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3005 Broadway St
Indianapolis, IN

3005 Broadway St

$265,000
3 bd • 2 ba • 2,911 sf

This analysis was generated by artificial intelligence on 1/22/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$265,000

Price/Sq.Ft

$91

Year Built

1925

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

The property at 3005 Broadway St, Indianapolis, IN 46205 offers several attractive features: 1. Location: Situated moments from downtown, with walkable access to Mari Evans Park and Fall Creek Trail, connecting to Monon and Fort Harrison Park. This prime location enhances its appeal and potential for appreciation. 2. Recent Updates: Significant improvements have been made, including a new roof (2018), new furnace (2018), new water heater (2018), new sewer line (2020), refinished hardwood floors (2019), and a new backyard fence (2021). These updates reduce immediate maintenance concerns and add value. 3. Price per Square Foot: At $91.03/sqft, it's priced significantly below the average for Indianapolis, which ranges from $150-$200/sqft for similar properties. 4. Size: With 2,911 sqft, it's spacious compared to many homes in the area, offering ample living space. 5. Lot Size: The 4,661 sqft lot with mature trees and a fully fenced backyard adds value and privacy. 6. Parking: Two private parking spaces are a valuable asset in an urban setting. 7. Historical Character: Built in 1925, it offers historical charm while being updated for modern living. 8. Potential Rental Income: Based on local data, a 3-bedroom home could potentially rent for around $1,400/month, suggesting a gross rental yield of about 6.3% annually. 9. Appreciation Potential: The property has shown significant appreciation, selling for $122,500 in 2018 and now listed at $265,000, a 116% increase in 7 years.

The Bad

1. Age-Related Concerns: Despite recent updates, the home's age (built in 1925) may lead to unexpected maintenance issues and higher ongoing costs. 2. Extended Time on Market: The property has been listed for 119 days with multiple price reductions, suggesting potential overpricing or hidden issues. 3. Bathroom Count: With only 1.5 bathrooms for a 3-bedroom home, it may be less appealing to some buyers, especially families. 4. Carpeting: Carpeted bedrooms may be less desirable than hardwood floors and could require replacement. 5. Energy Efficiency: Older homes often have lower energy efficiency, potentially leading to higher utility costs. 6. School Ratings: Nearby schools have relatively low ratings (2-4 out of 10), which may deter families with children. 7. Price History Volatility: The property has experienced significant price fluctuations, from as low as $5,000 in 2010 to the current asking price of $265,000, indicating potential market instability or neighborhood changes. 8. Median Income Mismatch: The area's median income of $56,563 may make the home unaffordable for many local buyers, potentially limiting the pool of interested parties.

The Ugly

1. Potential Hidden Issues: Given the home's age and history of low-price sales (e.g., $5,000 in 2010, $16,500 in 2015), there may be underlying structural or neighborhood issues not immediately apparent. 2. Possible Over-Improvement: The significant price increase from $122,500 in 2018 to the current $265,000 listing (116% in 7 years) far outpaces typical market appreciation, suggesting potential over-improvement or market speculation. 3. Market Resistance: Multiple price reductions (from $290,000 to $265,000) over 119 days on market indicate strong buyer resistance at higher price points. 4. Neighborhood Transition Risk: The extreme price volatility in the property's history suggests the neighborhood may have undergone significant changes, which could continue to affect property values unpredictably. 5. Potential Hazardous Materials: Given its age, the home may contain lead paint or asbestos, which could require costly remediation. 6. Zoning and Historical Restrictions: As an older home, there may be zoning restrictions or historical preservation requirements that limit future renovations or use. 7. Flood Risk: The proximity to Fall Creek Trail suggests potential flood risk, which could lead to higher insurance costs or future damage. 8. Foundation Issues: Older homes in areas with volatile price histories often have foundation problems, which can be extremely costly to repair. 9. Total Cost of Ownership: When factoring in potential repairs, updates, and higher utility costs due to age, the total cost of ownership could be significantly higher than the purchase price suggests.

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

This property is best suited for: 1. Urban Professionals: Individuals or couples who value proximity to downtown and don't require top-rated schools. 2. Renovation Enthusiasts: Buyers who appreciate historical homes and are willing to invest in ongoing maintenance and potential upgrades. 3. Investors: Those looking for potential rental income, given the favorable price per square foot and rental market rates. 4. First-Time Homebuyers: The relatively low price point (compared to similar-sized homes) may appeal to those entering the market, if they're comfortable with an older home. 5. Empty Nesters: The space and character may appeal to older buyers downsizing from larger suburban homes but wanting to maintain some space. 6. Outdoor Enthusiasts: The proximity to parks and trails makes it ideal for those who enjoy outdoor activities. 7. Buyers with Household Income Around $80,000-$100,000: Based on a 28% front-end debt-to-income ratio, this price point would be manageable for this income range.

Not For

This property is not ideal for: 1. Families with School-Age Children: Given the low ratings of nearby schools (2-4 out of 10), families prioritizing education may find better options elsewhere. 2. Luxury Buyers: Those seeking modern amenities and finishes may find the property lacking, despite its updates. 3. Low-Maintenance Seekers: The age and potential ongoing maintenance requirements make it unsuitable for those wanting a turnkey, low-maintenance home. 4. Accessibility-Focused Buyers: The 1.5 story design may not be suitable for those with mobility issues or aging buyers planning for the long term. 5. Large Families: With only 1.5 bathrooms, the layout may not be ideal for larger families or those who frequently host guests. 6. Risk-Averse Buyers: Given the property's volatile price history and potential hidden issues, it's not suitable for those seeking a safe, predictable investment. 7. Buyers with Household Income Below $70,000: The purchase price and potential additional costs may stretch the budget for lower-income households.
Demographics
Area Median Income

$56,563

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Risk Assessment

Risk Analysis

1. Market Volatility: The extreme price fluctuations in the property's history (from $5,000 in 2010 to $265,000 now) suggest high market volatility, which could affect future resale value. 2. Structural Integrity: Given the age of the home (built 1925), there may be hidden structural issues not apparent without a thorough inspection. 3. Environmental Hazards: Older homes often contain lead paint or asbestos, which could require costly remediation. 4. Flood Risk: Proximity to Fall Creek Trail may indicate potential flood risk, necessitating additional insurance and posing a threat to the property. 5. Neighborhood Stability: The property's price history suggests significant neighborhood changes, which may continue to impact property values and quality of life. 6. School District Challenges: Low school ratings (2-4 out of 10) may affect long-term property value and resale potential. 7. Zoning and Historical Restrictions: Potential limitations on renovations or use due to the home's age and possible historical significance. 8. Energy Efficiency: Older homes often have poor energy efficiency, leading to higher utility costs. 9. Plumbing and Electrical: Despite some updates, these systems may require significant upgrades due to the home's age. 10. Foundation Issues: Common in older homes, especially those with volatile price histories, potentially leading to expensive repairs. 11. Overimprovement Risk: The significant price increase since 2018 may indicate overimprovement, which the market might not fully value. 12. Insurance Costs: Older homes, especially those with potential flood risk, often have higher insurance premiums. 13. Future Maintenance Costs: While many updates have been made, the age of the home suggests ongoing maintenance needs and potential major system replacements in the near future.

Financials

Monthly Costs

Price History

Property Taxes

$2,799
2023 Tax Assessment
25.7%from previous year
Assessed Value$242,700
Tax Rate1.15%

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$270,275

2.0% above list price

Median Price

$350,750

Based on 6 recent sales

Price per Sq.Ft

$135

Comparable Properties

3605 Central Avenue, Indianapolis, IN 46205
Price: $375,000
Sq.Ft: 3,332
Beds/Baths: 3/3
$/Sq.Ft:
$11323.6%
Sale Date: 10/10/2024
3728 Guilford Avenue, Indianapolis, IN 46205
Price: $444,000
Sq.Ft: 3,102
Beds/Baths: 3/3
$/Sq.Ft:
$14357.2%
Sale Date: 8/13/2024
3162 N Capitol Avenue, Indianapolis, IN 46208
Price: $350,750
Sq.Ft: 2,361
Beds/Baths: 3/3
$/Sq.Ft:
$14963.2%
Sale Date: 9/5/2024
3735 Orchard Avenue, Indianapolis, IN 46218
Price: $127,000
Sq.Ft:
Beds/Baths: /
$/Sq.Ft: N/A
Sale Date: 12/4/2024
3244 Ruckle Street, Indianapolis, IN 46205
Price: $184,900
Sq.Ft:
Beds/Baths: /
$/Sq.Ft: N/A
Sale Date: 11/22/2024
3547 N Illinois Street, Indianapolis, IN 46208
Price: $140,000
Sq.Ft:
Beds/Baths: /
$/Sq.Ft: N/A
Sale Date: 11/8/2024

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