421 Villa Ave · Indianapolis city (balance), IN 46201

$149,000

4 bd · 4.0 ba · 593 sqft · MultiFamily public records · 13 Days on market

Built 1920 4,443 sqft lot $251/sqft · 61% above area Est $185k · 20% under

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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 +26.1/30.0
• ARV discount +15.0/15.0
• DSCR +8.8/10.0
• 1% rule +7.7/10.0
• Rent growth +4.3/5.0
• 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

Cute one bedroom bath duplex located close to Fountain Square and down the street from the Brand New Government Center. 421 is occupied by a long time tenant paying $630 per month. Don't miss this investor's dream!

Key facts

• Strong rental demand
• Tenant occupied
• Mirror image units

Tags

• SIDE BY SIDE RANCH DUPLEX
• MIRROR IMAGE UNITS
• TENANT OCCUPIED
• MOVE IN OR RENT READY
• SHARED WATER SEWER METER
• STRONG RENTAL DEMAND

Property features AI

Finance

• Other: Property currently used as apartments (fewer than 20 units)
• Financial info: Gross income and expenses listed as 0; Monthly rent example: one unit shown at $789/month

Exterior

• Parking: On-street parking
• Utilities: Solid waste service available
• Home design: Duplex (Residential Income); One story
• Construction: Vinyl siding; Crawl space foundation; Asphalt roof
• Exterior features: Corner lot; Concrete road access; City street frontage

Interior

• Kitchen: Range/oven; Refrigerator
• Bedrooms: Two 1-bedroom units (each on one level)
• Bathrooms: Two bathrooms total (one per unit)
• Heating & cooling: Forced air heating; Natural gas
• Interior features: Smoke detectors installed
• Laundry & utility: Owner pays water and sewer

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1.0-bath units multifamily listed at $149k.

Deal economics

• At list price, monthly cash flow is $375 ($4k/yr) — positive. Per door: $187/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $149k).
• Cap rate 9.3% 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 (+7.3%/yr); 480 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• At $1,894/mo this rent would consume 46% of the median local household income ($49k/yr) (locally 1906% 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 $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 + 7.3% rent growth), your $42k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 6y 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.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $149,000

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: 1.27% ✓
• Cap rate: 9.31%
• Cash-on-cash: 10.78%
• DSCR: 1.48
• GRM: 6.6

CMA / ARV

• ARV (median comp): $185,142
• List price: $149,000
• Delta: -19.52%
• Verdict: UNDERPRICED
• Comps: 18 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 7.31% rent growth · sell at horizon

5-year hold

• IRR: 4.9%
• Equity multiple: 1.20×
• Total profit: $8,371
• Equity at exit: $22,216

10-year hold

• IRR: 18.2%
• Equity multiple: 2.84×
• Total profit: $76,800
• Equity at exit: $12,883

Cash invested: $41,720 (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 46201

• Home prices YoY: -33.9%
• Rents YoY: 7.3%
• Active inventory: 480
• Price-to-rent: 13.1×

Monthly cashflow live

• Estimated rent: $1,894 high
• Mortgage (P&I): −$781
• Tax from tax record: −$278 /mo · $3,338/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$398
• Net cashflow: $375

Break-even live

Break-even rent $1,420

Max offer price $149,000

Occupancy floor 75%

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$1,894
Total (2 units)			$1,894

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
270 S Lasalle St Indianapolis, IN	3.0	2.0	562	$1,329	$2.36	7d	1	0.95mi
451 E Market St Indianapolis, IN	3.0	1.0–2.0	842	$2,283	$2.71	1d	53	1.31mi
229 S Delaware St Indianapolis, IN	3.0	1.0–3.5	1207	$4,758	$3.94	1d	54	1.47mi

Listing history 10 events

1. 2026-05-06
   status Pending 1324-char remark
2. 2026-04-23
   listed $149,000 Active 1324-char remark
3. 2023-10-19
   soldstatus $140,000 Closed 214-char remark

   Show marketing remark (214 chars)

   Cute one bedroom bath duplex located close to Fountain Square and down the street from the Brand New Government Center. 421 is occupied by a long time tenant paying $630 per month. Don't miss this investor's dream!

4. 2023-09-04
   status Pending 214-char remark

   Show marketing remark (214 chars)

   Cute one bedroom bath duplex located close to Fountain Square and down the street from the Brand New Government Center. 421 is occupied by a long time tenant paying $630 per month. Don't miss this investor's dream!

5. 2023-07-27
   listed $149,900 Active 214-char remark

   Show marketing remark (214 chars)

   Cute one bedroom bath duplex located close to Fountain Square and down the street from the Brand New Government Center. 421 is occupied by a long time tenant paying $630 per month. Don't miss this investor's dream!

6. 2020-10-19
   soldstatus $106,000 Sold

   Show marketing remark (450 chars)

   Cute one bedroom bath duplex located close to Fountain Square and down the street from the Brand New Government Center. Brand New Roof, All new flooring and paint. All new updates in Kitchen, Bathroom and Bedrooms. High end Subway tile in the bathroom showers and kitchen backsplash. Area Rental Comps show $600 per side. close to transportation. This is an investor turn-key property, or buy and live in one side and let the rent pay your mortgage.

7. 2020-09-16
   status Pending

   Show marketing remark (450 chars)

   Cute one bedroom bath duplex located close to Fountain Square and down the street from the Brand New Government Center. Brand New Roof, All new flooring and paint. All new updates in Kitchen, Bathroom and Bedrooms. High end Subway tile in the bathroom showers and kitchen backsplash. Area Rental Comps show $600 per side. close to transportation. This is an investor turn-key property, or buy and live in one side and let the rent pay your mortgage.

8. 2020-08-12
   price $109,000

   Show marketing remark (450 chars)

   Cute one bedroom bath duplex located close to Fountain Square and down the street from the Brand New Government Center. Brand New Roof, All new flooring and paint. All new updates in Kitchen, Bathroom and Bedrooms. High end Subway tile in the bathroom showers and kitchen backsplash. Area Rental Comps show $600 per side. close to transportation. This is an investor turn-key property, or buy and live in one side and let the rent pay your mortgage.

9. 2020-08-11
   price $600

   Show marketing remark (450 chars)

   Cute one bedroom bath duplex located close to Fountain Square and down the street from the Brand New Government Center. Brand New Roof, All new flooring and paint. All new updates in Kitchen, Bathroom and Bedrooms. High end Subway tile in the bathroom showers and kitchen backsplash. Area Rental Comps show $600 per side. close to transportation. This is an investor turn-key property, or buy and live in one side and let the rent pay your mortgage.

10. 2020-07-23
    listed $129,000 Active

    Show marketing remark (450 chars)

    Cute one bedroom bath duplex located close to Fountain Square and down the street from the Brand New Government Center. Brand New Roof, All new flooring and paint. All new updates in Kitchen, Bathroom and Bedrooms. High end Subway tile in the bathroom showers and kitchen backsplash. Area Rental Comps show $600 per side. close to transportation. This is an investor turn-key property, or buy and live in one side and let the rent pay your mortgage.

ⓘ 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: $3,338 · $278/mo
• Projected year-2 tax: $3,338 · $278/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 ≥101°F today · 19 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: $22,728
• − Mortgage interest: −$8,346
• − Property taxes: −$3,338
• − Insurance: −$745
• − Repairs & maintenance: −$1,818
• − Management: −$1,818
• − Depreciation: −$4,335
• Taxable income: $2,328
• Est. tax owed @ 24.0%: −$559
• After-tax cash flow: $3,937/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): 30,335
• Household income: $49,195
• Rent vs Own: 48.4% rent · 51.6% own
• Severe rent burden: 1906.0

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 53% Hispanic / Latino 23% Black 18% Two or more races 9%
• Hispanic origin (detail): Mexican 14% Puerto Rican 2%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 9% · Canada
• Languages at home: 81% English-only · Spanish 17%

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: ▼ -192.51%
• Current HPI: 375.0969
• Rent YoY: ▲ 7.31%
• 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

+8.5% since first listed

11 events — show timeline

• 2026-06-09 Sold (MLS) $140,000 MIBOR as Distributed by MLS Grid
• 2026-05-06 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-23 Listed $149,000 MIBOR as Distributed by MLS Grid
• 2023-10-19 Sold (MLS) $140,000 MIBOR as Distributed by MLS Grid
• 2023-09-04 Pending — MIBOR as Distributed by MLS Grid
• 2023-07-27 Listed $149,900 MIBOR as Distributed by MLS Grid
• 2020-10-19 Sold (MLS) $106,000 MIBOR as Distributed by MLS Grid
• 2020-09-16 Pending — MIBOR as Distributed by MLS Grid
• 2020-08-12 Price Changed $109,000 MIBOR as Distributed by MLS Grid
• 2020-08-11 Price Changed $600 MIBOR as Distributed by MLS Grid
• 2020-07-23 Listed $129,000 MIBOR as Distributed by MLS Grid

Property tax history

+14.4%/yr

Latest (2025): $3,338 · -2.5% YoY. Source: county tax records.