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2446 Winthrop Ave 🏗️ New Construction
F Composite 22.25
Why this score? — see what drove the F 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).

  • ARV discount +7.5/15.0
  • Rent growth +4.1/5.0
  • Condition / age +4.0/5.0
  • Cash flow +2.5/30.0
  • Livability +2.5/5.0
  • Schools +1.7/10.0
  • 1% rule +0.0/10.0
  • DSCR +0.0/10.0
  • Appreciation +0.0/10.0

$165,000

2446 Winthrop Ave · Indianapolis city (balance), IN 46205
2 bd · 2.5 ba · 1,318 sqft · Townhouse · 76 Days on market
Built 2026 Good condition Garage $150/mo HOA · 9% of rent

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Listing remarks

This thoughtfully designed townhome blends modern elegance with everyday functionality. This end unit features luxury fixtures and charm. The main level has a two car garage and a versatile bonus room - perfect for a home office or playroom. The open concept living space is on the second level and has abundant natural light. The kitchen has sleek quartz countertops, stainless steel appliances, and a large center island. The third level hosts the primary suite with a walk in closet and deluxe private bathroom. The additional bedroom, full bathroom, and laundry closet are also on the third level for added convenience. Income restrictions apply. Home must be owner occupied.

Key facts

  • Quartz countertops
  • Large center island
  • Two car garage

Tags

TWO CAR GARAGEVERSATILE BONUS ROOMOPEN CONCEPT LIVING SPACEQUARTZ COUNTERTOPSSTAINLESS STEEL APPLIANCESLARGE CENTER ISLAND

Neighborhood map

Property Rental comp Retail Costco Walmart Transit Schools Stadiums Fortune 500 · Circle radius: 6.0 mi
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🏗️ New construction. The $165,000 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $351,521.

What this means for you Summary

Snapshot

  • This is a 2-bed/2.5-bath townhouse listed at $165k. Condition is rated good.

Deal economics

  • At list price, monthly cash flow is $-1k ($-15k/yr) — negative.
  • The deal already cash-flows at list — no discount required.
  • Meets the 1% rule at list price ($2k rent vs $165k).
  • Recommended offer: $155k (6.0% below list) — sets the bar for market timing.
  • Cap rate 2.1% vs local median 4.5% in Indianapolis city (balance) — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

  • Location reads: area grade F — 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: Center For Inquiry School 27 (math 25% / reading 29%, grade F, #737 of 994 statewide, top 76%, 525 students, 51% 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).
  • Market conditions: Rents rising fast (+6.2%/yr); 539 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 68d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 68% 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 $2k of loan paydown is wiped out by about $11k 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 76 days — a 6% lower offer ($155k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

  • Watch-outs: property tax is 3.2% of price.
Recommended offer $155,100 (6.0% below list)

Questions for the listing agent

  1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
  2. It's been on market 76 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
  3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
  4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
  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. 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?
  8. 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.
  9. 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.
  10. 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
0.49%
Cap rate
2.14%
Cash-on-cash
-14.84%
DSCR
0.34
GRM
17.0

CMA / ARV

ARV (median comp)
$351,521
List price
$165,000
Delta
-53.06%
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
2436 Winthrop Ave 0.02mi 2/2.5 1,318 (0%) 2mo $300,000 $228 98
2444 Winthrop Ave 0.00mi 2/2.5 1,318 (0%) 3mo $300,000 $228 97
2428 Winthrop Ave 0.04mi 2/2.5 1,318 (0%) 14mo $350,000 $266 87
2430 Winthrop Ave 0.04mi 2/2.5 1,318 (0%) 14mo $350,000 $266 87
2413 N Park Ave 0.37mi 2/2.5 1,408 (+7%) 7mo $250,000 $178 66
530 Sutherland Ave Unit D 0.44mi 2/1.0 1,428 (+8%) 1mo $210,000 $147 58
2258 Central Ave Unit D 0.53mi 2/1.5 1,196 (-9%) 1mo $236,700 $198 55
530 Sutherland Ave Unit B 0.44mi 2/1.0 1,428 (+8%) 5mo $210,000 $147 55
530 Sutherland Ave Unit A 0.44mi 2/1.0 1,428 (+8%) 6mo $205,000 $144 55
530 Sutherland Ave Unit E 0.44mi 2/1.0 1,428 (+8%) 6mo $215,000 $151 54
2260 Central Ave 0.52mi 2/2.5 1,197 (-9%) 12mo $235,000 $196 50
2033 Carrollton Ave 0.53mi 3/2.5 (+1) 1,400 (+6%) 14mo $110,000 $79 48

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 · 6.21% rent growth · sell at horizon

5-year hold
IRR
-41.0%
Equity multiple
-0.31×
Total profit
$-128,619
Equity at exit
$52,413
10-year hold
IRR
-44.9%
Equity multiple
-0.89×
Total profit
$-186,148
Equity at exit
$30,393

Cash invested: $98,426 (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.
Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

For sale now
9 active · 10 under contract
Months of supply
4.9 mo (20%/mo absorbed)
Median asking
$235,000 ($209/sqft)
Median days on market
111 d
This list price
11% of active listings are priced below it
ARV vs active asking
+27.9% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 46205

Rents YoY
6.2%
Active inventory
539
Price-to-rent
8.0×

Monthly cashflow live

Estimated rent
$1,724 high interval (Pro) →
Mortgage (P&I)
$1,843
Tax est. 1.5%
$439 /mo · $5,273/yr
Insurance
$146
HOA
$150
Vacancy / Maint / Mgmt
$362
Net cashflow
$-1,217

Break-even live

Break-even rent $3,265
Max offer price $175,392
Occupancy floor

Sensitivity live

Price -10% $-974 -5% $-1,096 +0% $-1,217 +5% $-1,339 +10% $-1,460
Rent -10% $-1,353 -5% $-1,285 +0% $-1,217 +5% $-1,149 +10% $-1,081
Rate -1.0pp $-1,040 -0.5pp $-1,128 base $-1,217 +0.5pp $-1,308 +1.0pp $-1,401

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
$87,880
Closing costs
$10,546
Reserves months
Total cash needed

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Short-term bridge; refi at stabilization.

Rent comps 40 comps

AddressBedsBaths SqftRent$/sqft DOM Units Dist
2529 Guilford Ave Unit A Indianapolis, IN 2.0 1.5 1000 $1,465 $1.47 76d 1 0.14mi
2614 Guilford Ave Unit 2614 Indianapolis, IN 3.0 1.0 1176 $1,295 $1.10 10d 1 0.19mi
2519 N College Ave Unit 1 Indianapolis, IN 3.0 2.5 1416 $1,850 $1.31 139d 1 0.21mi
2340 Columbia Ave Unit 2340-A Indianapolis, IN 3.0 2.0 1350 $1,500 $1.11 5d 1 0.23mi
2340 Columbia Ave Unit 2340-B Indianapolis, IN 3.0 2.0 1350 $1,580 $1.17 42d 1 0.23mi
661 E 24th St Indianapolis, IN 3.0 2.0 1760 $2,300 $1.31 42d 1 0.25mi
2221 Bellefontaine St Indianapolis, IN 3.0 2.5 1712 $2,249 $1.31 10d 1 0.25mi
655 E 24th St Indianapolis, IN 2.0 1.0 960 $1,450 $1.51 2d 1 0.26mi
2534 Columbia Ave Unit B Indianapolis, IN 3.0 2.0 1350 $1,500 $1.11 4d 1 0.26mi
2711 Guilford Ave Indianapolis, IN 3.0 2.0 1250 $1,695 $1.36 119d 1 0.27mi
2511 Columbia Ave Indianapolis, IN 3.0 2.0 1350 $2,134 $1.58 42d 1 0.27mi
717 E 27th St Indianapolis, IN 1.0 1.5 1322 $2,600 $1.97 139d 1 0.28mi
2549 Columbia Ave Unit 1332865P Indianapolis, IN 3.0 2.0 893 $3,050 $3.42 0d 1 0.30mi
2553 Columbia Ave Unit 2553-B Indianapolis, IN 3.0 2.0 1350 $1,525 $1.13 139d 1 0.31mi
2157 Bellefontaine St Unit 2157 Indianapolis, IN 2.0 1.0 1200 $1,200 $1.00 119d 1 0.31mi
2707 N College Ave Indianapolis, IN 3.0 2.0 1500 $1,800 $1.20 9d 1 0.31mi
2709 N College Ave Indianapolis, IN 3.0 2.0 1500 $2,200 $1.47 119d 1 0.32mi
2168 Carrollton Ave Indianapolis, IN 3.0 1.5 1300 $1,749 $1.35 58d 1 0.33mi
2143 Bellefontaine St Indianapolis, IN 2.0 1.0 910 $1,200 $1.32 7d 1 0.33mi
2751 Guilford Ave Unit A Indianapolis, IN 3.0 2.0 1250 $1,750 $1.40 94d 1 0.35mi
2751 Guilford Ave Unit B Indianapolis, IN 3.0 2.0 1250 $1,750 $1.40 109d 1 0.35mi
2751 Guilford Ave Unit Aunit Indianapolis, IN 3.0 2.0 1250 $1,750 $1.40 139d 1 0.35mi
2145 Coretta Way Indianapolis, IN 3.0 3.0 1430 $2,600 $1.82 139d 1 0.36mi
1307 E 22nd St Indianapolis, IN 2.0 2.5 1325 $2,300 $1.74 42d 1 0.38mi
1311 22nd St Indianapolis, IN 2.0 2.5 1325 $2,250 $1.70 10d 1 0.39mi
1313 E 22nd St Indianapolis, IN 2.0 2.5 1325 $2,500 $1.89 76d 1 0.39mi
2117 Coretta Way Indianapolis, IN 3.0 3.5 1409 $2,300 $1.63 139d 1 0.39mi
2757 Columbia Ave Unit 2757-B Indianapolis, IN 3.0 2.0 1350 $1,500 $1.11 42d 1 0.41mi
2801 Columbia Ave Indianapolis, IN 3.0 1.5 1250 $1,599 $1.28 68d 1 0.42mi
2809 Columbia Ave Indianapolis, IN 3.0 2.0 1596 $1,725 $1.08 67d 1 0.44mi
2625 Central Ave Indianapolis, IN 1.0 1.0 1200 $1,850 $1.54 42d 1 0.48mi
2056 N College Ave Indianapolis, IN 3.0 2.0 900 $1,650 $1.83 98d 1 0.49mi
2203 Sheldon St Unit B Indianapolis, IN 3.0 2.0 1350 $1,500 $1.11 140d 1 0.51mi
2824 N Park Ave Indianapolis, IN 3.0 2.0 1366 $1,600 $1.17 10d 1 0.53mi
2830 N Park Ave Indianapolis, IN 2.0 3.0 1500 $1,600 $1.07 139d 1 0.54mi
2832 N Park Ave Indianapolis, IN 2.0 2.5 1536 $1,650 $1.07 10d 1 0.54mi
2318 N New Jersey St Unit 1364144P Indianapolis, IN 3.0 2.0 1593 $3,330 $2.09 108d 1 0.55mi
2950 Winthrop Ave Indianapolis, IN 3.0 2.0 1224 $1,449 $1.18 139d 1 0.56mi
2825 Central Ave Indianapolis, IN 1.0–3.0 1.0–2.0 1046 $1,454 $1.39 10d 26 0.58mi
2136 Central Ave Indianapolis, IN 3.0 1.0–2.0 1333 $2,432 $1.82 0d 25 0.60mi

Property features AI

Finance

HOA & community
HOA with monthly fee of $150HOA covers lawn care, structure maintenance and managementCovenants & restrictions and rental restrictions apply

Exterior

Parking
Attached finished garage with garage door opener (1 car)
Utilities
Public waterMunicipal sewer connectedSolid waste service available
Home design
Attached townhouseNew constructionThree or more levelsMandatory HOA, party wall agreement, planned unit development
Construction
Cement sidingSlab foundationCompleted constructionBuilt by Onyx & East
Exterior features
Covered patio/porchSidewalksLow-maintenance lifestyle

Interior

Kitchen
DishwasherMicrowave with hoodElectric ovenRefrigerator
Bedrooms
Primary bedroom with walk-in closetTwo bedrooms on the upper level
Bathrooms
Two full bathroomsOne half bathroomPrimary bathroom with full shower stall and double sinks
Heating & cooling
Forced air heating (natural gas)Central air conditioning
Interior features
Kitchen islandEat-in kitchenPantrySmart thermostatWalk-in closets
Laundry & utility
Laundry located on the upper level

Listing history 50 events

  1. 2026-09-24
    days on market $165,000 Active 76 DOM
  2. 2026-09-23
    days on market $165,000 Active 75 DOM
  3. 2026-09-22
    days on market $165,000 Active 74 DOM
  4. 2026-09-21
    days on market $165,000 Active 73 DOM
  5. 2026-09-20
    days on market $165,000 Active 72 DOM
  6. 2026-09-19
    days on market $165,000 Active 71 DOM
  7. 2026-09-18
    days on market $165,000 Active 70 DOM
  8. 2026-09-17
    days on market $165,000 Active 69 DOM
  9. 2026-09-16
    days on market $165,000 Active 68 DOM
  10. 2026-09-15
    days on market $165,000 Active 67 DOM
  11. 2026-09-14
    days on market $165,000 Active 66 DOM
  12. 2026-09-13
    days on market $165,000 Active 65 DOM
  13. 2026-09-12
    days on market $165,000 Active 64 DOM
  14. 2026-09-11
    days on market $165,000 Active 63 DOM
  15. 2026-09-05
    days on market $165,000 Active 57 DOM
  16. 2026-09-04
    days on market $165,000 Active 56 DOM
  17. 2026-09-03
    days on market $165,000 Active 55 DOM
  18. 2026-08-31
    days on market $165,000 Active 52 DOM
  19. 2026-08-30
    days on market $165,000 Active 51 DOM
  20. 2026-08-29
    days on market $165,000 Active 50 DOM
  21. 2026-08-28
    days on market $165,000 Active 49 DOM
  22. 2026-08-27
    days on market $165,000 Active 48 DOM
  23. 2026-08-25
    days on market $165,000 Active 46 DOM
  24. 2026-08-24
    days on market $165,000 Active 45 DOM
  25. 2026-08-23
    days on market $165,000 Active 44 DOM
  26. 2026-08-22
    days on market $165,000 Active 43 DOM
  27. 2026-08-21
    days on market $165,000 Active 42 DOM
  28. 2026-08-20
    statusdays on market $165,000 Active 41 DOM
  29. 2026-07-08
    status $165,000 Pending 40 DOM
  30. 2026-07-07
    days on market $165,000 Active 40 DOM
  31. 2026-07-06
    days on market $165,000 Active 39 DOM
  32. 2026-07-05
    days on market $165,000 Active 38 DOM
  33. 2026-07-03
    days on market $165,000 Active 36 DOM
  34. 2026-07-02
    days on market $165,000 Active 35 DOM
  35. 2026-07-01
    days on market $165,000 Active 34 DOM
  36. 2026-06-30
    days on market $165,000 Active 33 DOM
  37. 2026-06-29
    days on market $165,000 Active 32 DOM
  38. 2026-06-28
    days on market $165,000 Active 31 DOM
  39. 2026-06-27
    days on market $165,000 Active 30 DOM
  40. 2026-06-26
    days on market $165,000 Active 29 DOM
  41. 2026-06-25
    days on market $165,000 Active 27 DOM
  42. 2026-06-22
    days on market $165,000 Active 25 DOM
  43. 2026-06-21
    days on market $165,000 Active 24 DOM
  44. 2026-06-18
    days on market $165,000 Active 21 DOM
  45. 2026-06-17
    days on market $165,000 Active 20 DOM
  46. 2026-06-16
    days on market $165,000 Active 19 DOM
  47. 2026-06-15
    days on market $165,000 Active 18 DOM
  48. 2026-06-13
    days on market $165,000 Active 16 DOM
  49. 2026-06-13
    days on market $165,000 Active 15 DOM
  50. 2026-06-09
    days on market $165,000 Active 12 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income
$20,690
− Mortgage interest
−$19,691
− Property taxes
−$5,273
− Insurance
−$1,758
− Repairs & maintenance
−$1,655
− Management
−$1,655
− HOA
−$1,800
− Depreciation
−$10,226
Taxable loss
−$21,367
combined federal + state — saved on this device
Est. tax savings @ 24.0%
+$5,128
After-tax cash flow
$-9,478/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.

Condition & rehab AI · 12 photos

Good 80/100 None rehab

This thoughtfully designed townhome is in excellent condition with modern fixtures and charm. It offers a great balance of functionality and style, making it an ideal investment property.

Value-add opportunities

  • Both Painting the exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics.
  • Both Installing new flooring in the kitchen and bathrooms — High-quality flooring improves the overall look and feel of the home.
  • Both Upgrading the kitchen appliances — Modern appliances enhance functionality and appeal to potential buyers/renters.
  • Both Adding smart home features — Smart home features improve convenience and attract tech-savvy buyers/renters.
  • Both Landscaping the front yard — A well-maintained front yard enhances curb appeal and adds value to the home.
F Composite school gradezoned avg 17/100

Zoned Schools

Elementary Francis W Parker School 56 F IN #921/994 Nat'l #39,071/41,679 Middle Arlington Community Middle School F IN #326/330 Nat'l #13,801/14,009 High Shortridge High School F IN #263/369 Nat'l #9,497/17,239

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 · 1,025,572 people
City population
881,119
Metro
Indianapolis-Carmel-Anderson, IN
Population (ZIP)
28,259
Household income
$72,417
Rent vs Own
46.3% rent · 53.7% own
Severe rent burden
12% of renters

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 0.64)
Race & ethnicity
White 50% Black 32% Two or more races 10% Hispanic / Latino 7% Asian 3%
Hispanic origin (detail)
Mexican 4%
Common ancestry
Italian 3% Slovak 2% Romanian 2%
Foreign-born
5% · Canada
Languages at home
89% English-only · Spanish 6% Other Indo-European 2% German/W. Germanic 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

Price history

1 event — show timeline
  • 2026-05-27 Listed $165,000 MIBOR as Distributed by MLS Grid

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

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