3032 Boulevard Pl · Indianapolis city (balance), IN 46208

$118,000

2 bd · 1.0 ba · 1,092 sqft · SingleFamily public records · 55 Days on market

Built 1901 6,011 sqft lot $108/sqft · at area comps Est $169k · 30% under

---

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 +22.6/30.0
• ARV discount +15.0/15.0
• DSCR +7.2/10.0
• 1% rule +6.3/10.0
• Rent growth +4.1/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

This classic bungalow is full of charm and ready for someone to make it their own. From the moment you arrive, you'll appreciate the character and cozy feel that only a home of this era can offer. Whether you're looking for a place to settle in or an opportunity to add your personal touch, this one is worth a closer look. Built in 1901, this single-level home offers 1,092 square feet of living space and features aluminum siding with a mix of wood and vinyl windows. Inside, you'll find 2 bedrooms and 1 bath, with a layout that feels both comfortable and functional. With no garage, the property keeps things simple while offering plenty of potential to create a space that truly feels like home

Key facts

• 6,011 sq ft lot
• Built 1901
• Listed 55 days

Property features AI

Exterior

• Utilities: Public water; Municipal sewer connected; Solid waste service available
• Home design: Single-family residence; One level
• Construction: Brick partial foundation; Aluminum, vinyl, and wood siding
• Exterior features: Less than 1/4 acre lot

Interior

• Kitchen: Electric oven; Refrigerator
• Bedrooms: Two bedrooms on the main level
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Stained or painted woodwork
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $118k.

Deal economics

• At list price, monthly cash flow is $201 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $118k).
• Recommended offer: $114k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.3% 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 rising fast (+6.4%/yr); 283 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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 $816 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 + 6.4% rent growth), your $33k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 10y ago; this cycle's ask has dropped $15k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $114,460 (3.0% below list)

Questions for the listing agent

1. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1901 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.13% ✓
• Cap rate: 8.33%
• Cash-on-cash: 7.29%
• DSCR: 1.32
• GRM: 7.4

CMA / ARV

• ARV (median comp): $168,931
• List price: $118,000
• Delta: -30.15%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2949 Shriver Ave	0.13mi	3/1.0 (+1)	1,080 (-1%)	2mo	$138,000	$128	85
538 W 28th St	0.41mi	2/1.0	1,100 (+1%)	4mo	$110,000	$100	76
330 Congress Ave	0.11mi	3/2.0 (+1)	1,156 (+6%)	3mo	$210,000	$182	74
3017 Ethel Ave	0.25mi	3/1.5 (+1)	1,079 (-1%)	7mo	$90,000	$83	73
3151 Graceland Ave	0.15mi	3/1.0 (+1)	1,200 (+10%)	1mo	$169,900	$142	70
3042 Graceland Ave	0.06mi	3/2.0 (+1)	1,200 (+10%)	3mo	$163,700	$136	69
3035 Graceland Ave	0.09mi	3/2.0 (+1)	1,001 (-8%)	10mo	$140,000	$140	64
721 W 32nd St	0.50mi	3/2.0 (+1)	1,108 (+2%)	3mo	$174,900	$158	63
727 W 25th St	0.70mi	2/1.0	1,130 (+4%)	9mo	$25,500	$23	54
260 W 33rd St	0.31mi	3/1.5 (+1)	1,200 (+10%)	10mo	$115,000	$96	54
2709 Shriver Ave	0.38mi	3/2.0 (+1)	1,212 (+11%)	6mo	$123,016	$101	50
2442 Ethel Ave	0.67mi	2/1.0	1,214 (+11%)	3mo	$150,000	$124	47

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 · 6.43% rent growth · sell at horizon

5-year hold

• IRR: -1.2%
• Equity multiple: 0.95×
• Total profit: $-1,532
• Equity at exit: $17,594

10-year hold

• IRR: 12.0%
• Equity multiple: 2.10×
• Total profit: $36,283
• Equity at exit: $10,202

Cash invested: $33,040 (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 46208

• Rents YoY: 6.4%
• Active inventory: 283
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,335 high
• Mortgage (P&I): −$619
• Tax from tax record: −$186 /mo · $2,230/yr
• Insurance: −$49
• HOA: −$0
• Vacancy / Maint / Mgmt: −$280
• Net cashflow: $201

Break-even live

Break-even rent $1,081

Max offer price $118,000

Occupancy floor 80%

Sensitivity live

Price	-10% $267	-5% $234	+0% $201	+5% $167	+10% $134
Rent	-10% $95	-5% $148	+0% $201	+5% $253	+10% $306
Rate	-1.0pp $260	-0.5pp $231	base $201	+0.5pp $170	+1.0pp $139

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: $29,500
• Closing costs: $3,540
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3031 Boulevard Pl Indianapolis, IN	3.0	1.5	1395	$1,450	$1.04	19d	1	0.02mi
3017 Ethel Ave Indianapolis, IN	3.0	1.5	1079	$1,400	$1.30	25d	1	0.25mi
2808 N Capitol Ave Indianapolis, IN	2.0	1.0	900	$975	$1.08	25d	1	0.31mi
538 W 29th St Unit B Indianapolis, IN	3.0	1.0	1031	$1,349	$1.31	0d	1	0.34mi
538 W 29th St Indianapolis, IN	3.0	1.0	1132	$1,349	$1.19	25d	1	0.34mi
538 W 29th St Indianapolis, IN	2.0	1.0	1132	$1,099	$0.97	0d	1	0.34mi
541 W 29th St Indianapolis, IN	1.0	1.0	740	$900	$1.22	21d	1	0.36mi
516 W 28th St Indianapolis, IN	2.0	1.0	1005	$1,100	$1.09	25d	1	0.39mi
560 Udell St Indianapolis, IN	3.0	1.5	1176	$1,190	$1.01	25d	1	0.40mi
648 W 30th St Indianapolis, IN	3.0	2.0	1300	$1,500	$1.15	25d	1	0.44mi
3413 N Capitol Ave Indianapolis, IN	3.0	1.0	1176	$1,249	$1.06	12d	1	0.49mi
1 W 28th St Indianapolis, IN	1.0	1.0	656	$970	$1.48	4d	15	0.49mi
3415 N Capitol Ave Indianapolis, IN	3.0	1.0	1176	$1,249	$1.06	25d	1	0.49mi
3310 N Meridian St Indianapolis, IN	1.0–2.0	1.0	750	$1,150	$1.53	45d	3	0.49mi
2901 N Talbott St Indianapolis, IN	3.0	1.5	1388	$1,400	$1.01	0d	1	0.56mi
2901 N Talbott St Indianapolis, IN	3.0	1.5	1388	$1,400	$1.01	45d	1	0.56mi
826 W 29th St Indianapolis, IN	3.0	2.0	1200	$1,595	$1.33	45d	1	0.56mi
824 W 29th St Indianapolis, IN	3.0	2.0	1200	$1,595	$1.33	45d	1	0.57mi
3469 Graceland Ave Indianapolis, IN	2.0	1.0	1000	$1,200	$1.20	45d	1	0.57mi
143 W 35th St Indianapolis, IN	3.0	1.0	1235	$1,175	$0.95	9d	1	0.59mi
2955 N Delaware St Indianapolis, IN	3.0	1.5	1400	$1,600	$1.14	45d	1	0.59mi
2625 N Meridian St Indianapolis, IN	1.0–2.0	1.0–2.0	850	$2,150	$2.53	9d	8	0.60mi
2801 N Talbott St Unit A Indianapolis, IN	3.0	2.0	1296	$1,850	$1.43	45d	1	0.60mi
2813 N Talbott St Indianapolis, IN	3.0	2.0	1297	$1,800	$1.39	45d	1	0.60mi
2923 N Delaware St Indianapolis, IN	3.0	1.5	1320	$1,350	$1.02	0d	1	0.60mi
2925 N Delaware St Indianapolis, IN	3.0	1.5	1322	$1,275	$0.96	25d	1	0.60mi
2809 N Talbott St Indianapolis, IN	3.0	2.0	1250	$1,750	$1.40	45d	1	0.61mi
2805 N Talbott St Indianapolis, IN	3.0	2.0	1296	$1,800	$1.39	45d	1	0.61mi
3457 N Illinois St Indianapolis, IN	3.0	2.0	1230	$1,145	$0.93	25d	1	0.61mi
3502 N Kenwood Ave Indianapolis, IN	3.0	2.0	1094	$1,220	$1.12	45d	1	0.61mi
3501 N Illinois St Unit 3 Indianapolis, IN	2.0	2.0	1087	$1,350	$1.24	9d	1	0.65mi
321 E 31st St Indianapolis, IN	3.0	1.0	1390	$1,400	$1.01	45d	1	0.68mi
926 W 32nd St Indianapolis, IN	3.0	2.0	1050	$1,295	$1.23	9d	1	0.68mi
55 W Fall Creek Parkway South Dr Unit C Indianapolis, IN	2.0	1.0	1000	$1,035	$1.03	45d	1	0.68mi
3540 N Meridian St Indianapolis, IN	1.0	1.0	757	$789	$1.04	6d	3	0.75mi
3622 N Capitol Ave Indianapolis, IN	3.0	1.0	1300	$1,300	$1.00	9d	1	0.75mi
2437 N Pennsylvania St Indianapolis, IN	3.0	2.0	1400	$1,650	$1.18	25d	1	0.76mi
3217 Rader St Indianapolis, IN	3.0	1.0	1200	$1,299	$1.08	45d	1	0.77mi
3541 N Meridian St Indianapolis, IN	1.0–2.0	1.0	987	$880	$0.89	45d	1	0.78mi
3524 N Pennsylvania St Indianapolis, IN	2.0	1.0	725	$872	$1.20	4d	4	0.79mi

Listing history 22 events

1. 2026-06-21
   days on market $118,000 Active 55 DOM
2. 2026-06-18
   days on market $118,000 Active 52 DOM
3. 2026-06-17
   days on market $118,000 Active 51 DOM
4. 2026-06-16
   days on market $118,000 Active 50 DOM
5. 2026-06-15
   days on market $118,000 Active 49 DOM
6. 2026-06-13
   days on market $118,000 Active 47 DOM
7. 2026-06-13
   days on market $118,000 Active 46 DOM
8. 2026-06-09
   days on market $118,000 Active 43 DOM
9. 2026-06-08
   days on market $118,000 Active 42 DOM
10. 2026-06-07
    days on market $118,000 Active 41 DOM
11. 2026-06-03
    days on market $118,000 Active 37 DOM
12. 2026-06-02
    days on market $118,000 Active 36 DOM
13. 2026-06-01
    days on market $118,000 Active 35 DOM
14. 2026-05-31
    days on market $118,000 Active 34 DOM
15. 2026-05-12
    price $123,000 703-char remark
16. 2026-04-27
    listed $133,000 Active 703-char remark
17. 2020-09-14
    historical
18. 2020-08-23
    status Pending
19. 2020-08-15
    listed $68,000 Active
20. 2016-08-13
    historical
21. 2016-07-22
    price $21,000
22. 2016-05-26
    listed $24,900 Active

ⓘ 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: $2,230 · $186/mo
• Projected year-2 tax: $2,230 · $186/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) · 71% 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 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: $16,018
• − Mortgage interest: −$6,610
• − Property taxes: −$2,230
• − Insurance: −$590
• − Repairs & maintenance: −$1,281
• − Management: −$1,281
• − Depreciation: −$3,433
• Taxable income: $592
• Est. tax owed @ 24.0%: −$142
• After-tax cash flow: $2,266/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): 22,379
• Household income: $60,062
• Rent vs Own: 44.1% rent · 55.9% own
• Severe rent burden: 978.0

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 0.62)
• Race & ethnicity: White 46% Black 40% Hispanic / Latino 8% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 2% Slovak 2% Italian 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 5% French/Haitian/Cajun 1% 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: ▼ -324.63%
• Current HPI: 319.7725
• Rent YoY: ▲ 6.43%
• 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

+373.9% since first listed

9 events — show timeline

• 2026-05-26 Price Changed $118,000 MIBOR as Distributed by MLS Grid
• 2026-05-12 Price Changed $123,000 MIBOR as Distributed by MLS Grid
• 2026-04-27 Listed $133,000 MIBOR as Distributed by MLS Grid
• 2020-09-14 Listing Removed — MIBOR as Distributed by MLS Grid
• 2020-08-23 Pending — MIBOR as Distributed by MLS Grid
• 2020-08-15 Listed $68,000 MIBOR as Distributed by MLS Grid
• 2016-08-13 Listing Removed — MIBOR as Distributed by MLS Grid
• 2016-07-22 Price Changed $21,000 MIBOR as Distributed by MLS Grid
• 2016-05-26 Listed $24,900 MIBOR as Distributed by MLS Grid

Property tax history

+20.9%/yr

Latest (2025): $2,230 · +5.9% YoY. Source: county tax records.