2804 Punto Alto Cir · Indianapolis city (balance), IN 46227

$79,900

2 bd · 1.0 ba · 1,142 sqft · Condo public records · 36 Days on market

Built 1980 $296/mo HOA · 22% of rent ↓ 17% since listing

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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 +22.2/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +7.1/10.0
• 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 2804 Punto Alto CIR in INDIANAPOLIS, IN, USA, this condominium offers an inviting home, thoughtfully prepared for immediate enjoyment. The living room, a welcoming central space, features a comforting fireplace, creating an atmosphere perfect for relaxation and quiet contemplation. This residence encompasses two well-proportioned bedrooms, each designed to provide a serene personal retreat. Further enhancing comfort and functionality, two full bathrooms offer convenience and privacy. Spanning 1142 square feet of thoughtfully designed living space, this condominium provides ample room for comfortable daily routines. Practicality is considered with the inclusion of a spacious walk-

Key facts

• Tiled roof
• Fresh new paint
• New carpet

Tags

• FIREPLACE
• WALK-IN CLOSET
• TILED ROOF
• LUXURY HARDWOOD FLOORING
• NEW CARPET
• FRESH NEW PAINT

Property features AI

Finance

• Other: Property listed as 'Fixer'; Common wall with one neighbor and no one below
• HOA & community: Monthly association fee; HOA covers entrance common areas, lawn care, grounds maintenance, park/playground maintenance, and snow removal; Community features include curbs, park, playground, sidewalks, and street lights; Maintenance provided (grounds and general)

Exterior

• Parking: Attached garage with garage door opener (1 garage space); Common lot parking
• Security: Smoke alarm
• Utilities: Public water; Municipal sewer connected; Electricity connected; Cable available; Solid waste service
• Home design: Attached condominium; Horizontal condo with ground-level building common entry; One story; Low-maintenance lifestyle
• Construction: Block foundation; Block and stucco construction
• Exterior features: Patio; Playset; Access to bus line; Storm sewer; Mature trees

Interior

• Kitchen: Electric cooktop; Electric oven; Dishwasher; Disposal; Refrigerator
• Bedrooms: 2 bedrooms on the main level; Primary bedroom with walk-in closet
• Flooring: Luxury vinyl plank (dining room and kitchen)
• Bathrooms: 2 full bathrooms; Primary bath with tub and shower
• Heating & cooling: Electric heat; Central air
• Interior features: Attic access; Pantry; Walk-in closet(s); Laundry in unit; One floor
• Laundry & utility: Washer; Dryer; Laundry closet; Water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $80k.

Deal economics

• At list price, monthly cash flow is $130 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $78k (3.0% 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 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); Perry Meridian High School (math 34% / reading 64%, grade D, #136 of 369 statewide, top 37%, 2,350 students, 58% FRL) — zoned schools average 72% FRL vs 54% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.5%/yr); 248 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals leasing fast (median 12d 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 30% 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 $552 of loan paydown is wiped out by about $2k 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 36 days — a 3% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts 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.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; HOA is 22% of rent.

Recommended offer $77,503 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 1.68% ✓
• Cap rate: 8.24%
• Cash-on-cash: 6.97%
• DSCR: 1.31
• GRM: 5.0

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: -6.2%
• Equity multiple: 0.77×
• Total profit: $-5,148
• Equity at exit: $11,913

10-year hold

• IRR: 2.7%
• Equity multiple: 1.19×
• Total profit: $4,251
• Equity at exit: $6,908

Cash invested: $22,372 (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: 248
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,343 high
• Mortgage (P&I): −$419
• Tax from tax record: −$183 /mo · $2,198/yr
• Insurance: −$33
• HOA: −$296
• Vacancy / Maint / Mgmt: −$282
• Net cashflow: $130

Break-even live

Break-even rent $1,179

Max offer price $79,900

Occupancy floor 85%

Sensitivity live

Price	-10% $175	-5% $152	+0% $130	+5% $107	+10% $85
Rent	-10% $24	-5% $77	+0% $130	+5% $183	+10% $236
Rate	-1.0pp $170	-0.5pp $150	base $130	+0.5pp $109	+1.0pp $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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8213 Zona Dr Indianapolis, IN	1.0–3.0	1.0–1.5	935	$1,102	$1.18	2d	16	0.36mi
2816 E County Line Rd Indianapolis, IN	2.0	1.0	1265	$910	$0.72	24d	1	0.41mi
8055 Crossing Dr Indianapolis, IN	1.0–2.0	1.0	775	$1,224	$1.58	3d	15	0.43mi
8631 Pleasant Creek Ct Indianapolis, IN	3.0	2.0	1120	$1,706	$1.52	8d	1	0.46mi
8960 S Keystone Ave Indianapolis, IN	1.0–2.0	1.0	881	$1,270	$1.44	2d	7	0.53mi
3503 Pleasant Lake Dr Indianapolis, IN	3.0	1.0	1064	$1,615	$1.52	13d	1	0.58mi
3546 Valley Lake Dr Indianapolis, IN	3.0	1.0	984	$1,645	$1.67	5d	1	0.59mi
8126 Xenia Dr Indianapolis, IN	3.0	2.0	1176	$4,500	$3.83	2d	1	0.59mi
7909 Southfield Dr Indianapolis, IN	3.0	2.0	1056	$1,445	$1.37	8d	1	0.60mi
2524 Tamarack Ln Indianapolis, IN	1.0–2.0	1.0	655	$969	$1.48	8d	7	0.64mi
3717 Piermont Dr Indianapolis, IN	1.0–3.0	1.0–2.0	1038	$1,414	$1.36	3d	23	0.69mi
1039 N Paz Dr Greenwood, IN	1.0–2.0	1.0	800	$1,193	$1.49	2d	8	0.76mi
3741 Lima Ct Indianapolis, IN	2.0	1.0	976	$1,350	$1.38	8d	1	0.77mi
1933 Lisa Walk Dr Indianapolis, IN	3.0	2.0	1374	$1,670	$1.22	15d	1	0.83mi
14 Greenwood Trl N Greenwood, IN	2.0	1.5	1088	$1,275	$1.17	15d	1	0.90mi
7913 Ella Dobbs Ln Indianapolis, IN	1.0–3.0	1.0–2.0	1021	$1,325	$1.30	24d	1	0.92mi
968 Greenwood Trl W Greenwood, IN	2.0	2.0	1088	$1,475	$1.36	13d	1	0.93mi
921 Parliament Pl Greenwood, IN	1.0–3.0	1.0–2.0	994	$1,298	$1.30	3d	30	0.95mi
8580 Beechmill Ln Indianapolis, IN	1.0–2.0	1.0–1.5	794	$1,265	$1.59	3d	13	0.99mi
1542 Citrin Pl Unit 7810 Indianapolis, IN	2.0	2.0	1027	$1,505	$1.47	5d	1	1.10mi
1542 Citrin Pl Unit 1538 Indianapolis, IN	3.0	2.5	1299	$1,755	$1.35	17d	1	1.10mi
1542 Citrin Pl Indianapolis, IN	3.0	2.5	1299	$1,755	$1.35	4d	1	1.10mi
1201 Community Pl Indianapolis, IN	2.0–3.0	1.0–1.5	908	$1,300	$1.43	24d	3	1.18mi
88 Keran Manor Ct Greenwood, IN	2.0	1.0	945	$1,450	$1.53	44d	1	1.21mi
800 Kings Mill Rd Greenwood, IN	2.0	1.0–2.0	701	$1,358	$1.94	2d	52	1.21mi
745 Wood Dale Ter Greenwood, IN	1.0–3.0	1.0–1.5	1032	$1,326	$1.28	4d	10	1.22mi
1043 Mikes Way Greenwood, IN	3.0	2.0	1090	$1,650	$1.51	44d	1	1.30mi
1009 Lismore Ln Indianapolis, IN	1.0–2.0	1.0–2.0	875	$1,365	$1.56	24d	1	1.32mi
634 Wooddale Ter Unit 1010 Greenwood, IN	1.0	1.0	882	$917	$1.04	44d	1	1.33mi
614 Park Madison Dr Greenwood, IN	2.0	2.0	1150	$1,250	$1.09	11d	1	1.34mi
622 Wood Dale Ter Greenwood, IN	1.0–2.0	1.0–1.5	947	$1,104	$1.17	24d	3	1.34mi
628 Wooddale Ter Unit 1007 Greenwood, IN	2.0	1.5	1013	$1,104	$1.09	44d	1	1.35mi
601 Wood Dale Ter Greenwood, IN	2.0	1.5	960	$1,174	$1.22	45d	1	1.38mi
4545 Scarlet Oak Way Indianapolis, IN	1.0–3.0	1.0–2.0	1101	$1,690	$1.53	2d	16	1.41mi
600 Wooddale Ter Apt 07 Greenwood, IN	2.0	1.0	750	$999	$1.33	24d	1	1.42mi
600 Wood Dale Ter Greenwood, IN	2.0	1.0	750	$999	$1.33	44d	1	1.42mi

HOA detail condo

• Monthly dues: $296 · $3,552/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-18
   status $79,900 Pending 36 DOM
2. 2026-06-18
   days on market $79,900 Active 36 DOM
3. 2026-06-17
   days on market $79,900 Active 35 DOM
4. 2026-06-16
   days on market $79,900 Active 34 DOM
5. 2026-06-15
   days on market $79,900 Active 33 DOM
6. 2026-06-13
   pricedays on market $79,900 Active 31 DOM
7. 2026-06-09
   days on market $82,500 Active 27 DOM
8. 2026-06-08
   days on market $82,500 Active 26 DOM
9. 2026-06-07
   days on market $82,500 Active 25 DOM
10. 2026-06-03
    days on market $82,500 Active 21 DOM
11. 2026-06-02
    days on market $82,500 Active 20 DOM
12. 2026-06-01
    days on market $82,500 Active 19 DOM
13. 2026-05-31
    days on market $82,500 Active 18 DOM
14. 2026-05-14
    status Pending
15. 2026-05-07
    status Active
16. 2026-03-23
    status Pending
17. 2026-03-14
    listed $79,900 Active
18. 2025-12-05
    historical
19. 2025-09-25
    price $85,000
20. 2025-09-03
    status Active
21. 2025-08-08
    price $89,900
22. 2025-07-12
    listed $95,900 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: $2,198 · $183/mo
• Projected year-2 tax: $2,198 · $183/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 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,122
• − Mortgage interest: −$4,476
• − Property taxes: −$2,198
• − Insurance: −$400
• − Repairs & maintenance: −$1,290
• − Management: −$1,290
• − HOA: −$3,552
• − Depreciation: −$2,324
• Taxable income: $593
• Est. tax owed @ 24.0%: −$142
• After-tax cash flow: $1,416/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

-16.7% since first listed

9 events — show timeline

• 2026-05-14 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-07 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-23 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-14 Listed $79,900 MIBOR as Distributed by MLS Grid
• 2025-12-05 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-09-25 Price Changed $85,000 MIBOR as Distributed by MLS Grid
• 2025-09-03 Relisted — MIBOR as Distributed by MLS Grid
• 2025-08-08 Price Changed $89,900 MIBOR as Distributed by MLS Grid
• 2025-07-12 Listed $95,900 MIBOR as Distributed by MLS Grid

Property tax history

+4.8%/yr

Latest (2025): $2,198 · -26.3% YoY. Source: county tax records.