605 W 29th St · Indianapolis city (balance), IN 46208

$60,000

3 bd · 1.0 ba · 965 sqft · SingleFamily public records

Built 1920 5,097 sqft lot

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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 +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

Calling all investor!!! Looking for you next Flip, look no futher! Come check out this property today!

Key facts

• 5,097 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 $60k.

Deal economics

• At list price, monthly cash flow is $513 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Cap rate 16.6% 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 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); 48% 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 $415 of loan paydown is wiped out by about $2k 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 $17k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 13y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $6k; list at $60k implies a 900% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.6% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $60,000

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 2.18% ✓
• Cap rate: 16.55%
• Cash-on-cash: 36.65%
• DSCR: 2.63
• GRM: 3.8

CMA / ARV

• ARV (on-the-fly): $133,170
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1006 Edgemont Ave	0.58mi	3/1.0	954 (-1%)	3mo	$75,000	$79	69
2949 Shriver Ave	0.30mi	3/1.0	1,080 (+12%)	2mo	$138,000	$128	64
3017 Ethel Ave	0.20mi	3/1.5	1,079 (+12%)	7mo	$90,000	$83	63
538 W 28th St	0.13mi	2/1.0 (-1)	1,100 (+14%)	4mo	$110,000	$100	62
3035 Graceland Ave	0.48mi	3/2.0	1,001 (+4%)	10mo	$140,000	$140	59
837 W 25th St	0.43mi	3/1.0	1,080 (+12%)	4mo	$160,000	$148	57
721 W 32nd St	0.36mi	3/2.0	1,108 (+15%)	3mo	$174,900	$158	52
2355 Shriver Ave	0.57mi	3/2.0	934 (-3%)	14mo	$169,900	$182	52
1130 W 33rd St	0.72mi	3/1.0	920 (-5%)	13mo	$160,000	$174	48
1122 Congress Ave	0.64mi	3/2.0	912 (-6%)	21mo	$126,000	$138	40
980 Edgemont Ave	0.57mi	2/1.0 (-1)	1,092 (+13%)	12mo	$72,000	$66	36
1153 W 29th St	0.61mi	2/1.0 (-1)	1,093 (+13%)	11mo	$138,000	$126	36

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: 36.8%
• Equity multiple: 2.65×
• Total profit: $27,700
• Equity at exit: $8,946

10-year hold

• IRR: 45.3%
• Equity multiple: 6.18×
• Total profit: $87,068
• Equity at exit: $5,188

Cash invested: $16,800 (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: 3.8×

Monthly cashflow live

• Estimated rent: $1,306 high
• Mortgage (P&I): −$315
• Tax from tax record: −$179 /mo · $2,150/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$274
• Net cashflow: $513

Break-even live

Break-even rent $657

Max offer price $60,000

Occupancy floor 56%

Sensitivity live

Price	-10% $547	-5% $530	+0% $513	+5% $496	+10% $479
Rent	-10% $410	-5% $461	+0% $513	+5% $565	+10% $616
Rate	-1.0pp $543	-0.5pp $528	base $513	+0.5pp $497	+1.0pp $482

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
516 W 28th St Indianapolis, IN	2.0	1.0	1005	$1,100	$1.09	24d	1	0.16mi
3017 Ethel Ave Indianapolis, IN	3.0	1.5	1079	$1,400	$1.30	24d	1	0.22mi
926 W 32nd St Indianapolis, IN	3.0	2.0	1050	$1,295	$1.23	8d	1	0.47mi
2808 N Capitol Ave Indianapolis, IN	2.0	1.0	900	$975	$1.08	24d	1	0.50mi
970 Edgemont Ave Indianapolis, IN	2.0	1.0	740	$845	$1.14	5d	1	0.54mi
906 Burdsal Pkwy Indianapolis, IN	2.0	1.0	936	$1,295	$1.38	24d	1	0.54mi
908 Burdsal Pkwy Marion, IN	2.0	1.0	936	$1,300	$1.39	24d	1	0.54mi
524 W 23rd St Indianapolis, IN	2.0	1.0	664	$949	$1.43	44d	1	0.59mi
2235 Doctor Martin Luther King Junior St Indianapolis, IN	3.0	1.5	948	$1,700	$1.79	44d	1	0.66mi
1227 W 29th St Indianapolis, IN	3.0	1.5	1056	$1,250	$1.18	24d	1	0.67mi
1039 W 36th St Indianapolis, IN	2.0	1.0	864	$995	$1.15	44d	1	0.78mi
55 W Fall Creek Parkway South Dr Unit C Indianapolis, IN	2.0	1.0	1000	$1,035	$1.03	44d	1	0.78mi
1319 W 27th St Indianapolis, IN	2.0	1.0	651	$900	$1.38	13d	1	0.81mi
1261 W 32nd St Indianapolis, IN	2.0	1.0	832	$975	$1.17	44d	1	0.82mi
1244 Edgemont Ave Indianapolis, IN	2.0	1.0	1092	$1,275	$1.17	44d	1	0.83mi
2625 N Meridian St Indianapolis, IN	1.0–2.0	1.0–2.0	850	$2,150	$2.53	8d	8	0.84mi
3413 N Capitol Ave Indianapolis, IN	3.0	1.0	588	$1,299	$2.21	24d	1	0.85mi
3469 Graceland Ave Indianapolis, IN	2.0	1.0	1000	$1,200	$1.20	44d	1	0.90mi
3310 N Meridian St Indianapolis, IN	1.0–2.0	1.0	750	$1,150	$1.53	44d	3	0.91mi
3502 N Kenwood Ave Indianapolis, IN	3.0	2.0	1094	$1,220	$1.12	44d	1	0.97mi
1457 W 29th St Indianapolis, IN	2.0	1.0	686	$995	$1.45	20d	1	0.97mi
3440 N Harding St Indianapolis, IN	2.0	1.0	754	$1,325	$1.76	44d	1	1.02mi
3440 N Harding St Indianapolis, IN	2.0	1.0	754	$1,275	$1.69	20d	1	1.02mi
3501 N Illinois St Unit 3 Indianapolis, IN	2.0	2.0	1087	$1,350	$1.24	8d	1	1.02mi
1519 W 28th St Indianapolis, IN	2.0	1.0	816	$895	$1.10	44d	1	1.03mi
1470 W 32nd St Indianapolis, IN	2.0	1.0	700	$1,000	$1.43	44d	1	1.04mi
1367 W Pruitt St Indianapolis, IN	3.0	1.0	1088	$1,450	$1.33	44d	1	1.07mi
2248 N Harding St Indianapolis, IN	2.0	1.0	1100	$899	$0.82	24d	1	1.09mi
2131 N Meridian St Indianapolis, IN	2.0	1.0	994	$1,455	$1.46	44d	1	1.10mi
1415 W Pruitt St Indianapolis, IN	3.0	1.0	1001	$1,249	$1.25	24d	1	1.14mi
3541 N Meridian St Indianapolis, IN	1.0–2.0	1.0	987	$880	$0.89	44d	1	1.17mi
3524 N Pennsylvania St Indianapolis, IN	2.0	1.0	725	$872	$1.20	3d	4	1.19mi
2205 N Delaware St Indianapolis, IN	2.0	1.0–2.0	946	$1,950	$2.06	11d	5	1.19mi
3640 N Meridian St Unit 01 Indianapolis, IN	3.0	1.0	1000	$999	$1.00	44d	1	1.22mi
3729 N Kenwood Ave Indianapolis, IN	2.0	1.0	1107	$1,100	$0.99	44d	1	1.23mi
3710 N Meridian St Indianapolis, IN	2.0	1.0–2.0	670	$969	$1.45	3d	34	1.24mi
2060 N Delaware St #3 Indianapolis, IN	2.0	1.0	750	$929	$1.24	8d	1	1.24mi
3707 N Meridian St Indianapolis, IN	2.0	1.0–2.0	1042	$1,199	$1.15	44d	1	1.26mi
3558 Washington Blvd Indianapolis, IN	3.0	1.0	975	$1,199	$1.23	8d	1	1.32mi
1228 W 18th St Indianapolis, IN	2.0	1.0	1050	$1,200	$1.14	44d	1	1.35mi

Listing history 2 events

1. 2026-06-07
   remarks 102-char remark
2. 2026-06-07
   listed $60,000 Pending

ⓘ 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: $2,150 · $179/mo
• Projected year-2 tax: $2,150 · $179/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: $15,673
• − Mortgage interest: −$3,361
• − Property taxes: −$2,150
• − Insurance: −$300
• − Repairs & maintenance: −$1,254
• − Management: −$1,254
• − Depreciation: −$1,745
• Taxable income: $5,610
• Est. tax owed @ 24.0%: −$1,346
• After-tax cash flow: $4,810/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

+506.1% since first listed

19 events — show timeline

• 2026-06-06 Listed $60,000 MIBOR as Distributed by MLS Grid
• 2026-06-06 Listing Removed — MIBOR as Distributed by MLS Grid
• 2019-10-12 Listing Removed — MIBOR as Distributed by MLS Grid
• 2019-09-17 Price Changed $49,900 MIBOR as Distributed by MLS Grid
• 2019-08-01 Listed $54,000 MIBOR as Distributed by MLS Grid
• 2018-10-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2018-08-29 Listed $25,900 MIBOR as Distributed by MLS Grid
• 2018-06-21 Listing Removed — MIBOR as Distributed by MLS Grid
• 2018-06-13 Relisted — MIBOR as Distributed by MLS Grid
• 2018-06-04 Listing Removed — MIBOR as Distributed by MLS Grid
• 2018-05-21 Relisted — MIBOR as Distributed by MLS Grid
• 2018-05-07 Pending — MIBOR as Distributed by MLS Grid
• 2018-05-02 Price Changed $31,900 MIBOR as Distributed by MLS Grid
• 2018-04-10 Listed $34,900 MIBOR as Distributed by MLS Grid
• 2016-08-13 Listing Removed — MIBOR as Distributed by MLS Grid
• 2015-08-14 Listed $30,000 MIBOR as Distributed by MLS Grid
• 2013-10-02 Listing Removed — MIBOR as Distributed by MLS Grid
• 2013-10-01 Sold (MLS) $6,000 MIBOR as Distributed by MLS Grid
• 2013-04-03 Listed $9,900 MIBOR as Distributed by MLS Grid

Property tax history

+24.8%/yr

Latest (2025): $2,150 · +15.4% YoY. Source: county tax records.