Score
0Indianapolis, IN
1613 Nowland Ave
415K
4 beds
6 baths
4 bd • 6 ba • sf
This analysis was generated on 2/21/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.
AI Property Analysis
0:000:00 / 0:00
List Price
$415,000
Price/Sq.Ft
$415,000
Year Built
1904
AI Property Analysis
A comprehensive evaluation of this property's features, market position, and investment potential.
The Good
• Renovated Condition: the duplex has been renovated, suggesting that major updates have been completed. This reduces the likelihood of immediate repair costs and makes the property more attractive to both owner-occupants and renters. The agent notes indicate mirror renovations, implying consistent quality across both units.
• Prime Location: the property is located in Windsor Park, near popular amenities such as Kan Kan Restaurant and Movie Theater, Amelia's Bread and Coffee, and Stomping Ground. Its proximity to Mass Ave/Bottleworks, Factory Arts District, and North Mass Boulder adds to its appeal. This walkable location is highly desirable for renters and owner-occupants.
• Income Potential: as a duplex, the property offers immediate income potential. With one side vacant, an owner-occupant can move in while renting out the other unit. Investors can rent out both units. According to the listing, each side has 2 bedrooms and 2.5 bathrooms. Rental rates for 2-bedroom units in Indianapolis average around $1,065 per month (based on the provided data). The potential gross annual rental income is $25,560.
• Large Lot with Development Potential: the 40' x 140' lot size provides future development opportunities. The listing suggests the possibility of adding a garage and/or a carriage house with alley access. This could increase property value and rental income in the future. Off-street parking is available in the back, adding to the property's appeal.
The Bad
• Unknown Square Footage: the absence of square footage information is a significant drawback. It's impossible to accurately assess the price per square foot or compare the property's size to similar duplexes in the area. This lack of transparency can deter potential buyers.
• Low School Ratings: the assigned schools (Theodore Potter School 74, H.L. Harshman Magnet Middle School, and Arsenal Technical High School) have low ratings (1-3/10). This can negatively impact property values and rental demand, particularly for families with children. Properties in areas with higher-rated schools tend to command higher prices and attract more tenants.
• Moderate Flood Risk: the flood risk is moderate (3/10). While the fire risk is minimal, the flood risk could affect future insurance costs. Inquire about flood insurance rates and potential mitigation measures.
• Limited Property Details: the listing lacks detailed property features and room dimensions. This makes it difficult to assess the quality of renovations and the overall appeal of the property. More comprehensive information is needed to make an informed decision.
The Ugly
• Age of the Property: built in 1904, the property is over 120 years old. Older properties are more susceptible to structural issues, such as foundation problems, roof leaks, and outdated electrical and plumbing systems. A thorough inspection is crucial to identify any hidden issues.
• Rapid Gentrification: Windsor Park is undergoing rapid gentrification. This can lead to increased property taxes and potential displacement of long-term residents. While gentrification can increase property values, it can also create social and economic challenges.
• Property Tax Increases: due to gentrification and recent renovations, property taxes are likely to increase. Higher property taxes will increase the overall cost of ownership and could impact rental income.
• No Crime Data: no crime data is available within the listing. Crime rates vary significantly across Indianapolis and should be researched. High crime rates can impact property values and rental demand.
• Foundation Issues: given that the property was built in 1904, it's highly recommended to have a licensed structural engineer inspect the foundation for any signs of damage or instability. Indianapolis is known for its clay soil, which can expand and contract, leading to foundation problems in older homes.
Who is this property for?
These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.
Best For
• Owner-occupants seeking to offset mortgage costs: the property is ideal for those looking to live in one unit and rent out the other, especially with FHA loan options requiring as little as 3.5% down. The potential rental income from one unit can significantly reduce monthly housing expenses.
• Investors targeting high-demand rental areas: the location in Windsor Park, near popular amenities like Kan Kan Restaurant and Mass Ave, makes this duplex attractive to renters. The renovated condition minimizes immediate maintenance costs, offering a strong potential for consistent rental income.
• Buyers interested in future development opportunities: the large 40' x 140' lot with alley access provides a clear path for adding a garage and/or a carriage house, increasing both property value and potential rental income. This suits buyers with a long-term vision for maximizing the property's potential.
• Individuals seeking walkable urban living: the property's proximity to restaurants, shops, and entertainment venues (Kan Kan, Amelia's Bread, Mass Ave) caters to those who value a walkable lifestyle and easy access to urban amenities.
Not For
• Buyers seeking large living spaces: with each unit containing 2 bedrooms, this property may not be suitable for buyers needing more extensive living areas. The absence of square footage information makes it difficult to ascertain the exact size of each unit, but duplexes typically have smaller individual living spaces compared to single-family homes.
• Individuals prioritizing top-rated schools: the assigned schools have ratings of 1-3/10, which may deter buyers with children who prioritize high-performing schools. These buyers might need to consider private school options or look in different neighborhoods.
• Buyers with limited renovation budgets: while the property is renovated, older homes (built in 1904) often require ongoing maintenance and potential upgrades. Buyers should be prepared for potential expenses related to maintaining the property's structure and systems.
• Those sensitive to environmental factors: with a moderate air quality risk (4/10) and potential for 5 bad air days per year, this location might not be ideal for individuals with respiratory issues. This property has a moderate flood risk of 3/10, which could lead to potential issues.
Demographics
Area Median Income
$34,790
Property History
Price History
Ownership Timeline
$50,000Cash Purchase
Dec 4, 2017Reynolds Realty LlcFive Points Enterprises Llc
Deed
Standard Sale (Purchase/Resales)
$0Cash Purchase
Aug 6, 2009Thomas L Landwerlen, Estate Of Clifton LovelaceReynolds Realty Llc
Executors Deed
Non-Residential Arm's Length Transactions
$0Cash Purchase
Dec 19, 2006Joseph D HowardMarion County
Public Action
Foreclosure
Property Taxes
$8,046
2023 Tax Assessment
19.8%from previous year
Assessed Value$340,800
Tax Rate2.36%
Sunlight Analysis
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Sunlight Analysis
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Schools
Nearby school quality by education level
Middle
3.0/10
Below AverageHigh
1.0/10
Below AverageFinancials
Monthly Costs
Market Rent (4 bed)
Get a detailed estimate on Zillow$771
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