4149 Mellis Dr · Indianapolis city (balance), IN 46235

$155,000

3 bd · 1.0 ba · 1,236 sqft · SingleFamily public records · 73 Days on market

Built 1966 6,839 sqft lot $125/sqft · 17% above area Est $132k · 17% over ↓ 14% since listing

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +21.9/30.0
• DSCR +7.0/10.0
• 1% rule +5.0/10.0
• Rent growth +3.1/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

This single family residence offers a foundational setting for aspirational living. The interior encompasses 1236 square feet of dedicated living area, providing ample individual space for daily routines and personal enjoyment. Within this layout, three distinct bedrooms offer private sanctuaries, complemented by a singular full bathroom designed for practical convenience. Outdoor shed has a new roof in the last year. Entire home as new gutter guards in the last year. The roof, HVAC and furnace are all only 6 years old. The water heater is only 3 years old. All curtains and appliances to stay excluding refrigerator. New garage door opener as well.

Key facts

• New gutter guards
• Outdoor shed
• New roof

Tags

• OUTDOOR SHED
• NEW ROOF
• NEW GUTTER GUARDS
• NEW GARAGE DOOR OPENER

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $244 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $155k (0.2% below list).
• Recommended offer: $146k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 4.4% in Indianapolis city (balance) — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Indianapolis Public Schools (urban): math 14% / reading 20% proficiency, ranked #286 of 301 in IN (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 77% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Center For Inquiry School 84 (math 64% / reading 69%, grade B+, #65 of 994 statewide, top 7%, 469 students, 8% FRL); H L Harshman Middle School (math 3% / reading 16%, grade F, #316 of 330 statewide, top 96%, 549 students, 84% FRL) — zoned schools average 46% FRL vs 77% district-wide (31 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 38% at this address vs 17% district-wide (+21 pts) — the actual schools serving this property are materially stronger than the Indianapolis Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+2.6%/yr); 55 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 32% of the median local income ($59k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Marion County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $25k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $145,700 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.00% ✗
• Cap rate: 8.18%
• Cash-on-cash: 6.73%
• DSCR: 1.30
• GRM: 8.3

CMA / ARV

• ARV (median comp): $132,189
• List price: $155,000
• Delta: 17.26%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4149 Mellis Dr	0.00mi	3/1.0	1,236 (0%)	0mo	$161,000	$130	100
9438 Conried Dr	0.12mi	3/1.0	1,094 (-12%)	5mo	$130,000	$119	72
9819 Bishop Ct	0.47mi	4/2.0 (+1)	1,225 (-1%)	1mo	$136,500	$111	67
4105 Downes Dr	0.33mi	3/1.5	1,296 (+5%)	10mo	$105,000	$81	66
9643 Pepperidge Dr	0.42mi	3/2.0	1,176 (-5%)	3mo	$179,900	$153	66
9613 E 39th Pl	0.33mi	3/1.0	1,073 (-13%)	2mo	$125,000	$116	61
3814 Strathmore Dr	0.54mi	4/1.0 (+1)	1,225 (-1%)	9mo	$185,000	$151	61
3655 N Wittfield St	0.66mi	3/1.0	1,213 (-2%)	9mo	$150,261	$124	58
9527 Pepperidge Dr	0.35mi	3/2.5	1,107 (-10%)	7mo	$230,000	$208	55
3857 Arquette Dr	0.46mi	3/1.0	1,107 (-10%)	10mo	$125,000	$113	53
4132 Biscayne Rd	0.54mi	3/1.0	1,073 (-13%)	5mo	$104,900	$98	49
4138 Balboa Dr	0.69mi	4/2.0 (+1)	1,149 (-7%)	8mo	$150,000	$131	41

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 2.56% rent growth · sell at horizon

5-year hold

• IRR: -6.4%
• Equity multiple: 0.76×
• Total profit: $-10,321
• Equity at exit: $23,111

10-year hold

• IRR: 2.6%
• Equity multiple: 1.19×
• Total profit: $8,076
• Equity at exit: $13,402

Cash invested: $43,400 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Indiana: 90 Strongly Landlord-Friendly · R+11
• County: — inherits STATE
• City: — inherits STATE

10-day pay-or-quit; landlord-favorable; preempted.

Methodology + full state rankings →

ZIP-level market 46235

• Home prices YoY: -4.3%
• Rents YoY: 2.6%
• Active inventory: 55
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,548 high
• Mortgage (P&I): −$813
• Tax from tax record: −$102 /mo · $1,220/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$325
• Net cashflow: $244

Break-even live

Break-even rent $1,239

Max offer price $155,000

Occupancy floor 79%

Sensitivity live

Price	-10% $331	-5% $287	+0% $244	+5% $200	+10% $156
Rent	-10% $121	-5% $182	+0% $244	+5% $305	+10% $366
Rate	-1.0pp $322	-0.5pp $283	base $244	+0.5pp $203	+1.0pp $163

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9438 Conried Dr Indianapolis, IN	3.0	1.0	1094	$1,445	$1.32	6d	1	0.11mi
9519 Conried Dr Indianapolis, IN	3.0	1.0	925	$1,275	$1.38	0d	1	0.22mi
3962 Strathmore Dr Indianapolis, IN	3.0	1.0	925	$1,250	$1.35	25d	1	0.38mi
9060 E 39th Pl Indianapolis, IN	1.0–2.0	1.0–1.5	820	$1,040	$1.27	25d	1	0.38mi
8914 Elmonte Dr Indianapolis, IN	3.0	1.5	1500	$1,600	$1.07	25d	1	0.51mi
9949 Ellis Dr Indianapolis, IN	4.0	2.0	1421	$1,580	$1.11	5d	1	0.51mi
3747 Ireland Dr Indianapolis, IN	4.0	1.5	1400	$1,700	$1.21	25d	1	0.52mi
8862 Bel Air Ct Indianapolis, IN	3.0	1.0	1073	$1,264	$1.18	19d	1	0.60mi
9962 Catalina Dr Indianapolis, IN	3.0	1.0	1236	$1,600	$1.29	6d	1	0.60mi
8738 Montery Rd Indianapolis, IN	3.0	1.0	1421	$1,331	$0.94	0d	1	0.65mi
8724 Montery Rd Indianapolis, IN	3.0	1.0	925	$1,500	$1.62	45d	1	0.67mi
3938 Biscayne Rd Indianapolis, IN	3.0	1.0	1000	$1,895	$1.90	5d	1	0.68mi
10101 Montery Rd Indianapolis, IN	2.0	1.0	627	$1,439	$2.30	3d	10	0.69mi
3829 Biscayne Rd Indianapolis, IN	4.0	1.5	1188	$1,320	$1.11	16d	1	0.73mi
3823 Biscayne Rd Indianapolis, IN	4.0	1.5	1188	$1,320	$1.11	16d	1	0.74mi
3821 Biscayne Rd Indianapolis, IN	4.0	1.5	1188	$1,325	$1.12	16d	1	0.74mi
3815 Biscayne Rd Indianapolis, IN	3.0	1.5	1188	$1,220	$1.03	16d	1	0.75mi
9226 E 36th Pl Indianapolis, IN	3.0	1.0	1073	$1,250	$1.16	9d	1	0.75mi
3809 Biscayne Rd Indianapolis, IN	2.0	1.5	992	$1,020	$1.03	16d	1	0.76mi
3525 Luewan Ct Indianapolis, IN	4.0	1.0	1107	$1,750	$1.58	25d	1	0.85mi
3519 Jerome Ct Indianapolis, IN	4.0	1.0	1107	$1,995	$1.80	25d	1	0.85mi
3631 Decamp Dr Indianapolis, IN	3.0	1.0	1000	$1,335	$1.33	25d	1	0.88mi
8501 Athens Ct Indianapolis, IN	4.0	1.0	1225	$1,475	$1.20	16d	1	0.88mi
8501 Athens Ct Indianapolis, IN	4.0	1.0	1225	$1,400	$1.14	0d	1	0.88mi
4315 Aspen Way Indianapolis, IN	3.0	1.0	1080	$1,380	$1.28	45d	1	0.94mi
3540 Dubarry Ct Indianapolis, IN	3.0	2.0	1297	$1,400	$1.08	25d	1	0.98mi
8254 Meadowlark Dr Unit 1 Indianapolis, IN	3.0	1.5	1320	$1,150	$0.87	45d	1	1.11mi
8254 Meadowlark Dr Indianapolis, IN	3.0	1.5	1320	$1,150	$0.87	23d	1	1.11mi
3645 Wingate Ct Indianapolis, IN	3.0	1.0–2.0	774	$1,500	$1.94	25d	6	1.18mi
8124 E 37th Pl Indianapolis, IN	3.0	1.0	925	$1,350	$1.46	0d	1	1.30mi
8203 Penway St Indianapolis, IN	3.0	1.5	1360	$1,500	$1.10	25d	1	1.31mi
7925 Crossbridge Dr Indianapolis, IN	2.0	2.0	1072	$1,200	$1.12	45d	1	1.43mi

Listing history 7 events

1. 2026-05-07
   status Pending 662-char remark

   Show marketing remark (662 chars)

   This single family residence offers a foundational setting for aspirational living. The interior encompasses 1236 square feet of dedicated living area, providing ample individual space for daily routines and personal enjoyment. Within this layout, three distinct bedrooms offer private sanctuaries, complemented by a singular full bathroom designed for practical convenience. Outdoor shed has a new roof in the last year. Entire home as new gutter guards in the last year. The roof, HVAC and furnace are all only 6 years old. The water heater is only 3 years old. All curtains and appliances to stay excluding refrigerator. New garage door opener as well.

2. 2026-05-03
   price $155,000 662-char remark

   Show marketing remark (662 chars)

   This single family residence offers a foundational setting for aspirational living. The interior encompasses 1236 square feet of dedicated living area, providing ample individual space for daily routines and personal enjoyment. Within this layout, three distinct bedrooms offer private sanctuaries, complemented by a singular full bathroom designed for practical convenience. Outdoor shed has a new roof in the last year. Entire home as new gutter guards in the last year. The roof, HVAC and furnace are all only 6 years old. The water heater is only 3 years old. All curtains and appliances to stay excluding refrigerator. New garage door opener as well.

3. 2026-03-29
   status Active 662-char remark

   Show marketing remark (662 chars)

   This single family residence offers a foundational setting for aspirational living. The interior encompasses 1236 square feet of dedicated living area, providing ample individual space for daily routines and personal enjoyment. Within this layout, three distinct bedrooms offer private sanctuaries, complemented by a singular full bathroom designed for practical convenience. Outdoor shed has a new roof in the last year. Entire home as new gutter guards in the last year. The roof, HVAC and furnace are all only 6 years old. The water heater is only 3 years old. All curtains and appliances to stay excluding refrigerator. New garage door opener as well.

4. 2026-03-26
   status Pending 662-char remark

   Show marketing remark (662 chars)

   This single family residence offers a foundational setting for aspirational living. The interior encompasses 1236 square feet of dedicated living area, providing ample individual space for daily routines and personal enjoyment. Within this layout, three distinct bedrooms offer private sanctuaries, complemented by a singular full bathroom designed for practical convenience. Outdoor shed has a new roof in the last year. Entire home as new gutter guards in the last year. The roof, HVAC and furnace are all only 6 years old. The water heater is only 3 years old. All curtains and appliances to stay excluding refrigerator. New garage door opener as well.

5. 2026-03-25
   price $165,000 662-char remark

   Show marketing remark (662 chars)

   This single family residence offers a foundational setting for aspirational living. The interior encompasses 1236 square feet of dedicated living area, providing ample individual space for daily routines and personal enjoyment. Within this layout, three distinct bedrooms offer private sanctuaries, complemented by a singular full bathroom designed for practical convenience. Outdoor shed has a new roof in the last year. Entire home as new gutter guards in the last year. The roof, HVAC and furnace are all only 6 years old. The water heater is only 3 years old. All curtains and appliances to stay excluding refrigerator. New garage door opener as well.

6. 2026-03-17
   price $175,000 662-char remark

   Show marketing remark (662 chars)

   This single family residence offers a foundational setting for aspirational living. The interior encompasses 1236 square feet of dedicated living area, providing ample individual space for daily routines and personal enjoyment. Within this layout, three distinct bedrooms offer private sanctuaries, complemented by a singular full bathroom designed for practical convenience. Outdoor shed has a new roof in the last year. Entire home as new gutter guards in the last year. The roof, HVAC and furnace are all only 6 years old. The water heater is only 3 years old. All curtains and appliances to stay excluding refrigerator. New garage door opener as well.

7. 2026-02-19
   listed $180,000 Active 662-char remark

   Show marketing remark (662 chars)

   This single family residence offers a foundational setting for aspirational living. The interior encompasses 1236 square feet of dedicated living area, providing ample individual space for daily routines and personal enjoyment. Within this layout, three distinct bedrooms offer private sanctuaries, complemented by a singular full bathroom designed for practical convenience. Outdoor shed has a new roof in the last year. Entire home as new gutter guards in the last year. The roof, HVAC and furnace are all only 6 years old. The water heater is only 3 years old. All curtains and appliances to stay excluding refrigerator. New garage door opener as well.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast IN · Partial reset (capped growth)

• Current annual tax: $1,220 · $102/mo
• Projected year-2 tax: $1,269 · $106/mo
• Expected delta: +$49/yr (+$4/mo · 4.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,571
• − Mortgage interest: −$8,682
• − Property taxes: −$1,220
• − Insurance: −$775
• − Repairs & maintenance: −$1,486
• − Management: −$1,486
• − Depreciation: −$4,509
• Taxable income: $414
• Est. tax owed @ 24.0%: −$99
• After-tax cash flow: $2,823/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Indianapolis Public Schools
• NCES district ID: 1804770
• Math proficiency: 14% ▼ -7.00%
• Reading proficiency: 20% ▼ -3.00%
• Median HH income: $32,034
• Composite: 13.69/100
• National rank: #9499
• State rank: #286 of 301 in IN

Livability — Indianapolis city (balance)

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Indianapolis city (balance), IN
• County: Marion County · 998,460 people
• City population: 881,119
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 36,317
• Household income: $58,951
• Rent vs Own: 46.5% rent · 53.5% own
• Severe rent burden: 1901.0

Population outlook (Marion County) Hauer SSP2

• Today (2025): 1,025,572 people
• By 2030: 1,065,727 · +3.9%
• By 2040: 1,141,577 · +11.3%
• By 2050: 1,208,920 · +17.9%
• By 2075: 1,367,288 · +33.3%
• By 2100: 1,438,201 · +40.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: Black 57% White 18% Hispanic / Latino 17% Two or more races 11%
• Hispanic origin (detail): Mexican 11% Puerto Rican 2%
• Common ancestry: Hispanic 3% Slovak 1% Romanian 1%
• Foreign-born: 11% · Canada
• Languages at home: 80% English-only · Spanish 15% French/Haitian/Cajun 4%

Political lean MEDSL · Marion

• 2024 margin: Strong D (+27.7) · D 63.0% · R 35.3% · Other 1.7%
• 2008→2024 swing: -0.7pp no change · 2008: 28.4pp · 2024: 27.7pp
• All cycles: 2024: D+27.7 2020: D+29.1 2016: D+22.8 2012: D+22.2 2008: D+28.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -12.41%
• Current HPI: 275.1505
• Rent YoY: ▲ 2.56%
• Metro: Indianapolis-Carmel-Anderson, IN
• State GDP YoY: ▲ 2.90%
• F500 in state: 18

Industry mix (Fortune 500 HQ in IN)

Industry	F500 HQs	Revenue
▸Industrial Machinery	2	$37B
▸Healthcare	1	$177B
▸Pharmaceuticals	1	$45B
▸Metals / Steel	1	$18B
▸Agriculture	1	$17B
▸Packaging	1	$12B

Price history

-13.9% since first listed

7 events — show timeline

• 2026-05-07 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-03 Price Changed $155,000 MIBOR as Distributed by MLS Grid
• 2026-03-29 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-26 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-25 Price Changed $165,000 MIBOR as Distributed by MLS Grid
• 2026-03-17 Price Changed $175,000 MIBOR as Distributed by MLS Grid
• 2026-02-19 Listed $180,000 MIBOR as Distributed by MLS Grid

Property tax history

+10.3%/yr

Latest (2025): $1,220 · -8.0% YoY. Source: county tax records.