1609 S Randolph St · Indianapolis city (balance), IN 46203

$160,000

1 bd · 4.0 ba · 642 sqft · MultiFamily public records · 1 Days on market

Built 1925 4,400 sqft lot Est $187k · 14% under

---

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 +27.2/30.0
• ARV discount +14.0/15.0
• DSCR +9.4/10.0
• 1% rule +7.6/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Excellent income producing duplex conveniently located a few miles drive to downtown Indianapolis. It has great return on investment. Previous rent at $795 per side per month. Fresh paint for both sides. 1609 has newer laminate flooring. Each side has 1 bedroom and 1 bathroom. Property is being sold As-Is.

Key facts

• Covered porch
• Spacious backyard
• 4,400 sq ft lot

Tags

• FULLY OCCUPIED DUPLEX
• SPACIOUS BACKYARD
• COVERED PORCH

Property features AI

Finance

• Financial info: Two-unit property; Owner pays taxes; Reported gross income: $19,176; Reported expenses: $0; One unit currently rents for $799/month

Exterior

• Parking: On-street parking
• Security: Smoke detector(s)
• Utilities: No municipal solid waste service indicated
• Home design: Duplex residential income property; One-story
• Construction: Aluminum siding
• Exterior features: Access road; Lot under 1/4 acre

Interior

• Kitchen: Range/oven; Refrigerator
• Heating & cooling: Forced heat (gas)
• Interior features: Smoke detectors installed
• Laundry & utility: Washer/dryer connections provided; Utilities include fuel gas, forced heat, and gas hot water for units

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1.0-bath units multifamily listed at $160k.

Deal economics

• At list price, monthly cash flow is $456 ($5k/yr) — positive. Per door: $228/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Cap rate 9.7% 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.
• Market conditions: Rents rising (+2.9%/yr); 493 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 48% 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).
• This rent runs 42% of the median local income ($57k/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 $1k of loan paydown is wiped out by about $5k 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 $45k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 26y ago 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: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $160,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.26% ✓
• Cap rate: 9.71%
• Cash-on-cash: 12.21%
• DSCR: 1.54
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $186,822
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1719 S Randolph St	0.11mi	1/1.0	616 (-4%)	21mo	$179,500	$291	59

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: 1.7%
• Equity multiple: 1.06×
• Total profit: $2,907
• Equity at exit: $23,857

10-year hold

• IRR: 11.2%
• Equity multiple: 1.87×
• Total profit: $39,123
• Equity at exit: $13,834

Cash invested: $44,800 (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: 493
• Price-to-rent: 13.2×

Monthly cashflow live

• Estimated rent: $2,023 high
• Mortgage (P&I): −$839
• Tax from tax record: −$237 /mo · $2,841/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$425
• Net cashflow: $456

Break-even live

Break-even rent $1,446

Max offer price $160,000

Occupancy floor 72%

Sensitivity live

Price	-10% $546	-5% $501	+0% $456	+5% $410	+10% $365
Rent	-10% $296	-5% $376	+0% $456	+5% $536	+10% $616
Rate	-1.0pp $536	-0.5pp $496	base $456	+0.5pp $414	+1.0pp $372

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,024
Total (2 units)			$2,023

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1727 S Randolph St Indianapolis, IN	1.0	1.0	616	$950	$1.54	44d	1	0.12mi
1503 Dawson St Indianapolis, IN	2.0	1.0	700	$1,200	$1.71	44d	1	0.12mi
1640 Asbury St Indianapolis, IN	1.0	1.0	700	$850	$1.21	44d	1	0.15mi
1026 Laurel St Indianapolis, IN	1.0	1.0	655	$860	$1.31	44d	1	0.20mi
1022 S Churchman Ave Unit 1024 Indianapolis, IN	1.0	1.0	350	$895	$2.56	44d	1	0.54mi
1023 S State Ave Indianapolis, IN	1.0	1.0	600	$1,099	$1.83	24d	1	0.55mi
1441 Prospect St Indianapolis, IN	2.0	1.0–2.0	2840	$1,614	$0.57	2d	13	0.58mi
815 Dawson St Unit 2 Indianapolis, IN	2.0	1.0	600	$1,300	$2.17	5d	1	0.68mi
1558 Shelby St Indianapolis, IN	1.0	1.0	500	$1,000	$2.00	44d	1	0.69mi
1556 Shelby St Indianapolis, IN	2.0	1.0	500	$1,000	$2.00	44d	1	0.69mi
1912 Lexington Ave Unit 1912A Indianapolis, IN	—	1.0	660	$825	$1.25	44d	1	0.71mi
1912 Lexington Ave Unit 1910B Indianapolis, IN	1.0	1.0	660	$850	$1.29	44d	1	0.71mi
1224 Prospect St Indianapolis, IN	2.0	1.0–2.0	691	$1,648	$2.38	2d	8	0.72mi
1604 E Kelly St Indianapolis, IN	2.0	1.0	750	$1,025	$1.37	18d	1	0.73mi
1306 Woodlawn Ave Unit 1B Indianapolis, IN	1.0	1.0	720	$1,275	$1.77	44d	1	0.75mi
1306 Woodlawn Ave Unit 1D Indianapolis, IN	1.0	1.0	391	$1,025	$2.62	44d	1	0.75mi
1140 Shelby St Unit 203 Indianapolis, IN	—	1.0	593	$1,290	$2.18	8d	1	0.78mi
1409 E Tabor St Indianapolis, IN	1.0	1.0	528	$775	$1.47	24d	1	0.78mi
1044 Shelby St Unit 205 CDBG 80% Indianapolis, IN	1.0	1.0	579	$650	$1.12	18d	1	0.83mi
2469 Dawson St Indianapolis, IN	2.0	1.0	700	$949	$1.36	4d	4	0.92mi
423 Villa Ave Indianapolis, IN	1.0	1.0	593	$799	$1.35	24d	1	0.98mi
1861 Orleans St Indianapolis, IN	1.0	1.0	552	$2,500	$4.53	24d	1	1.09mi
2142 S Garfield Dr Unit 2142 Indianapolis, IN	1.0	1.0	500	$650	$1.30	44d	1	1.09mi
247 S Randolph St Indianapolis, IN	2.0	1.0	720	$750	$1.04	44d	1	1.12mi
245 S Randolph St Indianapolis, IN	2.0	1.0	720	$750	$1.04	44d	1	1.12mi
2025 Southeastern Ave Indianapolis, IN	1.0	1.0	663	$775	$1.17	44d	1	1.13mi
2034 Southeastern Ave Indianapolis, IN	1.0	1.0	525	$850	$1.62	15d	1	1.16mi
2525 Shelby St Unit 1 Indianapolis, IN	1.0	1.0	600	$865	$1.44	3d	1	1.19mi
2525 Shelby St Unit 4 Indianapolis, IN	1.0	1.0	600	$775	$1.29	24d	1	1.19mi
3022 English Ave Unit 3022 Indianapolis, IN	2.0	1.0	600	$650	$1.08	44d	1	1.22mi
1718 Southeastern Ave Indianapolis, IN	1.0	1.0	700	$1,080	$1.54	44d	1	1.24mi
2555 Shelby St Unit 2559 Indianapolis, IN	1.0	1.0	717	$1,250	$1.74	44d	1	1.26mi
1436 S New Jersey St Unit B Indianapolis, IN	2.0	2.0	650	$1,700	$2.62	8d	1	1.27mi
1436 S New Jersey St Unit C Indianapolis, IN	2.0	2.0	600	$1,600	$2.67	44d	1	1.27mi
355 E Morris St Indianapolis, IN	2.0	1.0	648	$1,800	$2.78	24d	1	1.37mi
520 Virginia Ave Apt 24 Indianapolis, IN	1.0	1.0	665	$1,575	$2.37	24d	1	1.41mi
531 Virginia Ave Indianapolis, IN	1.0	1.0	642	$1,384	$2.16	8d	4	1.41mi
340 Prospect St Unit 21 Indianapolis, IN	1.0	1.0	370	$725	$1.96	12d	1	1.43mi
340 Prospect St #22 Indianapolis, IN	1.0	1.0	370	$725	$1.96	15d	1	1.43mi
336 Prospect St Indianapolis, IN	1.0	1.0	450	$772	$1.72	13d	2	1.44mi

Listing history 2 events

1. 2026-06-18
   remarks 493-char remark
2. 2026-06-18
   listed $160,000 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: $2,841 · $237/mo
• Projected year-2 tax: $2,841 · $237/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: $24,276
• − Mortgage interest: −$8,962
• − Property taxes: −$2,841
• − Insurance: −$800
• − Repairs & maintenance: −$1,942
• − Management: −$1,942
• − Depreciation: −$4,655
• Taxable income: $3,134
• Est. tax owed @ 24.0%: −$752
• After-tax cash flow: $4,716/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

+357.2% since first listed

17 events — show timeline

• 2026-06-18 Listed $160,000 MIBOR as Distributed by MLS Grid
• 2025-08-30 Rental Removed $799 MIBOR
• 2025-07-22 Price Changed $799 MIBOR
• 2025-07-01 Price Changed $850 MIBOR
• 2025-05-06 Listed for Rent $925 MIBOR
• 2023-06-09 Rental Removed — MIBOR
• 2023-01-09 Sold (MLS) $150,000 MIBOR as Distributed by MLS Grid
• 2022-12-06 Pending — MIBOR as Distributed by MLS Grid
• 2022-11-28 Listed $149,990 MIBOR as Distributed by MLS Grid
• 2020-08-20 Sold (MLS) $86,000 MIBOR as Distributed by MLS Grid
• 2020-07-31 Pending — MIBOR as Distributed by MLS Grid
• 2020-07-28 Listed $84,900 MIBOR as Distributed by MLS Grid
• 2009-09-04 Listing Removed — MIBOR as Distributed by MLS Grid
• 2009-08-20 Sold (MLS) $4,500 MIBOR as Distributed by MLS Grid
• 2009-02-03 Listed $6,000 MIBOR as Distributed by MLS Grid
• 2000-11-16 Listing Removed — MIBOR as Distributed by MLS Grid
• 2000-05-16 Listed $34,993 MIBOR as Distributed by MLS Grid

Property tax history

+11.9%/yr

Latest (2025): $2,841 · -1.3% YoY. Source: county tax records.