4105 Mellis Ct · Indianapolis city (balance), IN 46235

$134,900

3 bd · 1.5 ba · 1,266 sqft · SingleFamily public records · 13 Days on market

Built 1966 6,752 sqft lot Est $163k · 17% under

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Why this score? — see what drove the C+ 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 +23.8/30.0
• ARV discount +15.0/15.0
• DSCR +7.7/10.0
• 1% rule +6.8/10.0
• Rent growth +3.1/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Gorgeous brick 3 bed 2 bath ranch in super condition on quiet cul-de-sac of very nice homes. Seller wants offers on this move-in conditioned house. Tons of work done, just move in & unpack. Over 1,200 sq ft. Attractive inside & out.FHA/VA offers welcome. CORP OWNED & sold in 'As-Is' condition.VACANT. NO APPOINTMENT NEEDED. See Agent Remarks below for easy showing instructions

Key facts

• Quiet cul-de-sac
• Single-level living
• Brick ranch

Tags

• QUIET CUL-DE-SAC
• VINTON WOODS NEIGHBORHOOD
• BRICK RANCH
• SINGLE-LEVEL LIVING
• FUNCTIONAL FLOOR PLAN
• SPACIOUS PRIMARY SUITE

Property features AI

Exterior

• Parking: Attached garage (1 car)
• Utilities: Public water; Municipal sewer connected; Solid waste service available
• Home design: Single-family residence; One story
• Construction: Brick construction; Slab foundation
• Exterior features: Has view; Lot under 1/4 acre

Interior

• Kitchen: Electric oven; Range hood; Refrigerator
• Bedrooms: Three bedrooms on the main level
• Bathrooms: One full bath; One half bath
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Eat-in kitchen; Smoke detector(s)
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $259 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Cap rate 8.6% 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 C — 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: Charles Warren Fairbanks Sch 105 (math 2% / reading 8%, grade F, #970 of 994 statewide, top 99%, 313 students, 78% FRL); Arsenal Technical High School (math 6% / reading 27%, grade F, #353 of 369 statewide, top 96%, 2,366 students, 74% FRL) — zoned schools at 76% FRL track the district average.
• Market conditions: Rents rising (+2.6%/yr); 54 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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 33% 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 $933 of loan paydown is wiped out by about $4k 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

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 17y 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.

Recommended offer $134,900

Questions for the listing agent

1. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.18% ✓
• Cap rate: 8.59%
• Cash-on-cash: 8.21%
• DSCR: 1.37
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $163,314
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4149 Mellis Dr	0.06mi	3/1.0	1,236 (-2%)	0mo	$161,000	$130	91
4105 Downes Dr	0.27mi	3/1.5	1,296 (+2%)	10mo	$105,000	$81	75
9819 Bishop Ct	0.41mi	4/2.0 (+1)	1,225 (-3%)	1mo	$136,500	$111	68
9438 Conried Dr	0.08mi	3/1.0	1,094 (-14%)	5mo	$130,000	$119	68
9643 Pepperidge Dr	0.43mi	3/2.0	1,176 (-7%)	3mo	$179,900	$153	64
3814 Strathmore Dr	0.49mi	4/1.0 (+1)	1,225 (-3%)	9mo	$185,000	$151	58
3601 Luewan Dr	0.72mi	3/2.0	1,284 (+1%)	7mo	$110,000	$86	56
3655 N Wittfield St	0.65mi	3/1.0	1,213 (-4%)	9mo	$150,261	$124	53
9527 Pepperidge Dr	0.36mi	3/2.5	1,107 (-13%)	7mo	$230,000	$208	53
3857 Arquette Dr	0.41mi	3/1.0	1,107 (-13%)	10mo	$125,000	$113	50
10113 Catalina Dr	0.72mi	3/1.5	1,176 (-7%)	6mo	$151,500	$129	49
4138 Balboa Dr	0.74mi	4/2.0 (+1)	1,149 (-9%)	8mo	$150,000	$131	36

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: -4.3%
• Equity multiple: 0.84×
• Total profit: $-6,028
• Equity at exit: $20,114

10-year hold

• IRR: 4.9%
• Equity multiple: 1.35×
• Total profit: $13,368
• Equity at exit: $11,664

Cash invested: $37,772 (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: 54
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,598 high
• Mortgage (P&I): −$707
• Tax from tax record: −$240 /mo · $2,882/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$336
• Net cashflow: $259

Break-even live

Break-even rent $1,271

Max offer price $134,900

Occupancy floor 79%

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9438 Conried Dr Indianapolis, IN	3.0	1.0	1094	$1,445	$1.32	4d	1	0.11mi
9513 Baker Ct Indianapolis, IN	4.0	2.0	1702	$1,825	$1.07	8d	1	0.24mi
9634 Meadowlark Dr Indianapolis, IN	3.0	1.5	1546	$1,550	$1.00	16d	1	0.32mi
3962 Strathmore Dr Indianapolis, IN	3.0	1.0	925	$1,250	$1.35	24d	1	0.33mi
9060 E 39th Pl Indianapolis, IN	1.0–2.0	1.0–1.5	820	$1,040	$1.27	24d	1	0.42mi
9949 Ellis Dr Indianapolis, IN	4.0	2.0	1421	$1,580	$1.11	3d	1	0.46mi
3747 Ireland Dr Indianapolis, IN	4.0	1.5	1400	$1,700	$1.21	24d	1	0.52mi
8914 Elmonte Dr Indianapolis, IN	3.0	1.5	1500	$1,600	$1.07	24d	1	0.56mi
9962 Catalina Dr Indianapolis, IN	3.0	1.0	1236	$1,600	$1.29	4d	1	0.56mi
3722 Ireland Dr Indianapolis, IN	3.0	2.0	1682	$1,700	$1.01	44d	1	0.58mi
8862 Bel Air Ct Indianapolis, IN	3.0	1.0	1073	$1,264	$1.18	18d	1	0.65mi
3644 Celtic Dr Indianapolis, IN	4.0	1.5	1637	$1,500	$0.92	15d	1	0.70mi
8738 Montery Rd Indianapolis, IN	3.0	1.0	1421	$1,396	$0.98	8d	1	0.70mi
8724 Montery Rd Indianapolis, IN	3.0	1.0	925	$1,500	$1.62	44d	1	0.72mi
3938 Biscayne Rd Indianapolis, IN	3.0	1.0	1000	$1,895	$1.90	3d	1	0.73mi
9226 E 36th Pl Indianapolis, IN	3.0	1.0	1073	$1,250	$1.16	8d	1	0.76mi
3829 Biscayne Rd Indianapolis, IN	4.0	1.5	1188	$1,320	$1.11	15d	1	0.78mi
3823 Biscayne Rd Indianapolis, IN	4.0	1.5	1188	$1,320	$1.11	15d	1	0.78mi
3821 Biscayne Rd Indianapolis, IN	4.0	1.5	1188	$1,325	$1.12	15d	1	0.79mi
3815 Biscayne Rd Indianapolis, IN	3.0	1.5	1188	$1,220	$1.03	15d	1	0.80mi
3809 Biscayne Rd Indianapolis, IN	2.0	1.5	992	$1,020	$1.03	15d	1	0.80mi
3519 Jerome Ct Indianapolis, IN	4.0	1.0	1107	$1,995	$1.80	24d	1	0.85mi
3525 Luewan Ct Indianapolis, IN	4.0	1.0	1107	$1,750	$1.58	24d	1	0.85mi
3631 Decamp Dr Indianapolis, IN	3.0	1.0	1000	$1,335	$1.33	24d	1	0.91mi
8501 Athens Ct Indianapolis, IN	4.0	1.0	1225	$1,475	$1.20	15d	1	0.94mi
4315 Aspen Way Indianapolis, IN	3.0	1.0	1080	$1,380	$1.28	44d	1	0.99mi
3540 Dubarry Ct Indianapolis, IN	3.0	2.0	1297	$1,400	$1.08	24d	1	1.01mi
3645 Wingate Ct Indianapolis, IN	3.0	1.0–2.0	774	$1,500	$1.94	24d	6	1.13mi
8254 Meadowlark Dr Indianapolis, IN	3.0	1.5	1320	$1,150	$0.87	22d	1	1.16mi
8254 Meadowlark Dr Unit 1 Indianapolis, IN	3.0	1.5	1320	$1,150	$0.87	44d	1	1.16mi
8203 Penway St Indianapolis, IN	3.0	1.5	1360	$1,500	$1.10	24d	1	1.36mi
3661 Cedar Pine Pl Indianapolis, IN	3.0	3.0	1668	$1,701	$1.02	8d	1	1.47mi
7925 Crossbridge Dr Indianapolis, IN	2.0	2.0	1072	$1,200	$1.12	44d	1	1.48mi

Listing history 10 events

1. 2026-06-18
   days on market $134,900 Active 13 DOM
2. 2026-06-17
   days on market $134,900 Active 12 DOM
3. 2026-06-16
   days on market $134,900 Active 11 DOM
4. 2026-06-15
   days on market $134,900 Active 10 DOM
5. 2026-06-13
   days on market $134,900 Active 8 DOM
6. 2026-06-13
   days on market $134,900 Active 7 DOM
7. 2026-06-09
   days on market $134,900 Active 4 DOM
8. 2026-06-08
   days on market $134,900 Active 3 DOM
9. 2026-06-07
   remarks 577-char remark
10. 2026-06-07
    listed $134,900 Active 2 DOM

ⓘ 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: $2,882 · $240/mo
• Projected year-2 tax: $2,882 · $240/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 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: $19,175
• − Mortgage interest: −$7,556
• − Property taxes: −$2,882
• − Insurance: −$674
• − Repairs & maintenance: −$1,534
• − Management: −$1,534
• − Depreciation: −$3,924
• Taxable income: $1,070
• Est. tax owed @ 24.0%: −$257
• After-tax cash flow: $2,846/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

+805.4% since first listed

8 events — show timeline

• 2026-06-05 Listed $134,900 MIBOR as Distributed by MLS Grid
• 2022-01-19 Sold (Public Records) $4,956,897 Public Records
• 2009-04-20 Listing Removed — MIBOR as Distributed by MLS Grid
• 2009-04-20 Sold (MLS) $34,900 MIBOR as Distributed by MLS Grid
• 2009-04-05 Listed $50,000 MIBOR as Distributed by MLS Grid
• 2009-03-26 Listing Removed — MIBOR as Distributed by MLS Grid
• 2009-03-18 Sold (MLS) $14,900 MIBOR as Distributed by MLS Grid
• 2009-02-06 Listed $14,900 MIBOR as Distributed by MLS Grid

Property tax history

+12.8%/yr

Latest (2025): $2,882 · +2.0% YoY. Source: county tax records.