3701 N Capitol Ave · Indianapolis city (balance), IN 46208

$179,900

3 bd · 4.0 ba · 632 sqft · MultiFamily public records · 2 Days on market

Built 1920 4,356 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 +29.7/30.0
• DSCR +10.0/10.0
• 1% rule +8.5/10.0
• 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 MLS

Well maintained duplex, on bus line, recently fully renovated. Both units currently occupied, $595 market tenant and $456 Section 8 tenant. Professionally managed. Perfect property to add to or start investment portfolio, turnkey property already rented.

Key facts

• Newer roof
• Newer water heater
• 4,356 sq ft lot

Tags

• FRESH BATHROOM REMODEL
• NEWER WATER HEATER
• NEWER ROOF

Property features AI

Finance

• Other: Two rental units totaling eight rooms
• Financial info: Owner pays taxes; Gross rental income listed as 17,400 annually; Expenses listed as 0
• HOA & community: Low-maintenance lifestyle

Exterior

• Parking: On-street parking; Alley access and gravel areas; Guest parking available
• Utilities: Municipal storm connection and storm sewer; Solid waste service available; Utilities for units: gas fuel and forced heat
• Home design: Duplex (attached residential income); One story; Property faces west; Has a view
• Construction: Wood siding construction; Block foundation; Shingle roof; Converted/updated condition noted (no conversion flagged)
• Exterior features: Exterior lighting; Chain-link full fencing; Asphalt road frontage with curb and sidewalk; Corner lot with busline access

Interior

• Kitchen: Each unit has a 10x10 kitchen
• Bedrooms: Two 1-bedroom units (each unit listed as 1 bedroom)
• Bathrooms: Two bathrooms total (one per unit)
• Heating & cooling: Forced air heating (natural gas); Wall and window cooling units
• Interior features: Updated/remodeled residential income property; Basement is unfinished with interior entry
• Laundry & utility: Laundry connections in each unit; Upper-level laundry access

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $180k.

Deal economics

• At list price, monthly cash flow is $655 ($8k/yr) — positive. Per door: $328/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Cap rate 10.7% 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; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• At $2,433/mo this rent would consume 49% of the median local household income ($60k/yr) (locally 978% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 $50k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 10 sale attempts since 23y 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 $47k; list at $180k implies a 283% 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 $179,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.35% ✓
• Cap rate: 10.66%
• Cash-on-cash: 15.61%
• DSCR: 1.69
• GRM: 6.2

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: 10.3%
• Equity multiple: 1.42×
• Total profit: $21,316
• Equity at exit: $26,824

10-year hold

• IRR: 22.1%
• Equity multiple: 3.20×
• Total profit: $110,752
• Equity at exit: $15,554

Cash invested: $50,372 (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: 12.3×

Monthly cashflow live

• Estimated rent: $2,433 medium
• Mortgage (P&I): −$943
• Tax from tax record: −$248 /mo · $2,982/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$511
• Net cashflow: $655

Break-even live

Break-even rent $1,604

Max offer price $179,900

Occupancy floor 68%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$2,432
Total (2 units)			$2,433

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3710 N Meridian St Indianapolis, IN	2.0	1.0–2.0	670	$969	$1.45	2d	34	0.19mi
3707 N Meridian St Indianapolis, IN	2.0	1.0–2.0	1042	$1,199	$1.15	43d	1	0.25mi
3801 N Meridian St Indianapolis, IN	1.0–3.0	1.0–2.0	1057	$2,022	$1.91	20d	35	0.30mi
3413 N Capitol Ave Indianapolis, IN	3.0	1.0	588	$1,299	$2.21	23d	1	0.36mi
3671 N Pennsylvania St Indianapolis, IN	2.0	1.0	725	$794	$1.10	19d	1	0.37mi
3524 N Pennsylvania St Indianapolis, IN	2.0	1.0	725	$872	$1.20	2d	4	0.37mi
3310 N Meridian St Indianapolis, IN	1.0–2.0	1.0	750	$1,150	$1.53	43d	3	0.52mi
633 E 38th St #4 Indianapolis, IN	3.0	1.0	650	$1,050	$1.62	43d	1	0.81mi
636 E 37th St Unit 5 Indianapolis, IN	2.0	1.0	700	$695	$0.99	23d	1	0.82mi
2625 N Meridian St Indianapolis, IN	1.0–2.0	1.0–2.0	850	$2,150	$2.53	7d	8	1.26mi
3132 Dr Andrew J Brown Ave Indianapolis, IN	2.0	1.0–2.0	791	$2,120	$2.68	1d	46	1.48mi

Listing history 3 events

1. 2026-06-18
   days on market $179,900 Active 2 DOM
2. 2026-06-17
   remarks 689-char remark
3. 2026-06-17
   listed $179,900 Active 1 DOM

ⓘ 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: $2,982 · $248/mo
• Projected year-2 tax: $2,982 · $248/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 ≥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: $29,196
• − Mortgage interest: −$10,077
• − Property taxes: −$2,982
• − Insurance: −$900
• − Repairs & maintenance: −$2,336
• − Management: −$2,336
• − Depreciation: −$5,233
• Taxable income: $5,333
• Est. tax owed @ 24.0%: −$1,280
• After-tax cash flow: $6,583/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

+233.1% since first listed

22 events — show timeline

• 2026-06-15 Listed $179,900 MIBOR as Distributed by MLS Grid
• 2018-04-12 Sold (MLS) $47,000 MIBOR as Distributed by MLS Grid
• 2018-03-06 Pending — MIBOR as Distributed by MLS Grid
• 2018-02-22 Relisted — MIBOR as Distributed by MLS Grid
• 2017-12-04 Pending — MIBOR as Distributed by MLS Grid
• 2017-10-23 Listed $53,995 MIBOR as Distributed by MLS Grid
• 2015-05-26 Listing Removed — MIBOR as Distributed by MLS Grid
• 2015-04-30 Price Changed $49,900 MIBOR as Distributed by MLS Grid
• 2015-02-24 Listed $59,500 MIBOR as Distributed by MLS Grid
• 2013-02-07 Listing Removed — MIBOR as Distributed by MLS Grid
• 2013-01-22 Sold (MLS) $27,900 MIBOR as Distributed by MLS Grid
• 2012-09-12 Listed $36,900 MIBOR as Distributed by MLS Grid
• 2007-08-02 Sold (MLS) $18,000 MIBOR as Distributed by MLS Grid
• 2007-06-27 Listed $17,900 MIBOR as Distributed by MLS Grid
• 2006-06-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2006-03-28 Listed $55,000 MIBOR as Distributed by MLS Grid
• 2005-10-02 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-04-03 Listed $60,000 MIBOR as Distributed by MLS Grid
• 2003-10-27 Listing Removed — MIBOR as Distributed by MLS Grid
• 2003-10-27 Listing Removed — MIBOR as Distributed by MLS Grid
• 2003-07-27 Listed $54,000 MIBOR as Distributed by MLS Grid
• 2003-07-27 Listed $54,000 MIBOR as Distributed by MLS Grid

Property tax history

+9.9%/yr

Latest (2025): $2,982 · +6.9% YoY. Source: county tax records.