41-43 N Catherwood Ave N · Indianapolis city (balance), IN 46226

$150,000

4 bd · 4.0 ba · 1,500 sqft · MultiFamily · 209 Days on market

Built 1939 6,098 sqft lot $100/sqft · 11% above area Est $135k · 11% over

---

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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• Rent growth +4.2/5.0
• ARV discount +2.7/15.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• 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

Great Investment Property- turnkey duplex on Indy's near-eastside! Each unit features 1 bed/1 bath and is tenant-occupied for immediate cash flow with rents at $680 and $685/month. Functional layouts, steady income, and a convenient location close to downtown. Wether you're expanding your portfolio or searching for a reliable rental asset, this duplex is a solid, low-maintenance addition. Check it out!

Key facts

• Tenant occupied
• Turnkey duplex
• Steady income

Tags

• TURNKEY DUPLEX
• TENANT OCCUPIED
• CONVENIENT LOCATION
• STEADY INCOME
• LOW MAINTENANCE

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1-bath units multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $641 ($8k/yr) — positive. Per door: $321/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.4% 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 (+6.8%/yr); 151 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• At $2,124/mo this rent would consume 51% of the median local household income ($50k/yr) (locally 2742% 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 $1k of loan paydown is wiped out by about $4k 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 + 6.8% rent growth), your $42k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 209 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 20y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $132,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 209 days. Have you received any prior offers? Is the seller open to a 12% 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 1939 — 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: 1.42% ✓
• Cap rate: 11.42%
• Cash-on-cash: 18.32%
• DSCR: 1.82
• GRM: 5.9

CMA / ARV

• ARV (median comp): $135,438
• List price: $150,000
• Delta: 10.75%
• Verdict: OVERPRICED
• Comps: 4 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.76% rent growth · sell at horizon

5-year hold

• IRR: 14.2%
• Equity multiple: 1.59×
• Total profit: $24,912
• Equity at exit: $22,365

10-year hold

• IRR: 25.7%
• Equity multiple: 3.65×
• Total profit: $111,396
• Equity at exit: $12,969

Cash invested: $42,000 (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 46226

• Rents YoY: 6.8%
• Active inventory: 151
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $2,124 high
• Mortgage (P&I): −$787
• Tax est. 1.5%: −$188 /mo · $2,250/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$446
• Net cashflow: $641

Break-even live

Break-even rent $1,312

Max offer price $150,000

Occupancy floor 65%

Sensitivity live

Price	-10% $745	-5% $693	+0% $641	+5% $590	+10% $538
Rent	-10% $474	-5% $557	+0% $641	+5% $725	+10% $809
Rate	-1.0pp $717	-0.5pp $679	base $641	+0.5pp $602	+1.0pp $563

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,124
Total (2 units)			$2,124

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3912 N Webster Ave Indianapolis, IN	4.0	1.0	1274	$1,350	$1.06	22d	1	0.32mi
3919 Barnor Dr Indianapolis, IN	5.0	2.0	1800	$2,495	$1.39	24d	1	0.32mi
4555 N Arlington Ave Indianapolis, IN	1.0–3.0	1.0–1.5	880	$1,379	$1.57	4d	30	0.49mi
4176 N Irwin Ave Indianapolis, IN	4.0	2.0	2006	$1,595	$0.80	22d	1	0.52mi
5865 E 46th St Indianapolis, IN	3.0	2.0	1400	$1,500	$1.07	44d	1	0.55mi
4511 N Kenmore Rd Indianapolis, IN	4.0	2.0	1200	$2,095	$1.75	5d	1	0.55mi
6563 E 46th St Indianapolis, IN	3.0	1.5	1185	$1,250	$1.05	5d	1	0.63mi
4839 N Kenmore Rd Indianapolis, IN	3.0	2.0	1215	$1,533	$1.26	22d	1	0.79mi
3775 Allerton Pl Indianapolis, IN	1.0–4.0	2.0	1068	$1,850	$1.73	14d	1	1.23mi
5116 Wexford Rd Indianapolis, IN	4.0	2.0	1938	$2,045	$1.06	5d	1	1.30mi
3707 N Riley Ave Indianapolis, IN	3.0	1.5	2016	$1,500	$0.74	24d	1	1.38mi
3319 N Hawthorne Ln Indianapolis, IN	3.0	1.0	1084	$1,100	$1.01	24d	1	1.41mi

Listing history 24 events

1. 2026-06-18
   days on market $150,000 Active 209 DOM
2. 2026-06-17
   days on market $150,000 Active 208 DOM
3. 2026-06-16
   days on market $150,000 Active 207 DOM
4. 2026-06-15
   days on market $150,000 Active 206 DOM
5. 2026-06-13
   days on market $150,000 Active 204 DOM
6. 2026-06-13
   days on market $150,000 Active 203 DOM
7. 2026-06-09
   days on market $150,000 Active 200 DOM
8. 2026-06-08
   days on market $150,000 Active 199 DOM
9. 2026-06-07
   days on market $150,000 Active 198 DOM
10. 2026-06-03
    days on market $150,000 Active 194 DOM
11. 2026-06-02
    days on market $150,000 Active 193 DOM
12. 2026-06-01
    days on market $150,000 Active 192 DOM
13. 2026-05-31
    days on market $150,000 Active 191 DOM
14. 2025-11-21
    price $150,000 405-char remark

    Show marketing remark (405 chars)

    Great Investment Property- turnkey duplex on Indy's near-eastside! Each unit features 1 bed/1 bath and is tenant-occupied for immediate cash flow with rents at $680 and $685/month. Functional layouts, steady income, and a convenient location close to downtown. Wether you're expanding your portfolio or searching for a reliable rental asset, this duplex is a solid, low-maintenance addition. Check it out!

15. 2025-11-20
    listed $160,000 Active 405-char remark

    Show marketing remark (405 chars)

    Great Investment Property- turnkey duplex on Indy's near-eastside! Each unit features 1 bed/1 bath and is tenant-occupied for immediate cash flow with rents at $680 and $685/month. Functional layouts, steady income, and a convenient location close to downtown. Wether you're expanding your portfolio or searching for a reliable rental asset, this duplex is a solid, low-maintenance addition. Check it out!

16. 2023-05-22
    historical
17. 2022-11-10
    listed $170,000 Active
18. 2019-09-24
    listed $132,749
19. 2019-09-24
    soldstatus $132,749
20. 2011-09-21
    historical
21. 2011-09-21
    soldstatus $47,500
22. 2011-08-19
    listed $49,900
23. 2006-05-24
    historical
24. 2006-01-31
    listed $91,000

ⓘ 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 3/10 Moderate 7 d/yr ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $25,488
• − Mortgage interest: −$8,402
• − Property taxes: −$2,250
• − Insurance: −$750
• − Repairs & maintenance: −$2,039
• − Management: −$2,039
• − Depreciation: −$4,364
• Taxable income: $5,644
• Est. tax owed @ 24.0%: −$1,355
• After-tax cash flow: $6,342/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): 47,099
• Household income: $50,325
• Rent vs Own: 53.8% rent · 46.2% own
• Severe rent burden: 2742.0

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: Black 53% White 25% Hispanic / Latino 17% Two or more races 9% Asian 2%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Lithuanian 1% Italian 1% Romanian 1%
• Foreign-born: 11% · Canada
• Languages at home: 86% English-only · Spanish 10% French/Haitian/Cajun 1% Other Asian/Pacific 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: ▼ -218.85%
• Current HPI: 239.43
• Rent YoY: ▲ 6.76%
• 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

+64.8% since first listed

11 events — show timeline

• 2025-11-21 Price Changed $150,000 MIBOR as Distributed by MLS Grid
• 2025-11-20 Listed $160,000 MIBOR as Distributed by MLS Grid
• 2023-05-22 Listing Removed — MIBOR as Distributed by MLS Grid
• 2022-11-10 Listed $170,000 MIBOR as Distributed by MLS Grid
• 2019-09-24 Listed $132,749 MIBOR as Distributed by MLS Grid
• 2019-09-24 Sold (MLS) $132,749 MIBOR as Distributed by MLS Grid
• 2011-09-21 Listing Removed — MIBOR as Distributed by MLS Grid
• 2011-09-21 Sold (MLS) $47,500 MIBOR as Distributed by MLS Grid
• 2011-08-19 Listed $49,900 MIBOR as Distributed by MLS Grid
• 2006-05-24 Listing Removed — MIBOR as Distributed by MLS Grid
• 2006-01-31 Listed $91,000 MIBOR as Distributed by MLS Grid