3508 N Illinois St · Indianapolis city (balance), IN 46208

$159,900

2 bd · 4.0 ba · 1,380 sqft · MultiFamily public records · 40 Days on market

Built 1900 5,271 sqft lot ↓ 11% since listing

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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 +27.4/30.0
• DSCR +9.5/10.0
• 1% rule +7.6/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Welcome to 3508 N Illinois ST in INDIANAPOLIS, IN. This duplex offers an investment opportunity close to downtown, fairgrounds, and Children's Museum. Repairs and updates will need to be done, but the potential is huge with alley access and garage. Each unit has 2 bedrooms and 1 bathroom. The covered porch is great for quiet evenings. Come see the potential!

Key facts

• Alley access
• Covered porch
• 5,271 sq ft lot

Tags

• ALLEY ACCESS
• COVERED PORCH

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $160k.

Deal economics

• At list price, monthly cash flow is $410 ($5k/yr) — positive. Per door: $205/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $155k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.8% 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 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 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); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 40% of the median local income ($60k/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 $1k of loan paydown is wiped out by about $5k 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 $45k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($155k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $155,103 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.26% ✓
• Cap rate: 9.78%
• Cash-on-cash: 12.47%
• DSCR: 1.55
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.43% rent growth · sell at horizon

5-year hold

• IRR: 4.1%
• Equity multiple: 1.17×
• Total profit: $7,450
• Equity at exit: $23,842

10-year hold

• IRR: 16.8%
• Equity multiple: 2.61×
• Total profit: $72,075
• Equity at exit: $13,825

Cash invested: $44,772 (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: 13.2×

Monthly cashflow live

• Estimated rent: $2,015 high
• Mortgage (P&I): −$839
• Tax from tax record: −$222 /mo · $2,658/yr
• Insurance: −$67
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$423
• Net cashflow: $410

Break-even live

Break-even rent $1,496

Max offer price $159,900

Occupancy floor 75%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,016
Total (2 units)			$2,015

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3501 N Illinois St Unit 3 Indianapolis, IN	2.0	2.0	1087	$1,350	$1.24	7d	1	0.04mi
3457 N Illinois St Indianapolis, IN	3.0	2.0	1230	$1,145	$0.93	23d	1	0.08mi
3502 N Kenwood Ave Indianapolis, IN	3.0	2.0	1094	$1,220	$1.12	43d	1	0.09mi
143 W 35th St Indianapolis, IN	3.0	1.0	1235	$1,175	$0.95	7d	1	0.12mi
3621 N Kenwood Ave Indianapolis, IN	3.0	1.5	1521	$1,599	$1.05	3d	1	0.14mi
3541 N Meridian St Indianapolis, IN	1.0–2.0	1.0	987	$880	$0.89	43d	1	0.15mi
3640 N Meridian St Unit 01 Indianapolis, IN	3.0	1.0	1000	$999	$1.00	43d	1	0.18mi
3622 N Capitol Ave Indianapolis, IN	3.0	1.0	1300	$1,300	$1.00	7d	1	0.19mi
3469 Graceland Ave Indianapolis, IN	2.0	1.0	1000	$1,200	$1.20	43d	1	0.19mi
3415 N Capitol Ave Indianapolis, IN	3.0	1.0	1176	$1,249	$1.06	23d	1	0.20mi
3413 N Capitol Ave Indianapolis, IN	3.0	1.0	1176	$1,249	$1.06	10d	1	0.20mi
3710 N Meridian St Indianapolis, IN	2.0	1.0–2.0	670	$969	$1.45	2d	34	0.20mi
3707 N Meridian St Indianapolis, IN	2.0	1.0–2.0	1042	$1,199	$1.15	43d	1	0.21mi
3729 N Kenwood Ave Indianapolis, IN	2.0	1.0	1107	$1,100	$0.99	43d	1	0.27mi
3554 Washington Blvd Indianapolis, IN	1.0	1.0	1714	$750	$0.44	23d	1	0.35mi
3558 Washington Blvd Indianapolis, IN	3.0	1.0	975	$1,199	$1.23	7d	1	0.35mi
3801 N Meridian St Indianapolis, IN	1.0–3.0	1.0–2.0	1057	$1,474	$1.39	20d	35	0.39mi
3558 Central Ave Indianapolis, IN	3.0	1.0	1215	$2,100	$1.73	23d	1	0.47mi
3815 Washington Blvd Indianapolis, IN	2.0	1.0	1000	$1,250	$1.25	7d	1	0.54mi
3103 N Meridian St Indianapolis, IN	3.0	2.0	1280	$1,775	$1.39	23d	1	0.55mi
3965 N Meridian St Indianapolis, IN	2.0	2.0	1360	$1,650	$1.21	23d	1	0.58mi
512 E 33rd St Indianapolis, IN	3.0	1.0	1208	$1,200	$0.99	23d	1	0.59mi
514 E 33rd St Indianapolis, IN	3.0	1.0	1208	$1,200	$0.99	23d	1	0.59mi
319 W 40th St Indianapolis, IN	3.0	1.0	1176	$1,295	$1.10	14d	1	0.63mi
3031 Boulevard Pl Indianapolis, IN	3.0	1.5	1395	$1,450	$1.04	17d	1	0.67mi
321 E 31st St Indianapolis, IN	3.0	1.0	1390	$1,400	$1.01	43d	1	0.69mi
3365 Broadway St Indianapolis, IN	3.0	2.0	1300	$1,700	$1.31	43d	1	0.72mi
3004 N Delaware St Indianapolis, IN	3.0	1.5	1600	$1,599	$1.00	7d	1	0.73mi
3370 N College Ave Indianapolis, IN	3.0	1.0	1680	$1,275	$0.76	2d	1	0.75mi
3716 N College Ave Unit 3 Indianapolis, IN	2.0	2.0	1100	$1,450	$1.32	43d	1	0.78mi
2955 N Delaware St Indianapolis, IN	3.0	1.5	1400	$1,600	$1.14	43d	1	0.78mi
3141 N Park Ave Indianapolis, IN	3.0	1.0	1390	$1,000	$0.72	43d	1	0.78mi
3359 N College Ave Indianapolis, IN	2.0	1.5	1450	$1,795	$1.24	10d	1	0.79mi
3359 N College Ave Unit 3359 Indianapolis, IN	2.0	1.5	1082	$1,895	$1.75	23d	1	0.79mi
4022 Central Ave Indianapolis, IN	3.0	1.0	1288	$1,500	$1.16	21d	1	0.79mi
728 E 34th St Indianapolis, IN	3.0	1.0	1491	$1,400	$0.94	4d	1	0.82mi
728 E 34th St Indianapolis, IN	3.0	1.0	1491	$1,400	$0.94	19d	1	0.82mi
3851 Broadway St Indianapolis, IN	3.0	1.0	1513	$1,950	$1.29	17d	1	0.82mi
2925 N Delaware St Indianapolis, IN	3.0	1.5	1322	$1,275	$0.96	23d	1	0.83mi
3017 Ethel Ave Indianapolis, IN	3.0	1.5	1079	$1,400	$1.30	23d	1	0.83mi

Listing history 4 events

1. 2026-03-27
   status Pending
2. 2026-03-09
   price $159,900
3. 2026-02-25
   price $169,900
4. 2026-02-12
   listed $179,900 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: $2,658 · $222/mo
• Projected year-2 tax: $2,658 · $222/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 8/10 Severe FEMA zone X (unshaded) · 96% 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
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,180
• − Mortgage interest: −$8,957
• − Property taxes: −$2,658
• − Insurance: −$1,466
• − Repairs & maintenance: −$1,934
• − Management: −$1,934
• − Depreciation: −$4,652
• Taxable income: $2,579
• Est. tax owed @ 24.0%: −$619
• After-tax cash flow: $4,297/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

-11.1% since first listed

4 events — show timeline

• 2026-03-27 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-09 Price Changed $159,900 MIBOR as Distributed by MLS Grid
• 2026-02-25 Price Changed $169,900 MIBOR as Distributed by MLS Grid
• 2026-02-12 Listed $179,900 MIBOR as Distributed by MLS Grid

Property tax history

+11.0%/yr

Latest (2025): $2,658 · +12.3% YoY. Source: county tax records.