5818 E New York St · Indianapolis city (balance), IN 46219

$185,000

2 bd · 3.0 ba · 1,183 sqft · MultiFamily public records · 6 Days on market

Built 1914 7,187 sqft lot

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Why this score? — see what drove the D 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 +15.6/30.0
• ARV discount +7.5/15.0
• DSCR +4.8/10.0
• 1% rule +4.7/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

Welcome home to this charming historic gem in the heart of Irvington! Nestled on a tree-lined street, this classic home blends timeless character with everyday functionality. Featuring spacious living areas, original charm, and a generous lot, this property offers the perfect combination of warmth and opportunity. Enjoy hardwood floors, abundant natural light, and a layout ideal for both entertaining and daily living. While the detached garage and large backyard add convenience and privacy. Located just minutes from local shops, restaurants, parks, and downtown Indianapolis, this home delivers historic charm with an unbeatable location.

Key facts

• Historic gem
• Large backyard
• Tree-lined street

Tags

• HISTORIC GEM
• TREE-LINED STREET
• HARDWOOD FLOORS
• COZY FIREPLACE
• DETACHED GARAGE
• LARGE BACKYARD

Property features AI

Finance

• Financial info: Property configured as 2 units; Unit 1 rent: $500 per month; Unit 2 rent: $450 per month; Owner pays: None; Reported gross income: $0; Reported expenses: $0

Exterior

• Parking: Detached 2-car garage
• Security: Smoke detector(s)
• Utilities: Solid waste service available
• Home design: Duplex (Residential income property); Two levels
• Construction: Aluminum siding
• Exterior features: Less than 1/4 acre lot; Current use: Apartments (fewer than 20 units)

Interior

• Kitchen: Each unit has a 14 x 12 kitchen
• Bedrooms: Two 2-bedroom units
• Interior features: Has basement; Smoke detectors
• Laundry & utility: Other laundry features

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath multifamily listed at $185k.

Deal economics

• At list price, monthly cash flow is $77 ($919/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $180k (2.7% below list).
• Recommended offer: $180k (2.7% below list) — sets the bar for 1% rule.
• Cap rate 6.8% 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 D — 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 (+2.6%/yr); 143 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 36% 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

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 21y ago; this cycle's ask has dropped $15k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $102k; list at $185k implies a 82% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1914 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $180,000 (2.7% below list)

Questions for the listing agent

1. Built in 1914 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
4. 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.
5. 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.
6. 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: 0.97% ✗
• Cap rate: 6.79%
• Cash-on-cash: 1.77%
• DSCR: 1.08
• GRM: 8.6

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: -13.9%
• Equity multiple: 0.50×
• Total profit: $-25,698
• Equity at exit: $27,584

10-year hold

• IRR: -5.6%
• Equity multiple: 0.64×
• Total profit: $-18,537
• Equity at exit: $15,995

Cash invested: $51,800 (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 46219

• Rents YoY: 2.6%
• Active inventory: 143
• Price-to-rent: 17.1×

Monthly cashflow live

• Estimated rent: $1,800 high
• Mortgage (P&I): −$970
• Tax from tax record: −$298 /mo · $3,578/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$378
• Net cashflow: $77

Break-even live

Break-even rent $1,703

Max offer price $185,000

Occupancy floor 91%

Sensitivity live

Price	-10% $181	-5% $129	+0% $77	+5% $24	+10% $-28
Rent	-10% $-66	-5% $6	+0% $77	+5% $148	+10% $219
Rate	-1.0pp $170	-0.5pp $124	base $77	+0.5pp $29	+1.0pp $-20

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,800
Total (2 units)			$1,800

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5750 E Washington St Indianapolis, IN	2.0	1.0	1186	$1,100	$0.93	3d	2	0.06mi
5819 E Washington St #13 Indianapolis, IN	1.0	1.0	700	$795	$1.14	44d	1	0.10mi
5703 E Washington St Indianapolis, IN	2.0	1.0	628	$1,025	$1.63	3d	3	0.14mi
29 S Audubon Rd Indianapolis, IN	1.0–2.0	1.0	670	$989	$1.48	15d	5	0.16mi
5914 E Washington St Indianapolis, IN	1.0	1.0	700	$825	$1.18	24d	1	0.17mi
19 S Webster Ave Indianapolis, IN	1.0	1.0	700	$799	$1.14	44d	1	0.31mi
137 S Catherwood Ave Indianapolis, IN	3.0	2.0	1008	$1,400	$1.39	21d	1	0.42mi
137 S Catherwood Ave Indianapolis, IN	3.0	1.5	1008	$1,400	$1.39	3d	1	0.42mi
338 S Arlington Ave Apt 204 Indianapolis, IN	2.0	2.0	1303	$1,674	$1.28	15d	1	0.51mi
338 S Arlington Ave Indianapolis, IN	2.0	2.0	1303	$1,610	$1.24	24d	1	0.52mi
5250 E Market St Unit 5252 Indianapolis, IN	2.0	1.0	1000	$1,350	$1.35	15d	1	0.59mi
4 N Butler Ave Unit 8 Indianapolis, IN	2.0	1.0	850	$800	$0.94	44d	1	0.67mi
4 N Butler Ave Unit 11 Indianapolis, IN	2.0	1.0	850	$750	$0.88	5d	1	0.67mi
25 S Emerson Ave Indianapolis, IN	1.0	1.0	710	$649	$0.91	44d	1	0.81mi
6203 E 11th St Indianapolis, IN	2.0	1.0	880	$1,025	$1.16	24d	1	0.83mi
5105 E North St Indianapolis, IN	2.0	2.0	1180	$2,250	$1.91	44d	1	0.84mi
508 Emerson Ave Indianapolis, IN	3.0	1.5	1094	$1,150	$1.05	15d	1	0.85mi
508 N Emerson Ave Unit 506 Indianapolis, IN	2.0	1.0	950	$950	$1.00	15d	1	0.85mi
606 N Emerson Ave Indianapolis, IN	2.0	1.5	1372	$2,450	$1.79	24d	1	0.87mi
6214 Eastridge Dr Indianapolis, IN	2.0	1.0	798	$1,000	$1.25	44d	1	0.91mi
5131 E Burgess Ave Indianapolis, IN	2.0	1.0	816	$1,100	$1.35	44d	1	0.96mi
306 N Riley Ave Indianapolis, IN	3.0	1.0	1320	$1,095	$0.83	18d	1	0.97mi
4926 E Washington St Apt 5 Indianapolis, IN	1.0	1.0	700	$895	$1.28	44d	1	0.98mi
822 N Emerson Ave Indianapolis, IN	2.0	1.0	928	$1,050	$1.13	44d	1	0.98mi
1213 Taylor Dr E Indianapolis, IN	2.0	1.0	853	$1,045	$1.23	15d	1	0.99mi
1366 N Arlington Ave Indianapolis, IN	2.0	1.0–1.5	885	$1,074	$1.21	3d	10	1.01mi
415 N Dequincy St Indianapolis, IN	3.0	2.0	1250	$1,900	$1.52	15d	1	1.02mi
628 N Riley Ave Indianapolis, IN	2.0	1.5	948	$1,295	$1.37	24d	1	1.02mi
4931 Orion Ave Indianapolis, IN	2.0	1.0	1200	$1,450	$1.21	24d	1	1.06mi
4831 E Washington St Unit 4 Indianapolis, IN	2.0	2.0	1000	$995	$0.99	24d	1	1.06mi
4919 Orion Ave Indianapolis, IN	2.0	1.0	766	$875	$1.14	44d	1	1.07mi
4815 E Washington St Unit 4815-12 Indianapolis, IN	1.0	1.0	700	$950	$1.36	44d	1	1.08mi
1424 N Campbell Ave Unit 1424 Indianapolis, IN	1.0	1.0	750	$905	$1.21	24d	1	1.10mi
1424 N Campbell Ave Unit 1446 Indianapolis, IN	1.0	1.0	800	$920	$1.15	24d	1	1.10mi
775 Dequincy St Indianapolis, IN	1.0	1.0	784	$875	$1.12	24d	1	1.14mi
4741 E Washington St Indianapolis, IN	1.0	1.0	700	$950	$1.36	22d	1	1.15mi
729 N Bosart Ave Indianapolis, IN	2.0	1.0	888	$1,195	$1.35	24d	1	1.23mi
25 N Drexel Ave Unit A Indianapolis, IN	3.0	2.0	1250	$1,325	$1.06	44d	1	1.24mi
706 N Bosart Ave Indianapolis, IN	2.0	1.0	1000	$1,070	$1.07	24d	1	1.25mi
1702 N Ritter Ave Indianapolis, IN	2.0	1.0	750	$1,200	$1.60	5d	1	1.28mi

Listing history 4 events

1. 2026-06-21
   days on market $185,000 Active 6 DOM
2. 2026-06-18
   pricestatus $185,000 Active 3 DOM
3. 2026-06-01
   statusdays on market $200,000 Pending 3 DOM
4. 2026-05-31
   days on market $200,000 Active 2 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: $3,578 · $298/mo
• Projected year-2 tax: $3,578 · $298/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 ≥102°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: $21,600
• − Mortgage interest: −$10,363
• − Property taxes: −$3,578
• − Insurance: −$925
• − Repairs & maintenance: −$1,728
• − Management: −$1,728
• − Depreciation: −$5,382
• Taxable loss: −$2,103
• Est. tax savings @ 24.0%: +$505
• After-tax cash flow: $1,424/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

+82.0% since first listed

9 events — show timeline

• 2026-05-29 Listed $200,000 MIBOR as Distributed by MLS Grid
• 2009-01-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2008-07-29 Listed $90,000 MIBOR as Distributed by MLS Grid
• 2007-12-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2007-05-30 Listed $109,950 MIBOR as Distributed by MLS Grid
• 2006-02-17 Sold (MLS) $101,900 MIBOR as Distributed by MLS Grid
• 2005-09-07 Listed $104,900 MIBOR as Distributed by MLS Grid
• 2005-06-29 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-01-16 Listed $109,900 MIBOR as Distributed by MLS Grid

Property tax history

+14.3%/yr

Latest (2025): $3,578 · +24.5% YoY. Source: county tax records.