1515 Southeastern Ave · Indianapolis city (balance), IN 46201

$2

4 bd · 1.0 ba · 972 sqft · SingleFamily public records · 26 Days on market

Built 1905 Poor condition 4,617 sqft lot

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Why this score? — see what drove the F 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 +10.3/30.0
• ARV discount +7.5/15.0
• Rent growth +4.3/5.0
• 1% rule +3.1/10.0
• DSCR +3.0/10.0
• Livability +2.5/5.0
• Schools +1.4/10.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This southeast Indianapolis 2 bedroom 1 bath home with detached shed is now available in an on line AUCTION! This Auction closes May 14, 2026 at 11 am. Go to www.jimmysauction.com to bid and for complete terms. CASH only. The property sells in AS-IS condition. It has both rear parking and alley access. A 10 percent premium will be added to the final bid to determine the contract sales price. It's just a couple minutes from downtown Indianapolis and all the downtown area offers near the near Eastside and Fountain Square neighborhoods. Title ins. has been ordered thru Security Title. Terms: $10000 down w/in 24 hrs. of auction close, wired to title co. Balance within 30 days of auction. A 10% premium will be added to the final bid to determine the contract sales price. Buyer to pay Fall taxes in 2026. The home will be open for inspection on May 3, 2026 from 12-2 pm. Home has a recent roof (6 yrs.), water heater (6 yrs) and furnace (12 yrs).

Key facts

• 4,617 sq ft lot
• Built 1905
• Listed 26 days

🔨 Auction listing. The $2 list price is a nominal opening bid, not a real ask — every metric below is computed on the estimated value $212,511 (ARV from comps), not the list price.

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $2. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $-116 ($-1k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $2).
• Recommended offer: $1 (50.0% below list) — sets the bar for market timing.
• Cap rate 5.6% vs local median 4.4% in Indianapolis city (balance) — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads: area grade F — 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); 483 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 42% 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 $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 26 days — a 2% lower offer ($1) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 159383.3% of price; built in 1905 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1 (50.0% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 0.81% ✗
• Cap rate: 5.64%
• Cash-on-cash: -2.35%
• DSCR: 0.90
• GRM: 10.3

CMA / ARV

• ARV (median comp): $212,511
• List price: $2
• Delta: -100.00%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1641 Deloss St	0.28mi	3/1.5 (-1)	1,038 (+7%)	9mo	$205,000	$197	61
1828 E Maryland St	0.23mi	3/1.0 (-1)	1,100 (+13%)	4mo	$105,000	$95	59
2251 English Ave	0.58mi	3/1.0 (-1)	960 (-1%)	10mo	$179,900	$187	58
2134 Spann Ave	0.55mi	3/1.0 (-1)	1,085 (+12%)	1mo	$125,000	$115	49
1420 E Market St	0.30mi	3/1.5 (-1)	1,104 (+14%)	11mo	$241,000	$218	47
2005 E Maryland St	0.29mi	3/2.0 (-1)	1,080 (+11%)	15mo	$195,000	$181	46
401 Harlan St	0.42mi	3/1.0 (-1)	1,092 (+12%)	12mo	$95,000	$87	45
2118 Lexington Ave	0.68mi	3/2.0 (-1)	1,112 (+14%)	11mo	$220,000	$198	26

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: -15.5%
• Equity multiple: 0.43×
• Total profit: $-34,084
• Equity at exit: $31,686

10-year hold

• IRR: -0.9%
• Equity multiple: 0.93×
• Total profit: $-4,388
• Equity at exit: $18,374

Cash invested: $59,503 (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: 483

Monthly cashflow live

• Estimated rent: $1,712 high
• Mortgage (P&I): −$1,114
• Tax est. 1.5%: −$266 /mo · $3,188/yr
• Insurance: −$89
• HOA: −$0
• Vacancy / Maint / Mgmt: −$359
• Net cashflow: $-116

Break-even live

Break-even rent $1,859

Max offer price $195,658

Occupancy floor —

Sensitivity live

Price	-10% $30	-5% $-43	+0% $-116	+5% $-190	+10% $-263
Rent	-10% $-252	-5% $-184	+0% $-116	+5% $-49	+10% $19
Rate	-1.0pp $-9	-0.5pp $-62	base $-116	+0.5pp $-172	+1.0pp $-228

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: $53,128
• Closing costs: $6,375
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1100 E Ohio St Indianapolis, IN	3.0	1.5	1098	$2,190	$1.99	2d	1	0.51mi
1058 E Ohio St Indianapolis, IN	3.0	1.5	1098	$1,999	$1.82	18d	3	0.51mi
931 Fletcher Ave Indianapolis, IN	2.0–3.0	1.0–2.5	1094	$2,765	$2.53	2d	4	0.61mi
2631 Southeastern Ave Indianapolis, IN	3.0	2.0	1072	$1,195	$1.11	12d	1	0.86mi
323 S Rural St Indianapolis, IN	3.0	1.5	1090	$1,050	$0.96	44d	1	0.90mi
1012 Prospect St Unit 907 Prospect NO AMI Indianapolis, IN	3.0	1.5	1121	$1,400	$1.25	44d	1	0.91mi
451 E Market St Indianapolis, IN	3.0	1.0–2.0	842	$2,283	$2.71	2d	53	0.92mi
439 N Forest Ave Indianapolis, IN	3.0	2.0	1030	$1,200	$1.17	24d	1	0.94mi
350 S Oxford St Indianapolis, IN	3.0	1.0	826	$1,300	$1.57	44d	1	0.95mi
907 Prospect St Unit 907 Prospect NO AMI Indianapolis, IN	3.0	1.5	1121	$1,400	$1.25	24d	1	0.98mi
418 Eastern Ave Indianapolis, IN	3.0	1.0	1008	$1,325	$1.31	24d	1	1.03mi
835 Tecumseh St Indianapolis, IN	3.0	2.0	1100	$1,550	$1.41	5d	1	1.11mi
613-615 N Jefferson Indianapolis, IN	3.0	1.0	1030	$1,600	$1.55	15d	1	1.14mi
229 S Delaware St Indianapolis, IN	3.0	1.0–3.5	1207	$4,758	$3.94	2d	54	1.14mi
888 Massachusetts Ave Unit 1014221P Indianapolis, IN	3.0	3.0	807	$5,027	$6.23	8d	1	1.19mi
28 S Dearborn St Unit A Indianapolis, IN	3.0	1.0	1100	$1,400	$1.27	11d	1	1.21mi
1534 Dawson St Indianapolis, IN	3.0	1.0	1040	$1,499	$1.44	24d	1	1.22mi
270 S Lasalle St Indianapolis, IN	3.0	2.0	562	$1,329	$2.36	8d	1	1.24mi
1514 Ringgold Ave Indianapolis, IN	3.0	1.0	1064	$1,295	$1.22	44d	1	1.25mi
639 N Rural St Indianapolis, IN	3.0	1.0	1000	$1,675	$1.68	18d	1	1.27mi
421 N Pennsylvania St Indianapolis, IN	3.0	1.0–2.0	974	$3,792	$3.89	4d	17	1.34mi
37 S Tuxedo St Indianapolis, IN	3.0	1.0	950	$1,150	$1.21	44d	1	1.35mi
650 Alabama St Indianapolis, IN	3.0	1.0–2.5	1099	$3,329	$3.03	17d	27	1.37mi
510 N Dearborn St Indianapolis, IN	3.0	1.0	1008	$1,350	$1.34	44d	1	1.40mi
220 N Meridian St Indianapolis, IN	3.0	1.0–3.0	1038	$3,995	$3.85	20d	28	1.43mi
632 N Gray St Indianapolis, IN	3.0	1.0	960	$1,800	$1.88	44d	1	1.44mi
918 Fort Wayne Ave Indianapolis, IN	1.0–3.0	1.0–3.0	1239	$2,500	$2.02	44d	1	1.45mi
637 N Gray St Indianapolis, IN	3.0	1.5	1120	$1,150	$1.03	45d	1	1.46mi
639 N Gray St Indianapolis, IN	3.0	1.5	1120	$1,220	$1.09	44d	1	1.46mi
50 N Illinois St Unit 1534468P Indianapolis, IN	1.0–5.0	1.5–4.0	1770	$6,769	$3.82	2d	3	1.48mi
1505 S Rural St Indianapolis, IN	3.0	1.0	1104	$1,500	$1.36	13d	1	1.49mi

Listing history 3 events

1. 2026-05-16
   status Pending 952-char remark

   Show marketing remark (952 chars)

   This southeast Indianapolis 2 bedroom 1 bath home with detached shed is now available in an on line AUCTION! This Auction closes May 14, 2026 at 11 am. Go to www.jimmysauction.com to bid and for complete terms. CASH only. The property sells in AS-IS condition. It has both rear parking and alley access. A 10 percent premium will be added to the final bid to determine the contract sales price. It's just a couple minutes from downtown Indianapolis and all the downtown area offers near the near Eastside and Fountain Square neighborhoods. Title ins. has been ordered thru Security Title. Terms: $10000 down w/in 24 hrs. of auction close, wired to title co. Balance within 30 days of auction. A 10% premium will be added to the final bid to determine the contract sales price. Buyer to pay Fall taxes in 2026. The home will be open for inspection on May 3, 2026 from 12-2 pm. Home has a recent roof (6 yrs.), water heater (6 yrs) and furnace (12 yrs).

2. 2026-05-15
   price $2 952-char remark

   Show marketing remark (952 chars)

   This southeast Indianapolis 2 bedroom 1 bath home with detached shed is now available in an on line AUCTION! This Auction closes May 14, 2026 at 11 am. Go to www.jimmysauction.com to bid and for complete terms. CASH only. The property sells in AS-IS condition. It has both rear parking and alley access. A 10 percent premium will be added to the final bid to determine the contract sales price. It's just a couple minutes from downtown Indianapolis and all the downtown area offers near the near Eastside and Fountain Square neighborhoods. Title ins. has been ordered thru Security Title. Terms: $10000 down w/in 24 hrs. of auction close, wired to title co. Balance within 30 days of auction. A 10% premium will be added to the final bid to determine the contract sales price. Buyer to pay Fall taxes in 2026. The home will be open for inspection on May 3, 2026 from 12-2 pm. Home has a recent roof (6 yrs.), water heater (6 yrs) and furnace (12 yrs).

3. 2026-04-20
   listed $1 Active 952-char remark

   Show marketing remark (952 chars)

   This southeast Indianapolis 2 bedroom 1 bath home with detached shed is now available in an on line AUCTION! This Auction closes May 14, 2026 at 11 am. Go to www.jimmysauction.com to bid and for complete terms. CASH only. The property sells in AS-IS condition. It has both rear parking and alley access. A 10 percent premium will be added to the final bid to determine the contract sales price. It's just a couple minutes from downtown Indianapolis and all the downtown area offers near the near Eastside and Fountain Square neighborhoods. Title ins. has been ordered thru Security Title. Terms: $10000 down w/in 24 hrs. of auction close, wired to title co. Balance within 30 days of auction. A 10% premium will be added to the final bid to determine the contract sales price. Buyer to pay Fall taxes in 2026. The home will be open for inspection on May 3, 2026 from 12-2 pm. Home has a recent roof (6 yrs.), water heater (6 yrs) and furnace (12 yrs).

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 71% 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: $20,539
• − Mortgage interest: −$11,904
• − Property taxes: −$3,188
• − Insurance: −$1,063
• − Repairs & maintenance: −$1,643
• − Management: −$1,643
• − Depreciation: −$6,182
• Taxable loss: −$5,084
• Est. tax savings @ 24.0%: +$1,220
• After-tax cash flow: $-178/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.

Condition & rehab AI · 30 photos

Poor 20/100 Extensive rehab

This property requires extensive repairs and updates to bring it up to a livable condition. The extensive work needed includes exterior siding repair, roof replacement, flooring replacement, painting, kitchen and bathroom updates, and HVAC replacement. Landscaping will also need to be maintained to improve curb appeal.

Repairs flagged

• Major Exterior siding — Severe damage and peeling
• Major Roof — Signs of damage and wear
• Major Flooring — Damaged and uneven
• Major Paint — Peeling and damaged
• Major Kitchen cabinets — Damaged and missing
• Major Bathroom fixtures — Old and in need of replacement
• Major HVAC unit — Old and in need of maintenance

Value-add opportunities

• Resale Exterior siding repair — Aesthetic improvement and increased curb appeal
• Resale Roof repair — Structural improvement and increased safety
• Resale Flooring replacement — Improved appearance and functionality
• Resale Painting — Improved appearance and increased curb appeal
• Resale Kitchen cabinet replacement — Improved functionality and aesthetic appeal
• Resale Bathroom fixture replacement — Improved functionality and aesthetic appeal
• Resale HVAC unit replacement — Improved comfort and energy efficiency
• Resale Landscaping — Improved curb appeal and increased property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Severe damage and peeling	Major	$15,000–50,000
Roof · Signs of damage and wear	Major	$15,000–50,000
Flooring · Damaged and uneven	Major	$15,000–50,000
Paint · Peeling and damaged	Major	$15,000–50,000
Kitchen cabinets · Damaged and missing	Major	$15,000–50,000
Bathroom fixtures · Old and in need of replacement	Major	$15,000–50,000
HVAC unit · Old and in need of maintenance	Major	$15,000–50,000
Total estimated repair cost · 7 items		$105,000–350,000

Value-add ROI direction

• Resale Exterior siding repair — Aesthetic improvement and increased curb appeal ↑
• Resale Roof repair — Structural improvement and increased safety ↑
• Resale Flooring replacement — Improved appearance and functionality ↑
• Resale Painting — Improved appearance and increased curb appeal ↑
• Resale Kitchen cabinet replacement — Improved functionality and aesthetic appeal ↑
• Resale Bathroom fixture replacement — Improved functionality and aesthetic appeal ↑
• Resale HVAC unit replacement — Improved comfort and energy efficiency ↑
• Resale Landscaping — Improved curb appeal and increased property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

Property tax history

+15.0%/yr

Latest (2025): $546 · +8.4% YoY. Source: county tax records.