40 N Lasalle St · Indianapolis city (balance), IN 46201

$189,999

4 bd · 3.0 ba · 988 sqft · MultiFamily public records · 150 Days on market

Built 1920 4,530 sqft lot $192/sqft · 223% above area Est $176k · 8% over

---

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 +18.7/30.0
• DSCR +5.9/10.0
• 1% rule +5.5/10.0
• Rent growth +4.3/5.0
• ARV discount +4.0/15.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Welcome to 40 N Lasalle, where this charming duplex awaits you! This is the perfect opportunity to invest in the future and secure your financial freedom. This property is the definition of the phrase, "two for the price of one," as it features two spacious units, each with two bedrooms, one bathroom, and ample living space. both units are occupoied. this property is versatile and sure to meet your needs. The possibilities are endless! Located in the bustling city of Indianapolis, this property is in an ideal location. The vibrant community boasts a lively nightlife, delectable dining options, and endless entertainment

Key facts

• 4,530 sq ft lot
• Built 1920
• Listed 149 days

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $189 ($2k/yr) — positive. Per door: $95/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $167k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.5% 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 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); Arsenal Technical High School (math 6% / reading 27%, grade F, #353 of 369 statewide, top 96%, 2,366 students, 74% FRL) — zoned schools at 80% FRL track the district average.
• Market conditions: Rents rising fast (+7.3%/yr); 483 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• At $1,993/mo this rent would consume 49% 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 $1k of loan paydown is wiped out by about $6k 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 $53k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 150 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 20y 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 $160k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $167,199 (12.0% below list)

Questions for the listing agent

1. It's been on market 150 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.05% ✓
• Cap rate: 7.49%
• Cash-on-cash: 4.27%
• DSCR: 1.19
• GRM: 7.9

CMA / ARV

• ARV (median comp): $176,393
• List price: $189,999
• Delta: 7.71%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 7.31% rent growth · sell at horizon

5-year hold

• IRR: -4.6%
• Equity multiple: 0.82×
• Total profit: $-9,644
• Equity at exit: $28,329

10-year hold

• IRR: 9.7%
• Equity multiple: 1.90×
• Total profit: $47,872
• Equity at exit: $16,428

Cash invested: $53,200 (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: 483
• Price-to-rent: 15.9×

Monthly cashflow live

• Estimated rent: $1,993 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$310 /mo · $3,716/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$419
• Net cashflow: $189

Break-even live

Break-even rent $1,753

Max offer price $189,999

Occupancy floor 86%

Sensitivity live

Price	-10% $297	-5% $243	+0% $189	+5% $135	+10% $82
Rent	-10% $32	-5% $110	+0% $189	+5% $268	+10% $347
Rate	-1.0pp $285	-0.5pp $238	base $189	+0.5pp $140	+1.0pp $90

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,994
Total (2 units)			$1,993

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 35 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
28 S Dearborn St Unit A Indianapolis, IN	3.0	1.0	1100	$1,400	$1.27	12d	1	0.15mi
37 S Tuxedo St Indianapolis, IN	3.0	1.0	950	$1,150	$1.21	45d	1	0.18mi
83 N Ewing St Unit 83 Indianapolis, IN	3.0	1.0	1016	$1,199	$1.18	45d	1	0.30mi
83 N Ewing St Unit 83 Indianapolis, IN	3.0	1.0	1016	$1,199	$1.18	0d	1	0.30mi
510 N Dearborn St Indianapolis, IN	3.0	1.0	1008	$1,350	$1.34	45d	1	0.34mi
270 S Lasalle St Indianapolis, IN	3.0	2.0	562	$1,329	$2.36	9d	1	0.44mi
613-615 N Jefferson Indianapolis, IN	3.0	1.0	1030	$1,600	$1.55	16d	1	0.47mi
418 Eastern Ave Indianapolis, IN	3.0	1.0	1008	$1,325	$1.31	25d	1	0.48mi
632 N Gray St Indianapolis, IN	3.0	1.0	960	$1,800	$1.88	45d	1	0.51mi
637 N Gray St Indianapolis, IN	3.0	1.5	1120	$1,150	$1.03	46d	1	0.51mi
639 N Gray St Indianapolis, IN	3.0	1.5	1120	$1,220	$1.09	45d	1	0.52mi
639 N Rural St Indianapolis, IN	3.0	1.0	1000	$1,675	$1.68	19d	1	0.61mi
323 S Rural St Indianapolis, IN	3.0	1.5	1090	$1,050	$0.96	45d	1	0.61mi
439 N Forest Ave Indianapolis, IN	3.0	2.0	1030	$1,200	$1.17	25d	1	0.63mi
350 S Oxford St Indianapolis, IN	3.0	1.0	826	$1,300	$1.57	45d	1	0.63mi
822 N Bradley Ave Unit 822 Indianapolis, IN	3.0	1.0	1100	$1,200	$1.09	45d	1	0.73mi
822 N Bradley Ave Unit 822 Indianapolis, IN	3.0	1.0	1100	$1,200	$1.09	0d	1	0.73mi
4214 E Washington St Indianapolis, IN	3.0	2.0	961	$1,195	$1.24	9d	1	0.77mi
4214 E Washington St Indianapolis, IN	3.0	2.0	961	$1,145	$1.19	0d	1	0.77mi
2631 Southeastern Ave Indianapolis, IN	3.0	2.0	1072	$1,195	$1.11	13d	1	0.79mi
1113 N Oxford St Indianapolis, IN	3.0	2.0	1100	$1,495	$1.36	9d	1	0.93mi
3702 Hoyt Ave Indianapolis, IN	3.0	2.0	960	$1,500	$1.56	15d	1	0.93mi
3706 Hoyt Ave Indianapolis, IN	3.0	1.0	960	$1,500	$1.56	15d	1	0.94mi
810 N Euclid Ave Indianapolis, IN	3.0	1.0	574	$1,550	$2.70	21d	1	1.00mi
622 N Linwood Ave Indianapolis, IN	3.0	2.0	985	$1,299	$1.32	45d	1	1.00mi
835 Tecumseh St Indianapolis, IN	3.0	2.0	1100	$1,550	$1.41	6d	1	1.04mi
1341 N Gale St Indianapolis, IN	4.0	2.0	899	$2,000	$2.22	25d	1	1.11mi
861 N Drexel Ave Indianapolis, IN	3.0	1.0	1000	$1,200	$1.20	9d	1	1.17mi
861 N Drexel Ave Unit 863 Indianapolis, IN	3.0	1.0	1000	$1,200	$1.20	45d	1	1.17mi
528 S Bosart Ave Indianapolis, IN	3.0	1.0	720	$1,305	$1.81	45d	1	1.33mi
1513 N Denny St Indianapolis, IN	3.0	1.0	874	$1,399	$1.60	25d	1	1.34mi
2405 E 16th St Indianapolis, IN	3.0	1.0	1120	$1,450	$1.29	16d	1	1.36mi
3518 Terrace Ave Indianapolis, IN	3.0	1.0	864	$1,300	$1.50	45d	1	1.45mi
508 Emerson Ave Indianapolis, IN	3.0	1.5	1094	$1,150	$1.05	15d	1	1.46mi
557 N Highland Ave Indianapolis, IN	3.0	1.0	1056	$1,250	$1.18	0d	1	1.48mi

Listing history 25 events

1. 2026-06-21
   days on market $189,999 Active 150 DOM
2. 2026-06-18
   days on market $189,999 Active 147 DOM
3. 2026-06-18
   days on market $189,999 Active 146 DOM
4. 2026-06-09
   days on market $189,999 Active 144 DOM
5. 2026-06-08
   days on market $189,999 Active 143 DOM
6. 2026-06-07
   days on market $189,999 Active 142 DOM
7. 2026-06-03
   days on market $189,999 Active 138 DOM
8. 2026-06-02
   days on market $189,999 Active 137 DOM
9. 2026-06-01
   days on market $189,999 Active 136 DOM
10. 2026-05-31
    days on market $189,999 Active 135 DOM
11. 2026-04-27
    price $189,999 637-char remark

    Show marketing remark (637 chars)

    Welcome to 40 N Lasalle, where this charming duplex awaits you! This is the perfect opportunity to invest in the future and secure your financial freedom. This property is the definition of the phrase, "two for the price of one," as it features two spacious units, each with two bedrooms, one bathroom, and ample living space. both units are occupoied. this property is versatile and sure to meet your needs. The possibilities are endless! Located in the bustling city of Indianapolis, this property is in an ideal location. The vibrant community boasts a lively nightlife, delectable dining options, and endless entertainment

12. 2026-02-19
    price $204,900 637-char remark

    Show marketing remark (637 chars)

    Welcome to 40 N Lasalle, where this charming duplex awaits you! This is the perfect opportunity to invest in the future and secure your financial freedom. This property is the definition of the phrase, "two for the price of one," as it features two spacious units, each with two bedrooms, one bathroom, and ample living space. both units are occupoied. this property is versatile and sure to meet your needs. The possibilities are endless! Located in the bustling city of Indianapolis, this property is in an ideal location. The vibrant community boasts a lively nightlife, delectable dining options, and endless entertainment

13. 2026-02-08
    price $209,000 637-char remark

    Show marketing remark (637 chars)

    Welcome to 40 N Lasalle, where this charming duplex awaits you! This is the perfect opportunity to invest in the future and secure your financial freedom. This property is the definition of the phrase, "two for the price of one," as it features two spacious units, each with two bedrooms, one bathroom, and ample living space. both units are occupoied. this property is versatile and sure to meet your needs. The possibilities are endless! Located in the bustling city of Indianapolis, this property is in an ideal location. The vibrant community boasts a lively nightlife, delectable dining options, and endless entertainment

14. 2026-01-15
    listed $209,990 Active 637-char remark

    Show marketing remark (637 chars)

    Welcome to 40 N Lasalle, where this charming duplex awaits you! This is the perfect opportunity to invest in the future and secure your financial freedom. This property is the definition of the phrase, "two for the price of one," as it features two spacious units, each with two bedrooms, one bathroom, and ample living space. both units are occupoied. this property is versatile and sure to meet your needs. The possibilities are endless! Located in the bustling city of Indianapolis, this property is in an ideal location. The vibrant community boasts a lively nightlife, delectable dining options, and endless entertainment

15. 2023-05-11
    soldstatus $160,000 Closed 688-char remark

    Show marketing remark (688 chars)

    Welcome to 40 N Lasalle, where this charming duplex awaits you! This is the perfect opportunity to invest in the future and secure your financial freedom. This property is the definition of the phrase, "two for the price of one," as it features two spacious units, each with two bedrooms, one bathroom, and ample living space. Whether you're looking to rent both units, or live in one and rent the other, this property is versatile and sure to meet your needs. The possibilities are endless! Located in the bustling city of Indianapolis, this property is in an ideal location. The vibrant community boasts a lively nightlife, delectable dining options, and endless entertainment

16. 2023-03-21
    status Pending 688-char remark

    Show marketing remark (688 chars)

    Welcome to 40 N Lasalle, where this charming duplex awaits you! This is the perfect opportunity to invest in the future and secure your financial freedom. This property is the definition of the phrase, "two for the price of one," as it features two spacious units, each with two bedrooms, one bathroom, and ample living space. Whether you're looking to rent both units, or live in one and rent the other, this property is versatile and sure to meet your needs. The possibilities are endless! Located in the bustling city of Indianapolis, this property is in an ideal location. The vibrant community boasts a lively nightlife, delectable dining options, and endless entertainment

17. 2023-03-13
    status Active 688-char remark

    Show marketing remark (688 chars)

    Welcome to 40 N Lasalle, where this charming duplex awaits you! This is the perfect opportunity to invest in the future and secure your financial freedom. This property is the definition of the phrase, "two for the price of one," as it features two spacious units, each with two bedrooms, one bathroom, and ample living space. Whether you're looking to rent both units, or live in one and rent the other, this property is versatile and sure to meet your needs. The possibilities are endless! Located in the bustling city of Indianapolis, this property is in an ideal location. The vibrant community boasts a lively nightlife, delectable dining options, and endless entertainment

18. 2023-02-28
    status Pending 688-char remark

    Show marketing remark (688 chars)

    Welcome to 40 N Lasalle, where this charming duplex awaits you! This is the perfect opportunity to invest in the future and secure your financial freedom. This property is the definition of the phrase, "two for the price of one," as it features two spacious units, each with two bedrooms, one bathroom, and ample living space. Whether you're looking to rent both units, or live in one and rent the other, this property is versatile and sure to meet your needs. The possibilities are endless! Located in the bustling city of Indianapolis, this property is in an ideal location. The vibrant community boasts a lively nightlife, delectable dining options, and endless entertainment

19. 2023-02-23
    listed $174,000 Active 688-char remark

    Show marketing remark (688 chars)

    Welcome to 40 N Lasalle, where this charming duplex awaits you! This is the perfect opportunity to invest in the future and secure your financial freedom. This property is the definition of the phrase, "two for the price of one," as it features two spacious units, each with two bedrooms, one bathroom, and ample living space. Whether you're looking to rent both units, or live in one and rent the other, this property is versatile and sure to meet your needs. The possibilities are endless! Located in the bustling city of Indianapolis, this property is in an ideal location. The vibrant community boasts a lively nightlife, delectable dining options, and endless entertainment

20. 2022-07-22
    soldstatus $70,000 Closed
21. 2022-06-30
    status Pending
22. 2022-06-29
    listed $85,000 Active
23. 2017-11-17
    soldstatus $13,000
24. 2006-07-01
    historical
25. 2006-02-09
    listed $85,000

ⓘ 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: $3,716 · $310/mo
• Projected year-2 tax: $3,716 · $310/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 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,916
• − Mortgage interest: −$10,643
• − Property taxes: −$3,716
• − Insurance: −$950
• − Repairs & maintenance: −$1,913
• − Management: −$1,913
• − Depreciation: −$5,527
• Taxable loss: −$747
• Est. tax savings @ 24.0%: +$179
• After-tax cash flow: $2,450/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

+123.5% since first listed

15 events — show timeline

• 2026-04-27 Price Changed $189,999 MIBOR as Distributed by MLS Grid
• 2026-02-19 Price Changed $204,900 MIBOR as Distributed by MLS Grid
• 2026-02-08 Price Changed $209,000 MIBOR as Distributed by MLS Grid
• 2026-01-15 Listed $209,990 MIBOR as Distributed by MLS Grid
• 2023-05-11 Sold (MLS) $160,000 MIBOR as Distributed by MLS Grid
• 2023-03-21 Pending — MIBOR as Distributed by MLS Grid
• 2023-03-13 Relisted — MIBOR as Distributed by MLS Grid
• 2023-02-28 Pending — MIBOR as Distributed by MLS Grid
• 2023-02-23 Listed $174,000 MIBOR as Distributed by MLS Grid
• 2022-07-22 Sold (MLS) $70,000 MIBOR as Distributed by MLS Grid
• 2022-06-30 Pending — MIBOR as Distributed by MLS Grid
• 2022-06-29 Listed $85,000 MIBOR as Distributed by MLS Grid
• 2017-11-17 Sold (Public Records) $13,000 Public Records
• 2006-07-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2006-02-09 Listed $85,000 MIBOR as Distributed by MLS Grid

Property tax history

+14.0%/yr

Latest (2025): $3,716 · +6.8% YoY. Source: county tax records.