1410 Union St · Indianapolis city (balance), IN 46225

$175,000

3 bd · 2.0 ba · 1,680 sqft · SingleFamily public records · 153 Days on market

Built 1890 3,006 sqft lot $104/sqft · at area comps Est $274k · 36% under

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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 +20.9/30.0
• ARV discount +15.0/15.0
• DSCR +6.6/10.0
• 1% rule +6.0/10.0
• Rent growth +5.0/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Old South Side: Stunning Queen Anne Victiorian cottage with all the original architecture preserved. Hardwoods throughout the main floor, 10" stained trim, functioning pocket door, and original fireplace/ mantel/ and tile hearth, all in pristine condition. Open eat-in kitchen with large island/ breakfast bar. Each bedroom has large closets and it's own bathroom--secondary bedroom's bathroom also has a second door into a common area. Fully fenced back yard. **Important: Seller aquired and ingress easment along the north edge of the backyard, providing access for a garage if you wish to build one.

Key facts

• Original fireplace
• 3,006 sq ft lot
• Built 1890

Tags

• QUEEN ANNE VICTORIAN COTTAGE
• FUNCTIONING POCKET DOOR
• ORIGINAL FIREPLACE
• LARGE ISLAND BREAKFAST BAR
• FULLY FENCED BACK YARD

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $243 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $154k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.0% 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.
• Market conditions: Rents rising fast (+11.0%/yr); 129 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).
• This rent runs 42% of the median local income ($55k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 + 8.0% rent growth), your $49k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 153 days — a 12% lower offer ($154k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 22y ago; this cycle's ask has dropped $15k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $22k; list at $175k implies a 678% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $154,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 153 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — 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: 1.10% ✓
• Cap rate: 7.96%
• Cash-on-cash: 5.94%
• DSCR: 1.26
• GRM: 7.6

CMA / ARV

• ARV (median comp): $273,866
• List price: $175,000
• Delta: -36.10%
• 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
1214 S Talbott St	0.21mi	3/2.0	1,638 (-2%)	4mo	$270,000	$165	82
1750 Union St	0.38mi	4/2.0 (+1)	1,641 (-2%)	4mo	$229,000	$140	70
1250 Union St	0.14mi	3/1.5	1,440 (-14%)	1mo	$200,000	$139	67
227 Sanders St	0.28mi	3/3.5	1,819 (+8%)	2mo	$335,000	$184	66
746 Parkway Ave	0.63mi	3/2.0	1,628 (-3%)	2mo	$251,000	$154	64
2134 S Delaware St	0.70mi	3/3.0	1,680 (0%)	2mo	$195,000	$116	62
619 Prospect St	0.57mi	3/1.5	1,564 (-7%)	1mo	$264,000	$169	59
518 Terrace Ave	0.48mi	3/2.5	1,869 (+11%)	2mo	$335,000	$179	56
706 E Minnesota St	0.63mi	3/3.5	1,589 (-5%)	3mo	$202,000	$127	53
711 Terrace Ave	0.57mi	3/2.0	1,475 (-12%)	1mo	$323,500	$219	52
1039 High St	0.42mi	2/1.0 (-1)	1,497 (-11%)	3mo	$120,000	$80	51
14 E Regent St	0.70mi	3/2.5	1,496 (-11%)	2mo	$270,000	$180	45

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -1.4%
• Equity multiple: 0.95×
• Total profit: $-2,681
• Equity at exit: $26,093

10-year hold

• IRR: 13.2%
• Equity multiple: 2.31×
• Total profit: $64,062
• Equity at exit: $15,131

Cash invested: $49,000 (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 46225

• Home prices YoY: -8.2%
• Rents YoY: 11.0%
• Active inventory: 129
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,921 high
• Mortgage (P&I): −$918
• Tax from tax record: −$285 /mo · $3,417/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$404
• Net cashflow: $243

Break-even live

Break-even rent $1,614

Max offer price $175,000

Occupancy floor 82%

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
243 Terrace Ave Indianapolis, IN	4.0	2.0	1669	$2,700	$1.62	18d	1	0.30mi
1713 S Delaware St Indianapolis, IN	2.0	2.0	1785	$1,700	$0.95	44d	1	0.38mi
406 Orange St Indianapolis, IN	3.0	2.5	1820	$2,250	$1.24	44d	1	0.38mi
1436 S New Jersey St Unit A Indianapolis, IN	3.0	2.5	1300	$2,100	$1.62	24d	1	0.40mi
915 S Meridian St Indianapolis, IN	2.0	1.0–2.0	829	$2,551	$3.08	2d	42	0.43mi
224 Iowa St Indianapolis, IN	3.0	1.0	1254	$1,450	$1.16	24d	1	0.44mi
1439 South East St Indianapolis, IN	2.0	2.0	1114	$1,425	$1.28	20d	1	0.48mi
1437 S East St Indianapolis, IN	2.0	2.0	1114	$1,425	$1.28	44d	1	0.49mi
614 Parkway Ave Indianapolis, IN	3.0	2.0	1360	$1,900	$1.40	22d	1	0.53mi
518 Prospect St Unit 1357365P Indianapolis, IN	3.0	2.0	1614	$2,594	$1.61	7d	1	0.53mi
518 Prospect St Unit 1353834P Indianapolis, IN	3.0	2.0	1603	$2,442	$1.52	15d	1	0.53mi
704 Sanders St Indianapolis, IN	2.0	1.0	1290	$1,275	$0.99	24d	1	0.58mi
726 Parkway Ave Indianapolis, IN	3.0	2.0	1150	$2,195	$1.91	17d	1	0.61mi
728 Cottage Ave Indianapolis, IN	3.0	2.5	1831	$2,550	$1.39	24d	1	0.62mi
734 Parkway Ave Indianapolis, IN	3.0	2.0	2110	$2,299	$1.09	24d	1	0.62mi
736 E Morris St Indianapolis, IN	2.0	1.5	1500	$1,195	$0.80	4d	1	0.64mi
752 Cottage Ave Indianapolis, IN	3.0	2.0	1548	$1,750	$1.13	15d	1	0.66mi
438 E Beecher St Indianapolis, IN	3.0	2.5	1500	$1,450	$0.97	24d	1	0.66mi
1247 Wright St Indianapolis, IN	3.0	1.5	1247	$1,750	$1.40	18d	1	0.68mi
1247 Wright St Indianapolis, IN	3.0	1.5	1809	$1,750	$0.97	44d	1	0.68mi
714 Buchanan St Indianapolis, IN	2.0	2.0	1100	$1,995	$1.81	15d	1	0.70mi
1830 Orleans St Indianapolis, IN	3.0	2.5	1586	$1,995	$1.26	44d	1	0.71mi
835 Weghorst St Unit 837 Indianapolis, IN	3.0	1.5	1500	$1,399	$0.93	24d	1	0.73mi
1833 Orleans St Unit 1 Indianapolis, IN	3.0	1.0	1260	$1,350	$1.07	44d	1	0.73mi
620 E Beecher St Indianapolis, IN	3.0	2.0	1072	$1,639	$1.53	20d	1	0.75mi
1835 Applegate St Indianapolis, IN	4.0	3.0	2024	$2,300	$1.14	44d	1	0.78mi
907 Prospect St Unit 907 Prospect NO AMI Indianapolis, IN	3.0	1.5	1121	$1,400	$1.25	24d	1	0.82mi
1514 Ringgold Ave Indianapolis, IN	3.0	1.0	1064	$1,295	$1.22	44d	1	0.82mi
932 E Morris St Indianapolis, IN	2.0	2.0	1483	$1,900	$1.28	3d	1	0.84mi
2109 Singleton St Indianapolis, IN	3.0	2.0	1340	$2,100	$1.57	7d	1	0.87mi
1035 Sanders St Unit 163 Indianapolis, IN	2.0	1.0	1481	$1,921	$1.30	44d	1	0.91mi
1012 Prospect St Unit 1527 Indianapolis, IN	3.0	1.5	1150	$1,200	$1.04	44d	1	0.92mi
1012 Prospect St Unit 512 State 120% AMI Indianapolis, IN	3.0	1.0	1200	$1,400	$1.17	44d	1	0.92mi
1012 Prospect St Unit 907 Prospect NO AMI Indianapolis, IN	3.0	1.5	1121	$1,400	$1.25	44d	1	0.92mi
1045 Orange St Indianapolis, IN	2.0	1.0	1232	$2,000	$1.62	24d	1	0.93mi
1045 Orange St Indianapolis, IN	2.0	1.0	1232	$2,200	$1.79	44d	1	0.93mi
1140 Shelby St Apt 515 Indianapolis, IN	2.0	2.0	1181	$2,090	$1.77	24d	1	0.97mi
2283 Union St Indianapolis, IN	3.0	2.0	1824	$1,820	$1.00	24d	1	0.97mi
1012 Hosbrook St Indianapolis, IN	2.0	2.5	1728	$2,400	$1.39	24d	1	0.99mi
229 S Delaware St Indianapolis, IN	3.0	1.0–3.5	1207	$4,758	$3.94	2d	54	1.00mi

Listing history 25 events

1. 2026-06-18
   days on market $175,000 Active 153 DOM
2. 2026-06-17
   days on market $175,000 Active 152 DOM
3. 2026-06-16
   days on market $175,000 Active 151 DOM
4. 2026-06-15
   days on market $175,000 Active 150 DOM
5. 2026-06-13
   days on market $175,000 Active 148 DOM
6. 2026-06-13
   days on market $175,000 Active 147 DOM
7. 2026-06-09
   days on market $175,000 Active 144 DOM
8. 2026-06-08
   days on market $175,000 Active 143 DOM
9. 2026-06-07
   days on market $175,000 Active 142 DOM
10. 2026-06-03
    days on market $175,000 Active 138 DOM
11. 2026-06-02
    days on market $175,000 Active 137 DOM
12. 2026-06-01
    days on market $175,000 Active 136 DOM
13. 2026-05-31
    days on market $175,000 Active 135 DOM
14. 2026-01-16
    listed $189,900 Active 607-char remark

    Show marketing remark (607 chars)

    Old South Side: Stunning Queen Anne Victiorian cottage with all the original architecture preserved. Hardwoods throughout the main floor, 10" stained trim, functioning pocket door, and original fireplace/ mantel/ and tile hearth, all in pristine condition. Open eat-in kitchen with large island/ breakfast bar. Each bedroom has large closets and it's own bathroom--secondary bedroom's bathroom also has a second door into a common area. Fully fenced back yard. **Important: Seller aquired and ingress easment along the north edge of the backyard, providing access for a garage if you wish to build one.

15. 2014-09-25
    historical 189-char remark

    Show marketing remark (189 chars)

    Charming Historic 1890's home! Gourmet kitchen, living room with fireplace, pocket doors with craftsmen detailing. Two Master Ensuites as well! Preferred downtown location. Won't last long!

16. 2014-09-19
    soldstatus $22,500 189-char remark

    Show marketing remark (189 chars)

    Charming Historic 1890's home! Gourmet kitchen, living room with fireplace, pocket doors with craftsmen detailing. Two Master Ensuites as well! Preferred downtown location. Won't last long!

17. 2014-07-07
    listed $29,500 189-char remark

    Show marketing remark (189 chars)

    Charming Historic 1890's home! Gourmet kitchen, living room with fireplace, pocket doors with craftsmen detailing. Two Master Ensuites as well! Preferred downtown location. Won't last long!

18. 2010-09-18
    historical
19. 2010-02-22
    listed $79,000
20. 2009-03-17
    historical
21. 2009-03-16
    soldstatus $13,500
22. 2008-09-22
    listed $19,900
23. 2005-02-28
    historical
24. 2004-09-08
    listed $68,000
25. 2001-03-09
    soldstatus $66,500

ⓘ 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: $3,417 · $285/mo
• Projected year-2 tax: $3,417 · $285/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) · 70% 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
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,058
• − Mortgage interest: −$9,803
• − Property taxes: −$3,417
• − Insurance: −$875
• − Repairs & maintenance: −$1,845
• − Management: −$1,845
• − Depreciation: −$5,091
• Taxable income: $183
• Est. tax owed @ 24.0%: −$44
• After-tax cash flow: $2,867/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): 6,037
• Household income: $55,190
• Rent vs Own: 44.0% rent · 56.0% own
• Severe rent burden: 311.0

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 (68%)
• Race & ethnicity: White 68% Two or more races 12% Black 11% Hispanic / Latino 10% Asian 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 2% Italian 2% Slovak 1%
• Foreign-born: 9% · Canada
• Languages at home: 88% English-only · Spanish 10% German/W. Germanic 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: ▼ -36.19%
• Current HPI: 403.9271
• Rent YoY: ▲ 10.98%
• 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

+185.6% since first listed

12 events — show timeline

• 2026-01-16 Listed $189,900 MIBOR as Distributed by MLS Grid
• 2014-09-25 Listing Removed — MIBOR as Distributed by MLS Grid
• 2014-09-19 Sold (MLS) $22,500 MIBOR as Distributed by MLS Grid
• 2014-07-07 Listed $29,500 MIBOR as Distributed by MLS Grid
• 2010-09-18 Listing Removed — MIBOR as Distributed by MLS Grid
• 2010-02-22 Listed $79,000 MIBOR as Distributed by MLS Grid
• 2009-03-17 Listing Removed — MIBOR as Distributed by MLS Grid
• 2009-03-16 Sold (MLS) $13,500 MIBOR as Distributed by MLS Grid
• 2008-09-22 Listed $19,900 MIBOR as Distributed by MLS Grid
• 2005-02-28 Listing Removed — MIBOR as Distributed by MLS Grid
• 2004-09-08 Listed $68,000 MIBOR as Distributed by MLS Grid
• 2001-03-09 Sold (Public Records) $66,500 Public Records

Property tax history

+7.8%/yr

Latest (2025): $3,417 · +7.4% YoY. Source: county tax records.