2837 S Walcott St · Indianapolis city (balance), IN 46203

$115,000

3 bd · 1.0 ba · 1,262 sqft · SingleFamily public records · 2 Days on market

Built 1960 5,968 sqft lot Est $187k · 38% 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 +29.1/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.5/10.0
• Rent growth +3.2/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Don't miss this 4-bedroom, 1-bath home located on Indianapolis' south side, offering a flexible floor plan and plenty of possibilities for renovation and value-add improvements. This property is ready for rehab and would make an excellent fix-and-flip, rental investment, or owner-occupant project. The spacious layout provides multiple options for reconfiguring the home, including the potential to easily add a primary suite and additional bathroom. The furnace is less than 5 years old, helping reduce some of the major update costs. With solid bones and a floor plan that allows for creativity, this property is the perfect opportunity for investors looking to build equity and maximize returns.

Key facts

• Solid bones
• 5,968 sq ft lot
• Garage

Tags

• SOLID BONES

Property features AI

Finance

• Other: Property is residential single-family; Lot approximately 0.14 acre (< 1/4 acre)

Exterior

• Parking: Detached garage (1 car, approximately 288 sq ft)
• Utilities: Public water; Municipal sewer connected; Solid waste service available
• Home design: Single-family residence; One story
• Construction: Vinyl siding; Slab foundation
• Exterior features: Patio; Porch; Full privacy fence; Sidewalks; Mature trees

Interior

• Kitchen: Electric oven; Refrigerator
• Bedrooms: Four bedrooms on the main level (sizes include 13x12, 9x12, 9x9, 13x9)
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Electric forced-air heating; No central cooling
• Interior features: Attic access; Woodwork stained/painted; Smoke detector(s)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $398 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Cap rate 10.4% 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: 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).
• Market conditions: Rents rising (+2.9%/yr); 500 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k 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 + 2.9% rent growth), your $32k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $115,000

Questions for the listing agent

1. Built in 1960 — 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: 1.25% ✓
• Cap rate: 10.44%
• Cash-on-cash: 14.83%
• DSCR: 1.66
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $186,776
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2845 Tindall St	0.11mi	3/1.0	1,200 (-5%)	3mo	$180,000	$150	84
2916 Dietz St	0.12mi	3/1.0	1,200 (-5%)	4mo	$160,000	$133	83
2905 Dietz St	0.08mi	3/1.0	1,144 (-9%)	4mo	$150,000	$131	77
1902 Knox St	0.23mi	3/1.5	1,176 (-7%)	2mo	$148,500	$126	74
1639 Comer Ave	0.42mi	3/2.0	1,327 (+5%)	1mo	$100,000	$75	67
3029 Villa Ave	0.43mi	3/2.0	1,198 (-5%)	4mo	$195,000	$163	64
1802 Martin St	0.38mi	3/1.0	1,407 (+12%)	2mo	$136,000	$97	62
1152 Knox St	0.60mi	2/1.0 (-1)	1,200 (-5%)	2mo	$197,000	$164	57
3011 E Berwyn St	0.75mi	3/1.0	1,195 (-5%)	0mo	$150,000	$126	56
3027 Alice Ave	0.63mi	3/1.0	1,151 (-9%)	2mo	$170,000	$148	55
2415 Finley Ave	0.62mi	3/1.0	1,148 (-9%)	3mo	$178,500	$155	53
1426 E Bradbury Ave	0.73mi	3/2.0	1,320 (+5%)	1mo	$208,000	$158	53

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 · 2.88% rent growth · sell at horizon

5-year hold

• IRR: 5.2%
• Equity multiple: 1.20×
• Total profit: $6,514
• Equity at exit: $17,147

10-year hold

• IRR: 14.5%
• Equity multiple: 2.17×
• Total profit: $37,526
• Equity at exit: $9,943

Cash invested: $32,200 (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 46203

• Home prices YoY: -26.7%
• Rents YoY: 2.9%
• Active inventory: 500
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,432 high
• Mortgage (P&I): −$603
• Tax from tax record: −$82 /mo · $988/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$301
• Net cashflow: $398

Break-even live

Break-even rent $928

Max offer price $115,000

Occupancy floor 67%

Sensitivity live

Price	-10% $463	-5% $430	+0% $398	+5% $365	+10% $333
Rent	-10% $285	-5% $341	+0% $398	+5% $454	+10% $511
Rate	-1.0pp $456	-0.5pp $427	base $398	+0.5pp $368	+1.0pp $338

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2806 Dietz St Indianapolis, IN	4.0	1.5	1200	$1,345	$1.12	25d	1	0.09mi
2714 Dawson St Indianapolis, IN	3.0	1.0	912	$1,500	$1.64	0d	1	0.15mi
2633 S Randolph St Indianapolis, IN	2.0	1.0	900	$995	$1.11	12d	1	0.24mi
2633 S Randolph St Unit b Indianapolis, IN	2.0	1.0	900	$995	$1.11	25d	1	0.24mi
1549 Nelson Ave Indianapolis, IN	3.0	1.0	950	$1,380	$1.45	46d	1	0.35mi
1621 Knox St Indianapolis, IN	4.0	2.0	1411	$930	$0.66	6d	1	0.36mi
1144 McDougal St Indianapolis, IN	3.0	1.0	876	$1,500	$1.71	24d	1	0.58mi
3311 Linden St Indianapolis, IN	3.0	1.0	1056	$1,150	$1.09	46d	1	0.75mi
3334 Laurel St Indianapolis, IN	3.0	1.0	1068	$1,200	$1.12	22d	1	0.77mi
1706 E Tabor St Unit 1708 Indianapolis, IN	3.0	1.0	1000	$1,300	$1.30	9d	1	0.78mi
2430 E Kelly St Indianapolis, IN	2.0	1.0	965	$949	$0.98	46d	1	0.82mi
3319 Olive St Indianapolis, IN	3.0	2.0	1588	$1,450	$0.91	25d	1	0.83mi
3312 Olive St Indianapolis, IN	3.0	2.0	1000	$1,395	$1.40	25d	1	0.84mi
1620 Norton Ave Indianapolis, IN	3.0	1.0	928	$1,395	$1.50	0d	1	0.85mi
1620 Norton Ave Indianapolis, IN	3.0	1.0	928	$1,395	$1.50	20d	1	0.85mi
2315 Bischoff Dr Beech Grove, IN	2.0	1.0	1065	$848	$0.80	25d	2	0.93mi
2036 Calhoun St Indianapolis, IN	2.0	1.0	880	$1,200	$1.36	9d	1	0.99mi
2020 Boyd Ave Indianapolis, IN	3.0	1.5	1160	$1,450	$1.25	25d	1	1.05mi
2018 Boyd Ave Indianapolis, IN	3.0	1.5	1160	$1,350	$1.16	46d	1	1.05mi
3633 S Rural St Indianapolis, IN	3.0	2.5	1440	$1,700	$1.18	25d	1	1.07mi
1011 E Raymond St Indianapolis, IN	2.0	2.0	1100	$1,350	$1.23	25d	1	1.10mi
410 N 20th Ave Beech Grove, IN	3.0	1.0	1224	$1,400	$1.14	25d	1	1.15mi
376 Ticen St Beech Grove, IN	3.0	1.5	1524	$1,696	$1.11	0d	1	1.16mi
1815 Dawson St Unit 1815 Indianapolis, IN	2.0	1.0	1019	$999	$0.98	16d	1	1.19mi
2770 South East St Unit 302 Indianapolis, IN	3.0	2.0	1158	$1,015	$0.88	5d	1	1.20mi
2770 S East St Apt 103 Indianapolis, IN	3.0	2.0	1190	$1,045	$0.88	16d	1	1.20mi
2760 S East St Indianapolis, IN	2.0–3.0	2.0	1072	$1,045	$0.97	5d	3	1.21mi
1258 E Naomi St Indianapolis, IN	3.0	2.0	1608	$1,450	$0.90	9d	1	1.27mi
1973 Newcomer Ln Beech Grove, IN	4.0	1.0	1368	$1,500	$1.10	24d	1	1.29mi
1117 E Naomi St Indianapolis, IN	2.0	1.5	976	$1,450	$1.49	0d	1	1.30mi
1742 Thaddeus St Unit 1742-A Indianapolis, IN	3.0	2.0	1350	$1,600	$1.19	16d	1	1.31mi
1729 Thaddeus St Unit 1729-B Indianapolis, IN	3.0	2.0	1350	$1,600	$1.19	16d	1	1.32mi
1861 Barth Ave Unit 1861 Indianapolis, IN	2.0	1.0	1300	$1,600	$1.23	25d	1	1.34mi
1543 S State Ave Indianapolis, IN	2.0	1.0	1086	$1,100	$1.01	9d	1	1.41mi
1602 Quill St Unit B Indianapolis, IN	3.0	2.0	1250	$1,525	$1.22	0d	1	1.42mi
1602 Quill St Unit B Indianapolis, IN	3.0	2.0	1250	$1,750	$1.40	46d	1	1.42mi
1602 Quill St Unit B Indianapolis, IN	3.0	2.0	1250	$1,650	$1.32	16d	1	1.42mi
1534 Dawson St Indianapolis, IN	3.0	1.0	1040	$1,499	$1.44	25d	1	1.43mi
2109 Singleton St Indianapolis, IN	3.0	2.0	1340	$2,100	$1.57	9d	1	1.43mi
4032 S Rural St Indianapolis, IN	4.0	2.0	1728	$1,980	$1.15	0d	1	1.45mi

Listing history 4 events

1. 2026-06-19
   status $115,000 Pending 2 DOM
2. 2026-06-18
   days on market $115,000 Active 2 DOM
3. 2026-06-16
   remarks 699-char remark
4. 2026-06-16
   listed $115,000 Active 1 DOM

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

Tax reassessment forecast IN · Partial reset (capped growth)

• Current annual tax: $988 · $82/mo
• Projected year-2 tax: $988 · $82/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 ≥101°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,181
• − Mortgage interest: −$6,442
• − Property taxes: −$988
• − Insurance: −$575
• − Repairs & maintenance: −$1,375
• − Management: −$1,375
• − Depreciation: −$3,345
• Taxable income: $3,083
• Est. tax owed @ 24.0%: −$740
• After-tax cash flow: $4,034/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): 37,758
• Household income: $57,393
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 1499.0

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 White (69%)
• Race & ethnicity: White 69% Hispanic / Latino 14% Black 12% Two or more races 8% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 12% Puerto Rican 1%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 8% · Canada
• Languages at home: 88% English-only · Spanish 10% 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: ▼ -127.37%
• Current HPI: 349.579
• Rent YoY: ▲ 2.88%
• 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

• 2026-06-16 Listed $115,000 MIBOR as Distributed by MLS Grid

Property tax history

+8.3%/yr

Latest (2025): $988 · -3.0% YoY. Source: county tax records.