226 N Keystone Ave · Indianapolis city (balance), IN 46201

$300,000

2 bd · 4.0 ba · 920 sqft · MultiFamily public records · 75 Days on market

Built 1900 4,182 sqft lot $326/sqft · 212% above area ↓ 14% since listing

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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
• DSCR +10.0/10.0
• 1% rule +9.6/10.0
• ARV discount +7.5/15.0
• Rent growth +4.3/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Solid duplex with 3 bedrooms/1 bath each side! Incredible location and opportunity! 226 is currently rented and tenant rights apply. 228 is currently vacant allowing for immediate possession of that unit! Amazing chance for investor to update this solid home and/or move in and live in one side while collecting rent from the other! Spacious floor plan offers ample living space with Kitchen, Dining Room and Living Room on the main level, laundry and mechanicals in the basement, and 3 bedrooms and a bathroom on the second floor. Parking in front of the house on the street or on the private parking pad in the back of the home. Exciting location with new constriction and renovations active in the area! Convenient location close to interstate, restaurants, shopping, parks and more!

Key facts

• Private parking pad
• Currently vacant
• Currently rented

Tags

• SPACIOUS FLOOR PLAN
• PRIVATE PARKING PAD
• CURRENTLY RENTED
• CURRENTLY VACANT

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $666/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $300k).
• Recommended offer: $282k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.6% 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 fast (+7.3%/yr); 480 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); 48% 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 $4,373/mo this rent would consume 107% 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 $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 + 7.3% rent growth), your $84k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 75 days — a 6% lower offer ($282k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $282,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 75 days. Have you received any prior offers? Is the seller open to a 6% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 1.46% ✓
• Cap rate: 11.62%
• Cash-on-cash: 19.02%
• DSCR: 1.85
• GRM: 5.7

CMA / ARV

• ARV (median comp): $192,345
• List price: $300,000
• Delta: 55.97%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 7.31% rent growth · sell at horizon

5-year hold

• IRR: 15.8%
• Equity multiple: 1.67×
• Total profit: $56,084
• Equity at exit: $44,731

10-year hold

• IRR: 27.4%
• Equity multiple: 3.94×
• Total profit: $247,196
• Equity at exit: $25,939

Cash invested: $84,000 (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 46201

• Home prices YoY: -33.9%
• Rents YoY: 7.3%
• Active inventory: 480
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $4,373 medium
• Mortgage (P&I): −$1,573
• Tax from tax record: −$425 /mo · $5,097/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$918
• Net cashflow: $1,332

Break-even live

Break-even rent $2,687

Max offer price $300,000

Occupancy floor 65%

Sensitivity live

Price	-10% $1,501	-5% $1,417	+0% $1,332	+5% $1,247	+10% $1,162
Rent	-10% $986	-5% $1,159	+0% $1,332	+5% $1,504	+10% $1,677
Rate	-1.0pp $1,483	-0.5pp $1,408	base $1,332	+0.5pp $1,254	+1.0pp $1,175

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$4,374
Total (2 units)			$4,373

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: $75,000
• Closing costs: $9,000
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2211 E New York St Unit B Indianapolis, IN	1.0	1.0	650	$725	$1.12	22d	1	0.09mi
225 N Hamilton Ave Indianapolis, IN	2.0	2.0	1008	$1,695	$1.68	44d	1	0.18mi
439 N Forest Ave Indianapolis, IN	3.0	2.0	1030	$1,200	$1.17	24d	1	0.21mi
313 Eastern Ave Indianapolis, IN	2.0	1.0	1040	$950	$0.91	22d	1	0.25mi
418 Eastern Ave Indianapolis, IN	3.0	1.0	1008	$1,325	$1.31	24d	1	0.27mi
228 N Randolph St Indianapolis, IN	2.0	2.0	1008	$1,695	$1.68	44d	1	0.36mi
613-615 N Jefferson Indianapolis, IN	3.0	1.0	1030	$1,600	$1.55	15d	1	0.38mi
2810 E Michigan St Unit C Indianapolis, IN	2.0	1.5	949	$1,350	$1.42	44d	1	0.40mi
2814 E Michigan St Unit D Indianapolis, IN	2.0	1.5	949	$1,350	$1.42	44d	1	0.41mi
49 S Rural St Indianapolis, IN	2.0	1.5	750	$950	$1.27	11d	1	0.42mi
415 N Oxford St Indianapolis, IN	1.0	1.0	580	$650	$1.12	24d	1	0.43mi
437 N State Ave Indianapolis, IN	2.0	1.5	933	$1,500	$1.61	44d	1	0.46mi
437 N State Ave Indianapolis, IN	2.0	1.5	933	$1,350	$1.45	13d	1	0.46mi
437 N State Ave Indianapolis, IN	2.0	1.5	933	$1,350	$1.45	24d	1	0.46mi
621 Tecumseh St Indianapolis, IN	2.0	1.0	726	$1,025	$1.41	44d	1	0.47mi
679 Woodruff Place East Dr Indianapolis, IN	1.0	1.0	600	$895	$1.49	24d	1	0.48mi
408 N Oakland Ave Unit A Indianapolis, IN	2.0	2.0	1100	$995	$0.90	18d	1	0.48mi
235 N Oakland Ave Indianapolis, IN	2.0	1.0	800	$1,000	$1.25	44d	1	0.49mi
471 N State Ave Unit 1 Indianapolis, IN	1.0	1.0	634	$785	$1.24	44d	1	0.49mi
471 N State Ave Apt 4 Indianapolis, IN	1.0	1.0	800	$865	$1.08	21d	1	0.49mi
639 N Rural St Indianapolis, IN	3.0	1.0	1000	$1,675	$1.68	18d	1	0.53mi
628 N Oxford St Indianapolis, IN	1.0	1.0	536	$775	$1.45	24d	1	0.54mi
1529 E Ohio St Indianapolis, IN	2.0	1.0	1118	$1,299	$1.16	44d	1	0.57mi
835 Tecumseh St Indianapolis, IN	3.0	2.0	1100	$1,550	$1.41	5d	1	0.59mi
2034 Southeastern Ave Indianapolis, IN	1.0	1.0	525	$850	$1.62	15d	1	0.60mi
1515 E Michigan St Apt 2 Indianapolis, IN	1.0	1.0	700	$825	$1.18	21d	1	0.62mi
332 N Arsenal Ave Unit A Indianapolis, IN	2.0	1.0	750	$1,150	$1.53	8d	1	0.62mi
225 Hamilton Ave Indianapolis, IN	2.0	2.0	1008	$1,695	$1.68	44d	1	0.62mi
784 Woodruff Place Middle Dr Indianapolis, IN	1.0	1.0	750	$1,300	$1.73	44d	1	0.62mi
330 N Arsenal Ave Unit B Indianapolis, IN	2.0	1.0	700	$1,100	$1.57	8d	1	0.62mi
28 S Dearborn St Unit A Indianapolis, IN	3.0	1.0	1100	$1,400	$1.27	11d	1	0.63mi
2025 Southeastern Ave Indianapolis, IN	1.0	1.0	663	$775	$1.17	44d	1	0.64mi
510 N Dearborn St Indianapolis, IN	3.0	1.0	1008	$1,350	$1.34	44d	1	0.65mi
1718 Southeastern Ave Indianapolis, IN	1.0	1.0	700	$1,080	$1.54	44d	1	0.65mi
323 S Rural St Indianapolis, IN	3.0	1.5	1090	$1,050	$0.96	44d	1	0.66mi
632 N Gray St Indianapolis, IN	3.0	1.0	960	$1,800	$1.88	44d	1	0.68mi
330 S Rural St Indianapolis, IN	2.0	1.0	960	$1,050	$1.09	8d	1	0.68mi
245 S Randolph St Indianapolis, IN	2.0	1.0	720	$750	$1.04	44d	1	0.69mi
247 S Randolph St Indianapolis, IN	2.0	1.0	720	$750	$1.04	44d	1	0.70mi
637 N Gray St Indianapolis, IN	3.0	1.5	1120	$1,150	$1.03	45d	1	0.70mi

Listing history 16 events

1. 2026-06-18
   days on market $300,000 Active 75 DOM
2. 2026-06-17
   days on market $300,000 Active 74 DOM
3. 2026-06-16
   days on market $300,000 Active 73 DOM
4. 2026-06-15
   days on market $300,000 Active 72 DOM
5. 2026-06-13
   days on market $300,000 Active 70 DOM
6. 2026-06-13
   days on market $300,000 Active 69 DOM
7. 2026-06-09
   days on market $300,000 Active 66 DOM
8. 2026-06-08
   days on market $300,000 Active 65 DOM
9. 2026-06-07
   days on market $300,000 Active 64 DOM
10. 2026-06-03
    days on market $300,000 Active 60 DOM
11. 2026-06-02
    days on market $300,000 Active 59 DOM
12. 2026-06-01
    days on market $300,000 Active 58 DOM
13. 2026-05-31
    days on market $300,000 Active 57 DOM
14. 2026-05-19
    price $300,000 786-char remark

    Show marketing remark (786 chars)

    Solid duplex with 3 bedrooms/1 bath each side! Incredible location and opportunity! 226 is currently rented and tenant rights apply. 228 is currently vacant allowing for immediate possession of that unit! Amazing chance for investor to update this solid home and/or move in and live in one side while collecting rent from the other! Spacious floor plan offers ample living space with Kitchen, Dining Room and Living Room on the main level, laundry and mechanicals in the basement, and 3 bedrooms and a bathroom on the second floor. Parking in front of the house on the street or on the private parking pad in the back of the home. Exciting location with new constriction and renovations active in the area! Convenient location close to interstate, restaurants, shopping, parks and more!

15. 2026-04-29
    price $325,000 786-char remark

    Show marketing remark (786 chars)

    Solid duplex with 3 bedrooms/1 bath each side! Incredible location and opportunity! 226 is currently rented and tenant rights apply. 228 is currently vacant allowing for immediate possession of that unit! Amazing chance for investor to update this solid home and/or move in and live in one side while collecting rent from the other! Spacious floor plan offers ample living space with Kitchen, Dining Room and Living Room on the main level, laundry and mechanicals in the basement, and 3 bedrooms and a bathroom on the second floor. Parking in front of the house on the street or on the private parking pad in the back of the home. Exciting location with new constriction and renovations active in the area! Convenient location close to interstate, restaurants, shopping, parks and more!

16. 2026-04-03
    listed $350,000 Active 786-char remark

    Show marketing remark (786 chars)

    Solid duplex with 3 bedrooms/1 bath each side! Incredible location and opportunity! 226 is currently rented and tenant rights apply. 228 is currently vacant allowing for immediate possession of that unit! Amazing chance for investor to update this solid home and/or move in and live in one side while collecting rent from the other! Spacious floor plan offers ample living space with Kitchen, Dining Room and Living Room on the main level, laundry and mechanicals in the basement, and 3 bedrooms and a bathroom on the second floor. Parking in front of the house on the street or on the private parking pad in the back of the home. Exciting location with new constriction and renovations active in the area! Convenient location close to interstate, restaurants, shopping, parks and more!

ⓘ 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: $5,097 · $425/mo
• Projected year-2 tax: $5,097 · $425/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 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: $52,476
• − Mortgage interest: −$16,805
• − Property taxes: −$5,097
• − Insurance: −$1,500
• − Repairs & maintenance: −$4,198
• − Management: −$4,198
• − Depreciation: −$8,727
• Taxable income: $11,951
• Est. tax owed @ 24.0%: −$2,868
• After-tax cash flow: $13,112/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

-14.3% since first listed

3 events — show timeline

• 2026-05-19 Price Changed $300,000 MIBOR as Distributed by MLS Grid
• 2026-04-29 Price Changed $325,000 MIBOR as Distributed by MLS Grid
• 2026-04-03 Listed $350,000 MIBOR as Distributed by MLS Grid

Property tax history

+12.4%/yr

Latest (2025): $5,097 · +28.2% YoY. Source: county tax records.