745-747 Wallace Ave · Indianapolis city (balance), IN 46201

$164,900

3 bd · 4.0 ba · 1,132 sqft · MultiFamily public records · 21 Days on market

Built 1923 6,403 sqft lot Est $130k · 27% over

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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 +21.4/30.0
• DSCR +6.8/10.0
• 1% rule +6.7/10.0
• Rent growth +4.3/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• ARV discount +0.0/15.0
• 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

Discover a captivating opportunity at 745-747 Wallace AVE in INDIANAPOLIS, IN. Built in 1923, this inviting duplex, a testament to enduring American Foursquare architecture, is ready to welcome its next residents. One of the bedrooms provides the convenience of a walk-in closet, offering ample storage and organization. The traditional exterior is complemented by a welcoming porch, perfect for enjoying the outdoors. Situated on a generous 6403 square foot lot, this two-story property offers a blend of classic design and functional living. To truly appreciate the unique character and potential of this property, schedule a private viewing today.

Key facts

• Generous lot
• Walk-in closet
• Two-story property

Tags

• WALK-IN CLOSET
• WELCOMING PORCH
• TWO-STORY PROPERTY
• GENEROUS LOT

Property features AI

Finance

• Other: Current use: Vacant; Lot size approximately 0.15 acre (<1/4 acre)
• Financial info: Two total units; Reported gross income listed as 0 and expenses listed as 0; Unit rent listed as 0 (monthly) — verify current rents

Exterior

• Utilities: Solid waste service available; Owner does not pay utilities for multi-family (tenants pay); Unit utilities include central air, natural gas, and forced heat
• Home design: Duplex residential income property; Updated/Remodeled condition; Two stories
• Construction: Vinyl siding; Block foundation
• Exterior features: Asphalt roof; Frontage road access

Interior

• Kitchen: Kitchen present (unit-level dimensions listed)
• Bedrooms: 2-bedroom unit (one unit type listed)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Full basement
• Laundry & utility: No equipment listed for units

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $165k.

Deal economics

• At list price, monthly cash flow is $245 ($3k/yr) — positive. Per door: $123/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $162k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.1% 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: Ralph Waldo Emerson School 58 (math 2% / reading 2%, grade F, #989 of 994 statewide, top 100%, 259 students, 82% FRL); Arsenal Technical High School (math 6% / reading 27%, grade F, #353 of 369 statewide, top 96%, 2,366 students, 74% FRL) — zoned schools at 78% FRL track the district average.
• Market conditions: Rents rising fast (+7.3%/yr); 483 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 40% 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 $1,925/mo this rent would consume 47% 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 $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.
• At projected returns (-3.0% appreciation + 7.3% rent growth), your $46k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($162k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $162,426 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.17% ✓
• Cap rate: 8.08%
• Cash-on-cash: 6.38%
• DSCR: 1.28
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $130,180
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
926-928 N Leland Ave	0.40mi	2/2.0 (-1)	1,242 (+10%)	3mo	$124,250	$100	49
831 N Emerson Ave	0.33mi	2/2.0 (-1)	1,274 (+12%)	18mo	$175,000	$137	36
1308 N Chester Ave	0.75mi	2/2.0 (-1)	1,200 (+6%)	13mo	$138,000	$115	31

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: -1.2%
• Equity multiple: 0.95×
• Total profit: $-2,271
• Equity at exit: $24,587

10-year hold

• IRR: 12.9%
• Equity multiple: 2.25×
• Total profit: $57,673
• Equity at exit: $14,258

Cash invested: $46,172 (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: 14.3×

Monthly cashflow live

• Estimated rent: $1,925 high
• Mortgage (P&I): −$865
• Tax from tax record: −$342 /mo · $4,103/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$404
• Net cashflow: $245

Break-even live

Break-even rent $1,614

Max offer price $164,900

Occupancy floor 82%

Sensitivity live

Price	-10% $339	-5% $292	+0% $245	+5% $199	+10% $152
Rent	-10% $93	-5% $169	+0% $245	+5% $321	+10% $397
Rate	-1.0pp $328	-0.5pp $287	base $245	+0.5pp $203	+1.0pp $159

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$1,926
Total (2 units)			$1,925

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: $41,225
• Closing costs: $4,947
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
729 N Bosart Ave Indianapolis, IN	2.0	1.0	888	$1,195	$1.35	24d	1	0.09mi
706 N Bosart Ave Indianapolis, IN	2.0	1.0	1000	$1,070	$1.07	24d	1	0.14mi
861 N Drexel Ave Indianapolis, IN	3.0	1.0	1000	$1,200	$1.20	8d	1	0.15mi
861 N Drexel Ave Unit 863 Indianapolis, IN	3.0	1.0	1000	$1,200	$1.20	44d	1	0.15mi
628 N Riley Ave Indianapolis, IN	2.0	1.5	948	$1,295	$1.37	24d	1	0.18mi
622 N Linwood Ave Indianapolis, IN	3.0	2.0	985	$1,299	$1.32	44d	1	0.25mi
4417 Linwood Ct Indianapolis, IN	2.0	1.0	780	$929	$1.19	4d	15	0.25mi
953 N Linwood Ave Indianapolis, IN	2.0	1.0	960	$1,325	$1.38	44d	1	0.26mi
415 N Dequincy St Indianapolis, IN	3.0	2.0	1250	$1,900	$1.52	15d	1	0.31mi
822 N Emerson Ave Indianapolis, IN	2.0	1.0	928	$1,050	$1.13	44d	1	0.32mi
606 N Emerson Ave Indianapolis, IN	2.0	1.5	1372	$2,450	$1.79	24d	1	0.33mi
508 N Emerson Ave Unit 506 Indianapolis, IN	2.0	1.0	950	$950	$1.00	15d	1	0.35mi
508 Emerson Ave Indianapolis, IN	3.0	1.5	1094	$1,150	$1.05	15d	1	0.36mi
5105 E North St Indianapolis, IN	2.0	2.0	1180	$2,250	$1.91	44d	1	0.36mi
306 N Riley Ave Indianapolis, IN	3.0	1.0	1320	$1,095	$0.83	18d	1	0.40mi
25 N Drexel Ave Unit A Indianapolis, IN	3.0	2.0	1250	$1,325	$1.06	44d	1	0.53mi
4831 E Washington St Unit 4 Indianapolis, IN	2.0	2.0	1000	$995	$0.99	24d	1	0.58mi
119 N Grant Ave Indianapolis, IN	3.0	1.0	1408	$1,195	$0.85	44d	1	0.63mi
442 N Denny St Indianapolis, IN	3.0	1.0	1140	$1,045	$0.92	24d	1	0.63mi
822 N Bradley Ave Unit 822 Indianapolis, IN	3.0	1.0	1100	$1,200	$1.09	44d	1	0.66mi
1421 N Colorado Ave Indianapolis, IN	2.0	1.0	983	$1,225	$1.25	24d	1	0.66mi
4214 E Washington St Indianapolis, IN	3.0	2.0	961	$1,195	$1.24	8d	1	0.67mi
4 N Butler Ave Unit 11 Indianapolis, IN	2.0	1.0	850	$750	$0.88	5d	1	0.69mi
4 N Butler Ave Unit 8 Indianapolis, IN	2.0	1.0	850	$800	$0.94	44d	1	0.69mi
5250 E Market St Unit 5252 Indianapolis, IN	2.0	1.0	1000	$1,350	$1.35	15d	1	0.70mi
314 N Denny St Indianapolis, IN	3.0	1.0	1184	$975	$0.82	24d	1	0.70mi
4114 E Washington St Indianapolis, IN	2.0	1.0	909	$1,100	$1.21	45d	1	0.70mi
603 N Sherman Dr Indianapolis, IN	3.0	1.0	1250	$1,300	$1.04	44d	1	0.71mi
4930 Elliott Ave Indianapolis, IN	4.0	1.0	1219	$1,500	$1.23	44d	1	0.71mi
412 N Bradley Ave Unit 3 Indianapolis, IN	2.0	1.0	700	$950	$1.36	24d	1	0.72mi
447 N Sherman Dr Indianapolis, IN	3.0	1.5	1312	$1,195	$0.91	44d	1	0.74mi
1417 N Denny St Indianapolis, IN	2.0	1.0	1000	$1,125	$1.12	24d	1	0.82mi
1506 N Grant Ave Indianapolis, IN	2.0	1.0	780	$1,150	$1.47	15d	1	0.83mi
1424 N Denny St Indianapolis, IN	3.0	1.0	1206	$1,295	$1.07	44d	1	0.85mi
1509 N Chester Ave Indianapolis, IN	2.0	1.0	950	$1,100	$1.16	23d	1	0.87mi
33 N Sherman Dr Unit 33 Indianapolis, IN	3.0	1.5	1288	$1,500	$1.16	8d	1	0.87mi
8 S Bradley Ave Indianapolis, IN	2.0	1.0	1300	$950	$0.73	24d	1	0.90mi
3622 E New York St Indianapolis, IN	2.0	1.0	805	$995	$1.24	44d	1	0.91mi
4732 E 18th St Unit A Indianapolis, IN	3.0	2.0	1200	$1,700	$1.42	44d	1	0.91mi
1513 N Denny St Indianapolis, IN	3.0	1.0	874	$1,399	$1.60	24d	1	0.91mi

Listing history 9 events

1. 2026-06-13
   statusdays on market $164,900 Pending 21 DOM
2. 2026-06-09
   days on market $164,900 Active 20 DOM
3. 2026-06-08
   days on market $164,900 Active 19 DOM
4. 2026-06-07
   days on market $164,900 Active 18 DOM
5. 2026-06-03
   days on market $164,900 Active 14 DOM
6. 2026-06-02
   days on market $164,900 Active 13 DOM
7. 2026-06-01
   days on market $164,900 Active 12 DOM
8. 2026-05-31
   days on market $164,900 Active 11 DOM
9. 2026-05-20
   listed $164,900 Active

ⓘ 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: $4,103 · $342/mo
• Projected year-2 tax: $4,103 · $342/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 · 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: $23,100
• − Mortgage interest: −$9,237
• − Property taxes: −$4,103
• − Insurance: −$824
• − Repairs & maintenance: −$1,848
• − Management: −$1,848
• − Depreciation: −$4,797
• Taxable income: $442
• Est. tax owed @ 24.0%: −$106
• After-tax cash flow: $2,838/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

1 event — show timeline

• 2026-05-20 Listed $164,900 MIBOR as Distributed by MLS Grid

Property tax history

+7.1%/yr

Latest (2025): $4,103 · +3.8% YoY. Source: county tax records.