962 N Belleview Pl · Indianapolis city (balance), IN 46222

$129,900

2 bd · 4.0 ba · 1,162 sqft · MultiFamily public records · 15 Days on market

Built 1920 5,358 sqft lot $112/sqft · 81% above area Est $144k · 10% under

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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 +30.0/30.0
• ARV discount +11.8/15.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Fixer-upper Duplex on Indy's near west side. 2 beds, 1 bath per side with LR, DR and kitchen on the main level. Needs a lot of love, but priced accordingly.

Key facts

• 5,358 sq ft lot
• Built 1920
• Listed 15 days

Property features AI

Finance

• Financial info: Two total units; Reported gross income and expenses listed as zero

Exterior

• Utilities: Solid waste service available
• Home design: Duplex residential income property; Two-level unit(s)
• Construction: Lot size approximately 0.12 acres
• Exterior features: Street access with street cuts; Property currently used as apartment (fewer than 20 units)

Interior

• Kitchen: Kitchen in the two-bedroom unit
• Bedrooms: Two-bedroom unit (one of two units)
• Interior features: Basement present

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $130k.

Deal economics

• At list price, monthly cash flow is $892 ($11k/yr) — positive. Per door: $446/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $128k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.5% 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); 170 active listings in the ZIP; 32 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).
• At $2,409/mo this rent would consume 57% of the median local household income ($51k/yr) (locally 1750% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $898 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 + 2.5% rent growth), your $36k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($128k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $127,951 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 1.85% ✓
• Cap rate: 14.53%
• Cash-on-cash: 29.43%
• DSCR: 2.31
• GRM: 4.5

CMA / ARV

• ARV (median comp): $143,574
• List price: $129,900
• Delta: -9.52%
• Verdict: FAIR
• Comps: 13 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1027 N Elder Ave	0.47mi	3/2.0 (+1)	1,200 (+3%)	0mo	$185,000	$154	60
1031-1033 N Centennial St	0.55mi	2/2.0	1,100 (-5%)	4mo	$122,000	$111	54
1035-1037 N Centennial St	0.55mi	2/2.0	1,100 (-5%)	4mo	$122,000	$111	54
1021-1023 N Centennial St	0.54mi	1/2.0 (-1)	1,100 (-5%)	2mo	$59,900	$54	51
526 N Centennial St	0.68mi	2/2.0	1,284 (+10%)	11mo	$120,000	$93	34
257 N Addison St	0.74mi	1/2.0 (-1)	1,000 (-14%)	2mo	$68,000	$68	28

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: 23.3%
• Equity multiple: 1.95×
• Total profit: $34,559
• Equity at exit: $19,369

10-year hold

• IRR: 30.9%
• Equity multiple: 3.70×
• Total profit: $98,384
• Equity at exit: $11,231

Cash invested: $36,372 (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: 170
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $2,409 high
• Mortgage (P&I): −$681
• Tax from tax record: −$276 /mo · $3,311/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$506
• Net cashflow: $892

Break-even live

Break-even rent $1,280

Max offer price $129,900

Occupancy floor 58%

Sensitivity live

Price	-10% $965	-5% $929	+0% $892	+5% $855	+10% $818
Rent	-10% $702	-5% $797	+0% $892	+5% $987	+10% $1,082
Rate	-1.0pp $957	-0.5pp $925	base $892	+0.5pp $858	+1.0pp $824

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,410
Total (2 units)			$2,409

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1023 N Pershing Ave Indianapolis, IN	3.0	1.5	1182	$1,350	$1.14	24d	1	0.22mi
771 Haugh St Indianapolis, IN	2.0	1.0	714	$1,250	$1.75	20d	1	0.26mi
1155 N Holmes Ave Indianapolis, IN	3.0	1.0	952	$2,800	$2.94	3d	1	0.29mi
3014 W 10th St Unit 1 Indianapolis, IN	2.0	1.0	850	$749	$0.88	24d	1	0.32mi
3014 W 10th St Indianapolis, IN	2.0	1.0	850	$749	$0.88	44d	1	0.32mi
955 N Traub Ave Indianapolis, IN	3.0	2.0	1300	$1,449	$1.11	44d	1	0.40mi
525 N Belmont Ave Indianapolis, IN	3.0	1.0	912	$1,225	$1.34	24d	1	0.46mi
1409 N Warman Ave Indianapolis, IN	2.0	1.0	816	$1,300	$1.59	20d	1	0.46mi
1411 N Pershing Ave Indianapolis, IN	1.0	1.0	700	$850	$1.21	44d	1	0.49mi
2701 W 17th St Indianapolis, IN	2.0	1.0	810	$899	$1.11	8d	1	0.61mi
1911 Wilcox St Indianapolis, IN	2.0	1.0	896	$1,150	$1.28	44d	1	0.63mi
1150 N White River Pkwy West Dr Indianapolis, IN	1.0–2.0	1.0	722	$1,224	$1.69	2d	9	0.67mi
264 N Holmes Ave Indianapolis, IN	2.0	1.0	1092	$1,200	$1.10	11d	1	0.72mi
411 N Centennial St Indianapolis, IN	2.0	1.0	750	$995	$1.33	8d	1	0.74mi
240 N Warman Ave Indianapolis, IN	2.0–3.0	1.0–2.0	1052	$1,150	$1.09	20d	5	0.78mi
460 N White River Parkway Dr W Indianapolis, IN	2.0	1.0	681	$1,725	$2.53	3d	14	0.79mi
86 N Holmes Ave Indianapolis, IN	2.0	1.0	978	$1,050	$1.07	16d	1	0.85mi
3531 Garden Ave Indianapolis, IN	3.0	1.0	1264	$1,200	$0.95	24d	1	0.89mi
3531 Garden Ave Indianapolis, IN	3.0	1.0	1264	$1,200	$0.95	44d	1	0.89mi
925 N Somerset Ave Indianapolis, IN	3.0	1.0	1061	$1,300	$1.23	8d	1	0.99mi
2011 N Kessler Boulevard Dr Indianapolis, IN	3.0	1.0	888	$1,375	$1.55	24d	1	1.03mi
1410 Breedlove Ln Indianapolis, IN	2.0	1.0–2.0	886	$2,557	$2.88	2d	63	1.04mi
2106 Cold Spring Rd Indianapolis, IN	2.0	1.0–1.5	940	$1,189	$1.26	3d	4	1.10mi
1621 N Livingston Ave Indianapolis, IN	3.0	1.0	952	$1,300	$1.37	24d	1	1.23mi
1228 W 18th St Indianapolis, IN	2.0	1.0	1050	$1,200	$1.14	44d	1	1.27mi
1201 Indiana Ave Indianapolis, IN	1.0–3.0	1.0–3.5	967	$1,770	$1.83	2d	36	1.28mi
55 S Harding St #308 Indianapolis, IN	1.0	1.0	754	$1,200	$1.59	24d	1	1.29mi
101 S Harding St Apt 307 Indianapolis, IN	2.0	2.0	970	$1,685	$1.74	3d	1	1.31mi
1920 Sugar Grove Ave Indianapolis, IN	3.0	1.5	1378	$1,175	$0.85	3d	1	1.33mi
1449 Montcalm St Indianapolis, IN	3.0	1.0	1300	$1,900	$1.46	44d	1	1.34mi
2774 Pixel DR Indianapolis, IN	1.0	1.0	750	$1,100	$1.47	44d	1	1.40mi
1415 W Pruitt St Indianapolis, IN	3.0	1.0	1001	$1,249	$1.25	24d	1	1.48mi

Listing history 1 events

1. 2026-05-04
   listed $129,900 Active 158-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: $3,311 · $276/mo
• Projected year-2 tax: $3,311 · $276/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 · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $28,908
• − Mortgage interest: −$7,276
• − Property taxes: −$3,311
• − Insurance: −$650
• − Repairs & maintenance: −$2,313
• − Management: −$2,313
• − Depreciation: −$3,779
• Taxable income: $9,267
• Est. tax owed @ 24.0%: −$2,224
• After-tax cash flow: $8,478/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

• 2026-05-19 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-04 Listed $129,900 MIBOR as Distributed by MLS Grid

Property tax history

+10.3%/yr

Latest (2025): $3,311 · +0.3% YoY. Source: county tax records.