6203 E 12th St · Indianapolis city (balance), IN 46219

$184,000

2 bd · 3.0 ba · 864 sqft · MultiFamily public records · 19 Days on market

Built 1966 0.25 ac lot

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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 +25.1/30.0
• DSCR +8.2/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• 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

Beautiful newly renovated 2 Bedroom 1 full bath double located on Indy's East side. Home has beautiful refurbished hard wood floors and updated kitchen with lots of counter and cabinet space. Huge storage shed out back for additional storage. Home comes with stove and refrigerator.

Key facts

• Income potential
• Storage shed
• Parking available

Tags

• STORAGE SHED
• PARKING AVAILABLE
• INCOME POTENTIAL

Property features AI

Finance

• Financial info: Two-unit residential income property; Gross income reported at $22,800 annually; Unit rents listed at $975 and $925 per month; Owner pays taxes; No expenses reported

Exterior

• Parking: Other unit parking
• Utilities: Solid waste service available; Units billed for fuel electric and fuel gas utilities
• Home design: Attached duplex; Single-story
• Construction: Vinyl with brick exterior
• Exterior features: Approximately 0.25 acre lot; Road access

Interior

• Kitchen: Both units have 10x10 kitchens; Each kitchen includes a range/oven and refrigerator
• Heating & cooling: Forced air heating (natural gas); No central air
• Interior features: Two separate living units (duplex); Each unit is one level

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $184k.

Deal economics

• At list price, monthly cash flow is $404 ($5k/yr) — positive. Per door: $202/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $184k).
• Recommended offer: $181k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.9% 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.
• 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 (+2.6%/yr); 143 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); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 43% of the median local income ($61k/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 $6k 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 19 days — a 2% lower offer ($181k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 25y 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.
• Current owner paid $82k; list at $184k implies a 124% gain — meaningful room to come down on a strong offer.

Recommended offer $181,240 (1.5% below list)

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 1966 — 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: 1.18% ✓
• Cap rate: 8.93%
• Cash-on-cash: 9.40%
• DSCR: 1.42
• GRM: 7.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.63% rent growth · sell at horizon

5-year hold

• IRR: -2.5%
• Equity multiple: 0.91×
• Total profit: $-4,854
• Equity at exit: $27,435

10-year hold

• IRR: 6.8%
• Equity multiple: 1.50×
• Total profit: $25,835
• Equity at exit: $15,909

Cash invested: $51,520 (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 46219

• Rents YoY: 2.6%
• Active inventory: 143
• Price-to-rent: 14.1×

Monthly cashflow live

• Estimated rent: $2,180 medium
• Mortgage (P&I): −$965
• Tax from tax record: −$277 /mo · $3,324/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$458
• Net cashflow: $404

Break-even live

Break-even rent $1,669

Max offer price $184,000

Occupancy floor 76%

Sensitivity live

Price	-10% $508	-5% $456	+0% $404	+5% $352	+10% $299
Rent	-10% $231	-5% $318	+0% $404	+5% $490	+10% $576
Rate	-1.0pp $496	-0.5pp $450	base $404	+0.5pp $356	+1.0pp $307

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$2,180
Total (2 units)			$2,180

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: $46,000
• Closing costs: $5,520
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1213 Taylor Dr E Indianapolis, IN	2.0	1.0	853	$1,045	$1.23	16d	1	0.05mi
6214 Eastridge Dr Indianapolis, IN	2.0	1.0	798	$1,000	$1.25	45d	1	0.07mi
6203 E 11th St Indianapolis, IN	2.0	1.0	880	$1,025	$1.16	25d	1	0.12mi
1366 N Arlington Ave Indianapolis, IN	2.0	1.0–1.5	885	$1,074	$1.21	0d	13	0.39mi
1424 N Campbell Ave Unit 1424 Indianapolis, IN	1.0	1.0	750	$905	$1.21	25d	1	0.41mi
1424 N Campbell Ave Unit 1446 Indianapolis, IN	1.0	1.0	800	$920	$1.15	25d	1	0.41mi
1702 N Ritter Ave Indianapolis, IN	2.0	1.0	750	$1,200	$1.60	5d	1	0.86mi
6052 E Washington St Unit B Indianapolis, IN	1.0	1.0	600	$575	$0.96	25d	1	0.87mi
5914 E Washington St Indianapolis, IN	1.0	1.0	700	$825	$1.18	25d	1	0.91mi
15 S Webster Ave Unit 17 A Indianapolis, IN	1.0	1.0	650	$799	$1.23	0d	1	0.93mi
15 S Webster Ave Indianapolis, IN	1.0	1.0	650	$799	$1.23	6d	1	0.93mi
19 S Webster Ave Indianapolis, IN	1.0	1.0	700	$799	$1.14	45d	1	0.93mi
6119 Nimitz Dr Indianapolis, IN	3.0	1.0	816	$850	$1.04	0d	1	0.94mi
6119 Nimitz Dr Indianapolis, IN	3.0	1.0	816	$850	$1.04	25d	1	0.94mi
6046 E 21st St Indianapolis, IN	1.0–2.0	1.0	792	$865	$1.09	23d	11	0.96mi
6046 E 21st St Indianapolis, IN	1.0–2.0	1.0	642	$873	$1.36	0d	9	0.96mi
6149 Commodore Dr Indianapolis, IN	2.0	1.0	816	$850	$1.04	25d	1	0.97mi
5901 E Washington St Apt 38 Indianapolis, IN	1.0	1.0	670	$949	$1.42	3d	1	0.97mi
6120 Nimitz Dr Indianapolis, IN	2.0	1.0	864	$750	$0.87	45d	1	0.97mi
6136 Nimitz Dr Indianapolis, IN	2.0	1.0	864	$799	$0.92	22d	1	0.99mi
6154 Commodore Dr Indianapolis, IN	2.0	1.0	900	$950	$1.06	25d	1	0.99mi
5730 E Washington St Indianapolis, IN	1.0–2.0	1.0	556	$854	$1.53	0d	5	1.00mi
5730 E Washington St Indianapolis, IN	1.0–2.0	1.0	556	$865	$1.55	15d	4	1.00mi
5819 E Washington St #10 Indianapolis, IN	1.0	1.0	550	$715	$1.30	45d	1	1.01mi
5819 E Washington St #13 Indianapolis, IN	1.0	1.0	700	$795	$1.14	45d	1	1.01mi
137 S Catherwood Ave Indianapolis, IN	3.0	2.0	1008	$1,400	$1.39	22d	1	1.05mi
137 S Catherwood Ave Indianapolis, IN	3.0	1.5	1008	$1,400	$1.39	4d	1	1.05mi
2226 N Kenyon St Indianapolis, IN	2.0	1.0	816	$850	$1.04	25d	1	1.08mi
29 S Audubon Rd Indianapolis, IN	1.0–2.0	1.0	670	$989	$1.48	15d	5	1.09mi
5322 E 19th Pl Indianapolis, IN	2.0	1.0	720	$945	$1.31	45d	1	1.15mi
5923 E 24th St Indianapolis, IN	2.0	1.0	816	$950	$1.16	19d	1	1.20mi
2419 N Bolton Ave Indianapolis, IN	2.0	1.0	768	$950	$1.24	9d	1	1.22mi
6267 E 24th St Indianapolis, IN	3.0	1.0	981	$1,195	$1.22	3d	1	1.23mi
831 N Emerson Ave Indianapolis, IN	1.0	1.0	647	$1,000	$1.55	25d	1	1.25mi
5242 E 20th Pl Indianapolis, IN	2.0	1.0	720	$1,050	$1.46	9d	1	1.26mi
830 N Emerson Ave Indianapolis, IN	1.0	1.0	560	$850	$1.52	45d	1	1.28mi
822 N Emerson Ave Indianapolis, IN	2.0	1.0	928	$1,050	$1.13	45d	1	1.28mi
5250 E Market St Unit 5252 Indianapolis, IN	2.0	1.0	1000	$1,350	$1.35	16d	1	1.33mi
2404 N Lesley Ave Indianapolis, IN	2.0	1.0	763	$850	$1.11	45d	1	1.34mi
2304 N Ritter Ave Apt 9 Indianapolis, IN	2.0	1.0	725	$799	$1.10	22d	1	1.35mi

Listing history 12 events

1. 2026-06-21
   days on market $184,000 Active 19 DOM
2. 2026-06-18
   days on market $184,000 Active 16 DOM
3. 2026-06-17
   days on market $184,000 Active 15 DOM
4. 2026-06-16
   days on market $184,000 Active 14 DOM
5. 2026-06-15
   days on market $184,000 Active 13 DOM
6. 2026-06-13
   days on market $184,000 Active 11 DOM
7. 2026-06-13
   days on market $184,000 Active 10 DOM
8. 2026-06-09
   days on market $184,000 Active 7 DOM
9. 2026-06-08
   days on market $184,000 Active 6 DOM
10. 2026-06-07
    days on market $184,000 Active 5 DOM
11. 2026-06-02
    remarks 319-char remark
12. 2026-06-02
    listed $184,000 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: $3,324 · $277/mo
• Projected year-2 tax: $3,324 · $277/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 3/10 Moderate 7 d/yr ≥101°F today · 18 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: $26,160
• − Mortgage interest: −$10,307
• − Property taxes: −$3,324
• − Insurance: −$920
• − Repairs & maintenance: −$2,093
• − Management: −$2,093
• − Depreciation: −$5,353
• Taxable income: $2,071
• Est. tax owed @ 24.0%: −$497
• After-tax cash flow: $4,347/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): 38,855
• Household income: $60,803
• Rent vs Own: 41.0% rent · 59.0% own
• Severe rent burden: 2191.0

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 54% Black 22% Hispanic / Latino 18% Two or more races 9%
• Hispanic origin (detail): Mexican 10% Puerto Rican 1%
• Common ancestry: Slovak 2% Romanian 2% Lithuanian 2%
• Foreign-born: 10% · Canada
• Languages at home: 85% English-only · Spanish 14%

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: ▼ -199.69%
• Current HPI: 289.8788
• Rent YoY: ▲ 2.63%
• 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

+163.2% since first listed

18 events — show timeline

• 2026-06-02 Listed $184,000 MIBOR as Distributed by MLS Grid
• 2025-01-18 Rental Removed $975 MIBOR
• 2024-09-21 Listed for Rent $975 MIBOR
• 2019-10-17 Sold (MLS) $82,000 MIBOR as Distributed by MLS Grid
• 2019-09-26 Listed $85,000 MIBOR as Distributed by MLS Grid
• 2019-09-26 Pending — MIBOR as Distributed by MLS Grid
• 2017-02-07 Sold (MLS) $60,000 MIBOR as Distributed by MLS Grid
• 2017-01-20 Pending — MIBOR as Distributed by MLS Grid
• 2017-01-04 Price Changed $68,000 MIBOR as Distributed by MLS Grid
• 2016-12-28 Relisted — MIBOR as Distributed by MLS Grid
• 2016-12-09 Pending — MIBOR as Distributed by MLS Grid
• 2016-11-17 Listed $72,000 MIBOR as Distributed by MLS Grid
• 2002-12-26 Sold (MLS) $47,000 MIBOR as Distributed by MLS Grid
• 2002-09-10 Listed $69,900 MIBOR as Distributed by MLS Grid
• 2002-01-24 Listing Removed — MIBOR as Distributed by MLS Grid
• 2001-07-24 Listed $69,900 MIBOR as Distributed by MLS Grid
• 2001-07-08 Listing Removed — MIBOR as Distributed by MLS Grid
• 2001-01-08 Listed $69,900 MIBOR as Distributed by MLS Grid

Property tax history

+13.0%/yr

Latest (2025): $3,324 · +14.3% YoY. Source: county tax records.