3124 N Gale St · Indianapolis city (balance), IN 46218

$42,500

3 bd · 1.0 ba · 720 sqft · SingleFamily public records · 10 Days on market

Built 1910 10,019 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +2.7/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Back and ready to go. Home requires complete rehab, great investment opportunity and potential for this home that sets on a large lot with fenced rear yard and with driveway for potential garage.

Key facts

• 0.23 acre lot
• Garage
• Built 1910

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $42k.

Deal economics

• At list price, monthly cash flow is $616 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $42k).
• Cap rate 23.7% 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.
• Zoned schools: James Russell Lowell School 51 (math 2% / reading 8%, grade F, #970 of 994 statewide, top 99%, 294 students, 82% FRL); H L Harshman Middle School (math 3% / reading 16%, grade F, #316 of 330 statewide, top 96%, 549 students, 84% FRL); Shortridge High School (math 20% / reading 51%, grade F, #263 of 369 statewide, top 72%, 1,089 students, 70% FRL) — zoned schools at 79% FRL track the district average.
• Market conditions: Rents flat; 338 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 36% of the median local income ($38k/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 $294 of loan paydown is wiped out by about $1k 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 + 0.8% rent growth), your $12k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 3y 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 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $42,500

Questions for the listing agent

1. Built in 1910 — 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: 2.71% ✓
• Cap rate: 23.70%
• Cash-on-cash: 62.15%
• DSCR: 3.77
• GRM: 3.1

CMA / ARV

• ARV (on-the-fly): $92,880
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3114 Adams St	0.21mi	2/1.0 (-1)	725 (+1%)	3mo	$63,000	$87	82
2959 N Lasalle St	0.29mi	2/1.0 (-1)	720 (0%)	11mo	$59,900	$83	72
3111 Station St	0.12mi	2/1.0 (-1)	776 (+8%)	11mo	$100,000	$129	68
2724 N Dearborn St	0.57mi	2/1.0 (-1)	720 (0%)	10mo	$95,000	$132	60
2839 N Lasalle St	0.42mi	2/1.0 (-1)	768 (+7%)	5mo	$55,000	$72	60
3109 Forest Manor Ave	0.46mi	2/1.0 (-1)	750 (+4%)	8mo	$115,000	$153	60
3640 N Lasalle St	0.74mi	2/1.0 (-1)	720 (0%)	1mo	$139,500	$194	60
2907 Forest Manor Ave	0.52mi	2/1.0 (-1)	768 (+7%)	1mo	$73,000	$95	59
3015 Adams St	0.20mi	2/1.0 (-1)	819 (+14%)	9mo	$155,000	$189	55
2919 N Denny St	0.38mi	2/1.0 (-1)	816 (+13%)	7mo	$52,500	$64	50
2942 N Dearborn St	0.38mi	2/1.0 (-1)	825 (+15%)	7mo	$70,000	$85	47
2954 N Drexel Ave	0.74mi	2/1.0 (-1)	672 (-7%)	10mo	$129,999	$193	41

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 · 0.81% rent growth · sell at horizon

5-year hold

• IRR: 58.6%
• Equity multiple: 3.51×
• Total profit: $29,900
• Equity at exit: $6,337

10-year hold

• IRR: 62.6%
• Equity multiple: 6.62×
• Total profit: $66,898
• Equity at exit: $3,675

Cash invested: $11,900 (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 46218

• Home prices YoY: -17.1%
• Rents YoY: 0.8%
• Active inventory: 338
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $1,152 high
• Mortgage (P&I): −$223
• Tax est. 1.5%: −$53 /mo · $638/yr
• Insurance: −$18
• HOA: −$0
• Vacancy / Maint / Mgmt: −$242
• Net cashflow: $616

Break-even live

Break-even rent $372

Max offer price $42,500

Occupancy floor 42%

Sensitivity live

Price	-10% $646	-5% $631	+0% $616	+5% $602	+10% $587
Rent	-10% $525	-5% $571	+0% $616	+5% $662	+10% $707
Rate	-1.0pp $638	-0.5pp $627	base $616	+0.5pp $605	+1.0pp $594

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: $10,625
• Closing costs: $1,275
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3383 Station St Indianapolis, IN	3.0	1.0	744	$1,250	$1.68	25d	1	0.32mi
3421 N Olney St Indianapolis, IN	2.0	1.0	720	$1,195	$1.66	18d	1	0.40mi
2722 N Olney St Indianapolis, IN	2.0	1.0	650	$795	$1.22	45d	1	0.49mi
4615 E 30th St Indianapolis, IN	2.0	1.0	660	$1,100	$1.67	25d	1	0.78mi
3725 N Sherman Dr #7 Indianapolis, IN	2.0	1.0	729	$845	$1.16	6d	1	0.79mi
3725 N Sherman Dr #7 Indianapolis, IN	2.0	1.0	729	$845	$1.16	0d	1	0.79mi
2938 Arthington Blvd Indianapolis, IN	4.0	1.5	500	$950	$1.90	23d	1	0.81mi
3615 Sherman Forest Dr Indianapolis, IN	4.0	1.0–2.5	1057	$1,544	$1.46	6d	1	0.94mi
3363 Nicholas Ave Indianapolis, IN	2.0	1.0	720	$1,000	$1.39	6d	1	1.12mi
2519 Baltimore Ave Unit B Indianapolis, IN	2.0	1.0	482	$775	$1.61	25d	1	1.23mi
4115 Meadows Dr Indianapolis, IN	1.0–3.0	1.0–2.0	1013	$1,592	$1.57	45d	9	1.26mi
3709 Kinnear Ave Indianapolis, IN	2.0	1.0	650	$1,000	$1.54	45d	1	1.32mi
2030 N Colorado Ave Indianapolis, IN	2.0	1.0	728	$1,150	$1.58	25d	1	1.34mi
2372 Beckwith Dr Indianapolis, IN	1.0–3.0	1.0–1.5	676	$1,239	$1.83	0d	5	1.36mi

Listing history 5 events

1. 2024-05-07
   status Pending
2. 2024-04-30
   status Active
3. 2023-10-18
   status Pending
4. 2023-10-17
   historical
5. 2023-10-14
   listed $42,500 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥102°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: $13,823
• − Mortgage interest: −$2,381
• − Property taxes: −$638
• − Insurance: −$212
• − Repairs & maintenance: −$1,106
• − Management: −$1,106
• − Depreciation: −$1,236
• Taxable income: $7,145
• Est. tax owed @ 24.0%: −$1,715
• After-tax cash flow: $5,681/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): 29,360
• Household income: $38,063
• Rent vs Own: 47.2% rent · 52.8% own
• Severe rent burden: 2340.0

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: Predominantly Black (68%)
• Race & ethnicity: Black 68% White 18% Hispanic / Latino 9% Two or more races 6%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 1%
• Foreign-born: 5% · Canada, Philippines
• Languages at home: 92% English-only · Spanish 7%

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: ▼ -81.57%
• Current HPI: 395.7071
• Rent YoY: ▲ 0.81%
• 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

5 events — show timeline

• 2024-05-07 Pending — MIBOR as Distributed by MLS Grid
• 2024-04-30 Relisted — MIBOR as Distributed by MLS Grid
• 2023-10-18 Pending — MIBOR as Distributed by MLS Grid
• 2023-10-17 Listing Removed — MIBOR as Distributed by MLS Grid
• 2023-10-14 Listed $42,500 MIBOR as Distributed by MLS Grid

Property tax history

+16.8%/yr

Latest (2025): $3,012 · +153.2% YoY. Source: county tax records.