729 E Morris St · Indianapolis city (balance), IN 46203

$299,000

4 bd · 2.0 ba · 2,876 sqft · SingleFamily public records · 97 Days on market

Built 1890 4,051 sqft lot $104/sqft · 28% below area Est $359k · 17% under

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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).

• ARV discount +15.0/15.0
• Cash flow +11.8/30.0
• DSCR +3.5/10.0
• Rent growth +3.2/5.0
• 1% rule +2.9/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to this beautifully updated home in the heart of Bates Hendricks, truly move-in ready. You'll immediately notice the impressive 10-foot ceilings and the open flow between the great room and formal dining room. The main level also features a convenient laundry area, complete with washer and dryer. The kitchen offers a stylish tile backsplash, butcher block countertops, and includes all appliances. A spacious flex room at the back of the home is perfect for a home office or creative space and opens directly to a private deck. The main-level primary suite includes an en-suite bath with double vanities, a tiled walk-in shower, and a walk-in closet. Upstairs, two bedrooms are separated by a large bonus area with endless possibilities-ideal for a TV room, exercise space, or second living area. The property is fully fenced, perfect for furry friends, and the low-maintenance yard is ideal for anyone who prefers to skip the yardwork. Leave the car at home-this home is just an 8-minute walk to Fountain Square.

Key facts

• Private deck
• Tiled walk in shower
• 10 foot ceilings

Tags

• 10 FOOT CEILINGS
• TILE BACKSPLASH
• BUTCHER BLOCK COUNTERTOPS
• PRIVATE DECK
• EN SUITE BATH
• TILED WALK IN SHOWER

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $299k.

Deal economics

• At list price, monthly cash flow is $-84 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $284k (5.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $236k (21.0% below list).
• Recommended offer: $236k (21.0% below list) — sets the bar for 1% rule.
• Cap rate 6.0% 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.
• Market conditions: Rents rising (+2.9%/yr); 493 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• At $2,361/mo this rent would consume 49% of the median local household income ($57k/yr) (locally 1499% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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 97 days — a 9% lower offer ($272k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 19y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $242k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $236,103 (21.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
3. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 0.79% ✗
• Cap rate: 5.96%
• Cash-on-cash: -1.21%
• DSCR: 0.95
• GRM: 10.6

CMA / ARV

• ARV (median comp): $358,907
• List price: $299,000
• Delta: -16.69%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
709 Sanders St	0.07mi	4/4.5	2,920 (+2%)	1mo	$645,000	$221	84
705 Prospect St	0.07mi	4/3.5	3,054 (+6%)	1mo	$595,000	$195	80
719 Terrace Ave	0.22mi	4/2.0	2,559 (-11%)	0mo	$279,900	$109	71
901 Greer St	0.27mi	3/3.0 (-1)	2,720 (-5%)	1mo	$417,000	$153	69
1420 Woodlawn Ave	0.64mi	4/2.5	2,841 (-1%)	0mo	$459,900	$162	66
520 E Minnesota St	0.45mi	3/1.0 (-1)	2,938 (+2%)	0mo	$119,500	$41	66
515 Orange St	0.18mi	3/2.5 (-1)	2,462 (-14%)	0mo	$310,000	$126	61
1329 Spruce St	0.71mi	3/2.0 (-1)	2,808 (-2%)	1mo	$295,000	$105	57
1201 Cottage Ave	0.52mi	3/2.5 (-1)	2,624 (-9%)	0mo	$425,000	$162	54
1147 Spann Ave	0.66mi	3/2.5 (-1)	3,160 (+10%)	1mo	$585,000	$185	45
29 E Palmer St	0.70mi	5/3.5 (+1)	2,520 (-12%)	0mo	$375,000	$149	35
1321 Hoyt Ave	0.65mi	5/3.5 (+1)	3,303 (+15%)	1mo	$518,000	$157	33

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 · 2.88% rent growth · sell at horizon

5-year hold

• IRR: -18.4%
• Equity multiple: 0.35×
• Total profit: $-54,127
• Equity at exit: $44,582

10-year hold

• IRR: -11.0%
• Equity multiple: 0.34×
• Total profit: $-55,342
• Equity at exit: $25,852

Cash invested: $83,720 (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 46203

• Home prices YoY: -26.7%
• Rents YoY: 2.9%
• Active inventory: 493
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $2,361 high
• Mortgage (P&I): −$1,568
• Tax from tax record: −$257 /mo · $3,081/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$496
• Net cashflow: $-84

Break-even live

Break-even rent $2,467

Max offer price $284,145

Occupancy floor 99%

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
734 Parkway Ave Indianapolis, IN	3.0	2.0	2110	$2,299	$1.09	23d	1	0.13mi
406 Parkway Ave Indianapolis, IN	4.0	2.5	2481	$2,250	$0.91	23d	1	0.24mi
743 Cottage Ave Indianapolis, IN	5.0	2.0	2233	$1,995	$0.89	44d	1	0.25mi
1301 Ringgold Ave Unit 1303750P Indianapolis, IN	3.0	3.0	2884	$6,514	$2.26	44d	1	0.30mi
350 Terrace Ave Indianapolis, IN	4.0	2.5	2552	$3,000	$1.18	4d	1	0.30mi
350 Terrace Ave Indianapolis, IN	4.0	2.5	2552	$3,000	$1.18	23d	1	0.30mi
1337 Barth Ave Unit NA Indianapolis, IN	3.0	1.0	2468	$1,700	$0.69	4d	1	0.35mi
1337 Barth Ave Indianapolis, IN	3.0	1.0	2468	$1,700	$0.69	10d	1	0.35mi
1337 Barth Ave Indianapolis, IN	3.0	1.0	2468	$1,700	$0.69	7d	1	0.35mi
1337 Barth Ave Indianapolis, IN	3.0	1.0	2468	$1,700	$0.69	16d	1	0.35mi
1027 Hosbrook St Indianapolis, IN	4.0	3.5	3612	$4,750	$1.32	18d	1	0.40mi
1205 Cottage Ave Unit 1372938P Indianapolis, IN	4.0	3.5	2680	$6,638	$2.48	44d	1	0.54mi
1835 Applegate St Indianapolis, IN	4.0	3.0	2024	$2,300	$1.14	44d	1	0.56mi
1409 Linden St Unit 1028898P Indianapolis, IN	5.0	6.0	2895	$14,651	$5.06	23d	1	0.60mi
822 Union St Indianapolis, IN	3.0	3.0	2384	$3,700	$1.55	23d	1	0.66mi
818 Union St Indianapolis, IN	4.0	4.0	2624	$3,900	$1.49	23d	1	0.67mi
1548 Lexington Ave Indianapolis, IN	4.0	3.0	2224	$2,250	$1.01	3d	1	0.86mi
1643 Fletcher Ave Indianapolis, IN	3.0	2.0	2019	$2,249	$1.11	23d	1	0.97mi
1641 Iowa St Indianapolis, IN	3.0	3.0	1938	$1,900	$0.98	23d	1	0.97mi
1153 Villa Ave Indianapolis, IN	4.0	2.0	2880	$2,100	$0.73	23d	1	1.10mi
1619 S Randolph St Indianapolis, IN	3.0	1.0	2016	$1,195	$0.59	23d	1	1.12mi
1230 Harlan St Indianapolis, IN	3.0	3.5	2167	$2,600	$1.20	1d	1	1.14mi
1528 E Tabor St Indianapolis, IN	3.0	1.5	2200	$1,550	$0.70	14d	1	1.20mi
2201 Pleasant St Indianapolis, IN	4.0	3.0	2063	$2,495	$1.21	4d	1	1.22mi
117 S Arsenal Ave Indianapolis, IN	3.0	2.0	2592	$1,800	$0.69	44d	1	1.23mi
50 N Illinois St Unit 1534468P Indianapolis, IN	1.0–5.0	1.5–4.0	1770	$6,769	$3.82	2d	3	1.38mi
1399 Hoefgen St Indianapolis, IN	5.0	3.0	2122	$2,100	$0.99	1d	1	1.44mi
1430 E Ohio St Indianapolis, IN	3.0	1.5	2174	$1,745	$0.80	44d	1	1.47mi
29 N Walcott St Indianapolis, IN	4.0	3.0	2200	$2,400	$1.09	44d	1	1.48mi

Listing history 40 events

1. 2026-06-18
   days on market $299,000 Active 97 DOM
2. 2026-06-17
   days on market $299,000 Active 96 DOM
3. 2026-06-16
   days on market $299,000 Active 95 DOM
4. 2026-06-15
   days on market $299,000 Active 94 DOM
5. 2026-06-13
   days on market $299,000 Active 92 DOM
6. 2026-06-13
   days on market $299,000 Active 91 DOM
7. 2026-06-09
   days on market $299,000 Active 88 DOM
8. 2026-06-08
   days on market $299,000 Active 87 DOM
9. 2026-06-07
   days on market $299,000 Active 86 DOM
10. 2026-06-03
    days on market $299,000 Active 82 DOM
11. 2026-06-02
    days on market $299,000 Active 81 DOM
12. 2026-06-01
    days on market $299,000 Active 80 DOM
13. 2026-05-31
    days on market $299,000 Active 79 DOM
14. 2026-03-13
    listed $299,000 Active 1037-char remark

    Show marketing remark (1037 chars)

    Welcome home to this beautifully updated home in the heart of Bates Hendricks, truly move-in ready. You'll immediately notice the impressive 10-foot ceilings and the open flow between the great room and formal dining room. The main level also features a convenient laundry area, complete with washer and dryer. The kitchen offers a stylish tile backsplash, butcher block countertops, and includes all appliances. A spacious flex room at the back of the home is perfect for a home office or creative space and opens directly to a private deck. The main-level primary suite includes an en-suite bath with double vanities, a tiled walk-in shower, and a walk-in closet. Upstairs, two bedrooms are separated by a large bonus area with endless possibilities-ideal for a TV room, exercise space, or second living area. The property is fully fenced, perfect for furry friends, and the low-maintenance yard is ideal for anyone who prefers to skip the yardwork. Leave the car at home-this home is just an 8-minute walk to Fountain Square.

15. 2021-11-22
    soldstatus $242,500 Closed 763-char remark

    Show marketing remark (763 chars)

    Welcome home. This beautiful, updated home in the heart of Bates Hendricks is move in ready. Fall in love w/the 10' ceilings, the openness of the GR & formal RM, plus the laundry (includes washer & dryer) on main level. Kitchen w/tile backsplash, butcher block counters, includes all appliances. Spacious flex room at the back is the perfect office space & provides access to your private deck. The main level MBR w/en suite w/2 vanities, tiled walk in shower & walk in closet. The up level has 2BR separated by a large bonus space w/many possibilities for a TV RM, exercise RM, etc. Property is fully fenced for furry friends. Not a fan of yardwork, this home is perfect for you. Leave the car at home. This property is 8 min walk to Fountain Sq.

16. 2021-10-03
    status Pending 763-char remark

    Show marketing remark (763 chars)

    Welcome home. This beautiful, updated home in the heart of Bates Hendricks is move in ready. Fall in love w/the 10' ceilings, the openness of the GR & formal RM, plus the laundry (includes washer & dryer) on main level. Kitchen w/tile backsplash, butcher block counters, includes all appliances. Spacious flex room at the back is the perfect office space & provides access to your private deck. The main level MBR w/en suite w/2 vanities, tiled walk in shower & walk in closet. The up level has 2BR separated by a large bonus space w/many possibilities for a TV RM, exercise RM, etc. Property is fully fenced for furry friends. Not a fan of yardwork, this home is perfect for you. Leave the car at home. This property is 8 min walk to Fountain Sq.

17. 2021-09-30
    listed $249,900 Active 763-char remark

    Show marketing remark (763 chars)

    Welcome home. This beautiful, updated home in the heart of Bates Hendricks is move in ready. Fall in love w/the 10' ceilings, the openness of the GR & formal RM, plus the laundry (includes washer & dryer) on main level. Kitchen w/tile backsplash, butcher block counters, includes all appliances. Spacious flex room at the back is the perfect office space & provides access to your private deck. The main level MBR w/en suite w/2 vanities, tiled walk in shower & walk in closet. The up level has 2BR separated by a large bonus space w/many possibilities for a TV RM, exercise RM, etc. Property is fully fenced for furry friends. Not a fan of yardwork, this home is perfect for you. Leave the car at home. This property is 8 min walk to Fountain Sq.

18. 2018-05-04
    soldstatus $219,000 Sold
19. 2018-04-03
    status Pending
20. 2018-03-15
    price $229,900
21. 2018-02-08
    price $235,000
22. 2017-12-09
    listed $239,900 Active
23. 2016-07-21
    soldstatus $80,000 Sold
24. 2016-07-06
    status Pending
25. 2016-07-04
    price $88,000
26. 2016-07-04
    status Active
27. 2016-03-24
    historical Active with Contingency
28. 2015-12-30
    price $114,900
29. 2015-11-12
    price $120,400
30. 2015-10-18
    price $124,900
31. 2015-09-21
    listed $129,900 Active
32. 2015-08-01
    historical
33. 2015-02-16
    price $169,000
34. 2015-01-01
    price $180,000
35. 2014-12-12
    listed $189,900 Active
36. 2013-03-19
    historical
37. 2013-03-15
    soldstatus $25,000
38. 2013-01-09
    listed $25,000
39. 2008-04-29
    historical
40. 2007-04-29
    listed $49,900

ⓘ 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: $3,081 · $257/mo
• Projected year-2 tax: $3,081 · $257/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 4/10 Moderate 7 d/yr ≥101°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,332
• − Mortgage interest: −$16,749
• − Property taxes: −$3,081
• − Insurance: −$1,495
• − Repairs & maintenance: −$2,267
• − Management: −$2,267
• − Depreciation: −$8,698
• Taxable loss: −$6,223
• Est. tax savings @ 24.0%: +$1,494
• After-tax cash flow: $485/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): 37,758
• Household income: $57,393
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 1499.0

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: Predominantly White (69%)
• Race & ethnicity: White 69% Hispanic / Latino 14% Black 12% Two or more races 8% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 12% Puerto Rican 1%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 8% · Canada
• Languages at home: 88% English-only · Spanish 10% Other Indo-European 1%

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: ▼ -127.37%
• Current HPI: 349.579
• Rent YoY: ▲ 2.88%
• 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

+499.2% since first listed

27 events — show timeline

• 2026-03-13 Listed $299,000 MIBOR as Distributed by MLS Grid
• 2021-11-22 Sold (MLS) $242,500 MIBOR as Distributed by MLS Grid
• 2021-10-03 Pending — MIBOR as Distributed by MLS Grid
• 2021-09-30 Listed $249,900 MIBOR as Distributed by MLS Grid
• 2018-05-04 Sold (MLS) $219,000 MIBOR as Distributed by MLS Grid
• 2018-04-03 Pending — MIBOR as Distributed by MLS Grid
• 2018-03-15 Price Changed $229,900 MIBOR as Distributed by MLS Grid
• 2018-02-08 Price Changed $235,000 MIBOR as Distributed by MLS Grid
• 2017-12-09 Listed $239,900 MIBOR as Distributed by MLS Grid
• 2016-07-21 Sold (MLS) $80,000 MIBOR as Distributed by MLS Grid
• 2016-07-06 Pending — MIBOR as Distributed by MLS Grid
• 2016-07-04 Price Changed $88,000 MIBOR as Distributed by MLS Grid
• 2016-07-04 Relisted — MIBOR as Distributed by MLS Grid
• 2016-03-24 Contingent — MIBOR as Distributed by MLS Grid
• 2015-12-30 Price Changed $114,900 MIBOR as Distributed by MLS Grid
• 2015-11-12 Price Changed $120,400 MIBOR as Distributed by MLS Grid
• 2015-10-18 Price Changed $124,900 MIBOR as Distributed by MLS Grid
• 2015-09-21 Listed $129,900 MIBOR as Distributed by MLS Grid
• 2015-08-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2015-02-16 Price Changed $169,000 MIBOR as Distributed by MLS Grid
• 2015-01-01 Price Changed $180,000 MIBOR as Distributed by MLS Grid
• 2014-12-12 Listed $189,900 MIBOR as Distributed by MLS Grid
• 2013-03-19 Listing Removed — MIBOR as Distributed by MLS Grid
• 2013-03-15 Sold (MLS) $25,000 MIBOR as Distributed by MLS Grid
• 2013-01-09 Listed $25,000 MIBOR as Distributed by MLS Grid
• 2008-04-29 Listing Removed — MIBOR as Distributed by MLS Grid
• 2007-04-29 Listed $49,900 MIBOR as Distributed by MLS Grid

Property tax history

+19.9%/yr

Latest (2025): $3,081 · -2.0% YoY. Source: county tax records.