4184 N Grand Ave · Indianapolis city (balance), IN 46226

$124,900

3 bd · 1.0 ba · 976 sqft · SingleFamily public records · 63 Days on market

Built 1955 10,019 sqft lot $128/sqft · 22% below area Est $160k · 22% under

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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 +15.8/30.0
• ARV discount +15.0/15.0
• 1% rule +5.1/10.0
• DSCR +4.9/10.0
• Rent growth +4.2/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Situated at 4184 N Grand AVE in INDIANAPOLIS, IN, USA, this single family residence presents an inviting home, ready for immediate enjoyment. The heart of daily living resides in the kitchen, thoughtfully appointed with classic shaker cabinets, offering both timeless appeal and practical storage solutions for culinary pursuits. Within its 976 square feet of living space, this dwelling encompasses three comfortable bedrooms, each providing a tranquil retreat, complemented by a single full bathroom designed for convenience and refreshment. A dedicated laundry room provides an organized space for household tasks, contributing to the smooth operation of daily routines. This single story residence, established in 1955, rests on a generous 10019 square feet lot, offering ample outdoor expanse for various activities and personal cultivation. Embrace the opportunity to create cherished moments within this delightful Indianapolis dwelling.

Key facts

• Generous lot
• 0.23 acre lot
• Garage

Tags

• KITCHEN WITH SHAKER CABINETS
• DEDICATED LAUNDRY ROOM
• GENEROUS LOT

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $56 ($674/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• Recommended offer: $117k (6.0% below list) — sets the bar for market timing.
• Cap rate 6.8% 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 (+6.8%/yr); 151 active listings in the ZIP; 38 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 47% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 30% of the median local income ($50k/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 $864 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.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($117k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 17y ago; this cycle's ask has dropped $20k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $42k; list at $125k implies a 197% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $117,406 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.01% ✓
• Cap rate: 6.83%
• Cash-on-cash: 1.93%
• DSCR: 1.09
• GRM: 8.3

CMA / ARV

• ARV (median comp): $160,331
• List price: $124,900
• Delta: -22.10%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3938 N Grand Ave	0.30mi	3/1.0	993 (+2%)	9mo	$135,000	$136	76
3955 N Grand Ave	0.27mi	3/1.0	993 (+2%)	22mo	$175,000	$176	66
3901 Wallace Ave	0.50mi	2/1.0 (-1)	1,047 (+7%)	0mo	$55,000	$53	59
3920 N Layman Ave	0.55mi	3/1.5	1,000 (+2%)	17mo	$152,000	$152	54
3934 N Whittier Pl	0.46mi	3/1.5	1,053 (+8%)	15mo	$157,000	$149	51
3605 N Butler Ave	0.74mi	3/1.0	990 (+1%)	19mo	$79,500	$80	47
3904 N Graham Ave	0.75mi	3/1.0	1,080 (+11%)	1mo	$107,000	$99	47
5605 Glencoe St	0.58mi	4/1.5 (+1)	1,056 (+8%)	10mo	$158,500	$150	44
3716 N Butler Ave	0.60mi	3/2.0	912 (-7%)	18mo	$133,000	$146	42
3630 N Irvington Ave	0.73mi	3/1.0	912 (-7%)	18mo	$132,000	$145	39
3715 N Irvington Ave	0.68mi	4/1.0 (+1)	1,104 (+13%)	5mo	$120,000	$109	37
5602 Glencoe St	0.55mi	3/1.0	864 (-12%)	22mo	$134,000	$155	37

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 · 6.76% rent growth · sell at horizon

5-year hold

• IRR: -8.7%
• Equity multiple: 0.67×
• Total profit: $-11,653
• Equity at exit: $18,623

10-year hold

• IRR: 5.4%
• Equity multiple: 1.48×
• Total profit: $16,651
• Equity at exit: $10,799

Cash invested: $34,972 (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 46226

• Rents YoY: 6.8%
• Active inventory: 151
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,260 high
• Mortgage (P&I): −$655
• Tax from tax record: −$232 /mo · $2,783/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $56

Break-even live

Break-even rent $1,189

Max offer price $124,900

Occupancy floor 91%

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3815 N Grand Ave Unit 3815 Indianapolis, IN	2.0	1.0	965	$1,250	$1.30	4d	1	0.44mi
5602 Glencoe St Indianapolis, IN	3.0	1.0	1000	$1,749	$1.75	18d	1	0.54mi
3639 N Emerson Ave Indianapolis, IN	4.0	1.0	1000	$1,450	$1.45	22d	1	0.66mi
3636 N Whittier Pl Indianapolis, IN	3.0	1.0	912	$995	$1.09	8d	1	0.79mi
3836 Priscilla Ave Indianapolis, IN	3.0	1.5	1040	$1,275	$1.23	2d	1	0.82mi
3718 N Audubon Rd Indianapolis, IN	3.0	1.0	875	$1,300	$1.49	24d	1	0.84mi
3516 N Hawthorne Ln Indianapolis, IN	3.0	1.0	925	$1,225	$1.32	4d	1	0.86mi
4555 N Arlington Ave Indianapolis, IN	1.0–3.0	1.0–1.5	880	$1,379	$1.57	3d	30	1.05mi
4404 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	22d	2	1.09mi
4430 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	44d	1	1.09mi
4438 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	44d	1	1.10mi
3316 N Emerson Ave Indianapolis, IN	3.0	1.0	912	$1,100	$1.21	24d	1	1.10mi
4411 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	44d	1	1.12mi
3301 Mardenna Ave Indianapolis, IN	3.0	1.0	925	$1,200	$1.30	44d	1	1.12mi
4504 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	3d	1	1.12mi
4437 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	44d	1	1.13mi
4445 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	3d	1	1.13mi
4521 Park Forest Ct Indianapolis, IN	2.0	1.0	700	$1,180	$1.69	4d	1	1.15mi
3319 N Hawthorne Ln Indianapolis, IN	3.0	1.0	1084	$1,100	$1.01	24d	1	1.15mi
4545 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	44d	1	1.17mi
4537 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	44d	1	1.17mi
3332 Wallace Ave Indianapolis, IN	3.0	1.0	936	$1,600	$1.71	24d	1	1.19mi
4405 Park Forest Ct Indianapolis, IN	2.0	1.0	928	$1,180	$1.27	24d	1	1.19mi
3725 N Sherman Dr #7 Indianapolis, IN	2.0	1.0	729	$845	$1.16	4d	1	1.24mi
3315 N Euclid Ave Indianapolis, IN	2.0	1.0	780	$1,300	$1.67	15d	1	1.27mi
6005 Dickson Rd Unit 4 Indianapolis, IN	2.0	1.0	873	$725	$0.83	44d	1	1.27mi
6015 Dickson Rd #1 Indianapolis, IN	2.0	1.0	825	$950	$1.15	44d	1	1.29mi
3615 Sherman Forest Dr Indianapolis, IN	4.0	1.0–2.5	1057	$1,544	$1.46	4d	1	1.32mi
6049 Dickson Rd Apt 4 Indianapolis, IN	2.0	1.0	750	$950	$1.27	44d	1	1.34mi
6048 Dickson Rd #3 Indianapolis, IN	2.0	1.0	725	$900	$1.24	44d	1	1.36mi
6028 Laurel Hall Dr #3 Indianapolis, IN	2.0	1.0	875	$950	$1.09	44d	1	1.38mi
6108 Dickson Rd Unit 3 Indianapolis, IN	2.0	1.0	750	$900	$1.20	44d	1	1.39mi
6051 Laurel Hall Dr Apt 4 Indianapolis, IN	2.0	1.0	750	$950	$1.27	44d	1	1.39mi
6118 Dickson Rd Apt 3 Indianapolis, IN	2.0	1.0	750	$950	$1.27	44d	1	1.40mi
4115 Meadows Dr Indianapolis, IN	1.0–3.0	1.0–2.0	1013	$1,592	$1.57	44d	9	1.41mi
6111 Laurel Hall Dr #1 Indianapolis, IN	2.0	1.0	725	$950	$1.31	24d	1	1.42mi
6111 Laurel Hall Dr #3 Indianapolis, IN	2.0	1.0	725	$950	$1.31	44d	1	1.42mi
3142 N Euclid Ave Indianapolis, IN	3.0	1.0	1050	$1,050	$1.00	44d	1	1.48mi

Listing history 28 events

1. 2026-06-18
   days on market $124,900 Active 63 DOM
2. 2026-06-17
   days on market $124,900 Active 62 DOM
3. 2026-06-16
   pricedays on market $124,900 Active 61 DOM
4. 2026-06-15
   days on market $129,900 Active 60 DOM
5. 2026-06-13
   days on market $129,900 Active 58 DOM
6. 2026-06-13
   days on market $129,900 Active 57 DOM
7. 2026-06-09
   days on market $129,900 Active 54 DOM
8. 2026-06-08
   days on market $129,900 Active 53 DOM
9. 2026-06-07
   days on market $129,900 Active 52 DOM
10. 2026-06-03
    days on market $129,900 Active 48 DOM
11. 2026-06-02
    days on market $129,900 Active 47 DOM
12. 2026-06-01
    days on market $129,900 Active 46 DOM
13. 2026-05-31
    price $129,900 Active 45 DOM
14. 2026-05-31
    days on market $139,900 Active 45 DOM
15. 2026-05-15
    price $139,900 947-char remark

    Show marketing remark (947 chars)

    Situated at 4184 N Grand AVE in INDIANAPOLIS, IN, USA, this single family residence presents an inviting home, ready for immediate enjoyment. The heart of daily living resides in the kitchen, thoughtfully appointed with classic shaker cabinets, offering both timeless appeal and practical storage solutions for culinary pursuits. Within its 976 square feet of living space, this dwelling encompasses three comfortable bedrooms, each providing a tranquil retreat, complemented by a single full bathroom designed for convenience and refreshment. A dedicated laundry room provides an organized space for household tasks, contributing to the smooth operation of daily routines. This single story residence, established in 1955, rests on a generous 10019 square feet lot, offering ample outdoor expanse for various activities and personal cultivation. Embrace the opportunity to create cherished moments within this delightful Indianapolis dwelling.

16. 2026-05-04
    status Active 947-char remark

    Show marketing remark (947 chars)

    Situated at 4184 N Grand AVE in INDIANAPOLIS, IN, USA, this single family residence presents an inviting home, ready for immediate enjoyment. The heart of daily living resides in the kitchen, thoughtfully appointed with classic shaker cabinets, offering both timeless appeal and practical storage solutions for culinary pursuits. Within its 976 square feet of living space, this dwelling encompasses three comfortable bedrooms, each providing a tranquil retreat, complemented by a single full bathroom designed for convenience and refreshment. A dedicated laundry room provides an organized space for household tasks, contributing to the smooth operation of daily routines. This single story residence, established in 1955, rests on a generous 10019 square feet lot, offering ample outdoor expanse for various activities and personal cultivation. Embrace the opportunity to create cherished moments within this delightful Indianapolis dwelling.

17. 2026-04-22
    status Pending 947-char remark

    Show marketing remark (947 chars)

    Situated at 4184 N Grand AVE in INDIANAPOLIS, IN, USA, this single family residence presents an inviting home, ready for immediate enjoyment. The heart of daily living resides in the kitchen, thoughtfully appointed with classic shaker cabinets, offering both timeless appeal and practical storage solutions for culinary pursuits. Within its 976 square feet of living space, this dwelling encompasses three comfortable bedrooms, each providing a tranquil retreat, complemented by a single full bathroom designed for convenience and refreshment. A dedicated laundry room provides an organized space for household tasks, contributing to the smooth operation of daily routines. This single story residence, established in 1955, rests on a generous 10019 square feet lot, offering ample outdoor expanse for various activities and personal cultivation. Embrace the opportunity to create cherished moments within this delightful Indianapolis dwelling.

18. 2026-04-03
    listed $144,900 Active 947-char remark

    Show marketing remark (947 chars)

    Situated at 4184 N Grand AVE in INDIANAPOLIS, IN, USA, this single family residence presents an inviting home, ready for immediate enjoyment. The heart of daily living resides in the kitchen, thoughtfully appointed with classic shaker cabinets, offering both timeless appeal and practical storage solutions for culinary pursuits. Within its 976 square feet of living space, this dwelling encompasses three comfortable bedrooms, each providing a tranquil retreat, complemented by a single full bathroom designed for convenience and refreshment. A dedicated laundry room provides an organized space for household tasks, contributing to the smooth operation of daily routines. This single story residence, established in 1955, rests on a generous 10019 square feet lot, offering ample outdoor expanse for various activities and personal cultivation. Embrace the opportunity to create cherished moments within this delightful Indianapolis dwelling.

19. 2019-08-13
    soldstatus $42,000 Sold 130-char remark

    Show marketing remark (130 chars)

    Investment property on Indy's northeast side This all brick 3 bedroom one bath home has a detached garage, and is in great shape.

20. 2019-07-31
    status Pending 130-char remark

    Show marketing remark (130 chars)

    Investment property on Indy's northeast side This all brick 3 bedroom one bath home has a detached garage, and is in great shape.

21. 2019-06-21
    status Active 130-char remark

    Show marketing remark (130 chars)

    Investment property on Indy's northeast side This all brick 3 bedroom one bath home has a detached garage, and is in great shape.

22. 2019-05-30
    status Pending 130-char remark

    Show marketing remark (130 chars)

    Investment property on Indy's northeast side This all brick 3 bedroom one bath home has a detached garage, and is in great shape.

23. 2019-04-24
    listed $54,900 Active 130-char remark

    Show marketing remark (130 chars)

    Investment property on Indy's northeast side This all brick 3 bedroom one bath home has a detached garage, and is in great shape.

24. 2014-05-02
    historical
25. 2014-04-29
    soldstatus $25,000
26. 2013-12-29
    listed $35,000
27. 2009-08-15
    historical
28. 2009-02-25
    listed $39,900

ⓘ 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: $2,783 · $232/mo
• Projected year-2 tax: $2,783 · $232/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 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: $15,115
• − Mortgage interest: −$6,996
• − Property taxes: −$2,783
• − Insurance: −$624
• − Repairs & maintenance: −$1,209
• − Management: −$1,209
• − Depreciation: −$3,633
• Taxable loss: −$1,341
• Est. tax savings @ 24.0%: +$322
• After-tax cash flow: $995/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): 47,099
• Household income: $50,325
• Rent vs Own: 53.8% rent · 46.2% own
• Severe rent burden: 2742.0

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: Black 53% White 25% Hispanic / Latino 17% Two or more races 9% Asian 2%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Lithuanian 1% Italian 1% Romanian 1%
• Foreign-born: 11% · Canada
• Languages at home: 86% English-only · Spanish 10% French/Haitian/Cajun 1% Other Asian/Pacific 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: ▼ -218.85%
• Current HPI: 239.43
• Rent YoY: ▲ 6.76%
• 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

+250.6% since first listed

14 events — show timeline

• 2026-05-15 Price Changed $139,900 MIBOR as Distributed by MLS Grid
• 2026-05-04 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-22 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-03 Listed $144,900 MIBOR as Distributed by MLS Grid
• 2019-08-13 Sold (MLS) $42,000 MIBOR as Distributed by MLS Grid
• 2019-07-31 Pending — MIBOR as Distributed by MLS Grid
• 2019-06-21 Relisted — MIBOR as Distributed by MLS Grid
• 2019-05-30 Pending — MIBOR as Distributed by MLS Grid
• 2019-04-24 Listed $54,900 MIBOR as Distributed by MLS Grid
• 2014-05-02 Listing Removed — MIBOR as Distributed by MLS Grid
• 2014-04-29 Sold (MLS) $25,000 MIBOR as Distributed by MLS Grid
• 2013-12-29 Listed $35,000 MIBOR as Distributed by MLS Grid
• 2009-08-15 Listing Removed — MIBOR as Distributed by MLS Grid
• 2009-02-25 Listed $39,900 MIBOR as Distributed by MLS Grid

Property tax history

+19.7%/yr

Latest (2025): $2,783 · +1.2% YoY. Source: county tax records.