recommended offer: $198k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.9% 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.
• Market conditions: Rents rising fast (+7.3%/yr); 480 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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).
• At $2,161/mo this rent would consume 53% of the median local household income ($49k/yr) (locally 1906% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 + 7.3% rent growth), your $63k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 199 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y ago; this cycle's ask has dropped $25k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $57k; list at $225k implies a 295% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $197,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 199 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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. 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?
6. 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.
7. 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.
8. 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: 7.85%
• Cash-on-cash: 5.57%
• DSCR: 1.25
• GRM: 8.7

CMA / ARV

• ARV (median comp): $520,416
• List price: $224,900
• Delta: -56.78%
• 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
964 Tecumseh St	0.30mi	3/1.5	2,268 (-6%)	1mo	$260,000	$115	72
1118 N Newman St	0.55mi	3/1.5	2,430 (+0%)	0mo	$300,000	$123	72
1123 N Keystone Ave	0.06mi	4/3.5 (+1)	2,627 (+8%)	1mo	$530,000	$202	72
626 N Hamilton Ave	0.50mi	3/2.5	2,580 (+6%)	1mo	$470,000	$182	64
1148 N Beville Ave	0.07mi	4/2.5 (+1)	2,064 (-15%)	2mo	$370,000	$179	64
810 N Oakland Ave	0.59mi	3/2.0	2,542 (+5%)	2mo	$220,000	$87	63
528 N Beville Ave	0.59mi	3/2.5	2,322 (-4%)	1mo	$380,000	$164	63
519 Woodruff Place Middle Dr	0.72mi	3/3.0	2,349 (-3%)	0mo	$420,000	$179	57
809 N Rural St	0.48mi	3/3.0	2,159 (-11%)	2mo	$300,000	$139	54
853 N Parker Ave	0.50mi	3/1.5	2,718 (+12%)	1mo	$124,000	$46	53
812 N Parker Ave	0.54mi	2/2.0 (-1)	2,178 (-10%)	2mo	$78,000	$36	51
622 N Hamilton Ave	0.50mi	3/3.5	2,717 (+12%)	2mo	$430,000	$158	49

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 · 7.31% rent growth · sell at horizon

5-year hold

• IRR: -3.3%
• Equity multiple: 0.87×
• Total profit: $-8,101
• Equity at exit: $33,533

10-year hold

• IRR: 10.4%
• Equity multiple: 1.96×
• Total profit: $60,566
• Equity at exit: $19,445

Cash invested: $62,972 (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 46201

• Home prices YoY: -33.9%
• Rents YoY: 7.3%
• Active inventory: 480
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $2,161 high
• Mortgage (P&I): −$1,179
• Tax from tax record: −$142 /mo · $1,703/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$454
• Net cashflow: $292

Break-even live

Break-even rent $1,791

Max offer price $224,900

Occupancy floor 81%

Sensitivity live

Price	-10% $420	-5% $356	+0% $292	+5% $229	+10% $165
Rent	-10% $122	-5% $207	+0% $292	+5% $378	+10% $463
Rate	-1.0pp $406	-0.5pp $350	base $292	+0.5pp $234	+1.0pp $175

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: $56,225
• Closing costs: $6,747
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1226 N Beville Ave Indianapolis, IN	3.0	2.5	3273	$4,129	$1.26	24d	1	0.07mi
2418 E 16th St Indianapolis, IN	2.0	1.5	1863	$2,125	$1.14	24d	1	0.30mi
960 Eastern Ave Indianapolis, IN	3.0	1.5	1616	$1,500	$0.93	24d	1	0.30mi
960 Eastern Ave Indianapolis, IN	3.0	1.5	1616	$1,500	$0.93	44d	1	0.30mi
656 N Beville Ave Indianapolis, IN	3.0	2.5	2121	$3,500	$1.65	24d	1	0.43mi
2536 E 17th St Indianapolis, IN	2.0	2.0	2086	$1,450	$0.70	5d	1	0.43mi
635 Jefferson Ave Indianapolis, IN	3.0	1.5	1744	$1,700	$0.97	44d	1	0.46mi
849 N Oakland Ave Indianapolis, IN	4.0	3.0	1638	$2,350	$1.43	12d	1	0.59mi
1706 Ingram St Indianapolis, IN	3.0	2.0	2592	$2,000	$0.77	8d	1	0.61mi
515 N Oxford St Indianapolis, IN	2.0	1.5	1728	$1,050	$0.61	3d	1	0.72mi
931 N Lasalle St Indianapolis, IN	4.0	2.5	2544	$2,300	$0.90	44d	1	0.72mi
2822 E Michigan St Indianapolis, IN	3.0	2.0	1918	$1,999	$1.04	22d	1	0.72mi
909 N Lasalle St Indianapolis, IN	3.0	2.0	1717	$1,600	$0.93	45d	1	0.73mi
1314 E 10th St Indianapolis, IN	2.0	2.0	1701	$1,650	$0.97	45d	1	0.76mi
420 Eastern Ave Indianapolis, IN	3.0	1.0	1900	$1,325	$0.70	44d	1	0.77mi
409 N Temple Ave Indianapolis, IN	3.0	2.0	2106	$1,650	$0.78	44d	1	0.77mi
1927 N Dearborn St Indianapolis, IN	3.0	1.0	2182	$1,495	$0.69	44d	1	0.85mi
238 Eastern Ave Indianapolis, IN	3.0	2.0	1850	$1,900	$1.03	24d	1	0.92mi
1531 Sturm Ave Indianapolis, IN	3.0	2.0	1806	$1,515	$0.84	24d	1	0.94mi
1529 Sturm Ave Indianapolis, IN	3.0	2.0	1806	$1,515	$0.84	24d	1	0.94mi
210 N Keystone Ave Indianapolis, IN	4.0	2.0	2024	$2,200	$1.09	8d	1	0.96mi
408 N Dearborn St Indianapolis, IN	3.0	2.5	1740	$1,750	$1.01	44d	1	0.96mi
47 Keystone Ave Indianapolis, IN	3.0	2.5	1600	$2,500	$1.56	44d	1	1.00mi
43 Keystone Ave Indianapolis, IN	3.0	2.5	1600	$2,291	$1.43	17d	1	1.01mi
41 Keystone Ave Indianapolis, IN	3.0	2.5	1600	$2,500	$1.56	44d	1	1.01mi
303 N State Ave Indianapolis, IN	3.0	1.0	1700	$1,275	$0.75	24d	1	1.03mi
322 N Summit St Unit 4 Indianapolis, IN	3.0	3.5	2546	$3,100	$1.22	8d	1	1.06mi
441 N Highland Ave Unit 445 Indianapolis, IN	2.0	2.5	1650	$2,400	$1.45	44d	1	1.07mi
441 N Highland Ave Indianapolis, IN	2.0	2.0	1650	$2,400	$1.45	44d	1	1.07mi
22 Hendricks Pl Unit 22 Indianapolis, IN	3.0	1.5	1730	$1,600	$0.92	18d	1	1.12mi
890 Massachusetts Ave Unit 1014223P Indianapolis, IN	3.0	3.0	1991	$5,540	$2.78	2d	1	1.13mi
22 Parkview Ave Indianapolis, IN	3.0	1.5	1728	$1,450	$0.84	8d	1	1.13mi
17 N Randolph St Indianapolis, IN	3.0	2.0	1822	$2,075	$1.14	5d	1	1.15mi
1223 E New York St Indianapolis, IN	3.0	3.0	2154	$2,300	$1.07	4d	1	1.16mi
1430 E Ohio St Indianapolis, IN	3.0	1.5	2174	$1,745	$0.80	44d	1	1.17mi
29 N Walcott St Indianapolis, IN	4.0	3.0	2200	$2,400	$1.09	44d	1	1.18mi
1949 Carrollton Ave Indianapolis, IN	4.0	3.5	2617	$2,995	$1.14	44d	1	1.31mi
3712 E Market St Indianapolis, IN	3.0	1.0	1800	$1,450	$0.81	15d	1	1.33mi
49 S Lasalle St Unit 1540092P Indianapolis, IN	3.0	2.0	1991	$3,053	$1.53	3d	1	1.33mi
519 Fulton St Indianapolis, IN	3.0	2.5	1830	$6,000	$3.28	44d	1	1.34mi

Listing history 21 events

1. 2026-06-18
   days on market $224,900 Active 199 DOM
2. 2026-06-17
   days on market $224,900 Active 198 DOM
3. 2026-06-16
   days on market $224,900 Active 197 DOM
4. 2026-06-15
   days on market $224,900 Active 196 DOM
5. 2026-06-13
   days on market $224,900 Active 194 DOM
6. 2026-06-13
   days on market $224,900 Active 193 DOM
7. 2026-06-09
   days on market $224,900 Active 190 DOM
8. 2026-06-08
   days on market $224,900 Active 189 DOM
9. 2026-06-07
   days on market $224,900 Active 188 DOM
10. 2026-06-03
    pricedays on market $224,900 Active 184 DOM
11. 2026-06-02
    days on market $229,900 Active 183 DOM
12. 2026-06-01
    days on market $229,900 Active 182 DOM
13. 2026-05-31
    days on market $229,900 Active 181 DOM
14. 2026-05-01
    price $229,900 581-char remark

    Show marketing remark (581 chars)

    Opportunity knocks at this Windsor Park fixer! This 3 bedroom, 2 bath two-story home sits amongst high-end renovations and new builds in a quickly appreciating neighborhood. Some heavy lifting has been done already and the home has been gutted to the studs. Come in and design a new floor plan or renovate what is already existing. Several sales surrounding in the mid $700,000 range. Plenty of room out back for a two-car garage with carriage house. Experienced investors (end buyers) only, no wholesalers! Please visit the property with your contractor prior to offer submission.

15. 2026-03-31
    price $234,900 581-char remark

    Show marketing remark (581 chars)

    Opportunity knocks at this Windsor Park fixer! This 3 bedroom, 2 bath two-story home sits amongst high-end renovations and new builds in a quickly appreciating neighborhood. Some heavy lifting has been done already and the home has been gutted to the studs. Come in and design a new floor plan or renovate what is already existing. Several sales surrounding in the mid $700,000 range. Plenty of room out back for a two-car garage with carriage house. Experienced investors (end buyers) only, no wholesalers! Please visit the property with your contractor prior to offer submission.

16. 2026-02-12
    price $239,900 581-char remark

    Show marketing remark (581 chars)

    Opportunity knocks at this Windsor Park fixer! This 3 bedroom, 2 bath two-story home sits amongst high-end renovations and new builds in a quickly appreciating neighborhood. Some heavy lifting has been done already and the home has been gutted to the studs. Come in and design a new floor plan or renovate what is already existing. Several sales surrounding in the mid $700,000 range. Plenty of room out back for a two-car garage with carriage house. Experienced investors (end buyers) only, no wholesalers! Please visit the property with your contractor prior to offer submission.

17. 2026-01-05
    price $244,900 581-char remark

    Show marketing remark (581 chars)

    Opportunity knocks at this Windsor Park fixer! This 3 bedroom, 2 bath two-story home sits amongst high-end renovations and new builds in a quickly appreciating neighborhood. Some heavy lifting has been done already and the home has been gutted to the studs. Come in and design a new floor plan or renovate what is already existing. Several sales surrounding in the mid $700,000 range. Plenty of room out back for a two-car garage with carriage house. Experienced investors (end buyers) only, no wholesalers! Please visit the property with your contractor prior to offer submission.

18. 2025-12-01
    listed $249,900 Active 581-char remark

    Show marketing remark (581 chars)

    Opportunity knocks at this Windsor Park fixer! This 3 bedroom, 2 bath two-story home sits amongst high-end renovations and new builds in a quickly appreciating neighborhood. Some heavy lifting has been done already and the home has been gutted to the studs. Come in and design a new floor plan or renovate what is already existing. Several sales surrounding in the mid $700,000 range. Plenty of room out back for a two-car garage with carriage house. Experienced investors (end buyers) only, no wholesalers! Please visit the property with your contractor prior to offer submission.

19. 2018-10-11
    soldstatus $57,000 Sold 315-char remark

    Show marketing remark (315 chars)

    Are you looking to flip your next house. Check out this turn of the century home on a corner lot in Windsor Park. This one needs a lot of work but could be made beautiful again. Just south of Spades park. Several homes on the street have already been rehabbed. Here is your chance to get into this hot neighborhood.

20. 2018-09-10
    historical 315-char remark

    Show marketing remark (315 chars)

    Are you looking to flip your next house. Check out this turn of the century home on a corner lot in Windsor Park. This one needs a lot of work but could be made beautiful again. Just south of Spades park. Several homes on the street have already been rehabbed. Here is your chance to get into this hot neighborhood.

21. 2018-09-07
    listed $55,000 Active 315-char remark

    Show marketing remark (315 chars)

    Are you looking to flip your next house. Check out this turn of the century home on a corner lot in Windsor Park. This one needs a lot of work but could be made beautiful again. Just south of Spades park. Several homes on the street have already been rehabbed. Here is your chance to get into this hot neighborhood.

ⓘ 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: $1,703 · $142/mo
• Projected year-2 tax: $1,807 · $151/mo
• Expected delta: +$105/yr (+$9/mo · 6.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 51% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 19 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: $25,934
• − Mortgage interest: −$12,598
• − Property taxes: −$1,703
• − Insurance: −$1,124
• − Repairs & maintenance: −$2,075
• − Management: −$2,075
• − Depreciation: −$6,543
• Taxable loss: −$183
• Est. tax savings @ 24.0%: +$44
• After-tax cash flow: $3,552/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): 30,335
• Household income: $49,195
• Rent vs Own: 48.4% rent · 51.6% own
• Severe rent burden: 1906.0

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 53% Hispanic / Latino 23% Black 18% Two or more races 9%
• Hispanic origin (detail): Mexican 14% Puerto Rican 2%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 9% · Canada
• Languages at home: 81% English-only · Spanish 17%

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: ▼ -192.51%
• Current HPI: 375.0969
• Rent YoY: ▲ 7.31%
• 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

+318.0% since first listed

8 events — show timeline

• 2026-05-01 Price Changed $229,900 MIBOR as Distributed by MLS Grid
• 2026-03-31 Price Changed $234,900 MIBOR as Distributed by MLS Grid
• 2026-02-12 Price Changed $239,900 MIBOR as Distributed by MLS Grid
• 2026-01-05 Price Changed $244,900 MIBOR as Distributed by MLS Grid
• 2025-12-01 Listed $249,900 MIBOR as Distributed by MLS Grid
• 2018-10-11 Sold (MLS) $57,000 MIBOR as Distributed by MLS Grid
• 2018-09-10 Listing Removed — MIBOR as Distributed by MLS Grid
• 2018-09-07 Listed $55,000 MIBOR as Distributed by MLS Grid

Property tax history

+3.3%/yr

Latest (2025): $1,703 · -1.4% YoY. Source: county tax records.