1613 Draper St · Indianapolis city (balance), IN 46203

$139,900

7 bd · 1.0 ba · 1,372 sqft · SingleFamily public records · 112 Days on market

Built 1915 4,661 sqft lot $102/sqft · 20% below area Est $175k · 20% under ↓ 21% 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 +23.7/30.0
• ARV discount +15.0/15.0
• 1% rule +9.5/10.0
• DSCR +7.6/10.0
• Rent growth +3.2/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This property needs some renovations and your touch! Are you the right investor to come and bring this property up to value and reap all the benefits?

Key facts

• 4,661 sq ft lot
• 2 garage spots
• Built 1915

What this means for you Summary

Snapshot

• This is a 7-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $267 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $127k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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 rising (+2.9%/yr); 493 active listings in the ZIP; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 43% of the median local income ($57k/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 $967 of loan paydown is wiped out by about $4k 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 112 days — a 9% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $30k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 4.7% of price; built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $127,309 (9.0% below list)

Questions for the listing agent

1. It's been on market 112 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 1915 — 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: 1.45% ✓
• Cap rate: 8.58%
• Cash-on-cash: 8.17%
• DSCR: 1.36
• GRM: 5.7

CMA / ARV

• ARV (median comp): $174,973
• List price: $139,900
• Delta: -20.04%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.88% rent growth · sell at horizon

5-year hold

• IRR: -3.9%
• Equity multiple: 0.86×
• Total profit: $-5,660
• Equity at exit: $20,860

10-year hold

• IRR: 5.8%
• Equity multiple: 1.43×
• Total profit: $17,007
• Equity at exit: $12,096

Cash invested: $39,172 (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 46203

• Home prices YoY: -26.7%
• Rents YoY: 2.9%
• Active inventory: 493
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $2,033 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$547 /mo · $6,568/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$427
• Net cashflow: $267

Break-even live

Break-even rent $1,695

Max offer price $139,900

Occupancy floor 82%

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $139,900 Active 112 DOM
2. 2026-06-17
   days on market $139,900 Active 111 DOM
3. 2026-06-16
   days on market $139,900 Active 110 DOM
4. 2026-06-15
   days on market $139,900 Active 109 DOM
5. 2026-06-13
   days on market $139,900 Active 107 DOM
6. 2026-06-13
   days on market $139,900 Active 106 DOM
7. 2026-06-09
   days on market $139,900 Active 103 DOM
8. 2026-06-08
   days on market $139,900 Active 102 DOM
9. 2026-06-07
   days on market $139,900 Active 101 DOM
10. 2026-06-03
    pricedays on market $139,900 Active 97 DOM
11. 2026-06-02
    days on market $149,900 Active 96 DOM
12. 2026-06-01
    days on market $149,900 Active 95 DOM
13. 2026-05-31
    days on market $149,900 Active 94 DOM
14. 2026-05-04
    price $149,900 150-char remark

    Show marketing remark (150 chars)

    This property needs some renovations and your touch! Are you the right investor to come and bring this property up to value and reap all the benefits?

15. 2026-04-08
    price $159,900 150-char remark

    Show marketing remark (150 chars)

    This property needs some renovations and your touch! Are you the right investor to come and bring this property up to value and reap all the benefits?

16. 2026-02-26
    listed $169,900 Active 150-char remark

    Show marketing remark (150 chars)

    This property needs some renovations and your touch! Are you the right investor to come and bring this property up to value and reap all the benefits?

17. 2024-05-01
    price $209,900
18. 2023-11-22
    listed $219,900 Active
19. 2023-06-28
    price $238,000
20. 2023-06-20
    price $240,000
21. 2023-05-30
    price $245,000
22. 2023-05-09
    price $255,000
23. 2023-05-08
    price $185,000
24. 2023-05-01
    listed $190,000 Active

ⓘ 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: $6,568 · $547/mo
• Projected year-2 tax: $6,568 · $547/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 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,397
• − Mortgage interest: −$7,837
• − Property taxes: −$6,568
• − Insurance: −$700
• − Repairs & maintenance: −$1,952
• − Management: −$1,952
• − Depreciation: −$4,070
• Taxable income: $1,319
• Est. tax owed @ 24.0%: −$317
• After-tax cash flow: $2,885/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): 37,758
• Household income: $57,393
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 1499.0

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 White (69%)
• Race & ethnicity: White 69% Hispanic / Latino 14% Black 12% Two or more races 8% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 12% Puerto Rican 1%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 8% · Canada
• Languages at home: 88% English-only · Spanish 10% Other Indo-European 1%

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: ▼ -127.37%
• Current HPI: 349.579
• Rent YoY: ▲ 2.88%
• 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

-21.1% since first listed

11 events — show timeline

• 2026-05-04 Price Changed $149,900 MIBOR as Distributed by MLS Grid
• 2026-04-08 Price Changed $159,900 MIBOR as Distributed by MLS Grid
• 2026-02-26 Listed $169,900 MIBOR as Distributed by MLS Grid
• 2024-05-01 Price Changed $209,900 MIBOR as Distributed by MLS Grid
• 2023-11-22 Listed $219,900 MIBOR as Distributed by MLS Grid
• 2023-06-28 Price Changed $238,000 MIBOR as Distributed by MLS Grid
• 2023-06-20 Price Changed $240,000 MIBOR as Distributed by MLS Grid
• 2023-05-30 Price Changed $245,000 MIBOR as Distributed by MLS Grid
• 2023-05-09 Price Changed $255,000 MIBOR as Distributed by MLS Grid
• 2023-05-08 Price Changed $185,000 MIBOR as Distributed by MLS Grid
• 2023-05-01 Listed $190,000 MIBOR as Distributed by MLS Grid

Property tax history

+16.6%/yr

Latest (2025): $6,568 · +38.4% YoY. Source: county tax records.