3902 E Michigan St · Indianapolis city (balance), IN 46201

$89,900

2 bd · 2.0 ba · 1,686 sqft · SingleFamily public records · 1 Days on market

Built 1955 4,400 sqft lot Est $170k · 47% under

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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 +27.6/30.0
• ARV discount +15.0/15.0
• DSCR +9.7/10.0
• 1% rule +9.4/10.0
• 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

Come see this investment opportunity near downtown and near Eastside. There are major improvements being made to Michigan and immediate area. The home sits on a corner lot with alley access as well and has enclosed front porch. The home features 3 bedrooms and 1.5 bathrooms. Must see and will not last long!

Key facts

• Full-scale remodel
• 4,400 sq ft lot
• Built 1955

Tags

• INVESTMENT OPPORTUNITY
• FULL-SCALE REMODEL
• HIGHLY VISIBLE LOCATION
• QUICK COMMUTE TO DOWNTOWN

Property features AI

Exterior

• Utilities: Public water; Municipal sewer connection; Solid waste service available
• Home design: Single-family residence; Two levels
• Construction: Vinyl with brick exterior; Block foundation
• Exterior features: Lot under 1/4 acre (approximately 0.1 acre)

Interior

• Kitchen: No appliances listed
• Bedrooms: Three bedrooms total — one on the main level and two on the upper level
• Bathrooms: Two full bathrooms (one on main level, one on upper level)
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Attic access; Has basement
• Laundry & utility: Utility room in the basement (20 x 20)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $268 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• 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 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 fast (+7.3%/yr); 480 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% 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).
• This rent runs 32% of the median local income ($49k/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 $622 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 $25k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 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.

Risks & watch-outs

• Watch-outs: property tax is 3.3% of price; built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $89,900

Questions for the listing agent

1. Built in 1955 — 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: 1.44% ✓
• Cap rate: 9.87%
• Cash-on-cash: 12.78%
• DSCR: 1.57
• GRM: 5.8

CMA / ARV

• ARV (on-the-fly): $170,286
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
718 N Denny St	0.15mi	3/2.0 (+1)	1,671 (-1%)	0mo	$176,000	$105	86
733 N Grant Ave	0.22mi	2/2.0	1,560 (-8%)	2mo	$120,000	$77	76
741 N Denny St	0.19mi	3/2.0 (+1)	1,558 (-8%)	1mo	$169,900	$109	72
101 N Denny St	0.26mi	3/2.5 (+1)	1,584 (-6%)	0mo	$240,000	$152	70
25 N Ewing St	0.43mi	3/2.0 (+1)	1,660 (-2%)	2mo	$90,100	$54	70
226 S Gladstone Ave	0.66mi	2/1.5	1,700 (+1%)	1mo	$108,000	$64	65
3832 E 10th St	0.47mi	2/1.0	1,792 (+6%)	3mo	$80,000	$45	61
914 N Ewing St	0.46mi	3/2.0 (+1)	1,560 (-8%)	1mo	$205,000	$131	60
827 Wallace Ave	0.68mi	2/1.0	1,742 (+3%)	2mo	$176,000	$101	57
50 S Euclid Ave	0.57mi	1/1.0 (-1)	1,813 (+8%)	0mo	$150,000	$83	52
911 N Olney St	0.49mi	3/3.0 (+1)	1,855 (+10%)	1mo	$210,000	$113	50
309 N Lasalle St	0.55mi	3/2.5 (+1)	1,920 (+14%)	3mo	$185,000	$96	42

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: 8.1%
• Equity multiple: 1.34×
• Total profit: $8,460
• Equity at exit: $13,404

10-year hold

• IRR: 21.2%
• Equity multiple: 3.23×
• Total profit: $56,031
• Equity at exit: $7,773

Cash invested: $25,172 (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 46201

• Home prices YoY: -33.9%
• Rents YoY: 7.3%
• Active inventory: 480
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $1,294 high
• Mortgage (P&I): −$471
• Tax from tax record: −$246 /mo · $2,949/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$272
• Net cashflow: $268

Break-even live

Break-even rent $955

Max offer price $89,900

Occupancy floor 74%

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
442 N Denny St Indianapolis, IN	3.0	1.0	1140	$1,045	$0.92	24d	1	0.03mi
603 N Sherman Dr Indianapolis, IN	3.0	1.0	1250	$1,300	$1.04	44d	1	0.11mi
447 N Sherman Dr Indianapolis, IN	3.0	1.5	1312	$1,195	$0.91	44d	1	0.12mi
314 N Denny St Indianapolis, IN	3.0	1.0	1184	$975	$0.82	24d	1	0.17mi
822 N Bradley Ave Unit 822 Indianapolis, IN	3.0	1.0	1100	$1,200	$1.09	44d	1	0.24mi
614 N Colorado Ave Indianapolis, IN	2.0	2.0	1736	$1,200	$0.69	24d	1	0.26mi
801 N Gladstone Ave Indianapolis, IN	3.0	1.5	1776	$1,225	$0.69	44d	1	0.27mi
642 N Colorado Ave Indianapolis, IN	3.0	2.0	1572	$1,450	$0.92	44d	1	0.27mi
119 N Grant Ave Indianapolis, IN	3.0	1.0	1408	$1,195	$0.85	44d	1	0.28mi
3712 E Market St Indianapolis, IN	3.0	1.0	1800	$1,450	$0.81	15d	1	0.32mi
33 N Sherman Dr Unit 33 Indianapolis, IN	3.0	1.5	1288	$1,500	$1.16	7d	1	0.35mi
8 S Bradley Ave Indianapolis, IN	2.0	1.0	1300	$950	$0.73	24d	1	0.42mi
21 N Colorado Ave Indianapolis, IN	3.0	1.5	1520	$2,000	$1.32	44d	1	0.43mi
25 N Drexel Ave Unit A Indianapolis, IN	3.0	2.0	1250	$1,325	$1.06	44d	1	0.56mi
1015 N Gale St Indianapolis, IN	3.0	2.0	1200	$1,550	$1.29	15d	1	0.57mi
953 N Tuxedo St Indianapolis, IN	3.0	1.0	1200	$950	$0.79	24d	1	0.58mi
840 N Lasalle St Indianapolis, IN	3.0	1.0	1215	$1,100	$0.91	24d	1	0.59mi
430 N Dearborn St Indianapolis, IN	3.0	1.0	1128	$1,300	$1.15	44d	1	0.59mi
909 N Lasalle St Indianapolis, IN	3.0	2.0	1717	$1,600	$0.93	44d	1	0.59mi
408 N Dearborn St Indianapolis, IN	3.0	2.5	1740	$1,750	$1.01	44d	1	0.60mi
637 N Gray St Indianapolis, IN	3.0	1.5	1120	$1,150	$1.03	44d	1	0.64mi
639 N Gray St Indianapolis, IN	3.0	1.5	1120	$1,220	$1.09	44d	1	0.64mi
1018 N Tuxedo St Unit 1016 Indianapolis, IN	3.0	1.5	1250	$1,099	$0.88	44d	1	0.66mi
253 N Gray St Indianapolis, IN	3.0	1.5	1176	$1,660	$1.41	7d	1	0.66mi
933 N Dearborn St Indianapolis, IN	3.0	1.5	1204	$1,500	$1.25	44d	1	0.67mi
415 N Dequincy St Indianapolis, IN	3.0	2.0	1250	$1,900	$1.52	15d	1	0.70mi
409 N Oakland Ave Unit 411 Indianapolis, IN	3.0	2.0	1300	$1,495	$1.15	44d	1	0.70mi
49 S Lasalle St Unit 1540092P Indianapolis, IN	3.0	2.0	1991	$3,053	$1.53	3d	1	0.72mi
408 N Oakland Ave Unit A Indianapolis, IN	2.0	2.0	1100	$995	$0.90	18d	1	0.72mi
818 N Oakland Ave Unit 46201 Indianapolis, IN	3.0	1.5	1332	$1,550	$1.16	44d	1	0.74mi
20 N Gray St Indianapolis, IN	3.0	2.0	1300	$1,800	$1.38	44d	1	0.74mi
306 N Riley Ave Indianapolis, IN	3.0	1.0	1320	$1,095	$0.83	18d	1	0.75mi
28 S Dearborn St Unit B Indianapolis, IN	2.0	1.5	1166	$1,150	$0.99	24d	1	0.75mi
28 S Dearborn St Unit A Indianapolis, IN	3.0	1.0	1100	$1,400	$1.27	10d	1	0.75mi
2903 E Michigan St Indianapolis, IN	3.0	2.0	1310	$1,650	$1.26	15d	1	0.77mi
1424 N Denny St Indianapolis, IN	3.0	1.0	1206	$1,295	$1.07	44d	1	0.77mi
117 N Riley Ave Indianapolis, IN	3.0	3.0	1664	$1,600	$0.96	20d	1	0.79mi
1323 N Olney St Indianapolis, IN	2.0	1.0	1288	$945	$0.73	44d	1	0.80mi
1119 N Dearborn St Indianapolis, IN	3.0	1.5	1200	$1,249	$1.04	44d	1	0.81mi
515 N Oxford St Indianapolis, IN	2.0	1.5	1728	$1,050	$0.61	3d	1	0.81mi

Listing history 2 events

1. 2026-06-17
   remarks 320-char remark
2. 2026-06-17
   listed $89,900 Active 1 DOM

ⓘ 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: $2,949 · $246/mo
• Projected year-2 tax: $2,949 · $246/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 ≥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: $15,534
• − Mortgage interest: −$5,036
• − Property taxes: −$2,949
• − Insurance: −$450
• − Repairs & maintenance: −$1,243
• − Management: −$1,243
• − Depreciation: −$2,615
• Taxable income: $1,999
• Est. tax owed @ 24.0%: −$480
• After-tax cash flow: $2,736/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

+50.1% since first listed

17 events — show timeline

• 2026-06-16 Listed $89,900 MIBOR as Distributed by MLS Grid
• 2024-07-19 Pending — MIBOR as Distributed by MLS Grid
• 2024-07-19 Sold (MLS) $80,000 MIBOR as Distributed by MLS Grid
• 2024-06-20 Price Changed $90,000 MIBOR as Distributed by MLS Grid
• 2024-06-06 Listed $100,000 MIBOR as Distributed by MLS Grid
• 2008-10-14 Listing Removed — MIBOR as Distributed by MLS Grid
• 2008-04-16 Listed $52,900 MIBOR as Distributed by MLS Grid
• 2007-09-20 Listing Removed — MIBOR as Distributed by MLS Grid
• 2007-03-20 Listed $54,900 MIBOR as Distributed by MLS Grid
• 2006-04-14 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-04-14 Listed $59,900 MIBOR as Distributed by MLS Grid
• 2004-03-10 Listing Removed — MIBOR as Distributed by MLS Grid
• 2004-03-10 Listing Removed — MIBOR as Distributed by MLS Grid
• 2003-11-12 Listed $59,900 MIBOR as Distributed by MLS Grid
• 2003-11-10 Listed $59,900 MIBOR as Distributed by MLS Grid
• 2003-08-15 Listing Removed — MIBOR as Distributed by MLS Grid
• 2003-04-15 Listed $59,900 MIBOR as Distributed by MLS Grid

Property tax history

+43.7%/yr

Latest (2025): $2,949 · -16.0% YoY. Source: county tax records.