618 N Rural St · Indianapolis city (balance), IN 46201

$140,000

6 bd · 2.0 ba · 1,030 sqft · MultiFamily public records · 5 Days on market

Built 1923 2,860 sqft lot Est $262k · 46% under ↓ 26% since listing

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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 +25.5/30.0
• ARV discount +15.0/15.0
• DSCR +8.5/10.0
• 1% rule +7.3/10.0
• Rent growth +4.3/5.0
• 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

Completely renovated and move-in ready, this charming 2-bedroom, 2-bath attached home offers an excellent opportunity for investors or owner-occupants alike. Featuring an updated kitchen, new carpet, luxury vinyl plank flooring, fresh paint throughout, and a new gas water heater - the major updates have already been completed for you. Enjoy relaxing on the inviting covered front porch or take advantage of the detached one-car garage for additional storage and parking. This property is ready to generate rental income or become your next home. Please note: this sale includes one side of the attached property only.

Key facts

• Covered front porch
• New gas water heater
• Updated kitchen

Tags

• UPDATED KITCHEN
• COVERED FRONT PORCH
• DETACHED ONE-CAR GARAGE
• NEW GAS WATER HEATER

Property features AI

Finance

• Other: Lot smaller than 1/4 acre

Exterior

• Parking: Detached garage with alley access; 1-car garage
• Utilities: Public water; Municipal sewer; Solid waste service available
• Home design: Single-family residence; Attached property; One level
• Construction: Vinyl with brick exterior; Block foundation
• Exterior features: Covered patio/porch; No fence

Interior

• Kitchen: Electric oven; Eat-in layout
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 2 full bathrooms (main level)
• Heating & cooling: Forced air heating; No central air
• Interior features: Eat-in kitchen; Covered porch/patio
• Laundry & utility: Laundry in basement; Water heater

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $140k.

Deal economics

• At list price, monthly cash flow is $327 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Cap rate 9.1% 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 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.
• Zoned schools: Thomas D Gregg School 15 (math 7% / reading 9%, grade F, #945 of 994 statewide, top 95%, 549 students, 85% FRL); H L Harshman Middle School (math 3% / reading 16%, grade F, #316 of 330 statewide, top 96%, 549 students, 84% FRL); Arsenal Technical High School (math 6% / reading 27%, grade F, #353 of 369 statewide, top 96%, 2,366 students, 74% FRL) — zoned schools at 81% FRL track the district average.
• Market conditions: Rents rising fast (+7.3%/yr); 483 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 42% of the median local income ($49k/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 $968 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.
• At projected returns (-3.0% appreciation + 7.3% rent growth), your $39k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 4y 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 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $140,000

Questions for the listing agent

1. Built in 1923 — 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 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: 1.23% ✓
• Cap rate: 9.10%
• Cash-on-cash: 10.01%
• DSCR: 1.45
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $261,620
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
655 N Beville Ave	0.30mi	5/2.0 (-1)	1,017 (-1%)	20mo	$257,850	$254	62

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 · 7.31% rent growth · sell at horizon

5-year hold

• IRR: 3.8%
• Equity multiple: 1.15×
• Total profit: $5,980
• Equity at exit: $20,874

10-year hold

• IRR: 17.1%
• Equity multiple: 2.71×
• Total profit: $67,135
• Equity at exit: $12,105

Cash invested: $39,200 (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 46201

• Home prices YoY: -33.9%
• Rents YoY: 7.3%
• Active inventory: 483
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,717 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$236 /mo · $2,837/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$360
• Net cashflow: $327

Break-even live

Break-even rent $1,302

Max offer price $140,000

Occupancy floor 76%

Sensitivity live

Price	-10% $406	-5% $367	+0% $327	+5% $288	+10% $248
Rent	-10% $192	-5% $259	+0% $327	+5% $395	+10% $463
Rate	-1.0pp $398	-0.5pp $363	base $327	+0.5pp $291	+1.0pp $254

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3710 E Market St Indianapolis, IN	6.0	1.0	1232	$1,450	$1.18	16d	1	0.82mi

Listing history 4 events

1. 2026-06-21
   days on market $140,000 Active 5 DOM
2. 2026-06-18
   days on market $140,000 Active 2 DOM
3. 2026-06-17
   remarks 619-char remark
4. 2026-06-17
   listed $140,000 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: $2,837 · $236/mo
• Projected year-2 tax: $2,837 · $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 4/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥102°F today · 19 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: $20,599
• − Mortgage interest: −$7,842
• − Property taxes: −$2,837
• − Insurance: −$700
• − Repairs & maintenance: −$1,648
• − Management: −$1,648
• − Depreciation: −$4,073
• Taxable income: $1,851
• Est. tax owed @ 24.0%: −$444
• After-tax cash flow: $3,481/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): 30,335
• Household income: $49,195
• Rent vs Own: 48.4% rent · 51.6% own
• Severe rent burden: 1906.0

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 53% Hispanic / Latino 23% Black 18% Two or more races 9%
• Hispanic origin (detail): Mexican 14% Puerto Rican 2%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 9% · Canada
• Languages at home: 81% English-only · Spanish 17%

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: ▼ -192.51%
• Current HPI: 375.0969
• Rent YoY: ▲ 7.31%
• 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

-26.3% since first listed

5 events — show timeline

• 2026-06-16 Listed $140,000 MIBOR as Distributed by MLS Grid
• 2022-08-09 Listing Removed — MIBOR as Distributed by MLS Grid
• 2022-02-19 Relisted — MIBOR as Distributed by MLS Grid
• 2022-02-09 Listing Removed — MIBOR as Distributed by MLS Grid
• 2022-02-09 Listed $189,900 MIBOR as Distributed by MLS Grid

Property tax history

+22.2%/yr

Latest (2021): $2,837 · +80.8% YoY. Source: county tax records.