51 N Addison St · Indianapolis city (balance), IN 46222

$110,000

3 bd · 1.0 ba · 2,156 sqft · SingleFamily public records · 26 Days on market

Built 1920 5,227 sqft lot $51/sqft · 34% below area Est $209k · 47% under

---

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

Step right up and feast your eyes on this single-family residence at 51 N Addison ST, INDIANAPOLIS, IN. Built in a sprightly 1920, 2156 square foot house was a beast in its prime and is just waiting for efforts to make it beautiful again! With a whopping four bedrooms, you'll have plenty of space for slumber parties, guest invasions, or even a dedicated "thinking room" for those moments of pure genius. And with two full bathrooms, morning rush hour will be a thing of the past - no more queuing for the shower! This two-story wonder sits proudly on a generous . 12 acre lot, offering a detached garage and space for enjoying a breath of fresh air. And speaking of fresh air, the in

Key facts

• Inviting porch
• Detached garage
• 5,227 sq ft lot

Tags

• SINGLE FAMILY RESIDENCE
• DETACHED GARAGE
• INVITING PORCH

Property features AI

Exterior

• Parking: Detached 2-car garage (garage area ~440 sq ft)
• Utilities: Public water; Community sewer
• Home design: Single family residence; Two levels
• Construction: Vinyl siding; Block foundation
• Exterior features: Approximately 0.12 acre lot; Less than 1/4 acre

Interior

• Kitchen: No appliances listed
• Bedrooms: 4 bedrooms total — 2 on the main level, 2 on the upper level; Bedroom sizes include 10x12, 11x13, 13x12 (dimensions available for select rooms)
• Bathrooms: 2 full bathrooms — 1 on the main level, 1 on the upper level
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Attic stairway; High ceilings; Unfinished basement
• Laundry & utility: Main level laundry (7x7)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $494 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $108k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.7% 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.
• Market conditions: Rents rising (+2.5%/yr); 173 active listings in the ZIP; 13 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 42% of the median local income ($51k/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 $761 of loan paydown is wiped out by about $3k 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 + 2.5% rent growth), your $31k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($108k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.1% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $108,350 (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. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.61% ✓
• Cap rate: 11.68%
• Cash-on-cash: 19.24%
• DSCR: 1.86
• GRM: 5.2

CMA / ARV

• ARV (median comp): $208,645
• List price: $110,000
• Delta: -47.28%
• 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
57 N Tremont St	0.19mi	3/1.0	2,352 (+9%)	5mo	$133,000	$57	71
330 N Holmes Ave	0.31mi	3/1.5	2,272 (+5%)	6mo	$140,000	$62	70
242 N Pershing Ave	0.27mi	3/2.5	2,016 (-6%)	4mo	$80,000	$40	67
212 Hancock Ave	0.41mi	3/2.0	2,040 (-5%)	2mo	$165,000	$81	66
229 N Tremont St	0.23mi	2/1.0 (-1)	1,906 (-12%)	1mo	$190,000	$100	64
286 N Tremont St	0.29mi	2/1.0 (-1)	1,919 (-11%)	2mo	$96,500	$50	62
414 S Warman Ave	0.47mi	3/2.0	1,995 (-8%)	6mo	$156,000	$78	57
405 N Holmes Ave	0.40mi	2/1.5 (-1)	1,920 (-11%)	0mo	$69,900	$36	56
2014 W Michigan St	0.68mi	3/2.5	2,070 (-4%)	1mo	$315,000	$152	55
525 N Concord St	0.67mi	3/1.5	2,026 (-6%)	4mo	$142,000	$70	54
321 N Elder Ave	0.65mi	4/2.0 (+1)	2,072 (-4%)	3mo	$155,000	$75	51
417 N Goodlet Ave	0.59mi	3/2.5	1,896 (-12%)	2mo	$187,000	$99	45

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: 10.6%
• Equity multiple: 1.42×
• Total profit: $12,794
• Equity at exit: $16,401

10-year hold

• IRR: 19.2%
• Equity multiple: 2.57×
• Total profit: $48,236
• Equity at exit: $9,511

Cash invested: $30,800 (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 46222

• Home prices YoY: -16.7%
• Rents YoY: 2.5%
• Active inventory: 173
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $1,771 high
• Mortgage (P&I): −$577
• Tax from tax record: −$283 /mo · $3,392/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$372
• Net cashflow: $494

Break-even live

Break-even rent $1,146

Max offer price $110,000

Occupancy floor 67%

Sensitivity live

Price	-10% $556	-5% $525	+0% $494	+5% $463	+10% $432
Rent	-10% $354	-5% $424	+0% $494	+5% $564	+10% $634
Rate	-1.0pp $549	-0.5pp $522	base $494	+0.5pp $465	+1.0pp $436

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
234 N Addison St Indianapolis, IN	3.0	2.0	1892	$1,900	$1.00	45d	1	0.14mi
264 N Holmes Ave Indianapolis, IN	2.0	1.0	1540	$1,199	$0.78	25d	1	0.20mi
156 Haugh St Indianapolis, IN	3.0	2.5	1800	$2,000	$1.11	45d	1	0.21mi
261 N Pershing Ave Indianapolis, IN	2.0	2.0	1764	$1,600	$0.91	25d	1	0.31mi
326 N Warman Ave Indianapolis, IN	3.0	2.5	1804	$2,150	$1.19	3d	1	0.31mi
2952 W New York St Indianapolis, IN	2.0	2.5	1867	$2,000	$1.07	23d	1	0.37mi
2952 W New York St Indianapolis, IN	2.0	2.5	1882	$2,000	$1.06	3d	1	0.37mi
545 N Goodlet Ave Indianapolis, IN	3.0	1.0	1664	$1,250	$0.75	25d	1	0.74mi
742 N Sheffield Ave Unit 1228636P Indianapolis, IN	4.0	2.0	1851	$3,472	$1.88	3d	1	0.81mi
1551 W New York St Indianapolis, IN	3.0	2.0	2619	$1,600	$0.61	8d	1	0.85mi
1118 King Ave Indianapolis, IN	3.0	1.0	1560	$1,299	$0.83	17d	1	1.11mi
1124 S Reisner St Indianapolis, IN	3.0	2.0	1548	$1,700	$1.10	45d	1	1.25mi
1105 Blaine Ave Indianapolis, IN	1.0–2.0	1.0–2.5	1157	$1,795	$1.55	25d	1	1.28mi

Listing history 9 events

1. 2026-06-13
   statusdays on market $110,000 Pending 26 DOM
2. 2026-06-09
   days on market $110,000 Active 25 DOM
3. 2026-06-08
   days on market $110,000 Active 24 DOM
4. 2026-06-07
   days on market $110,000 Active 23 DOM
5. 2026-06-03
   days on market $110,000 Active 19 DOM
6. 2026-06-02
   days on market $110,000 Active 18 DOM
7. 2026-06-01
   days on market $110,000 Active 17 DOM
8. 2026-05-31
   days on market $110,000 Active 16 DOM
9. 2026-05-15
   listed $110,000 Active 836-char remark

ⓘ 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: $3,392 · $283/mo
• Projected year-2 tax: $3,392 · $283/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 ≥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: $21,255
• − Mortgage interest: −$6,162
• − Property taxes: −$3,392
• − Insurance: −$550
• − Repairs & maintenance: −$1,700
• − Management: −$1,700
• − Depreciation: −$3,200
• Taxable income: $4,551
• Est. tax owed @ 24.0%: −$1,092
• After-tax cash flow: $4,835/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): 38,887
• Household income: $50,783
• Rent vs Own: 51.7% rent · 48.3% own
• Severe rent burden: 1750.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 32% Black 30% Hispanic / Latino 30% Two or more races 12% Asian 2%
• Hispanic origin (detail): Mexican 24% Puerto Rican 1%
• Common ancestry: Lithuanian 1% Iranian 1% Slovak 1%
• Foreign-born: 21% · Canada, Jamaica
• Languages at home: 67% English-only · Spanish 25% Other Indo-European 3% Arabic 2%

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: ▼ -75.47%
• Current HPI: 375.8479
• 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

2 events — show timeline

• 2026-06-11 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-15 Listed $110,000 MIBOR as Distributed by MLS Grid

Property tax history

+7.7%/yr

Latest (2025): $3,392 · -4.0% YoY. Source: county tax records.