2406 Stuart St · Indianapolis city (balance), IN 46218

$109,500

4 bd · 1.0 ba · 768 sqft · SingleFamily public records · 52 Days on market

Built 1951 9,583 sqft lot Est $141k · 22% under

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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 +28.0/30.0
• ARV discount +15.0/15.0
• DSCR +9.9/10.0
• 1% rule +7.6/10.0
• Rent growth +2.7/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Just reduced! Nice rental to add to portfolio. Or Bungalow to fix and Flip. Vinyl siding. Vinyl windows. Cute eating area off kitchen. Unfinished basement. Some improvements have been made. Sold as-is.

Key facts

• Fresh paint
• Subway tile shower
• 9,583 sq ft lot

Tags

• NEW LUXURY VINYL PLANK FLOORS
• FRESH PAINT
• SUBWAY TILE SHOWER
• FULL UNFINISHED BASEMENT
• RECENTLY WATERPROOFED

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $341 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $106k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.0% 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 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 flat; 334 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 43% of the median local income ($38k/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 $757 of loan paydown is wiped out by about $3k 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.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 5y ago; this cycle's ask has dropped $10k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $35k; list at $110k implies a 213% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $106,215 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 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 1951 — 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: 1.26% ✓
• Cap rate: 10.03%
• Cash-on-cash: 13.33%
• DSCR: 1.59
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $140,544
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2818 N Lasalle St	0.40mi	3/2.0 (-1)	875 (+14%)	2mo	$195,000	$223	47
2968 N Gale St	0.60mi	3/2.0 (-1)	864 (+12%)	12mo	$115,000	$133	32
3053 Adams St	0.72mi	3/1.0 (-1)	875 (+14%)	14mo	$160,000	$183	26
3057 Adams St	0.73mi	3/1.0 (-1)	875 (+14%)	18mo	$84,000	$96	22

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 · 0.81% rent growth · sell at horizon

5-year hold

• IRR: 0.9%
• Equity multiple: 1.03×
• Total profit: $997
• Equity at exit: $16,327

10-year hold

• IRR: 8.2%
• Equity multiple: 1.56×
• Total profit: $17,215
• Equity at exit: $9,468

Cash invested: $30,660 (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 46218

• Home prices YoY: -17.1%
• Rents YoY: 0.8%
• Active inventory: 334
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,375 high
• Mortgage (P&I): −$574
• Tax from tax record: −$125 /mo · $1,505/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$289
• Net cashflow: $341

Break-even live

Break-even rent $943

Max offer price $109,500

Occupancy floor 70%

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: $27,375
• Closing costs: $3,285
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2410 Adams St Indianapolis, IN	3.0	1.0	900	$1,200	$1.33	11d	1	0.09mi
2045 N Dearborn St Indianapolis, IN	3.0	2.0	912	$1,145	$1.26	24d	1	0.48mi
2906 N Lasalle St Indianapolis, IN	4.0	1.0	1032	$950	$0.92	24d	1	0.51mi
2920 N Lasalle St Indianapolis, IN	3.0	1.0	875	$1,095	$1.25	18d	1	0.53mi
2862 N Chester Ave Indianapolis, IN	3.0	2.0	1076	$1,520	$1.41	44d	1	0.64mi
2864 Forest Manor Ave Indianapolis, IN	3.0	1.0	1018	$1,500	$1.47	24d	1	0.70mi
3920 E 30th St Indianapolis, IN	3.0	1.0	1071	$1,350	$1.26	8d	1	0.75mi
3920 E 30th St Indianapolis, IN	3.0	1.0	1071	$1,350	$1.26	4d	1	0.75mi
2815 Brookside Ave Indianapolis, IN	3.0	2.0	1120	$1,350	$1.21	11d	1	0.76mi
2372 Beckwith Dr Indianapolis, IN	4.0	1.0–1.5	779	$1,349	$1.73	2d	32	0.98mi
2820 Caroline Ave Indianapolis, IN	3.0	1.5	1112	$1,250	$1.12	24d	1	1.01mi
3149 N Gladstone Ave Indianapolis, IN	3.0	1.5	1036	$1,350	$1.30	8d	1	1.02mi
2932 Arthington Blvd Indianapolis, IN	3.0	1.0	900	$1,350	$1.50	24d	1	1.03mi
1513 N Denny St Indianapolis, IN	3.0	1.0	874	$1,399	$1.60	24d	1	1.05mi
3383 Station St Indianapolis, IN	3.0	1.0	744	$1,250	$1.68	24d	1	1.09mi
3142 N Euclid Ave Indianapolis, IN	3.0	1.0	1050	$1,050	$1.00	44d	1	1.09mi
1341 N Gale St Indianapolis, IN	4.0	2.0	899	$2,000	$2.22	24d	1	1.13mi
2950 N Dequincy St Indianapolis, IN	3.0	1.0	888	$1,375	$1.55	14d	1	1.13mi
2194 N Riley Ave Indianapolis, IN	3.0	1.0	1100	$1,749	$1.59	44d	1	1.19mi
2405 E 16th St Indianapolis, IN	3.0	1.0	1120	$1,450	$1.29	15d	1	1.20mi
3522 N Olney St Indianapolis, IN	3.0	1.0	768	$1,300	$1.69	44d	1	1.29mi
3535 N Oxford St Indianapolis, IN	3.0	1.0	1015	$1,500	$1.48	22d	1	1.36mi
1113 N Oxford St Indianapolis, IN	3.0	2.0	1100	$1,495	$1.36	8d	1	1.36mi
3332 Wallace Ave Indianapolis, IN	3.0	1.0	936	$1,600	$1.71	24d	1	1.43mi

Listing history 20 events

1. 2026-04-26
   status Pending
2. 2026-04-21
   price $109,500
3. 2026-04-08
   status Active
4. 2026-04-06
   historical
5. 2026-03-13
   price $114,900
6. 2026-03-03
   listed $120,000 Active
7. 2024-11-27
   historical $875
8. 2024-10-15
   listed $875
9. 2024-04-09
   historical $875
10. 2024-04-03
    listed $875
11. 2022-02-03
    price $800
12. 2021-08-23
    soldstatus $35,000 Closed 204-char remark

    Show marketing remark (204 chars)

    Just reduced! Nice rental to add to portfolio. Or Bungalow to fix and Flip. Vinyl siding. Vinyl windows. Cute eating area off kitchen. Unfinished basement. Some improvements have been made. Sold as-is.

13. 2021-08-09
    status Pending 204-char remark

    Show marketing remark (204 chars)

    Just reduced! Nice rental to add to portfolio. Or Bungalow to fix and Flip. Vinyl siding. Vinyl windows. Cute eating area off kitchen. Unfinished basement. Some improvements have been made. Sold as-is.

14. 2021-07-27
    price $35,000 204-char remark

    Show marketing remark (204 chars)

    Just reduced! Nice rental to add to portfolio. Or Bungalow to fix and Flip. Vinyl siding. Vinyl windows. Cute eating area off kitchen. Unfinished basement. Some improvements have been made. Sold as-is.

15. 2021-07-12
    price $39,000 204-char remark

    Show marketing remark (204 chars)

    Just reduced! Nice rental to add to portfolio. Or Bungalow to fix and Flip. Vinyl siding. Vinyl windows. Cute eating area off kitchen. Unfinished basement. Some improvements have been made. Sold as-is.

16. 2021-06-21
    price $42,000 204-char remark

    Show marketing remark (204 chars)

    Just reduced! Nice rental to add to portfolio. Or Bungalow to fix and Flip. Vinyl siding. Vinyl windows. Cute eating area off kitchen. Unfinished basement. Some improvements have been made. Sold as-is.

17. 2021-05-28
    status Active 204-char remark

    Show marketing remark (204 chars)

    Just reduced! Nice rental to add to portfolio. Or Bungalow to fix and Flip. Vinyl siding. Vinyl windows. Cute eating area off kitchen. Unfinished basement. Some improvements have been made. Sold as-is.

18. 2021-05-22
    status Pending 204-char remark

    Show marketing remark (204 chars)

    Just reduced! Nice rental to add to portfolio. Or Bungalow to fix and Flip. Vinyl siding. Vinyl windows. Cute eating area off kitchen. Unfinished basement. Some improvements have been made. Sold as-is.

19. 2021-05-11
    price $46,000 204-char remark

    Show marketing remark (204 chars)

    Just reduced! Nice rental to add to portfolio. Or Bungalow to fix and Flip. Vinyl siding. Vinyl windows. Cute eating area off kitchen. Unfinished basement. Some improvements have been made. Sold as-is.

20. 2021-04-13
    listed $52,000 Active 204-char remark

    Show marketing remark (204 chars)

    Just reduced! Nice rental to add to portfolio. Or Bungalow to fix and Flip. Vinyl siding. Vinyl windows. Cute eating area off kitchen. Unfinished basement. Some improvements have been made. Sold as-is.

ⓘ 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: $1,505 · $125/mo
• Projected year-2 tax: $1,505 · $125/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 · 18 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: $16,494
• − Mortgage interest: −$6,134
• − Property taxes: −$1,505
• − Insurance: −$548
• − Repairs & maintenance: −$1,320
• − Management: −$1,320
• − Depreciation: −$3,185
• Taxable income: $2,483
• Est. tax owed @ 24.0%: −$596
• After-tax cash flow: $3,491/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): 29,360
• Household income: $38,063
• Rent vs Own: 47.2% rent · 52.8% own
• Severe rent burden: 2340.0

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 Black (68%)
• Race & ethnicity: Black 68% White 18% Hispanic / Latino 9% Two or more races 6%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 1%
• Foreign-born: 5% · Canada, Philippines
• Languages at home: 92% English-only · Spanish 7%

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: ▼ -81.57%
• Current HPI: 395.7071
• Rent YoY: ▲ 0.81%
• 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

+110.6% since first listed

20 events — show timeline

• 2026-04-26 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-21 Price Changed $109,500 MIBOR as Distributed by MLS Grid
• 2026-04-08 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-06 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-03-13 Price Changed $114,900 MIBOR as Distributed by MLS Grid
• 2026-03-03 Listed $120,000 MIBOR as Distributed by MLS Grid
• 2024-11-27 Rental Removed $875 BUILDIUM
• 2024-10-15 Listed for Rent $875 BUILDIUM
• 2024-04-09 Rental Removed $875 BUILDIUM
• 2024-04-03 Listed for Rent $875 BUILDIUM
• 2022-02-03 Price Changed $800 RENT.
• 2021-08-23 Sold (MLS) $35,000 MIBOR as Distributed by MLS Grid
• 2021-08-09 Pending — MIBOR as Distributed by MLS Grid
• 2021-07-27 Price Changed $35,000 MIBOR as Distributed by MLS Grid
• 2021-07-12 Price Changed $39,000 MIBOR as Distributed by MLS Grid
• 2021-06-21 Price Changed $42,000 MIBOR as Distributed by MLS Grid
• 2021-05-28 Relisted — MIBOR as Distributed by MLS Grid
• 2021-05-22 Pending — MIBOR as Distributed by MLS Grid
• 2021-05-11 Price Changed $46,000 MIBOR as Distributed by MLS Grid
• 2021-04-13 Listed $52,000 MIBOR as Distributed by MLS Grid

Property tax history

+26.1%/yr

Latest (2025): $1,505 · +31.7% YoY. Source: county tax records.