226 S Gladstone Ave · Indianapolis city (balance), IN 46201

$104,900

3 bd · 1.5 ba · 850 sqft · SingleFamily public records · 7 Days on market

Built 1953 5,445 sqft lot Est $138k · 24% under

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Why this score? — see what drove the C+ 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 +22.9/30.0
• ARV discount +15.0/15.0
• DSCR +7.4/10.0
• 1% rule +6.6/10.0
• Rent growth +4.3/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Calling all investors! This all brick bungalow has mounds of potential! Spacious fenced-in front and back yard for extra privacy! Wood-burning fireplace in the basement, perfect for a cozy night in. This 2 bedroom 1 bath ranch is nestled on a quiet dead-end street with walking distance to Pleasant View park and a plethora of amenities.

Key facts

• Shaker cabinets
• Practical shed
• Dedicated bar

Tags

• SHAKER CABINETS
• DEDICATED BAR
• PRACTICAL SHED

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $105k.

Deal economics

• At list price, monthly cash flow is $185 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• Cap rate 8.4% 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 C — 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: Arsenal Technical High School (math 6% / reading 27%, grade F, #353 of 369 statewide, top 96%, 2,366 students, 74% FRL) — zoned schools at 74% FRL track the district average.
• Market conditions: Rents rising fast (+7.3%/yr); 480 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); 45% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $725 of loan paydown is wiped out by about $3k 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 $29k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 23y 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.
• Current owner paid $65k; list at $105k implies a 61% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $104,900

Questions for the listing agent

1. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.16% ✓
• Cap rate: 8.41%
• Cash-on-cash: 7.55%
• DSCR: 1.34
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $137,700
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4648 Brookville Rd	0.35mi	3/2.0	936 (+10%)	3mo	$189,900	$203	62
3919 Spann Ave	0.48mi	2/1.0 (-1)	864 (+2%)	10mo	$74,000	$86	60
251 S Gale St	0.50mi	3/2.0	864 (+2%)	15mo	$149,000	$172	59
545 Dayton Ave	0.57mi	3/1.0	896 (+5%)	6mo	$101,000	$113	57
3909 Hoyt Ave	0.60mi	2/1.0 (-1)	864 (+2%)	7mo	$120,000	$139	56
334 N Chester Ave	0.53mi	3/2.0	912 (+7%)	13mo	$175,000	$192	50
4113 Fletcher Ave	0.52mi	3/1.0	912 (+7%)	15mo	$155,000	$170	49
3847 Hoyt Ave	0.62mi	2/1.0 (-1)	912 (+7%)	6mo	$75,000	$82	47
3730 E Pleasant Run Parkway North Dr	0.62mi	3/1.0	912 (+7%)	15mo	$147,900	$162	45
3710 Hoyt Ave	0.67mi	3/1.0	960 (+13%)	1mo	$121,000	$126	44
111 N Gale St	0.66mi	2/1.0 (-1)	754 (-11%)	7mo	$127,000	$168	37
3856 Hoyt Ave	0.59mi	3/1.0	960 (+13%)	16mo	$150,900	$157	36

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: 0.3%
• Equity multiple: 1.01×
• Total profit: $351
• Equity at exit: $15,641

10-year hold

• IRR: 14.1%
• Equity multiple: 2.38×
• Total profit: $40,459
• Equity at exit: $9,070

Cash invested: $29,372 (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: 7.2×

Monthly cashflow live

• Estimated rent: $1,221 high
• Mortgage (P&I): −$550
• Tax from tax record: −$186 /mo · $2,232/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $185

Break-even live

Break-even rent $987

Max offer price $104,900

Occupancy floor 80%

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: $26,225
• Closing costs: $3,147
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4214 E Washington St Indianapolis, IN	3.0	2.0	961	$1,195	$1.24	7d	1	0.26mi
4114 E Washington St Indianapolis, IN	2.0	1.0	909	$1,100	$1.21	44d	1	0.26mi
4831 E Washington St Unit 4 Indianapolis, IN	2.0	2.0	1000	$995	$0.99	23d	1	0.51mi
528 S Bosart Ave Indianapolis, IN	3.0	1.0	720	$1,305	$1.81	43d	1	0.58mi
4919 Orion Ave Indianapolis, IN	2.0	1.0	766	$875	$1.14	43d	1	0.58mi
412 N Bradley Ave Unit 3 Indianapolis, IN	2.0	1.0	700	$950	$1.36	23d	1	0.60mi
83 N Ewing St Unit 83 Indianapolis, IN	3.0	1.0	1016	$1,199	$1.18	43d	1	0.60mi
3906 Hoyt Ave Indianapolis, IN	2.0	1.0	912	$1,250	$1.37	7d	1	0.61mi
3622 E New York St Indianapolis, IN	2.0	1.0	805	$995	$1.24	43d	1	0.62mi
37 S Tuxedo St Indianapolis, IN	3.0	1.0	950	$1,150	$1.21	43d	1	0.66mi
3706 Hoyt Ave Indianapolis, IN	3.0	1.0	960	$1,500	$1.56	13d	1	0.71mi
3702 Hoyt Ave Indianapolis, IN	3.0	2.0	960	$1,500	$1.56	13d	1	0.71mi
622 N Linwood Ave Indianapolis, IN	3.0	2.0	985	$1,299	$1.32	43d	1	0.72mi
270 S Lasalle St Indianapolis, IN	3.0	2.0	562	$1,329	$2.36	7d	1	0.75mi
706 N Bosart Ave Indianapolis, IN	2.0	1.0	1000	$1,070	$1.07	23d	1	0.78mi
750 S Dequincy St Indianapolis, IN	3.0	1.5	936	$1,500	$1.60	43d	1	0.78mi
5131 E Burgess Ave Indianapolis, IN	2.0	1.0	816	$1,100	$1.35	43d	1	0.79mi
28 S Dearborn St Unit A Indianapolis, IN	3.0	1.0	1100	$1,400	$1.27	10d	1	0.80mi
810 N Euclid Ave Indianapolis, IN	3.0	1.0	574	$1,550	$2.70	19d	1	0.81mi
729 N Bosart Ave Indianapolis, IN	2.0	1.0	888	$1,195	$1.35	23d	1	0.82mi
340 S Dearborn St Indianapolis, IN	2.0	1.0	873	$1,180	$1.35	23d	1	0.83mi
301 S Gray St Indianapolis, IN	2.0	1.0	841	$1,025	$1.22	23d	1	0.84mi
4417 Linwood Ct Indianapolis, IN	2.0	1.0	780	$929	$1.19	3d	15	0.86mi
4 N Butler Ave Unit 11 Indianapolis, IN	2.0	1.0	850	$750	$0.88	4d	1	0.89mi
4 N Butler Ave Unit 8 Indianapolis, IN	2.0	1.0	850	$800	$0.94	43d	1	0.89mi
628 N Riley Ave Indianapolis, IN	2.0	1.5	948	$1,295	$1.37	23d	1	0.89mi
822 N Bradley Ave Unit 822 Indianapolis, IN	3.0	1.0	1100	$1,200	$1.09	43d	1	0.89mi
508 Emerson Ave Indianapolis, IN	3.0	1.5	1094	$1,150	$1.05	13d	1	0.92mi
508 N Emerson Ave Unit 506 Indianapolis, IN	2.0	1.0	950	$950	$1.00	14d	1	0.92mi
861 N Drexel Ave Indianapolis, IN	3.0	1.0	1000	$1,200	$1.20	7d	1	0.94mi
861 N Drexel Ave Unit 863 Indianapolis, IN	3.0	1.0	1000	$1,200	$1.20	43d	1	0.94mi
235 N Oakland Ave Indianapolis, IN	2.0	1.0	800	$1,000	$1.25	43d	1	0.97mi
5250 E Market St Unit 5252 Indianapolis, IN	2.0	1.0	1000	$1,350	$1.35	14d	1	0.98mi
3022 English Ave Unit 3022 Indianapolis, IN	2.0	1.0	600	$650	$1.08	43d	1	1.00mi
510 N Dearborn St Indianapolis, IN	3.0	1.0	1008	$1,350	$1.34	43d	1	1.01mi
953 N Linwood Ave Indianapolis, IN	2.0	1.0	960	$1,325	$1.38	43d	1	1.02mi
408 N Oakland Ave Unit A Indianapolis, IN	2.0	2.0	1100	$995	$0.90	17d	1	1.04mi
350 S Oxford St Indianapolis, IN	3.0	1.0	826	$1,300	$1.57	43d	1	1.07mi
49 S Rural St Indianapolis, IN	2.0	1.5	750	$950	$1.27	10d	1	1.08mi
323 S Rural St Indianapolis, IN	3.0	1.5	1090	$1,050	$0.96	43d	1	1.10mi

Listing history 9 events

1. 2026-04-11
   status Pending
2. 2026-04-03
   listed $104,900 Active
3. 2020-09-29
   soldstatus $65,000 Sold 337-char remark

   Show marketing remark (337 chars)

   Calling all investors! This all brick bungalow has mounds of potential! Spacious fenced-in front and back yard for extra privacy! Wood-burning fireplace in the basement, perfect for a cozy night in. This 2 bedroom 1 bath ranch is nestled on a quiet dead-end street with walking distance to Pleasant View park and a plethora of amenities.

4. 2020-09-11
   status Pending 337-char remark

   Show marketing remark (337 chars)

   Calling all investors! This all brick bungalow has mounds of potential! Spacious fenced-in front and back yard for extra privacy! Wood-burning fireplace in the basement, perfect for a cozy night in. This 2 bedroom 1 bath ranch is nestled on a quiet dead-end street with walking distance to Pleasant View park and a plethora of amenities.

5. 2020-08-21
   status Pending 337-char remark

   Show marketing remark (337 chars)

   Calling all investors! This all brick bungalow has mounds of potential! Spacious fenced-in front and back yard for extra privacy! Wood-burning fireplace in the basement, perfect for a cozy night in. This 2 bedroom 1 bath ranch is nestled on a quiet dead-end street with walking distance to Pleasant View park and a plethora of amenities.

6. 2020-06-04
   status Pending 337-char remark

   Show marketing remark (337 chars)

   Calling all investors! This all brick bungalow has mounds of potential! Spacious fenced-in front and back yard for extra privacy! Wood-burning fireplace in the basement, perfect for a cozy night in. This 2 bedroom 1 bath ranch is nestled on a quiet dead-end street with walking distance to Pleasant View park and a plethora of amenities.

7. 2020-05-29
   listed $85,000 Active 337-char remark

   Show marketing remark (337 chars)

   Calling all investors! This all brick bungalow has mounds of potential! Spacious fenced-in front and back yard for extra privacy! Wood-burning fireplace in the basement, perfect for a cozy night in. This 2 bedroom 1 bath ranch is nestled on a quiet dead-end street with walking distance to Pleasant View park and a plethora of amenities.

8. 2004-02-06
   soldstatus $32,900 339-char remark

   Show marketing remark (339 chars)

   ALL BRICK BUNGALOW W/FULL BASEMENT. THIS HOME NEEDS WORK BUT HAS TONS OF POTENTIAL. HOME BEING SOLD 'AS IS' 'WHERE IS' WITH ALL FAULTS CONDITION. ALL OFFERS TO INCLUDE LETTER OF PRE-APPROVAL AND OR PROOF OF FUNDS, E.M. TO BE $1000. CALL AGENT FOR COPY OF CORP.ADDENDUMS FOR BUYER REVIEW. PLEASE ALLOW 3-5 BUSINESS DAYS FOR SELLER RESPONSE.

9. 2003-11-03
   listed $39,900 339-char remark

   Show marketing remark (339 chars)

   ALL BRICK BUNGALOW W/FULL BASEMENT. THIS HOME NEEDS WORK BUT HAS TONS OF POTENTIAL. HOME BEING SOLD 'AS IS' 'WHERE IS' WITH ALL FAULTS CONDITION. ALL OFFERS TO INCLUDE LETTER OF PRE-APPROVAL AND OR PROOF OF FUNDS, E.M. TO BE $1000. CALL AGENT FOR COPY OF CORP.ADDENDUMS FOR BUYER REVIEW. PLEASE ALLOW 3-5 BUSINESS DAYS FOR SELLER RESPONSE.

ⓘ 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: $2,232 · $186/mo
• Projected year-2 tax: $2,232 · $186/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 ≥102°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: $14,653
• − Mortgage interest: −$5,876
• − Property taxes: −$2,232
• − Insurance: −$524
• − Repairs & maintenance: −$1,172
• − Management: −$1,172
• − Depreciation: −$3,052
• Taxable income: $624
• Est. tax owed @ 24.0%: −$150
• After-tax cash flow: $2,068/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

+162.9% since first listed

9 events — show timeline

• 2026-04-11 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-03 Listed $104,900 MIBOR as Distributed by MLS Grid
• 2020-09-29 Sold (MLS) $65,000 MIBOR as Distributed by MLS Grid
• 2020-09-11 Pending — MIBOR as Distributed by MLS Grid
• 2020-08-21 Pending — MIBOR as Distributed by MLS Grid
• 2020-06-04 Pending — MIBOR as Distributed by MLS Grid
• 2020-05-29 Listed $85,000 MIBOR as Distributed by MLS Grid
• 2004-02-06 Sold (MLS) $32,900 MIBOR as Distributed by MLS Grid
• 2003-11-03 Listed $39,900 MIBOR as Distributed by MLS Grid

Property tax history

+7.1%/yr

Latest (2025): $2,232 · +3.6% YoY. Source: county tax records.