1805 Southeastern Ave · Indianapolis city (balance), IN 46201

$289,900

4 bd · 8.0 ba · 4,080 sqft · MultiFamily · 93 Days on market

Built 1910 Good condition 4,617 sqft lot $71/sqft · 9% above area Est $265k · 9% over

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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 +27.4/30.0
• DSCR +9.6/10.0
• 1% rule +7.4/10.0
• Rent growth +4.3/5.0
• Condition / age +4.0/5.0
• ARV discount +3.4/15.0
• Livability +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

Welcome to 1805 Southeastern Ave an income-producing duplex offering a prime opportunity for turnkey cash flow in the heart of downtown Indianapolis! This well-maintained property features two new furnaces and AC units, giving investors peace of mind with major mechanical updates already completed. The property offers immediate flexibility with a tenant currently on a month-to-month lease, allowing a new owner to continue generating income or reposition rents for even stronger returns. Each unit is separately metered, with tenants responsible for their own utilities keeping operating expenses low and margins strong. Both units also include in-unit washer and dryer, adding convenience and increasing tenant appeal. Whether you're a new investor looking for a solid entry point or a seasoned investor expanding your portfolio, this is a great opportunity to own a stabilized, cash-flowing asset with built-in upside in a rapidly growing Indianapolis market.

Key facts

• Turn-key cash flow
• 2-unit property
• Separately metered

Tags

• INCOME-PRODUCING PROPERTY
• 2-UNIT PROPERTY
• TURN-KEY CASH FLOW
• SEPARATELY METERED
• IN-UNIT WASHER DRYER

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $290k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $848 ($10k/yr) — positive. Per door: $424/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $290k).
• Recommended offer: $264k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.8% 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 (+7.3%/yr); 480 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• At $3,609/mo this rent would consume 88% of the median local household income ($49k/yr) (locally 1906% 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 $2k of loan paydown is wiped out by about $9k 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 + 7.3% rent growth), your $81k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 93 days — a 9% lower offer ($264k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y ago; this cycle's ask has dropped $60k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $235k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $263,809 (9.0% below list)

Questions for the listing agent

1. It's been on market 93 days. Have you received any prior offers? Is the seller open to a 9% 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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 1.24% ✓
• Cap rate: 9.80%
• Cash-on-cash: 12.53%
• DSCR: 1.56
• GRM: 6.7

CMA / ARV

• ARV (median comp): $265,492
• List price: $289,900
• Delta: 9.19%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
329 S State Ave	0.14mi	4/3.0	3,528 (-14%)	12mo	$200,000	$57	41
238 N Beville Ave	0.60mi	5/3.0 (+1)	3,636 (-11%)	3mo	$260,000	$72	32

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 · 7.31% rent growth · sell at horizon

5-year hold

• IRR: 7.0%
• Equity multiple: 1.29×
• Total profit: $23,397
• Equity at exit: $43,225

10-year hold

• IRR: 19.9%
• Equity multiple: 3.01×
• Total profit: $163,362
• Equity at exit: $25,065

Cash invested: $81,172 (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 46201

• Home prices YoY: -33.9%
• Rents YoY: 7.3%
• Active inventory: 480
• Price-to-rent: 13.4×

Monthly cashflow live

• Estimated rent: $3,609 high
• Mortgage (P&I): −$1,520
• Tax est. 1.5%: −$362 /mo · $4,348/yr
• Insurance: −$121
• HOA: −$0
• Vacancy / Maint / Mgmt: −$758
• Net cashflow: $848

Break-even live

Break-even rent $2,536

Max offer price $289,900

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$3,608
Total (2 units)			$3,609

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: $72,475
• Closing costs: $8,697
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1153 Villa Ave Indianapolis, IN	4.0	2.0	2880	$2,100	$0.73	23d	1	0.84mi
1027 Hosbrook St Indianapolis, IN	4.0	3.5	3612	$4,750	$1.32	17d	1	0.87mi
1123 Olive St Unit 1303765P Indianapolis, IN	5.0	4.0	4294	$14,751	$3.44	43d	1	0.92mi
1409 Linden St Unit 1028898P Indianapolis, IN	5.0	6.0	2895	$14,651	$5.06	23d	1	1.08mi
1301 Ringgold Ave Unit 1303750P Indianapolis, IN	3.0	3.0	2884	$6,514	$2.26	43d	1	1.13mi

Listing history 22 events

1. 2026-06-18
   days on market $289,900 Active 93 DOM
2. 2026-06-17
   days on market $289,900 Active 92 DOM
3. 2026-06-16
   days on market $289,900 Active 91 DOM
4. 2026-06-15
   days on market $289,900 Active 90 DOM
5. 2026-06-13
   days on market $289,900 Active 88 DOM
6. 2026-06-13
   days on market $289,900 Active 87 DOM
7. 2026-06-09
   days on market $289,900 Active 84 DOM
8. 2026-06-08
   days on market $289,900 Active 83 DOM
9. 2026-06-07
   pricedays on market $289,900 Active 82 DOM
10. 2026-06-03
    days on market $299,000 Active 78 DOM
11. 2026-06-02
    days on market $299,000 Active 77 DOM
12. 2026-06-01
    days on market $299,000 Active 76 DOM
13. 2026-05-31
    days on market $299,000 Active 75 DOM
14. 2026-04-22
    price $299,000 964-char remark

    Show marketing remark (964 chars)

    Welcome to 1805 Southeastern Ave an income-producing duplex offering a prime opportunity for turnkey cash flow in the heart of downtown Indianapolis! This well-maintained property features two new furnaces and AC units, giving investors peace of mind with major mechanical updates already completed. The property offers immediate flexibility with a tenant currently on a month-to-month lease, allowing a new owner to continue generating income or reposition rents for even stronger returns. Each unit is separately metered, with tenants responsible for their own utilities keeping operating expenses low and margins strong. Both units also include in-unit washer and dryer, adding convenience and increasing tenant appeal. Whether you're a new investor looking for a solid entry point or a seasoned investor expanding your portfolio, this is a great opportunity to own a stabilized, cash-flowing asset with built-in upside in a rapidly growing Indianapolis market.

15. 2026-04-08
    price $330,000 964-char remark

    Show marketing remark (964 chars)

    Welcome to 1805 Southeastern Ave an income-producing duplex offering a prime opportunity for turnkey cash flow in the heart of downtown Indianapolis! This well-maintained property features two new furnaces and AC units, giving investors peace of mind with major mechanical updates already completed. The property offers immediate flexibility with a tenant currently on a month-to-month lease, allowing a new owner to continue generating income or reposition rents for even stronger returns. Each unit is separately metered, with tenants responsible for their own utilities keeping operating expenses low and margins strong. Both units also include in-unit washer and dryer, adding convenience and increasing tenant appeal. Whether you're a new investor looking for a solid entry point or a seasoned investor expanding your portfolio, this is a great opportunity to own a stabilized, cash-flowing asset with built-in upside in a rapidly growing Indianapolis market.

16. 2026-03-17
    listed $350,000 Active 964-char remark

    Show marketing remark (964 chars)

    Welcome to 1805 Southeastern Ave an income-producing duplex offering a prime opportunity for turnkey cash flow in the heart of downtown Indianapolis! This well-maintained property features two new furnaces and AC units, giving investors peace of mind with major mechanical updates already completed. The property offers immediate flexibility with a tenant currently on a month-to-month lease, allowing a new owner to continue generating income or reposition rents for even stronger returns. Each unit is separately metered, with tenants responsible for their own utilities keeping operating expenses low and margins strong. Both units also include in-unit washer and dryer, adding convenience and increasing tenant appeal. Whether you're a new investor looking for a solid entry point or a seasoned investor expanding your portfolio, this is a great opportunity to own a stabilized, cash-flowing asset with built-in upside in a rapidly growing Indianapolis market.

17. 2022-06-30
    soldstatus $235,000 Closed 717-char remark

    Show marketing remark (717 chars)

    Turnkey Duplex Alert! Don't miss this great income producing property on the outskirts of the ultra-hot Fountain Square neighborhood! Both units have 2 beds and 1.5 baths, have excellent floorplans, are vacant, and are rent-ready! Can be used as a strict investment (long term or short term rentals) or can be owner-occupied for a house hack. All utilities are separately metered. The property was renovated in 2014 (new roof, windows, siding, HVAC, kitchens, baths), in 2017 (concrete parking area and sidewalks), and recently had some additional work done in 2022 (LVP flooring, carpet, paint). Excellent location on the near eastside - just moments to downtown, and surrounded by multiple rapidly developing areas.

18. 2022-05-30
    status Pending 717-char remark

    Show marketing remark (717 chars)

    Turnkey Duplex Alert! Don't miss this great income producing property on the outskirts of the ultra-hot Fountain Square neighborhood! Both units have 2 beds and 1.5 baths, have excellent floorplans, are vacant, and are rent-ready! Can be used as a strict investment (long term or short term rentals) or can be owner-occupied for a house hack. All utilities are separately metered. The property was renovated in 2014 (new roof, windows, siding, HVAC, kitchens, baths), in 2017 (concrete parking area and sidewalks), and recently had some additional work done in 2022 (LVP flooring, carpet, paint). Excellent location on the near eastside - just moments to downtown, and surrounded by multiple rapidly developing areas.

19. 2022-05-26
    listed $219,000 Active 717-char remark

    Show marketing remark (717 chars)

    Turnkey Duplex Alert! Don't miss this great income producing property on the outskirts of the ultra-hot Fountain Square neighborhood! Both units have 2 beds and 1.5 baths, have excellent floorplans, are vacant, and are rent-ready! Can be used as a strict investment (long term or short term rentals) or can be owner-occupied for a house hack. All utilities are separately metered. The property was renovated in 2014 (new roof, windows, siding, HVAC, kitchens, baths), in 2017 (concrete parking area and sidewalks), and recently had some additional work done in 2022 (LVP flooring, carpet, paint). Excellent location on the near eastside - just moments to downtown, and surrounded by multiple rapidly developing areas.

20. 2021-12-17
    soldstatus $185,000 Closed
21. 2021-11-11
    status Pending
22. 2021-11-09
    listed $164,900 Active

ⓘ 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 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: $43,308
• − Mortgage interest: −$16,239
• − Property taxes: −$4,348
• − Insurance: −$1,450
• − Repairs & maintenance: −$3,465
• − Management: −$3,465
• − Depreciation: −$8,433
• Taxable income: $5,908
• Est. tax owed @ 24.0%: −$1,418
• After-tax cash flow: $8,754/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 · 12 photos

Good 80/100 Cosmetic rehab

This turnkey duplex is in good condition with recent updates, offering a solid investment opportunity with potential for further value enhancement.

Value-add opportunities

• Both Painting exterior and interior — Fresh paint enhances curb appeal and interior aesthetics
• Both Landscaping and curb appeal improvements — Aesthetic improvements can attract more tenants and buyers
• Both Add smart home features — Modern technology can increase both rental and resale value

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Landscaping and curb appeal improvements — Aesthetic improvements can attract more tenants and buyers ↑
• Both Add smart home features — Modern technology can increase both rental and resale value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 30,335
• Household income: $49,195
• Rent vs Own: 48.4% rent · 51.6% own
• Severe rent burden: 1906.0

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 0.63)
• Race & ethnicity: White 53% Hispanic / Latino 23% Black 18% Two or more races 9%
• Hispanic origin (detail): Mexican 14% Puerto Rican 2%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 9% · Canada
• Languages at home: 81% English-only · Spanish 17%

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: ▼ -192.51%
• Current HPI: 375.0969
• Rent YoY: ▲ 7.31%
• 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

+81.3% since first listed

9 events — show timeline

• 2026-04-22 Price Changed $299,000 MIBOR as Distributed by MLS Grid
• 2026-04-08 Price Changed $330,000 MIBOR as Distributed by MLS Grid
• 2026-03-17 Listed $350,000 MIBOR as Distributed by MLS Grid
• 2022-06-30 Sold (MLS) $235,000 MIBOR as Distributed by MLS Grid
• 2022-05-30 Pending — MIBOR as Distributed by MLS Grid
• 2022-05-26 Listed $219,000 MIBOR as Distributed by MLS Grid
• 2021-12-17 Sold (MLS) $185,000 MIBOR as Distributed by MLS Grid
• 2021-11-11 Pending — MIBOR as Distributed by MLS Grid
• 2021-11-09 Listed $164,900 MIBOR as Distributed by MLS Grid