4301 E 21st St · Indianapolis city (balance), IN 46218

$62,900

1 bd · 1.0 ba · 864 sqft · SingleFamily public records · 119 Days on market

Built 1951 5,793 sqft lot $73/sqft · 35% below area Est $96k · 35% under ↓ 10% since listing

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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

Attention all visionaries! This home is ready to become your next project. With your trained eye and your masterful touch, this home will be represented in the most remarkable of ways. With a corner lot, large yard, and ample-sized bedrooms, you can't afford to miss this one- it's standing ready for you.

Key facts

• Large yard
• Corner lot
• 5,793 sq ft lot

Tags

• CORNER LOT
• LARGE YARD

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $63k.

Deal economics

• At list price, monthly cash flow is $266 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($972 rent vs $63k).
• Recommended offer: $57k (9.0% below list) — sets the bar for market timing.
• Cap rate 11.4% 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; 40 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 $435 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 $18k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 119 days — a 9% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $7k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; built in 1951 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $57,239 (9.0% below list)

Questions for the listing agent

1. It's been on market 119 days. Have you received any prior offers? Is the seller open to a 9% 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. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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: 1.54% ✓
• Cap rate: 11.36%
• Cash-on-cash: 18.10%
• DSCR: 1.81
• GRM: 5.4

CMA / ARV

• ARV (median comp): $96,104
• List price: $62,900
• Delta: -34.55%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2135 Wallace Ave	0.36mi	2/1.0 (+1)	864 (0%)	15mo	$159,000	$184	66
2203 N Drexel Ave	0.31mi	2/1.0 (+1)	835 (-3%)	14mo	$30,000	$36	63
1718 N Euclid Ave	0.38mi	2/1.0 (+1)	840 (-3%)	16mo	$87,500	$104	59
2363 N Gale St	0.66mi	2/1.0 (+1)	866 (+0%)	10mo	$60,000	$69	55
4910 East 21st St	0.43mi	2/1.0 (+1)	920 (+6%)	13mo	$155,000	$168	53
1409 N Denny St	0.75mi	1/1.0	858 (-1%)	14mo	$65,000	$76	52
1536 N Sherman Dr	0.66mi	2/1.0 (+1)	816 (-6%)	7mo	$55,000	$67	49
1902 N Euclid Ave	0.23mi	2/1.0 (+1)	768 (-11%)	21mo	$119,000	$155	48
4733 E 18th St	0.50mi	2/1.0 (+1)	748 (-13%)	10mo	$100,000	$134	41
1705 Kildare Ave	0.63mi	2/1.0 (+1)	796 (-8%)	21mo	$146,500	$184	35

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: 7.0%
• Equity multiple: 1.27×
• Total profit: $4,692
• Equity at exit: $9,379

10-year hold

• IRR: 14.2%
• Equity multiple: 2.01×
• Total profit: $17,876
• Equity at exit: $5,438

Cash invested: $17,612 (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: 5.4×

Monthly cashflow live

• Estimated rent: $972 high
• Mortgage (P&I): −$330
• Tax from tax record: −$146 /mo · $1,751/yr
• Insurance: −$26
• HOA: −$0
• Vacancy / Maint / Mgmt: −$204
• Net cashflow: $266

Break-even live

Break-even rent $635

Max offer price $62,900

Occupancy floor 68%

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: $15,725
• Closing costs: $1,887
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2030 N Colorado Ave Indianapolis, IN	2.0	1.0	728	$1,150	$1.58	23d	1	0.05mi
1951 N Bosart Ave Indianapolis, IN	2.0	1.0	728	$1,000	$1.37	4d	1	0.34mi
1531 N Grant Ave Indianapolis, IN	1.0	1.0	611	$875	$1.43	23d	1	0.55mi
1512 N Gladstone Ave Unit 1510 1510 Indianapolis, IN	1.0	1.0	570	$830	$1.46	14d	1	0.57mi
1510 N Gladstone Ave Indianapolis, IN	1.0	1.0	570	$765	$1.34	43d	1	0.57mi
1518 N Chester Ave Indianapolis, IN	2.0	1.0	672	$700	$1.04	7d	1	0.58mi
1509 N Chester Ave Indianapolis, IN	2.0	1.0	950	$1,100	$1.16	21d	1	0.59mi
1506 N Grant Ave Indianapolis, IN	2.0	1.0	780	$1,150	$1.47	14d	1	0.60mi
1824 N Riley Ave Indianapolis, IN	2.0	1.0	720	$1,150	$1.60	43d	1	0.61mi
1450 N Gladstone Ave Indianapolis, IN	1.0	1.0	588	$799	$1.36	43d	1	0.62mi
3709 Brookside Parkway South Dr Indianapolis, IN	1.0	1.0	742	$825	$1.11	23d	1	0.65mi
1532 N Sherman Dr Unit 1530 Sherman Indianapolis, IN	1.0	1.0	768	$550	$0.72	2d	1	0.65mi
1432 N Colorado Ave Indianapolis, IN	1.0	1.0	584	$875	$1.50	23d	1	0.67mi
3617 Brookside Parkway South Dr Indianapolis, IN	2.0	1.0	800	$999	$1.25	23d	1	0.67mi
1421 N Colorado Ave Indianapolis, IN	2.0	1.0	983	$1,225	$1.25	23d	1	0.68mi
3601 Brookside Parkway South Dr Indianapolis, IN	2.0	1.0	1025	$995	$0.97	43d	1	0.69mi
3601 Brookside Parkway South Dr Indianapolis, IN	2.0	1.0	1025	$995	$0.97	23d	1	0.69mi
5119 E 21st St Indianapolis, IN	2.0	1.0	816	$1,199	$1.47	43d	1	0.72mi
1417 N Denny St Indianapolis, IN	2.0	1.0	1000	$1,125	$1.12	23d	1	0.73mi
1327 N Chester Ave Indianapolis, IN	1.0	1.0	600	$795	$1.32	14d	1	0.76mi
1306 N Chester Ave Indianapolis, IN	1.0	1.0	600	$800	$1.33	20d	1	0.81mi
1421 N Olney St Indianapolis, IN	2.0	1.0	1064	$975	$0.92	10d	1	0.83mi
1505 N Tuxedo St Unit 1507 Indianapolis, IN	2.0	1.0	1000	$1,100	$1.10	43d	1	0.86mi
2422 Adams St Unit 2 Indianapolis, IN	1.0	1.0	700	$850	$1.21	43d	1	0.86mi
1358 N Gale St Indianapolis, IN	1.0	1.0	550	$890	$1.62	16d	1	0.87mi
5242 E 20th Pl Indianapolis, IN	2.0	1.0	720	$1,050	$1.46	7d	1	0.91mi
1354 N Olney St Unit 1356 Indianapolis, IN	1.0	1.0	765	$775	$1.01	43d	1	0.91mi
2722 N Olney St Indianapolis, IN	2.0	1.0	650	$795	$1.22	43d	1	0.92mi
1301 N Olney St Unit 1303 Indianapolis, IN	2.0	1.0	750	$1,100	$1.47	43d	1	0.97mi
1931 N Oxford St Indianapolis, IN	1.0	1.0	616	$875	$1.42	4d	1	0.98mi
5322 E 19th Pl Indianapolis, IN	2.0	1.0	720	$945	$1.31	43d	1	1.00mi
3058 Brookside Parkway North Dr Indianapolis, IN	1.0	1.0	700	$875	$1.25	12d	1	1.01mi
2449 Wheeler St Indianapolis, IN	1.0	1.0	600	$950	$1.58	23d	1	1.03mi
4615 E 30th St Indianapolis, IN	2.0	1.0	660	$1,100	$1.67	23d	1	1.04mi
2841 E 19th St Indianapolis, IN	2.0	1.0	812	$850	$1.05	4d	1	1.05mi
1106 N Gale St Unit 1 Indianapolis, IN	2.0	1.0	750	$895	$1.19	43d	1	1.06mi
953 N Linwood Ave Indianapolis, IN	2.0	1.0	960	$1,325	$1.38	43d	1	1.08mi
2827 E 18th St Indianapolis, IN	2.0	1.0	726	$1,300	$1.79	23d	1	1.09mi
3011 Oxford Ln Indianapolis, IN	1.0	1.0	640	$800	$1.25	43d	1	1.10mi
896 N Gladstone Ave Indianapolis, IN	1.0	1.0	580	$775	$1.34	43d	1	1.11mi

Listing history 4 events

1. 2026-04-21
   status Active 305-char remark

   Show marketing remark (305 chars)

   Attention all visionaries! This home is ready to become your next project. With your trained eye and your masterful touch, this home will be represented in the most remarkable of ways. With a corner lot, large yard, and ample-sized bedrooms, you can't afford to miss this one- it's standing ready for you.

2. 2026-04-19
   historical 305-char remark

   Show marketing remark (305 chars)

   Attention all visionaries! This home is ready to become your next project. With your trained eye and your masterful touch, this home will be represented in the most remarkable of ways. With a corner lot, large yard, and ample-sized bedrooms, you can't afford to miss this one- it's standing ready for you.

3. 2026-03-17
   price $62,900 305-char remark

   Show marketing remark (305 chars)

   Attention all visionaries! This home is ready to become your next project. With your trained eye and your masterful touch, this home will be represented in the most remarkable of ways. With a corner lot, large yard, and ample-sized bedrooms, you can't afford to miss this one- it's standing ready for you.

4. 2026-01-20
   listed $70,000 Active 305-char remark

   Show marketing remark (305 chars)

   Attention all visionaries! This home is ready to become your next project. With your trained eye and your masterful touch, this home will be represented in the most remarkable of ways. With a corner lot, large yard, and ample-sized bedrooms, you can't afford to miss this one- it's standing ready for you.

ⓘ 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: $1,751 · $146/mo
• Projected year-2 tax: $1,751 · $146/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 · 18 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: $11,661
• − Mortgage interest: −$3,523
• − Property taxes: −$1,751
• − Insurance: −$314
• − Repairs & maintenance: −$933
• − Management: −$933
• − Depreciation: −$1,830
• Taxable income: $2,377
• Est. tax owed @ 24.0%: −$570
• After-tax cash flow: $2,618/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

-10.1% since first listed

4 events — show timeline

• 2026-04-21 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-19 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-03-17 Price Changed $62,900 MIBOR as Distributed by MLS Grid
• 2026-01-20 Listed $70,000 MIBOR as Distributed by MLS Grid

Property tax history

+13.4%/yr

Latest (2025): $1,751 · +39.8% YoY. Source: county tax records.