3814 E 31st St · Indianapolis city (balance), IN 46218

$108,500

2 bd · 1.0 ba · 899 sqft · SingleFamily public records · 5 Days on market

Built 1928 5,619 sqft lot $121/sqft · at area comps Est $105k · at est.

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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 +23.1/30.0
• DSCR +7.4/10.0
• 1% rule +6.1/10.0
• ARV discount +5.9/15.0
• Rent growth +2.7/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Full of character and charm, this 1928 bungalow sits proudly on a spacious double lot-offering the kind of outdoor space that's hard to find anymore. With its inviting single-level layout and thoughtful updates, this 2-bedroom, 1-bath home perfectly blends original charm with practical modern comfort. You'll love the easy flow of the 899-square-foot floor plan, and the feeling that every inch has been used wisely. The aluminum and vinyl exterior means low maintenance, while vinyl windows provide efficiency and light throughout. Outside, you'll find a 2-car carport, a handy storage shed, and even a generator out back for peace of mind year-round. Whether you're starting out, downsizing, or s

Key facts

• Vinyl windows
• 2 car carport
• Single level layout

Tags

• DOUBLE LOT
• SINGLE LEVEL LAYOUT
• ALUMINUM AND VINYL EXTERIOR
• VINYL WINDOWS
• 2 CAR CARPORT
• STORAGE SHED

Property features AI

Exterior

• Utilities: Public water; Municipal sewer connected; Regular solid waste service
• Home design: Single-family residence; One level
• Construction: Aluminum and vinyl siding; Block foundation
• Exterior features: Lot smaller than 1/4 acre (approximately 0.13 acres)

Interior

• Kitchen: Kitchen on main level
• Bedrooms: 2 bedrooms (both on the main level)
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Woodwork stained or painted
• Laundry & utility: No appliances listed

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $108k.

Deal economics

• At list price, monthly cash flow is $194 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $108k).
• Cap rate 8.4% 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 flat; 334 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); lower-income renter base — watch delinquency; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 38% of the median local income ($38k/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 $750 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.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $108,500

Questions for the listing agent

1. Built in 1928 — 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: 1.11% ✓
• Cap rate: 8.44%
• Cash-on-cash: 7.67%
• DSCR: 1.34
• GRM: 7.5

CMA / ARV

• ARV (median comp): $104,769
• List price: $108,500
• Delta: 3.56%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3814 E 31st St	0.00mi	2/1.0	899 (0%)	1mo	$108,500	$121	99
3126 Forest Manor Ave	0.19mi	2/1.0	954 (+6%)	4mo	$55,000	$58	77
3161 N Gale St	0.26mi	2/1.0	960 (+7%)	7mo	$110,000	$115	71
2919 N Denny St	0.19mi	2/1.0	816 (-9%)	6mo	$52,500	$64	70
3219 N Colorado Ave	0.44mi	3/1.0 (+1)	912 (+1%)	4mo	$139,900	$153	69
2956 Wallace Ave	0.60mi	3/1.0 (+1)	888 (-1%)	2mo	$143,000	$161	63
2907 Forest Manor Ave	0.29mi	2/1.0	768 (-15%)	1mo	$73,000	$95	62
2949 Wallace Ave	0.63mi	3/1.0 (+1)	888 (-1%)	4mo	$110,000	$124	61
2818 N Lasalle St	0.59mi	3/2.0 (+1)	875 (-3%)	2mo	$195,000	$223	57
4715 Munter Ln	0.60mi	3/1.0 (+1)	864 (-4%)	6mo	$46,000	$53	56
2942 N Dearborn St	0.58mi	2/1.0	825 (-8%)	7mo	$70,000	$85	53
2839 N Lasalle St	0.55mi	2/1.0	768 (-15%)	5mo	$55,000	$72	46

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 · 0.81% rent growth · sell at horizon

5-year hold

• IRR: -7.1%
• Equity multiple: 0.74×
• Total profit: $-7,786
• Equity at exit: $16,178

10-year hold

• IRR: -0.5%
• Equity multiple: 0.97×
• Total profit: $-968
• Equity at exit: $9,381

Cash invested: $30,380 (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 46218

• Home prices YoY: -17.1%
• Rents YoY: 0.8%
• Active inventory: 334
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,207 high
• Mortgage (P&I): −$569
• Tax from tax record: −$145 /mo · $1,737/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$253
• Net cashflow: $194

Break-even live

Break-even rent $961

Max offer price $108,500

Occupancy floor 79%

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: $27,125
• Closing costs: $3,255
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3920 E 30th St Indianapolis, IN	3.0	1.0	1071	$1,350	$1.26	7d	1	0.11mi
3920 E 30th St Indianapolis, IN	3.0	1.0	1071	$1,350	$1.26	4d	1	0.11mi
2862 N Chester Ave Indianapolis, IN	3.0	2.0	1076	$1,520	$1.41	43d	1	0.27mi
2864 Forest Manor Ave Indianapolis, IN	3.0	1.0	1018	$1,500	$1.47	23d	1	0.32mi
3149 N Gladstone Ave Indianapolis, IN	3.0	1.5	1036	$1,350	$1.30	7d	1	0.32mi
3383 Station St Indianapolis, IN	3.0	1.0	744	$1,250	$1.68	23d	1	0.39mi
3142 N Euclid Ave Indianapolis, IN	3.0	1.0	1050	$1,050	$1.00	43d	1	0.42mi
2949 Adams St Indianapolis, IN	2.0	1.0	978	$1,150	$1.18	43d	1	0.42mi
2722 N Olney St Indianapolis, IN	2.0	1.0	650	$795	$1.22	43d	1	0.51mi
2920 N Lasalle St Indianapolis, IN	3.0	1.0	875	$1,095	$1.25	17d	1	0.52mi
3421 N Olney St Indianapolis, IN	2.0	1.0	720	$1,195	$1.66	16d	1	0.54mi
4615 E 30th St Indianapolis, IN	2.0	1.0	660	$1,100	$1.67	23d	1	0.55mi
3315 N Euclid Ave Indianapolis, IN	2.0	1.0	780	$1,300	$1.67	14d	1	0.56mi
2930 N Dearborn St Indianapolis, IN	1.0	1.0	536	$599	$1.12	23d	1	0.57mi
2932 Arthington Blvd Indianapolis, IN	3.0	1.0	900	$1,350	$1.50	23d	1	0.59mi
3522 N Olney St Indianapolis, IN	3.0	1.0	768	$1,300	$1.69	43d	1	0.66mi
2950 N Dequincy St Indianapolis, IN	3.0	1.0	888	$1,375	$1.55	13d	1	0.67mi
2422 Adams St Unit 2 Indianapolis, IN	1.0	1.0	700	$850	$1.21	43d	1	0.75mi
3332 Wallace Ave Indianapolis, IN	3.0	1.0	936	$1,600	$1.71	23d	1	0.75mi
3472 N Dearborn St Indianapolis, IN	2.0	1.0	890	$1,099	$1.23	19d	1	0.76mi
2410 Adams St Indianapolis, IN	3.0	1.0	900	$1,200	$1.33	10d	1	0.77mi
4726 E 34th St Indianapolis, IN	1.0	1.0	643	$800	$1.24	23d	1	0.79mi
3725 N Sherman Dr #7 Indianapolis, IN	2.0	1.0	729	$845	$1.16	3d	1	0.84mi
2449 Wheeler St Indianapolis, IN	1.0	1.0	600	$950	$1.58	23d	1	0.85mi
3011 Oxford Ln Indianapolis, IN	1.0	1.0	640	$800	$1.25	43d	1	0.86mi
3535 N Oxford St Indianapolis, IN	3.0	1.0	1015	$1,500	$1.48	21d	1	0.92mi
3461 N Dequincy St Indianapolis, IN	1.0	1.0	900	$720	$0.80	43d	1	0.95mi
2821 Oxford Ln Indianapolis, IN	1.0	1.0	640	$825	$1.29	43d	1	0.96mi
2931 N Tacoma Ave Unit 31 Indianapolis, IN	2.0	1.0	800	$950	$1.19	7d	1	0.97mi
3615 Sherman Forest Dr Indianapolis, IN	4.0	1.0–2.5	1057	$1,288	$1.22	4d	1	1.02mi
3316 N Emerson Ave Indianapolis, IN	3.0	1.0	912	$1,100	$1.21	23d	1	1.02mi
2530 N Temple Ave Indianapolis, IN	1.0	1.0	720	$750	$1.04	20d	1	1.07mi
3301 Mardenna Ave Indianapolis, IN	3.0	1.0	925	$1,200	$1.30	43d	1	1.15mi
2030 N Colorado Ave Indianapolis, IN	2.0	1.0	728	$1,150	$1.58	23d	1	1.20mi
2045 N Dearborn St Indianapolis, IN	3.0	2.0	912	$1,145	$1.26	23d	1	1.24mi
2194 N Riley Ave Indianapolis, IN	3.0	1.0	1100	$1,749	$1.59	43d	1	1.25mi
2820 Caroline Ave Indianapolis, IN	3.0	1.5	1112	$1,250	$1.12	23d	1	1.28mi
3319 N Hawthorne Ln Indianapolis, IN	3.0	1.0	1084	$1,100	$1.01	23d	1	1.28mi
3741 N Tacoma Ave Indianapolis, IN	3.0	1.0	913	$2,200	$2.41	17d	1	1.29mi
3363 Nicholas Ave Indianapolis, IN	2.0	1.0	720	$1,000	$1.39	3d	1	1.35mi

Listing history 2 events

1. 2026-05-06
   status Pending 792-char remark
2. 2026-05-01
   listed $108,500 Active 792-char remark

ⓘ 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: $1,737 · $145/mo
• Projected year-2 tax: $1,737 · $145/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 ≥102°F today · 18 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: $14,479
• − Mortgage interest: −$6,078
• − Property taxes: −$1,737
• − Insurance: −$542
• − Repairs & maintenance: −$1,158
• − Management: −$1,158
• − Depreciation: −$3,156
• Taxable income: $649
• Est. tax owed @ 24.0%: −$156
• After-tax cash flow: $2,176/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): 29,360
• Household income: $38,063
• Rent vs Own: 47.2% rent · 52.8% own
• Severe rent burden: 2340.0

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 Black (68%)
• Race & ethnicity: Black 68% White 18% Hispanic / Latino 9% Two or more races 6%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 1%
• Foreign-born: 5% · Canada, Philippines
• Languages at home: 92% English-only · Spanish 7%

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: ▼ -81.57%
• Current HPI: 395.7071
• Rent YoY: ▲ 0.81%
• 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

+0.0% since first listed

3 events — show timeline

• 2026-05-22 Sold (MLS) $108,500 MIBOR as Distributed by MLS Grid
• 2026-05-06 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-01 Listed $108,500 MIBOR as Distributed by MLS Grid

Property tax history

+7.5%/yr

Latest (2025): $1,737 · +59.2% YoY. Source: county tax records.