3702 S State Ave · Indianapolis city (balance), IN 46227

$155,900

3 bd · 1.0 ba · 1,272 sqft · SingleFamily public records · 15 Days on market

Built 1971 5,140 sqft lot Est $191k · 18% under

---

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 +15.8/30.0
• ARV discount +15.0/15.0
• DSCR +4.9/10.0
• 1% rule +4.0/10.0
• Rent growth +3.1/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

New remodel. New kitchen counters, new sink and plumbing, remodeled enlarged full bathroom, refinished hardwoods, new carpet, fresh interior paint, newer upgrade shingles, thermopane windows, additional insulation blown in attic, detached garage, large covered deck overlooking creek, 2 gravel driveways and additional parking off garrage, and shrubbery mulch to be installed once weather breaks.

Key facts

• Covered deck
• Glistening hardwoods
• Freshly painted

Tags

• FRESHLY PAINTED
• GLISTENING HARDWOODS
• SPACIOUS KITCHEN DINING ROOM
• COVERED DECK
• DETACHED GARAGE
• MAJOR COMPONENTS UPDATED

Property features AI

Exterior

• Parking: Detached garage (1 car) with service door; Guest street parking
• Utilities: Public water; Municipal sewer connected; Natural gas connected; Solid waste service available; Renewable fuel source
• Home design: Single-family residence; One level
• Construction: Aluminum siding; Block foundation
• Exterior features: Covered deck

Interior

• Kitchen: Gas oven; Range hood; Refrigerator
• Bedrooms: Three bedrooms on the main level (sizes include 9x12, 8x12, 12x13)
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Attic access; Utility room
• Laundry & utility: Washer and dryer included; Main-level laundry; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $156k.

Deal economics

• At list price, monthly cash flow is $72 ($865/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 $140k (10.4% below list).
• Recommended offer: $140k (10.4% 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 (+2.5%/yr); 245 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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 31% of the median local income ($54k/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.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($154k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 24y 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 $85k; list at $156k implies a 83% gain — meaningful room to come down on a strong offer.

Recommended offer $139,728 (10.4% below list)

Questions for the listing agent

1. Built in 1971 — 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 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: 0.90% ✗
• Cap rate: 6.85%
• Cash-on-cash: 1.98%
• DSCR: 1.09
• GRM: 9.3

CMA / ARV

• ARV (on-the-fly): $190,800
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3226 Keystone Lakes Way	0.45mi	3/2.0	1,250 (-2%)	5mo	$240,000	$192	68
3720 Aurora St	0.32mi	3/1.0	1,120 (-12%)	0mo	$210,000	$188	65
3863 S Asbury St S	0.31mi	3/1.0	1,104 (-13%)	1mo	$179,000	$162	63
1802 Martin St	0.40mi	3/1.0	1,407 (+11%)	2mo	$136,000	$97	62
1226 Bacon St	0.55mi	3/1.5	1,325 (+4%)	6mo	$170,000	$128	60
3029 Villa Ave	0.51mi	3/2.0	1,198 (-6%)	4mo	$195,000	$163	60
1902 Knox St	0.55mi	3/1.5	1,176 (-8%)	2mo	$148,500	$126	58
2916 Dietz St	0.67mi	3/1.0	1,200 (-6%)	4mo	$160,000	$133	57
1152 Knox St	0.65mi	2/1.0 (-1)	1,200 (-6%)	2mo	$197,000	$164	54
2845 Tindall St	0.75mi	3/1.0	1,200 (-6%)	3mo	$180,000	$150	53
3321 S Tacoma Ave	0.63mi	2/1.0 (-1)	1,188 (-7%)	5mo	$85,000	$72	51
2905 Dietz St	0.70mi	3/1.0	1,144 (-10%)	4mo	$150,000	$131	47

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 · 2.46% rent growth · sell at horizon

5-year hold

• IRR: -13.7%
• Equity multiple: 0.51×
• Total profit: $-21,431
• Equity at exit: $23,245

10-year hold

• IRR: -5.7%
• Equity multiple: 0.64×
• Total profit: $-15,840
• Equity at exit: $13,479

Cash invested: $43,652 (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 46227

• Rents YoY: 2.5%
• Active inventory: 245
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $1,397 high
• Mortgage (P&I): −$818
• Tax from tax record: −$149 /mo · $1,791/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$293
• Net cashflow: $72

Break-even live

Break-even rent $1,306

Max offer price $155,900

Occupancy floor 90%

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: $38,975
• Closing costs: $4,677
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1620 Norton Ave Indianapolis, IN	3.0	1.0	928	$1,395	$1.50	17d	1	0.07mi
3334 Laurel St Indianapolis, IN	3.0	1.0	1068	$1,200	$1.12	20d	1	0.33mi
3311 Linden St Indianapolis, IN	3.0	1.0	1056	$1,150	$1.09	43d	1	0.39mi
3319 Olive St Indianapolis, IN	3.0	2.0	1588	$1,450	$0.91	23d	1	0.41mi
3312 Olive St Indianapolis, IN	3.0	2.0	1000	$1,395	$1.40	23d	1	0.44mi
1621 Knox St Indianapolis, IN	4.0	2.0	1411	$930	$0.66	4d	1	0.48mi
4109 Weaver Ave Indianapolis, IN	4.0	2.0	1100	$1,749	$1.59	43d	1	0.73mi
2806 Dietz St Indianapolis, IN	4.0	1.5	1200	$1,345	$1.12	23d	1	0.80mi
1051 E Edwards Ave Indianapolis, IN	2.0	1.0	896	$1,150	$1.28	43d	1	0.81mi
3633 S Rural St Indianapolis, IN	3.0	2.5	1440	$1,700	$1.18	23d	1	0.83mi
1144 McDougal St Indianapolis, IN	3.0	1.0	876	$1,500	$1.71	21d	1	0.87mi
1549 Nelson Ave Indianapolis, IN	3.0	1.0	950	$1,380	$1.45	43d	1	0.92mi
920 E Markwood Ave Indianapolis, IN	1.0–2.0	1.0	838	$949	$1.13	7d	2	0.93mi
4032 S Rural St Indianapolis, IN	4.0	2.0	1728	$1,980	$1.15	1d	1	0.98mi
2633 S Randolph St Unit b Indianapolis, IN	2.0	1.0	900	$995	$1.11	23d	1	1.03mi
2633 S Randolph St Indianapolis, IN	2.0	1.0	900	$995	$1.11	10d	1	1.03mi
4233 Carson Ln Indianapolis, IN	4.0	3.0	1590	$1,750	$1.10	23d	1	1.14mi
2946 Carson Dr Indianapolis, IN	3.0	3.0	1590	$1,600	$1.01	2d	1	1.14mi
4401 S Keystone Ave Indianapolis, IN	2.0	1.5–2.0	1000	$1,142	$1.14	1d	17	1.15mi
2315 Bischoff Dr Beech Grove, IN	2.0	1.0	1065	$848	$0.80	23d	2	1.21mi
4020 Hanna Village Dr Indianapolis, IN	1.0–3.0	1.0–2.0	886	$1,499	$1.69	2d	2	1.25mi
2770 South East St Unit 302 Indianapolis, IN	3.0	2.0	1158	$1,015	$0.88	2d	1	1.25mi
2770 S East St Apt 103 Indianapolis, IN	3.0	2.0	1190	$1,045	$0.88	14d	1	1.25mi
2760 S East St Indianapolis, IN	2.0–3.0	2.0	1072	$1,045	$0.97	3d	3	1.27mi
3216 Brill Rd Indianapolis, IN	3.0	2.0	1628	$1,646	$1.01	23d	1	1.28mi
376 Ticen St Beech Grove, IN	3.0	1.5	1524	$1,746	$1.15	4d	1	1.28mi
4100 Continental Ct Indianapolis, IN	1.0–2.0	1.0–1.5	917	$1,249	$1.36	1d	7	1.35mi
1973 Newcomer Ln Beech Grove, IN	4.0	1.0	1368	$1,500	$1.10	21d	1	1.42mi
4259 Burkhart Dr Unit 4264BE Indianapolis, IN	2.0	1.0	887	$1,149	$1.30	4d	1	1.43mi
4259 Burkhart Dr Unit 4257C Indianapolis, IN	2.0	1.0	949	$999	$1.05	7d	1	1.43mi
4259 Burkhart Dr Unit 4257B Indianapolis, IN	2.0	1.0	887	$999	$1.13	17d	1	1.43mi
4259 Burkhart Dr Indianapolis, IN	1.0–2.0	1.0	747	$1,575	$2.11	16d	4	1.45mi

Listing history 29 events

1. 2026-06-18
   status $155,900 Pending 15 DOM
2. 2026-06-18
   days on market $155,900 Active 15 DOM
3. 2026-06-17
   days on market $155,900 Active 14 DOM
4. 2026-06-16
   days on market $155,900 Active 13 DOM
5. 2026-06-15
   days on market $155,900 Active 12 DOM
6. 2026-06-13
   days on market $155,900 Active 10 DOM
7. 2026-06-13
   pricedays on market $155,900 Active 9 DOM
8. 2026-06-10
   price $164,900 Active 6 DOM
9. 2026-06-09
   days on market $165,000 Active 6 DOM
10. 2026-06-08
    days on market $165,000 Active 5 DOM
11. 2026-06-07
    remarks 628-char remark
12. 2026-06-07
    pricestatusdays on market $165,000 Active 4 DOM
13. 2026-05-10
    status Pending
14. 2026-05-08
    listed $155,900 Active
15. 2018-04-12
    soldstatus $85,000 Sold 397-char remark

    Show marketing remark (397 chars)

    New remodel. New kitchen counters, new sink and plumbing, remodeled enlarged full bathroom, refinished hardwoods, new carpet, fresh interior paint, newer upgrade shingles, thermopane windows, additional insulation blown in attic, detached garage, large covered deck overlooking creek, 2 gravel driveways and additional parking off garrage, and shrubbery mulch to be installed once weather breaks.

16. 2018-04-08
    status Pending 397-char remark

    Show marketing remark (397 chars)

    New remodel. New kitchen counters, new sink and plumbing, remodeled enlarged full bathroom, refinished hardwoods, new carpet, fresh interior paint, newer upgrade shingles, thermopane windows, additional insulation blown in attic, detached garage, large covered deck overlooking creek, 2 gravel driveways and additional parking off garrage, and shrubbery mulch to be installed once weather breaks.

17. 2018-03-06
    historical Active with Contingency 397-char remark

    Show marketing remark (397 chars)

    New remodel. New kitchen counters, new sink and plumbing, remodeled enlarged full bathroom, refinished hardwoods, new carpet, fresh interior paint, newer upgrade shingles, thermopane windows, additional insulation blown in attic, detached garage, large covered deck overlooking creek, 2 gravel driveways and additional parking off garrage, and shrubbery mulch to be installed once weather breaks.

18. 2018-02-24
    listed $85,000 Active 397-char remark

    Show marketing remark (397 chars)

    New remodel. New kitchen counters, new sink and plumbing, remodeled enlarged full bathroom, refinished hardwoods, new carpet, fresh interior paint, newer upgrade shingles, thermopane windows, additional insulation blown in attic, detached garage, large covered deck overlooking creek, 2 gravel driveways and additional parking off garrage, and shrubbery mulch to be installed once weather breaks.

19. 2012-11-10
    historical
20. 2012-05-09
    listed $69,900
21. 2005-11-02
    historical
22. 2005-06-02
    listed $73,900
23. 2004-04-06
    soldstatus $70,000
24. 2004-03-06
    listed $74,900
25. 2003-05-23
    soldstatus $74,900
26. 2003-03-21
    soldstatus $42,750
27. 2003-03-21
    listed $74,900
28. 2002-11-01
    listed $48,000
29. 2000-08-04
    soldstatus $68,118

ⓘ 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: $1,791 · $149/mo
• Projected year-2 tax: $1,791 · $149/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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,767
• − Mortgage interest: −$8,733
• − Property taxes: −$1,791
• − Insurance: −$780
• − Repairs & maintenance: −$1,341
• − Management: −$1,341
• − Depreciation: −$4,535
• Taxable loss: −$1,754
• Est. tax savings @ 24.0%: +$421
• After-tax cash flow: $1,286/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): 57,587
• Household income: $53,629
• Rent vs Own: 55.1% rent · 44.9% own
• Severe rent burden: 3583.0

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 0.59)
• Race & ethnicity: White 61% Asian 12% Black 11% Hispanic / Latino 10% Two or more races 8%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Italian 2% Slovak 2% Lithuanian 1%
• Foreign-born: 17% · Philippines, Canada, Vietnam
• Languages at home: 79% English-only · Other Asian/Pacific 9% Spanish 7% 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: ▼ -260.49%
• Current HPI: 276.8271
• Rent YoY: ▲ 2.46%
• 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

+128.9% since first listed

17 events — show timeline

• 2026-05-10 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-08 Listed $155,900 MIBOR as Distributed by MLS Grid
• 2018-04-12 Sold (MLS) $85,000 MIBOR as Distributed by MLS Grid
• 2018-04-08 Pending — MIBOR as Distributed by MLS Grid
• 2018-03-06 Contingent — MIBOR as Distributed by MLS Grid
• 2018-02-24 Listed $85,000 MIBOR as Distributed by MLS Grid
• 2012-11-10 Listing Removed — MIBOR as Distributed by MLS Grid
• 2012-05-09 Listed $69,900 MIBOR as Distributed by MLS Grid
• 2005-11-02 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-06-02 Listed $73,900 MIBOR as Distributed by MLS Grid
• 2004-04-06 Sold (MLS) $70,000 MIBOR as Distributed by MLS Grid
• 2004-03-06 Listed $74,900 MIBOR as Distributed by MLS Grid
• 2003-05-23 Sold (MLS) $74,900 MIBOR as Distributed by MLS Grid
• 2003-03-21 Listed $74,900 MIBOR as Distributed by MLS Grid
• 2003-03-21 Sold (MLS) $42,750 MIBOR as Distributed by MLS Grid
• 2002-11-01 Listed $48,000 MIBOR as Distributed by MLS Grid
• 2000-08-04 Sold (Public Records) $68,118 Public Records

Property tax history

+5.2%/yr

Latest (2025): $1,791 · +9.6% YoY. Source: county tax records.