10611 Armstead Ave · Indianapolis city (balance), IN 46234

$380,000

4 bd · 2.5 ba · 3,047 sqft · SingleFamily public records · 3 Days on market

Built 2002 9,583 sqft lot $125/sqft · 37% above area Est $435k · 13% under $36/mo HOA · 1% of rent

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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 +13.2/15.0
• Cash flow +7.9/30.0
• Schools +6.3/10.0
• Rent growth +4.4/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.0/10.0
• 1% rule +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

NEW CARPET! FRESH! Spacious & Updated! This beautiful home with an open 2 story entry on a picturesque lot in Williamsburg Villages is a must see! Your kitchen boasts solid surface counter tops and beautiful french doors which open up to a fully fenced in backyard oasis. Huge rooms and closet space galore! The giant master bedroom is your own private retreat with crown molding, architectural details, double sinks, a beautiful tiled shower, 2 huge closets, and best of all a large private sitting room which could easily be used for an office/nursery/gym! This home has everything you could want and in a location that cannot be beat! All appliances included!

Key facts

• Formal dining room
• Huge primary suite
• Sunny breakfast room

Tags

• PRIVACY FENCED BACKYARD
• FORMAL LIVING ROOM
• SUNNY BREAKFAST ROOM
• FORMAL DINING ROOM
• OPEN 2-STORY ENTRY
• HUGE PRIMARY SUITE

Property features AI

Finance

• Other: Ownership interest: Mandatory fee
• HOA & community: HOA present; semi-annual fee of $217

Exterior

• Parking: Attached 2-car garage (approx. 568 sq ft)
• Utilities: Public water; Municipal sewer connected; Solid waste: No
• Home design: Single family residence; Two levels; Accessible entrance and accessible doors; Accessible full bath
• Construction: Brick and vinyl siding exterior; Slab foundation
• Exterior features: Covered patio/porch; Deck; Privacy fence / full fence (complete); Sidewalks; Mature trees; Lot approximately 0.22 acre (< 1/4 acre)

Interior

• Kitchen: Electric cooktop; Electric oven; Microwave; Dishwasher; Refrigerator; Pantry; Breakfast room adjacent to kitchen
• Bedrooms: Five bedrooms on the upper level with bedroom split and walk-in closet(s); see remarks for details
• Bathrooms: Two full bathrooms; One half bathroom; Primary bathroom with double sinks and a full shower stall
• Heating & cooling: Forced air heating (Natural Gas and heat pump); Central air conditioning
• Interior features: Attic access; Breakfast bar; Pantry; Walk-in closets; Painted woodwork; Formal living room
• Laundry & utility: Washer and dryer included; Common laundry area; Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $380k.

Deal economics

• At list price, monthly cash flow is $-406 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $308k (18.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $262k (30.9% below list).
• Recommended offer: $262k (30.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Brownsburg Community School Corporation (suburban): math 72% / reading 72% proficiency, ranked #2 of 301 in IN (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Brownsburg High School (math 61% / reading 83%, grade B+, #12 of 369 statewide, top 4%, 3,177 students, 33% FRL) — zoned schools average 33% FRL vs 17% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+7.6%/yr); 66 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,294 units permitted in Hendricks County in 2024 (18 in 5+ unit buildings).
• This rent runs 38% of the median local income ($83k/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 $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Hendricks County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 11y 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 $262,421 (30.9% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.69% ✗
• Cap rate: 5.01%
• Cash-on-cash: -4.57%
• DSCR: 0.80
• GRM: 12.1

CMA / ARV

• ARV (median comp): $434,762
• List price: $380,000
• Delta: -12.60%
• 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
5647 Grand Vista Dr	0.21mi	4/2.5	3,084 (+1%)	1mo	$405,000	$131	88
10553 Virginia Ave	0.13mi	3/2.5 (-1)	2,938 (-4%)	6mo	$348,000	$118	78
10188 Eagle Eye Way	0.41mi	4/2.5	3,084 (+1%)	8mo	$395,000	$128	72
5640 Goodwin St	0.30mi	3/2.5 (-1)	3,216 (+6%)	1mo	$379,000	$118	71
5594 Crump Ln	0.33mi	4/2.5	2,843 (-7%)	4mo	$348,000	$122	70
5683 James Blair Dr	0.22mi	5/3.0 (+1)	2,950 (-3%)	9mo	$350,000	$119	70
5587 Goodwin St	0.25mi	5/2.5 (+1)	3,240 (+6%)	4mo	$400,000	$123	69
5664 Crump Ln	0.34mi	3/2.5 (-1)	2,772 (-9%)	6mo	$335,000	$121	59
5538 Goodwin St	0.20mi	4/3.0	3,492 (+15%)	9mo	$434,000	$124	57
10405 Splendor Way	0.42mi	4/3.5	3,474 (+14%)	3mo	$365,000	$105	50
5645 Crump Ln	0.38mi	4/3.5	3,455 (+13%)	7mo	$420,000	$122	50
5834 Skyward Ln	0.75mi	4/2.5	3,334 (+9%)	4mo	$340,000	$102	46

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 · 7.56% rent growth · sell at horizon

5-year hold

• IRR: -19.4%
• Equity multiple: 0.30×
• Total profit: $-74,864
• Equity at exit: $56,659

10-year hold

• IRR: -5.1%
• Equity multiple: 0.61×
• Total profit: $-41,870
• Equity at exit: $32,855

Cash invested: $106,400 (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 46234

• Home prices YoY: -33.0%
• Rents YoY: 7.6%
• Active inventory: 66
• Price-to-rent: 12.1×

Monthly cashflow live

• Estimated rent: $2,624 high
• Mortgage (P&I): −$1,993
• Tax from tax record: −$292 /mo · $3,499/yr
• Insurance: −$158
• HOA: −$36
• Vacancy / Maint / Mgmt: −$551
• Net cashflow: $-406

Break-even live

Break-even rent $3,138

Max offer price $308,357

Occupancy floor —

Sensitivity live

Price	-10% $-190	-5% $-298	+0% $-406	+5% $-513	+10% $-621
Rent	-10% $-613	-5% $-509	+0% $-406	+5% $-302	+10% $-198
Rate	-1.0pp $-214	-0.5pp $-309	base $-406	+0.5pp $-504	+1.0pp $-604

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: $95,000
• Closing costs: $11,400
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10393 Windward Dr Indianapolis, IN	4.0	3.0	3064	$2,475	$0.81	9d	1	0.38mi
10400 Hickory Hill Dr Indianapolis, IN	4.0	2.5	2842	$2,250	$0.79	9d	1	0.89mi
6318 Cascade Cir Indianapolis, IN	3.0	3.0	2650	$1,956	$0.74	45d	1	0.93mi
6367 Eastern Range Rd Indianapolis, IN	4.0	2.5	3272	$2,536	$0.78	45d	1	0.96mi
10019 Olympic Cir Indianapolis, IN	4.0	2.5	3211	$2,551	$0.79	9d	1	1.10mi

HOA detail

• Monthly dues: $36 · $432/yr
• Likely covers: gym

Listing history 21 events

1. 2026-05-04
   status Pending 675-char remark
2. 2026-04-30
   listed $380,000 Active 675-char remark
3. 2025-12-14
   historical
4. 2025-11-11
   price $380,000
5. 2025-10-06
   status Active
6. 2025-08-15
   status Pending
7. 2025-07-01
   listed $390,000 Active
8. 2018-05-24
   soldstatus $225,000 Sold

   Show marketing remark (666 chars)

   NEW CARPET! FRESH! Spacious &amp; Updated! This beautiful home with an open 2 story entry on a picturesque lot in Williamsburg Villages is a must see! Your kitchen boasts solid surface counter tops and beautiful french doors which open up to a fully fenced in backyard oasis. Huge rooms and closet space galore! The giant master bedroom is your own private retreat with crown molding, architectural details, double sinks, a beautiful tiled shower, 2 huge closets, and best of all a large private sitting room which could easily be used for an office/nursery/gym! This home has everything you could want and in a location that cannot be beat! All appliances included!

9. 2018-04-15
   status Pending

   Show marketing remark (666 chars)

   NEW CARPET! FRESH! Spacious &amp; Updated! This beautiful home with an open 2 story entry on a picturesque lot in Williamsburg Villages is a must see! Your kitchen boasts solid surface counter tops and beautiful french doors which open up to a fully fenced in backyard oasis. Huge rooms and closet space galore! The giant master bedroom is your own private retreat with crown molding, architectural details, double sinks, a beautiful tiled shower, 2 huge closets, and best of all a large private sitting room which could easily be used for an office/nursery/gym! This home has everything you could want and in a location that cannot be beat! All appliances included!

10. 2018-04-03
    status Active

    Show marketing remark (666 chars)

    NEW CARPET! FRESH! Spacious &amp; Updated! This beautiful home with an open 2 story entry on a picturesque lot in Williamsburg Villages is a must see! Your kitchen boasts solid surface counter tops and beautiful french doors which open up to a fully fenced in backyard oasis. Huge rooms and closet space galore! The giant master bedroom is your own private retreat with crown molding, architectural details, double sinks, a beautiful tiled shower, 2 huge closets, and best of all a large private sitting room which could easily be used for an office/nursery/gym! This home has everything you could want and in a location that cannot be beat! All appliances included!

11. 2018-02-24
    historical

    Show marketing remark (666 chars)

    NEW CARPET! FRESH! Spacious &amp; Updated! This beautiful home with an open 2 story entry on a picturesque lot in Williamsburg Villages is a must see! Your kitchen boasts solid surface counter tops and beautiful french doors which open up to a fully fenced in backyard oasis. Huge rooms and closet space galore! The giant master bedroom is your own private retreat with crown molding, architectural details, double sinks, a beautiful tiled shower, 2 huge closets, and best of all a large private sitting room which could easily be used for an office/nursery/gym! This home has everything you could want and in a location that cannot be beat! All appliances included!

12. 2018-01-30
    price $225,900

    Show marketing remark (666 chars)

    NEW CARPET! FRESH! Spacious &amp; Updated! This beautiful home with an open 2 story entry on a picturesque lot in Williamsburg Villages is a must see! Your kitchen boasts solid surface counter tops and beautiful french doors which open up to a fully fenced in backyard oasis. Huge rooms and closet space galore! The giant master bedroom is your own private retreat with crown molding, architectural details, double sinks, a beautiful tiled shower, 2 huge closets, and best of all a large private sitting room which could easily be used for an office/nursery/gym! This home has everything you could want and in a location that cannot be beat! All appliances included!

13. 2018-01-15
    price $228,900

    Show marketing remark (666 chars)

    NEW CARPET! FRESH! Spacious &amp; Updated! This beautiful home with an open 2 story entry on a picturesque lot in Williamsburg Villages is a must see! Your kitchen boasts solid surface counter tops and beautiful french doors which open up to a fully fenced in backyard oasis. Huge rooms and closet space galore! The giant master bedroom is your own private retreat with crown molding, architectural details, double sinks, a beautiful tiled shower, 2 huge closets, and best of all a large private sitting room which could easily be used for an office/nursery/gym! This home has everything you could want and in a location that cannot be beat! All appliances included!

14. 2018-01-03
    price $231,900

    Show marketing remark (666 chars)

    NEW CARPET! FRESH! Spacious &amp; Updated! This beautiful home with an open 2 story entry on a picturesque lot in Williamsburg Villages is a must see! Your kitchen boasts solid surface counter tops and beautiful french doors which open up to a fully fenced in backyard oasis. Huge rooms and closet space galore! The giant master bedroom is your own private retreat with crown molding, architectural details, double sinks, a beautiful tiled shower, 2 huge closets, and best of all a large private sitting room which could easily be used for an office/nursery/gym! This home has everything you could want and in a location that cannot be beat! All appliances included!

15. 2017-12-20
    status Active

    Show marketing remark (666 chars)

    NEW CARPET! FRESH! Spacious &amp; Updated! This beautiful home with an open 2 story entry on a picturesque lot in Williamsburg Villages is a must see! Your kitchen boasts solid surface counter tops and beautiful french doors which open up to a fully fenced in backyard oasis. Huge rooms and closet space galore! The giant master bedroom is your own private retreat with crown molding, architectural details, double sinks, a beautiful tiled shower, 2 huge closets, and best of all a large private sitting room which could easily be used for an office/nursery/gym! This home has everything you could want and in a location that cannot be beat! All appliances included!

16. 2017-12-16
    historical

    Show marketing remark (666 chars)

    NEW CARPET! FRESH! Spacious &amp; Updated! This beautiful home with an open 2 story entry on a picturesque lot in Williamsburg Villages is a must see! Your kitchen boasts solid surface counter tops and beautiful french doors which open up to a fully fenced in backyard oasis. Huge rooms and closet space galore! The giant master bedroom is your own private retreat with crown molding, architectural details, double sinks, a beautiful tiled shower, 2 huge closets, and best of all a large private sitting room which could easily be used for an office/nursery/gym! This home has everything you could want and in a location that cannot be beat! All appliances included!

17. 2017-12-02
    listed $234,900 Active

    Show marketing remark (666 chars)

    NEW CARPET! FRESH! Spacious &amp; Updated! This beautiful home with an open 2 story entry on a picturesque lot in Williamsburg Villages is a must see! Your kitchen boasts solid surface counter tops and beautiful french doors which open up to a fully fenced in backyard oasis. Huge rooms and closet space galore! The giant master bedroom is your own private retreat with crown molding, architectural details, double sinks, a beautiful tiled shower, 2 huge closets, and best of all a large private sitting room which could easily be used for an office/nursery/gym! This home has everything you could want and in a location that cannot be beat! All appliances included!

18. 2015-10-08
    soldstatus $205,500 Sold
19. 2015-09-02
    status Pending
20. 2015-08-19
    status Pending
21. 2015-07-07
    listed $210,000 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: $3,499 · $292/mo
• Projected year-2 tax: $3,499 · $292/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 ≥100°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,491
• − Mortgage interest: −$21,286
• − Property taxes: −$3,499
• − Insurance: −$1,900
• − Repairs & maintenance: −$2,519
• − Management: −$2,519
• − HOA: −$432
• − Depreciation: −$11,055
• Taxable loss: −$11,719
• Est. tax savings @ 24.0%: +$2,813
• After-tax cash flow: $-2,054/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: Brownsburg Community School Corporation
• NCES district ID: 1801020
• Math proficiency: 72% ▼ -5.00%
• Reading proficiency: 72% ▼ -4.00%
• Median HH income: $75,304
• Composite: 63.45/100
• National rank: #616
• State rank: #2 of 301 in IN

Livability — Indianapolis city (balance)

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

Census & demographics

• County: Marion County · 998,460 people
• City population: 881,119
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 28,300
• Household income: $83,190
• Rent vs Own: 23.5% rent · 76.5% own
• Severe rent burden: 764.0

Population outlook (Hendricks County) Hauer SSP2

• Today (2025): 187,418 people
• By 2030: 201,494 · +7.5%
• By 2040: 228,487 · +21.9%
• By 2050: 253,068 · +35.0%
• By 2075: 308,920 · +64.8%
• By 2100: 336,510 · +79.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 63% Black 19% Hispanic / Latino 10% Two or more races 7% Asian 4%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 2% Romanian 2% Iranian 2%
• Foreign-born: 11% · Canada, China, United Kingdom
• Languages at home: 82% English-only · Spanish 8% Other Indo-European 3% French/Haitian/Cajun 3%

Political lean MEDSL · Hendricks

• 2024 margin: Strong R (+21.5) · D 38.4% · R 59.9% · Other 1.7%
• 2008→2024 swing: +1.9pp toward D · 2008: -23.4pp · 2024: -21.5pp
• All cycles: 2024: R+21.5 2020: R+23.9 2016: R+34.2 2012: R+34.9 2008: R+23.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -106.23%
• Current HPI: 215.5854
• Rent YoY: ▲ 7.56%
• 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

+81.0% since first listed

22 events — show timeline

• 2026-06-08 Sold (MLS) $380,000 MIBOR as Distributed by MLS Grid
• 2026-05-04 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-30 Listed $380,000 MIBOR as Distributed by MLS Grid
• 2025-12-14 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-11-11 Price Changed $380,000 MIBOR as Distributed by MLS Grid
• 2025-10-06 Relisted — MIBOR as Distributed by MLS Grid
• 2025-08-15 Pending — MIBOR as Distributed by MLS Grid
• 2025-07-01 Listed $390,000 MIBOR as Distributed by MLS Grid
• 2018-05-24 Sold (MLS) $225,000 MIBOR as Distributed by MLS Grid
• 2018-04-15 Pending — MIBOR as Distributed by MLS Grid
• 2018-04-03 Relisted — MIBOR as Distributed by MLS Grid
• 2018-02-24 Listing Removed — MIBOR as Distributed by MLS Grid
• 2018-01-30 Price Changed $225,900 MIBOR as Distributed by MLS Grid
• 2018-01-15 Price Changed $228,900 MIBOR as Distributed by MLS Grid
• 2018-01-03 Price Changed $231,900 MIBOR as Distributed by MLS Grid
• 2017-12-20 Relisted — MIBOR as Distributed by MLS Grid
• 2017-12-16 Listing Removed — MIBOR as Distributed by MLS Grid
• 2017-12-02 Listed $234,900 MIBOR as Distributed by MLS Grid
• 2015-10-08 Sold (MLS) $205,500 MIBOR as Distributed by MLS Grid
• 2015-09-02 Pending — MIBOR as Distributed by MLS Grid
• 2015-08-19 Pending — MIBOR as Distributed by MLS Grid
• 2015-07-07 Listed $210,000 MIBOR as Distributed by MLS Grid

Property tax history

+6.4%/yr

Latest (2025): $3,499 · +21.4% YoY. Source: county tax records.