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

$269,900

3 bd · 2.5 ba · 3,262 sqft · SingleFamily public records · 78 Days on market

Built 1890 4,182 sqft lot $83/sqft · 24% below area Est $309k · 13% 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 +13.2/15.0
• Cash flow +12.2/30.0
• Rent growth +4.3/5.0
• DSCR +3.6/10.0
• 1% rule +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

Completely remodeled from top to bottom with newer mechanicals, this home just east of downtown Indianapolis offers the perfect blend of modern updates and a convenient location close to everything downtown has to offer. The open floor plan creates an easy flow throughout the main level, highlighted by a spacious kitchen with island-ideal for everyday living and entertaining. The main-floor primary suite features a large walk-in shower, while a dedicated mudroom with custom built-in lockers and a separate laundry room adds function and organization. A convenient half bath completes the main level. Upstairs, you'll find two additional bedrooms, a loft space perfect for a second living area or office, and a full bath. Outside, enjoy a large fenced backyard with a fire pit and covered porch, plus a welcoming covered front porch that sets the tone from the moment you arrive. All just a short drive to downtown, coffee shops, restaurants, and entertainment.

Key facts

• Remodeled
• Spacious kitchen
• Fire pit

Tags

• REMODELED
• SPACIOUS KITCHEN
• WALK-IN SHOWER
• MUDROOM
• FENCED BACKYARD
• FIRE PIT

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $270k.

Deal economics

• At list price, monthly cash flow is $-55 ($-663/yr) — negative.
• To cash-flow at today's rent, offer at most $260k (3.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $225k (16.5% below list).
• Recommended offer: $225k (16.5% below list) — sets the bar for 1% rule.
• Cap rate 6.0% 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; 7 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% 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 $2,254/mo this rent would consume 55% 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 $8k 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 78 days — a 6% lower offer ($254k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 20y 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.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $225,441 (16.5% 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 78 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 1890 — 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: 6.05%
• Cash-on-cash: -0.88%
• DSCR: 0.96
• GRM: 10.0

CMA / ARV

• ARV (median comp): $309,310
• List price: $269,900
• Delta: -12.74%
• 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
545 N Hamilton Ave	0.19mi	4/2.5 (+1)	2,942 (-10%)	0mo	$350,000	$119	70
931 N Tacoma Ave	0.48mi	3/2.0	3,129 (-4%)	3mo	$220,000	$70	67
809 N Temple Ave	0.36mi	4/2.5 (+1)	3,524 (+8%)	0mo	$325,000	$92	65
1523 E Ohio St	0.65mi	3/3.0	3,234 (-1%)	2mo	$449,000	$139	64
541 Tecumseh St	0.24mi	4/3.0 (+1)	3,624 (+11%)	0mo	$390,000	$108	63
916 N Tacoma Ave	0.44mi	3/3.0	2,918 (-10%)	0mo	$350,000	$120	60
326 N Hamilton Ave	0.23mi	3/2.0	3,705 (+14%)	6mo	$90,000	$24	60
1610 E Ohio St	0.60mi	2/2.0 (-1)	3,150 (-3%)	4mo	$299,899	$95	56
973 Woodruff Place Middle Dr	0.58mi	4/2.0 (+1)	3,045 (-7%)	1mo	$418,000	$137	54
1405 E Vermont St	0.70mi	4/3.5 (+1)	3,085 (-5%)	2mo	$653,000	$212	48
2421 E 11th St	0.59mi	4/2.5 (+1)	2,800 (-14%)	4mo	$287,000	$103	41
1402 Sturm Ave	0.70mi	4/1.5 (+1)	2,892 (-11%)	7mo	$360,000	$124	34

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: -13.1%
• Equity multiple: 0.51×
• Total profit: $-37,035
• Equity at exit: $40,243

10-year hold

• IRR: 1.4%
• Equity multiple: 1.12×
• Total profit: $9,043
• Equity at exit: $23,336

Cash invested: $75,572 (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: 10.0×

Monthly cashflow live

• Estimated rent: $2,254 high
• Mortgage (P&I): −$1,415
• Tax from tax record: −$308 /mo · $3,700/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$473
• Net cashflow: $-55

Break-even live

Break-even rent $2,324

Max offer price $260,146

Occupancy floor 97%

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: $67,475
• Closing costs: $8,097
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
322 N Summit St Unit 4 Indianapolis, IN	3.0	3.5	2546	$3,100	$1.22	8d	1	0.59mi
1226 N Beville Ave Indianapolis, IN	3.0	2.5	3273	$4,129	$1.26	24d	1	0.74mi
931 N Lasalle St Indianapolis, IN	4.0	2.5	2544	$2,300	$0.90	44d	1	0.79mi
117 S Arsenal Ave Indianapolis, IN	3.0	2.0	2592	$1,800	$0.69	44d	1	0.84mi
1706 Ingram St Indianapolis, IN	3.0	2.0	2592	$2,000	$0.77	8d	1	1.19mi
325 N Gladstone Ave Indianapolis, IN	3.0	2.0	2580	$1,285	$0.50	44d	1	1.39mi
323 N Gladstone Ave Indianapolis, IN	3.0	2.0	2580	$1,285	$0.50	44d	1	1.39mi

Listing history 50 events

1. 2026-06-18
   days on market $269,900 Active 78 DOM
2. 2026-06-17
   days on market $269,900 Active 77 DOM
3. 2026-06-16
   days on market $269,900 Active 76 DOM
4. 2026-06-15
   days on market $269,900 Active 75 DOM
5. 2026-06-13
   days on market $269,900 Active 73 DOM
6. 2026-06-13
   days on market $269,900 Active 72 DOM
7. 2026-06-09
   days on market $269,900 Active 69 DOM
8. 2026-06-08
   days on market $269,900 Active 68 DOM
9. 2026-06-07
   days on market $269,900 Active 67 DOM
10. 2026-06-03
    days on market $269,900 Active 63 DOM
11. 2026-06-02
    days on market $269,900 Active 62 DOM
12. 2026-06-01
    days on market $269,900 Active 61 DOM
13. 2026-05-31
    days on market $269,900 Active 60 DOM
14. 2026-04-16
    price $269,900 965-char remark

    Show marketing remark (965 chars)

    Completely remodeled from top to bottom with newer mechanicals, this home just east of downtown Indianapolis offers the perfect blend of modern updates and a convenient location close to everything downtown has to offer. The open floor plan creates an easy flow throughout the main level, highlighted by a spacious kitchen with island-ideal for everyday living and entertaining. The main-floor primary suite features a large walk-in shower, while a dedicated mudroom with custom built-in lockers and a separate laundry room adds function and organization. A convenient half bath completes the main level. Upstairs, you'll find two additional bedrooms, a loft space perfect for a second living area or office, and a full bath. Outside, enjoy a large fenced backyard with a fire pit and covered porch, plus a welcoming covered front porch that sets the tone from the moment you arrive. All just a short drive to downtown, coffee shops, restaurants, and entertainment.

15. 2026-04-15
    price $249,900 965-char remark

    Show marketing remark (965 chars)

    Completely remodeled from top to bottom with newer mechanicals, this home just east of downtown Indianapolis offers the perfect blend of modern updates and a convenient location close to everything downtown has to offer. The open floor plan creates an easy flow throughout the main level, highlighted by a spacious kitchen with island-ideal for everyday living and entertaining. The main-floor primary suite features a large walk-in shower, while a dedicated mudroom with custom built-in lockers and a separate laundry room adds function and organization. A convenient half bath completes the main level. Upstairs, you'll find two additional bedrooms, a loft space perfect for a second living area or office, and a full bath. Outside, enjoy a large fenced backyard with a fire pit and covered porch, plus a welcoming covered front porch that sets the tone from the moment you arrive. All just a short drive to downtown, coffee shops, restaurants, and entertainment.

16. 2026-04-01
    listed $269,900 Active 965-char remark

    Show marketing remark (965 chars)

    Completely remodeled from top to bottom with newer mechanicals, this home just east of downtown Indianapolis offers the perfect blend of modern updates and a convenient location close to everything downtown has to offer. The open floor plan creates an easy flow throughout the main level, highlighted by a spacious kitchen with island-ideal for everyday living and entertaining. The main-floor primary suite features a large walk-in shower, while a dedicated mudroom with custom built-in lockers and a separate laundry room adds function and organization. A convenient half bath completes the main level. Upstairs, you'll find two additional bedrooms, a loft space perfect for a second living area or office, and a full bath. Outside, enjoy a large fenced backyard with a fire pit and covered porch, plus a welcoming covered front porch that sets the tone from the moment you arrive. All just a short drive to downtown, coffee shops, restaurants, and entertainment.

17. 2025-12-05
    historical
18. 2025-10-11
    status Active
19. 2025-10-08
    historical
20. 2025-08-22
    price $240,000
21. 2025-08-04
    listed $264,000 Active
22. 2025-04-21
    historical
23. 2025-04-14
    price $285,000
24. 2025-04-04
    price $292,500
25. 2025-03-23
    price $295,000
26. 2025-03-22
    status Active
27. 2025-03-05
    status Pending
28. 2025-02-12
    price $299,900
29. 2025-01-29
    price $304,900
30. 2025-01-14
    price $309,900
31. 2024-12-12
    price $314,900
32. 2024-11-17
    listed $329,900 Active
33. 2021-11-23
    soldstatus $274,500 Closed
34. 2021-10-02
    status Pending
35. 2021-09-24
    price $289,000
36. 2021-09-16
    listed $300,000 Active
37. 2021-04-21
    historical
38. 2021-04-05
    status Pending
39. 2021-03-30
    price $266,000
40. 2021-02-20
    status Active
41. 2021-02-04
    historical
42. 2021-01-10
    status Pending
43. 2021-01-03
    status Active
44. 2021-01-03
    historical
45. 2020-12-18
    price $269,500
46. 2020-11-12
    price $274,500
47. 2020-10-23
    price $285,500
48. 2020-10-17
    listed $299,500 Active
49. 2007-04-20
    soldstatus $12,000
50. 2006-11-13
    listed $12,900

ⓘ 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: $3,700 · $308/mo
• Projected year-2 tax: $3,700 · $308/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 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: $27,053
• − Mortgage interest: −$15,119
• − Property taxes: −$3,700
• − Insurance: −$1,350
• − Repairs & maintenance: −$2,164
• − Management: −$2,164
• − Depreciation: −$7,852
• Taxable loss: −$5,296
• Est. tax savings @ 24.0%: +$1,271
• After-tax cash flow: $608/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

+1992.2% since first listed

37 events — show timeline

• 2026-04-16 Price Changed $269,900 MIBOR as Distributed by MLS Grid
• 2026-04-15 Price Changed $249,900 MIBOR as Distributed by MLS Grid
• 2026-04-01 Listed $269,900 MIBOR as Distributed by MLS Grid
• 2025-12-05 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-10-11 Relisted — MIBOR as Distributed by MLS Grid
• 2025-10-08 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-08-22 Price Changed $240,000 MIBOR as Distributed by MLS Grid
• 2025-08-04 Listed $264,000 MIBOR as Distributed by MLS Grid
• 2025-04-21 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-04-14 Price Changed $285,000 MIBOR as Distributed by MLS Grid
• 2025-04-04 Price Changed $292,500 MIBOR as Distributed by MLS Grid
• 2025-03-23 Price Changed $295,000 MIBOR as Distributed by MLS Grid
• 2025-03-22 Relisted — MIBOR as Distributed by MLS Grid
• 2025-03-05 Pending — MIBOR as Distributed by MLS Grid
• 2025-02-12 Price Changed $299,900 MIBOR as Distributed by MLS Grid
• 2025-01-29 Price Changed $304,900 MIBOR as Distributed by MLS Grid
• 2025-01-14 Price Changed $309,900 MIBOR as Distributed by MLS Grid
• 2024-12-12 Price Changed $314,900 MIBOR as Distributed by MLS Grid
• 2024-11-17 Listed $329,900 MIBOR as Distributed by MLS Grid
• 2021-11-23 Sold (MLS) $274,500 MIBOR as Distributed by MLS Grid
• 2021-10-02 Pending — MIBOR as Distributed by MLS Grid
• 2021-09-24 Price Changed $289,000 MIBOR as Distributed by MLS Grid
• 2021-09-16 Listed $300,000 MIBOR as Distributed by MLS Grid
• 2021-04-21 Listing Removed — MIBOR as Distributed by MLS Grid
• 2021-04-05 Pending — MIBOR as Distributed by MLS Grid
• 2021-03-30 Price Changed $266,000 MIBOR as Distributed by MLS Grid
• 2021-02-20 Relisted — MIBOR as Distributed by MLS Grid
• 2021-02-04 Listing Removed — MIBOR as Distributed by MLS Grid
• 2021-01-10 Pending — MIBOR as Distributed by MLS Grid
• 2021-01-03 Relisted — MIBOR as Distributed by MLS Grid
• 2021-01-03 Listing Removed — MIBOR as Distributed by MLS Grid
• 2020-12-18 Price Changed $269,500 MIBOR as Distributed by MLS Grid
• 2020-11-12 Price Changed $274,500 MIBOR as Distributed by MLS Grid
• 2020-10-23 Price Changed $285,500 MIBOR as Distributed by MLS Grid
• 2020-10-17 Listed $299,500 MIBOR as Distributed by MLS Grid
• 2007-04-20 Sold (MLS) $12,000 MIBOR as Distributed by MLS Grid
• 2006-11-13 Listed $12,900 MIBOR as Distributed by MLS Grid

Property tax history

+37.5%/yr

Latest (2025): $3,700 · +6.9% YoY. Source: county tax records.