1701 Fletcher Ave · Indianapolis city (balance), IN 46203

$309,900

3 bd · 3.0 ba · 2,016 sqft · MultiFamily public records · 48 Days on market

Built 1900 3,833 sqft lot $154/sqft · 168% above area Est $450k · 31% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.2/5.0
• 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: 3 units. confirmed

Listing remarks MLS

Nestled in the thriving heart of Fountain Square, this fully renovated triplex at 1701 Fletcher Avenue is a rare investment opportunity you don't want to miss. Located just moments from the vibrant Fountain Square district, this property offers the perfect blend of justified urban rents and long-term growth potential. Each of the three units has been recently updated (2018-2019), making this a true turnkey investment. Whether you're looking to expand your portfolio or start fresh in real estate investing, the cash flow potential is here. With Fountain Square continuing to grow as one of the city's most desirable neighborhoods which should afford continued rent and value appreciation with an already 7% cap rate, which is excellent for a prime area. Don't let this opportunity slip away-multi family in prime locations like this are few and far between!

Key facts

• 3,833 sq ft lot
• 3 parking spots
• Built 1900

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/6.0-bath units multifamily listed at $310k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $637/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $310k).
• Recommended offer: $301k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.7% 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.
• Market conditions: Rents rising (+2.9%/yr); 493 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• At $5,349/mo this rent would consume 112% of the median local household income ($57k/yr) (locally 1499% 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 $2k of loan paydown is wiped out by about $9k 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 + 2.9% rent growth), your $87k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($301k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 24y ago; this cycle's ask has dropped $25k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $300,603 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 1.73% ✓
• Cap rate: 13.69%
• Cash-on-cash: 26.42%
• DSCR: 2.18
• GRM: 4.8

CMA / ARV

• ARV (median comp): $450,000
• List price: $309,900
• Delta: -31.13%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1651 Spann Ave	0.07mi	2/3.0 (-1)	1,880 (-7%)	8mo	$660,000	$351	74
415 Harlan St	0.30mi	4/2.0 (+1)	1,952 (-3%)	4mo	$167,500	$86	69
1701 Woodlawn Ave	0.25mi	4/2.0 (+1)	1,880 (-7%)	4mo	$275,000	$146	65
1905-1907 E Pleasant Run Parkway South Dr	0.69mi	4/3.0 (+1)	2,240 (+11%)	1mo	$380,000	$170	44
1226 Saint Paul St	0.61mi	4/3.0 (+1)	2,310 (+15%)	3mo	$281,300	$122	39
2521 Southeastern Ave	0.63mi	4/2.0 (+1)	2,240 (+11%)	10mo	$121,000	$54	34

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 · 2.88% rent growth · sell at horizon

5-year hold

• IRR: 20.1%
• Equity multiple: 1.82×
• Total profit: $71,000
• Equity at exit: $46,207

10-year hold

• IRR: 28.3%
• Equity multiple: 3.50×
• Total profit: $216,621
• Equity at exit: $26,794

Cash invested: $86,772 (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 46203

• Home prices YoY: -26.7%
• Rents YoY: 2.9%
• Active inventory: 493
• Price-to-rent: 14.5×

Monthly cashflow live

• Estimated rent: $5,349 medium
• Mortgage (P&I): −$1,625
• Tax from tax record: −$561 /mo · $6,732/yr
• Insurance: −$129
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,123
• Net cashflow: $1,910

Break-even live

Break-even rent $2,931

Max offer price $309,900

Occupancy floor 59%

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	6	$5,349
Total (3 units)			$5,349

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: $77,475
• Closing costs: $9,297
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1643 Fletcher Ave Indianapolis, IN	3.0	2.0	2019	$2,249	$1.11	23d	1	0.02mi
1613 Fletcher Ave Indianapolis, IN	2.0	1.0	2208	$2,149	$0.97	23d	1	0.05mi
1548 Lexington Ave Indianapolis, IN	4.0	3.0	2224	$2,250	$1.01	3d	1	0.14mi
1512 English Ave Indianapolis, IN	3.0	2.0	1416	$1,650	$1.17	4d	1	0.18mi
1502 Woodlawn Ave Indianapolis, IN	2.0	2.0	1441	$2,500	$1.73	14d	1	0.32mi
1020 S Randolph St Indianapolis, IN	3.0	1.5	1550	$1,650	$1.06	23d	1	0.33mi
2201 Pleasant St Indianapolis, IN	4.0	3.0	2063	$2,495	$1.21	4d	1	0.39mi
1140 Hoyt Ave Indianapolis, IN	4.0	1.5	1831	$1,895	$1.03	43d	1	0.41mi
1135 Spann Ave Indianapolis, IN	4.0	2.5	1836	$2,495	$1.36	17d	1	0.41mi
1441 Prospect St Indianapolis, IN	2.0	1.0–2.0	2840	$2,000	$0.70	1d	13	0.44mi
145 McKim Ave Indianapolis, IN	3.0	2.5	1470	$2,195	$1.49	44d	1	0.45mi
117 S Arsenal Ave Indianapolis, IN	3.0	2.0	2592	$1,800	$0.69	43d	1	0.52mi
1153 Villa Ave Indianapolis, IN	4.0	2.0	2880	$2,100	$0.73	23d	1	0.55mi
1123 Churchman Ave Indianapolis, IN	3.0	1.5	1472	$1,360	$0.92	14d	1	0.57mi
1012 Hosbrook St Indianapolis, IN	2.0	2.5	1728	$2,400	$1.39	23d	1	0.58mi
1230 Harlan St Indianapolis, IN	3.0	3.5	2167	$2,600	$1.20	1d	1	0.62mi
1330 Laurel St Indianapolis, IN	3.0	2.0	1911	$2,250	$1.18	20d	1	0.66mi
12 N Randolph St Indianapolis, IN	3.0	1.0	1485	$1,650	$1.11	43d	1	0.70mi
29 N Walcott St Indianapolis, IN	4.0	3.0	2200	$2,400	$1.09	43d	1	0.71mi
17 N Randolph St Indianapolis, IN	3.0	2.0	1822	$2,075	$1.14	4d	1	0.71mi
22 Parkview Ave Indianapolis, IN	3.0	1.5	1728	$1,450	$0.84	7d	1	0.73mi
17 E Parkview Ave Unit 19 Indianapolis, IN	3.0	1.0	1530	$1,650	$1.08	43d	1	0.73mi
17 E Parkview Ave Unit 17 Indianapolis, IN	3.0	1.5	1530	$1,650	$1.08	43d	1	0.73mi
22 Hendricks Pl Unit 22 Indianapolis, IN	3.0	1.5	1730	$1,600	$0.92	17d	1	0.74mi
1541 E Ohio St Indianapolis, IN	3.0	1.0	1400	$1,399	$1.00	43d	1	0.76mi
932 E Morris St Indianapolis, IN	2.0	2.0	1483	$1,900	$1.28	3d	1	0.76mi
1035 Sanders St Unit 163 Indianapolis, IN	2.0	1.0	1481	$1,921	$1.30	43d	1	0.76mi
1301 Ringgold Ave Unit 1303750P Indianapolis, IN	3.0	3.0	2884	$6,514	$2.26	43d	1	0.80mi
1337 Barth Ave Unit NA Indianapolis, IN	3.0	1.0	2468	$1,700	$0.69	4d	1	0.81mi
1337 Barth Ave Indianapolis, IN	3.0	1.0	2468	$1,700	$0.69	7d	1	0.81mi
1337 Barth Ave Indianapolis, IN	3.0	1.0	2468	$1,700	$0.69	16d	1	0.81mi
1337 Barth Ave Indianapolis, IN	3.0	1.0	2468	$1,700	$0.69	10d	1	0.81mi
1430 E Ohio St Indianapolis, IN	3.0	1.5	2174	$1,745	$0.80	43d	1	0.83mi
1205 Cottage Ave Unit 1372938P Indianapolis, IN	4.0	3.5	2680	$6,638	$2.48	43d	1	0.83mi
1619 S Randolph St Indianapolis, IN	3.0	1.0	2016	$1,195	$0.59	23d	1	0.87mi
303 N State Ave Indianapolis, IN	3.0	1.0	1700	$1,275	$0.75	23d	1	0.87mi
322 N Summit St Unit 4 Indianapolis, IN	3.0	3.5	2546	$3,100	$1.22	7d	1	0.90mi
41 Keystone Ave Indianapolis, IN	3.0	2.5	1600	$2,500	$1.56	43d	1	0.93mi
43 Keystone Ave Indianapolis, IN	3.0	2.5	1600	$2,291	$1.43	16d	1	0.93mi
736 E Morris St Indianapolis, IN	2.0	1.5	1500	$1,195	$0.80	4d	1	0.93mi

Listing history 23 events

1. 2026-06-02
   statusdays on market $309,900 Pending 48 DOM
2. 2026-06-01
   days on market $309,900 Active 47 DOM
3. 2026-05-31
   days on market $309,900 Active 46 DOM
4. 2026-05-06
   status Active 861-char remark

   Show marketing remark (861 chars)

   Nestled in the thriving heart of Fountain Square, this fully renovated triplex at 1701 Fletcher Avenue is a rare investment opportunity you don't want to miss. Located just moments from the vibrant Fountain Square district, this property offers the perfect blend of justified urban rents and long-term growth potential. Each of the three units has been recently updated (2018-2019), making this a true turnkey investment. Whether you're looking to expand your portfolio or start fresh in real estate investing, the cash flow potential is here. With Fountain Square continuing to grow as one of the city's most desirable neighborhoods which should afford continued rent and value appreciation with an already 7% cap rate, which is excellent for a prime area. Don't let this opportunity slip away-multi family in prime locations like this are few and far between!

5. 2026-04-15
   status Pending 861-char remark

   Show marketing remark (861 chars)

   Nestled in the thriving heart of Fountain Square, this fully renovated triplex at 1701 Fletcher Avenue is a rare investment opportunity you don't want to miss. Located just moments from the vibrant Fountain Square district, this property offers the perfect blend of justified urban rents and long-term growth potential. Each of the three units has been recently updated (2018-2019), making this a true turnkey investment. Whether you're looking to expand your portfolio or start fresh in real estate investing, the cash flow potential is here. With Fountain Square continuing to grow as one of the city's most desirable neighborhoods which should afford continued rent and value appreciation with an already 7% cap rate, which is excellent for a prime area. Don't let this opportunity slip away-multi family in prime locations like this are few and far between!

6. 2026-03-26
   listed $334,900 Active 861-char remark

   Show marketing remark (861 chars)

   Nestled in the thriving heart of Fountain Square, this fully renovated triplex at 1701 Fletcher Avenue is a rare investment opportunity you don't want to miss. Located just moments from the vibrant Fountain Square district, this property offers the perfect blend of justified urban rents and long-term growth potential. Each of the three units has been recently updated (2018-2019), making this a true turnkey investment. Whether you're looking to expand your portfolio or start fresh in real estate investing, the cash flow potential is here. With Fountain Square continuing to grow as one of the city's most desirable neighborhoods which should afford continued rent and value appreciation with an already 7% cap rate, which is excellent for a prime area. Don't let this opportunity slip away-multi family in prime locations like this are few and far between!

7. 2023-08-23
   soldstatus $271,420 Closed 528-char remark

   Show marketing remark (528 chars)

   Triplex located a short distance from everything Fountain Square has to offer! This home boasts three separate units, including a common area with laundry. Each unit has been renovated, Unit A in Dec 2018, Unit B in July 2019 and Unit C in Dec 2019. All three units are currently leased, with great paying tenants. Fantastic Investment Opportunity! No showings without accepted offer. Video walkthrough available upon request. Lease information available upon request. All tenants have recently renewed. Do not disturb tenants.

8. 2023-07-17
   status Pending 528-char remark

   Show marketing remark (528 chars)

   Triplex located a short distance from everything Fountain Square has to offer! This home boasts three separate units, including a common area with laundry. Each unit has been renovated, Unit A in Dec 2018, Unit B in July 2019 and Unit C in Dec 2019. All three units are currently leased, with great paying tenants. Fantastic Investment Opportunity! No showings without accepted offer. Video walkthrough available upon request. Lease information available upon request. All tenants have recently renewed. Do not disturb tenants.

9. 2023-07-06
   listed $295,000 Active 528-char remark

   Show marketing remark (528 chars)

   Triplex located a short distance from everything Fountain Square has to offer! This home boasts three separate units, including a common area with laundry. Each unit has been renovated, Unit A in Dec 2018, Unit B in July 2019 and Unit C in Dec 2019. All three units are currently leased, with great paying tenants. Fantastic Investment Opportunity! No showings without accepted offer. Video walkthrough available upon request. Lease information available upon request. All tenants have recently renewed. Do not disturb tenants.

10. 2020-09-14
    historical
11. 2020-09-10
    soldstatus $175,000 Sold
12. 2020-08-21
    status Pending
13. 2020-07-30
    status Pending
14. 2020-07-30
    listed $200,000 Active
15. 2014-10-01
    historical
16. 2014-09-30
    soldstatus $24,500
17. 2014-05-12
    listed $34,900
18. 2006-06-23
    historical
19. 2005-12-23
    listed $115,000
20. 2003-08-29
    soldstatus $11,000
21. 2003-06-11
    listed $9,900
22. 2003-06-03
    historical
23. 2002-11-24
    listed $15,500

ⓘ 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: $6,732 · $561/mo
• Projected year-2 tax: $6,732 · $561/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: $64,188
• − Mortgage interest: −$17,359
• − Property taxes: −$6,732
• − Insurance: −$1,550
• − Repairs & maintenance: −$5,135
• − Management: −$5,135
• − Depreciation: −$9,015
• Taxable income: $19,261
• Est. tax owed @ 24.0%: −$4,623
• After-tax cash flow: $18,302/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): 37,758
• Household income: $57,393
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 1499.0

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% Hispanic / Latino 14% Black 12% Two or more races 8% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 12% Puerto Rican 1%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 8% · Canada
• Languages at home: 88% English-only · Spanish 10% Other Indo-European 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: ▼ -127.37%
• Current HPI: 349.579
• Rent YoY: ▲ 2.88%
• 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

+2060.6% since first listed

20 events — show timeline

• 2026-05-06 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-15 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-26 Listed $334,900 MIBOR as Distributed by MLS Grid
• 2023-08-23 Sold (MLS) $271,420 MIBOR as Distributed by MLS Grid
• 2023-07-17 Pending — MIBOR as Distributed by MLS Grid
• 2023-07-06 Listed $295,000 MIBOR as Distributed by MLS Grid
• 2020-09-14 Listing Removed — MIBOR as Distributed by MLS Grid
• 2020-09-10 Sold (MLS) $175,000 MIBOR as Distributed by MLS Grid
• 2020-08-21 Pending — MIBOR as Distributed by MLS Grid
• 2020-07-30 Pending — MIBOR as Distributed by MLS Grid
• 2020-07-30 Listed $200,000 MIBOR as Distributed by MLS Grid
• 2014-10-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2014-09-30 Sold (MLS) $24,500 MIBOR as Distributed by MLS Grid
• 2014-05-12 Listed $34,900 MIBOR as Distributed by MLS Grid
• 2006-06-23 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-12-23 Listed $115,000 MIBOR as Distributed by MLS Grid
• 2003-08-29 Sold (MLS) $11,000 MIBOR as Distributed by MLS Grid
• 2003-06-11 Listed $9,900 MIBOR as Distributed by MLS Grid
• 2003-06-03 Listing Removed — MIBOR as Distributed by MLS Grid
• 2002-11-24 Listed $15,500 MIBOR as Distributed by MLS Grid

Property tax history

+15.7%/yr

Latest (2025): $6,732 · +7.4% YoY. Source: county tax records.