2322 Paris Ave · Indianapolis city (balance), IN 46208

$140,000

2 bd · 4.0 ba · 456 sqft · MultiFamily public records · 149 Days on market

Built 1915 5,489 sqft lot $307/sqft · 132% above area Est $131k · 7% over

---

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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +4.5/15.0
• 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: 2 units. confirmed

Listing remarks MLS

Located just minutes from the heart of downtown Indianapolis, this duplex has great potential! Each unit offers two 2-bed, 1-bath with 496 sq. ft. of living space. If you are looking to get started on a rental portfolio or house hacking, this would be a great addition! In need of light cosmetic work, this property is being sold as-is but a great way to build equity!

Key facts

• 5,489 sq ft lot
• Built 1915
• Listed 149 days

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $140k.

Deal economics

• At list price, monthly cash flow is $870 ($10k/yr) — positive. Per door: $435/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.3% 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; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• At $2,345/mo this rent would consume 47% of the median local household income ($60k/yr) (locally 978% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 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 $39k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 149 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 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: flood insurance adds $66/mo; built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $123,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 149 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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.
9. 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.
10. 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: 1.68% ✓
• Cap rate: 14.32%
• Cash-on-cash: 28.68%
• DSCR: 2.28
• GRM: 5.0

CMA / ARV

• ARV (median comp): $131,285
• List price: $140,000
• Delta: 6.64%
• Verdict: FAIR
• Comps: 6 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.43% rent growth · sell at horizon

5-year hold

• IRR: 24.4%
• Equity multiple: 2.05×
• Total profit: $41,170
• Equity at exit: $20,874

10-year hold

• IRR: 34.3%
• Equity multiple: 4.68×
• Total profit: $144,283
• Equity at exit: $12,105

Cash invested: $39,200 (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: 9.9×

Monthly cashflow live

• Estimated rent: $2,345 high
• Mortgage (P&I): −$734
• Tax from tax record: −$123 /mo · $1,477/yr
• Insurance: −$58
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$492
• Net cashflow: $870

Break-even live

Break-even rent $1,243

Max offer price $140,000

Occupancy floor 58%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,346
Total (2 units)			$2,345

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
28 E 16th St Indianapolis, IN	1.0	1.0	430	$925	$2.15	10d	8	0.97mi
1503 N Pennsylvania St Indianapolis, IN	1.0	1.0	505	$915	$1.81	10d	3	1.04mi
1350 N Meridian St Indianapolis, IN	1.0	1.0	487	$849	$1.74	3d	4	1.11mi
930 W 10th St Indianapolis, IN	1.0–4.0	1.0–4.0	874	$2,371	$2.71	3d	1	1.31mi

Listing history 8 events

1. 2026-06-07
   status $140,000 Pending 149 DOM
2. 2026-06-03
   days on market $140,000 Active 149 DOM
3. 2026-06-02
   days on market $140,000 Active 148 DOM
4. 2026-06-01
   days on market $140,000 Active 147 DOM
5. 2026-05-31
   days on market $140,000 Active 146 DOM
6. 2026-02-13
   status Active 372-char remark

   Show marketing remark (372 chars)

   Located just minutes from the heart of downtown Indianapolis, this duplex has great potential! Each unit offers two 2-bed, 1-bath with 496 sq. ft. of living space. If you are looking to get started on a rental portfolio or house hacking, this would be a great addition! In need of light cosmetic work, this property is being sold as-is but a great way to build equity!

7. 2026-01-23
   status Pending 372-char remark

   Show marketing remark (372 chars)

   Located just minutes from the heart of downtown Indianapolis, this duplex has great potential! Each unit offers two 2-bed, 1-bath with 496 sq. ft. of living space. If you are looking to get started on a rental portfolio or house hacking, this would be a great addition! In need of light cosmetic work, this property is being sold as-is but a great way to build equity!

8. 2025-12-08
   listed $140,000 Active 372-char remark

   Show marketing remark (372 chars)

   Located just minutes from the heart of downtown Indianapolis, this duplex has great potential! Each unit offers two 2-bed, 1-bath with 496 sq. ft. of living space. If you are looking to get started on a rental portfolio or house hacking, this would be a great addition! In need of light cosmetic work, this property is being sold as-is but a great way to build equity!

ⓘ 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: $1,477 · $123/mo
• Projected year-2 tax: $1,477 · $123/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 8/10 Severe FEMA zone X (unshaded) · 91% 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: $28,140
• − Mortgage interest: −$7,842
• − Property taxes: −$1,477
• − Insurance: −$1,498
• − Repairs & maintenance: −$2,251
• − Management: −$2,251
• − Depreciation: −$4,073
• Taxable income: $8,748
• Est. tax owed @ 24.0%: −$2,099
• After-tax cash flow: $8,346/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

3 events — show timeline

• 2026-02-13 Relisted — MIBOR as Distributed by MLS Grid
• 2026-01-23 Pending — MIBOR as Distributed by MLS Grid
• 2025-12-08 Listed $140,000 MIBOR as Distributed by MLS Grid

Property tax history

+9.1%/yr

Latest (2025): $1,477 · +21.5% YoY. Source: county tax records.