2215 N Kenwood Ave · Indianapolis city (balance), IN 46208

$167,500

3 bd · 1.5 ba · 1,116 sqft · SingleFamily public records · 61 Days on market

Built 1993 4,661 sqft lot $150/sqft · 13% below area Est $182k · 8% under

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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 +14.4/30.0
• ARV discount +11.0/15.0
• DSCR +4.4/10.0
• Rent growth +4.1/5.0
• 1% rule +4.0/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this Meridian Highlands! With it's close proximity to downtown Indianapolis, Hospitals and event venues, this is a great opportunity for home owners and investors alike! The main level showcases a bright, smooth flowing layout connecting the kitchen, dining, and living areas with pet friendly Luxury Vinyl Plank Flooring. Upstairs, you'll find 3 comfortably sized bedrooms with soft carpet flooring. Equipped with a brand new 2026 roof, this home offers a spacious backyard parking as well as alley access, partial fence in the backyard and a storage shed. Take advantage of a home that's under 200k within a few minutes to downtown. Schedule your showing today!

Key facts

• Alley access
• Spacious backyard
• Brand new roof

Tags

• PET FRIENDLY
• LUXURY VINYL PLANK FLOORING
• BRAND NEW ROOF
• SPACIOUS BACKYARD
• PARKING
• ALLEY ACCESS

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $168k.

Deal economics

• At list price, monthly cash flow is $-33 ($-392/yr) — negative.
• To cash-flow at today's rent, offer at most $162k (3.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $151k (9.6% below list).
• Recommended offer: $151k (9.6% below list) — sets the bar for 1% rule.
• Cap rate 6.5% 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 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.
• 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 (+6.4%/yr); 283 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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 30% of the median local income ($60k/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 $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 61 days — a 6% lower offer ($157k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 19y ago; this cycle's ask has dropped $12k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $16k; list at $168k implies a 981% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $151,396 (9.6% 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 61 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 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: 0.90% ✗
• Cap rate: 6.53%
• Cash-on-cash: 0.86%
• DSCR: 1.04
• GRM: 9.2

CMA / ARV

• ARV (median comp): $181,573
• List price: $167,500
• Delta: -7.75%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2225 N Kenwood Ave	0.02mi	3/1.0	1,158 (+4%)	19mo	$183,000	$158	75
2349 Indianapolis Ave	0.46mi	3/1.0	1,170 (+5%)	11mo	$105,900	$91	59
727 W 25th St	0.69mi	2/1.0 (-1)	1,130 (+1%)	9mo	$25,500	$23	51
2709 Shriver Ave	0.61mi	3/2.0	1,212 (+9%)	6mo	$123,016	$101	50
2425 N Delaware St	0.48mi	4/2.0 (+1)	1,172 (+5%)	16mo	$359,900	$307	49
2442 Ethel Ave	0.58mi	2/1.0 (-1)	1,214 (+9%)	3mo	$150,000	$124	48
2441 Shriver Ave	0.42mi	3/2.0	1,200 (+8%)	23mo	$158,000	$132	47
2306 Alabama St	0.43mi	3/2.0	1,261 (+13%)	12mo	$350,000	$278	46
2232 N Park Ave	0.63mi	3/2.0	1,224 (+10%)	10mo	$325,650	$266	44
2237 N New Jersey St	0.51mi	3/2.0	1,255 (+12%)	12mo	$320,000	$255	43

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 · 6.43% rent growth · sell at horizon

5-year hold

• IRR: -13.6%
• Equity multiple: 0.49×
• Total profit: $-23,753
• Equity at exit: $24,975

10-year hold

• IRR: 0.2%
• Equity multiple: 1.02×
• Total profit: $705
• Equity at exit: $14,482

Cash invested: $46,900 (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 46208

• Rents YoY: 6.4%
• Active inventory: 283
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,514 high
• Mortgage (P&I): −$878
• Tax from tax record: −$214 /mo · $2,569/yr
• Insurance: −$70
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$318
• Net cashflow: $-33

Break-even live

Break-even rent $1,555

Max offer price $161,725

Occupancy floor 97%

Sensitivity live

Price	-10% $62	-5% $15	+0% $-33	+5% $-80	+10% $-128
Rent	-10% $-152	-5% $-92	+0% $-33	+5% $27	+10% $87
Rate	-1.0pp $52	-0.5pp $10	base $-33	+0.5pp $-76	+1.0pp $-120

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: $41,875
• Closing costs: $5,025
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
118 W 23rd St Indianapolis, IN	3.0	1.5	1456	$1,300	$0.89	12d	1	0.08mi
2318 N Capitol Ave Indianapolis, IN	3.0	1.0	1440	$1,050	$0.73	45d	1	0.14mi
2131 N Meridian St Indianapolis, IN	2.0	1.0	994	$1,455	$1.46	45d	1	0.20mi
55 W Fall Creek Parkway South Dr Unit C Indianapolis, IN	2.0	1.0	1000	$1,035	$1.03	45d	1	0.28mi
2126 N Talbott St Unit 1 Indianapolis, IN	2.0	1.0	1300	$1,435	$1.10	46d	1	0.30mi
2060 N Delaware St #3 Indianapolis, IN	2.0	1.0	750	$929	$1.24	9d	1	0.36mi
2060 N Delaware St #3 Indianapolis, IN	2.0	1.0	750	$929	$1.24	0d	1	0.36mi
2205 N Delaware St Indianapolis, IN	2.0	1.0–2.0	946	$1,950	$2.06	12d	5	0.37mi
2437 N Pennsylvania St Indianapolis, IN	3.0	2.0	1400	$1,650	$1.18	25d	1	0.39mi
1827 N Meridian St Indianapolis, IN	2.0	1.0–2.0	836	$1,699	$2.03	15d	16	0.47mi
2235 Doctor Martin Luther King Junior St Indianapolis, IN	3.0	1.5	948	$1,700	$1.79	45d	1	0.48mi
445 W 25th St Indianapolis, IN	4.0	2.0	1500	$1,900	$1.27	45d	1	0.50mi
75 W 18th St Indianapolis, IN	1.0–2.0	1.0–2.0	845	$2,395	$2.83	18d	8	0.52mi
2136 Central Ave Indianapolis, IN	3.0	1.0–2.0	1325	$3,499	$2.64	0d	32	0.53mi
302 E 19th St Indianapolis, IN	2.0	1.0	700	$1,115	$1.59	0d	1	0.55mi
302 E 19th St Unit 2B Indianapolis, IN	2.0	1.0	700	$1,150	$1.64	16d	1	0.55mi
302 E 19th St Unit 2A Indianapolis, IN	2.0	1.0	700	$1,075	$1.54	16d	1	0.55mi
2625 N Meridian St Indianapolis, IN	1.0–2.0	1.0–2.0	850	$2,150	$2.53	9d	8	0.55mi
306 E 19th St Indianapolis, IN	2.0	1.0	700	$1,175	$1.68	0d	1	0.56mi
306 E 19th St Unit 1B Indianapolis, IN	2.0	1.0	700	$1,175	$1.68	16d	1	0.56mi
2808 N Capitol Ave Indianapolis, IN	2.0	1.0	900	$975	$1.08	25d	1	0.62mi
1661 N Talbott St Unit 1 Indianapolis, IN	2.0	1.5	850	$1,179	$1.39	22d	1	0.62mi
1645 N Talbott St Indianapolis, IN	2.0	1.0	1230	$1,149	$0.93	25d	1	0.65mi
2805 N Talbott St Indianapolis, IN	3.0	2.0	1296	$1,800	$1.39	45d	1	0.69mi
2809 N Talbott St Indianapolis, IN	3.0	2.0	1250	$1,750	$1.40	45d	1	0.70mi
2801 N Talbott St Unit A Indianapolis, IN	3.0	2.0	1296	$1,850	$1.43	45d	1	0.71mi
2813 N Talbott St Indianapolis, IN	3.0	2.0	1297	$1,800	$1.39	45d	1	0.71mi
111 E 16th St Indianapolis, IN	1.0–2.0	2.0	989	$1,195	$1.21	12d	7	0.71mi
111 E 16th St Indianapolis, IN	1.0–2.0	2.0	989	$1,195	$1.21	0d	5	0.71mi
516 W 28th St Indianapolis, IN	2.0	1.0	1005	$1,100	$1.09	25d	1	0.75mi
502 E 17th St Indianapolis, IN	2.0	1.0	802	$1,495	$1.86	5d	1	0.78mi
2901 N Talbott St Indianapolis, IN	3.0	1.5	1388	$1,400	$1.01	0d	1	0.78mi
2901 N Talbott St Indianapolis, IN	3.0	1.5	1388	$1,400	$1.01	45d	1	0.78mi
2056 N College Ave Indianapolis, IN	3.0	2.0	900	$1,650	$1.83	5d	1	0.82mi
2923 N Delaware St Indianapolis, IN	3.0	1.5	1320	$1,350	$1.02	0d	1	0.84mi
2925 N Delaware St Indianapolis, IN	3.0	1.5	1322	$1,275	$0.96	25d	1	0.84mi
2117 Coretta Way Indianapolis, IN	3.0	3.5	1409	$2,300	$1.63	45d	1	0.84mi
560 Udell St Indianapolis, IN	3.0	1.5	1176	$1,190	$1.01	25d	1	0.85mi
2145 Coretta Way Indianapolis, IN	3.0	3.0	1430	$2,600	$1.82	45d	1	0.86mi
908 Burdsal Pkwy Marion, IN	2.0	1.0	936	$1,300	$1.39	25d	1	0.87mi

Listing history 8 events

1. 2026-04-28
   price $169,000 675-char remark

   Show marketing remark (675 chars)

   Welcome to this Meridian Highlands! With it's close proximity to downtown Indianapolis, Hospitals and event venues, this is a great opportunity for home owners and investors alike! The main level showcases a bright, smooth flowing layout connecting the kitchen, dining, and living areas with pet friendly Luxury Vinyl Plank Flooring. Upstairs, you'll find 3 comfortably sized bedrooms with soft carpet flooring. Equipped with a brand new 2026 roof, this home offers a spacious backyard parking as well as alley access, partial fence in the backyard and a storage shed. Take advantage of a home that's under 200k within a few minutes to downtown. Schedule your showing today!

2. 2026-04-22
   price $172,500 675-char remark

   Show marketing remark (675 chars)

   Welcome to this Meridian Highlands! With it's close proximity to downtown Indianapolis, Hospitals and event venues, this is a great opportunity for home owners and investors alike! The main level showcases a bright, smooth flowing layout connecting the kitchen, dining, and living areas with pet friendly Luxury Vinyl Plank Flooring. Upstairs, you'll find 3 comfortably sized bedrooms with soft carpet flooring. Equipped with a brand new 2026 roof, this home offers a spacious backyard parking as well as alley access, partial fence in the backyard and a storage shed. Take advantage of a home that's under 200k within a few minutes to downtown. Schedule your showing today!

3. 2026-04-06
   price $177,500 675-char remark

   Show marketing remark (675 chars)

   Welcome to this Meridian Highlands! With it's close proximity to downtown Indianapolis, Hospitals and event venues, this is a great opportunity for home owners and investors alike! The main level showcases a bright, smooth flowing layout connecting the kitchen, dining, and living areas with pet friendly Luxury Vinyl Plank Flooring. Upstairs, you'll find 3 comfortably sized bedrooms with soft carpet flooring. Equipped with a brand new 2026 roof, this home offers a spacious backyard parking as well as alley access, partial fence in the backyard and a storage shed. Take advantage of a home that's under 200k within a few minutes to downtown. Schedule your showing today!

4. 2026-03-23
   listed $179,000 Active 675-char remark

   Show marketing remark (675 chars)

   Welcome to this Meridian Highlands! With it's close proximity to downtown Indianapolis, Hospitals and event venues, this is a great opportunity for home owners and investors alike! The main level showcases a bright, smooth flowing layout connecting the kitchen, dining, and living areas with pet friendly Luxury Vinyl Plank Flooring. Upstairs, you'll find 3 comfortably sized bedrooms with soft carpet flooring. Equipped with a brand new 2026 roof, this home offers a spacious backyard parking as well as alley access, partial fence in the backyard and a storage shed. Take advantage of a home that's under 200k within a few minutes to downtown. Schedule your showing today!

5. 2008-07-29
   soldstatus $15,500 472-char remark

   Show marketing remark (472 chars)

   A tenants dream! This is a recent built home in the heart of the city! Built in 1999, this is a 3 Bedroom two story home that is perfect for any investor! Do your numbers. Even at $650.00/mo section 8, this property will yield $7,800/yr GOI. This home is all electric and Recent construction should mean exterior walls are insulated as well as attic space. In addition, property is located 1 block from N-S bus line, 5 blocks from section 8 office and one block from IPL.

6. 2008-04-08
   listed $17,005 472-char remark

   Show marketing remark (472 chars)

   A tenants dream! This is a recent built home in the heart of the city! Built in 1999, this is a 3 Bedroom two story home that is perfect for any investor! Do your numbers. Even at $650.00/mo section 8, this property will yield $7,800/yr GOI. This home is all electric and Recent construction should mean exterior walls are insulated as well as attic space. In addition, property is located 1 block from N-S bus line, 5 blocks from section 8 office and one block from IPL.

7. 2008-04-04
   historical
8. 2007-04-25
   listed $17,900

ⓘ 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: $2,569 · $214/mo
• Projected year-2 tax: $2,569 · $214/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 8/10 Severe FEMA zone X (unshaded) · 99% 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: $18,168
• − Mortgage interest: −$9,383
• − Property taxes: −$2,569
• − Insurance: −$1,635
• − Repairs & maintenance: −$1,453
• − Management: −$1,453
• − Depreciation: −$4,873
• Taxable loss: −$3,199
• Est. tax savings @ 24.0%: +$768
• After-tax cash flow: $375/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): 22,379
• Household income: $60,062
• Rent vs Own: 44.1% rent · 55.9% own
• Severe rent burden: 978.0

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 0.62)
• Race & ethnicity: White 46% Black 40% Hispanic / Latino 8% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 2% Slovak 2% Italian 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 5% French/Haitian/Cajun 1% 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: ▼ -324.63%
• Current HPI: 319.7725
• Rent YoY: ▲ 6.43%
• 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

+844.1% since first listed

8 events — show timeline

• 2026-04-28 Price Changed $169,000 MIBOR as Distributed by MLS Grid
• 2026-04-22 Price Changed $172,500 MIBOR as Distributed by MLS Grid
• 2026-04-06 Price Changed $177,500 MIBOR as Distributed by MLS Grid
• 2026-03-23 Listed $179,000 MIBOR as Distributed by MLS Grid
• 2008-07-29 Sold (MLS) $15,500 MIBOR as Distributed by MLS Grid
• 2008-04-08 Listed $17,005 MIBOR as Distributed by MLS Grid
• 2008-04-04 Listing Removed — MIBOR as Distributed by MLS Grid
• 2007-04-25 Listed $17,900 MIBOR as Distributed by MLS Grid

Property tax history

+19.5%/yr

Latest (2025): $2,569 · +11.2% YoY. Source: county tax records.