4014 Richelieu Rd · Indianapolis city (balance), IN 46226

$119,900

4 bd · 1.5 ba · 1,872 sqft · SingleFamily public records · 27 Days on market

Built 1963 8,756 sqft lot $64/sqft · 28% below area Est $167k · 28% under

---

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 +28.2/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.9/10.0
• Rent growth +4.2/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this single-family home located in an established residential neighborhood on the east side of Indianapolis. Built in 1963, this property offers a classic mid-century layout with comfortable living spaces and a functional floor plan designed for everyday living. Situated in an established subdivision within Marion County, the home provides convenient access to local schools, parks, shopping, and major roadways, making commuting throughout the city simple and efficient. The surrounding area features mature homes and a consistent neighborhood setting. With its solid construction and desirable location, it offers strong potential for personalization, updates, or long-term rental use

Key facts

• Convenient access
• Local schools
• Mid-century layout

Tags

• SINGLE-FAMILY HOME
• MID-CENTURY LAYOUT
• FUNCTIONAL FLOOR PLAN
• CONVENIENT ACCESS
• LOCAL SCHOOLS
• PARKS

Property features AI

Exterior

• Parking: No garage; No designated parking
• Utilities: Public water; Municipal sewer
• Home design: Single family residence; Two levels
• Construction: Brick construction; Slab foundation
• Exterior features: Covered patio; Patio; Privacy fence; Mature trees; Has a view

Interior

• Kitchen: Dishwasher; Gas oven; Refrigerator
• Bedrooms: Four bedrooms (all on upper level)
• Bathrooms: One full bathroom; One half bathroom; Primary bathroom with tub and shower
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Attic access; Interior entry basement
• Laundry & utility: Laundry located in garage

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $380 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $118k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.1% 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 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.
• Zoned schools: Charles Warren Fairbanks Sch 105 (math 2% / reading 8%, grade F, #970 of 994 statewide, top 99%, 313 students, 78% FRL); Arsenal Technical High School (math 6% / reading 27%, grade F, #353 of 369 statewide, top 96%, 2,366 students, 74% FRL) — zoned schools at 76% FRL track the district average.
• Market conditions: Rents rising fast (+6.8%/yr); 153 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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 37% of the median local income ($50k/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 $829 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 + 6.8% rent growth), your $34k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $99k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $118,101 (1.5% below list)

Questions for the listing agent

1. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.29% ✓
• Cap rate: 10.10%
• Cash-on-cash: 13.59%
• DSCR: 1.60
• GRM: 6.5

CMA / ARV

• ARV (median comp): $167,455
• List price: $119,900
• Delta: -28.40%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3909 Richelieu Ct	0.23mi	4/2.0	1,850 (-1%)	2mo	$218,000	$118	84
4019 Biscayne Rd	0.36mi	4/1.5	1,905 (+2%)	2mo	$174,900	$92	79
3957 Richelieu Rd	0.14mi	5/1.5 (+1)	2,016 (+8%)	3mo	$230,000	$114	73
8517 E 42nd St	0.16mi	5/1.0 (+1)	1,728 (-8%)	1mo	$150,000	$87	72
8610 Meadowlark Dr	0.48mi	3/1.0 (-1)	1,887 (+1%)	3mo	$112,000	$59	66
8423 Athens Ct	0.25mi	3/2.0 (-1)	1,653 (-12%)	2mo	$202,000	$122	60
3771 Decamp Dr	0.43mi	4/2.5	1,692 (-10%)	5mo	$211,000	$125	55
3675 Dubarry Rd	0.55mi	4/2.0	2,035 (+9%)	4mo	$215,000	$106	54
3537 Cecil Ave	0.70mi	3/1.5 (-1)	1,960 (+5%)	1mo	$165,000	$84	54
3608 Tiffany Dr	0.73mi	4/2.0	1,788 (-4%)	4mo	$218,500	$122	54
3630 Alsace Dr	0.56mi	3/1.0 (-1)	1,722 (-8%)	5mo	$185,000	$107	50
3748 Decamp Dr	0.46mi	4/2.0	1,605 (-14%)	4mo	$237,500	$148	49

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 · 6.76% rent growth · sell at horizon

5-year hold

• IRR: 7.9%
• Equity multiple: 1.32×
• Total profit: $10,878
• Equity at exit: $17,877

10-year hold

• IRR: 20.2%
• Equity multiple: 3.01×
• Total profit: $67,634
• Equity at exit: $10,367

Cash invested: $33,572 (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 46226

• Rents YoY: 6.8%
• Active inventory: 153
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,543 high
• Mortgage (P&I): −$629
• Tax from tax record: −$160 /mo · $1,915/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$324
• Net cashflow: $380

Break-even live

Break-even rent $1,061

Max offer price $119,900

Occupancy floor 70%

Sensitivity live

Price	-10% $448	-5% $414	+0% $380	+5% $346	+10% $312
Rent	-10% $258	-5% $319	+0% $380	+5% $441	+10% $502
Rate	-1.0pp $441	-0.5pp $411	base $380	+0.5pp $349	+1.0pp $318

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8501 Athens Ct Indianapolis, IN	4.0	1.0	1225	$1,475	$1.20	15d	1	0.26mi
8738 Montery Rd Indianapolis, IN	3.0	1.0	1421	$1,396	$0.98	8d	1	0.28mi
8254 Meadowlark Dr Unit 1 Indianapolis, IN	3.0	1.5	1320	$1,150	$0.87	44d	1	0.38mi
8254 Meadowlark Dr Indianapolis, IN	3.0	1.5	1320	$1,150	$0.87	23d	1	0.38mi
8914 Elmonte Dr Indianapolis, IN	3.0	1.5	1500	$1,600	$1.07	24d	1	0.43mi
8203 Penway St Indianapolis, IN	3.0	1.5	1360	$1,500	$1.10	24d	1	0.57mi
3540 Dubarry Ct Indianapolis, IN	3.0	2.0	1297	$1,400	$1.08	24d	1	0.72mi
3644 Celtic Dr Indianapolis, IN	4.0	1.5	1637	$1,500	$0.92	15d	1	0.94mi
3722 Ireland Dr Indianapolis, IN	3.0	2.0	1682	$1,700	$1.01	44d	1	0.95mi
3747 Ireland Dr Indianapolis, IN	4.0	1.5	1400	$1,700	$1.21	24d	1	0.95mi
7531 Penway St Indianapolis, IN	3.0	1.5	1237	$1,551	$1.25	8d	1	0.96mi
7937 E 34th St Indianapolis, IN	4.0	1.0	1450	$2,000	$1.38	24d	1	0.96mi
9513 Baker Ct Indianapolis, IN	4.0	2.0	1702	$1,825	$1.07	8d	1	1.02mi
9634 Meadowlark Dr Indianapolis, IN	3.0	1.5	1546	$1,550	$1.00	17d	1	1.21mi
3775 Allerton Pl Indianapolis, IN	1.0–4.0	2.0	1068	$1,850	$1.73	15d	1	1.32mi
9949 Ellis Dr Indianapolis, IN	4.0	2.0	1421	$1,580	$1.11	4d	1	1.42mi
9962 Catalina Dr Indianapolis, IN	3.0	1.0	1236	$1,600	$1.29	5d	1	1.42mi

Listing history 2 events

1. 2026-05-01
   listed $119,900 Active 752-char remark
2. 2022-02-10
   soldstatus $99,137

ⓘ 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: $1,915 · $160/mo
• Projected year-2 tax: $1,915 · $160/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 ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,511
• − Mortgage interest: −$6,716
• − Property taxes: −$1,915
• − Insurance: −$600
• − Repairs & maintenance: −$1,481
• − Management: −$1,481
• − Depreciation: −$3,488
• Taxable income: $2,830
• Est. tax owed @ 24.0%: −$679
• After-tax cash flow: $3,884/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): 47,099
• Household income: $50,325
• Rent vs Own: 53.8% rent · 46.2% own
• Severe rent burden: 2742.0

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: Black 53% White 25% Hispanic / Latino 17% Two or more races 9% Asian 2%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Lithuanian 1% Italian 1% Romanian 1%
• Foreign-born: 11% · Canada
• Languages at home: 86% English-only · Spanish 10% French/Haitian/Cajun 1% Other Asian/Pacific 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: ▼ -218.85%
• Current HPI: 239.43
• Rent YoY: ▲ 6.76%
• 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

+20.9% since first listed

3 events — show timeline

• 2026-05-28 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-01 Listed $119,900 MIBOR as Distributed by MLS Grid
• 2022-02-10 Sold (Public Records) $99,137 Public Records

Property tax history

+3.8%/yr

Latest (2025): $1,915 · -3.4% YoY. Source: county tax records.