1808 E Washington St · Indianapolis city (balance), IN 46201

$225,000

3 bd · 6.0 ba · 1,698 sqft · MultiFamily public records · 62 Days on market

Built 1890 3,659 sqft lot $133/sqft · 14% above area Est $198k · 14% over

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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 +26.8/30.0
• DSCR +9.2/10.0
• 1% rule +7.5/10.0
• Rent growth +4.3/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• ARV discount +1.3/15.0
• 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 MLS

Welcome to this Victorian colonial style residential duplex located in Indianapolis Indiana. Ideally located near downtown and along established bus routes, this well-positioned duplex offers a unique opportunity for both residential rental income and potential commercial use. Zoned C3 Neighborhood Commercial District, the property sits along high-traffic Washington Street, providing excellent visibility and exposure to a steady flow of daily commuters. One unit is currently tenant-occupied, generating immediate rental income, while the second unit offers flexibility for owner-occupancy or additional leasing. This configuration makes the property attractive to both seasoned investors seeking to expand their portfolio and first-time investors interested in offsetting living expenses with rental income. The property is currently livable and income-producing, though it would benefit from updates and improvements-presenting a strong value-add opportunity for the right buyer. This duplex combines immediate cash flow with long-term potential in a highly visible and accessible location.

Key facts

• Residential duplex
• Income-producing
• 3,659 sq ft lot

Tags

• VICTORIAN COLONIAL STYLE
• RESIDENTIAL DUPLEX
• HIGH-TRAFFIC WASHINGTON STREET
• IMMEDIATE RENTAL INCOME
• INCOME-PRODUCING
• STRONG VALUE-ADD OPPORTUNITY

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/3.0-bath units multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $618 ($7k/yr) — positive. Per door: $309/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Recommended offer: $212k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.6% 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 fast (+7.3%/yr); 483 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% 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).
• At $2,802/mo this rent would consume 68% of the median local household income ($49k/yr) (locally 1906% 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 $2k of loan paydown is wiped out by about $7k 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 $63k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 18y ago; this cycle's ask has dropped $25k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $75k; list at $225k implies a 200% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $211,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 1.25% ✓
• Cap rate: 9.59%
• Cash-on-cash: 11.77%
• DSCR: 1.52
• GRM: 6.7

CMA / ARV

• ARV (median comp): $197,592
• List price: $225,000
• Delta: 13.87%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1651 Spann Ave	0.63mi	2/3.0 (-1)	1,880 (+11%)	8mo	$660,000	$351	29
415 Harlan St	0.52mi	4/2.0 (+1)	1,952 (+15%)	4mo	$167,500	$86	28
771-773 Woodruff Place East Dr	0.73mi	2/2.0 (-1)	1,556 (-8%)	17mo	$375,000	$241	18

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: 6.1%
• Equity multiple: 1.25×
• Total profit: $15,637
• Equity at exit: $33,548

10-year hold

• IRR: 19.1%
• Equity multiple: 2.93×
• Total profit: $121,431
• Equity at exit: $19,454

Cash invested: $63,000 (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 46201

• Home prices YoY: -33.9%
• Rents YoY: 7.3%
• Active inventory: 483
• Price-to-rent: 13.4×

Monthly cashflow live

• Estimated rent: $2,802 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$322 /mo · $3,865/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$588
• Net cashflow: $618

Break-even live

Break-even rent $2,020

Max offer price $225,000

Occupancy floor 73%

Sensitivity live

Price	-10% $745	-5% $682	+0% $618	+5% $554	+10% $490
Rent	-10% $396	-5% $507	+0% $618	+5% $729	+10% $839
Rate	-1.0pp $731	-0.5pp $675	base $618	+0.5pp $560	+1.0pp $500

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	3	$2,802
Total (2 units)			$2,802

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12 N Randolph St Indianapolis, IN	3.0	1.0	1485	$1,650	$1.11	45d	1	0.03mi
17 N Randolph St Indianapolis, IN	3.0	2.0	1822	$2,075	$1.14	5d	1	0.05mi
43 N Randolph St Indianapolis, IN	3.0	2.0	1250	$1,399	$1.12	45d	1	0.07mi
22 Parkview Ave Indianapolis, IN	3.0	1.5	1728	$1,450	$0.84	9d	1	0.08mi
29 N Walcott St Indianapolis, IN	4.0	3.0	2200	$2,400	$1.09	45d	1	0.08mi
44 Parkview Ave Indianapolis, IN	3.0	2.0	1250	$1,695	$1.36	21d	1	0.09mi
44 E Parkview Ave Unit B Indianapolis, IN	3.0	2.0	1297	$1,695	$1.31	45d	1	0.09mi
44 E Parkview Ave Unit A Indianapolis, IN	3.0	2.0	1296	$1,695	$1.31	25d	1	0.09mi
17 E Parkview Ave Unit 17 Indianapolis, IN	3.0	1.5	1530	$1,650	$1.08	45d	1	0.10mi
17 E Parkview Ave Unit 19 Indianapolis, IN	3.0	1.0	1530	$1,650	$1.08	45d	1	0.10mi
22 Hendricks Pl Unit 22 Indianapolis, IN	3.0	1.5	1730	$1,600	$0.92	19d	1	0.13mi
1541 E Ohio St Indianapolis, IN	3.0	1.0	1400	$1,399	$1.00	45d	1	0.17mi
1529 E Ohio St Indianapolis, IN	2.0	1.0	1118	$1,299	$1.16	45d	1	0.19mi
1534 E Ohio St Indianapolis, IN	3.0	2.5	1204	$1,650	$1.37	17d	1	0.19mi
303 N State Ave Indianapolis, IN	3.0	1.0	1700	$1,275	$0.75	25d	1	0.20mi
117 N Arsenal Ave Indianapolis, IN	3.0	2.0	1250	$1,800	$1.44	5d	1	0.22mi
115 N Arsenal Ave Indianapolis, IN	3.0	2.0	1297	$1,800	$1.39	45d	1	0.23mi
117 N Arsenal Ave Unit 117 Indianapolis, IN	3.0	2.0	1250	$1,800	$1.44	45d	1	0.23mi
119 N Arsenal Ave Unit 119 Indianapolis, IN	3.0	2.0	1250	$1,800	$1.44	45d	1	0.23mi
119 N Arsenal Ave Indianapolis, IN	3.0	2.0	1250	$1,800	$1.44	23d	1	0.23mi
101 N Arsenal Ave Indianapolis, IN	3.0	2.0	1300	$1,749	$1.35	45d	1	0.23mi
113 S Arsenal Ave Indianapolis, IN	3.0	2.0	1296	$1,800	$1.39	45d	1	0.29mi
2015 E Maryland St Indianapolis, IN	3.0	2.0	1250	$1,495	$1.20	45d	1	0.29mi
1430 E Ohio St Indianapolis, IN	3.0	1.5	2174	$1,745	$0.80	45d	1	0.30mi
151 Harlan St Unit A Indianapolis, IN	3.0	2.0	1250	$1,549	$1.24	25d	1	0.34mi
1531 Sturm Ave Indianapolis, IN	3.0	2.0	1806	$1,515	$0.84	25d	1	0.38mi
1529 Sturm Ave Indianapolis, IN	3.0	2.0	1806	$1,515	$0.84	25d	1	0.38mi
2015 Southeastern Ave Unit 2015 Indianapolis, IN	2.0	2.5	1350	$2,200	$1.63	25d	1	0.39mi
210 N Keystone Ave Indianapolis, IN	4.0	2.0	2024	$2,200	$1.09	9d	1	0.40mi
145 McKim Ave Indianapolis, IN	3.0	2.5	1470	$2,195	$1.49	45d	1	0.40mi
416 N Hamilton Ave Unit 416-A Indianapolis, IN	3.0	2.0	1350	$1,500	$1.11	45d	1	0.40mi
41 Keystone Ave Indianapolis, IN	3.0	2.5	1600	$2,500	$1.56	45d	1	0.40mi
43 Keystone Ave Indianapolis, IN	3.0	2.5	1600	$2,291	$1.43	17d	1	0.40mi
47 Keystone Ave Indianapolis, IN	3.0	2.5	1600	$2,500	$1.56	45d	1	0.41mi
1223 E New York St Indianapolis, IN	3.0	3.0	2154	$2,300	$1.07	5d	1	0.45mi
1404 E Vermont St Indianapolis, IN	2.0	2.5	1353	$1,950	$1.44	45d	1	0.46mi
39 N Tacoma Ave Indianapolis, IN	3.0	1.0	1233	$895	$0.73	45d	1	0.51mi
228 N Tacoma Ave Indianapolis, IN	3.0	1.0	1200	$1,100	$0.92	12d	1	0.51mi
1117 E Market St Indianapolis, IN	2.0	1.0–2.0	803	$1,875	$2.33	0d	16	0.52mi
420 Harlan St Indianapolis, IN	2.0	2.0	1260	$1,500	$1.19	25d	1	0.54mi

Listing history 39 events

1. 2026-06-21
   days on market $225,000 Active 62 DOM
2. 2026-06-18
   days on market $225,000 Active 59 DOM
3. 2026-06-17
   days on market $225,000 Active 58 DOM
4. 2026-06-16
   days on market $225,000 Active 57 DOM
5. 2026-06-15
   days on market $225,000 Active 56 DOM
6. 2026-06-13
   days on market $225,000 Active 54 DOM
7. 2026-06-13
   days on market $225,000 Active 53 DOM
8. 2026-06-09
   days on market $225,000 Active 50 DOM
9. 2026-06-08
   days on market $225,000 Active 49 DOM
10. 2026-06-07
    days on market $225,000 Active 48 DOM
11. 2026-06-03
    days on market $225,000 Active 44 DOM
12. 2026-06-02
    days on market $225,000 Active 43 DOM
13. 2026-06-01
    days on market $225,000 Active 42 DOM
14. 2026-05-31
    days on market $225,000 Active 41 DOM
15. 2026-05-14
    price $225,000 1102-char remark

    Show marketing remark (1102 chars)

    Welcome to this Victorian colonial style residential duplex located in Indianapolis Indiana. Ideally located near downtown and along established bus routes, this well-positioned duplex offers a unique opportunity for both residential rental income and potential commercial use. Zoned C3 Neighborhood Commercial District, the property sits along high-traffic Washington Street, providing excellent visibility and exposure to a steady flow of daily commuters. One unit is currently tenant-occupied, generating immediate rental income, while the second unit offers flexibility for owner-occupancy or additional leasing. This configuration makes the property attractive to both seasoned investors seeking to expand their portfolio and first-time investors interested in offsetting living expenses with rental income. The property is currently livable and income-producing, though it would benefit from updates and improvements-presenting a strong value-add opportunity for the right buyer. This duplex combines immediate cash flow with long-term potential in a highly visible and accessible location.

16. 2026-04-20
    listed $250,000 Active 1102-char remark

    Show marketing remark (1102 chars)

    Welcome to this Victorian colonial style residential duplex located in Indianapolis Indiana. Ideally located near downtown and along established bus routes, this well-positioned duplex offers a unique opportunity for both residential rental income and potential commercial use. Zoned C3 Neighborhood Commercial District, the property sits along high-traffic Washington Street, providing excellent visibility and exposure to a steady flow of daily commuters. One unit is currently tenant-occupied, generating immediate rental income, while the second unit offers flexibility for owner-occupancy or additional leasing. This configuration makes the property attractive to both seasoned investors seeking to expand their portfolio and first-time investors interested in offsetting living expenses with rental income. The property is currently livable and income-producing, though it would benefit from updates and improvements-presenting a strong value-add opportunity for the right buyer. This duplex combines immediate cash flow with long-term potential in a highly visible and accessible location.

17. 2025-07-31
    historical
18. 2025-07-18
    price $250,000
19. 2025-07-18
    status Active
20. 2025-07-09
    status Pending
21. 2025-06-12
    price $260,000
22. 2025-04-16
    price $270,000
23. 2025-02-19
    listed $299,000 Active
24. 2021-09-16
    historical
25. 2021-09-16
    historical
26. 2021-04-13
    listed $170,000 Active
27. 2021-04-02
    listed $170,000 Active
28. 2019-10-31
    historical
29. 2019-08-25
    listed $125,000 Active
30. 2019-08-24
    historical
31. 2019-08-23
    listed $125,000 Active
32. 2019-04-19
    soldstatus $75,000 Sold
33. 2019-03-14
    status Pending
34. 2019-02-18
    price $81,900
35. 2018-11-01
    listed $115,000 Active
36. 2018-11-01
    historical
37. 2018-08-29
    listed $115,000 Active
38. 2009-01-14
    historical
39. 2008-09-14
    listed $39,900

ⓘ 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: $3,865 · $322/mo
• Projected year-2 tax: $3,865 · $322/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
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,624
• − Mortgage interest: −$12,603
• − Property taxes: −$3,865
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,690
• − Management: −$2,690
• − Depreciation: −$6,545
• Taxable income: $4,106
• Est. tax owed @ 24.0%: −$985
• After-tax cash flow: $6,429/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

+463.9% since first listed

25 events — show timeline

• 2026-05-14 Price Changed $225,000 MIBOR as Distributed by MLS Grid
• 2026-04-20 Listed $250,000 MIBOR as Distributed by MLS Grid
• 2025-07-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-07-18 Price Changed $250,000 MIBOR as Distributed by MLS Grid
• 2025-07-18 Relisted — MIBOR as Distributed by MLS Grid
• 2025-07-09 Pending — MIBOR as Distributed by MLS Grid
• 2025-06-12 Price Changed $260,000 MIBOR as Distributed by MLS Grid
• 2025-04-16 Price Changed $270,000 MIBOR as Distributed by MLS Grid
• 2025-02-19 Listed $299,000 MIBOR as Distributed by MLS Grid
• 2021-09-16 Listing Removed — MIBOR as Distributed by MLS Grid
• 2021-09-16 Listing Removed — MIBOR as Distributed by MLS Grid
• 2021-04-13 Listed $170,000 MIBOR as Distributed by MLS Grid
• 2021-04-02 Listed $170,000 MIBOR as Distributed by MLS Grid
• 2019-10-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2019-08-25 Listed $125,000 MIBOR as Distributed by MLS Grid
• 2019-08-24 Listing Removed — MIBOR as Distributed by MLS Grid
• 2019-08-23 Listed $125,000 MIBOR as Distributed by MLS Grid
• 2019-04-19 Sold (MLS) $75,000 MIBOR as Distributed by MLS Grid
• 2019-03-14 Pending — MIBOR as Distributed by MLS Grid
• 2019-02-18 Price Changed $81,900 MIBOR as Distributed by MLS Grid
• 2018-11-01 Listed $115,000 MIBOR as Distributed by MLS Grid
• 2018-11-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2018-08-29 Listed $115,000 MIBOR as Distributed by MLS Grid
• 2009-01-14 Listing Removed — MIBOR as Distributed by MLS Grid
• 2008-09-14 Listed $39,900 MIBOR as Distributed by MLS Grid

Property tax history

+16.7%/yr

Latest (2025): $3,865 · +1.5% YoY. Source: county tax records.