520 E Minnesota St · Indianapolis city (balance), IN 46203

$119,500

3 bd · 1.0 ba · 2,093 sqft · SingleFamily public records · 35 Days on market

Built 1890 $57/sqft · 57% below area ↓ 28% since listing

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.2/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

520 E Minnesota St | Bates-Hendricks Solid investment in the heart of Bates-Hendricks, one of Indy's most actively revitalizing neighborhoods.

Key facts

• Immediate cash flow
• Functional layout
• Tenant-occupied

Tags

• TENANT-OCCUPIED
• IMMEDIATE CASH FLOW
• STRONG UPSIDE POTENTIAL
• COSMETIC IMPROVEMENTS
• LONG-TERM APPRECIATION
• FUNCTIONAL LAYOUT

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $753 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $116k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.8% 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 (+2.9%/yr); 493 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 45% of the median local income ($57k/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 $826 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.
• At projected returns (-3.0% appreciation + 2.9% rent growth), your $33k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $46k (28%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $115,915 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.79% ✓
• Cap rate: 13.85%
• Cash-on-cash: 26.99%
• DSCR: 2.20
• GRM: 4.6

CMA / ARV

• ARV (median comp): $388,448
• List price: $119,500
• Delta: -69.24%
• 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
818 Iowa St	0.20mi	3/1.0	2,187 (+4%)	1mo	$146,000	$67	83
2117 Webb St	0.49mi	3/1.0	2,138 (+2%)	1mo	$60,000	$28	72
835 Parkway Ave	0.34mi	2/1.0 (-1)	2,194 (+5%)	1mo	$240,000	$109	70
325 Sanders St	0.43mi	3/2.5	2,042 (-2%)	1mo	$359,000	$176	69
1602 Leonard St	0.26mi	3/2.0	2,288 (+9%)	0mo	$275,000	$120	68
826 E Minnesota St	0.20mi	3/3.0	2,347 (+12%)	1mo	$450,000	$192	61
1417 Olive St	0.60mi	3/3.0	2,050 (-2%)	0mo	$435,000	$212	60
2145 Singleton St	0.47mi	3/1.0	1,869 (-11%)	1mo	$152,000	$81	59
1415 Union St	0.51mi	4/2.5 (+1)	2,177 (+4%)	1mo	$439,000	$202	58
341 E Morris St	0.49mi	2/2.5 (-1)	2,192 (+5%)	1mo	$257,500	$117	57
2125 S Garfield Dr	0.49mi	3/2.5	1,820 (-13%)	0mo	$285,000	$157	49
1515 Olive St	0.58mi	3/2.5	2,400 (+15%)	1mo	$464,000	$193	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 · 2.88% rent growth · sell at horizon

5-year hold

• IRR: 20.8%
• Equity multiple: 1.85×
• Total profit: $28,408
• Equity at exit: $17,818

10-year hold

• IRR: 28.9%
• Equity multiple: 3.56×
• Total profit: $85,810
• Equity at exit: $10,332

Cash invested: $33,460 (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 46203

• Home prices YoY: -26.7%
• Rents YoY: 2.9%
• Active inventory: 493
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $2,142 high
• Mortgage (P&I): −$627
• Tax from tax record: −$263 /mo · $3,161/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$450
• Net cashflow: $753

Break-even live

Break-even rent $1,190

Max offer price $119,500

Occupancy floor 60%

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: $29,875
• Closing costs: $3,585
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1830 Orleans St Indianapolis, IN	3.0	2.5	1586	$1,995	$1.26	44d	1	0.17mi
438 E Beecher St Indianapolis, IN	3.0	2.5	1500	$1,450	$0.97	24d	1	0.22mi
728 Cottage Ave Indianapolis, IN	3.0	2.5	1831	$2,550	$1.39	24d	1	0.23mi
1835 Applegate St Indianapolis, IN	4.0	3.0	2024	$2,300	$1.14	44d	1	0.23mi
835 Weghorst St Unit 837 Indianapolis, IN	3.0	1.5	1500	$1,399	$0.93	24d	1	0.25mi
752 Cottage Ave Indianapolis, IN	3.0	2.0	1548	$1,750	$1.13	15d	1	0.26mi
350 Terrace Ave Indianapolis, IN	4.0	2.5	2552	$3,000	$1.18	4d	1	0.27mi
350 Terrace Ave Indianapolis, IN	4.0	2.5	2552	$3,000	$1.18	24d	1	0.27mi
243 Terrace Ave Indianapolis, IN	4.0	2.0	1669	$2,700	$1.62	18d	1	0.28mi
406 Parkway Ave Indianapolis, IN	4.0	2.5	2481	$2,250	$0.91	24d	1	0.31mi
734 Parkway Ave Indianapolis, IN	3.0	2.0	2110	$2,299	$1.09	24d	1	0.32mi
1713 S Delaware St Indianapolis, IN	2.0	2.0	1785	$1,700	$0.95	44d	1	0.33mi
406 Orange St Indianapolis, IN	3.0	2.5	1820	$2,250	$1.24	44d	1	0.36mi
1247 Wright St Indianapolis, IN	3.0	1.5	1809	$1,750	$0.97	44d	1	0.40mi
736 E Morris St Indianapolis, IN	2.0	1.5	1500	$1,195	$0.80	4d	1	0.48mi
1301 Ringgold Ave Unit 1303750P Indianapolis, IN	3.0	3.0	2884	$6,514	$2.26	44d	1	0.52mi
1337 Barth Ave Indianapolis, IN	3.0	1.0	2468	$1,700	$0.69	16d	1	0.52mi
1337 Barth Ave Indianapolis, IN	3.0	1.0	2468	$1,700	$0.69	8d	1	0.52mi
1337 Barth Ave Indianapolis, IN	3.0	1.0	2468	$1,700	$0.69	11d	1	0.52mi
1337 Barth Ave Unit NA Indianapolis, IN	3.0	1.0	2468	$1,700	$0.69	4d	1	0.52mi
518 Prospect St Unit 1357365P Indianapolis, IN	3.0	2.0	1614	$2,594	$1.61	8d	1	0.52mi
518 Prospect St Unit 1353834P Indianapolis, IN	3.0	2.0	1603	$2,442	$1.52	15d	1	0.52mi
1035 Sanders St Unit 163 Indianapolis, IN	2.0	1.0	1481	$1,921	$1.30	44d	1	0.56mi
932 E Morris St Indianapolis, IN	2.0	2.0	1483	$1,900	$1.28	3d	1	0.57mi
1205 Cottage Ave Unit 1372938P Indianapolis, IN	4.0	3.5	2680	$6,638	$2.48	44d	1	0.60mi
1258 E Naomi St Indianapolis, IN	3.0	2.0	1608	$1,450	$0.90	8d	1	0.68mi
1330 Laurel St Indianapolis, IN	3.0	2.0	1911	$2,250	$1.18	20d	1	0.77mi
1012 Hosbrook St Indianapolis, IN	2.0	2.5	1728	$2,400	$1.39	24d	1	0.82mi
2283 Union St Indianapolis, IN	3.0	2.0	1824	$1,820	$1.00	24d	1	0.83mi
822 Union St Indianapolis, IN	3.0	3.0	2384	$3,700	$1.55	24d	1	0.88mi
818 Union St Indianapolis, IN	4.0	4.0	2624	$3,900	$1.49	24d	1	0.89mi
1441 Prospect St Indianapolis, IN	2.0	1.0–2.0	2840	$2,000	$0.70	2d	13	0.92mi
1641 Iowa St Indianapolis, IN	3.0	3.0	1938	$1,900	$0.98	24d	1	0.96mi
1528 E Tabor St Indianapolis, IN	3.0	1.5	2200	$1,550	$0.70	15d	1	0.99mi
1140 Hoyt Ave Indianapolis, IN	4.0	1.5	1831	$1,895	$1.03	44d	1	1.00mi
1502 Woodlawn Ave Indianapolis, IN	2.0	2.0	1441	$2,500	$1.73	15d	1	1.02mi
1135 Spann Ave Indianapolis, IN	4.0	2.5	1836	$2,495	$1.36	18d	1	1.08mi
1546 E Bradbury Ave Indianapolis, IN	2.0	1.5	2066	$1,500	$0.73	44d	1	1.13mi
1619 S Randolph St Indianapolis, IN	3.0	1.0	2016	$1,195	$0.59	24d	1	1.17mi
1548 Lexington Ave Indianapolis, IN	4.0	3.0	2224	$2,250	$1.01	3d	1	1.18mi

Listing history 13 events

1. 2026-05-10
   status Pending 145-char remark

   Show marketing remark (145 chars)

   520 E Minnesota St | Bates-Hendricks Solid investment in the heart of Bates-Hendricks, one of Indy's most actively revitalizing neighborhoods.

2. 2026-04-29
   price $119,500 145-char remark

   Show marketing remark (145 chars)

   520 E Minnesota St | Bates-Hendricks Solid investment in the heart of Bates-Hendricks, one of Indy's most actively revitalizing neighborhoods.

3. 2026-04-28
   price $119,999 145-char remark

   Show marketing remark (145 chars)

   520 E Minnesota St | Bates-Hendricks Solid investment in the heart of Bates-Hendricks, one of Indy's most actively revitalizing neighborhoods.

4. 2026-04-23
   price $120,000 145-char remark

   Show marketing remark (145 chars)

   520 E Minnesota St | Bates-Hendricks Solid investment in the heart of Bates-Hendricks, one of Indy's most actively revitalizing neighborhoods.

5. 2026-04-18
   status Active 145-char remark

   Show marketing remark (145 chars)

   520 E Minnesota St | Bates-Hendricks Solid investment in the heart of Bates-Hendricks, one of Indy's most actively revitalizing neighborhoods.

6. 2026-03-24
   price $130,000 145-char remark

   Show marketing remark (145 chars)

   520 E Minnesota St | Bates-Hendricks Solid investment in the heart of Bates-Hendricks, one of Indy's most actively revitalizing neighborhoods.

7. 2026-02-27
   price $135,000 145-char remark

   Show marketing remark (145 chars)

   520 E Minnesota St | Bates-Hendricks Solid investment in the heart of Bates-Hendricks, one of Indy's most actively revitalizing neighborhoods.

8. 2026-02-27
   status Active 145-char remark

   Show marketing remark (145 chars)

   520 E Minnesota St | Bates-Hendricks Solid investment in the heart of Bates-Hendricks, one of Indy's most actively revitalizing neighborhoods.

9. 2026-02-23
   status Active 145-char remark

   Show marketing remark (145 chars)

   520 E Minnesota St | Bates-Hendricks Solid investment in the heart of Bates-Hendricks, one of Indy's most actively revitalizing neighborhoods.

10. 2026-02-23
    price $140,000 145-char remark

    Show marketing remark (145 chars)

    520 E Minnesota St | Bates-Hendricks Solid investment in the heart of Bates-Hendricks, one of Indy's most actively revitalizing neighborhoods.

11. 2026-02-23
    historical 145-char remark

    Show marketing remark (145 chars)

    520 E Minnesota St | Bates-Hendricks Solid investment in the heart of Bates-Hendricks, one of Indy's most actively revitalizing neighborhoods.

12. 2026-02-19
    price $150,000 145-char remark

    Show marketing remark (145 chars)

    520 E Minnesota St | Bates-Hendricks Solid investment in the heart of Bates-Hendricks, one of Indy's most actively revitalizing neighborhoods.

13. 2026-02-10
    listed $165,000 Active 145-char remark

    Show marketing remark (145 chars)

    520 E Minnesota St | Bates-Hendricks Solid investment in the heart of Bates-Hendricks, one of Indy's most actively revitalizing neighborhoods.

ⓘ 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: $3,161 · $263/mo
• Projected year-2 tax: $3,161 · $263/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 ≥101°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,708
• − Mortgage interest: −$6,694
• − Property taxes: −$3,161
• − Insurance: −$598
• − Repairs & maintenance: −$2,057
• − Management: −$2,057
• − Depreciation: −$3,476
• Taxable income: $7,665
• Est. tax owed @ 24.0%: −$1,840
• After-tax cash flow: $7,190/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): 37,758
• Household income: $57,393
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 1499.0

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% Hispanic / Latino 14% Black 12% Two or more races 8% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 12% Puerto Rican 1%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 8% · Canada
• Languages at home: 88% English-only · Spanish 10% Other Indo-European 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: ▼ -127.37%
• Current HPI: 349.579
• Rent YoY: ▲ 2.88%
• 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

-27.6% since first listed

13 events — show timeline

• 2026-05-10 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-29 Price Changed $119,500 MIBOR as Distributed by MLS Grid
• 2026-04-28 Price Changed $119,999 MIBOR as Distributed by MLS Grid
• 2026-04-23 Price Changed $120,000 MIBOR as Distributed by MLS Grid
• 2026-04-18 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-24 Price Changed $130,000 MIBOR as Distributed by MLS Grid
• 2026-02-27 Price Changed $135,000 MIBOR as Distributed by MLS Grid
• 2026-02-27 Relisted — MIBOR as Distributed by MLS Grid
• 2026-02-23 Relisted — MIBOR as Distributed by MLS Grid
• 2026-02-23 Price Changed $140,000 MIBOR as Distributed by MLS Grid
• 2026-02-23 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-02-19 Price Changed $150,000 MIBOR as Distributed by MLS Grid
• 2026-02-10 Listed $165,000 MIBOR as Distributed by MLS Grid

Property tax history

+10.5%/yr

Latest (2025): $3,161 · +5.2% YoY. Source: county tax records.