1701 E Kelly St · Indianapolis city (balance), IN 46203

$125,000

2 bd · 2.0 ba · 1,205 sqft · SingleFamily public records · 29 Days on market

Built 1920 6,229 sqft lot $104/sqft · at area comps Est $170k · 26% under

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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 +17.1/30.0
• ARV discount +15.0/15.0
• 1% rule +5.4/10.0
• DSCR +5.3/10.0
• 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

Listing remarks MLS

Welcome to this 3-bedroom, 2-bath home located in the growing Near Southeast area of Indianapolis! This property blends classic character with strong potential for customization, making it a great fit for both homeowners and investors alike. Step inside and imagine the possibilities-whether you're looking to create your ideal living space or add a solid rental to your portfolio, this home offers flexibility and value.

Key facts

• 6,229 sq ft lot
• 2 garage spots
• Built 1920

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $87 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• Recommended offer: $123k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.1% 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 (+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); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k 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 29 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 23y ago; this cycle's ask has dropped $15k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $76k; list at $125k implies a 64% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,125 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — 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. 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.
4. 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.
5. 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: 1.04% ✓
• Cap rate: 7.13%
• Cash-on-cash: 3.00%
• DSCR: 1.13
• GRM: 8.0

CMA / ARV

• ARV (median comp): $170,044
• List price: $125,000
• Delta: -26.49%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1518 E Legrande Ave	0.29mi	2/2.0	1,296 (+8%)	3mo	$177,000	$137	71
1127 E Kelly St	0.45mi	2/2.0	1,280 (+6%)	2mo	$185,000	$145	67
1426 E Bradbury Ave	0.27mi	3/2.0 (+1)	1,320 (+10%)	1mo	$208,000	$158	65
1850 E Legrande Ave	0.30mi	2/1.0	1,344 (+12%)	1mo	$145,000	$108	62
1639 Comer Ave	0.33mi	3/2.0 (+1)	1,327 (+10%)	1mo	$100,000	$75	62
2845 Tindall St	0.72mi	3/1.0 (+1)	1,200 (-0%)	3mo	$180,000	$150	54
2415 Finley Ave	0.58mi	3/1.0 (+1)	1,148 (-5%)	3mo	$178,500	$155	53
2455 Asbury St	0.23mi	3/1.0 (+1)	1,024 (-15%)	3mo	$160,000	$156	52
2105 Walker Ave	0.39mi	3/1.0 (+1)	1,040 (-14%)	3mo	$120,000	$115	48
2020 Mac Ct	0.53mi	3/1.0 (+1)	1,314 (+9%)	4mo	$185,000	$141	47
2058 Mac Ct	0.58mi	3/1.0 (+1)	1,025 (-15%)	2mo	$105,000	$102	37
2835 S State Ave	0.65mi	3/1.5 (+1)	1,025 (-15%)	1mo	$159,900	$156	37

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: -11.7%
• Equity multiple: 0.58×
• Total profit: $-14,775
• Equity at exit: $18,638

10-year hold

• IRR: -2.6%
• Equity multiple: 0.83×
• Total profit: $-6,059
• Equity at exit: $10,808

Cash invested: $35,000 (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: 8.0×

Monthly cashflow live

• Estimated rent: $1,305 high
• Mortgage (P&I): −$656
• Tax from tax record: −$236 /mo · $2,831/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$274
• Net cashflow: $87

Break-even live

Break-even rent $1,194

Max offer price $125,000

Occupancy floor 88%

Sensitivity live

Price	-10% $158	-5% $123	+0% $87	+5% $52	+10% $17
Rent	-10% $-16	-5% $36	+0% $87	+5% $139	+10% $191
Rate	-1.0pp $150	-0.5pp $119	base $87	+0.5pp $55	+1.0pp $22

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1706 E Tabor St Unit 1708 Indianapolis, IN	3.0	1.0	1000	$1,300	$1.30	8d	1	0.07mi
1604 E Kelly St Indianapolis, IN	2.0	1.0	800	$1,025	$1.28	11d	1	0.13mi
1604 E Kelly St Indianapolis, IN	2.0	1.0	750	$1,025	$1.37	18d	1	0.13mi
2469 Dawson St Indianapolis, IN	2.0	1.0	700	$949	$1.36	4d	4	0.26mi
1637 Hoefgen St Indianapolis, IN	2.0	1.0	780	$1,000	$1.28	44d	1	0.28mi
2020 Boyd Ave Indianapolis, IN	3.0	1.5	1160	$1,450	$1.25	24d	1	0.38mi
2018 Boyd Ave Indianapolis, IN	3.0	1.5	1160	$1,350	$1.16	44d	1	0.38mi
2036 Calhoun St Indianapolis, IN	2.0	1.0	880	$1,200	$1.36	8d	1	0.41mi
1815 Dawson St Unit 1815 Indianapolis, IN	2.0	1.0	1019	$999	$0.98	15d	1	0.51mi
2633 S Randolph St Unit b Indianapolis, IN	2.0	1.0	900	$995	$1.11	24d	1	0.52mi
2633 S Randolph St Indianapolis, IN	2.0	1.0	900	$995	$1.11	11d	1	0.52mi
2430 E Kelly St Indianapolis, IN	2.0	1.0	965	$949	$0.98	44d	1	0.54mi
1549 Nelson Ave Indianapolis, IN	3.0	1.0	950	$1,380	$1.45	44d	1	0.55mi
1742 Thaddeus St Unit 1742-A Indianapolis, IN	3.0	2.0	1350	$1,600	$1.19	14d	1	0.61mi
1729 Thaddeus St Unit 1729-B Indianapolis, IN	3.0	2.0	1350	$1,600	$1.19	14d	1	0.62mi
1011 E Raymond St Indianapolis, IN	2.0	2.0	1100	$1,350	$1.23	24d	1	0.63mi
2555 Shelby St Unit 2559 Indianapolis, IN	1.0	1.0	717	$1,250	$1.74	44d	1	0.63mi
1637 S State Ave Indianapolis, IN	2.0	1.5	816	$900	$1.10	18d	1	0.65mi
1640 Asbury St Indianapolis, IN	1.0	1.0	700	$850	$1.21	44d	1	0.65mi
2103 Ringgold Ave Indianapolis, IN	1.0	1.0	1090	$775	$0.71	14d	1	0.69mi
1602 Quill St Unit B Indianapolis, IN	3.0	2.0	1250	$1,650	$1.32	15d	1	0.71mi
1602 Quill St Unit B Indianapolis, IN	3.0	2.0	1250	$1,750	$1.40	44d	1	0.71mi
1543 S State Ave Indianapolis, IN	2.0	1.0	1086	$1,100	$1.01	8d	1	0.71mi
1861 Barth Ave Unit 1861 Indianapolis, IN	2.0	1.0	1300	$1,600	$1.23	24d	1	0.72mi
1620 E Palmer St Indianapolis, IN	2.0	1.0	824	$1,200	$1.46	24d	1	0.72mi
1534 Dawson St Indianapolis, IN	3.0	1.0	1040	$1,499	$1.44	24d	1	0.74mi
1144 McDougal St Indianapolis, IN	3.0	1.0	876	$1,500	$1.71	22d	1	0.79mi
1503 Dawson St Indianapolis, IN	2.0	1.0	700	$1,200	$1.71	44d	1	0.80mi
944 E Minnesota St Indianapolis, IN	2.0	2.0	944	$1,299	$1.38	44d	1	0.93mi
823 Iowa St Indianapolis, IN	2.0	1.0	812	$1,100	$1.35	44d	1	0.96mi
2109 Singleton St Indianapolis, IN	3.0	2.0	1340	$2,100	$1.57	8d	1	0.98mi
1833 Orleans St Unit 1 Indianapolis, IN	3.0	1.0	1260	$1,350	$1.07	44d	1	1.01mi
620 E Beecher St Indianapolis, IN	3.0	2.0	1072	$1,639	$1.53	20d	1	1.02mi
2948 Shelby St Unit D Indianapolis, IN	2.0	1.0	750	$1,025	$1.37	44d	1	1.02mi
1514 Ringgold Ave Indianapolis, IN	3.0	1.0	1064	$1,295	$1.22	44d	1	1.04mi
1505 S Rural St Indianapolis, IN	3.0	1.0	1104	$1,500	$1.36	13d	1	1.05mi
1045 Orange St Indianapolis, IN	2.0	1.0	1232	$2,000	$1.62	24d	1	1.07mi
1045 Orange St Indianapolis, IN	2.0	1.0	1232	$2,200	$1.79	44d	1	1.07mi
835 Weghorst St Unit 837 Indianapolis, IN	3.0	1.5	1500	$1,399	$0.93	24d	1	1.07mi
1318 Shelby St Unit B 120% AMI Indianapolis, IN	1.0	1.0	1116	$1,350	$1.21	24d	1	1.08mi

Listing history 20 events

1. 2026-05-18
   status Active 423-char remark

   Show marketing remark (423 chars)

   Welcome to this 3-bedroom, 2-bath home located in the growing Near Southeast area of Indianapolis! This property blends classic character with strong potential for customization, making it a great fit for both homeowners and investors alike. Step inside and imagine the possibilities-whether you're looking to create your ideal living space or add a solid rental to your portfolio, this home offers flexibility and value.

2. 2026-05-18
   price $125,000 423-char remark

   Show marketing remark (423 chars)

   Welcome to this 3-bedroom, 2-bath home located in the growing Near Southeast area of Indianapolis! This property blends classic character with strong potential for customization, making it a great fit for both homeowners and investors alike. Step inside and imagine the possibilities-whether you're looking to create your ideal living space or add a solid rental to your portfolio, this home offers flexibility and value.

3. 2026-05-04
   status Pending 423-char remark

   Show marketing remark (423 chars)

   Welcome to this 3-bedroom, 2-bath home located in the growing Near Southeast area of Indianapolis! This property blends classic character with strong potential for customization, making it a great fit for both homeowners and investors alike. Step inside and imagine the possibilities-whether you're looking to create your ideal living space or add a solid rental to your portfolio, this home offers flexibility and value.

4. 2026-04-23
   status Active 423-char remark

   Show marketing remark (423 chars)

   Welcome to this 3-bedroom, 2-bath home located in the growing Near Southeast area of Indianapolis! This property blends classic character with strong potential for customization, making it a great fit for both homeowners and investors alike. Step inside and imagine the possibilities-whether you're looking to create your ideal living space or add a solid rental to your portfolio, this home offers flexibility and value.

5. 2026-04-22
   price $135,000 423-char remark

   Show marketing remark (423 chars)

   Welcome to this 3-bedroom, 2-bath home located in the growing Near Southeast area of Indianapolis! This property blends classic character with strong potential for customization, making it a great fit for both homeowners and investors alike. Step inside and imagine the possibilities-whether you're looking to create your ideal living space or add a solid rental to your portfolio, this home offers flexibility and value.

6. 2026-04-08
   status Pending 423-char remark

   Show marketing remark (423 chars)

   Welcome to this 3-bedroom, 2-bath home located in the growing Near Southeast area of Indianapolis! This property blends classic character with strong potential for customization, making it a great fit for both homeowners and investors alike. Step inside and imagine the possibilities-whether you're looking to create your ideal living space or add a solid rental to your portfolio, this home offers flexibility and value.

7. 2026-03-24
   listed $140,000 Active 423-char remark

   Show marketing remark (423 chars)

   Welcome to this 3-bedroom, 2-bath home located in the growing Near Southeast area of Indianapolis! This property blends classic character with strong potential for customization, making it a great fit for both homeowners and investors alike. Step inside and imagine the possibilities-whether you're looking to create your ideal living space or add a solid rental to your portfolio, this home offers flexibility and value.

8. 2025-03-15
   historical $995
9. 2025-03-06
   listed $995
10. 2025-02-13
    historical
11. 2025-01-31
    historical $995
12. 2024-11-13
    listed $995
13. 2024-08-21
    price $132,000
14. 2024-08-09
    price $135,000
15. 2024-08-02
    price $139,000
16. 2024-07-27
    listed $149,000 Active
17. 2003-12-03
    soldstatus $76,000
18. 2003-05-20
    listed $82,500
19. 2003-02-25
    soldstatus
20. 2003-01-24
    listed $34,900

ⓘ 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: $2,831 · $236/mo
• Projected year-2 tax: $2,831 · $236/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: $15,660
• − Mortgage interest: −$7,002
• − Property taxes: −$2,831
• − Insurance: −$625
• − Repairs & maintenance: −$1,253
• − Management: −$1,253
• − Depreciation: −$3,636
• Taxable loss: −$940
• Est. tax savings @ 24.0%: +$226
• After-tax cash flow: $1,275/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

+258.2% since first listed

20 events — show timeline

• 2026-05-18 Relisted — MIBOR as Distributed by MLS Grid
• 2026-05-18 Price Changed $125,000 MIBOR as Distributed by MLS Grid
• 2026-05-04 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-23 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-22 Price Changed $135,000 MIBOR as Distributed by MLS Grid
• 2026-04-08 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-24 Listed $140,000 MIBOR as Distributed by MLS Grid
• 2025-03-15 Rental Removed $995 SHOWMOJO
• 2025-03-06 Listed for Rent $995 SHOWMOJO
• 2025-02-13 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-01-31 Rental Removed $995 SHOWMOJO
• 2024-11-13 Listed for Rent $995 SHOWMOJO
• 2024-08-21 Price Changed $132,000 MIBOR as Distributed by MLS Grid
• 2024-08-09 Price Changed $135,000 MIBOR as Distributed by MLS Grid
• 2024-08-02 Price Changed $139,000 MIBOR as Distributed by MLS Grid
• 2024-07-27 Listed $149,000 MIBOR as Distributed by MLS Grid
• 2003-12-03 Sold (MLS) $76,000 MIBOR as Distributed by MLS Grid
• 2003-05-20 Listed $82,500 MIBOR as Distributed by MLS Grid
• 2003-02-25 Sold (MLS) — MIBOR as Distributed by MLS Grid
• 2003-01-24 Listed $34,900 MIBOR as Distributed by MLS Grid

Property tax history

+23.8%/yr

Latest (2025): $2,831 · +14.0% YoY. Source: county tax records.