927 N Chester Ave · Indianapolis city (balance), IN 46201

$149,900

4 bd · 4.0 ba · 1,192 sqft · MultiFamily · 8 Days on market

Built 1926 5,401 sqft 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 +27.3/30.0
• DSCR +9.5/10.0
• ARV discount +7.5/15.0
• 1% rule +7.4/10.0
• 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

House Hack Opportunity!! This duplex offers a lot of flexibility and opportunity if you are looking for a renter to pay your mortgage or if you are an investor just looking for a great addition to your portfolio. Both units have recently had extensive renovations to them with on unit rented at $695/month and the other ready for a new tenant or to move right into. Both units offer many classic finishes such as the hardwood floors, but also have updates such as the kitchen/bath improvements, paint, and more! If you are looking for an affordable yet solid duplex, then this is the one for you !

Key facts

• Hardwood floors
• 5,401 sq ft lot
• Garage

Tags

• EXTENSIVE RENOVATIONS
• HARDWOOD FLOORS
• KITCHEN BATH IMPROVEMENTS

Property features AI

Finance

• Other: Lot under 1/4 acre with approximately 0.12 acres; Lot features include access and proximity to transit
• Financial info: Two rental units; Unit 1 rent listed at $695/month; Unit 2 rent not listed; Gross income and expenses recorded as 0 in listing data

Exterior

• Parking: Detached garage and on-street parking; One garage space
• Utilities: Solid waste service available; Utilities include gas for fuel and hot water, electric hot water
• Home design: Duplex (attached); One story
• Construction: Aluminum siding and brick exterior; Block partial foundation
• Exterior features: Partial fencing; Mature trees; Sidewalks; Busline access; Property used for residential purposes

Interior

• Kitchen: Range/oven; Refrigerator
• Bedrooms: Two total bedrooms across units
• Bathrooms: Two total bathrooms across units
• Heating & cooling: Forced air heating
• Interior features: Basement present
• Laundry & utility: Some laundry connections available

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $432 ($5k/yr) — positive. Per door: $216/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Cap rate 9.8% 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.
• Zoned schools: Ralph Waldo Emerson School 58 (math 2% / reading 2%, grade F, #989 of 994 statewide, top 100%, 259 students, 82% FRL).
• Zoned-school proficiency averages 2% at this address vs 17% district-wide (-14 pts) — the specific schools serving this property underperform the Indianapolis Public Schools average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+7.3%/yr); 483 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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).
• At $1,858/mo this rent would consume 45% 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 ~7 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 20y 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 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $149,900

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 1926 — 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: 1.24% ✓
• Cap rate: 9.75%
• Cash-on-cash: 12.35%
• DSCR: 1.55
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $97,744
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1017 N Lasalle St	0.60mi	3/1.0 (-1)	1,037 (-13%)	3mo	$85,000	$82	31

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 · 7.31% rent growth · sell at horizon

5-year hold

• IRR: 6.8%
• Equity multiple: 1.28×
• Total profit: $11,652
• Equity at exit: $22,351

10-year hold

• IRR: 19.6%
• Equity multiple: 2.99×
• Total profit: $83,391
• Equity at exit: $12,961

Cash invested: $41,972 (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 46201

• Home prices YoY: -33.9%
• Rents YoY: 7.3%
• Active inventory: 483
• Price-to-rent: 13.4×

Monthly cashflow live

• Estimated rent: $1,858 high
• Mortgage (P&I): −$786
• Tax est. 1.5%: −$187 /mo · $2,248/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$390
• Net cashflow: $432

Break-even live

Break-even rent $1,311

Max offer price $149,900

Occupancy floor 72%

Sensitivity live

Price	-10% $535	-5% $484	+0% $432	+5% $380	+10% $328
Rent	-10% $285	-5% $359	+0% $432	+5% $505	+10% $579
Rate	-1.0pp $507	-0.5pp $470	base $432	+0.5pp $393	+1.0pp $354

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,858
Total (2 units)			$1,858

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
822 N Bradley Ave Unit 822 Indianapolis, IN	3.0	1.0	1100	$1,200	$1.09	44d	1	0.22mi
861 N Drexel Ave Unit 863 Indianapolis, IN	3.0	1.0	1000	$1,200	$1.20	44d	1	0.36mi
861 N Drexel Ave Indianapolis, IN	3.0	1.0	1000	$1,200	$1.20	8d	1	0.36mi
603 N Sherman Dr Indianapolis, IN	3.0	1.0	1250	$1,300	$1.04	44d	1	0.36mi
622 N Linwood Ave Indianapolis, IN	3.0	2.0	985	$1,299	$1.32	44d	1	0.38mi
442 N Denny St Indianapolis, IN	3.0	1.0	1140	$1,045	$0.92	24d	1	0.39mi
1015 N Gale St Indianapolis, IN	3.0	2.0	1200	$1,550	$1.29	15d	1	0.43mi
447 N Sherman Dr Indianapolis, IN	3.0	1.5	1312	$1,195	$0.91	44d	1	0.44mi
1424 N Denny St Indianapolis, IN	3.0	1.0	1206	$1,295	$1.07	44d	1	0.45mi
314 N Denny St Indianapolis, IN	3.0	1.0	1184	$975	$0.82	24d	1	0.53mi
953 N Tuxedo St Indianapolis, IN	3.0	1.0	1200	$950	$0.79	24d	1	0.54mi
1513 N Denny St Indianapolis, IN	3.0	1.0	874	$1,399	$1.60	24d	1	0.56mi
1341 N Gale St Indianapolis, IN	4.0	2.0	899	$2,000	$2.22	24d	1	0.57mi
1018 N Tuxedo St Unit 1016 Indianapolis, IN	3.0	1.5	1250	$1,099	$0.88	44d	1	0.58mi
119 N Grant Ave Indianapolis, IN	3.0	1.0	1408	$1,195	$0.85	44d	1	0.58mi
1521 N Kealing Ave Indianapolis, IN	3.0	1.0	1250	$1,250	$1.00	18d	1	0.62mi
1531 N Kealing Ave Unit A Indianapolis, IN	3.0	2.0	1250	$1,397	$1.12	24d	1	0.63mi
1531 N Kealing Ave Indianapolis, IN	3.0	2.0	1250	$1,500	$1.20	24d	1	0.63mi
840 N Lasalle St Indianapolis, IN	3.0	1.0	1215	$1,100	$0.91	24d	1	0.64mi
933 N Dearborn St Indianapolis, IN	3.0	1.5	1204	$1,500	$1.25	44d	1	0.67mi
83 N Ewing St Unit 83 Indianapolis, IN	3.0	1.0	1016	$1,199	$1.18	44d	1	0.69mi
33 N Sherman Dr Unit 33 Indianapolis, IN	3.0	1.5	1288	$1,500	$1.16	8d	1	0.71mi
4214 E Washington St Indianapolis, IN	3.0	2.0	961	$1,195	$1.24	8d	1	0.72mi
1119 N Dearborn St Indianapolis, IN	3.0	1.5	1200	$1,249	$1.04	44d	1	0.72mi
415 N Dequincy St Indianapolis, IN	3.0	2.0	1250	$1,900	$1.52	15d	1	0.72mi
25 N Drexel Ave Unit A Indianapolis, IN	3.0	2.0	1250	$1,325	$1.06	44d	1	0.75mi
639 N Gray St Indianapolis, IN	3.0	1.5	1120	$1,220	$1.09	44d	1	0.75mi
637 N Gray St Indianapolis, IN	3.0	1.5	1120	$1,150	$1.03	45d	1	0.75mi
632 N Gray St Indianapolis, IN	3.0	1.0	960	$1,800	$1.88	44d	1	0.77mi
510 N Dearborn St Indianapolis, IN	3.0	1.0	1008	$1,350	$1.34	44d	1	0.77mi
306 N Riley Ave Indianapolis, IN	3.0	1.0	1320	$1,095	$0.83	18d	1	0.81mi
430 N Dearborn St Indianapolis, IN	3.0	1.0	1128	$1,300	$1.15	44d	1	0.82mi
818 N Oakland Ave Unit 46201 Indianapolis, IN	3.0	1.5	1332	$1,550	$1.16	44d	1	0.82mi
1216 N Oakland Ave Indianapolis, IN	3.0	2.0	1464	$1,550	$1.06	14d	1	0.83mi
4930 Elliott Ave Indianapolis, IN	4.0	1.0	1219	$1,500	$1.23	44d	1	0.83mi
1214 N Oakland Ave Indianapolis, IN	3.0	2.0	1464	$1,350	$0.92	14d	1	0.83mi
508 Emerson Ave Indianapolis, IN	3.0	1.5	1094	$1,150	$1.05	14d	1	0.84mi
1038 N Parker Ave Indianapolis, IN	4.0	2.0	1342	$1,745	$1.30	5d	1	0.87mi
1036 N Parker Ave Indianapolis, IN	4.0	2.0	1342	$1,745	$1.30	5d	1	0.87mi
4732 E 18th St Unit A Indianapolis, IN	3.0	2.0	1200	$1,700	$1.42	44d	1	0.90mi

Listing history 6 events

1. 2026-06-21
   days on market $149,900 Active 8 DOM
2. 2026-06-18
   days on market $149,900 Active 5 DOM
3. 2026-06-17
   days on market $149,900 Active 4 DOM
4. 2026-06-16
   days on market $149,900 Active 3 DOM
5. 2026-06-15
   remarks 597-char remark
6. 2026-06-15
   listed $149,900 Active 2 DOM

ⓘ 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 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: $22,296
• − Mortgage interest: −$8,397
• − Property taxes: −$2,248
• − Insurance: −$750
• − Repairs & maintenance: −$1,784
• − Management: −$1,784
• − Depreciation: −$4,361
• Taxable income: $2,973
• Est. tax owed @ 24.0%: −$714
• After-tax cash flow: $4,469/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

+131.0% since first listed

7 events — show timeline

• 2026-06-13 Listed $149,900 MIBOR as Distributed by MLS Grid
• 2026-05-14 Rental Removed $695 MIBOR
• 2026-05-14 Price Changed $695 MIBOR
• 2026-04-24 Price Changed $750 MIBOR
• 2026-04-08 Listed for Rent $765 MIBOR
• 2006-08-24 Listing Removed — MIBOR as Distributed by MLS Grid
• 2006-06-12 Listed $64,900 MIBOR as Distributed by MLS Grid