1021 N Ewing St · Indianapolis city (balance), IN 46201

$214,900

4 bd · 16.0 ba · 1,898 sqft · MultiFamily public records · 24 Days on market

Built 1920 4,792 sqft lot Est $158k · 36% over

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• Rent growth +4.3/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Excellent investment opportunity near the heart of Indianapolis, Indiana. This updated quadplex offers immediate income potential with 3 units currently rented and 1 vacant unit ready for occupancy or lease-up. The vacant unit has been recently updated and is rent-ready, giving the next owner the opportunity to quickly increase cash flow or place a tenant at current market rents. Property features a solid multi-unit setup in a location with convenient access to downtown Indianapolis, major employers, dining, and entertainment. Whether you're looking to expand your portfolio or step into multifamily investing with built-in income, this property offers strong upside and long-term potential in

Key facts

• Convenient access
• Rent ready
• Updated quadplex

Tags

• UPDATED QUADPLEX
• IMMEDIATE INCOME POTENTIAL
• VACANT UNIT
• RENT READY
• SOLID MULTI UNIT SETUP
• CONVENIENT ACCESS

Property features AI

Finance

• Other: Current use: Residential; Road access: see remarks
• Financial info: Reported gross income: 0; Reported expenses: 0; One unit listed with rent of $600 per month

Exterior

• Utilities: Solid waste service available
• Home design: Residential income property; Quadruplex; Two levels (building has two stories)
• Construction: Lot measures 0.11 acres
• Exterior features: No fence; Property conversion (converted to multi-family)

Interior

• Kitchen: Each unit has a small kitchen (approx. 7 x 7)
• Bedrooms: Total of 4 units with 1 bedroom each
• Bathrooms: Total of 4 bathrooms (one per unit)
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/1.0-bath units multifamily listed at $215k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $257/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $215k).
• Recommended offer: $212k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.0% 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 (+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); 52% 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 $3,188/mo this rent would consume 78% 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 $6k 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 $60k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 7y 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 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $211,676 (1.5% below list)

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 1920 — 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: 1.48% ✓
• Cap rate: 12.03%
• Cash-on-cash: 20.49%
• DSCR: 1.91
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $157,534
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1313 N Olney St	0.24mi	4/2.0	1,890 (-0%)	14mo	$144,000	$76	57
3934 E 10th St	0.28mi	5/2.0 (+1)	1,820 (-4%)	12mo	$215,000	$118	50
825 N Bradley Ave	0.32mi	3/2.0 (-1)	2,080 (+10%)	15mo	$210,000	$101	37
1301 N Ewing St	0.19mi	3/2.0 (-1)	2,169 (+14%)	13mo	$164,900	$76	37
837 N Chester Ave	0.39mi	3/3.0 (-1)	1,764 (-7%)	21mo	$105,000	$60	32
426 / 428 N Bradley Ave	0.57mi	3/3.0 (-1)	1,936 (+2%)	23mo	$280,000	$145	30
1627 N Gladstone Ave	0.67mi	3/3.0 (-1)	1,848 (-3%)	18mo	$152,500	$83	29
3328 E New York St	0.71mi	4/2.0	2,104 (+11%)	6mo	$235,000	$112	24
3733 E Vermont St	0.65mi	3/3.0 (-1)	2,169 (+14%)	12mo	$92,500	$43	16

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: 17.6%
• Equity multiple: 1.75×
• Total profit: $45,094
• Equity at exit: $32,042

10-year hold

• IRR: 29.0%
• Equity multiple: 4.13×
• Total profit: $188,447
• Equity at exit: $18,581

Cash invested: $60,172 (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: 22.5×

Monthly cashflow live

• Estimated rent: $3,188 medium
• Mortgage (P&I): −$1,127
• Tax from tax record: −$275 /mo · $3,294/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$669
• Net cashflow: $1,027

Break-even live

Break-even rent $1,887

Max offer price $214,900

Occupancy floor 63%

Sensitivity live

Price	-10% $1,149	-5% $1,088	+0% $1,027	+5% $967	+10% $906
Rent	-10% $776	-5% $902	+0% $1,027	+5% $1,153	+10% $1,279
Rate	-1.0pp $1,136	-0.5pp $1,082	base $1,027	+0.5pp $972	+1.0pp $915

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$3,188
Total (4 units)			$3,188

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: $53,725
• Closing costs: $6,447
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1018 N Tuxedo St Unit 1016 Indianapolis, IN	3.0	1.5	1250	$1,099	$0.88	44d	1	0.19mi
931 N Lasalle St Indianapolis, IN	4.0	2.5	2544	$2,300	$0.90	44d	1	0.27mi
909 N Lasalle St Indianapolis, IN	3.0	2.0	1717	$1,600	$0.93	45d	1	0.30mi
1521 N Kealing Ave Indianapolis, IN	3.0	1.0	1250	$1,250	$1.00	18d	1	0.42mi
1531 N Kealing Ave Unit A Indianapolis, IN	3.0	2.0	1250	$1,397	$1.12	24d	1	0.43mi
1531 N Kealing Ave Indianapolis, IN	3.0	2.0	1250	$1,500	$1.20	24d	1	0.43mi
1216 N Oakland Ave Indianapolis, IN	3.0	2.0	1464	$1,550	$1.06	15d	1	0.43mi
1214 N Oakland Ave Indianapolis, IN	3.0	2.0	1464	$1,350	$0.92	15d	1	0.44mi
849 N Oakland Ave Indianapolis, IN	4.0	3.0	1638	$2,350	$1.43	13d	1	0.46mi
603 N Sherman Dr Indianapolis, IN	3.0	1.0	1250	$1,300	$1.04	44d	1	0.47mi
1038 N Parker Ave Indianapolis, IN	4.0	2.0	1342	$1,745	$1.30	5d	1	0.48mi
1036 N Parker Ave Indianapolis, IN	4.0	2.0	1342	$1,745	$1.30	5d	1	0.48mi
818 N Oakland Ave Unit 46201 Indianapolis, IN	3.0	1.5	1332	$1,550	$1.16	44d	1	0.51mi
447 N Sherman Dr Indianapolis, IN	3.0	1.5	1312	$1,195	$0.91	44d	1	0.55mi
801 N Gladstone Ave Indianapolis, IN	3.0	1.5	1776	$1,225	$0.69	44d	1	0.57mi
645 N Oxford St Indianapolis, IN	4.0	1.5	1344	$1,500	$1.12	24d	1	0.62mi
849 N Rural St Unit 849 Indianapolis, IN	3.0	2.5	1300	$2,000	$1.54	44d	1	0.63mi
642 N Colorado Ave Indianapolis, IN	3.0	2.0	1572	$1,450	$0.92	44d	1	0.64mi
851 N Rural St Indianapolis, IN	3.0	2.5	1300	$1,700	$1.31	24d	1	0.64mi
960 Eastern Ave Indianapolis, IN	3.0	1.5	1616	$1,500	$0.93	24d	1	0.68mi
960 Eastern Ave Indianapolis, IN	3.0	1.5	1616	$1,500	$0.93	44d	1	0.68mi
408 N Dearborn St Indianapolis, IN	3.0	2.5	1740	$1,750	$1.01	44d	1	0.69mi
619 N Rural St Indianapolis, IN	3.0	2.0	1300	$1,600	$1.23	24d	1	0.71mi
2903 E Michigan St Indianapolis, IN	3.0	2.0	1310	$1,650	$1.26	15d	1	0.73mi
409 N Oakland Ave Unit 411 Indianapolis, IN	3.0	2.0	1300	$1,495	$1.15	44d	1	0.74mi
3712 E Market St Indianapolis, IN	3.0	1.0	1800	$1,450	$0.81	15d	1	0.75mi
1550 N Rural St Indianapolis, IN	3.0	1.0	1388	$1,600	$1.15	44d	1	0.76mi
2822 E Michigan St Indianapolis, IN	3.0	2.0	1918	$1,999	$1.04	23d	1	0.77mi
325 N Gladstone Ave Indianapolis, IN	3.0	2.0	2580	$1,285	$0.50	44d	1	0.79mi
323 N Gladstone Ave Indianapolis, IN	3.0	2.0	2580	$1,285	$0.50	44d	1	0.80mi
119 N Grant Ave Indianapolis, IN	3.0	1.0	1408	$1,195	$0.85	44d	1	0.83mi
33 N Sherman Dr Unit 33 Indianapolis, IN	3.0	1.5	1288	$1,500	$1.16	8d	1	0.83mi
1927 N Dearborn St Indianapolis, IN	3.0	1.0	2182	$1,495	$0.69	44d	1	0.86mi
420 Eastern Ave Indianapolis, IN	3.0	1.0	1900	$1,325	$0.70	44d	1	0.91mi
929 N Beville Ave Indianapolis, IN	3.0	1.0	1328	$1,395	$1.05	24d	1	0.93mi
409 N Temple Ave Indianapolis, IN	3.0	2.0	2106	$1,650	$0.78	44d	1	0.94mi
20 N Gray St Indianapolis, IN	3.0	2.0	1300	$1,800	$1.38	44d	1	0.94mi
826 N Beville Ave Indianapolis, IN	3.0	1.0	1472	$1,295	$0.88	5d	1	0.97mi
826 N Beville Ave Indianapolis, IN	3.0	1.0	1472	$1,295	$0.88	3d	1	0.97mi
21 N Colorado Ave Indianapolis, IN	3.0	1.5	1520	$2,000	$1.32	44d	1	0.97mi

Listing history 18 events

1. 2026-06-21
   days on market $214,900 Active 24 DOM
2. 2026-06-18
   days on market $214,900 Active 21 DOM
3. 2026-06-17
   days on market $214,900 Active 20 DOM
4. 2026-06-16
   days on market $214,900 Active 19 DOM
5. 2026-06-15
   days on market $214,900 Active 18 DOM
6. 2026-06-13
   days on market $214,900 Active 16 DOM
7. 2026-06-13
   days on market $214,900 Active 15 DOM
8. 2026-06-09
   days on market $214,900 Active 12 DOM
9. 2026-06-08
   days on market $214,900 Active 11 DOM
10. 2026-06-07
    days on market $214,900 Active 10 DOM
11. 2026-06-03
    days on market $214,900 Active 6 DOM
12. 2026-06-02
    days on market $214,900 Active 5 DOM
13. 2026-06-01
    days on market $214,900 Active 4 DOM
14. 2026-05-31
    days on market $214,900 Active 3 DOM
15. 2026-05-28
    listed $214,900 Active
16. 2019-06-13
    status Pending
17. 2019-06-13
    historical
18. 2019-06-01
    listed $89,900 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: $3,294 · $275/mo
• Projected year-2 tax: $3,294 · $275/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 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: $38,256
• − Mortgage interest: −$12,038
• − Property taxes: −$3,294
• − Insurance: −$1,074
• − Repairs & maintenance: −$3,060
• − Management: −$3,060
• − Depreciation: −$6,252
• Taxable income: $9,477
• Est. tax owed @ 24.0%: −$2,274
• After-tax cash flow: $10,055/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

+139.0% since first listed

4 events — show timeline

• 2026-05-28 Listed $214,900 MIBOR as Distributed by MLS Grid
• 2019-06-13 Pending — MIBOR as Distributed by MLS Grid
• 2019-06-13 Listing Removed — MIBOR as Distributed by MLS Grid
• 2019-06-01 Listed $89,900 MIBOR as Distributed by MLS Grid

Property tax history

+10.6%/yr

Latest (2025): $3,294 · +26.8% YoY. Source: county tax records.