Cash Flowing Quadplex INDPLS, IN 46201

• Property Address: 3716–3718 E Market St, Indianapolis, IN 46201
• Asset Type: Small Multifamily (Quadplex / 4 units: 4x 1 Bed / 1 Bath)
• Building Size / Lot Size: 1,480 sqft | 5,663 sqft lot
• Year Built: 1925
• Asking/Contract Price: $270,000
• Current Reported Gross Rents: $49,020/year (~$4,085/month total; ~$1,021/unit average)
• Occupancy: 100% (Owner pays utilities currently)
• Flood Zone: Zone X (Unshaded / Minimal flood hazard area per Marion County/FEMA maps; not confirmed via formal elevation certificate)

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• Market Hotness Score: 74 / 100
  • Demand & Velocity: The 46201 / Near Eastside market exhibits an average Days on Market (DOM) of approximately 42–50 days, with competitive pockets going pending in under 30 days (Indianapolis Housing Market Data).
  • List-to-Sale Ratio: Consistent 97.2% to 98.0% list-to-sale performance demonstrates resilient pricing stability with slight buyer negotiation headroom (Indianapolis Housing Market Data).
  • Location Dynamics: Near Eastside / Hartman’s Addition is experiencing gentrification and infill development, supporting long-term appreciation despite higher historical localized rental turnover.

Market Pulse

• Median Sales Price: ~$280,000–$303,000 metro-wide; entry multifamily/distressed assets in 46201 range from $70/sqft to $160/sqft depending on condition (Indianapolis Housing Market Data).
• Average DOM: 42.3 days across Indianapolis (Indianapolis Housing Market Data).
• Sale-to-List Ratio: 97.2% – 98.0% (Indianapolis Housing Market Data).
• Macro Drivers: Strong investor interest in 46201 Near Eastside due to downtown Indianapolis proximity and Section 8/FMR voucher demand.

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• After Repair Value (ARV):

  • Low: $290,000
  • Midpoint: $325,000
  • High: $360,000
    (Based on cap rate valuation of stabilized NOI ~8.0%–8.5% and 2–4 unit sales between $75k–$90k/door).

• As-Is Value:

  • Low: $230,000
  • Midpoint: $255,000
  • High: $275,000
    (Current asking price of $270,000 is near the upper bound of as-is value for an un-submetered 1925 build).

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Based on 1925 vintage, tenant turnover scope, and investor-provided photos:

• Roof: $1,500 (Minor flashings/gutter work; full replacement not immediately indicated)
• HVAC: $3,500 (Servicing 4 mini-splits or central plant tune-up/space heater replacements)
• Plumbing: $3,000 (Sub-metering prep / fixture replacements / waste line inspection)
• Electrical: $2,500 (Panel distribution checks, GFCI updates)
• Foundation / Basement: $2,000 (Basement moisture mitigation / tuckpointing)
• Windows / Exterior: $1,500 (Caulking, trim paint, screen repair)
• Kitchens (4 units): $4,000 (Minor hardware, backsplashes, appliance repairs across units)
• Baths (4 units): $3,000 (Regrouting, vanity refreshes, new hardware)
• Flooring: $2,500 (LVP patches/turnover in back units)
• Paint: $2,500 (Turnover paint for common areas and 2 back units)
• Landscaping / Trash Out: $1,000 (Curb appeal, yard cleanup)

Rehab Buckets:

• Light Cosmetic / Turnover: $12,000
• Normal / Targeted Value-Add (Recommended): $27,000
• Heavy (Full Gut / Individual Systems Sub-metering): $45,000

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• Current Monthly Gross: $4,085 ($49,020/yr)
• Proforma Market Monthly Gross: $3,600 – $4,200 ($900 – $1,050/unit)
• Operating Expenses (Est. 38% with Master Utilities): ~$18,600/yr (Taxes, Insurance, Utilities, Repairs/CapEx reserves, Management)
• Net Operating Income (NOI - Current): ~$30,420
• Debt Service (75% LTV @ 7.5% Interest, 30-Yr Amort on $202,500 loan): ~$17,000/yr ($1,416/mo)
• Estimated Annual Cash Flow: ~$13,420
• DSCR: ~1.78x (In-place; drops to ~1.40x if expenses swell under high winter gas/water spikes)

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• County Appraiser / Assessment Authority: Marion County Assessor / Center Township (DLGF: Assessed Value Search)
• Assessed Value: Not confirmed via real-time parcel pull; estimated between $85,000 – $130,000 based on Center Township historical assessment tiers (Marion County, Indiana, Set to Increase Many 2022 ...).
• Annual Taxes: Estimated ~$2,200 – $3,400 (Subject to Indiana non-homestead investment tax cap of 2%–3%).
• Distress Flags / Liens: Not confirmed (No active public lis pendens or foreclosure filings verified; title search required to confirm mechanics liens or municipal code enforcement violations).

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