4534 Norwaldo Ave · Indianapolis city (balance), IN 46205

$165,000

3 bd · 1.0 ba · 1,000 sqft · SingleFamily public records · 59 Days on market

Built 1928 5,619 sqft lot $165/sqft · 14% above area Est $250k · 34% 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 +15.0/15.0
• Cash flow +11.5/30.0
• Rent growth +4.1/5.0
• 1% rule +4.0/10.0
• DSCR +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

First time home buyers or Investor Special on Norwaldo Avenue! Located near Broad Ripple and Meridian-Kessler, 4534 Norwaldo Ave is a solid investment opportunity with strong upside potential. This property offers a functional layout and classic bungalow charm, ready for your updates and vision. With some cosmetic improvements, repairs, and modern finishes, this home can be transformed into a great first time home buyer or strong rental, or a profitable flip, in a desirable neighborhood.

Key facts

• 5,619 sq ft lot
• 2 garage spots
• Built 1928

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $-56 ($-669/yr) — negative.
• To cash-flow at today's rent, offer at most $155k (6.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $148k (10.2% below list).
• Recommended offer: $148k (10.2% below list) — sets the bar for 1% rule.
• Cap rate 5.9% 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.
• Zoned schools: Center For Inquiry School 84 (math 64% / reading 69%, grade B+, #65 of 994 statewide, top 7%, 469 students, 8% FRL); H L Harshman Middle School (math 3% / reading 16%, grade F, #316 of 330 statewide, top 96%, 549 students, 84% FRL) — zoned schools average 46% FRL vs 77% district-wide (31 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 38% at this address vs 17% district-wide (+21 pts) — the actual schools serving this property are materially stronger than the Indianapolis Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+6.2%/yr); 317 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 59 days — a 3% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 21y ago; this cycle's ask has dropped $14k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $148,236 (10.2% 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 59 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
3. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.90% ✗
• Cap rate: 5.89%
• Cash-on-cash: -1.45%
• DSCR: 0.94
• GRM: 9.3

CMA / ARV

• ARV (median comp): $250,446
• List price: $165,000
• Delta: -34.12%
• 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
4438 Norwaldo Ave	0.12mi	3/1.0	906 (-9%)	2mo	$141,500	$156	77
4513 Caroline Ave	0.22mi	3/2.0	1,065 (+6%)	2mo	$270,000	$254	73
4361 Kingsley Dr	0.23mi	3/1.0	855 (-14%)	2mo	$183,000	$214	64
4353 Evanston Ave	0.29mi	3/1.5	936 (-6%)	12mo	$139,900	$149	64
4827 Brouse Ave	0.39mi	2/1.0 (-1)	1,075 (+8%)	1mo	$215,000	$200	63
4525 Norwaldo Ave	0.04mi	2/1.0 (-1)	864 (-14%)	10mo	$205,000	$237	62
4418 Norwaldo Ave	0.16mi	2/1.0 (-1)	875 (-12%)	8mo	$190,000	$217	60
4918 Ralston Ave	0.30mi	2/2.0 (-1)	1,080 (+8%)	6mo	$275,000	$255	59
4629 Indianola Ave	0.32mi	3/2.0	1,144 (+14%)	1mo	$272,500	$238	56
4914 Indianola Ave	0.43mi	3/1.0	875 (-12%)	12mo	$250,000	$286	49
5023 Primrose Ave	0.39mi	2/1.5 (-1)	1,137 (+14%)	10mo	$292,000	$257	44
4714 Crestview Ave	0.52mi	2/1.0 (-1)	1,130 (+13%)	12mo	$249,500	$221	39

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 · 6.21% rent growth · sell at horizon

5-year hold

• IRR: -14.8%
• Equity multiple: 0.45×
• Total profit: $-25,271
• Equity at exit: $24,602

10-year hold

• IRR: -1.3%
• Equity multiple: 0.90×
• Total profit: $-4,610
• Equity at exit: $14,266

Cash invested: $46,200 (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 46205

• Rents YoY: 6.2%
• Active inventory: 317
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $1,482 high
• Mortgage (P&I): −$865
• Tax from tax record: −$293 /mo · $3,514/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$311
• Net cashflow: $-56

Break-even live

Break-even rent $1,553

Max offer price $155,150

Occupancy floor 99%

Sensitivity live

Price	-10% $38	-5% $-9	+0% $-56	+5% $-102	+10% $-149
Rent	-10% $-173	-5% $-114	+0% $-56	+5% $3	+10% $61
Rate	-1.0pp $27	-0.5pp $-14	base $-56	+0.5pp $-99	+1.0pp $-142

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4521 Norwaldo Ave Unit B Indianapolis, IN	2.0	1.5	1054	$1,600	$1.52	45d	1	0.02mi
4521 Norwaldo Ave Unit A Indianapolis, IN	2.0	1.5	1024	$1,525	$1.49	25d	1	0.02mi
4448 Evanston Ave Unit B Indianapolis, IN	2.0	1.5	1500	$1,275	$0.85	23d	1	0.16mi
4448 Evanston Ave Unit B Indianapolis, IN	2.0	1.5	1500	$1,400	$0.93	45d	1	0.16mi
4448 Evanston Ave Unit B Indianapolis, IN	2.0	1.5	1500	$1,275	$0.85	0d	1	0.16mi
4326 Crittenden Ave Indianapolis, IN	2.0	1.0	812	$1,045	$1.29	22d	1	0.25mi
4560 Marcy Ln Indianapolis, IN	1.0–2.0	1.0	770	$1,565	$2.03	16d	8	0.28mi
4303 Norwaldo Ave Indianapolis, IN	3.0	1.0	1050	$1,200	$1.14	45d	1	0.28mi
4309 Ralston Ave Indianapolis, IN	3.0	1.0	918	$1,600	$1.74	16d	1	0.29mi
4301 Crittenden Ave Indianapolis, IN	2.0	1.0	1376	$1,350	$0.98	45d	1	0.30mi
5006 Rosslyn Ave Indianapolis, IN	2.0	1.0	744	$2,000	$2.69	25d	1	0.47mi
2511 E 46th St Indianapolis, IN	1.0–2.0	1.0–2.0	830	$1,305	$1.57	45d	2	0.48mi
5005 Indianola Ave Indianapolis, IN	2.0	1.0	884	$1,249	$1.41	45d	1	0.49mi
5161 Primrose Ave Indianapolis, IN	2.0	1.0	837	$1,850	$2.21	16d	1	0.57mi
2111 E 52nd St Indianapolis, IN	1.0–2.0	1.0	750	$1,150	$1.53	9d	4	0.60mi
5018 Lemans Dr Indianapolis, IN	4.0	1.0–2.0	762	$1,409	$1.85	0d	35	0.64mi
4554 Winthrop Ave Unit 4554-10 Indianapolis, IN	2.0	1.0	800	$1,030	$1.29	25d	1	0.66mi
4554 Winthrop Ave Unit 4554-8 Indianapolis, IN	2.0	1.0	800	$1,030	$1.29	9d	1	0.66mi
5315 Norwaldo Ave Indianapolis, IN	2.0	1.0	843	$1,400	$1.66	9d	1	0.75mi
5220 Luzzane Dr Indianapolis, IN	1.0–3.0	1.0–2.0	948	$1,711	$1.80	46d	5	0.75mi
5220 Luzzane Dr Indianapolis, IN	1.0–3.0	1.0–2.0	1046	$1,920	$1.83	18d	19	0.75mi
5220 Luzzane Ln Unit V-712 Indianapolis, IN	2.0	1.0	900	$1,149	$1.28	6d	1	0.76mi
5220 Luzzane Ln Unit C-F Indianapolis, IN	3.0	2.0	1145	$1,189	$1.04	9d	1	0.76mi
5220 Luzzane Ln Unit V-512 Indianapolis, IN	2.0	1.0	900	$1,214	$1.35	3d	1	0.76mi
5220 Luzzane Ln Unit C-E Indianapolis, IN	2.0	1.0	852	$1,049	$1.23	23d	1	0.76mi
5220 Luzzane Ln Unit V-607 Indianapolis, IN	2.0	1.0	900	$1,299	$1.44	0d	1	0.76mi
5220 Luzzane Ln Unit V-812 Indianapolis, IN	2.0	1.0	900	$1,164	$1.29	9d	1	0.76mi
4400 E Fall Creek Parkway North Dr Indianapolis, IN	1.0–2.0	1.0–1.5	857	$1,349	$1.57	0d	34	0.77mi
4340 Guilford Ave Indianapolis, IN	2.0	1.0	1200	$1,400	$1.17	23d	1	0.78mi
5016 Winthrop Ave Indianapolis, IN	2.0	1.0	1008	$1,400	$1.39	25d	1	0.78mi
2947 E 47th St Unit D Indianapolis, IN	2.0	2.0	1133	$1,074	$0.95	3d	1	0.78mi
5352 Crittenden Ave Indianapolis, IN	2.0	1.0	1106	$1,720	$1.56	25d	1	0.82mi
3011 E 47th St Unit D Indianapolis, IN	2.0	2.0	1133	$1,099	$0.97	0d	1	0.84mi
3031 E 47th St Apt E Indianapolis, IN	2.0	2.0	1133	$1,074	$0.95	9d	1	0.87mi
3039 E 47th St Indianapolis, IN	2.0	2.0	1133	$1,086	$0.96	4d	7	0.87mi
2135 Winthrop Ave Indianapolis, IN	1.0–3.0	1.0–2.0	926	$2,400	$2.59	9d	1	0.87mi
645 E 49th St Indianapolis, IN	3.0	1.0	1082	$1,750	$1.62	5d	1	0.97mi
3909 Winthrop Ave Unit B Indianapolis, IN	2.0	1.5	931	$1,550	$1.66	13d	1	1.03mi
1737 E 56th St Unit H Indianapolis, IN	2.0	1.0	912	$1,550	$1.70	25d	1	1.09mi
4040 N College Ave Indianapolis, IN	3.0	1.5	1280	$1,900	$1.48	9d	1	1.09mi

Listing history 8 events

1. 2026-05-04
   status Pending 495-char remark

   Show marketing remark (495 chars)

   First time home buyers or Investor Special on Norwaldo Avenue! Located near Broad Ripple and Meridian-Kessler, 4534 Norwaldo Ave is a solid investment opportunity with strong upside potential. This property offers a functional layout and classic bungalow charm, ready for your updates and vision. With some cosmetic improvements, repairs, and modern finishes, this home can be transformed into a great first time home buyer or strong rental, or a profitable flip, in a desirable neighborhood.

2. 2026-04-20
   price $165,000 495-char remark

   Show marketing remark (495 chars)

   First time home buyers or Investor Special on Norwaldo Avenue! Located near Broad Ripple and Meridian-Kessler, 4534 Norwaldo Ave is a solid investment opportunity with strong upside potential. This property offers a functional layout and classic bungalow charm, ready for your updates and vision. With some cosmetic improvements, repairs, and modern finishes, this home can be transformed into a great first time home buyer or strong rental, or a profitable flip, in a desirable neighborhood.

3. 2026-03-31
   price $170,000 495-char remark

   Show marketing remark (495 chars)

   First time home buyers or Investor Special on Norwaldo Avenue! Located near Broad Ripple and Meridian-Kessler, 4534 Norwaldo Ave is a solid investment opportunity with strong upside potential. This property offers a functional layout and classic bungalow charm, ready for your updates and vision. With some cosmetic improvements, repairs, and modern finishes, this home can be transformed into a great first time home buyer or strong rental, or a profitable flip, in a desirable neighborhood.

4. 2026-03-06
   listed $179,000 Active 495-char remark

   Show marketing remark (495 chars)

   First time home buyers or Investor Special on Norwaldo Avenue! Located near Broad Ripple and Meridian-Kessler, 4534 Norwaldo Ave is a solid investment opportunity with strong upside potential. This property offers a functional layout and classic bungalow charm, ready for your updates and vision. With some cosmetic improvements, repairs, and modern finishes, this home can be transformed into a great first time home buyer or strong rental, or a profitable flip, in a desirable neighborhood.

5. 2024-09-19
   historical $995
6. 2024-07-26
   listed $995
7. 2005-10-06
   historical
8. 2005-04-11
   listed $79,900

ⓘ 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: $3,514 · $293/mo
• Projected year-2 tax: $3,514 · $293/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 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°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: $17,788
• − Mortgage interest: −$9,243
• − Property taxes: −$3,514
• − Insurance: −$825
• − Repairs & maintenance: −$1,423
• − Management: −$1,423
• − Depreciation: −$4,800
• Taxable loss: −$3,439
• Est. tax savings @ 24.0%: +$825
• After-tax cash flow: $156/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): 28,259
• Household income: $72,417
• Rent vs Own: 46.3% rent · 53.7% own
• Severe rent burden: 1149.0

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 0.64)
• Race & ethnicity: White 50% Black 32% Two or more races 10% Hispanic / Latino 7% Asian 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 3% Slovak 2% Romanian 2%
• Foreign-born: 5% · Canada
• Languages at home: 89% English-only · Spanish 6% Other Indo-European 2% German/W. Germanic 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: ▼ -322.77%
• Current HPI: 380.5407
• Rent YoY: ▲ 6.21%
• 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

+106.5% since first listed

8 events — show timeline

• 2026-05-04 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-20 Price Changed $165,000 MIBOR as Distributed by MLS Grid
• 2026-03-31 Price Changed $170,000 MIBOR as Distributed by MLS Grid
• 2026-03-06 Listed $179,000 MIBOR as Distributed by MLS Grid
• 2024-09-19 Rental Removed $995 SHOWMOJO
• 2024-07-26 Listed for Rent $995 SHOWMOJO
• 2005-10-06 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-04-11 Listed $79,900 MIBOR as Distributed by MLS Grid

Property tax history

+9.3%/yr

Latest (2025): $3,514 · +5.4% YoY. Source: county tax records.