406 S Butler Ave · Indianapolis city (balance), IN 46219

$121,000

1 bd · 1.0 ba · 1,344 sqft · SingleFamily public records · 20 Days on market

Built 1930 5,793 sqft lot $90/sqft · at area comps Est $161k · 25% under

---

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 +18.9/30.0
• ARV discount +15.0/15.0
• DSCR +6.0/10.0
• 1% rule +5.6/10.0
• 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

SOUTH BUTLER BUNGALOW PRICED RIGHT!!!...Newer roof and maintenance free exterior...Interior needs flooring, paint and updates, BUT WAS OCCUPIED UP UNTIL RECENTLY!!!...HABITABLE ABODES AT THIS PRICE AND IN THIS AREA ARE RARE INDEED!!!.....SELLER RESPONDS QUICKLY........SPECIAL DETAILS........

Key facts

• Full basement
• Updated flooring
• 5,793 sq ft lot

Tags

• IRVINGTON NEIGHBORHOOD
• FULL BASEMENT
• ORIGINAL ARCHITECTURAL CHARM
• UPDATED FLOORING
• VALUE-ADD POSSIBILITIES

Property features AI

Exterior

• Parking: Detached garage (1 car) with approximately 280 sq ft; Guest street parking
• Utilities: Public water; Municipal sewer connection; Cable available; Solid waste service
• Home design: Single family residence; One and one-half levels; Faces east; Listed as fixer condition; Low-maintenance lifestyle
• Construction: Aluminum siding; Block foundation
• Exterior features: Covered patio/porch; Partial fencing; Mature trees; Sidewalks; Storm sewer

Interior

• Kitchen: Eat-in kitchen; Gas water heater (no major appliances listed)
• Bedrooms: Three bedrooms total — two on the main level, one on the upper level
• Flooring: Hardwood floors
• Bathrooms: One full bathroom with tub and shower
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Attic stairway; Hardwood floors; Eat-in kitchen; Woodwork painted
• Laundry & utility: Main-level laundry room

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $121k.

Deal economics

• At list price, monthly cash flow is $124 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $121k).
• Recommended offer: $119k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.5% 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 rising (+2.6%/yr); 140 active listings in the ZIP; 22 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $837 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 20 days — a 2% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 18y ago; this cycle's ask has dropped $14k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $16k; list at $121k implies a 681% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $119,185 (1.5% below list)

Questions for the listing agent

1. Built in 1930 — 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. 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.
4. 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.
5. 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: 1.06% ✓
• Cap rate: 7.52%
• Cash-on-cash: 4.38%
• DSCR: 1.20
• GRM: 7.8

CMA / ARV

• ARV (median comp): $160,659
• List price: $121,000
• Delta: -24.69%
• 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
527 S Grand Ave	0.24mi	2/1.0 (+1)	1,450 (+8%)	1mo	$90,000	$62	70
5338 Brookville Rd	0.14mi	2/1.5 (+1)	1,491 (+11%)	1mo	$155,000	$104	68
528 S Grand Ave	0.25mi	2/1.0 (+1)	1,450 (+8%)	3mo	$128,000	$88	68
621 S Butler Ave	0.29mi	2/1.0 (+1)	1,450 (+8%)	1mo	$120,000	$83	68
364 S Ritter Ave	0.29mi	2/1.0 (+1)	1,440 (+7%)	3mo	$199,900	$139	67
701 S Grand Ave	0.34mi	2/1.0 (+1)	1,450 (+8%)	1mo	$118,000	$81	65
741 S Emerson Ave	0.38mi	2/1.0 (+1)	1,440 (+7%)	2mo	$153,000	$106	64
625 S Spencer Ave	0.29mi	2/1.0 (+1)	1,450 (+8%)	7mo	$137,500	$95	62
4650 Young Ave	0.59mi	2/1.0 (+1)	1,464 (+9%)	1mo	$133,000	$91	52
4613 Young Ave	0.66mi	2/1.0 (+1)	1,440 (+7%)	2mo	$155,000	$108	51
145 S Bancroft St	0.46mi	2/1.0 (+1)	1,535 (+14%)	1mo	$110,000	$72	49
4811 Stratford Ave	0.44mi	2/1.5 (+1)	1,536 (+14%)	2mo	$179,900	$117	47

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 · 2.63% rent growth · sell at horizon

5-year hold

• IRR: -9.8%
• Equity multiple: 0.64×
• Total profit: $-12,147
• Equity at exit: $18,041

10-year hold

• IRR: -0.9%
• Equity multiple: 0.94×
• Total profit: $-2,152
• Equity at exit: $10,462

Cash invested: $33,880 (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 46219

• Rents YoY: 2.6%
• Active inventory: 140
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,285 high
• Mortgage (P&I): −$635
• Tax from tax record: −$206 /mo · $2,473/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$270
• Net cashflow: $124

Break-even live

Break-even rent $1,128

Max offer price $121,000

Occupancy floor 85%

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: $30,250
• Closing costs: $3,630
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4931 Orion Ave Indianapolis, IN	2.0	1.0	1200	$1,450	$1.21	23d	1	0.34mi
5250 E Market St Unit 5252 Indianapolis, IN	2.0	1.0	1000	$1,350	$1.35	14d	1	0.66mi
15 N Riley Ave Indianapolis, IN	—	1.0	1240	$625	$0.50	43d	1	0.69mi
4831 E Washington St Unit 4 Indianapolis, IN	2.0	2.0	1000	$995	$0.99	23d	1	0.70mi
338 S Arlington Ave Indianapolis, IN	2.0	2.0	1303	$1,610	$1.24	23d	1	0.80mi
338 S Arlington Ave Apt 204 Indianapolis, IN	2.0	2.0	1303	$1,674	$1.28	14d	1	0.80mi
5750 E Washington St Indianapolis, IN	2.0	1.0	1186	$1,100	$0.93	3d	2	0.85mi
508 N Emerson Ave Unit 506 Indianapolis, IN	2.0	1.0	950	$950	$1.00	14d	1	0.94mi
5105 E North St Indianapolis, IN	2.0	2.0	1180	$2,250	$1.91	43d	1	0.97mi
606 N Emerson Ave Indianapolis, IN	2.0	1.5	1372	$2,450	$1.79	23d	1	0.99mi
405 S Sheridan Ave Indianapolis, IN	2.0	1.0	1700	$1,350	$0.79	17d	1	1.03mi
628 N Riley Ave Indianapolis, IN	2.0	1.5	948	$1,295	$1.37	23d	1	1.07mi
4114 E Washington St Indianapolis, IN	2.0	1.0	909	$1,100	$1.21	44d	1	1.09mi
3906 Hoyt Ave Indianapolis, IN	2.0	1.0	912	$1,250	$1.37	7d	1	1.13mi
706 N Bosart Ave Indianapolis, IN	2.0	1.0	1000	$1,070	$1.07	23d	1	1.18mi
729 N Bosart Ave Indianapolis, IN	2.0	1.0	888	$1,195	$1.35	23d	1	1.20mi
822 N Emerson Ave Indianapolis, IN	2.0	1.0	928	$1,050	$1.13	43d	1	1.24mi
8 S Bradley Ave Indianapolis, IN	2.0	1.0	1300	$950	$0.73	23d	1	1.27mi
614 N Colorado Ave Indianapolis, IN	2.0	2.0	1736	$1,200	$0.69	23d	1	1.29mi
5056 Emerton Pl Unit 5046 Indianapolis, IN	2.0	1.5	1039	$1,245	$1.20	23d	1	1.39mi
953 N Linwood Ave Indianapolis, IN	2.0	1.0	960	$1,325	$1.38	43d	1	1.47mi
5010 Emerton Pl Indianapolis, IN	2.0	1.5	1002	$1,095	$1.09	43d	1	1.48mi

Listing history 7 events

1. 2026-05-14
   price $121,000 1270-char remark
2. 2026-05-06
   status Active 1270-char remark
3. 2026-05-01
   status Pending 1270-char remark
4. 2026-04-29
   price $125,000 1270-char remark
5. 2026-04-24
   listed $135,000 Active 1270-char remark
6. 2008-09-09
   soldstatus $15,500 292-char remark

   Show marketing remark (292 chars)

   SOUTH BUTLER BUNGALOW PRICED RIGHT!!!...Newer roof and maintenance free exterior...Interior needs flooring, paint and updates, BUT WAS OCCUPIED UP UNTIL RECENTLY!!!...HABITABLE ABODES AT THIS PRICE AND IN THIS AREA ARE RARE INDEED!!!.....SELLER RESPONDS QUICKLY........SPECIAL DETAILS........

7. 2008-07-04
   listed $18,900 292-char remark

   Show marketing remark (292 chars)

   SOUTH BUTLER BUNGALOW PRICED RIGHT!!!...Newer roof and maintenance free exterior...Interior needs flooring, paint and updates, BUT WAS OCCUPIED UP UNTIL RECENTLY!!!...HABITABLE ABODES AT THIS PRICE AND IN THIS AREA ARE RARE INDEED!!!.....SELLER RESPONDS QUICKLY........SPECIAL DETAILS........

ⓘ 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: $2,473 · $206/mo
• Projected year-2 tax: $2,473 · $206/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 ≥102°F today · 19 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: $15,414
• − Mortgage interest: −$6,778
• − Property taxes: −$2,473
• − Insurance: −$605
• − Repairs & maintenance: −$1,233
• − Management: −$1,233
• − Depreciation: −$3,520
• Taxable loss: −$427
• Est. tax savings @ 24.0%: +$103
• After-tax cash flow: $1,588/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): 38,855
• Household income: $60,803
• Rent vs Own: 41.0% rent · 59.0% own
• Severe rent burden: 2191.0

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 54% Black 22% Hispanic / Latino 18% Two or more races 9%
• Hispanic origin (detail): Mexican 10% Puerto Rican 1%
• Common ancestry: Slovak 2% Romanian 2% Lithuanian 2%
• Foreign-born: 10% · Canada
• Languages at home: 85% English-only · Spanish 14%

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: ▼ -199.69%
• Current HPI: 289.8788
• Rent YoY: ▲ 2.63%
• 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

+540.2% since first listed

9 events — show timeline

• 2026-06-16 Relisted — MIBOR as Distributed by MLS Grid
• 2026-05-20 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-14 Price Changed $121,000 MIBOR as Distributed by MLS Grid
• 2026-05-06 Relisted — MIBOR as Distributed by MLS Grid
• 2026-05-01 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-29 Price Changed $125,000 MIBOR as Distributed by MLS Grid
• 2026-04-24 Listed $135,000 MIBOR as Distributed by MLS Grid
• 2008-09-09 Sold (MLS) $15,500 MIBOR as Distributed by MLS Grid
• 2008-07-04 Listed $18,900 MIBOR as Distributed by MLS Grid

Property tax history

+11.4%/yr

Latest (2025): $2,473 · +27.4% YoY. Source: county tax records.