2822 Baltimore Ave · Indianapolis city (balance), IN 46218

$124,900

4 bd · 1.5 ba · 1,147 sqft · SingleFamily public records · 67 Days on market

Built 1962 6,316 sqft lot $109/sqft · 14% below area Est $145k · 14% 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 +21.5/30.0
• ARV discount +13.8/15.0
• 1% rule +7.1/10.0
• DSCR +6.9/10.0
• Rent growth +2.7/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Solid 4bedroom home in a desirable, established neighborhood. This property features a new roof and gutters, a large yard, and an efficient layout with a primary bedroom offering a private half bath. Owned by the same family since it was built, the home has great bones and is priced right for today's market. Sold AsIs, making it an excellent opportunity for a firsttime buyer or anyone looking to add value with personal updates.

Key facts

• 6,316 sq ft lot
• Built 1962
• Listed 66 days

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $188 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $117k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.1% 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 flat; 336 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• At $1,517/mo this rent would consume 48% of the median local household income ($38k/yr) (locally 2340% 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 $864 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 67 days — a 6% lower offer ($117k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $117,406 (6.0% below list)

Questions for the listing agent

1. It's been on market 67 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1962 — 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: 1.21% ✓
• Cap rate: 8.10%
• Cash-on-cash: 6.46%
• DSCR: 1.29
• GRM: 6.9

CMA / ARV

• ARV (median comp): $145,148
• List price: $124,900
• Delta: -13.95%
• 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
2738 Schofield Ave	0.21mi	4/1.0	1,205 (+5%)	2mo	$170,000	$141	78
2753 Sangster Ave	0.12mi	3/1.0 (-1)	1,088 (-5%)	3mo	$162,000	$149	76
2848 Schofield Ave	0.20mi	3/1.0 (-1)	1,102 (-4%)	2mo	$72,000	$65	76
2358 Hovey St	0.54mi	4/1.0	1,152 (+0%)	3mo	$151,000	$131	70
2933 Caroline Ave	0.17mi	4/1.5	1,272 (+11%)	5mo	$100,000	$79	70
2745 Caroline Ave	0.11mi	3/2.0 (-1)	1,272 (+11%)	0mo	$195,000	$153	69
2808 Sangster Ave	0.13mi	3/1.0 (-1)	1,028 (-10%)	3mo	$100,000	$97	67
2931 Sangster Ave	0.19mi	3/1.0 (-1)	1,064 (-7%)	6mo	$117,000	$110	67
3263 Schofield Ave	0.53mi	3/1.0 (-1)	1,194 (+4%)	2mo	$73,600	$62	60
2740 N Rural St	0.52mi	3/2.0 (-1)	1,082 (-6%)	2mo	$195,000	$180	58
2951 Hillside Ave	0.24mi	3/2.0 (-1)	980 (-15%)	3mo	$156,000	$159	55
2520 Hillside Ave	0.29mi	3/1.0 (-1)	1,306 (+14%)	4mo	$175,000	$134	53

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 · 0.81% rent growth · sell at horizon

5-year hold

• IRR: -9.1%
• Equity multiple: 0.67×
• Total profit: $-11,411
• Equity at exit: $18,623

10-year hold

• IRR: -3.3%
• Equity multiple: 0.80×
• Total profit: $-6,888
• Equity at exit: $10,799

Cash invested: $34,972 (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 46218

• Home prices YoY: -17.1%
• Rents YoY: 0.8%
• Active inventory: 336
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,517 high
• Mortgage (P&I): −$655
• Tax from tax record: −$303 /mo · $3,639/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$319
• Net cashflow: $188

Break-even live

Break-even rent $1,279

Max offer price $124,900

Occupancy floor 83%

Sensitivity live

Price	-10% $259	-5% $224	+0% $188	+5% $153	+10% $117
Rent	-10% $68	-5% $128	+0% $188	+5% $248	+10% $308
Rate	-1.0pp $251	-0.5pp $220	base $188	+0.5pp $156	+1.0pp $123

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2820 Caroline Ave Indianapolis, IN	3.0	1.5	1112	$1,250	$1.12	24d	1	0.09mi
2616 Caroline Ave Indianapolis, IN	4.0	1.0	1276	$1,300	$1.02	44d	1	0.23mi
3121 Baltimore Ave Indianapolis, IN	3.0	1.0	1232	$7,865	$6.38	8d	1	0.40mi
2372 Beckwith Dr Indianapolis, IN	4.0	1.0–1.5	779	$1,349	$1.73	2d	32	0.46mi
2757 Columbia Ave Unit 2757-B Indianapolis, IN	3.0	2.0	1350	$1,525	$1.13	44d	1	0.51mi
3207 N Arsenal Ave Indianapolis, IN	3.0	1.0	994	$1,195	$1.20	24d	1	0.53mi
2553 Columbia Ave Unit 2553-B Indianapolis, IN	3.0	2.0	1350	$1,525	$1.13	44d	1	0.55mi
2549 Columbia Ave Unit 1332865P Indianapolis, IN	3.0	2.0	893	$2,274	$2.55	3d	1	0.56mi
2950 Winthrop Ave Indianapolis, IN	3.0	2.0	1224	$1,449	$1.18	44d	1	0.72mi
2340 Columbia Ave Unit 2340-B Indianapolis, IN	3.0	2.0	1350	$1,650	$1.22	44d	1	0.74mi
3139 Guilford Ave Indianapolis, IN	3.0	1.0	1068	$1,345	$1.26	44d	1	0.75mi
3110 Guilford Ave Indianapolis, IN	3.0	1.5	1250	$1,295	$1.04	24d	1	0.76mi
2203 Sheldon St Unit B Indianapolis, IN	3.0	2.0	1350	$1,500	$1.11	45d	1	0.76mi
2751 Guilford Ave Unit Aunit Indianapolis, IN	3.0	2.0	1250	$1,750	$1.40	44d	1	0.78mi
2751 Guilford Ave Unit B Indianapolis, IN	3.0	2.0	1250	$1,750	$1.40	15d	1	0.78mi
2711 Guilford Ave Indianapolis, IN	3.0	2.0	1250	$1,695	$1.36	24d	1	0.80mi
3448 Hillside Ave Indianapolis, IN	4.0	1.0	1305	$1,800	$1.38	3d	1	0.82mi
1902 E 35th St Indianapolis, IN	3.0	1.0	1100	$1,600	$1.45	44d	1	0.84mi
2906 N Lasalle St Indianapolis, IN	4.0	1.0	1032	$950	$0.92	24d	1	0.84mi
2920 N Lasalle St Indianapolis, IN	3.0	1.0	875	$1,095	$1.25	18d	1	0.85mi
3532 Caroline Ave Indianapolis, IN	4.0	1.0	1177	$2,299	$1.95	44d	1	0.89mi
2827 Adams St Indianapolis, IN	3.0	2.0	1200	$1,512	$1.26	3d	1	0.92mi
2707 N College Ave Indianapolis, IN	3.0	2.0	1500	$2,200	$1.47	18d	1	0.94mi
2709 N College Ave Indianapolis, IN	3.0	2.0	1500	$2,200	$1.47	24d	1	0.94mi
2519 N College Ave Unit 1 Indianapolis, IN	3.0	2.5	1416	$1,850	$1.31	44d	1	0.97mi
2410 Adams St Indianapolis, IN	3.0	1.0	900	$1,200	$1.33	11d	1	1.00mi
3106 N College Ave Indianapolis, IN	3.0	1.5	1400	$1,700	$1.21	8d	1	1.02mi
2161 Bellefontaine St Indianapolis, IN	4.0	2.5	1346	$1,900	$1.41	22d	1	1.05mi
3449 E 26th St Indianapolis, IN	3.0	2.0	1200	$1,512	$1.26	3d	1	1.05mi
3451 E 26th St Indianapolis, IN	3.0	2.0	1200	$1,650	$1.38	44d	1	1.06mi
3476 Birchwood Ave Indianapolis, IN	3.0	1.5	1420	$1,625	$1.14	24d	1	1.08mi
2960 N Park Ave Indianapolis, IN	3.0	1.5	1400	$1,550	$1.11	24d	1	1.10mi
2960 N Park Ave Indianapolis, IN	3.0	2.0	1400	$1,595	$1.14	44d	1	1.10mi
2958 N Park Ave Unit 2958 Indianapolis, IN	3.0	1.5	1350	$1,450	$1.07	4d	1	1.10mi
3535 N Oxford St Indianapolis, IN	3.0	1.0	1015	$1,500	$1.48	22d	1	1.11mi
728 E 34th St Indianapolis, IN	3.0	1.0	1491	$1,400	$0.94	5d	1	1.12mi
728 E 34th St Indianapolis, IN	3.0	1.0	1491	$1,400	$0.94	21d	1	1.12mi
2168 Carrollton Ave Indianapolis, IN	3.0	1.5	1300	$1,799	$1.38	4d	1	1.12mi
3141 N Park Ave Indianapolis, IN	3.0	1.0	1390	$1,000	$0.72	44d	1	1.13mi
3541 Birchwood Ave Indianapolis, IN	3.0	1.0	1400	$1,549	$1.11	13d	1	1.14mi

Listing history 15 events

1. 2026-06-21
   days on market $124,900 Active 67 DOM
2. 2026-06-18
   days on market $124,900 Active 64 DOM
3. 2026-06-17
   days on market $124,900 Active 63 DOM
4. 2026-06-16
   days on market $124,900 Active 62 DOM
5. 2026-06-15
   days on market $124,900 Active 61 DOM
6. 2026-06-13
   days on market $124,900 Active 59 DOM
7. 2026-06-13
   days on market $124,900 Active 58 DOM
8. 2026-06-09
   days on market $124,900 Active 55 DOM
9. 2026-06-08
   days on market $124,900 Active 54 DOM
10. 2026-06-07
    days on market $124,900 Active 53 DOM
11. 2026-06-03
    days on market $124,900 Active 49 DOM
12. 2026-06-02
    days on market $124,900 Active 48 DOM
13. 2026-06-01
    days on market $124,900 Active 47 DOM
14. 2026-05-31
    days on market $124,900 Active 46 DOM
15. 2026-04-15
    listed $124,900 Active 431-char remark

    Show marketing remark (431 chars)

    Solid 4bedroom home in a desirable, established neighborhood. This property features a new roof and gutters, a large yard, and an efficient layout with a primary bedroom offering a private half bath. Owned by the same family since it was built, the home has great bones and is priced right for today's market. Sold AsIs, making it an excellent opportunity for a firsttime buyer or anyone looking to add value with personal updates.

ⓘ 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: $3,639 · $303/mo
• Projected year-2 tax: $3,639 · $303/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 6/10 Major FEMA zone X (unshaded) · 74% 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 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: $18,205
• − Mortgage interest: −$6,996
• − Property taxes: −$3,639
• − Insurance: −$624
• − Repairs & maintenance: −$1,456
• − Management: −$1,456
• − Depreciation: −$3,633
• Taxable income: $399
• Est. tax owed @ 24.0%: −$96
• After-tax cash flow: $2,163/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): 29,360
• Household income: $38,063
• Rent vs Own: 47.2% rent · 52.8% own
• Severe rent burden: 2340.0

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 Black (68%)
• Race & ethnicity: Black 68% White 18% Hispanic / Latino 9% Two or more races 6%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 1%
• Foreign-born: 5% · Canada, Philippines
• Languages at home: 92% English-only · Spanish 7%

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: ▼ -81.57%
• Current HPI: 395.7071
• Rent YoY: ▲ 0.81%
• 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

1 event — show timeline

• 2026-04-15 Listed $124,900 MIBOR as Distributed by MLS Grid

Property tax history

+15.6%/yr

Latest (2025): $3,639 · +3.8% YoY. Source: county tax records.