4212 E Washington St · Indianapolis city (balance), IN 46201

$209,900

3 bd · 6.0 ba · 1,161 sqft · MultiFamily public records · 17 Days on market

Built 1910 5,445 sqft lot

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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 +21.4/30.0
• ARV discount +7.5/15.0
• DSCR +6.8/10.0
• 1% rule +6.1/10.0
• 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

Check out this great opportunity to add a cash flowing duplex to an existing Real Estate portfolio or maybe this is the perfect opportunity to start that portfolio you have been talking about! 4212 is occupied tenant pays all utilities as well as $950 each month for rent. The 4214 side currently pays all utilities as well as $900 each month for rent. The property features two spacious units that are identical. Please do not disturb tenants if driving by. Tenants right apply. Room sizes are estimates

Key facts

• Near restaurants
• Roof replacement
• Near shops

Tags

• ROOF REPLACEMENT
• PUBLIC TRANSPORTATION
• NEAR SHOPS
• NEAR RESTAURANTS
• SHORT DRIVE TO DOWNTOWN

Property features AI

Finance

• Other: Zoning: ZO01
• Financial info: Gross income listed as $0; Expenses listed as $0; Unit 1 rent reported as $995/month; Unit 2 rent not reported

Exterior

• Utilities: Solid waste service available
• Home design: Duplex (residential income property)
• Exterior features: Residential use; Road access: see remarks; Lot under 1/4 acre

Interior

• Kitchen: Each unit has a 12x10 kitchen
• Bedrooms: Two 3-bedroom units
• Interior features: Two levels; Basement

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $210k.

Deal economics

• At list price, monthly cash flow is $310 ($4k/yr) — positive. Per door: $155/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $210k).
• Recommended offer: $207k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.1% 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: Frederick Douglass School 19 (math 9% / reading 13%, grade F, #909 of 994 statewide, top 92%, 444 students, 81% FRL); H L Harshman Middle School (math 3% / reading 16%, grade F, #316 of 330 statewide, top 96%, 549 students, 84% FRL).
• Market conditions: Rents rising fast (+7.3%/yr); 483 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); 40% 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 $2,326/mo this rent would consume 57% 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 $59k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 22y 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.
• Current owner paid $168k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $206,751 (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 1910 — 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: 1.11% ✓
• Cap rate: 8.07%
• Cash-on-cash: 6.33%
• DSCR: 1.28
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $102,168
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4205 English Ave	0.68mi	2/2.0 (-1)	1,200 (+3%)	1mo	$105,500	$88	42

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: -1.6%
• Equity multiple: 0.94×
• Total profit: $-3,664
• Equity at exit: $31,297

10-year hold

• IRR: 12.4%
• Equity multiple: 2.19×
• Total profit: $69,774
• Equity at exit: $18,148

Cash invested: $58,772 (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 46201

• Home prices YoY: -33.9%
• Rents YoY: 7.3%
• Active inventory: 483
• Price-to-rent: 15.0×

Monthly cashflow live

• Estimated rent: $2,326 high
• Mortgage (P&I): −$1,101
• Tax from tax record: −$339 /mo · $4,072/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$488
• Net cashflow: $310

Break-even live

Break-even rent $1,934

Max offer price $209,900

Occupancy floor 82%

Sensitivity live

Price	-10% $429	-5% $369	+0% $310	+5% $251	+10% $191
Rent	-10% $126	-5% $218	+0% $310	+5% $402	+10% $494
Rate	-1.0pp $416	-0.5pp $363	base $310	+0.5pp $256	+1.0pp $200

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$2,326
Total (2 units)			$2,326

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: $52,475
• Closing costs: $6,297
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4214 E Washington St Indianapolis, IN	3.0	2.0	961	$1,195	$1.24	9d	1	0.03mi
4214 E Washington St Indianapolis, IN	3.0	2.0	961	$1,145	$1.19	0d	1	0.03mi
4114 E Washington St Indianapolis, IN	2.0	1.0	909	$1,100	$1.21	46d	1	0.04mi
119 N Grant Ave Indianapolis, IN	3.0	1.0	1408	$1,195	$0.85	45d	1	0.13mi
25 N Drexel Ave Unit A Indianapolis, IN	3.0	2.0	1250	$1,325	$1.06	45d	1	0.26mi
314 N Denny St Indianapolis, IN	3.0	1.0	1184	$975	$0.82	25d	1	0.28mi
8 S Bradley Ave Indianapolis, IN	2.0	1.0	1300	$950	$0.73	25d	1	0.28mi
33 N Sherman Dr Unit 33 Indianapolis, IN	3.0	1.5	1288	$1,500	$1.16	9d	1	0.32mi
412 N Bradley Ave Unit 3 Indianapolis, IN	2.0	1.0	700	$950	$1.36	25d	1	0.38mi
442 N Denny St Indianapolis, IN	3.0	1.0	1140	$1,045	$0.92	25d	1	0.38mi
447 N Sherman Dr Indianapolis, IN	3.0	1.5	1312	$1,195	$0.91	45d	1	0.44mi
4831 E Washington St Unit 4 Indianapolis, IN	2.0	2.0	1000	$995	$0.99	25d	1	0.44mi
622 N Linwood Ave Indianapolis, IN	3.0	2.0	985	$1,299	$1.32	45d	1	0.45mi
3622 E New York St Indianapolis, IN	2.0	1.0	805	$995	$1.24	45d	1	0.47mi
83 N Ewing St Unit 83 Indianapolis, IN	3.0	1.0	1016	$1,199	$1.18	45d	1	0.48mi
83 N Ewing St Unit 83 Indianapolis, IN	3.0	1.0	1016	$1,199	$1.18	0d	1	0.48mi
603 N Sherman Dr Indianapolis, IN	3.0	1.0	1250	$1,300	$1.04	45d	1	0.50mi
706 N Bosart Ave Indianapolis, IN	2.0	1.0	1000	$1,070	$1.07	25d	1	0.53mi
415 N Dequincy St Indianapolis, IN	3.0	2.0	1250	$1,900	$1.52	16d	1	0.55mi
306 N Riley Ave Indianapolis, IN	3.0	1.0	1320	$1,095	$0.83	19d	1	0.55mi
729 N Bosart Ave Indianapolis, IN	2.0	1.0	888	$1,195	$1.35	25d	1	0.58mi
4417 Linwood Ct Indianapolis, IN	2.0	1.0	780	$929	$1.19	5d	15	0.59mi
822 N Bradley Ave Unit 822 Indianapolis, IN	3.0	1.0	1100	$1,200	$1.09	0d	1	0.64mi
822 N Bradley Ave Unit 822 Indianapolis, IN	3.0	1.0	1100	$1,200	$1.09	45d	1	0.64mi
37 S Tuxedo St Indianapolis, IN	3.0	1.0	950	$1,150	$1.21	45d	1	0.67mi
861 N Drexel Ave Indianapolis, IN	3.0	1.0	1000	$1,200	$1.20	9d	1	0.67mi
861 N Drexel Ave Unit 863 Indianapolis, IN	3.0	1.0	1000	$1,200	$1.20	45d	1	0.67mi
628 N Riley Ave Indianapolis, IN	2.0	1.5	948	$1,295	$1.37	25d	1	0.68mi
4919 Orion Ave Indianapolis, IN	2.0	1.0	766	$875	$1.14	45d	1	0.70mi
4931 Orion Ave Indianapolis, IN	2.0	1.0	1200	$1,450	$1.21	25d	1	0.72mi
4318 Spann Ave Indianapolis, IN	3.0	1.0	1411	$1,200	$0.85	45d	1	0.73mi
953 N Linwood Ave Indianapolis, IN	2.0	1.0	960	$1,325	$1.38	45d	1	0.75mi
508 N Emerson Ave Unit 506 Indianapolis, IN	2.0	1.0	950	$950	$1.00	16d	1	0.76mi
508 Emerson Ave Indianapolis, IN	3.0	1.5	1094	$1,150	$1.05	15d	1	0.76mi
606 N Emerson Ave Indianapolis, IN	2.0	1.5	1372	$2,450	$1.79	25d	1	0.78mi
28 S Dearborn St Unit A Indianapolis, IN	3.0	1.0	1100	$1,400	$1.27	12d	1	0.80mi
28 S Dearborn St Unit B Indianapolis, IN	2.0	1.5	1166	$1,150	$0.99	25d	1	0.80mi
5105 E North St Indianapolis, IN	2.0	2.0	1180	$2,250	$1.91	45d	1	0.80mi
528 S Bosart Ave Indianapolis, IN	3.0	1.0	720	$1,305	$1.81	45d	1	0.81mi
4 N Butler Ave Unit 11 Indianapolis, IN	2.0	1.0	850	$750	$0.88	6d	1	0.83mi

Listing history 13 events

1. 2026-06-21
   days on market $209,900 Active 17 DOM
2. 2026-06-18
   price $209,900 Active 14 DOM
3. 2026-06-18
   days on market $214,900 Active 14 DOM
4. 2026-06-17
   remarks 699-char remark
5. 2026-06-17
   days on market $214,900 Active 13 DOM
6. 2026-06-16
   days on market $214,900 Active 12 DOM
7. 2026-06-15
   days on market $214,900 Active 11 DOM
8. 2026-06-13
   days on market $214,900 Active 9 DOM
9. 2026-06-13
   days on market $214,900 Active 8 DOM
10. 2026-06-09
    days on market $214,900 Active 5 DOM
11. 2026-06-08
    days on market $214,900 Active 4 DOM
12. 2026-06-07
    remarks 602-char remark
13. 2026-06-07
    listed $214,900 Active 3 DOM

ⓘ 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: $4,072 · $339/mo
• Projected year-2 tax: $4,072 · $339/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 3/10 Moderate 7 d/yr ≥102°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: $27,912
• − Mortgage interest: −$11,758
• − Property taxes: −$4,072
• − Insurance: −$1,050
• − Repairs & maintenance: −$2,233
• − Management: −$2,233
• − Depreciation: −$6,106
• Taxable income: $460
• Est. tax owed @ 24.0%: −$110
• After-tax cash flow: $3,609/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

+207.4% since first listed

24 events — show timeline

• 2026-06-04 Listed $214,900 MIBOR as Distributed by MLS Grid
• 2025-12-11 Rental Removed $995 ZUMPER1
• 2025-12-10 Rental Removed $995 MIBOR
• 2025-12-02 Listed for Rent $995 ZUMPER1
• 2025-11-24 Rental Removed $995 ZUMPER1
• 2025-11-22 Price Changed $995 MIBOR
• 2025-11-22 Price Changed $995 ZUMPER1
• 2025-11-01 Listed for Rent $1,075 ZUMPER1
• 2025-10-12 Price Changed $1,075 MIBOR
• 2025-09-13 Price Changed $1,095 MIBOR
• 2025-09-09 Listed for Rent $1,175 MIBOR
• 2023-10-24 Sold (MLS) $168,000 MIBOR as Distributed by MLS Grid
• 2023-09-25 Pending — MIBOR as Distributed by MLS Grid
• 2023-08-23 Relisted — MIBOR as Distributed by MLS Grid
• 2023-08-03 Pending — MIBOR as Distributed by MLS Grid
• 2023-07-10 Listed $175,000 MIBOR as Distributed by MLS Grid
• 2023-04-21 Listing Removed — MIBOR as Distributed by MLS Grid
• 2023-01-20 Listed $185,000 MIBOR as Distributed by MLS Grid
• 2017-10-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2017-10-26 Listed $49,999 MIBOR as Distributed by MLS Grid
• 2009-08-14 Listing Removed — MIBOR as Distributed by MLS Grid
• 2009-02-13 Listed $22,900 MIBOR as Distributed by MLS Grid
• 2005-10-27 Sold (MLS) $62,000 MIBOR as Distributed by MLS Grid
• 2004-08-17 Listed $69,900 MIBOR as Distributed by MLS Grid

Property tax history

+13.9%/yr

Latest (2025): $4,072 · -4.6% YoY. Source: county tax records.