34 N Addison St · Indianapolis city (balance), IN 46222

$139,900

3 bd · 1.0 ba · 1,688 sqft · SingleFamily public records · 124 Days on market

Built 1910 5,227 sqft lot $83/sqft · 9% below area Est $168k · 17% 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 +22.5/30.0
• ARV discount +15.0/15.0
• DSCR +7.2/10.0
• 1% rule +6.9/10.0
• 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 MLS

This charming home recently has had new paint and flooring with a spacious living room, dining room, and kitchen. One bedroom on the main floor with a bonus room to make a 4th bedroom. Two additional bedrooms upstairs. Large detached two car garage in an up and coming area just a few minutes away from downtown and right next to the new Central State Complex. There are a lot of renovations and flips in this area! Come and see this home for your family or as an investment property. Selling-AS-IS.

Key facts

• Kitchen
• New flooring
• New paint

Tags

• NEW PAINT
• NEW FLOORING
• SPACIOUS LIVING ROOM
• DINING ROOM
• KITCHEN
• BONUS ROOM

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $236 ($3k/yr) — positive.
• 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 8.3% 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 (+2.5%/yr); 170 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 39% 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 $967 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 124 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $15k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 124 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — 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. 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.
6. 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.
7. 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: 1.19% ✓
• Cap rate: 8.31%
• Cash-on-cash: 7.22%
• DSCR: 1.32
• GRM: 7.0

CMA / ARV

• ARV (median comp): $168,458
• List price: $139,900
• Delta: -16.95%
• 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
26 N Holmes Ave	0.07mi	3/2.0	1,580 (-6%)	0mo	$165,000	$104	82
2609 Jackson St	0.20mi	3/1.0	1,602 (-5%)	2mo	$85,000	$53	81
159 Handley St	0.23mi	3/2.5	1,808 (+7%)	3mo	$315,000	$174	69
229 N Tremont St	0.27mi	2/1.0 (-1)	1,906 (+13%)	1mo	$190,000	$100	60
286 N Tremont St	0.33mi	2/1.0 (-1)	1,919 (+14%)	2mo	$96,500	$50	56
121 Neal Ave	0.61mi	3/2.0	1,618 (-4%)	6mo	$85,000	$53	56
18 N Pershing Ave	0.25mi	2/1.0 (-1)	1,440 (-15%)	7mo	$91,000	$63	53
405 N Holmes Ave	0.43mi	2/1.5 (-1)	1,920 (+14%)	0mo	$69,900	$36	50
2944 W New York St	0.36mi	3/3.5	1,882 (+12%)	6mo	$293,000	$156	49
2915 W New York St	0.31mi	3/3.5	1,920 (+14%)	8mo	$305,000	$159	46
443 N Centennial St	0.66mi	4/2.0 (+1)	1,820 (+8%)	3mo	$145,000	$80	45
417 N Goodlet Ave	0.59mi	3/2.5	1,896 (+12%)	2mo	$187,000	$99	44

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: -5.8%
• Equity multiple: 0.78×
• Total profit: $-8,461
• Equity at exit: $20,860

10-year hold

• IRR: 3.2%
• Equity multiple: 1.22×
• Total profit: $8,697
• Equity at exit: $12,096

Cash invested: $39,172 (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: 170
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,663 high
• Mortgage (P&I): −$734
• Tax from tax record: −$286 /mo · $3,436/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$349
• Net cashflow: $236

Break-even live

Break-even rent $1,365

Max offer price $139,900

Occupancy floor 81%

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
234 N Addison St Indianapolis, IN	3.0	2.0	1892	$1,900	$1.00	44d	1	0.14mi
264 N Holmes Ave Indianapolis, IN	2.0	1.0	1540	$1,199	$0.78	24d	1	0.20mi
264 N Holmes Ave Indianapolis, IN	2.0	1.0	1092	$1,200	$1.10	10d	1	0.20mi
156 Haugh St Indianapolis, IN	3.0	2.5	1800	$2,000	$1.11	44d	1	0.21mi
240 N Warman Ave Indianapolis, IN	2.0–3.0	1.0–2.0	1052	$1,400	$1.33	20d	5	0.23mi
261 N Pershing Ave Indianapolis, IN	2.0	2.0	1764	$1,600	$0.91	24d	1	0.31mi
326 N Warman Ave Indianapolis, IN	3.0	2.5	1804	$2,150	$1.19	2d	1	0.31mi
2952 W New York St Indianapolis, IN	2.0	2.5	1867	$2,000	$1.07	22d	1	0.37mi
2952 W New York St Indianapolis, IN	2.0	2.5	1882	$2,000	$1.06	2d	1	0.37mi
210 N Richland St Indianapolis, IN	4.0	2.0	1062	$1,625	$1.53	14d	1	0.73mi
545 N Goodlet Ave Indianapolis, IN	3.0	1.0	1664	$1,250	$0.75	24d	1	0.74mi
742 N Sheffield Ave Unit 1228636P Indianapolis, IN	4.0	2.0	1851	$3,472	$1.88	2d	1	0.81mi
955 N Traub Ave Indianapolis, IN	3.0	2.0	1300	$1,449	$1.11	44d	1	1.02mi
1023 N Pershing Ave Indianapolis, IN	3.0	1.5	1182	$1,350	$1.14	24d	1	1.02mi
2015 W Wilkins St Indianapolis, IN	3.0	1.0	1250	$1,895	$1.52	44d	1	1.08mi
1118 King Ave Indianapolis, IN	3.0	1.0	1560	$1,299	$0.83	16d	1	1.11mi
3531 Garden Ave Indianapolis, IN	3.0	1.0	1264	$1,200	$0.95	44d	1	1.15mi
3531 Garden Ave Indianapolis, IN	3.0	1.0	1264	$1,200	$0.95	24d	1	1.15mi
925 N Somerset Ave Indianapolis, IN	3.0	1.0	1061	$1,300	$1.23	7d	1	1.25mi
1124 S Reisner St Indianapolis, IN	3.0	2.0	1548	$1,700	$1.10	44d	1	1.25mi
1801 W Morris St Indianapolis, IN	3.0	1.5	1056	$1,795	$1.70	44d	1	1.28mi
1105 Blaine Ave Indianapolis, IN	1.0–2.0	1.0–2.5	1157	$1,795	$1.55	24d	1	1.28mi

Listing history 21 events

1. 2026-06-18
   days on market $139,900 Active 124 DOM
2. 2026-06-17
   days on market $139,900 Active 123 DOM
3. 2026-06-16
   days on market $139,900 Active 122 DOM
4. 2026-06-15
   days on market $139,900 Active 121 DOM
5. 2026-06-13
   days on market $139,900 Active 119 DOM
6. 2026-06-13
   pricedays on market $139,900 Active 118 DOM
7. 2026-06-09
   days on market $145,000 Active 115 DOM
8. 2026-06-08
   days on market $145,000 Active 114 DOM
9. 2026-06-07
   days on market $145,000 Active 113 DOM
10. 2026-06-03
    days on market $145,000 Active 109 DOM
11. 2026-06-02
    days on market $145,000 Active 108 DOM
12. 2026-06-01
    days on market $145,000 Active 107 DOM
13. 2026-05-31
    days on market $145,000 Active 106 DOM
14. 2026-05-04
    price $145,000 500-char remark

    Show marketing remark (500 chars)

    This charming home recently has had new paint and flooring with a spacious living room, dining room, and kitchen. One bedroom on the main floor with a bonus room to make a 4th bedroom. Two additional bedrooms upstairs. Large detached two car garage in an up and coming area just a few minutes away from downtown and right next to the new Central State Complex. There are a lot of renovations and flips in this area! Come and see this home for your family or as an investment property. Selling-AS-IS.

15. 2026-04-16
    status Active 500-char remark

    Show marketing remark (500 chars)

    This charming home recently has had new paint and flooring with a spacious living room, dining room, and kitchen. One bedroom on the main floor with a bonus room to make a 4th bedroom. Two additional bedrooms upstairs. Large detached two car garage in an up and coming area just a few minutes away from downtown and right next to the new Central State Complex. There are a lot of renovations and flips in this area! Come and see this home for your family or as an investment property. Selling-AS-IS.

16. 2026-04-08
    status Pending 500-char remark

    Show marketing remark (500 chars)

    This charming home recently has had new paint and flooring with a spacious living room, dining room, and kitchen. One bedroom on the main floor with a bonus room to make a 4th bedroom. Two additional bedrooms upstairs. Large detached two car garage in an up and coming area just a few minutes away from downtown and right next to the new Central State Complex. There are a lot of renovations and flips in this area! Come and see this home for your family or as an investment property. Selling-AS-IS.

17. 2026-03-25
    price $149,900 500-char remark

    Show marketing remark (500 chars)

    This charming home recently has had new paint and flooring with a spacious living room, dining room, and kitchen. One bedroom on the main floor with a bonus room to make a 4th bedroom. Two additional bedrooms upstairs. Large detached two car garage in an up and coming area just a few minutes away from downtown and right next to the new Central State Complex. There are a lot of renovations and flips in this area! Come and see this home for your family or as an investment property. Selling-AS-IS.

18. 2026-02-06
    listed $155,000 Active 500-char remark

    Show marketing remark (500 chars)

    This charming home recently has had new paint and flooring with a spacious living room, dining room, and kitchen. One bedroom on the main floor with a bonus room to make a 4th bedroom. Two additional bedrooms upstairs. Large detached two car garage in an up and coming area just a few minutes away from downtown and right next to the new Central State Complex. There are a lot of renovations and flips in this area! Come and see this home for your family or as an investment property. Selling-AS-IS.

19. 2025-12-26
    historical
20. 2025-11-13
    price $134,900
21. 2025-10-19
    listed $139,900 Active

ⓘ 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: $3,436 · $286/mo
• Projected year-2 tax: $3,436 · $286/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 ≥102°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $19,960
• − Mortgage interest: −$7,837
• − Property taxes: −$3,436
• − Insurance: −$700
• − Repairs & maintenance: −$1,597
• − Management: −$1,597
• − Depreciation: −$4,070
• Taxable income: $724
• Est. tax owed @ 24.0%: −$174
• After-tax cash flow: $2,655/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

+3.6% since first listed

8 events — show timeline

• 2026-05-04 Price Changed $145,000 MIBOR as Distributed by MLS Grid
• 2026-04-16 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-08 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-25 Price Changed $149,900 MIBOR as Distributed by MLS Grid
• 2026-02-06 Listed $155,000 MIBOR as Distributed by MLS Grid
• 2025-12-26 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-11-13 Price Changed $134,900 MIBOR as Distributed by MLS Grid
• 2025-10-19 Listed $139,900 MIBOR as Distributed by MLS Grid

Property tax history

+39.2%/yr

Latest (2025): $3,436 · -3.8% YoY. Source: county tax records.