3731 Baltimore Ave · Indianapolis city (balance), IN 46218

$120,000

2 bd · 1.0 ba · 812 sqft · SingleFamily public records · 101 Days on market

Built 1948 6,752 sqft lot $148/sqft · 60% above area

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Why this score? — see what drove the D+ 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 +20.6/30.0
• ARV discount +7.5/15.0
• DSCR +6.5/10.0
• 1% rule +4.5/10.0
• 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

Charming 2-bedroom, 1-bath home located just minutes from Downtown Indianapolis, offering both comfort and convenience. This property features fresh interior paint and updated LVP flooring throughout, creating a clean and modern feel. The home also includes a versatile bonus room that can be used as a home office, playroom, guest space, or additional living area. A detached 2-car garage provides ample space for parking, storage, or a workshop. Whether you're a first-time homebuyer, downsizing, or looking for an investment opportunity, this home offers great potential in a location close to restaurants, entertainment, and everything downtown Indy has to offer.

Key facts

• Bonus room
• Updated lvp flooring
• Fresh interior paint

Tags

• BONUS ROOM
• DETACHED GARAGE
• UPDATED LVP FLOORING
• FRESH INTERIOR PAINT
• LOCATION CLOSE TO RESTAURANTS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $160 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $114k (4.7% below list).
• Recommended offer: $109k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.9% 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 D — 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; 336 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 36% 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 $830 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.

Negotiation context

• It's been on market 101 days — a 9% lower offer ($109k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago; this cycle's ask has dropped $20k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $70k; list at $120k implies a 71% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $109,200 (9.0% below list)

Questions for the listing agent

1. It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. 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: 0.95% ✗
• Cap rate: 7.89%
• Cash-on-cash: 5.71%
• DSCR: 1.25
• GRM: 8.7

CMA / ARV

• ARV (median comp): $75,002
• List price: $120,000
• Delta: 59.99%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3706 Baltimore Ave	0.06mi	2/1.0	812 (0%)	13mo	$40,000	$49	86
3714 Hillside Ave	0.05mi	2/2.0	844 (+4%)	4mo	$143,900	$170	84
3930 Caroline Ave	0.26mi	2/1.0	812 (0%)	18mo	$102,500	$126	73
3511 N Keystone Ave	0.31mi	2/1.0	837 (+3%)	10mo	$113,500	$136	72
3932 Millersville Dr	0.26mi	3/1.0 (+1)	925 (+14%)	10mo	$100,000	$108	52
3331 Orchard Ave	0.53mi	2/1.0	720 (-11%)	14mo	$115,000	$160	45
2217 E 34th St	0.44mi	3/1.0 (+1)	912 (+12%)	15mo	$163,450	$179	41
4221 Evanston Ave	0.65mi	2/1.0	899 (+11%)	15mo	$186,000	$207	39
2120 E 34th St	0.41mi	3/2.0 (+1)	900 (+11%)	19mo	$115,000	$128	38
3419 Hillside Ave	0.38mi	3/2.0 (+1)	912 (+12%)	19mo	$134,900	$148	37
4163 N Tacoma Ave	0.58mi	3/1.0 (+1)	925 (+14%)	16mo	$149,000	$161	31
3025 E 36th St	0.66mi	3/1.0 (+1)	906 (+12%)	21mo	$160,000	$177	27

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: -9.8%
• Equity multiple: 0.65×
• Total profit: $-11,765
• Equity at exit: $17,892

10-year hold

• IRR: -3.4%
• Equity multiple: 0.79×
• Total profit: $-6,962
• Equity at exit: $10,375

Cash invested: $33,600 (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: 336
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,144 high
• Mortgage (P&I): −$629
• Tax from tax record: −$64 /mo · $772/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$240
• Net cashflow: $160

Break-even live

Break-even rent $941

Max offer price $120,000

Occupancy floor 81%

Sensitivity live

Price	-10% $228	-5% $194	+0% $160	+5% $126	+10% $92
Rent	-10% $70	-5% $115	+0% $160	+5% $205	+10% $250
Rate	-1.0pp $220	-0.5pp $190	base $160	+0.5pp $129	+1.0pp $97

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3763 Baltimore Ave Unit 3765 Indianapolis, IN	1.0	1.0	750	$750	$1.00	44d	1	0.05mi
3719 Hillside Ave Indianapolis, IN	1.0	1.0	644	$725	$1.13	24d	1	0.06mi
3709 Kinnear Ave Indianapolis, IN	2.0	1.0	650	$1,000	$1.54	44d	1	0.15mi
3723 Orchard Ave Unit 3723 Indianapolis, IN	1.0	1.5	700	$1,300	$1.86	24d	1	0.21mi
3741 N Tacoma Ave Indianapolis, IN	3.0	1.0	913	$2,200	$2.41	18d	1	0.23mi
1902 E 35th St Indianapolis, IN	3.0	1.0	1100	$1,600	$1.45	44d	1	0.40mi
3363 Nicholas Ave Indianapolis, IN	2.0	1.0	720	$1,000	$1.39	5d	1	0.45mi
3535 N Oxford St Indianapolis, IN	3.0	1.0	1015	$1,500	$1.48	22d	1	0.53mi
3472 N Dearborn St Indianapolis, IN	2.0	1.0	890	$1,099	$1.23	20d	1	0.69mi
3609 Balsam Ave Indianapolis, IN	1.0	1.0	541	$775	$1.43	3d	1	0.71mi
3609 Balsam Ave Indianapolis, IN	1.0	1.0	541	$755	$1.40	15d	1	0.71mi
3610 Balsam Ave Indianapolis, IN	1.0	1.0	464	$775	$1.67	3d	9	0.73mi
4303 Norwaldo Ave Indianapolis, IN	3.0	1.0	1050	$1,200	$1.14	44d	1	0.79mi
4326 Crittenden Ave Indianapolis, IN	2.0	1.0	812	$1,045	$1.29	21d	1	0.82mi
4309 Ralston Ave Indianapolis, IN	3.0	1.0	918	$1,600	$1.74	15d	1	0.86mi
3207 N Arsenal Ave Indianapolis, IN	3.0	1.0	994	$1,195	$1.20	24d	1	0.89mi
3909 Winthrop Ave Unit B Indianapolis, IN	2.0	1.5	931	$1,550	$1.66	13d	1	0.91mi
3522 N Olney St Indianapolis, IN	3.0	1.0	768	$1,300	$1.69	44d	1	0.92mi
4115 Meadows Dr Indianapolis, IN	1.0–3.0	1.0–2.0	1013	$1,374	$1.36	44d	9	0.97mi
916 Fairfield Ave Unit 918 Indianapolis, IN	3.0	1.0	1000	$1,300	$1.30	8d	1	0.97mi
3421 N Olney St Indianapolis, IN	2.0	1.0	720	$1,195	$1.66	17d	1	0.98mi
3132 Dr Andrew J Brown Ave Indianapolis, IN	2.0	1.0–2.0	791	$2,120	$2.68	2d	46	0.99mi
2931 N Tacoma Ave Unit 31 Indianapolis, IN	2.0	1.0	800	$950	$1.19	8d	1	1.01mi
3615 Sherman Forest Dr Indianapolis, IN	4.0	1.0–2.5	1057	$1,288	$1.22	5d	1	1.01mi
4400 E Fall Creek Parkway North Dr Indianapolis, IN	1.0–2.0	1.0–1.5	857	$1,349	$1.57	2d	31	1.02mi
4521 Norwaldo Ave Unit B Indianapolis, IN	2.0	1.5	1054	$1,600	$1.52	44d	1	1.07mi
4521 Norwaldo Ave Unit A Indianapolis, IN	2.0	1.5	1024	$1,525	$1.49	24d	1	1.07mi
2511 E 46th St Indianapolis, IN	1.0–2.0	1.0–2.0	830	$1,305	$1.57	44d	2	1.07mi
3139 Guilford Ave Indianapolis, IN	3.0	1.0	1068	$1,345	$1.26	44d	1	1.12mi
2820 Caroline Ave Indianapolis, IN	3.0	1.5	1112	$1,250	$1.12	24d	1	1.13mi
3716 N College Ave Unit 3 Indianapolis, IN	2.0	2.0	1100	$1,450	$1.32	44d	1	1.14mi
2106 E 46th St Indianapolis, IN	1.0	1.0	552	$925	$1.68	11d	1	1.14mi
3203 Sutherland Ave Unit 1310761P Indianapolis, IN	2.0	1.0	1097	$3,668	$3.34	3d	1	1.16mi
3383 Station St Indianapolis, IN	3.0	1.0	744	$1,250	$1.68	24d	1	1.16mi
3725 N Sherman Dr #7 Indianapolis, IN	2.0	1.0	729	$845	$1.16	5d	1	1.16mi
636 E 37th St Unit 5 Indianapolis, IN	2.0	1.0	700	$695	$0.99	24d	1	1.16mi
2930 N Dearborn St Indianapolis, IN	1.0	1.0	536	$599	$1.12	24d	1	1.17mi
633 E 38th St #4 Indianapolis, IN	3.0	1.0	650	$1,050	$1.62	44d	1	1.17mi
4560 Marcy Ln Indianapolis, IN	1.0–2.0	1.0	770	$1,565	$2.03	15d	8	1.18mi
3359 N College Ave Unit 3359 Indianapolis, IN	2.0	1.5	1082	$1,895	$1.75	24d	1	1.19mi

Listing history 21 events

1. 2026-06-21
   days on market $120,000 Active 101 DOM
2. 2026-06-18
   days on market $120,000 Active 98 DOM
3. 2026-06-17
   days on market $120,000 Active 97 DOM
4. 2026-06-16
   days on market $120,000 Active 96 DOM
5. 2026-06-15
   days on market $120,000 Active 95 DOM
6. 2026-06-13
   days on market $120,000 Active 93 DOM
7. 2026-06-13
   days on market $120,000 Active 92 DOM
8. 2026-06-09
   days on market $120,000 Active 89 DOM
9. 2026-06-08
   days on market $120,000 Active 88 DOM
10. 2026-06-07
    days on market $120,000 Active 87 DOM
11. 2026-06-03
    days on market $120,000 Active 83 DOM
12. 2026-06-02
    days on market $120,000 Active 82 DOM
13. 2026-06-01
    days on market $120,000 Active 81 DOM
14. 2026-05-31
    days on market $120,000 Active 80 DOM
15. 2026-05-05
    price $120,000 667-char remark

    Show marketing remark (667 chars)

    Charming 2-bedroom, 1-bath home located just minutes from Downtown Indianapolis, offering both comfort and convenience. This property features fresh interior paint and updated LVP flooring throughout, creating a clean and modern feel. The home also includes a versatile bonus room that can be used as a home office, playroom, guest space, or additional living area. A detached 2-car garage provides ample space for parking, storage, or a workshop. Whether you're a first-time homebuyer, downsizing, or looking for an investment opportunity, this home offers great potential in a location close to restaurants, entertainment, and everything downtown Indy has to offer.

16. 2026-03-28
    price $130,000 667-char remark

    Show marketing remark (667 chars)

    Charming 2-bedroom, 1-bath home located just minutes from Downtown Indianapolis, offering both comfort and convenience. This property features fresh interior paint and updated LVP flooring throughout, creating a clean and modern feel. The home also includes a versatile bonus room that can be used as a home office, playroom, guest space, or additional living area. A detached 2-car garage provides ample space for parking, storage, or a workshop. Whether you're a first-time homebuyer, downsizing, or looking for an investment opportunity, this home offers great potential in a location close to restaurants, entertainment, and everything downtown Indy has to offer.

17. 2026-03-12
    listed $140,000 Active 667-char remark

    Show marketing remark (667 chars)

    Charming 2-bedroom, 1-bath home located just minutes from Downtown Indianapolis, offering both comfort and convenience. This property features fresh interior paint and updated LVP flooring throughout, creating a clean and modern feel. The home also includes a versatile bonus room that can be used as a home office, playroom, guest space, or additional living area. A detached 2-car garage provides ample space for parking, storage, or a workshop. Whether you're a first-time homebuyer, downsizing, or looking for an investment opportunity, this home offers great potential in a location close to restaurants, entertainment, and everything downtown Indy has to offer.

18. 2022-08-02
    soldstatus $70,000 Closed 379-char remark

    Show marketing remark (379 chars)

    Situated on a nice size lot this property has three bedrooms and one bath. The property has easy access to main roads and many local amenities. Needs work and lots of TLC. Bring your tool kits and design ideas to restore and upgrade to your taste. Great opportunity for homeowner looking to customize and add to investment portfolio. Property being sold “AS IS”.

19. 2022-07-18
    status Pending 379-char remark

    Show marketing remark (379 chars)

    Situated on a nice size lot this property has three bedrooms and one bath. The property has easy access to main roads and many local amenities. Needs work and lots of TLC. Bring your tool kits and design ideas to restore and upgrade to your taste. Great opportunity for homeowner looking to customize and add to investment portfolio. Property being sold “AS IS”.

20. 2022-07-05
    listed $70,000 Active 379-char remark

    Show marketing remark (379 chars)

    Situated on a nice size lot this property has three bedrooms and one bath. The property has easy access to main roads and many local amenities. Needs work and lots of TLC. Bring your tool kits and design ideas to restore and upgrade to your taste. Great opportunity for homeowner looking to customize and add to investment portfolio. Property being sold “AS IS”.

21. 2000-10-06
    soldstatus $57,072

ⓘ 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: $772 · $64/mo
• Projected year-2 tax: $896 · $75/mo
• Expected delta: +$124/yr (+$10/mo · 16.1%)

ⓘ 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: $13,724
• − Mortgage interest: −$6,722
• − Property taxes: −$772
• − Insurance: −$600
• − Repairs & maintenance: −$1,098
• − Management: −$1,098
• − Depreciation: −$3,491
• Taxable loss: −$57
• Est. tax savings @ 24.0%: +$14
• After-tax cash flow: $1,932/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

+110.3% since first listed

7 events — show timeline

• 2026-05-05 Price Changed $120,000 MIBOR as Distributed by MLS Grid
• 2026-03-28 Price Changed $130,000 MIBOR as Distributed by MLS Grid
• 2026-03-12 Listed $140,000 MIBOR as Distributed by MLS Grid
• 2022-08-02 Sold (MLS) $70,000 MIBOR as Distributed by MLS Grid
• 2022-07-18 Pending — MIBOR as Distributed by MLS Grid
• 2022-07-05 Listed $70,000 MIBOR as Distributed by MLS Grid
• 2000-10-06 Sold (Public Records) $57,072 Public Records

Property tax history

+17.9%/yr

Latest (2025): $772 · -1.8% YoY. Source: county tax records.