1205 W 32nd St · Indianapolis city (balance), IN 46208

$127,000

2 bd · 1.0 ba · 1,926 sqft · SingleFamily public records · 9 Days on market

Built 1930 5,793 sqft lot Est $148k · 14% under

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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 +23.4/30.0
• ARV discount +14.0/15.0
• DSCR +7.5/10.0
• 1% rule +6.7/10.0
• 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

Listing remarks

Nice 3 bedroom in Riverside with 2 car garage! Enjoy the fenced-in front and back yard with covered front porch. Inside, find original hardwood floors and a convenient floor plan. Full unfinished basement for storage, or future option to finish for more livable space. Great location in an established near north neighborhood, close to 2 city parks and leisure trails and just 10 min drive into Downtown Indy. Check it out!

Key facts

• Covered front porch
• Close to city parks
• 5,793 sq ft lot

Tags

• FENCED-IN FRONT AND BACK YARD
• COVERED FRONT PORCH
• ORIGINAL HARDWOOD FLOORS
• FULL UNFINISHED BASEMENT
• CLOSE TO CITY PARKS
• CLOSE TO LEISURE TRAILS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $127k.

Deal economics

• At list price, monthly cash flow is $234 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $127k).
• Cap rate 8.5% 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.
• Market conditions: Rents rising fast (+6.4%/yr); 279 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $878 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 ~9 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $127,000

Questions for the listing agent

1. Built in 1930 — 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: 1.17% ✓
• Cap rate: 8.50%
• Cash-on-cash: 7.89%
• DSCR: 1.35
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $148,302
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1205 W 32nd St	0.00mi	3/1.0 (+1)	1,686 (-12%)	0mo	$122,500	$73	74
1450 W 33rd St	0.31mi	3/1.0 (+1)	1,980 (+3%)	3mo	$85,000	$43	74
1030 W 37th St	0.45mi	2/1.0	1,888 (-2%)	3mo	$145,000	$77	73
1311 W 33rd St	0.15mi	3/1.0 (+1)	2,094 (+9%)	1mo	$122,350	$58	72
1331 W 34th St W	0.22mi	2/1.0	2,160 (+12%)	1mo	$92,500	$43	69
962 W 35th St	0.37mi	2/1.0	1,768 (-8%)	1mo	$97,900	$55	68
1035 W 37th St	0.43mi	3/1.0 (+1)	2,020 (+5%)	1mo	$140,000	$69	66
1424 W 27th St	0.58mi	2/1.0	2,040 (+6%)	3mo	$158,000	$77	60
1307 Congress Ave	0.14mi	3/2.0 (+1)	1,655 (-14%)	2mo	$200,000	$121	59
3052 Skylar Ln	0.47mi	2/1.5	1,674 (-13%)	2mo	$145,729	$87	53
3105 N White River Parkway East Dr	0.43mi	3/3.0 (+1)	1,715 (-11%)	3mo	$230,000	$134	46
950 W 28th St	0.53mi	3/2.5 (+1)	1,713 (-11%)	1mo	$320,000	$187	45

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: -0.2%
• Equity multiple: 0.99×
• Total profit: $-344
• Equity at exit: $18,936

10-year hold

• IRR: 12.9%
• Equity multiple: 2.19×
• Total profit: $42,389
• Equity at exit: $10,981

Cash invested: $35,560 (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: 279
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,481 high
• Mortgage (P&I): −$666
• Tax from tax record: −$217 /mo · $2,604/yr
• Insurance: −$53
• HOA: −$0
• Vacancy / Maint / Mgmt: −$311
• Net cashflow: $234

Break-even live

Break-even rent $1,185

Max offer price $127,000

Occupancy floor 79%

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: $31,750
• Closing costs: $3,810
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1061 W 33rd St Indianapolis, IN	3.0	2.0	2400	$1,550	$0.65	43d	1	0.16mi
1331 W 34th St Indianapolis, IN	2.0	1.0	2160	$1,399	$0.65	23d	1	0.22mi
962 W 35th St Indianapolis, IN	2.0	1.0	1768	$1,195	$0.68	2d	1	0.36mi
3057 Armory Dr Indianapolis, IN	2.0	2.0	1674	$1,695	$1.01	43d	1	0.52mi
3057 Armory Dr Indianapolis, IN	2.0	1.5	1674	$1,495	$0.89	7d	1	0.52mi
648 W 30th St Indianapolis, IN	3.0	2.0	1300	$1,500	$1.15	23d	1	0.61mi
2868 Indianapolis Ave Indianapolis, IN	3.0	2.0	2390	$1,550	$0.65	21d	1	0.86mi
2868 Indianapolis Ave Indianapolis, IN	3.0	2.0	2390	$1,550	$0.65	7d	1	0.86mi
3031 Boulevard Pl Indianapolis, IN	3.0	1.5	1395	$1,450	$1.04	17d	1	1.04mi
2146 Gent Ave Indianapolis, IN	3.0	2.0	1952	$2,000	$1.02	21d	1	1.13mi
1135 W 21st St Indianapolis, IN	3.0	2.0	1296	$1,495	$1.15	23d	1	1.23mi
1133 W 21st St Indianapolis, IN	3.0	2.0	1296	$1,495	$1.15	23d	1	1.23mi
143 W 35th St Indianapolis, IN	3.0	1.0	1235	$1,175	$0.95	7d	1	1.24mi
3622 N Capitol Ave Indianapolis, IN	3.0	1.0	1300	$1,300	$1.00	7d	1	1.28mi
1920 Sugar Grove Ave Indianapolis, IN	3.0	1.5	1378	$1,175	$0.85	2d	1	1.34mi
3457 N Illinois St Indianapolis, IN	3.0	2.0	1230	$1,145	$0.93	23d	1	1.35mi
2602 Mansion Dr Indianapolis, IN	2.0–3.0	2.0	1850	$1,379	$0.75	7d	6	1.36mi
3621 N Kenwood Ave Indianapolis, IN	3.0	1.5	1521	$1,599	$1.05	2d	1	1.36mi
3103 N Meridian St Indianapolis, IN	3.0	2.0	1280	$1,775	$1.39	23d	1	1.43mi
2318 N Capitol Ave Indianapolis, IN	3.0	1.0	1440	$1,050	$0.73	43d	1	1.47mi
3078 N Pennsylvania St Indianapolis, IN	3.0	3.5	2440	$3,050	$1.25	2d	1	1.48mi

Listing history 4 events

1. 2026-04-24
   status Pending
2. 2026-04-16
   listed $127,000 Active
3. 2026-03-25
   historical $975
4. 2026-03-24
   listed $975

ⓘ 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: $2,604 · $217/mo
• Projected year-2 tax: $2,604 · $217/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: $17,768
• − Mortgage interest: −$7,114
• − Property taxes: −$2,604
• − Insurance: −$635
• − Repairs & maintenance: −$1,421
• − Management: −$1,421
• − Depreciation: −$3,695
• Taxable income: $878
• Est. tax owed @ 24.0%: −$211
• After-tax cash flow: $2,595/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

4 events — show timeline

• 2026-04-24 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-16 Listed $127,000 MIBOR as Distributed by MLS Grid
• 2026-03-25 Rental Removed $975 SHOWMOJO
• 2026-03-24 Listed for Rent $975 SHOWMOJO

Property tax history

+24.0%/yr

Latest (2025): $2,604 · -3.2% YoY. Source: county tax records.