It was originally listed around $60k-$70k iirc. Properly rehabbed would be a $300k+ house. It’s an an area deemed “up and coming”, or relatively gentrified.
I’m guessing if people have passed on it this long, there’s some underlying issues that are making it unprofitable (i.e. former methlab?). The curb appeal, roof line, porch would make this an easy flip if there wasn’t some major underlying issue(s).
Indianapolis had a great housing market for the cost of living, and it started to go downhill around 5-10 years ago.
That was when businesses started to help people who could never afford to buy a house where they live (San Fran, Toronto, DC, etc) invest in properties in Indianapolis. I randomly met a couple investors at a bar once, and they had pages of addresses discussing what offer to make for all of them. Bulk buying hundreds of homes with money from a place where the cost of living was unlivable.
Fast forward to today and Indianapolis housing market has blown up like a lot of other places. Outsider investment, be it foreign or domestic, seems to be a factor in some of what has happened. You can’t get a decent apartment in a safe area for less than $1500 per month, and renting a house will be ridiculously expensive (considering you’re in Indianapolis – I know this is cheap comparatively).
Indianapolis also experienced the largest increase in food costs over the past few years. I’d like to see a program for landlords similar to liquor licenses. Limit how many non owner-occupied houses there can be, charge the landlord to get and maintain that license, and revoke it if they fail to meet certain standards.