1917 W Michigan St · Indianapolis city (balance), IN 46222

$60,000

3 bd · 1.0 ba · 968 sqft · SingleFamily public records · 1 Days on market

Built 1955 3,833 sqft lot Est $107k · 44% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.1/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Sweat Equity Galore!! Come home to this 3 bedroom, 1 bath in the heart of Indy and enjoy all of the downtown amenities. With TLC, this property could be transformed into a fantastic home!!

Key facts

• 3,833 sq ft lot
• Built 1955

Property features AI

Exterior

• Utilities: Public water; Municipal sewer connected; No solid waste service listed
• Home design: Single-family residence; One level; Property listed as a fixer
• Construction: Vinyl siding; Block foundation
• Exterior features: Covered patio; Patio; Full yard fence; City lot with curbs and sidewalks; Storm sewer; Has a view

Interior

• Kitchen: No appliances included
• Bedrooms: Three bedrooms on the main level
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Attic access; Finished basement area (partial)
• Laundry & utility: No specific laundry appliances listed

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $682 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Cap rate 19.9% 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 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: William Penn School 49 (math 9% / reading 9%, grade F, #935 of 994 statewide, top 94%, 509 students, 78% FRL); H L Harshman Middle School (math 3% / reading 16%, grade F, #316 of 330 statewide, top 96%, 549 students, 84% FRL); George Washington High School (math 2% / reading 17%, grade F, #366 of 369 statewide, top 99%, 753 students, 68% FRL) — zoned schools at 77% FRL track the district average.
• Market conditions: Rents rising (+2.5%/yr); 174 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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 33% of the median local income ($51k/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 $415 of loan paydown is wiped out by about $2k 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 + 2.5% rent growth), your $17k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $60,000

Questions for the listing agent

1. Built in 1955 — 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: 2.31% ✓
• Cap rate: 19.94%
• Cash-on-cash: 48.74%
• DSCR: 3.17
• GRM: 3.6

CMA / ARV

• ARV (on-the-fly): $107,448
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
561 Lynn St	0.13mi	3/1.5	920 (-5%)	5mo	$135,000	$147	79
1918 Wilcox St	0.03mi	2/1.0 (-1)	893 (-8%)	2mo	$85,000	$95	79
549 N Traub Ave	0.12mi	3/1.0	900 (-7%)	13mo	$100,000	$111	72
553 N Traub Ave	0.13mi	3/1.5	1,073 (+11%)	13mo	$130,000	$121	63
1014 N Sheffield Ave	0.51mi	3/2.0	952 (-2%)	8mo	$173,000	$182	63
1059 N Elder Ave	0.54mi	2/1.0 (-1)	1,008 (+4%)	2mo	$102,000	$101	62
1133 N Tremont St	0.70mi	3/1.0	1,032 (+7%)	10mo	$80,000	$78	48
1143 N Elder Ave	0.61mi	4/1.0 (+1)	864 (-11%)	3mo	$77,000	$89	46
1118 N Traub Ave	0.60mi	2/2.0 (-1)	1,080 (+12%)	0mo	$52,000	$48	44
1049 N Tremont St N	0.61mi	2/1.0 (-1)	1,084 (+12%)	9mo	$125,000	$115	39
1106 N Sheffield Ave	0.61mi	2/1.0 (-1)	852 (-12%)	10mo	$118,000	$138	38
1148 N Pershing Ave	0.70mi	2/1.0 (-1)	1,086 (+12%)	8mo	$112,500	$104	36

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 · 2.46% rent growth · sell at horizon

5-year hold

• IRR: 45.7%
• Equity multiple: 2.96×
• Total profit: $33,004
• Equity at exit: $8,946

10-year hold

• IRR: 51.3%
• Equity multiple: 5.87×
• Total profit: $81,735
• Equity at exit: $5,188

Cash invested: $16,800 (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 46222

• Home prices YoY: -16.7%
• Rents YoY: 2.5%
• Active inventory: 174
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $1,389 high
• Mortgage (P&I): −$315
• Tax est. 1.5%: −$75 /mo · $900/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$292
• Net cashflow: $682

Break-even live

Break-even rent $525

Max offer price $60,000

Occupancy floor 46%

Sensitivity live

Price	-10% $724	-5% $703	+0% $682	+5% $662	+10% $641
Rent	-10% $573	-5% $627	+0% $682	+5% $737	+10% $792
Rate	-1.0pp $713	-0.5pp $698	base $682	+0.5pp $667	+1.0pp $651

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1911 Wilcox St Indianapolis, IN	2.0	1.0	896	$1,150	$1.28	45d	1	0.04mi
525 N Belmont Ave Indianapolis, IN	3.0	1.0	912	$1,225	$1.34	25d	1	0.13mi
460 N White River Parkway Dr W Indianapolis, IN	2.0	1.0	681	$1,725	$2.53	0d	15	0.27mi
210 N Richland St Indianapolis, IN	4.0	2.0	1062	$1,625	$1.53	15d	1	0.37mi
264 N Holmes Ave Indianapolis, IN	2.0	1.0	1092	$1,200	$1.10	12d	1	0.63mi
1150 N White River Pkwy West Dr Indianapolis, IN	1.0–2.0	1.0	722	$1,224	$1.69	3d	9	0.65mi
86 N Holmes Ave Indianapolis, IN	2.0	1.0	978	$1,050	$1.07	17d	1	0.71mi
101 S Harding St Apt 307 Indianapolis, IN	2.0	2.0	970	$1,685	$1.74	4d	1	0.72mi
771 Haugh St Indianapolis, IN	2.0	1.0	714	$1,250	$1.75	21d	1	0.72mi
240 N Warman Ave Indianapolis, IN	2.0–3.0	1.0–2.0	1052	$1,400	$1.33	21d	5	0.73mi
1155 N Holmes Ave Indianapolis, IN	3.0	1.0	952	$2,800	$2.94	4d	1	0.87mi
3014 W 10th St Unit 1 Indianapolis, IN	2.0	1.0	850	$749	$0.88	25d	1	0.88mi
3014 W 10th St Indianapolis, IN	2.0	1.0	850	$749	$0.88	45d	1	0.88mi
1510 Stadium Way Unit Stadium Flats-2203 Indianapolis, IN	2.0	1.0	770	$1,462	$1.90	0d	1	0.97mi
411 N Centennial St Indianapolis, IN	2.0	1.0	750	$995	$1.33	9d	1	0.97mi
1410 Breedlove Ln Indianapolis, IN	2.0	1.0–2.0	947	$2,557	$2.70	0d	61	0.99mi
1409 N Warman Ave Indianapolis, IN	2.0	1.0	816	$1,300	$1.59	21d	1	1.03mi
1201 Indiana Ave Indianapolis, IN	1.0–3.0	1.0–3.5	967	$2,404	$2.49	0d	34	1.10mi
2701 W 17th St Indianapolis, IN	2.0	1.0	810	$899	$1.11	9d	1	1.16mi
930 W 10th St Indianapolis, IN	1.0–4.0	1.0–4.0	874	$3,144	$3.59	5d	1	1.22mi
735 W 11th St Indianapolis, IN	2.0	1.0	712	$1,398	$1.96	45d	1	1.29mi
1228 W 18th St Indianapolis, IN	2.0	1.0	1050	$1,200	$1.14	45d	1	1.33mi
841 S Addison St Indianapolis, IN	2.0	1.0	750	$1,295	$1.73	45d	1	1.40mi
925 N Somerset Ave Indianapolis, IN	3.0	1.0	1061	$1,300	$1.23	9d	1	1.46mi
1105 Blaine Ave Indianapolis, IN	1.0–2.0	1.0–2.5	1157	$1,795	$1.55	25d	1	1.50mi

Listing history 3 events

1. 2026-06-09
   status $60,000 Pending 1 DOM
2. 2026-06-08
   remarks 189-char remark
3. 2026-06-08
   listed $60,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥102°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: $16,662
• − Mortgage interest: −$3,361
• − Property taxes: −$900
• − Insurance: −$300
• − Repairs & maintenance: −$1,333
• − Management: −$1,333
• − Depreciation: −$1,745
• Taxable income: $7,690
• Est. tax owed @ 24.0%: −$1,846
• After-tax cash flow: $6,342/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): 38,887
• Household income: $50,783
• Rent vs Own: 51.7% rent · 48.3% own
• Severe rent burden: 1750.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 32% Black 30% Hispanic / Latino 30% Two or more races 12% Asian 2%
• Hispanic origin (detail): Mexican 24% Puerto Rican 1%
• Common ancestry: Lithuanian 1% Iranian 1% Slovak 1%
• Foreign-born: 21% · Canada, Jamaica
• Languages at home: 67% English-only · Spanish 25% Other Indo-European 3% Arabic 2%

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: ▼ -75.47%
• Current HPI: 375.8479
• Rent YoY: ▲ 2.46%
• 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

1 event — show timeline

• 2026-06-08 Listed $60,000 MIBOR as Distributed by MLS Grid

Property tax history

-0.1%/yr

Latest (2025): $91 · +2.0% YoY. Source: county tax records.