2315 Spann Ave · Indianapolis city (balance), IN 46203

$174,900

3 bd · 2.0 ba · 936 sqft · SingleFamily public records · 107 Days on market

Built 1950 5,489 sqft lot $187/sqft · at area comps Est $177k · at est. ↓ 19% since listing

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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 +16.0/30.0
• ARV discount +8.1/15.0
• DSCR +5.0/10.0
• Rent growth +3.2/5.0
• 1% rule +3.0/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fully remodeled 2-bedroom, 2-bath home located at 2315 Spann Ave. This move-in-ready property features modern updates throughout, including an updated kitchen with contemporary finishes. The home offers a functional layout with a dedicated laundry room and comfortable living spaces. Outside, enjoy a fully fenced backyard providing privacy and space for outdoor activities, along with a detached garage and additional storage shed for convenience. A great opportunity for buyers looking for a well-updated home with practical amenities.

Key facts

• Spacious back deck
• Privacy fence
• Renovated bungalow

Tags

• RENOVATED BUNGALOW
• FULLY FENCED BACKYARD
• PRIVACY FENCE
• SPACIOUS BACK DECK
• DETACHED GARAGE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $88 ($1k/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 $141k (19.6% below list).
• Recommended offer: $141k (19.6% below list) — sets the bar for 1% rule.
• Cap rate 6.9% 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 (+2.9%/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); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $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 107 days — a 9% lower offer ($159k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts 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 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $140,564 (19.6% below list)

Questions for the listing agent

1. It's been on market 107 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 0.80% ✗
• Cap rate: 6.90%
• Cash-on-cash: 2.16%
• DSCR: 1.10
• GRM: 10.4

CMA / ARV

• ARV (median comp): $177,132
• List price: $174,900
• Delta: -1.26%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2251 English Ave	0.07mi	3/1.0	960 (+3%)	10mo	$179,900	$187	80
274 Leeds Ave	0.42mi	3/2.0	936 (0%)	12mo	$100,000	$107	70
917 St Peter St	0.28mi	2/1.0 (-1)	913 (-2%)	9mo	$90,000	$99	67
1917 Fletcher Ave	0.26mi	2/1.0 (-1)	980 (+5%)	13mo	$240,000	$245	60
1524 Pleasant St	0.58mi	2/1.0 (-1)	995 (+6%)	2mo	$125,000	$126	52
1641 Deloss St	0.45mi	3/1.5	1,038 (+11%)	9mo	$205,000	$197	52
1418 St Paul St	0.71mi	3/1.0	1,000 (+7%)	1mo	$170,000	$170	50
1145 Villa Ave	0.55mi	3/2.0	1,044 (+12%)	8mo	$299,900	$287	48
1118 Churchman Ave	0.47mi	2/2.0 (-1)	812 (-13%)	7mo	$244,000	$300	45
1341 Fletcher Ave	0.69mi	2/1.0 (-1)	860 (-8%)	0mo	$215,000	$250	45
331 S Oakland Ave	0.61mi	3/1.0	1,056 (+13%)	5mo	$135,000	$128	42
3037 Newton Ave	0.68mi	3/1.0	1,074 (+15%)	2mo	$156,000	$145	38

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: -13.1%
• Equity multiple: 0.53×
• Total profit: $-22,999
• Equity at exit: $26,078

10-year hold

• IRR: -4.3%
• Equity multiple: 0.72×
• Total profit: $-13,881
• Equity at exit: $15,122

Cash invested: $48,972 (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: 10.4×

Monthly cashflow live

• Estimated rent: $1,406 high
• Mortgage (P&I): −$917
• Tax from tax record: −$32 /mo · $388/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$295
• Net cashflow: $88

Break-even live

Break-even rent $1,294

Max offer price $174,900

Occupancy floor 89%

Sensitivity live

Price	-10% $187	-5% $138	+0% $88	+5% $39	+10% $-11
Rent	-10% $-23	-5% $32	+0% $88	+5% $144	+10% $199
Rate	-1.0pp $176	-0.5pp $132	base $88	+0.5pp $43	+1.0pp $-3

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: $43,725
• Closing costs: $5,247
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
225 Hamilton Ave Indianapolis, IN	2.0	2.0	1008	$1,695	$1.68	44d	1	0.26mi
2631 Southeastern Ave Indianapolis, IN	3.0	2.0	1072	$1,195	$1.11	12d	1	0.30mi
2230 Woodlawn Ave Indianapolis, IN	2.0	1.0	924	$1,350	$1.46	44d	1	0.31mi
2116 Woodlawn Ave Indianapolis, IN	2.0	2.0	1054	$1,175	$1.11	8d	1	0.34mi
247 S Randolph St Indianapolis, IN	2.0	1.0	720	$750	$1.04	44d	1	0.36mi
245 S Randolph St Indianapolis, IN	2.0	1.0	720	$750	$1.04	44d	1	0.36mi
1011 Harlan St Indianapolis, IN	2.0	2.0	1008	$1,525	$1.51	44d	1	0.38mi
1013 Harlan St Indianapolis, IN	2.0	1.0	1008	$1,475	$1.46	44d	1	0.38mi
330 S Rural St Indianapolis, IN	2.0	1.0	960	$1,050	$1.09	8d	1	0.40mi
815 Dawson St Unit 2 Indianapolis, IN	2.0	1.0	600	$1,300	$2.17	5d	1	0.41mi
518 S State Ave Indianapolis, IN	2.0	1.0	900	$725	$0.81	44d	1	0.42mi
323 S Rural St Indianapolis, IN	3.0	1.5	1090	$1,050	$0.96	44d	1	0.44mi
350 S Oxford St Indianapolis, IN	3.0	1.0	826	$1,300	$1.57	44d	1	0.45mi
3022 English Ave Unit 3022 Indianapolis, IN	2.0	1.0	600	$650	$1.08	44d	1	0.53mi
1449 Fletcher Ave Indianapolis, IN	2.0	2.0	1000	$2,000	$2.00	18d	1	0.60mi
49 S Rural St Indianapolis, IN	2.0	1.5	750	$950	$1.27	11d	1	0.66mi
301 S Gray St Indianapolis, IN	2.0	1.0	841	$1,025	$1.22	24d	1	0.69mi
340 S Dearborn St Indianapolis, IN	2.0	1.0	873	$1,180	$1.35	24d	1	0.69mi
1441 Prospect St Indianapolis, IN	2.0	1.0–2.0	2840	$2,000	$0.70	2d	13	0.77mi
270 S Lasalle St Indianapolis, IN	3.0	2.0	562	$1,329	$2.36	8d	1	0.78mi
225 N Hamilton Ave Indianapolis, IN	2.0	2.0	1008	$1,695	$1.68	44d	1	0.79mi
228 N Randolph St Indianapolis, IN	2.0	2.0	1008	$1,695	$1.68	44d	1	0.80mi
1148 Fletcher Ave Indianapolis, IN	2.0	1.0	900	$1,800	$2.00	18d	1	0.82mi
1503 Dawson St Indianapolis, IN	2.0	1.0	700	$1,200	$1.71	44d	1	0.84mi
1529 E Ohio St Indianapolis, IN	2.0	1.0	1118	$1,299	$1.16	44d	1	0.84mi
1145 Bates St Indianapolis, IN	2.0	1.0	1065	$1,500	$1.41	22d	1	0.85mi
1224 Prospect St Indianapolis, IN	2.0	1.0–2.0	691	$2,235	$3.23	2d	8	0.88mi
28 S Dearborn St Unit A Indianapolis, IN	3.0	1.0	1100	$1,400	$1.27	11d	1	0.89mi
3441 Prospect St Indianapolis, IN	2.0	1.0	1008	$1,700	$1.69	45d	1	0.90mi
3441 Prospect St Indianapolis, IN	2.0	1.0	1008	$1,500	$1.49	24d	1	0.90mi
1534 Dawson St Indianapolis, IN	3.0	1.0	1040	$1,499	$1.44	24d	1	0.90mi
1505 S Rural St Indianapolis, IN	3.0	1.0	1104	$1,500	$1.36	13d	1	0.92mi
313 Eastern Ave Indianapolis, IN	2.0	1.0	1040	$950	$0.91	22d	1	0.96mi
1543 S State Ave Indianapolis, IN	2.0	1.0	1086	$1,100	$1.01	8d	1	0.96mi
1620 E Palmer St Indianapolis, IN	2.0	1.0	824	$1,200	$1.46	24d	1	0.99mi
235 N Oakland Ave Indianapolis, IN	2.0	1.0	800	$1,000	$1.25	44d	1	0.99mi
37 S Tuxedo St Indianapolis, IN	3.0	1.0	950	$1,150	$1.21	44d	1	0.99mi
931 Fletcher Ave Indianapolis, IN	2.0–3.0	1.0–2.5	1094	$2,765	$2.53	2d	4	1.00mi
1637 S State Ave Indianapolis, IN	2.0	1.5	816	$900	$1.10	18d	1	1.01mi
330 N Arsenal Ave Unit B Indianapolis, IN	2.0	1.0	700	$1,100	$1.57	8d	1	1.02mi

Listing history 19 events

1. 2026-05-20
   status Pending 537-char remark

   Show marketing remark (537 chars)

   Fully remodeled 2-bedroom, 2-bath home located at 2315 Spann Ave. This move-in-ready property features modern updates throughout, including an updated kitchen with contemporary finishes. The home offers a functional layout with a dedicated laundry room and comfortable living spaces. Outside, enjoy a fully fenced backyard providing privacy and space for outdoor activities, along with a detached garage and additional storage shed for convenience. A great opportunity for buyers looking for a well-updated home with practical amenities.

2. 2026-04-23
   price $174,900 537-char remark

   Show marketing remark (537 chars)

   Fully remodeled 2-bedroom, 2-bath home located at 2315 Spann Ave. This move-in-ready property features modern updates throughout, including an updated kitchen with contemporary finishes. The home offers a functional layout with a dedicated laundry room and comfortable living spaces. Outside, enjoy a fully fenced backyard providing privacy and space for outdoor activities, along with a detached garage and additional storage shed for convenience. A great opportunity for buyers looking for a well-updated home with practical amenities.

3. 2026-04-06
   status Active 537-char remark

   Show marketing remark (537 chars)

   Fully remodeled 2-bedroom, 2-bath home located at 2315 Spann Ave. This move-in-ready property features modern updates throughout, including an updated kitchen with contemporary finishes. The home offers a functional layout with a dedicated laundry room and comfortable living spaces. Outside, enjoy a fully fenced backyard providing privacy and space for outdoor activities, along with a detached garage and additional storage shed for convenience. A great opportunity for buyers looking for a well-updated home with practical amenities.

4. 2026-04-05
   historical 537-char remark

   Show marketing remark (537 chars)

   Fully remodeled 2-bedroom, 2-bath home located at 2315 Spann Ave. This move-in-ready property features modern updates throughout, including an updated kitchen with contemporary finishes. The home offers a functional layout with a dedicated laundry room and comfortable living spaces. Outside, enjoy a fully fenced backyard providing privacy and space for outdoor activities, along with a detached garage and additional storage shed for convenience. A great opportunity for buyers looking for a well-updated home with practical amenities.

5. 2026-03-31
   price $182,900 537-char remark

   Show marketing remark (537 chars)

   Fully remodeled 2-bedroom, 2-bath home located at 2315 Spann Ave. This move-in-ready property features modern updates throughout, including an updated kitchen with contemporary finishes. The home offers a functional layout with a dedicated laundry room and comfortable living spaces. Outside, enjoy a fully fenced backyard providing privacy and space for outdoor activities, along with a detached garage and additional storage shed for convenience. A great opportunity for buyers looking for a well-updated home with practical amenities.

6. 2026-03-16
   status Active 537-char remark

   Show marketing remark (537 chars)

   Fully remodeled 2-bedroom, 2-bath home located at 2315 Spann Ave. This move-in-ready property features modern updates throughout, including an updated kitchen with contemporary finishes. The home offers a functional layout with a dedicated laundry room and comfortable living spaces. Outside, enjoy a fully fenced backyard providing privacy and space for outdoor activities, along with a detached garage and additional storage shed for convenience. A great opportunity for buyers looking for a well-updated home with practical amenities.

7. 2026-02-18
   price $189,900 537-char remark

   Show marketing remark (537 chars)

   Fully remodeled 2-bedroom, 2-bath home located at 2315 Spann Ave. This move-in-ready property features modern updates throughout, including an updated kitchen with contemporary finishes. The home offers a functional layout with a dedicated laundry room and comfortable living spaces. Outside, enjoy a fully fenced backyard providing privacy and space for outdoor activities, along with a detached garage and additional storage shed for convenience. A great opportunity for buyers looking for a well-updated home with practical amenities.

8. 2026-01-05
   listed $179,900 Active 537-char remark

   Show marketing remark (537 chars)

   Fully remodeled 2-bedroom, 2-bath home located at 2315 Spann Ave. This move-in-ready property features modern updates throughout, including an updated kitchen with contemporary finishes. The home offers a functional layout with a dedicated laundry room and comfortable living spaces. Outside, enjoy a fully fenced backyard providing privacy and space for outdoor activities, along with a detached garage and additional storage shed for convenience. A great opportunity for buyers looking for a well-updated home with practical amenities.

9. 2025-11-20
   status Pending
10. 2025-11-18
    historical
11. 2025-10-22
    price $179,900
12. 2025-09-08
    price $184,900
13. 2025-09-08
    status Active
14. 2025-08-29
    historical
15. 2025-08-04
    price $192,000
16. 2025-07-15
    status Active
17. 2025-06-09
    price $199,900
18. 2025-06-04
    price $204,900
19. 2025-05-29
    listed $214,900 Active

ⓘ 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: $388 · $32/mo
• Projected year-2 tax: $938 · $78/mo
• Expected delta: +$549/yr (+$46/mo · 141.3%)

ⓘ 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 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,868
• − Mortgage interest: −$9,797
• − Property taxes: −$388
• − Insurance: −$874
• − Repairs & maintenance: −$1,349
• − Management: −$1,349
• − Depreciation: −$5,088
• Taxable loss: −$1,979
• Est. tax savings @ 24.0%: +$475
• After-tax cash flow: $1,531/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

-18.6% since first listed

19 events — show timeline

• 2026-05-20 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-23 Price Changed $174,900 MIBOR as Distributed by MLS Grid
• 2026-04-06 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-05 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-03-31 Price Changed $182,900 MIBOR as Distributed by MLS Grid
• 2026-03-16 Relisted — MIBOR as Distributed by MLS Grid
• 2026-02-18 Price Changed $189,900 MIBOR as Distributed by MLS Grid
• 2026-01-05 Listed $179,900 MIBOR as Distributed by MLS Grid
• 2025-11-20 Pending — MIBOR as Distributed by MLS Grid
• 2025-11-18 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-10-22 Price Changed $179,900 MIBOR as Distributed by MLS Grid
• 2025-09-08 Price Changed $184,900 MIBOR as Distributed by MLS Grid
• 2025-09-08 Relisted — MIBOR as Distributed by MLS Grid
• 2025-08-29 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-08-04 Price Changed $192,000 MIBOR as Distributed by MLS Grid
• 2025-07-15 Relisted — MIBOR as Distributed by MLS Grid
• 2025-06-09 Price Changed $199,900 MIBOR as Distributed by MLS Grid
• 2025-06-04 Price Changed $204,900 MIBOR as Distributed by MLS Grid
• 2025-05-29 Listed $214,900 MIBOR as Distributed by MLS Grid

Property tax history

+9.6%/yr

Latest (2025): $388 · -21.6% YoY. Source: county tax records.