230 E 9th St #503 · Indianapolis city (balance), IN 46204

$109,900

1 bd · 1.0 ba · 444 sqft · Condo · 108 Days on market

Built 1907 Good condition $248/sqft · 16% below area Est $131k · 16% under $291/mo HOA · 28% of rent ↓ 17% since listing

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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).

• ARV discount +14.7/15.0
• Cash flow +5.8/30.0
• Appreciation +5.1/10.0
• 1% rule +4.6/10.0
• Condition / age +4.0/5.0
• Schools +2.9/10.0
• Rent growth +2.8/5.0
• Livability +2.5/5.0
• DSCR +0.2/10.0

Listing remarks

FULLY FURNISHED! Modern, bright downtown Indy studio just 8 minutes from Lucas Oil Stadium. Enjoy a cozy queen bed, stylish living area, full kitchen, and a dedicated workspace. Large windows fill the space with natural light, creating a warm, inviting vibe. Perfect for game days, business trips, or weekend getaways-close to restaurants, nightlife, and major attractions.

Key facts

• Large windows
• Close to restaurants
• Close to nightlife

Tags

• FULLY FURNISHED
• DEDICATED WORKSPACE
• LARGE WINDOWS
• NATURAL LIGHT
• CLOSE TO RESTAURANTS
• CLOSE TO NIGHTLIFE

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $110k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-219 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $78k (28.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $105k (4.3% below list).
• Recommended offer: $78k (28.9% below list) — sets the bar for cash-flow.

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.
• Zoned schools: Frederick Douglass School 19 (math 9% / reading 13%, grade F, #909 of 994 statewide, top 92%, 444 students, 81% FRL); H L Harshman Middle School (math 3% / reading 16%, grade F, #316 of 330 statewide, top 96%, 549 students, 84% 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 80% FRL track the district average.
• Market conditions: Rents rising (+1.2%/yr); 119 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); 46% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent is only 15% of the median local income ($86k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• In year one you build about $1k of equity ($760 loan paydown + $312 appreciation (0.3% local appreciation)).
• 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 108 days — a 9% lower offer ($100k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $6k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 28% of rent; built in 1907 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $78,168 (28.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 108 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
3. Built in 1907 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. 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?
9. 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.
10. 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.
11. 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: 0.96% ✗
• Cap rate: 3.90%
• Cash-on-cash: -8.55%
• DSCR: 0.62
• GRM: 8.7

CMA / ARV

• ARV (median comp): $130,904
• List price: $109,900
• Delta: -16.05%
• 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
230 E 9th St #302	0.00mi	1/1.0	443 (-0%)	1mo	$96,000	$217	99
230 E 9th St #410	0.00mi	1/1.0	447 (+1%)	3mo	$112,000	$251	96
230 E 9th St #401	0.00mi	1/1.0	447 (+1%)	15mo	$124,000	$277	86
230 E 9th St E #411	0.00mi	1/1.0	457 (+3%)	12mo	$125,000	$274	85
230 E 9th St #610	0.00mi	1/1.0	447 (+1%)	19mo	$116,000	$260	83
230 E 9th St #506	0.00mi	1/1.0	422 (-5%)	12mo	$115,000	$273	82
230 E 9th St #403	0.00mi	1/1.0	454 (+2%)	18mo	$131,500	$290	82
230 E 9th St #308	0.00mi	1/1.0	447 (+1%)	29mo	$127,500	$285	79
230 E 9th St #611	0.00mi	1/1.0	500 (+13%)	6mo	$108,400	$217	74
230 E 9th St #512	0.00mi	1/1.0	465 (+5%)	22mo	$130,000	$280	74
230 E 9th St #404	0.00mi	1/1.0	476 (+7%)	32mo	$127,750	$268	68
230 E 9th St #405	0.00mi	1/1.0	507 (+14%)	16mo	$124,000	$245	63

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

0.28% appreciation · 1.2% rent growth · sell at horizon

5-year hold

• IRR: -12.0%
• Equity multiple: 0.44×
• Total profit: $-17,383
• Equity at exit: $33,482

10-year hold

• IRR: -7.3%
• Equity multiple: 0.23×
• Total profit: $-23,635
• Equity at exit: $41,522

Cash invested: $30,772 (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 →

Active competition Active MLS

• For sale now: 1 active
• Median asking: $118,900 ($260/sqft)
• Median days on market: 121 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +13.3% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 46204

• Home prices YoY: 0.1%
• Rents YoY: 1.2%
• Active inventory: 119
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,052 high
• Mortgage (P&I): −$576
• Tax est. 1.5%: −$137 /mo · $1,648/yr
• Insurance: −$46
• HOA: −$291
• Vacancy / Maint / Mgmt: −$221
• Net cashflow: $-219

Break-even live

Break-even rent $1,330

Max offer price $78,168

Occupancy floor —

Sensitivity live

Price	-10% $-143	-5% $-181	+0% $-219	+5% $-257	+10% $-295
Rent	-10% $-302	-5% $-261	+0% $-219	+5% $-178	+10% $-136
Rate	-1.0pp $-164	-0.5pp $-191	base $-219	+0.5pp $-248	+1.0pp $-277

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: $27,475
• Closing costs: $3,297
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
212 E 10th St Apt 4 Indianapolis, IN	—	1.0	220	$900	$4.09	7d	1	0.15mi
423 E Michigan St Indianapolis, IN	2.0	2.0	632	$1,951	$3.09	0d	16	0.42mi
1309 N Pennsylvania St Indianapolis, IN	—	1.0	318	$799	$2.51	0d	1	0.43mi
1308 Central Ave Unit 108 Indianapolis, IN	—	1.0	313	$1,005	$3.21	99d	1	0.45mi
1308 Central Ave Unit 207 Indianapolis, IN	—	1.0	313	$1,005	$3.21	139d	1	0.45mi
549 N Senate Ave Unit 549-316 Indianapolis, IN	—	1.0	373	$926	$2.48	10d	1	0.58mi
549 N Senate Ave Unit 219-308 Indianapolis, IN	—	1.0	363	$930	$2.56	103d	1	0.58mi
1503 N Pennsylvania St Indianapolis, IN	1.0	1.0	425	$895	$2.11	4d	2	0.62mi
451 E Market St Indianapolis, IN	3.0	1.0–2.0	842	$1,439	$1.71	2d	45	0.81mi
1022 Doctor Martin Luther King Junior St Indianapolis, IN	—	1.0	360	$665	$1.85	139d	1	0.86mi
1022 Doctor Martin Luther King Junior St Indianapolis, IN	—	1.0	372	$675	$1.81	10d	1	0.86mi
1022 Doctor Martin Luther King Junior St Indianapolis, IN	—	1.0	345	$675	$1.96	94d	1	0.86mi
1413 Washington St Indianapolis, IN	—	1.0	350	$800	$2.29	139d	1	1.29mi

Property features AI

Finance

• Other: Tax/legal description notes unit designation
• HOA & community: Mandatory coop/HOAMonthly association fee (includes common cable, sewer, private entrance, insurance, ground maintenance)Association amenities include cable TV, insurance, and grounds maintenance2+ common walls

Exterior

• Parking: Assigned parking (assigned outside parking)
• Security: Fire sprinkler systemSmoke detectors
• Utilities: Community sewerPrivate water sourceCable availableSewer connectedWater connectedElectricity connected
• Home design: Attached condominiumHorizontal condo within a building common entryOne story (single-level unit)
• Construction: Brick constructionOther foundation
• Exterior features: Exterior lighting

Interior

• Kitchen: DishwasherDisposalMicrowaveElectric ovenRefrigerator
• Bedrooms: One bedroom on the main level (approx. 12 x 8)
• Flooring: Floor number: unit on 5th floor
• Bathrooms: One full bathroom with tub and shower
• Heating & cooling: Forced air heatingCentral air conditioning
• Interior features: Painted woodworkBreakfast barLighting (exterior lighting noted separately)
• Laundry & utility: Utilities connected: electricity and water

HOA detail $291/mo · $3,492/yr condo

• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-09-23
   days on market $109,900 Active 108 DOM
2. 2026-09-22
   days on market $109,900 Active 107 DOM
3. 2026-09-21
   days on market $109,900 Active 106 DOM
4. 2026-09-20
   days on market $109,900 Active 105 DOM
5. 2026-09-19
   days on market $109,900 Active 104 DOM
6. 2026-09-18
   days on market $109,900 Active 103 DOM
7. 2026-09-17
   days on market $109,900 Active 102 DOM
8. 2026-09-16
   days on market $109,900 Active 101 DOM
9. 2026-09-15
   days on market $109,900 Active 100 DOM
10. 2026-09-14
    days on market $109,900 Active 99 DOM
11. 2026-09-13
    days on market $109,900 Active 98 DOM
12. 2026-09-12
    days on market $109,900 Active 97 DOM
13. 2026-09-11
    days on market $109,900 Active 96 DOM
14. 2026-09-05
    days on market $109,900 Active 90 DOM
15. 2026-09-04
    days on market $109,900 Active 89 DOM
16. 2026-09-03
    days on market $109,900 Active 88 DOM
17. 2026-08-29
    days on market $109,900 Active 85 DOM
18. 2026-08-28
    days on market $109,900 Active 84 DOM
19. 2026-08-27
    days on market $109,900 Active 83 DOM
20. 2026-08-25
    days on market $109,900 Active 81 DOM
21. 2026-08-24
    days on market $109,900 Active 80 DOM
22. 2026-08-23
    days on market $109,900 Active 79 DOM
23. 2026-08-22
    days on market $109,900 Active 78 DOM
24. 2026-08-21
    days on market $109,900 Active 77 DOM
25. 2026-08-20
    days on market $109,900 Active 76 DOM
26. 2026-08-19
    days on market $109,900 Active 75 DOM
27. 2026-08-18
    days on market $109,900 Active 74 DOM
28. 2026-08-17
    days on market $109,900 Active 73 DOM
29. 2026-08-16
    days on market $109,900 Active 72 DOM
30. 2026-08-15
    days on market $109,900 Active 71 DOM
31. 2026-08-14
    days on market $109,900 Active 70 DOM
32. 2026-08-13
    days on market $109,900 Active 69 DOM
33. 2026-08-12
    days on market $109,900 Active 68 DOM
34. 2026-08-11
    days on market $109,900 Active 67 DOM
35. 2026-08-10
    days on market $109,900 Active 66 DOM
36. 2026-08-09
    days on market $109,900 Active 65 DOM
37. 2026-08-08
    days on market $109,900 Active 64 DOM
38. 2026-08-07
    days on market $109,900 Active 63 DOM
39. 2026-08-06
    days on market $109,900 Active 62 DOM
40. 2026-08-05
    days on market $109,900 Active 61 DOM
41. 2026-08-04
    days on market $109,900 Active 60 DOM
42. 2026-08-03
    days on market $109,900 Active 59 DOM
43. 2026-07-31
    days on market $109,900 Active 56 DOM
44. 2026-07-30
    days on market $109,900 Active 55 DOM
45. 2026-07-30
    days on market $109,900 Active 54 DOM
46. 2026-07-28
    days on market $109,900 Active 53 DOM
47. 2026-07-26
    days on market $109,900 Active 51 DOM
48. 2026-07-24
    days on market $109,900 Active 49 DOM
49. 2026-07-23
    days on market $109,900 Active 48 DOM
50. 2026-07-22
    days on market $109,900 Active 47 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 ≥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: $12,626
• − Mortgage interest: −$6,156
• − Property taxes: −$1,648
• − Insurance: −$550
• − Repairs & maintenance: −$1,010
• − Management: −$1,010
• − HOA: −$3,492
• − Depreciation: −$3,197
• Taxable loss: −$4,438
• Est. tax savings @ 24.0%: +$1,065
• After-tax cash flow: $-1,567/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.

Condition & rehab AI · 13 photos

Good 80/100 Cosmetic rehab Est. rehab $2,220–$6,660 screening

This fully furnished studio apartment is in good condition with a good location and modern decor. It has potential for further value through minor updates.

Value-add opportunities

• Both Painting the interior walls — Fresh paint can make the space feel new and inviting ↑
• Both Updating the kitchen appliances — Modern appliances can attract more renters and buyers ↑
• Both Adding smart home features — Smart home features can increase the property's appeal and value ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 29/100

Zoned Schools

Elementary Center For Inquiry School 2 F IN #425/994 Nat'l #17,692/41,679 High Crispus Attucks High School F IN #356/369 Nat'l #15,355/17,239

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 · 1,025,572 people
• City population: 881,119
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 11,400
• Household income: $86,396
• Rent vs Own: 85.9% rent · 14.1% own
• Severe rent burden: 8% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (66%)
• Race & ethnicity: White 66% Black 18% Two or more races 8% Hispanic / Latino 7% Asian 5%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Lithuanian 2% Romanian 2% Slovak 2%
• Foreign-born: 10% · Canada, South Korea, China
• Languages at home: 86% English-only · Spanish 7% Other Indo-European 4% Arabic 1%

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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: ▲ 0.28%
• Current HPI: 189.7215
• Rent YoY: ▲ 1.20%
• Metro: Indianapolis-Carmel-Anderson, IN
• State GDP YoY: ▲ 2.90%
• F500 in state: 18

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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

Property features AI

Finance

• Other: Tax/legal description notes unit designation
• HOA & community: Mandatory coop/HOAMonthly association fee (includes common cable, sewer, private entrance, insurance, ground maintenance)Association amenities include cable TV, insurance, and grounds maintenance2+ common walls

Exterior

• Parking: Assigned parking (assigned outside parking)
• Security: Fire sprinkler systemSmoke detectors
• Utilities: Community sewerPrivate water sourceCable availableSewer connectedWater connectedElectricity connected
• Home design: Attached condominiumHorizontal condo within a building common entryOne story (single-level unit)
• Construction: Brick constructionOther foundation
• Exterior features: Exterior lighting

Interior

• Kitchen: DishwasherDisposalMicrowaveElectric ovenRefrigerator
• Bedrooms: One bedroom on the main level (approx. 12 x 8)
• Flooring: Floor number: unit on 5th floor
• Bathrooms: One full bathroom with tub and shower
• Heating & cooling: Forced air heatingCentral air conditioning
• Interior features: Painted woodworkBreakfast barLighting (exterior lighting noted separately)
• Laundry & utility: Utilities connected: electricity and water

Price history

-17.2% since first listed

3 events — show timeline

• 2026-06-05 Listed $115,900 MIBOR as Distributed by MLS Grid
• 2024-08-14 Listing Removed — MIBOR as Distributed by MLS Grid
• 2024-02-21 Listed $140,000 MIBOR as Distributed by MLS Grid