817 Division St · Indianapolis city (balance), IN 46221

$164,900

3 bd · 2.0 ba · 2,544 sqft · SingleFamily public records · 28 Days on market

Built 1940 4,879 sqft lot

---

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 +27.6/30.0
• DSCR +9.7/10.0
• 1% rule +8.5/10.0
• ARV discount +7.5/15.0
• Rent growth +2.9/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

817 Division St is a classic 1940s single-family home in Indianapolis offering 2,544 sq ft of space, 4 bedrooms, and 2 baths. Featuring a brand new covered front porch with cedar beams, a detached 2-car garage, and several rooms with hardwood floors, it's a promising fixer-upper for investors or owner-occupants looking for proximity to downtown Indy! The home has brand new roof, garage, gas furnace and being sold "As-is!

Key facts

• Covered front porch
• Cedar beams
• Gas furnace

Tags

• COVERED FRONT PORCH
• CEDAR BEAMS
• DETACHED GARAGE
• HARDWOOD FLOORS
• BRAND NEW ROOF
• GAS FURNACE

Property features AI

Exterior

• Parking: Detached 2-car garage (484 sq ft)
• Utilities: Public water; Municipal sewer connected; 200+ amp electric service; Electricity connected
• Home design: Single-family residence; Residential property under construction; Two levels
• Construction: Vinyl siding; Block foundation
• Exterior features: Covered patio/porch; Partial chain-link fence; Sidewalks; Has a view

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: Four bedrooms total (one on the main level, three on the upper level)
• Flooring: Hardwood floors
• Bathrooms: Two full bathrooms (one on the main level, one on the upper level)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Attic access; Hardwood floors; Eat-in kitchen; Painted woodwork
• Laundry & utility: Washer/dryer hookups throughout (connections all)

🏗️ New construction. The $164,900 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $195,888.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $587 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $165k).
• Recommended offer: $162k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.9% 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 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.
• Market conditions: Rents rising (+1.8%/yr); 43 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• At $2,652/mo this rent would consume 49% of the median local household income ($65k/yr) (locally 1011% 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.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($162k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $162,426 (1.5% below list)

Questions for the listing agent

1. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.35% ✓
• Cap rate: 9.89%
• Cash-on-cash: 12.85%
• DSCR: 1.57
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $195,888
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
642 Division St	0.08mi	3/2.0	2,864 (+13%)	8mo	$220,000	$77	69
825 Birch Ave	0.18mi	4/2.0 (+1)	2,352 (-8%)	15mo	$186,000	$79	62
1750 W Morris St	0.60mi	4/2.0 (+1)	2,376 (-7%)	5mo	$24,900	$10	52
1321 W Oliver Ave	0.15mi	4/2.0 (+1)	2,905 (+14%)	23mo	$155,500	$54	45
1349 S Reisner St	0.67mi	3/2.0	2,314 (-9%)	18mo	$200,000	$86	38

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 · 1.79% rent growth · sell at horizon

5-year hold

• IRR: 1.3%
• Equity multiple: 1.05×
• Total profit: $2,617
• Equity at exit: $29,208

10-year hold

• IRR: 9.6%
• Equity multiple: 1.70×
• Total profit: $38,228
• Equity at exit: $16,937

Cash invested: $54,849 (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 46221

• Home prices YoY: -23.7%
• Rents YoY: 1.8%
• Active inventory: 43
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $2,652 medium
• Mortgage (P&I): −$1,027
• Tax from tax record: −$398 /mo · $4,781/yr
• Insurance: −$82
• HOA: −$0
• Vacancy / Maint / Mgmt: −$557
• Net cashflow: $587

Break-even live

Break-even rent $1,908

Max offer price $195,888

Occupancy floor 73%

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: $48,972
• Closing costs: $5,877
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1551 W New York St Indianapolis, IN	3.0	2.0	2619	$1,600	$0.61	8d	1	1.11mi
261 N Pershing Ave Indianapolis, IN	2.0	2.0	1764	$1,600	$0.91	24d	1	1.29mi
818 Union St Indianapolis, IN	4.0	4.0	2624	$3,900	$1.49	24d	1	1.34mi
822 Union St Indianapolis, IN	3.0	3.0	2384	$3,700	$1.55	24d	1	1.34mi
234 N Addison St Indianapolis, IN	3.0	2.0	1892	$1,900	$1.00	44d	1	1.45mi
50 N Illinois St Unit 1534468P Indianapolis, IN	1.0–5.0	1.5–4.0	1770	$5,395	$3.05	2d	3	1.47mi

Listing history 16 events

1. 2026-06-18
   days on market $164,900 Active 28 DOM
2. 2026-06-17
   days on market $164,900 Active 27 DOM
3. 2026-06-16
   days on market $164,900 Active 26 DOM
4. 2026-06-15
   days on market $164,900 Active 25 DOM
5. 2026-06-13
   days on market $164,900 Active 23 DOM
6. 2026-06-13
   pricedays on market $164,900 Active 22 DOM
7. 2026-06-09
   days on market $175,000 Active 19 DOM
8. 2026-06-08
   days on market $175,000 Active 18 DOM
9. 2026-06-07
   days on market $175,000 Active 17 DOM
10. 2026-06-03
    days on market $175,000 Active 13 DOM
11. 2026-06-02
    days on market $175,000 Active 12 DOM
12. 2026-06-01
    days on market $175,000 Active 11 DOM
13. 2026-05-31
    days on market $175,000 Active 10 DOM
14. 2026-05-21
    listed $175,000 Active
15. 2022-12-31
    historical
16. 2022-06-23
    listed $155,000 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: $4,781 · $398/mo
• Projected year-2 tax: $4,781 · $398/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 4/10 Moderate FEMA zone X · 24% 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
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,818
• − Mortgage interest: −$10,973
• − Property taxes: −$4,781
• − Insurance: −$979
• − Repairs & maintenance: −$2,545
• − Management: −$2,545
• − Depreciation: −$5,699
• Taxable income: $4,296
• Est. tax owed @ 24.0%: −$1,031
• After-tax cash flow: $6,018/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): 27,027
• Household income: $65,280
• Rent vs Own: 38.2% rent · 61.8% own
• Severe rent burden: 1011.0

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% Black 13% Hispanic / Latino 13% Two or more races 7%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 2% Iranian 2% Lithuanian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 87% English-only · Spanish 9% Arabic 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: ▼ -97.56%
• Current HPI: 313.4711
• Rent YoY: ▲ 1.79%
• 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

+12.9% since first listed

3 events — show timeline

• 2026-05-21 Listed $175,000 MIBOR as Distributed by MLS Grid
• 2022-12-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2022-06-23 Listed $155,000 MIBOR as Distributed by MLS Grid

Property tax history

+11.2%/yr

Latest (2025): $4,781 · +40.4% YoY. Source: county tax records.