3118 W 9th St · Indianapolis city (balance), IN 46222

$115,000

3 bd · 1.0 ba · 600 sqft · SingleFamily public records · 30 Days on market

Built 1926 5,053 sqft lot

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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
• ARV discount +7.5/15.0
• DSCR +7.4/10.0
• 1% rule +6.8/10.0
• Rent growth +3.1/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Great starter home ready for new owners. Updated 3 BR/1 BA shotgun/bungalow w/ tasteful updates boasts new LVP flooring and fresh paint throughout. Kitchen has new fridge & stove. . The bathroom has new tile shower surround and wood grain vanity. Main level Laundry space and breakfast nook round out the main level. Small Basement adds some additional storage space. Newer pex plumbing and New flush mount LED light fixtures. Nice covered front porch and partially fenced front yard. Plenty of parking in the back of the home.

Key facts

• New stove
• Fresh paint
• New lvp flooring

Tags

• UPDATED SHOTGUN BUNGALOW
• NEW LVP FLOORING
• FRESH PAINT
• NEW FRIDGE
• NEW STOVE
• NEW TILE SHOWER SURROUND

Property features AI

Finance

• Other: Lot size approximately 0.12 acres (< 1/4 acre)

Exterior

• Parking: Alley access with concrete and gravel surfaces
• Security: Smoke alarm installed
• Utilities: Public water; Municipal sewer; 100 amp electric service; Cable, electricity, natural gas, sewer, and water connected; Solid waste service available
• Home design: Single-family residence; Updated/remodeled condition; One story
• Construction: Vinyl siding; Block foundation
• Exterior features: Covered patio/porch; Chain-link fence; Sidewalks; Mature trees

Interior

• Kitchen: Electric cooktop; Refrigerator
• Bedrooms: Three main-level bedrooms
• Bathrooms: One full bathroom with tub and shower on the main level
• Heating & cooling: Forced-air heating (natural gas); No central air
• Interior features: Attic access; Partial basement
• Laundry & utility: Laundry connections available (washer/dryer hookups)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $206 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $113k (1.5% below list) — sets the bar for market timing.
• 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 rising (+2.5%/yr); 170 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 weeks tenant-placement turnaround); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 32% of the median local income ($51k/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 $795 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

• It's been on market 30 days — a 2% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 22y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $113,275 (1.5% below list)

Questions for the listing agent

1. Built in 1926 — 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: 1.18% ✓
• Cap rate: 8.44%
• Cash-on-cash: 7.66%
• DSCR: 1.34
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $65,400
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3453 W 12th St	0.45mi	2/1.0 (-1)	640 (+7%)	12mo	$115,000	$180	53
935 N Belleview Pl	0.48mi	2/2.0 (-1)	690 (+15%)	21mo	$75,000	$109	26
1414 N Rochester Ave	0.70mi	2/1.0 (-1)	672 (+12%)	20mo	$73,400	$109	26

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 · 2.46% rent growth · sell at horizon

5-year hold

• IRR: -5.2%
• Equity multiple: 0.81×
• Total profit: $-6,211
• Equity at exit: $17,147

10-year hold

• IRR: 3.8%
• Equity multiple: 1.27×
• Total profit: $8,736
• Equity at exit: $9,943

Cash invested: $32,200 (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 46222

• Home prices YoY: -16.7%
• Rents YoY: 2.5%
• Active inventory: 170
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,353 high
• Mortgage (P&I): −$603
• Tax from tax record: −$212 /mo · $2,549/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$284
• Net cashflow: $206

Break-even live

Break-even rent $1,093

Max offer price $115,000

Occupancy floor 80%

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
771 Haugh St Indianapolis, IN	2.0	1.0	714	$1,250	$1.75	19d	1	0.23mi
411 N Centennial St Indianapolis, IN	2.0	1.0	750	$995	$1.33	7d	1	0.52mi
1150 N White River Pkwy West Dr Indianapolis, IN	1.0–2.0	1.0	722	$1,224	$1.69	1d	9	1.08mi
2014 N Exeter Ave Indianapolis, IN	2.0	1.0	660	$1,295	$1.96	7d	1	1.09mi
460 N White River Parkway Dr W Indianapolis, IN	2.0	1.0	681	$1,725	$2.53	2d	14	1.18mi
3621 Lawnview Ln Indianapolis, IN	1.0–4.0	1.0–1.5	1012	$1,162	$1.15	1d	13	1.36mi
2418 N Centennial St Indianapolis, IN	2.0	1.0	725	$1,099	$1.52	43d	1	1.42mi
1410 Breedlove Ln Indianapolis, IN	2.0	1.0–2.0	886	$2,557	$2.88	1d	63	1.43mi

Listing history 29 events

1. 2026-06-18
   days on market $115,000 Active 30 DOM
2. 2026-06-17
   days on market $115,000 Active 29 DOM
3. 2026-06-16
   days on market $115,000 Active 28 DOM
4. 2026-06-15
   days on market $115,000 Active 27 DOM
5. 2026-06-13
   days on market $115,000 Active 25 DOM
6. 2026-06-13
   days on market $115,000 Active 24 DOM
7. 2026-06-10
   price $115,000 Active 21 DOM
8. 2026-06-09
   days on market $125,000 Active 21 DOM
9. 2026-06-08
   days on market $125,000 Active 20 DOM
10. 2026-06-07
    days on market $125,000 Active 19 DOM
11. 2026-06-03
    days on market $125,000 Active 15 DOM
12. 2026-06-02
    days on market $125,000 Active 14 DOM
13. 2026-06-01
    days on market $125,000 Active 13 DOM
14. 2026-05-31
    days on market $125,000 Active 12 DOM
15. 2026-05-18
    listed $125,000 Active
16. 2024-06-05
    historical $1,100
17. 2024-05-15
    listed $1,100
18. 2021-06-03
    soldstatus $915,000
19. 2019-03-13
    soldstatus $100,000 Sold
20. 2019-03-05
    listed $10,000
21. 2019-03-05
    historical
22. 2008-05-13
    historical
23. 2007-08-17
    listed $38,900
24. 2006-12-31
    historical
25. 2006-05-15
    listed $49,900
26. 2006-04-30
    historical
27. 2005-10-18
    listed $54,900
28. 2005-03-01
    soldstatus $6,000
29. 2004-12-03
    listed $8,500

ⓘ 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: $2,549 · $212/mo
• Projected year-2 tax: $2,549 · $212/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 · 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: $16,238
• − Mortgage interest: −$6,442
• − Property taxes: −$2,549
• − Insurance: −$575
• − Repairs & maintenance: −$1,299
• − Management: −$1,299
• − Depreciation: −$3,345
• Taxable income: $728
• Est. tax owed @ 24.0%: −$175
• After-tax cash flow: $2,292/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): 38,887
• Household income: $50,783
• Rent vs Own: 51.7% rent · 48.3% own
• Severe rent burden: 1750.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 32% Black 30% Hispanic / Latino 30% Two or more races 12% Asian 2%
• Hispanic origin (detail): Mexican 24% Puerto Rican 1%
• Common ancestry: Lithuanian 1% Iranian 1% Slovak 1%
• Foreign-born: 21% · Canada, Jamaica
• Languages at home: 67% English-only · Spanish 25% Other Indo-European 3% Arabic 2%

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: ▼ -75.47%
• Current HPI: 375.8479
• Rent YoY: ▲ 2.46%
• 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

+1370.6% since first listed

15 events — show timeline

• 2026-05-18 Listed $125,000 MIBOR as Distributed by MLS Grid
• 2024-06-05 Rental Removed $1,100 MIBOR
• 2024-05-15 Listed for Rent $1,100 MIBOR
• 2021-06-03 Sold (Public Records) $915,000 Public Records
• 2019-03-13 Sold (MLS) $100,000 MIBOR as Distributed by MLS Grid
• 2019-03-05 Listed $10,000 MIBOR as Distributed by MLS Grid
• 2019-03-05 Listing Removed — MIBOR as Distributed by MLS Grid
• 2008-05-13 Listing Removed — MIBOR as Distributed by MLS Grid
• 2007-08-17 Listed $38,900 MIBOR as Distributed by MLS Grid
• 2006-12-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2006-05-15 Listed $49,900 MIBOR as Distributed by MLS Grid
• 2006-04-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-10-18 Listed $54,900 MIBOR as Distributed by MLS Grid
• 2005-03-01 Sold (MLS) $6,000 MIBOR as Distributed by MLS Grid
• 2004-12-03 Listed $8,500 MIBOR as Distributed by MLS Grid

Property tax history

+16.6%/yr

Latest (2025): $2,549 · +20.9% YoY. Source: county tax records.