6147 Commodore Dr · Indianapolis city (balance), IN 46219

$145,000

2 bd · 2.0 ba · 816 sqft · MultiFamily public records · 1 Days on market

Built 1949 0.33 ac 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 +27.9/30.0
• DSCR +9.8/10.0
• 1% rule +8.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.2/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Great investment opportunity in Windsor Village! This two bed, one bath a side duplex has a vacant unit that just underwent a unit turn. The other unit is currently rented at $625 on a two year lease. Great opportunity for someone looking to live in one side and rent out the other or an investor looking to add to their portfolio. This one won't last long! Bring your offer today!

Key facts

• 0.33 acre lot
• Built 1949

Property features AI

Finance

• Financial info: Two total units; One unit shows monthly rent of $775; the other unit currently shows no rent listed; Reported gross income and expenses listed as $0

Exterior

• Parking: Paved parking area
• Utilities: Garbage/solid waste service available
• Home design: Duplex (residential income property); Approximately 1/4–1/2 acre lot (0.33 acre)
• Construction: Vinyl siding
• Exterior features: Curbs; Mature trees; Access road

Interior

• Kitchen: Each unit has an 8x10 kitchen; Range/oven and refrigerator in one unit; range/oven and refrigerator listed for the other unit as well
• Interior features: Smoke detector(s)
• Laundry & utility: Washer and dryer listed in one unit; Laundry connections in both units

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $145k.

Deal economics

• At list price, monthly cash flow is $445 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Cap rate 10.0% 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 (+2.6%/yr); 140 active listings in the ZIP; 28 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 37% of the median local income ($61k/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 $4k 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 + 2.6% rent growth), your $41k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 18y 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 $88k; list at $145k implies a 65% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $145,000

Questions for the listing agent

1. Built in 1949 — 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 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: 1.30% ✓
• Cap rate: 9.97%
• Cash-on-cash: 13.15%
• DSCR: 1.58
• GRM: 6.4

CMA / ARV

• ARV (on-the-fly): $36,720
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2226 Admiral Dr	0.11mi	2/2.0	816 (0%)	1mo	$37,000	$45	94

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 · 2.63% rent growth · sell at horizon

5-year hold

• IRR: 2.7%
• Equity multiple: 1.10×
• Total profit: $4,188
• Equity at exit: $21,620

10-year hold

• IRR: 11.9%
• Equity multiple: 1.92×
• Total profit: $37,501
• Equity at exit: $12,537

Cash invested: $40,600 (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 46219

• Rents YoY: 2.6%
• Active inventory: 140
• Price-to-rent: 12.8×

Monthly cashflow live

• Estimated rent: $1,892 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$229 /mo · $2,749/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$397
• Net cashflow: $445

Break-even live

Break-even rent $1,329

Max offer price $145,000

Occupancy floor 71%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,892
Total (2 units)			$1,892

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6149 Commodore Dr Indianapolis, IN	2.0	1.0	816	$850	$1.04	23d	1	0.02mi
6154 Commodore Dr Indianapolis, IN	2.0	1.0	900	$950	$1.06	23d	1	0.03mi
6136 Nimitz Dr Indianapolis, IN	2.0	1.0	864	$799	$0.92	20d	1	0.08mi
6119 Nimitz Dr Indianapolis, IN	3.0	1.0	816	$850	$1.04	23d	1	0.08mi
6120 Nimitz Dr Indianapolis, IN	2.0	1.0	864	$750	$0.87	43d	1	0.09mi
2226 N Kenyon St Indianapolis, IN	2.0	1.0	816	$850	$1.04	23d	1	0.17mi
6046 E 21st St Indianapolis, IN	1.0–2.0	1.0	642	$886	$1.38	2d	9	0.20mi
6046 E 21st St Indianapolis, IN	1.0–2.0	1.0	792	$865	$1.09	22d	11	0.20mi
6267 E 24th St Indianapolis, IN	3.0	1.0	981	$1,195	$1.22	1d	1	0.28mi
5923 E 24th St Indianapolis, IN	2.0	1.0	816	$950	$1.16	17d	1	0.42mi
2419 N Bolton Ave Indianapolis, IN	2.0	1.0	768	$950	$1.24	7d	1	0.46mi
2404 N Lesley Ave Indianapolis, IN	2.0	1.0	763	$850	$1.11	43d	1	0.71mi
1424 N Campbell Ave Unit 1424 Indianapolis, IN	1.0	1.0	750	$905	$1.21	23d	1	0.79mi
1424 N Campbell Ave Unit 1446 Indianapolis, IN	1.0	1.0	800	$920	$1.15	23d	1	0.79mi
2304 N Ritter Ave Apt 9 Indianapolis, IN	2.0	1.0	725	$799	$1.10	20d	1	0.84mi
2308 N Ritter Ave Apt 24 Indianapolis, IN	2.0	1.0	725	$825	$1.14	20d	1	0.85mi
2302 N Ritter Ave Indianapolis, IN	2.0	1.0	725	$788	$1.09	7d	2	0.86mi
1366 N Arlington Ave Indianapolis, IN	2.0	1.0–1.5	885	$1,074	$1.21	3d	10	0.88mi
2312 N Ritter Ave Apt 31 Indianapolis, IN	2.0	1.0	725	$825	$1.14	22d	1	0.89mi
1213 Taylor Dr E Indianapolis, IN	2.0	1.0	853	$1,045	$1.23	14d	1	0.92mi
1702 N Ritter Ave Indianapolis, IN	2.0	1.0	750	$1,200	$1.60	4d	1	0.98mi
6214 Eastridge Dr Indianapolis, IN	2.0	1.0	798	$1,000	$1.25	43d	1	1.02mi
5322 E 19th Pl Indianapolis, IN	2.0	1.0	720	$945	$1.31	43d	1	1.03mi
5242 E 20th Pl Indianapolis, IN	2.0	1.0	720	$1,050	$1.46	7d	1	1.08mi
6203 E 11th St Indianapolis, IN	2.0	1.0	880	$1,025	$1.16	23d	1	1.08mi
5119 E 21st St Indianapolis, IN	2.0	1.0	816	$1,199	$1.47	43d	1	1.25mi
2194 N Riley Ave Indianapolis, IN	3.0	1.0	1100	$1,749	$1.59	43d	1	1.44mi
1824 N Riley Ave Indianapolis, IN	2.0	1.0	720	$1,150	$1.60	43d	1	1.50mi

Listing history 2 events

1. 2026-06-08
   remarks 18-char remark
2. 2026-06-08
   listed $145,000 Pending 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: $2,749 · $229/mo
• Projected year-2 tax: $2,749 · $229/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 · 18 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: $22,704
• − Mortgage interest: −$8,122
• − Property taxes: −$2,749
• − Insurance: −$725
• − Repairs & maintenance: −$1,816
• − Management: −$1,816
• − Depreciation: −$4,218
• Taxable income: $3,257
• Est. tax owed @ 24.0%: −$782
• After-tax cash flow: $4,556/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): 38,855
• Household income: $60,803
• Rent vs Own: 41.0% rent · 59.0% own
• Severe rent burden: 2191.0

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 0.63)
• Race & ethnicity: White 54% Black 22% Hispanic / Latino 18% Two or more races 9%
• Hispanic origin (detail): Mexican 10% Puerto Rican 1%
• Common ancestry: Slovak 2% Romanian 2% Lithuanian 2%
• Foreign-born: 10% · Canada
• Languages at home: 85% English-only · Spanish 14%

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: ▼ -199.69%
• Current HPI: 289.8788
• Rent YoY: ▲ 2.63%
• 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

+1364.6% since first listed

16 events — show timeline

• 2026-06-08 Pending — MIBOR as Distributed by MLS Grid
• 2026-06-07 Listed $145,000 MIBOR as Distributed by MLS Grid
• 2021-04-01 Sold (MLS) $88,000 MIBOR as Distributed by MLS Grid
• 2021-03-20 Pending — MIBOR as Distributed by MLS Grid
• 2021-03-18 Listed $85,000 MIBOR as Distributed by MLS Grid
• 2016-08-26 Sold (MLS) $36,500 MIBOR as Distributed by MLS Grid
• 2016-08-17 Relisted — MIBOR as Distributed by MLS Grid
• 2016-08-05 Pending — MIBOR as Distributed by MLS Grid
• 2016-03-04 Relisted — MIBOR as Distributed by MLS Grid
• 2015-11-30 Pending — MIBOR as Distributed by MLS Grid
• 2015-10-01 Price Changed $39,900 MIBOR as Distributed by MLS Grid
• 2015-03-04 Relisted — MIBOR as Distributed by MLS Grid
• 2015-01-14 Listing Removed — MIBOR as Distributed by MLS Grid
• 2012-01-09 Listed $69,900 MIBOR as Distributed by MLS Grid
• 2008-04-04 Sold (MLS) $12,500 MIBOR as Distributed by MLS Grid
• 2008-03-21 Listed $9,900 MIBOR as Distributed by MLS Grid

Property tax history

+16.6%/yr

Latest (2025): $2,749 · +9.7% YoY. Source: county tax records.