2629 E Michigan St · Indianapolis city (balance), IN 46201

$299,999

4 bd · 4.0 ba · 1,108 sqft · MultiFamily public records · 110 Days on market

Built 1900 4,922 sqft lot

---

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 +24.1/30.0
• DSCR +7.8/10.0
• ARV discount +7.5/15.0
• 1% rule +5.8/10.0
• Rent growth +4.3/5.0
• 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

Discover the inviting home awaiting you at 2629 E Michigan St, Indianapolis, IN. This newly renovated duplex features two spacious 4-bedroom units, making it an excellent opportunity for both investors and owner-occupants looking to rent out the other side for added income. Step into a welcoming kitchen featuring shaker-style cabinets, a stylish backsplash, and a functional layout that makes meal preparation enjoyable-truly the heart of each unit. The bathrooms offer private retreats with tiled walk-in showers, designed for comfort and convenience. This two-story property offers 2,132 sq ft of living space on a 4,922 sq ft lot, and includes an unfinished basement that provides valuable stor

Key facts

• Welcoming kitchen
• Covered front porch
• Stylish backsplash

Tags

• NEWLY RENOVATED DUPLEX
• WELCOMING KITCHEN
• SHAKER-STYLE CABINETS
• STYLISH BACKSPLASH
• TILED WALK-IN SHOWERS
• COVERED FRONT PORCH

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/2.0-bath units multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $594 ($7k/yr) — positive. Per door: $297/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $300k).
• Recommended offer: $273k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.7% 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 (+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 $3,236/mo this rent would consume 79% 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 $2k of loan paydown is wiped out by about $9k 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 $84k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 110 days — a 9% lower offer ($273k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $25k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $272,999 (9.0% below list)

Questions for the listing agent

1. It's been on market 110 days. Have you received any prior offers? Is the seller open to a 9% 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 1900 — 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: 1.08% ✓
• Cap rate: 8.67%
• Cash-on-cash: 8.49%
• DSCR: 1.38
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $94,180
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9 & 11 S Gray St	0.55mi	4/2.0	1,170 (+6%)	16mo	$99,900	$85	44
655 N Beville Ave	0.34mi	5/2.0 (+1)	1,017 (-8%)	20mo	$257,850	$254	41
1017 N Lasalle St	0.70mi	3/1.0 (-1)	1,037 (-6%)	3mo	$85,000	$82	37

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: 1.1%
• Equity multiple: 1.05×
• Total profit: $3,853
• Equity at exit: $44,731

10-year hold

• IRR: 14.6%
• Equity multiple: 2.40×
• Total profit: $117,684
• Equity at exit: $25,938

Cash invested: $84,000 (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 46201

• Home prices YoY: -33.9%
• Rents YoY: 7.3%
• Active inventory: 483
• Price-to-rent: 15.5×

Monthly cashflow live

• Estimated rent: $3,236 medium
• Mortgage (P&I): −$1,573
• Tax from tax record: −$264 /mo · $3,168/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$680
• Net cashflow: $594

Break-even live

Break-even rent $2,484

Max offer price $299,999

Occupancy floor 77%

Sensitivity live

Price	-10% $764	-5% $679	+0% $594	+5% $509	+10% $424
Rent	-10% $339	-5% $466	+0% $594	+5% $722	+10% $850
Rate	-1.0pp $745	-0.5pp $670	base $594	+0.5pp $516	+1.0pp $437

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	2	$3,236
Total (2 units)			$3,236

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: $75,000
• Closing costs: $9,000
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
418 Eastern Ave Indianapolis, IN	3.0	1.0	1008	$1,325	$1.31	24d	1	0.05mi
613-615 N Jefferson Indianapolis, IN	3.0	1.0	1030	$1,600	$1.55	15d	1	0.09mi
439 N Forest Ave Indianapolis, IN	3.0	2.0	1030	$1,200	$1.17	24d	1	0.14mi
2903 E Michigan St Indianapolis, IN	3.0	2.0	1310	$1,650	$1.26	15d	1	0.19mi
619 N Rural St Indianapolis, IN	3.0	2.0	1300	$1,600	$1.23	24d	1	0.21mi
639 N Rural St Indianapolis, IN	3.0	1.0	1000	$1,675	$1.68	18d	1	0.24mi
625 N Tacoma Ave Indianapolis, IN	3.0	1.0	1160	$1,350	$1.16	11d	1	0.25mi
228 N Tacoma Ave Indianapolis, IN	3.0	1.0	1200	$1,100	$0.92	11d	1	0.25mi
627 N Tacoma Ave Indianapolis, IN	3.0	1.0	1160	$1,350	$1.16	11d	1	0.25mi
409 N Oakland Ave Unit 411 Indianapolis, IN	3.0	2.0	1300	$1,495	$1.15	44d	1	0.28mi
645 N Oxford St Indianapolis, IN	4.0	1.5	1344	$1,500	$1.12	24d	1	0.29mi
39 N Tacoma Ave Indianapolis, IN	3.0	1.0	1233	$895	$0.73	44d	1	0.32mi
851 N Rural St Indianapolis, IN	3.0	2.5	1300	$1,700	$1.31	24d	1	0.37mi
849 N Rural St Unit 849 Indianapolis, IN	3.0	2.5	1300	$2,000	$1.54	44d	1	0.37mi
430 N Dearborn St Indianapolis, IN	3.0	1.0	1128	$1,300	$1.15	44d	1	0.38mi
510 N Dearborn St Indianapolis, IN	3.0	1.0	1008	$1,350	$1.34	44d	1	0.38mi
253 N Gray St Indianapolis, IN	3.0	1.5	1176	$1,660	$1.41	8d	1	0.38mi
632 N Gray St Indianapolis, IN	3.0	1.0	960	$1,800	$1.88	44d	1	0.39mi
818 N Oakland Ave Unit 46201 Indianapolis, IN	3.0	1.5	1332	$1,550	$1.16	44d	1	0.39mi
637 N Gray St Indianapolis, IN	3.0	1.5	1120	$1,150	$1.03	45d	1	0.41mi
639 N Gray St Indianapolis, IN	3.0	1.5	1120	$1,220	$1.09	44d	1	0.41mi
416 N Hamilton Ave Unit 416-A Indianapolis, IN	3.0	2.0	1350	$1,500	$1.11	44d	1	0.41mi
826 N Beville Ave Indianapolis, IN	3.0	1.0	1472	$1,295	$0.88	5d	1	0.42mi
826 N Beville Ave Indianapolis, IN	3.0	1.0	1472	$1,295	$0.88	3d	1	0.42mi
20 N Gray St Indianapolis, IN	3.0	2.0	1300	$1,800	$1.38	44d	1	0.45mi
929 N Beville Ave Indianapolis, IN	3.0	1.0	1328	$1,395	$1.05	24d	1	0.50mi
840 N Lasalle St Indianapolis, IN	3.0	1.0	1215	$1,100	$0.91	24d	1	0.53mi
835 Tecumseh St Indianapolis, IN	3.0	2.0	1100	$1,550	$1.41	5d	1	0.53mi
940 Jefferson Ave Unit 1 Indianapolis, IN	3.0	1.5	1500	$1,400	$0.93	22d	1	0.56mi
28 S Dearborn St Unit A Indianapolis, IN	3.0	1.0	1100	$1,400	$1.27	11d	1	0.57mi
933 N Dearborn St Indianapolis, IN	3.0	1.5	1204	$1,500	$1.25	44d	1	0.57mi
1036 N Parker Ave Indianapolis, IN	4.0	2.0	1342	$1,745	$1.30	5d	1	0.62mi
1038 N Parker Ave Indianapolis, IN	4.0	2.0	1342	$1,745	$1.30	5d	1	0.62mi
44 E Parkview Ave Unit A Indianapolis, IN	3.0	2.0	1296	$1,695	$1.31	24d	1	0.62mi
44 E Parkview Ave Unit B Indianapolis, IN	3.0	2.0	1297	$1,695	$1.31	44d	1	0.62mi
44 Parkview Ave Indianapolis, IN	3.0	2.0	1250	$1,695	$1.36	21d	1	0.63mi
1113 N Oxford St Indianapolis, IN	3.0	2.0	1100	$1,495	$1.36	8d	1	0.64mi
43 N Randolph St Indianapolis, IN	3.0	2.0	1250	$1,399	$1.12	44d	1	0.65mi
37 S Tuxedo St Indianapolis, IN	3.0	1.0	950	$1,150	$1.21	44d	1	0.68mi
241 S Temple Ave Indianapolis, IN	3.0	2.0	1200	$1,350	$1.12	44d	1	0.70mi

Listing history 7 events

1. 2026-04-04
   status Pending
2. 2026-03-12
   status Active
3. 2026-03-02
   historical
4. 2026-02-23
   price $299,999
5. 2025-12-02
   listed $325,000 Active
6. 2024-01-11
   historical
7. 2023-12-05
   listed $292,500 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: $3,168 · $264/mo
• Projected year-2 tax: $3,168 · $264/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 6/10 Major FEMA zone X (unshaded) · 73% 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 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: $38,832
• − Mortgage interest: −$16,805
• − Property taxes: −$3,168
• − Insurance: −$1,500
• − Repairs & maintenance: −$3,107
• − Management: −$3,107
• − Depreciation: −$8,727
• Taxable income: $2,419
• Est. tax owed @ 24.0%: −$580
• After-tax cash flow: $6,550/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

+2.6% since first listed

7 events — show timeline

• 2026-04-04 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-12 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-02 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-02-23 Price Changed $299,999 MIBOR as Distributed by MLS Grid
• 2025-12-02 Listed $325,000 MIBOR as Distributed by MLS Grid
• 2024-01-11 Listing Removed — MIBOR as Distributed by MLS Grid
• 2023-12-05 Listed $292,500 MIBOR as Distributed by MLS Grid

Property tax history

+11.0%/yr

Latest (2021): $3,168 · -37.1% YoY. Source: county tax records.