1404 NE Broadway St NE Unit A · Indianapolis city (balance), IN 46202

$169,900

2 bd · 1.0 ba · 921 sqft · Condo · 269 Days on market

Built 1986 Good condition $184/sqft · 32% below area Est $251k · 32% under $320/mo HOA · 24% of rent

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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 +15.0/15.0
• Cash flow +4.5/30.0
• Condition / age +3.8/5.0
• 1% rule +2.8/10.0
• Livability +2.5/5.0
• Rent growth +2.4/5.0
• Schools +1.8/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Excellent Value in a Premium Location. This 2-bedroom 1 bath condo is located in the charming Old Northside District. Main level unit. New laminate flooring throughout, high ceilings, lots of windows allowing natural light, community parking, common laundry, private storage locker in basement. HOA includes exterior maintenance, water, sewer and trash. You will love living in close proximity to the Monon Trail, Bottleworks, Downtown Indy and all the shops/restaurants along Mass Ave. Steps away from the peaceful and quaint Great Oaks Commons Park.

Key facts

• Community parking
• Common laundry
• Lots of windows

Tags

• OLD NORTHSIDE DISTRICT
• NEW LAMINATE FLOORING
• HIGH CEILINGS
• LOTS OF WINDOWS
• COMMUNITY PARKING
• COMMON LAUNDRY

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $170k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-441 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $106k (37.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $133k (21.5% below list).
• Recommended offer: $106k (37.6% below list) — sets the bar for cash-flow.
• Cap rate 3.2% 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 soft (-0.4%/yr); 346 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 48d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% 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 269 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago 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: HOA is 24% of rent.

Recommended offer $106,065 (37.6% 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 269 days. Have you received any prior offers? Is the seller open to a 38% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 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: 0.78% ✗
• Cap rate: 3.18%
• Cash-on-cash: -11.13%
• DSCR: 0.50
• GRM: 10.6

CMA / ARV

• ARV (median comp): $251,279
• List price: $169,900
• Delta: -32.39%
• 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
1404 Broadway St Unit G	0.01mi	1/1.0 (-1)	842 (-9%)	0mo	$133,000	$158	80
877 N East St Unit 401-A	0.47mi	1/1.0 (-1)	949 (+3%)	1mo	$412,000	$434	67
1325 Central Ave #6	0.13mi	1/1.0 (-1)	1,125 (+22%)	0mo	$254,900	$227	64
350 N Meridian St #709	1.10mi	1/1.0 (-1)	916 (-0%)	1mo	$200,000	$218	58
430 N Park Ave #105	0.83mi	1/1.0 (-1)	927 (+1%)	1mo	$259,900	$280	58
825 N Delaware St Unit 3B	0.62mi	2/2.0	998 (+8%)	0mo	$220,200	$221	53
635 E 10th St	0.34mi	1/1.5 (-1)	1,094 (+19%)	0mo	$285,000	$261	52
346 E Saint Clair St	0.57mi	2/1.5	1,120 (+22%)	0mo	$360,000	$321	46
326 E Saint Clair St	0.57mi	2/1.5	1,120 (+22%)	1mo	$360,000	$321	46
324 E 7th St	0.63mi	2/1.5	1,120 (+22%)	0mo	$314,000	$280	44
334 E 7th St	0.62mi	1/1.5 (-1)	1,120 (+22%)	1mo	$264,000	$236	38
513 W 13th St	1.20mi	3/1.0 (+1)	1,134 (+23%)	1mo	$215,000	$190	34

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -41.1%
• Equity multiple: -0.25×
• Total profit: $-59,318
• Equity at exit: $25,333

10-year hold

• IRR: -98.9%
• Equity multiple: -1.15×
• Total profit: $-102,048
• Equity at exit: $14,690

Cash invested: $47,572 (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 →

Active competition Active MLS

• For sale now: 0 active · 1 under contract

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

ZIP-level market 46202

• Home prices YoY: -26.2%
• Rents YoY: -0.4%
• Active inventory: 346
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $1,333 high
• Mortgage (P&I): −$891
• Tax est. 1.5%: −$212 /mo · $2,548/yr
• Insurance: −$71
• HOA: −$320
• Vacancy / Maint / Mgmt: −$280
• Net cashflow: $-441

Break-even live

Break-even rent $1,891

Max offer price $106,065

Occupancy floor —

Sensitivity live

Price	-10% $-324	-5% $-382	+0% $-441	+5% $-500	+10% $-559
Rent	-10% $-546	-5% $-494	+0% $-441	+5% $-389	+10% $-336
Rate	-1.0pp $-356	-0.5pp $-398	base $-441	+0.5pp $-485	+1.0pp $-530

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: $42,475
• Closing costs: $5,097
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1450 N College Ave Unit 18 Indianapolis, IN	2.0	1.0	850	$1,050	$1.24	93d	1	0.11mi
1450 N College Ave Unit 17 Indianapolis, IN	2.0	1.0	850	$1,050	$1.24	65d	1	0.11mi
1335 Central Ave #4 Indianapolis, IN	1.0	1.0	780	$1,375	$1.76	47d	1	0.11mi
1335 Central Ave Indianapolis, IN	1.0	1.0	780	$1,375	$1.76	63d	1	0.11mi
1429 N New Jersey St Apt 4 Indianapolis, IN	1.0	1.0	1050	$15,450	$14.71	93d	1	0.19mi
658 E 11th St Indianapolis, IN	1.0–2.0	1.0	600	$1,075	$1.79	21d	6	0.28mi
1637 N New Jersey St Indianapolis, IN	1.0	1.0	860	$1,499	$1.74	93d	1	0.30mi
1219 N Alabama St Indianapolis, IN	1.0	1.0	800	$1,675	$2.09	72d	1	0.31mi
502 E 17th St Indianapolis, IN	2.0	1.0	802	$1,445	$1.80	13d	1	0.32mi
670 E 17th St Unit 6701 Indianapolis, IN	1.0	1.0	555	$999	$1.80	25d	1	0.33mi
226 E 12th St Indianapolis, IN	1.0	1.0	505	$970	$1.92	24d	4	0.36mi
1101 N Alabama St Indianapolis, IN	1.0	1.0	687	$1,200	$1.75	21d	8	0.37mi
609 E 10th St Indianapolis, IN	1.0	1.0	1000	$1,200	$1.20	93d	1	0.37mi
920 Broadway St Unit B Indianapolis, IN	2.0	1.5	1018	$1,895	$1.86	13d	1	0.39mi
920 Broadway St Unit B Indianapolis, IN	2.0	1.5	1018	$2,250	$2.21	28d	1	0.39mi
243 E 11th St Unit 3 Indianapolis, IN	1.0	1.0	750	$1,300	$1.73	42d	1	0.40mi
243 E 11th St Unit 2 Indianapolis, IN	1.0	1.0	750	$1,295	$1.73	52d	1	0.40mi
1434 N Delaware St Indianapolis, IN	1.0	1.0	602	$1,199	$1.99	9d	1	0.40mi
145 E 14th St Indianapolis, IN	1.0	1.0	630	$1,000	$1.59	72d	1	0.43mi
101 E 14th St #3 Indianapolis, IN	2.0	2.0	1000	$1,595	$1.59	53d	1	0.45mi
111 E 16th St Indianapolis, IN	1.0–2.0	2.0	989	$1,195	$1.21	24d	5	0.47mi
1040 N Delaware St Ste 502 Indianapolis, IN	1.0	1.0	755	$1,325	$1.75	72d	1	0.48mi
26 E 14th St Indianapolis, IN	1.0	1.0	542	$871	$1.61	24d	8	0.49mi
1661 N Talbott St Unit 1 Indianapolis, IN	2.0	1.5	850	$1,179	$1.39	69d	1	0.49mi
1504 N Pennsylvania St Indianapolis, IN	2.0	1.0	700	$1,075	$1.54	16d	2	0.50mi
888 Massachusetts Ave Unit 1014221P Indianapolis, IN	3.0	3.0	807	$5,027	$6.23	56d	1	0.50mi
918 Fort Wayne Ave Indianapolis, IN	1.0–3.0	1.0–3.0	1239	$1,975	$1.59	93d	1	0.52mi
28 E 16th St Indianapolis, IN	1.0	1.0	510	$925	$1.81	27d	3	0.52mi
306 E 19th St Unit 1B Indianapolis, IN	2.0	1.0	700	$1,175	$1.68	64d	1	0.54mi
306 E 19th St Indianapolis, IN	2.0	1.0	700	$1,175	$1.68	47d	1	0.54mi
1321 N Meridian St Indianapolis, IN	2.0	1.0–2.5	1038	$2,385	$2.30	9d	81	0.54mi
302 E 19th St Indianapolis, IN	2.0	1.0	700	$1,115	$1.59	47d	1	0.54mi
302 E 19th St Unit 2A Indianapolis, IN	2.0	1.0	700	$1,075	$1.54	64d	1	0.54mi
302 E 19th St Unit 2B Indianapolis, IN	2.0	1.0	700	$1,150	$1.64	64d	1	0.54mi
234 E 9th St Indianapolis, IN	1.0–2.0	1.0	750	$2,349	$3.13	71d	2	0.55mi
830 Alabama St Unit 6 Indianapolis, IN	1.0	1.0	729	$970	$1.33	72d	1	0.57mi
1839 N Talbott St Unit B Indianapolis, IN	1.0	1.0	750	$950	$1.27	37d	1	0.58mi
824 N Alabama St Indianapolis, IN	1.0	1.0	644	$1,075	$1.67	16d	2	0.59mi
1960 Bellefontaine St Unit B Indianapolis, IN	1.0	1.0	650	$1,700	$2.62	29d	1	0.59mi
1733 N Meridian St Unit 306-50% Indianapolis, IN	1.0	1.0	750	$928	$1.24	47d	1	0.60mi

HOA detail $320/mo · $3,840/yr condo

• Likely covers: watersewertrashexterior maint.
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-08-08
   days on market $169,900 Active 269 DOM
2. 2026-08-07
   days on market $169,900 Active 268 DOM
3. 2026-08-06
   days on market $169,900 Active 267 DOM
4. 2026-08-05
   days on market $169,900 Active 266 DOM
5. 2026-08-04
   days on market $169,900 Active 265 DOM
6. 2026-08-03
   days on market $169,900 Active 264 DOM
7. 2026-07-31
   days on market $169,900 Active 261 DOM
8. 2026-07-30
   days on market $169,900 Active 260 DOM
9. 2026-07-30
   days on market $169,900 Active 259 DOM
10. 2026-07-28
    days on market $169,900 Active 258 DOM
11. 2026-07-26
    days on market $169,900 Active 256 DOM
12. 2026-07-24
    days on market $169,900 Active 254 DOM
13. 2026-07-23
    days on market $169,900 Active 253 DOM
14. 2026-07-22
    days on market $169,900 Active 252 DOM
15. 2026-07-21
    days on market $169,900 Active 251 DOM
16. 2026-07-20
    days on market $169,900 Active 250 DOM
17. 2026-07-18
    days on market $169,900 Active 248 DOM
18. 2026-07-18
    days on market $169,900 Active 247 DOM
19. 2026-07-16
    days on market $169,900 Active 246 DOM
20. 2026-07-15
    days on market $169,900 Active 245 DOM
21. 2026-07-14
    days on market $169,900 Active 244 DOM
22. 2026-07-13
    days on market $169,900 Active 243 DOM
23. 2026-07-13
    days on market $169,900 Active 242 DOM
24. 2026-07-11
    days on market $169,900 Active 241 DOM
25. 2026-07-10
    days on market $169,900 Active 240 DOM
26. 2026-07-09
    days on market $169,900 Active 239 DOM
27. 2026-07-07
    price $169,900 Active 237 DOM
28. 2026-07-07
    days on market $174,900 Active 237 DOM
29. 2026-07-06
    days on market $174,900 Active 236 DOM
30. 2026-07-05
    days on market $174,900 Active 235 DOM
31. 2026-07-03
    days on market $174,900 Active 233 DOM
32. 2026-07-02
    days on market $174,900 Active 232 DOM
33. 2026-07-01
    days on market $174,900 Active 231 DOM
34. 2026-06-30
    days on market $174,900 Active 230 DOM
35. 2026-06-29
    days on market $174,900 Active 229 DOM
36. 2026-06-28
    days on market $174,900 Active 228 DOM
37. 2026-06-27
    days on market $174,900 Active 227 DOM
38. 2026-06-26
    days on market $174,900 Active 226 DOM
39. 2026-06-25
    days on market $174,900 Active 224 DOM
40. 2026-06-22
    days on market $174,900 Active 222 DOM
41. 2026-06-21
    days on market $174,900 Active 221 DOM
42. 2026-06-18
    days on market $174,900 Active 218 DOM
43. 2026-06-17
    days on market $174,900 Active 217 DOM
44. 2026-06-16
    days on market $174,900 Active 216 DOM
45. 2026-06-15
    days on market $174,900 Active 215 DOM
46. 2026-06-13
    days on market $174,900 Active 213 DOM
47. 2026-06-13
    days on market $174,900 Active 212 DOM
48. 2026-06-09
    days on market $174,900 Active 209 DOM
49. 2026-06-08
    days on market $174,900 Active 208 DOM
50. 2026-06-07
    days on market $174,900 Active 207 DOM

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

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: $15,995
• − Mortgage interest: −$9,517
• − Property taxes: −$2,548
• − Insurance: −$850
• − Repairs & maintenance: −$1,280
• − Management: −$1,280
• − HOA: −$3,840
• − Depreciation: −$4,943
• Taxable loss: −$8,262
• Est. tax savings @ 24.0%: +$1,983
• After-tax cash flow: $-3,311/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 75/100 Cosmetic rehab Est. rehab $4,605–$13,815 screening

This 2-bedroom 1-bath condo in the Old Northside District is in good condition with a good curb appeal. Minor touch-ups and maintenance would further enhance its value.

Value-add opportunities

• Both Paint exterior trim — Enhances curb appeal and value ↑
• Both Clean gutters — Improves drainage and property value ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 18/100

Zoned Schools

Elementary Center For Inquiry School 27 F IN #737/994 Nat'l #28,475/41,679 Middle H L Harshman Middle School F IN #316/330 Nat'l #13,478/14,009

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): 20,180
• Household income: $63,506
• Rent vs Own: 70.6% rent · 29.4% own
• Severe rent burden: 9% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 62% Black 20% Hispanic / Latino 8% Asian 6% Two or more races 5%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 4% Romanian 3% Slovak 3%
• Foreign-born: 11% · Canada, China
• Languages at home: 86% English-only · Spanish 6% Other Indo-European 3% Arabic 1%

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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: ▼ -136.75%
• Current HPI: 385.5518
• Rent YoY: ▼ -0.37%
• Metro: Indianapolis-Carmel-Anderson, IN
• State GDP YoY: ▲ 2.90%
• F500 in state: 18

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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

+0.0% since first listed

5 events — show timeline

• 2025-11-12 Listed $174,900 MIBOR as Distributed by MLS Grid
• 2025-07-13 Rental Removed $1,400 TURBOTENANT
• 2025-06-12 Listed for Rent $1,400 TURBOTENANT
• 2025-06-11 Listing Removed — MIBOR as Distributed by MLS Grid
• 2024-12-11 Listed $174,900 MIBOR as Distributed by MLS Grid