1048 S Pershing Ave · Indianapolis city (balance), IN 46221

$75,000

2 bd · 2.0 ba · 1,204 sqft · SingleFamily public records · 12 Days on market

Built 1910 4,922 sqft lot

---

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 +2.9/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Investor special with strong value-add potential on Indianapolis' west side. Located near Rhodius Park and just minutes from downtown Indy, this property is ideal for investors, flippers, or buyers looking to renovate and build equity. Home needs significant updates and is being sold as-is, but offers a great opportunity to customize and add value in an area with continued growth and redevelopment. Convenient access to I-70, downtown amenities, parks, restaurants, and major employers. Bring your vision and unlock the potential of this fixer-upper.

Key facts

• Near rhodius park
• 4,922 sq ft lot
• 2 garage spots

Tags

• NEAR RHODIUS PARK
• MINUTES FROM DOWNTOWN
• CONVENIENT ACCESS TO I-70

Property features AI

Exterior

• Parking: Detached 2-car garage (approximately 440 sq ft)
• Utilities: Public water; Municipal sewer connected
• Home design: Single-family residence; Two levels
• Construction: Vinyl siding; Cellar foundation
• Exterior features: Lot under 1/4 acre (approx. 0.11 acre)

Interior

• Kitchen: No appliances listed
• Bedrooms: Three bedrooms total — one on the main level, two on the upper level (upper bedrooms are 11x11 each)
• Flooring: Hardwood floors
• Bathrooms: Two full bathrooms; Primary bathroom includes a full tub
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Hardwood floors; Cellar (basement)
• Laundry & utility: No laundry appliances listed

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $606 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Cap rate 16.0% 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 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: George Washington High School (math 2% / reading 17%, grade F, #366 of 369 statewide, top 99%, 753 students, 68% FRL).
• Market conditions: Rents rising (+1.8%/yr); 43 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k 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 + 1.8% rent growth), your $21k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 3.3% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $75,000

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 2.09% ✓
• Cap rate: 15.98%
• Cash-on-cash: 34.61%
• DSCR: 2.54
• GRM: 4.0

CMA / ARV

• ARV (on-the-fly): $150,500
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1922 Westview Dr	0.25mi	2/1.0	1,330 (+10%)	4mo	$144,500	$109	64
1131 S Pershing Ave	0.09mi	3/1.0 (+1)	1,332 (+11%)	12mo	$166,000	$125	59
1746 Lambert St	0.49mi	3/2.0 (+1)	1,131 (-6%)	6mo	$134,000	$118	57
2218 Howard St	0.40mi	2/1.5	1,136 (-6%)	21mo	$75,000	$66	53
1252 Kappes St	0.37mi	3/1.0 (+1)	1,296 (+8%)	13mo	$177,000	$137	50
851 S Pershing Ave	0.13mi	2/1.0	1,056 (-12%)	24mo	$118,000	$112	50
1260 S Reisner St SW	0.58mi	3/2.0 (+1)	1,144 (-5%)	15mo	$134,000	$117	47
1801 W Morris St	0.43mi	3/1.5 (+1)	1,056 (-12%)	12mo	$189,000	$179	43
1445 S Belmont Ave	0.50mi	3/2.0 (+1)	1,062 (-12%)	13mo	$130,000	$122	41
1367 S Sheffield Ave	0.40mi	3/1.0 (+1)	1,090 (-10%)	19mo	$165,000	$151	41
1610 Howard St	0.69mi	3/1.0 (+1)	1,207 (+0%)	22mo	$170,000	$141	40
2121 Howard St	0.43mi	3/1.0 (+1)	1,080 (-10%)	23mo	$150,000	$139	35

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 · 1.79% rent growth · sell at horizon

5-year hold

• IRR: 28.6%
• Equity multiple: 2.17×
• Total profit: $24,635
• Equity at exit: $11,183

10-year hold

• IRR: 35.3%
• Equity multiple: 4.05×
• Total profit: $63,959
• Equity at exit: $6,485

Cash invested: $21,000 (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 46221

• Home prices YoY: -23.7%
• Rents YoY: 1.8%
• Active inventory: 43
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $1,568 high
• Mortgage (P&I): −$393
• Tax from tax record: −$208 /mo · $2,498/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$329
• Net cashflow: $606

Break-even live

Break-even rent $801

Max offer price $75,000

Occupancy floor 56%

Sensitivity live

Price	-10% $648	-5% $627	+0% $606	+5% $585	+10% $563
Rent	-10% $482	-5% $544	+0% $606	+5% $668	+10% $730
Rate	-1.0pp $644	-0.5pp $625	base $606	+0.5pp $586	+1.0pp $567

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2015 W Wilkins St Indianapolis, IN	3.0	1.0	1250	$1,895	$1.52	44d	1	0.21mi
841 S Addison St Indianapolis, IN	2.0	1.0	750	$1,295	$1.73	44d	1	0.24mi
1801 W Morris St Indianapolis, IN	3.0	1.5	1056	$1,795	$1.70	44d	1	0.44mi
1339 W Lee St Indianapolis, IN	2.0	1.5	960	$975	$1.02	4d	1	0.55mi
1105 Blaine Ave Indianapolis, IN	1.0–2.0	1.0–2.5	1157	$1,795	$1.55	24d	1	0.63mi
1909 S Pershing Ave Indianapolis, IN	3.0	1.5	728	$1,750	$2.40	4d	1	0.83mi
2127 Haines Ave Indianapolis, IN	3.0	2.0	1250	$2,000	$1.60	2d	1	0.90mi
86 N Holmes Ave Indianapolis, IN	2.0	1.0	978	$1,050	$1.07	17d	1	1.06mi
101 S Harding St Apt 307 Indianapolis, IN	2.0	2.0	970	$1,685	$1.74	3d	1	1.14mi
55 S Harding St #308 Indianapolis, IN	1.0	1.0	754	$1,200	$1.59	24d	1	1.16mi
240 N Warman Ave Indianapolis, IN	2.0–3.0	1.0–2.0	1052	$1,150	$1.09	21d	5	1.18mi
264 N Holmes Ave Indianapolis, IN	2.0	1.0	1092	$1,200	$1.10	11d	1	1.19mi
1911 Wilcox St Indianapolis, IN	2.0	1.0	896	$1,150	$1.28	44d	1	1.45mi

Listing history 8 events

1. 2026-06-13
   statusdays on market $75,000 Pending 12 DOM
2. 2026-06-09
   days on market $75,000 Active 11 DOM
3. 2026-06-08
   days on market $75,000 Active 10 DOM
4. 2026-06-07
   days on market $75,000 Active 9 DOM
5. 2026-06-03
   days on market $75,000 Active 5 DOM
6. 2026-06-02
   days on market $75,000 Active 4 DOM
7. 2026-06-01
   days on market $75,000 Active 3 DOM
8. 2026-05-31
   days on market $75,000 Active 2 DOM

ⓘ 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: $2,498 · $208/mo
• Projected year-2 tax: $2,498 · $208/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 ≥102°F today · 19 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: $18,813
• − Mortgage interest: −$4,201
• − Property taxes: −$2,498
• − Insurance: −$375
• − Repairs & maintenance: −$1,505
• − Management: −$1,505
• − Depreciation: −$2,182
• Taxable income: $6,546
• Est. tax owed @ 24.0%: −$1,571
• After-tax cash flow: $5,698/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): 27,027
• Household income: $65,280
• Rent vs Own: 38.2% rent · 61.8% own
• Severe rent burden: 1011.0

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 White (69%)
• Race & ethnicity: White 69% Black 13% Hispanic / Latino 13% Two or more races 7%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 2% Iranian 2% Lithuanian 2%
• Foreign-born: 9% · Canada, China
• Languages at home: 87% English-only · Spanish 9% Arabic 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: ▼ -97.56%
• Current HPI: 313.4711
• Rent YoY: ▲ 1.79%
• 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

1 event — show timeline

• 2026-05-28 Listed $75,000 MIBOR as Distributed by MLS Grid

Property tax history

+7.4%/yr

Latest (2025): $2,498 · +27.3% YoY. Source: county tax records.