8557 La Corrida Ct · Indianapolis city (balance), IN 46227

$125,000

3 bd · 1.0 ba · 1,554 sqft · Condo public records · 191 Days on market

Built 1980 $181/mo HOA · 11% of rent

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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 +18.0/30.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• DSCR +5.6/10.0
• Schools +3.5/10.0
• Rent growth +3.1/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Nestled at 8557 La Corrida CT, INDIANAPOLIS, IN, this condominium offers a unique opportunity to experience comfortable living in a desirable location. This home provides a canvas for creating a personalized haven. The thoughtful layout of this condominium provides distinct spaces for relaxation and rejuvenation, including three bedrooms designed to offer residents a private retreat. The one full bathroom is efficiently designed to meet daily needs. With 1554 square feet of living area, this condominium offers room to breathe and create lasting memories on the 871 square feet lot area. Built in 1980, this single-story home offers a blend of established charm and modern potential. This condo

Key facts

• $181 HOA
• Garage
• Built 1980

Property features AI

Finance

• Other: Ownership interest: Other/See Remarks
• Financial info: Monthly association fee of $181
• HOA & community: HOA with monthly fee

Exterior

• Parking: Attached garage (1 car)
• Utilities: Public water; Municipal sewer connection; Solid waste service
• Home design: Residential condominium; Attached property; Vertical condo, upper-level unit; One story
• Construction: Brick, vinyl siding, and stucco exterior; Poured concrete foundation
• Exterior features: End unit; Less than 1/4 acre

Interior

• Kitchen: Electric cooktop; Electric oven; Dishwasher
• Bedrooms: Primary bedroom with walk-in closet; Three main-level bedrooms
• Flooring: Single-floor residence
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Pantry; Dining room fireplace
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath condo listed at $125k.

Deal economics

• At list price, monthly cash flow is $108 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.3% 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.
• Perry Township Schools (urban): math 36% / reading 45% proficiency, ranked #138 of 301 in IN (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Winchester Village Elementary (math 28% / reading 26%, grade F, #737 of 994 statewide, top 76%, 619 students, 85% FRL); Southport High School (math 25% / reading 53%, grade F, #235 of 369 statewide, top 65%, 2,355 students, 70% FRL) — zoned schools average 77% FRL vs 54% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.5%/yr); 245 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 37% of the median local income ($54k/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 $864 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

• It's been on market 191 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price.

Recommended offer $110,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 191 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.32% ✓
• Cap rate: 7.33%
• Cash-on-cash: 3.70%
• DSCR: 1.16
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.46% rent growth · sell at horizon

5-year hold

• IRR: -11.1%
• Equity multiple: 0.60×
• Total profit: $-14,043
• Equity at exit: $18,638

10-year hold

• IRR: -2.6%
• Equity multiple: 0.83×
• Total profit: $-6,065
• Equity at exit: $10,808

Cash invested: $35,000 (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 46227

• Rents YoY: 2.5%
• Active inventory: 245
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,644 high
• Mortgage (P&I): −$656
• Tax from tax record: −$302 /mo · $3,625/yr
• Insurance: −$52
• HOA: −$181
• Vacancy / Maint / Mgmt: −$345
• Net cashflow: $108

Break-even live

Break-even rent $1,507

Max offer price $125,000

Occupancy floor 88%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8213 Zona Dr Indianapolis, IN	1.0–3.0	1.0–1.5	935	$1,480	$1.58	1d	16	0.36mi
2816 E County Line Rd Indianapolis, IN	2.0	1.0	1265	$910	$0.72	23d	1	0.41mi
8631 Pleasant Creek Ct Indianapolis, IN	3.0	2.0	1120	$1,706	$1.52	7d	1	0.46mi
3503 Pleasant Lake Dr Indianapolis, IN	3.0	1.0	1064	$1,615	$1.52	12d	1	0.58mi
1703 E 12 Rd Stop 12 Indianapolis, IN	3.0	2.0	1840	$1,899	$1.03	10d	1	0.58mi
8126 Xenia Dr Indianapolis, IN	3.0	2.0	1176	$4,500	$3.83	1d	1	0.59mi
7909 Southfield Dr Indianapolis, IN	3.0	2.0	1056	$1,445	$1.37	7d	1	0.60mi
3624 Fredricksburg Dr Indianapolis, IN	3.0	2.5	1904	$1,776	$0.93	1d	1	0.65mi
3717 Piermont Dr Indianapolis, IN	1.0–3.0	1.0–2.0	1038	$1,730	$1.67	2d	23	0.69mi
1933 Lisa Walk Dr Indianapolis, IN	3.0	2.0	1374	$1,670	$1.22	14d	1	0.83mi
14 Greenwood Trl N Greenwood, IN	2.0	1.5	1088	$1,275	$1.17	14d	1	0.90mi
7913 Ella Dobbs Ln Indianapolis, IN	1.0–3.0	1.0–2.0	1021	$1,650	$1.62	23d	1	0.92mi
968 Greenwood Trl W Greenwood, IN	2.0	2.0	1088	$1,475	$1.36	12d	1	0.93mi
921 Parliament Pl Greenwood, IN	1.0–3.0	1.0–2.0	994	$1,525	$1.53	2d	30	0.95mi
1542 Citrin Pl Unit 1538 Indianapolis, IN	3.0	2.5	1299	$1,755	$1.35	16d	1	1.10mi
1542 Citrin Pl Indianapolis, IN	3.0	2.5	1299	$1,755	$1.35	2d	1	1.10mi
745 Wood Dale Ter Greenwood, IN	1.0–3.0	1.0–1.5	1032	$1,659	$1.61	2d	10	1.22mi
1043 Mikes Way Greenwood, IN	3.0	2.0	1090	$1,650	$1.51	43d	1	1.30mi
1009 Lismore Ln Indianapolis, IN	1.0–2.0	1.0–2.0	875	$1,365	$1.56	23d	1	1.32mi
614 Park Madison Dr Greenwood, IN	2.0	2.0	1150	$1,250	$1.09	10d	1	1.34mi
4545 Scarlet Oak Way Indianapolis, IN	1.0–3.0	1.0–2.0	1101	$2,061	$1.87	1d	16	1.41mi

HOA detail condo

• Monthly dues: $181 · $2,172/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-06-18
   days on market $125,000 Active 191 DOM
2. 2026-06-17
   days on market $125,000 Active 190 DOM
3. 2026-06-16
   days on market $125,000 Active 189 DOM
4. 2026-06-15
   days on market $125,000 Active 188 DOM
5. 2026-06-13
   days on market $125,000 Active 186 DOM
6. 2026-06-09
   days on market $125,000 Active 182 DOM
7. 2026-06-08
   days on market $125,000 Active 181 DOM
8. 2026-06-07
   days on market $125,000 Active 180 DOM
9. 2026-06-03
   days on market $125,000 Active 176 DOM
10. 2026-06-02
    days on market $125,000 Active 175 DOM
11. 2026-06-01
    days on market $125,000 Active 174 DOM
12. 2026-05-31
    days on market $125,000 Active 173 DOM
13. 2025-12-09
    listed $125,000 Active

ⓘ 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: $3,625 · $302/mo
• Projected year-2 tax: $3,625 · $302/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 · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,726
• − Mortgage interest: −$7,002
• − Property taxes: −$3,625
• − Insurance: −$625
• − Repairs & maintenance: −$1,578
• − Management: −$1,578
• − HOA: −$2,172
• − Depreciation: −$3,636
• Taxable loss: −$491
• Est. tax savings @ 24.0%: +$118
• After-tax cash flow: $1,413/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: Perry Township Schools
• NCES district ID: 1808820
• Math proficiency: 36% ▼ -13.00%
• Reading proficiency: 45% ▼ -6.00%
• Median HH income: $47,170
• Composite: 34.61/100
• National rank: #5153
• State rank: #138 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): 57,587
• Household income: $53,629
• Rent vs Own: 55.1% rent · 44.9% own
• Severe rent burden: 3583.0

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 0.59)
• Race & ethnicity: White 61% Asian 12% Black 11% Hispanic / Latino 10% Two or more races 8%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Italian 2% Slovak 2% Lithuanian 1%
• Foreign-born: 17% · Philippines, Canada, Vietnam
• Languages at home: 79% English-only · Other Asian/Pacific 9% Spanish 7% 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: ▼ -260.49%
• Current HPI: 276.8271
• Rent YoY: ▲ 2.46%
• 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

1 event — show timeline

• 2025-12-09 Listed $125,000 MIBOR as Distributed by MLS Grid

Property tax history

+18.9%/yr

Latest (2025): $3,625 · +6.7% YoY. Source: county tax records.