Property Address: 1509 S Rural St, Indianapolis, IN 46203
Target Specifications: 3 Beds | 1 Bath | 1,108 Sqft | Lot: 4,704 sqft | Built: 1971

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• Contract/Asking Price: $135,000 (Note: Prompt also noted a $270k listed figure; assignment packet shows $135,000 asking / $140,000 all-in).
• Prior MLS / Sale History: Recorded MLS transaction at $90,000–$93,000 (Zillow / eXp Realty).
• Seller ARV: Stated $219,000 (Underwritten ARV: $200,000).
• Seller Repair Estimate: $5,000 (Underwritten baseline cosmetic: $15,000).
• Location Context: Near South Side / Twin Aire / Christian Park adjacent corridor, east of Fountain Square proper.

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• Market Hotness Score: 72 / 100
  • Based on Redfin Market Data: Indianapolis maintains a Redfin Compete Score of 72/100, median days on market (DOM) sit at 21–25 days, and sale-to-list ratios remain resilient at 98.3%. Entry-level single-family homes under $250k trade quickly.

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Market Pulse

• Median Sale Price (Zip 46203): ~$219,900 (46203 Market Trends - Movoto).
• Average DOM: 21–25 days citywide; 50–70 days for semi-renovated inventory in immediate submarket pockets (46203 Market Trends - Movoto, Redfin).
• Sale-to-List Ratio: 98.3% (Redfin).
• Submarket Dynamics: 46203 spans high-end Fountain Square rehabs ($350k+) down to working-class rental pockets along Rural St and Minnesota St. 1509 S Rural sits in an emerging cash-flow corridor where 3/1 homes find strong tenant demand (Section 8 voucher rates approach $1,500–$1,800/mo).

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• After Repair Value (ARV):
  • Low: $185,000 ($167/sqft)
  • Midpoint: $200,000 ($180/sqft)
  • High: $215,000 ($194/sqft — requires pristine cosmetic finish / secondary 1/2 bath addition)
• As-Is Value:
  • Low: $115,000
  • Midpoint: $125,000
  • High: $135,000 (Wholesaler's contract price represents top of current as-is value)

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• Light Cosmetic (Landlord Turn): $15,000
• Normal Turnkey (Rental / Clean Retail): $25,000
• Heavy Modernization (Full Retail Flip): $45,000

Line-Item Breakdown (Normal Spec: ~$25,000)

• Roof & Gutters: $1,500 (Inspection, flashings, gutter clean/repair)
• HVAC: $1,500 (Servicing, new thermostat, filter distribution)
• Plumbing: $2,000 (Fixture updates, shut-off valves, minor line checks)
• Electrical: $2,000 (GFCI updates, light fixtures, switch/receptacle replacement)
• Foundation: $0 (Slab/crawlspace check; assume sound)
• Windows & Doors: $2,000 (Hardware, trim repair, weatherstripping)
• Kitchen: $5,000 (Countertop replacement, hardware, sink/faucet, appliance refresh)
• Bathrooms (1 Bath): $3,500 (New vanity, toilet, re-glaze or tile surround, mirror/lighting)
• Flooring: $3,500 (LVP in wet/living areas, carpet in bedrooms)
• Paint: $3,000 (Full interior repaint, exterior touch-up)
• Landscaping/Trashout: $1,000 (Curb appeal cleanup, debris haul)

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• Long-Term Market Rent: $1,350 – $1,500/month
• Section 8 Potential: Up to $1,650–$1,800/month (subject to Marion County Housing Authority payment standards)
• Pro Forma P&L (At $135k Purchase + $15k Rehab = $150k All-In):
  • Gross Scheduled Rent: $1,450/month ($17,400/yr)
  • Vacancy (5%): $72.50/month
  • Taxes & Insurance: ~$180/month
  • Property Management (8%): $116/month
  • CapEx / Maintenance Reserves (10%): $145/month
  • Net Operating Income (NOI): ~$11,200/yr (~7.5% – 8.0% Unlevered Cap Rate)

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• Assessed Value (Marion County Assessor): Not confirmed on live portal; assessed base in this subdivision typically ranges between $80,000 and $115,000.
• Annual Property Taxes: Estimated at ~$1,200 – $1,600/year (Indiana Circuit Breaker 1%–2% caps apply depending on homestead vs. non-homestead status).
• Distress / Liens: Prior sale closed at $90,000 in September 2025 via MIBOR MLS (Zillow). No active public lis pendens or foreclosure filings confirmed.
• FEMA Flood Zone: Zone X (Minimal flood hazard; moderate metro flood risk factor per Redfin / Flood Factor).

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