3819 N Capitol Ave · Indianapolis city (balance), IN 46208

$129,900

4 bd · 1.0 ba · 1,628 sqft · MultiFamily public records · 33 Days on market

Built 1920 5,271 sqft lot $80/sqft · 28% below area Est $235k · 45% 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• Rent growth +4.1/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

This Home Offers Three Bedroom, Two Full Bathrooms and a Charm that is just waiting for you to make your updates! Your entry into the home is a Spacious Living Room, opening into a Formal Dining Room with large picture windows. There are built-ins in the alcove next to the open stairway that will make it perfect for a reading retreat area. The Kitchen is large enough to accommodate a remodel with breakfast area. Full Bathroom with Shower on the Main floor. Upstairs there are three good sized Bedrooms and a Full Bathroom with Tub/Shower combo. Sit on the front porch or there is an enclosed porch on the rear that looks out to the rear fenced yard. The Owner just installed a New Furnace in 202

Key facts

• Formal dining room
• Built-ins in alcove
• Large kitchen

Tags

• SPACIOUS LIVING ROOM
• FORMAL DINING ROOM
• BUILT-INS IN ALCOVE
• READING RETREAT AREA
• LARGE KITCHEN
• BREAKFAST AREA

Property features AI

Finance

• Other: Lot size approximately 0.12 acre (< 1/4 acre); Total building area 2,122; living area on main and upper levels 1,628; Main level and upper level each ~814

Exterior

• Parking: On-street parking
• Utilities: Public water; Municipal sewer connected; Electricity connected (100 amp service); Natural gas connected; Municipal solid waste service
• Home design: Single family residence; Two levels; Faces west; Property listed as fixer
• Construction: Aluminum siding; Block foundation
• Exterior features: Covered porch/patio; Full yard fence; City lot with curbs, sidewalks and mature trees

Interior

• Kitchen: Electric oven; Refrigerator; Eat-in kitchen
• Bedrooms: Three bedrooms on the upper level
• Bathrooms: Two full bathrooms (one on main level, one on upper level)
• Heating & cooling: Forced air heating; Window unit(s) for cooling; No central air
• Interior features: High ceilings; Eat-in kitchen; Walk-in closet(s); Partial finished basement
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath multifamily listed at $130k.

Deal economics

• At list price, monthly cash flow is $585 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $126k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.7% 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 (+6.4%/yr); 283 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 35% of the median local income ($60k/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 $898 of loan paydown is wiped out by about $4k 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 + 6.4% rent growth), your $36k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 13y ago; this cycle's ask has dropped $35k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $126,003 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 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 1920 — 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 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: 1.37% ✓
• Cap rate: 11.70%
• Cash-on-cash: 19.31%
• DSCR: 1.86
• GRM: 6.1

CMA / ARV

• ARV (median comp): $234,950
• List price: $129,900
• Delta: -44.71%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
326 W 41st St	0.42mi	3/2.0 (-1)	1,469 (-10%)	24mo	$273,000	$186	35

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 · 6.43% rent growth · sell at horizon

5-year hold

• IRR: 14.9%
• Equity multiple: 1.62×
• Total profit: $22,542
• Equity at exit: $19,369

10-year hold

• IRR: 25.9%
• Equity multiple: 3.62×
• Total profit: $95,462
• Equity at exit: $11,231

Cash invested: $36,372 (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 46208

• Rents YoY: 6.4%
• Active inventory: 283
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,777 high
• Mortgage (P&I): −$681
• Tax from tax record: −$83 /mo · $997/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$373
• Net cashflow: $585

Break-even live

Break-even rent $1,036

Max offer price $129,900

Occupancy floor 62%

Sensitivity live

Price	-10% $659	-5% $622	+0% $585	+5% $548	+10% $512
Rent	-10% $445	-5% $515	+0% $585	+5% $655	+10% $726
Rate	-1.0pp $651	-0.5pp $618	base $585	+0.5pp $552	+1.0pp $517

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3827 Graceland Ave Indianapolis, IN	4.0	2.0	2195	$1,595	$0.73	44d	1	0.09mi
3655 N Kenwood Ave Indianapolis, IN	4.0	2.0	1700	$1,700	$1.00	24d	1	0.17mi
320 W 39th St Indianapolis, IN	4.0	2.0	1216	$2,200	$1.81	8d	1	0.22mi
3621 N Kenwood Ave Indianapolis, IN	3.0	1.5	1521	$1,599	$1.05	4d	1	0.23mi
3622 N Capitol Ave Indianapolis, IN	3.0	1.0	1300	$1,300	$1.00	8d	1	0.23mi
3801 N Meridian St Indianapolis, IN	1.0–3.0	1.0–2.0	1057	$2,022	$1.91	21d	35	0.26mi
319 W 40th St Indianapolis, IN	3.0	1.0	1176	$1,295	$1.10	15d	1	0.29mi
3502 N Kenwood Ave Indianapolis, IN	3.0	2.0	1094	$1,220	$1.12	44d	1	0.38mi
143 W 35th St Indianapolis, IN	3.0	1.0	1235	$1,175	$0.95	8d	1	0.40mi
3457 N Illinois St Indianapolis, IN	3.0	2.0	1230	$1,145	$0.93	24d	1	0.44mi
3415 N Capitol Ave Indianapolis, IN	3.0	1.0	1176	$1,249	$1.06	24d	1	0.50mi
3413 N Capitol Ave Indianapolis, IN	3.0	1.0	1176	$1,249	$1.06	11d	1	0.50mi
608 Bernard Ave Indianapolis, IN	3.0	2.0	1056	$1,475	$1.40	4d	1	0.56mi
4117 Byram Ave Indianapolis, IN	4.0	2.0	1540	$1,930	$1.25	44d	1	0.61mi
206 W 43rd St Indianapolis, IN	3.0	2.5	1544	$2,500	$1.62	24d	1	0.63mi
3558 Central Ave Indianapolis, IN	3.0	1.0	1215	$2,100	$1.73	24d	1	0.65mi
4022 Central Ave Indianapolis, IN	3.0	1.0	1288	$1,500	$1.16	22d	1	0.65mi
528 W 43rd St Indianapolis, IN	4.0	2.0	2080	$2,750	$1.32	4d	1	0.75mi
3851 Broadway St Indianapolis, IN	3.0	1.0	1513	$1,950	$1.29	18d	1	0.80mi
3160 Graceland Ave Indianapolis, IN	4.0	2.0	1936	$2,000	$1.03	24d	1	0.83mi
731 W 43rd St Indianapolis, IN	4.0	4.0	1600	$3,350	$2.09	18d	1	0.85mi
512 E 33rd St Indianapolis, IN	3.0	1.0	1208	$1,200	$0.99	24d	1	0.88mi
4040 N College Ave Indianapolis, IN	3.0	1.5	1280	$1,900	$1.48	8d	1	0.89mi
514 E 33rd St Indianapolis, IN	3.0	1.0	1208	$1,200	$0.99	24d	1	0.89mi
3103 N Meridian St Indianapolis, IN	3.0	2.0	1280	$1,775	$1.39	24d	1	0.91mi
3365 Broadway St Indianapolis, IN	3.0	2.0	1300	$1,700	$1.31	44d	1	0.96mi
3031 Boulevard Pl Indianapolis, IN	3.0	1.5	1395	$1,450	$1.04	18d	1	0.97mi
3370 N College Ave Indianapolis, IN	3.0	1.0	1680	$1,275	$0.76	3d	1	0.98mi
321 E 31st St Indianapolis, IN	3.0	1.0	1390	$1,400	$1.01	44d	1	1.04mi
728 E 34th St Indianapolis, IN	3.0	1.0	1491	$1,400	$0.94	5d	1	1.04mi
728 E 34th St Indianapolis, IN	3.0	1.0	1491	$1,400	$0.94	20d	1	1.04mi
4631 Graceland Ave Indianapolis, IN	4.0	2.0	2019	$2,900	$1.44	4d	1	1.06mi
3509 Guilford Ave Indianapolis, IN	3.0	1.5	1351	$1,445	$1.07	15d	1	1.07mi
3017 Ethel Ave Indianapolis, IN	3.0	1.5	1079	$1,400	$1.30	24d	1	1.07mi
3004 N Delaware St Indianapolis, IN	3.0	1.5	1600	$1,599	$1.00	8d	1	1.09mi
3141 N Park Ave Indianapolis, IN	3.0	1.0	1390	$1,000	$0.72	44d	1	1.09mi
4623 Rookwood Ave Indianapolis, IN	3.0	3.5	1792	$3,200	$1.79	17d	1	1.11mi
2955 N Delaware St Indianapolis, IN	3.0	1.5	1400	$1,600	$1.14	44d	1	1.14mi
3128 Broadway St Indianapolis, IN	4.0	1.5	1999	$2,200	$1.10	24d	1	1.14mi
926 W 32nd St Indianapolis, IN	3.0	2.0	1050	$1,295	$1.23	8d	1	1.15mi

Listing history 15 events

1. 2026-06-13
   statusdays on market $129,900 Pending 33 DOM
2. 2026-06-09
   days on market $129,900 Active 32 DOM
3. 2026-06-08
   pricedays on market $129,900 Active 31 DOM
4. 2026-06-07
   days on market $149,900 Active 30 DOM
5. 2026-06-03
   days on market $149,900 Active 26 DOM
6. 2026-06-02
   days on market $149,900 Active 25 DOM
7. 2026-06-01
   days on market $149,900 Active 24 DOM
8. 2026-05-31
   days on market $149,900 Active 23 DOM
9. 2026-05-16
   status Pending 929-char remark
10. 2026-05-10
    status Active 929-char remark
11. 2026-05-02
    status Pending 929-char remark
12. 2026-04-30
    price $149,900 929-char remark
13. 2026-04-24
    listed $164,900 Active 929-char remark
14. 2014-11-22
    historical
15. 2013-11-12
    listed $54,850

ⓘ 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: $997 · $83/mo
• Projected year-2 tax: $1,051 · $88/mo
• Expected delta: +$54/yr (+$4/mo · 5.4%)

ⓘ 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: $21,320
• − Mortgage interest: −$7,276
• − Property taxes: −$997
• − Insurance: −$650
• − Repairs & maintenance: −$1,706
• − Management: −$1,706
• − Depreciation: −$3,779
• Taxable income: $5,207
• Est. tax owed @ 24.0%: −$1,250
• After-tax cash flow: $5,772/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): 22,379
• Household income: $60,062
• Rent vs Own: 44.1% rent · 55.9% own
• Severe rent burden: 978.0

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 0.62)
• Race & ethnicity: White 46% Black 40% Hispanic / Latino 8% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 2% Slovak 2% Italian 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 5% French/Haitian/Cajun 1% Other Indo-European 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: ▼ -324.63%
• Current HPI: 319.7725
• Rent YoY: ▲ 6.43%
• 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

+136.8% since first listed

10 events — show timeline

• 2026-06-10 Pending — MIBOR as Distributed by MLS Grid
• 2026-06-08 Price Changed $129,900 MIBOR as Distributed by MLS Grid
• 2026-05-22 Relisted — MIBOR as Distributed by MLS Grid
• 2026-05-16 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-10 Relisted — MIBOR as Distributed by MLS Grid
• 2026-05-02 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-30 Price Changed $149,900 MIBOR as Distributed by MLS Grid
• 2026-04-24 Listed $164,900 MIBOR as Distributed by MLS Grid
• 2014-11-22 Listing Removed — MIBOR as Distributed by MLS Grid
• 2013-11-12 Listed $54,850 MIBOR as Distributed by MLS Grid

Property tax history

+4.3%/yr

Latest (2025): $997 · -3.0% YoY. Source: county tax records.