3757 Caroline Ave · Indianapolis city (balance), IN 46218

$115,000

2 bd · 1.5 ba · 1,336 sqft · SingleFamily public records · 71 Days on market

Built 1949 5,619 sqft lot $86/sqft · 23% above area Est $103k · 12% over

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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 +9.9/10.0
• 1% rule +7.6/10.0
• Rent growth +2.7/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +2.0/15.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

A vacant 3-bed/1.5-bath single-family with a detached garage sitting in one of Indianapolis's most connected corridors - easy access to Downtown, Broad Ripple, and the Fairgrounds all within minutes. Move-in ready for a tenant, this is a clean value-add opportunity at $139,900 with no waiting and no red tape.

Key facts

• 5,619 sq ft lot
• Garage
• Built 1949

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $354 ($4k/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: $108k (6.0% below list) — sets the bar for market timing.
• 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.
• Zoned schools: Center For Inquiry School 27 (math 25% / reading 29%, grade F, #737 of 994 statewide, top 76%, 525 students, 51% FRL); H L Harshman Middle School (math 3% / reading 16%, grade F, #316 of 330 statewide, top 96%, 549 students, 84% FRL); Arsenal Technical High School (math 6% / reading 27%, grade F, #353 of 369 statewide, top 96%, 2,366 students, 74% FRL).
• Market conditions: Rents flat; 338 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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).
• At $1,444/mo this rent would consume 46% of the median local household income ($38k/yr) (locally 2340% 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 $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 71 days — a 6% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 3y ago; this cycle's ask has dropped $24k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $108,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 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 1949 — 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: 1.26% ✓
• Cap rate: 9.99%
• Cash-on-cash: 13.20%
• DSCR: 1.59
• GRM: 6.6

CMA / ARV

• ARV (median comp): $102,504
• List price: $115,000
• Delta: 12.19%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3719 Kinnear Ave	0.10mi	2/1.0	1,392 (+4%)	5mo	$62,500	$45	82
3448 Kinnear Ave	0.38mi	3/1.0 (+1)	1,372 (+3%)	8mo	$60,000	$44	64
3031 E 38th St	0.69mi	2/1.0	1,371 (+3%)	4mo	$100,000	$73	58
3353 Nicholas Ave	0.50mi	2/1.0	1,440 (+8%)	5mo	$70,000	$49	57
3515 N Keystone Ave	0.38mi	2/1.0	1,200 (-10%)	8mo	$58,000	$48	57
3338 Ralston Ave	0.62mi	3/1.0 (+1)	1,470 (+10%)	4mo	$114,000	$78	44
3214 N Tacoma Ave	0.73mi	2/1.0	1,488 (+11%)	2mo	$194,900	$131	43
3263 Schofield Ave	0.70mi	3/1.0 (+1)	1,194 (-11%)	2mo	$73,600	$62	41
4325 Crittenden Ave	0.75mi	2/1.0	1,472 (+10%)	9mo	$147,500	$100	39
3460 N Oxford St	0.64mi	3/1.0 (+1)	1,176 (-12%)	6mo	$50,000	$43	38
3624 N Parker Ave	0.65mi	3/2.0 (+1)	1,179 (-12%)	8mo	$125,000	$106	37
3217 N Tacoma Ave	0.74mi	3/2.0 (+1)	1,488 (+11%)	8mo	$227,000	$153	33

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: 0.7%
• Equity multiple: 1.03×
• Total profit: $820
• Equity at exit: $17,147

10-year hold

• IRR: 8.0%
• Equity multiple: 1.55×
• Total profit: $17,595
• 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 46218

• Home prices YoY: -17.1%
• Rents YoY: 0.8%
• Active inventory: 338
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,444 high
• Mortgage (P&I): −$603
• Tax from tax record: −$136 /mo · $1,626/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$303
• Net cashflow: $354

Break-even live

Break-even rent $996

Max offer price $115,000

Occupancy floor 70%

Sensitivity live

Price	-10% $419	-5% $387	+0% $354	+5% $322	+10% $289
Rent	-10% $240	-5% $297	+0% $354	+5% $411	+10% $468
Rate	-1.0pp $412	-0.5pp $383	base $354	+0.5pp $324	+1.0pp $294

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 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2221 E 38th St Indianapolis, IN	2.0	1.0	1728	$999	$0.58	16d	1	0.12mi
3741 N Tacoma Ave Indianapolis, IN	3.0	1.0	913	$2,200	$2.41	19d	1	0.33mi
3448 Hillside Ave Indianapolis, IN	3.0	1.0	1305	$1,800	$1.38	0d	1	0.38mi
1902 E 35th St Indianapolis, IN	3.0	1.0	1100	$1,600	$1.45	45d	1	0.39mi
3535 N Oxford St Indianapolis, IN	3.0	1.0	1015	$1,500	$1.48	23d	1	0.66mi
4301 Crittenden Ave Indianapolis, IN	2.0	1.0	1376	$1,350	$0.98	45d	1	0.68mi
4303 Norwaldo Ave Indianapolis, IN	3.0	1.0	1050	$1,200	$1.14	45d	1	0.70mi
4309 Ralston Ave Indianapolis, IN	3.0	1.0	918	$1,600	$1.74	16d	1	0.75mi
3541 Birchwood Ave Indianapolis, IN	3.0	1.0	1400	$1,549	$1.11	13d	1	0.76mi
3909 Winthrop Ave Unit B Indianapolis, IN	2.0	1.5	931	$1,550	$1.66	13d	1	0.79mi
3121 Baltimore Ave Indianapolis, IN	3.0	1.0	1232	$7,865	$6.38	9d	1	0.80mi
3476 Birchwood Ave Indianapolis, IN	3.0	1.5	1420	$1,625	$1.14	25d	1	0.82mi
3472 N Dearborn St Indianapolis, IN	2.0	1.0	890	$1,099	$1.23	21d	1	0.82mi
916 Fairfield Ave Unit 918 Indianapolis, IN	3.0	1.0	1000	$1,300	$1.30	9d	1	0.88mi
4448 Evanston Ave Unit B Indianapolis, IN	2.0	1.5	1500	$1,275	$0.85	0d	1	0.89mi
4448 Evanston Ave Unit B Indianapolis, IN	2.0	1.5	1500	$1,275	$0.85	23d	1	0.89mi
4448 Evanston Ave Unit B Indianapolis, IN	2.0	1.5	1500	$1,400	$0.93	45d	1	0.89mi
3207 N Arsenal Ave Indianapolis, IN	3.0	1.0	994	$1,195	$1.20	0d	1	0.89mi
3207 N Arsenal Ave Indianapolis, IN	3.0	1.0	994	$1,195	$1.20	25d	1	0.89mi
3509 Guilford Ave Indianapolis, IN	3.0	1.5	1351	$1,445	$1.07	16d	1	0.92mi
3436 N Lasalle St Indianapolis, IN	3.0	1.0	1118	$1,300	$1.16	0d	1	0.92mi
3530 Guilford Ave Indianapolis, IN	3.0	2.0	1426	$1,500	$1.05	0d	1	0.94mi
4521 Norwaldo Ave Unit B Indianapolis, IN	2.0	1.5	1054	$1,600	$1.52	45d	1	0.98mi
4521 Norwaldo Ave Unit A Indianapolis, IN	2.0	1.5	1024	$1,525	$1.49	25d	1	0.98mi
3132 Dr Andrew J Brown Ave Indianapolis, IN	2.0	1.0–2.0	791	$2,120	$2.68	3d	46	0.98mi
4400 E Fall Creek Parkway North Dr Indianapolis, IN	1.0–2.0	1.0–1.5	857	$1,349	$1.57	0d	34	1.02mi
4115 Meadows Dr Indianapolis, IN	1.0–3.0	1.0–2.0	1013	$1,374	$1.36	45d	9	1.03mi
3716 N College Ave Unit 3 Indianapolis, IN	2.0	2.0	1100	$1,450	$1.32	45d	1	1.03mi
2511 E 46th St Indianapolis, IN	1.0–2.0	1.0–2.0	830	$1,305	$1.57	45d	2	1.03mi
3851 Broadway St Indianapolis, IN	3.0	1.0	1513	$1,950	$1.29	19d	1	1.07mi
3544 N College Ave Unit 2 Cozy Suite Indianapolis, IN	3.0	2.0	1540	$1,300	$0.84	0d	1	1.07mi
728 E 34th St Indianapolis, IN	3.0	1.0	1491	$1,400	$0.94	6d	1	1.07mi
728 E 34th St Indianapolis, IN	3.0	1.0	1491	$1,400	$0.94	21d	1	1.07mi
4560 Marcy Ln Indianapolis, IN	1.0–2.0	1.0	770	$1,565	$2.03	16d	8	1.07mi
4040 N College Ave Indianapolis, IN	3.0	1.5	1280	$1,900	$1.48	9d	1	1.08mi
3208 Guilford Ave Indianapolis, IN	3.0	3.0	1800	$1,700	$0.94	14d	1	1.08mi
3139 Guilford Ave Indianapolis, IN	3.0	1.0	1068	$1,345	$1.26	45d	1	1.09mi
3615 Sherman Forest Dr Indianapolis, IN	4.0	1.0–2.5	1057	$1,288	$1.22	6d	1	1.11mi
3359 N College Ave Indianapolis, IN	2.0	1.5	1450	$1,795	$1.24	12d	1	1.12mi
3359 N College Ave Unit 3359 Indianapolis, IN	2.0	1.5	1082	$1,895	$1.75	25d	1	1.12mi

Listing history 24 events

1. 2026-06-21
   days on market $115,000 Active 71 DOM
2. 2026-06-18
   days on market $115,000 Active 68 DOM
3. 2026-06-17
   days on market $115,000 Active 67 DOM
4. 2026-06-16
   days on market $115,000 Active 66 DOM
5. 2026-06-15
   days on market $115,000 Active 65 DOM
6. 2026-06-13
   days on market $115,000 Active 63 DOM
7. 2026-06-13
   days on market $115,000 Active 62 DOM
8. 2026-06-09
   days on market $115,000 Active 59 DOM
9. 2026-06-08
   days on market $115,000 Active 58 DOM
10. 2026-06-07
    statusdays on market $115,000 Active 57 DOM
11. 2026-06-02
    status $115,000 Pending 54 DOM
12. 2026-06-01
    days on market $115,000 Active 54 DOM
13. 2026-05-31
    days on market $115,000 Active 53 DOM
14. 2026-05-19
    price $115,000 310-char remark

    Show marketing remark (310 chars)

    A vacant 3-bed/1.5-bath single-family with a detached garage sitting in one of Indianapolis's most connected corridors - easy access to Downtown, Broad Ripple, and the Fairgrounds all within minutes. Move-in ready for a tenant, this is a clean value-add opportunity at $139,900 with no waiting and no red tape.

15. 2026-04-23
    price $130,000 310-char remark

    Show marketing remark (310 chars)

    A vacant 3-bed/1.5-bath single-family with a detached garage sitting in one of Indianapolis's most connected corridors - easy access to Downtown, Broad Ripple, and the Fairgrounds all within minutes. Move-in ready for a tenant, this is a clean value-add opportunity at $139,900 with no waiting and no red tape.

16. 2026-04-13
    status Active 310-char remark

    Show marketing remark (310 chars)

    A vacant 3-bed/1.5-bath single-family with a detached garage sitting in one of Indianapolis's most connected corridors - easy access to Downtown, Broad Ripple, and the Fairgrounds all within minutes. Move-in ready for a tenant, this is a clean value-add opportunity at $139,900 with no waiting and no red tape.

17. 2026-04-06
    status Pending 310-char remark

    Show marketing remark (310 chars)

    A vacant 3-bed/1.5-bath single-family with a detached garage sitting in one of Indianapolis's most connected corridors - easy access to Downtown, Broad Ripple, and the Fairgrounds all within minutes. Move-in ready for a tenant, this is a clean value-add opportunity at $139,900 with no waiting and no red tape.

18. 2026-04-01
    listed $139,000 Active 310-char remark

    Show marketing remark (310 chars)

    A vacant 3-bed/1.5-bath single-family with a detached garage sitting in one of Indianapolis's most connected corridors - easy access to Downtown, Broad Ripple, and the Fairgrounds all within minutes. Move-in ready for a tenant, this is a clean value-add opportunity at $139,900 with no waiting and no red tape.

19. 2024-06-06
    historical $1,125
20. 2024-04-10
    listed $1,125
21. 2024-04-10
    historical $1,125
22. 2024-03-26
    listed $1,125
23. 2024-01-13
    historical $1,195
24. 2023-10-15
    listed $1,195

ⓘ 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: $1,626 · $136/mo
• Projected year-2 tax: $1,626 · $136/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 6/10 Major FEMA zone X (unshaded) · 74% 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 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: $17,326
• − Mortgage interest: −$6,442
• − Property taxes: −$1,626
• − Insurance: −$575
• − Repairs & maintenance: −$1,386
• − Management: −$1,386
• − Depreciation: −$3,345
• Taxable income: $2,565
• Est. tax owed @ 24.0%: −$616
• After-tax cash flow: $3,633/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

+9523.4% since first listed

11 events — show timeline

• 2026-05-19 Price Changed $115,000 MIBOR as Distributed by MLS Grid
• 2026-04-23 Price Changed $130,000 MIBOR as Distributed by MLS Grid
• 2026-04-13 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-06 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-01 Listed $139,000 MIBOR as Distributed by MLS Grid
• 2024-06-06 Rental Removed $1,125 APPFOLIO
• 2024-04-10 Listed for Rent $1,125 APPFOLIO
• 2024-04-10 Rental Removed $1,125 APPFOLIO
• 2024-03-26 Listed for Rent $1,125 APPFOLIO
• 2024-01-13 Rental Removed $1,195 APPFOLIO
• 2023-10-15 Listed for Rent $1,195 APPFOLIO

Property tax history

+7.3%/yr

Latest (2025): $1,626 · +5.8% YoY. Source: county tax records.