3837 N Irvington Ave · Indianapolis city (balance), IN 46226

$139,900

3 bd · 1.5 ba · 1,189 sqft · SingleFamily public records · 24 Days on market

Built 1957 10,498 sqft lot Est $125k · 12% over

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Why this score? — see what drove the D- 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 +14.7/30.0
• 1% rule +4.6/10.0
• DSCR +4.5/10.0
• Rent growth +4.2/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +2.1/15.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity awaits with this spacious Irvington-area ranch offering 3 bedrooms, 1 bath, and a full basement. Inside, you'll find original hardwood floors throughout much of the main level, generously sized bedrooms, and additional finished living space in the basement that provides flexibility for a second living area, rec room, home office, or storage. The large lot offers plenty of outdoor space with mature trees and room to make it your own. Conveniently located near Irvington dining, shopping, parks, and quick access to downtown Indianapolis, this home offers strong potential for an owner-occupant or investor alike. Home is currently rented at $1250 until 2/28/2027.

Key facts

• Large lot
• Conveniently located
• Mature trees

Tags

• ORIGINAL HARDWOOD FLOORS
• FINISHED LIVING SPACE
• LARGE LOT
• MATURE TREES
• CONVENIENTLY LOCATED

Property features AI

Exterior

• Utilities: Public water; Municipal sewer connected
• Home design: Single-family residence; One level
• Construction: Brick construction; Block foundation
• Exterior features: Lot under 1/4 acre (approximately 0.24 acre)

Interior

• Kitchen: No appliances included
• Bedrooms: 3 bedrooms on the main level
• Flooring: Hardwood
• Bathrooms: 1 full bath; 1 half bath (basement)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Hardwood floors; Partially finished basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $35 ($424/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $134k (4.0% below list).
• Recommended offer: $134k (4.0% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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 D — 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: Center For Inquiry School 84 (math 64% / reading 69%, grade B+, #65 of 994 statewide, top 7%, 469 students, 8% FRL); H L Harshman Middle School (math 3% / reading 16%, grade F, #316 of 330 statewide, top 96%, 549 students, 84% FRL) — zoned schools average 46% FRL vs 77% district-wide (31 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 38% at this address vs 17% district-wide (+21 pts) — the actual schools serving this property are materially stronger than the Indianapolis Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+6.8%/yr); 153 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); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 32% of the median local income ($50k/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 $967 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 24 days — a 2% lower offer ($138k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $134,361 (4.0% below list)

Questions for the listing agent

1. Built in 1957 — 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. 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?
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: 0.96% ✗
• Cap rate: 6.60%
• Cash-on-cash: 1.08%
• DSCR: 1.05
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $124,845
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3946 N Layman Ave	0.18mi	3/1.5	1,200 (+1%)	6mo	$115,000	$96	85
5601 Glencoe St	0.34mi	3/1.0	1,152 (-3%)	9mo	$173,000	$150	70
3715 N Irvington Ave	0.20mi	4/1.0 (+1)	1,104 (-7%)	5mo	$120,000	$109	68
3904 N Graham Ave	0.35mi	3/1.0	1,080 (-9%)	1mo	$107,000	$99	66
4934 E 41st St	0.61mi	3/1.5	1,178 (-1%)	9mo	$47,000	$40	62
3536 N Audubon Rd	0.46mi	3/1.0	1,140 (-4%)	10mo	$120,000	$105	61
3536 N Priscilla Ct	0.53mi	3/1.0	1,102 (-7%)	5mo	$133,500	$121	57
3607 N Graham Ave	0.50mi	3/1.0	1,102 (-7%)	8mo	$116,000	$105	56
5660 E 34th St	0.64mi	3/1.5	1,104 (-7%)	4mo	$115,000	$104	55
5605 Glencoe St	0.35mi	4/1.5 (+1)	1,056 (-11%)	10mo	$158,500	$150	51
3912 N Webster Ave	0.67mi	4/1.0 (+1)	1,274 (+7%)	2mo	$125,000	$98	48
3901 Wallace Ave	0.65mi	2/1.0 (-1)	1,047 (-12%)	0mo	$55,000	$53	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 · 6.76% rent growth · sell at horizon

5-year hold

• IRR: -10.2%
• Equity multiple: 0.61×
• Total profit: $-15,086
• Equity at exit: $20,860

10-year hold

• IRR: 4.0%
• Equity multiple: 1.34×
• Total profit: $13,384
• Equity at exit: $12,096

Cash invested: $39,172 (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 46226

• Rents YoY: 6.8%
• Active inventory: 153
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,344 high
• Mortgage (P&I): −$734
• Tax from tax record: −$234 /mo · $2,810/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$282
• Net cashflow: $35

Break-even live

Break-even rent $1,299

Max offer price $139,900

Occupancy floor 92%

Sensitivity live

Price	-10% $115	-5% $75	+0% $35	+5% $-4	+10% $-44
Rent	-10% $-71	-5% $-18	+0% $35	+5% $88	+10% $142
Rate	-1.0pp $106	-0.5pp $71	base $35	+0.5pp $-1	+1.0pp $-38

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3636 N Whittier Pl Indianapolis, IN	3.0	1.0	912	$995	$1.09	9d	1	0.29mi
3815 N Grand Ave Unit 3815 Indianapolis, IN	2.0	1.0	965	$1,250	$1.30	6d	1	0.30mi
3718 N Audubon Rd Indianapolis, IN	3.0	1.0	875	$1,300	$1.49	25d	1	0.32mi
5602 Glencoe St Indianapolis, IN	3.0	1.0	1000	$1,749	$1.75	19d	1	0.34mi
3836 Priscilla Ave Indianapolis, IN	3.0	1.5	1040	$1,275	$1.23	4d	1	0.39mi
3516 N Hawthorne Ln Indianapolis, IN	3.0	1.0	925	$1,225	$1.32	6d	1	0.46mi
3639 N Emerson Ave Indianapolis, IN	4.0	1.0	1000	$1,450	$1.45	24d	1	0.46mi
3912 N Webster Ave Indianapolis, IN	4.0	1.0	1274	$1,350	$1.06	24d	1	0.64mi
3319 N Hawthorne Ln Indianapolis, IN	3.0	1.0	1084	$1,100	$1.01	25d	1	0.73mi
3301 Mardenna Ave Indianapolis, IN	3.0	1.0	925	$1,200	$1.30	45d	1	0.76mi
3316 N Emerson Ave Indianapolis, IN	3.0	1.0	912	$1,100	$1.21	25d	1	0.80mi
3734 Manor Ct Indianapolis, IN	3.0	1.0	1414	$1,399	$0.99	9d	1	0.84mi
3332 Wallace Ave Indianapolis, IN	3.0	1.0	936	$1,600	$1.71	25d	1	1.00mi
5865 E 46th St Indianapolis, IN	3.0	2.0	1400	$1,500	$1.07	45d	1	1.00mi
3070 N Layman Ave #1 Indianapolis, IN	3.0	2.0	1480	$1,700	$1.15	45d	1	1.00mi
4404 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	24d	2	1.01mi
4411 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	45d	1	1.02mi
4430 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	45d	1	1.03mi
4438 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	45d	1	1.05mi
4429 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	0d	1	1.05mi
4437 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	45d	1	1.06mi
4445 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	5d	1	1.07mi
4555 N Arlington Ave Indianapolis, IN	1.0–3.0	1.0–1.5	880	$1,379	$1.57	0d	31	1.09mi
4504 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	5d	1	1.09mi
4521 Park Forest Ct Indianapolis, IN	2.0	1.0	700	$1,180	$1.69	6d	1	1.10mi
4537 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	45d	1	1.16mi
4545 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	45d	1	1.16mi
3167 Shick Dr Indianapolis, IN	4.0	1.0	1141	$2,350	$2.06	45d	1	1.16mi
3315 N Euclid Ave Indianapolis, IN	2.0	1.0	780	$1,300	$1.67	16d	1	1.16mi
4405 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	25d	1	1.19mi
4511 N Kenmore Rd Indianapolis, IN	4.0	2.0	1200	$2,095	$1.75	6d	1	1.31mi
3142 N Euclid Ave Indianapolis, IN	3.0	1.0	1050	$1,050	$1.00	45d	1	1.34mi
2703 Kristen Dr E Indianapolis, IN	3.0	1.0	1155	$1,700	$1.47	45d	1	1.34mi
2950 N Dequincy St Indianapolis, IN	3.0	1.0	888	$1,375	$1.55	16d	1	1.37mi
3725 N Sherman Dr #7 Indianapolis, IN	2.0	1.0	729	$845	$1.16	6d	1	1.41mi
3725 N Sherman Dr #7 Indianapolis, IN	2.0	1.0	729	$845	$1.16	0d	1	1.41mi
6563 E 46th St Indianapolis, IN	3.0	1.5	1185	$1,250	$1.05	6d	1	1.42mi
3149 N Gladstone Ave Indianapolis, IN	3.0	1.5	1036	$1,350	$1.30	9d	1	1.42mi
6005 Dickson Rd Unit 4 Indianapolis, IN	2.0	1.0	873	$725	$0.83	45d	1	1.42mi
6015 Dickson Rd #1 Indianapolis, IN	2.0	1.0	825	$950	$1.15	45d	1	1.43mi

Listing history 15 events

1. 2026-06-21
   days on market $139,900 Active 24 DOM
2. 2026-06-18
   days on market $139,900 Active 21 DOM
3. 2026-06-17
   days on market $139,900 Active 20 DOM
4. 2026-06-16
   days on market $139,900 Active 19 DOM
5. 2026-06-15
   days on market $139,900 Active 18 DOM
6. 2026-06-13
   days on market $139,900 Active 16 DOM
7. 2026-06-13
   pricedays on market $139,900 Active 15 DOM
8. 2026-06-09
   days on market $154,900 Active 12 DOM
9. 2026-06-08
   days on market $154,900 Active 11 DOM
10. 2026-06-07
    days on market $154,900 Active 10 DOM
11. 2026-06-03
    days on market $154,900 Active 6 DOM
12. 2026-06-02
    days on market $154,900 Active 5 DOM
13. 2026-06-01
    days on market $154,900 Active 4 DOM
14. 2026-05-31
    days on market $154,900 Active 3 DOM
15. 2026-05-28
    listed $154,900 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: $2,810 · $234/mo
• Projected year-2 tax: $2,810 · $234/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 ≥101°F today · 18 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: $16,123
• − Mortgage interest: −$7,837
• − Property taxes: −$2,810
• − Insurance: −$700
• − Repairs & maintenance: −$1,290
• − Management: −$1,290
• − Depreciation: −$4,070
• Taxable loss: −$1,872
• Est. tax savings @ 24.0%: +$449
• After-tax cash flow: $874/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): 47,099
• Household income: $50,325
• Rent vs Own: 53.8% rent · 46.2% own
• Severe rent burden: 2742.0

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 0.62)
• Race & ethnicity: Black 53% White 25% Hispanic / Latino 17% Two or more races 9% Asian 2%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Lithuanian 1% Italian 1% Romanian 1%
• Foreign-born: 11% · Canada
• Languages at home: 86% English-only · Spanish 10% French/Haitian/Cajun 1% Other Asian/Pacific 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: ▼ -218.85%
• Current HPI: 239.43
• Rent YoY: ▲ 6.76%
• 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

• 2026-05-28 Listed $154,900 MIBOR as Distributed by MLS Grid

Property tax history

+6.5%/yr

Latest (2025): $2,810 · +11.8% YoY. Source: county tax records.