860 Udell St · Indianapolis city (balance), IN 46208

$110,000

3 bd · 1.0 ba · 1,185 sqft · SingleFamily public records · 160 Days on market

Built 1920 3,790 sqft lot $93/sqft · 6% above area Est $178k · 38% 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 +28.7/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• Rent growth +4.1/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 3-bedroom, 1-bathroom home on the near west side of Indianapolis currently rents for $875 a month and offers solid cash flow potential for an investor. With easy access to downtown, major highways, and public transit, it's a convenient spot for tenants. The layout is functional, the rental history is stable, and it's a great option whether you're just getting started or expanding your portfolio.

Key facts

• 3,790 sq ft lot
• Garage
• Built 1920

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $366 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $97k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.3% 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 (+6.4%/yr); 279 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); 42% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $761 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 + 6.4% rent growth), your $31k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 160 days — a 12% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 25y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $18k; list at $110k implies a 495% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $96,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 160 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.33% ✓
• Cap rate: 10.28%
• Cash-on-cash: 14.25%
• DSCR: 1.63
• GRM: 6.3

CMA / ARV

• ARV (median comp): $177,632
• List price: $110,000
• Delta: -38.07%
• 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
2442 Ethel Ave	0.48mi	2/1.0 (-1)	1,214 (+2%)	3mo	$150,000	$124	66
837 W 25th St	0.34mi	3/1.0	1,080 (-9%)	4mo	$160,000	$148	66
721 W 32nd St	0.39mi	3/2.0	1,108 (-6%)	3mo	$174,900	$158	65
330 Congress Ave	0.64mi	3/2.0	1,156 (-2%)	3mo	$210,000	$182	60
1303 W 25th St	0.65mi	3/2.0	1,156 (-2%)	2mo	$211,000	$183	60
3042 Graceland Ave	0.70mi	3/2.0	1,200 (+1%)	3mo	$163,700	$136	59
2949 Shriver Ave	0.54mi	3/1.0	1,080 (-9%)	2mo	$138,000	$128	58
451 W 26th St	0.49mi	3/2.0	1,320 (+11%)	4mo	$85,000	$64	51
1309 W 26th St	0.61mi	3/2.0	1,050 (-11%)	1mo	$210,000	$200	48
2280 Indianapolis Ave	0.70mi	3/2.5	1,288 (+9%)	0mo	$136,000	$106	47
1215 W 25th St	0.56mi	2/1.0 (-1)	1,344 (+13%)	2mo	$139,000	$103	44
1343 W 33rd St	0.74mi	3/1.5	1,032 (-13%)	4mo	$65,000	$63	39

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 · 6.43% rent growth · sell at horizon

5-year hold

• IRR: 8.5%
• Equity multiple: 1.35×
• Total profit: $10,719
• Equity at exit: $16,401

10-year hold

• IRR: 20.6%
• Equity multiple: 3.03×
• Total profit: $62,439
• Equity at exit: $9,511

Cash invested: $30,800 (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 46208

• Rents YoY: 6.4%
• Active inventory: 279
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,460 high
• Mortgage (P&I): −$577
• Tax from tax record: −$165 /mo · $1,981/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$307
• Net cashflow: $366

Break-even live

Break-even rent $997

Max offer price $110,000

Occupancy floor 70%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
824 W 29th St Indianapolis, IN	3.0	2.0	1200	$1,595	$1.33	43d	1	0.06mi
826 W 29th St Indianapolis, IN	3.0	2.0	1200	$1,595	$1.33	43d	1	0.06mi
648 W 30th St Indianapolis, IN	3.0	2.0	1300	$1,500	$1.15	23d	1	0.22mi
560 Udell St Indianapolis, IN	3.0	1.5	1176	$1,190	$1.01	23d	1	0.26mi
538 W 29th St Indianapolis, IN	3.0	1.0	1132	$1,349	$1.19	23d	1	0.30mi
1054 W 31st St Unit A Indianapolis, IN	2.0	1.0	1200	$1,500	$1.25	43d	1	0.34mi
516 W 28th St Indianapolis, IN	2.0	1.0	1005	$1,100	$1.09	23d	1	0.35mi
926 W 32nd St Indianapolis, IN	3.0	2.0	1050	$1,295	$1.23	7d	1	0.37mi
3017 Ethel Ave Indianapolis, IN	3.0	1.5	1079	$1,400	$1.30	23d	1	0.38mi
3217 Rader St Indianapolis, IN	3.0	1.0	1200	$1,299	$1.08	43d	1	0.42mi
970 Edgemont Ave Indianapolis, IN	2.0	1.0	740	$845	$1.14	4d	1	0.43mi
1227 W 29th St Indianapolis, IN	3.0	1.5	1056	$1,250	$1.18	23d	1	0.46mi
906 Burdsal Pkwy Indianapolis, IN	2.0	1.0	936	$1,295	$1.38	23d	1	0.47mi
908 Burdsal Pkwy Marion, IN	2.0	1.0	936	$1,300	$1.39	23d	1	0.48mi
445 W 25th St Indianapolis, IN	4.0	2.0	1500	$1,900	$1.27	43d	1	0.55mi
1261 W 32nd St Indianapolis, IN	2.0	1.0	832	$975	$1.17	43d	1	0.63mi
3031 Boulevard Pl Indianapolis, IN	3.0	1.5	1395	$1,450	$1.04	17d	1	0.64mi
1244 Edgemont Ave Indianapolis, IN	2.0	1.0	1092	$1,275	$1.17	43d	1	0.65mi
1039 W 36th St Indianapolis, IN	2.0	1.0	864	$995	$1.15	43d	1	0.68mi
2808 N Capitol Ave Indianapolis, IN	2.0	1.0	900	$975	$1.08	23d	1	0.71mi
2235 Doctor Martin Luther King Junior St Indianapolis, IN	3.0	1.5	948	$1,700	$1.79	43d	1	0.73mi
1519 W 28th St Indianapolis, IN	2.0	1.0	816	$895	$1.10	43d	1	0.82mi
1470 W 32nd St Indianapolis, IN	2.0	1.0	700	$1,000	$1.43	43d	1	0.85mi
3440 N Harding St Indianapolis, IN	2.0	1.0	754	$1,325	$1.76	43d	1	0.85mi
3440 N Harding St Indianapolis, IN	2.0	1.0	754	$1,275	$1.69	19d	1	0.85mi
1367 W Pruitt St Indianapolis, IN	3.0	1.0	1088	$1,450	$1.33	43d	1	0.91mi
2318 N Capitol Ave Indianapolis, IN	3.0	1.0	1440	$1,050	$0.73	43d	1	0.92mi
2248 N Harding St Indianapolis, IN	2.0	1.0	1100	$899	$0.82	23d	1	0.92mi
1133 W 21st St Indianapolis, IN	3.0	2.0	1296	$1,495	$1.15	23d	1	0.96mi
1135 W 21st St Indianapolis, IN	3.0	2.0	1296	$1,495	$1.15	23d	1	0.96mi
55 W Fall Creek Parkway South Dr Unit C Indianapolis, IN	2.0	1.0	1000	$1,035	$1.03	43d	1	0.96mi
1415 W Pruitt St Indianapolis, IN	3.0	1.0	1001	$1,249	$1.25	23d	1	0.98mi
3413 N Capitol Ave Indianapolis, IN	3.0	1.0	1176	$1,249	$1.06	10d	1	0.99mi
3415 N Capitol Ave Indianapolis, IN	3.0	1.0	1176	$1,249	$1.06	23d	1	0.99mi
118 W 23rd St Indianapolis, IN	3.0	1.5	1456	$1,300	$0.89	10d	1	1.01mi
3469 Graceland Ave Indianapolis, IN	2.0	1.0	1000	$1,200	$1.20	43d	1	1.02mi
3103 N Meridian St Indianapolis, IN	3.0	2.0	1280	$1,775	$1.39	23d	1	1.05mi
2625 N Meridian St Indianapolis, IN	1.0–2.0	1.0–2.0	850	$2,150	$2.53	7d	8	1.05mi
143 W 35th St Indianapolis, IN	3.0	1.0	1235	$1,175	$0.95	7d	1	1.07mi
3310 N Meridian St Indianapolis, IN	1.0–2.0	1.0	750	$1,150	$1.53	43d	3	1.09mi

Listing history 27 events

1. 2026-06-18
   days on market $110,000 Active 160 DOM
2. 2026-06-17
   days on market $110,000 Active 159 DOM
3. 2026-06-16
   days on market $110,000 Active 158 DOM
4. 2026-06-15
   days on market $110,000 Active 157 DOM
5. 2026-06-13
   days on market $110,000 Active 155 DOM
6. 2026-06-13
   days on market $110,000 Active 154 DOM
7. 2026-06-09
   days on market $110,000 Active 151 DOM
8. 2026-06-08
   days on market $110,000 Active 150 DOM
9. 2026-06-07
   days on market $110,000 Active 149 DOM
10. 2026-06-03
    days on market $110,000 Active 145 DOM
11. 2026-06-02
    days on market $110,000 Active 144 DOM
12. 2026-06-01
    days on market $110,000 Active 143 DOM
13. 2026-05-31
    days on market $110,000 Active 142 DOM
14. 2026-04-15
    price $110,000 403-char remark

    Show marketing remark (403 chars)

    This 3-bedroom, 1-bathroom home on the near west side of Indianapolis currently rents for $875 a month and offers solid cash flow potential for an investor. With easy access to downtown, major highways, and public transit, it's a convenient spot for tenants. The layout is functional, the rental history is stable, and it's a great option whether you're just getting started or expanding your portfolio.

15. 2026-01-09
    listed $120,000 Active 403-char remark

    Show marketing remark (403 chars)

    This 3-bedroom, 1-bathroom home on the near west side of Indianapolis currently rents for $875 a month and offers solid cash flow potential for an investor. With easy access to downtown, major highways, and public transit, it's a convenient spot for tenants. The layout is functional, the rental history is stable, and it's a great option whether you're just getting started or expanding your portfolio.

16. 2025-10-01
    historical
17. 2025-08-23
    price $110,000
18. 2025-07-17
    listed $120,000 Active
19. 2025-06-30
    historical
20. 2024-06-18
    listed $120,000 Active
21. 2013-07-16
    historical
22. 2013-07-11
    soldstatus $18,500
23. 2013-06-04
    listed $19,500
24. 2008-12-31
    historical
25. 2008-03-03
    listed $25,000
26. 2002-05-15
    historical
27. 2001-12-05
    listed $35,000

ⓘ 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: $1,981 · $165/mo
• Projected year-2 tax: $1,981 · $165/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 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: $17,522
• − Mortgage interest: −$6,162
• − Property taxes: −$1,981
• − Insurance: −$550
• − Repairs & maintenance: −$1,402
• − Management: −$1,402
• − Depreciation: −$3,200
• Taxable income: $2,825
• Est. tax owed @ 24.0%: −$678
• After-tax cash flow: $3,711/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): 22,379
• Household income: $60,062
• Rent vs Own: 44.1% rent · 55.9% own
• Severe rent burden: 978.0

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: White 46% Black 40% Hispanic / Latino 8% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 2% Slovak 2% Italian 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 5% French/Haitian/Cajun 1% 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: ▼ -324.63%
• Current HPI: 319.7725
• Rent YoY: ▲ 6.43%
• 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

+214.3% since first listed

14 events — show timeline

• 2026-04-15 Price Changed $110,000 MIBOR as Distributed by MLS Grid
• 2026-01-09 Listed $120,000 MIBOR as Distributed by MLS Grid
• 2025-10-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-08-23 Price Changed $110,000 MIBOR as Distributed by MLS Grid
• 2025-07-17 Listed $120,000 MIBOR as Distributed by MLS Grid
• 2025-06-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2024-06-18 Listed $120,000 MIBOR as Distributed by MLS Grid
• 2013-07-16 Listing Removed — MIBOR as Distributed by MLS Grid
• 2013-07-11 Sold (MLS) $18,500 MIBOR as Distributed by MLS Grid
• 2013-06-04 Listed $19,500 MIBOR as Distributed by MLS Grid
• 2008-12-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2008-03-03 Listed $25,000 MIBOR as Distributed by MLS Grid
• 2002-05-15 Listing Removed — MIBOR as Distributed by MLS Grid
• 2001-12-05 Listed $35,000 MIBOR as Distributed by MLS Grid

Property tax history

+20.0%/yr

Latest (2025): $1,981 · +16.0% YoY. Source: county tax records.