5149 Hickory Rd · Indianapolis city (balance), IN 46239

$160,000

3 bd · 1.0 ba · 1,080 sqft · SingleFamily public records · 2 Days on market

Built 1953 0.46 ac lot Est $200k · 20% under

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Why this score? — see what drove the B 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 +28.4/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.1/10.0
• Rent growth +4.0/5.0
• Schools +4.0/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Rare find in the country in Wanamaker Area! Gleaming hardwoods! Large eat-in kitchen! House must be connected to city sewer/sellers cannot pay for this & property will be sold in "as-is" condition. Quiet rural area w/ ez access to interstate! Lap siding & extra insulated w/ new vinyl tilt in windows. Approx 10 yrs ago. Old siding removed, re-insulated, and freshly painted! Window trim inside house is incomplete & will need addressed by buyers.

Key facts

• Two-level mini barn
• Newer a/c
• Newer roof on barn

Tags

• FULLY FENCED BACKYARD
• TWO-LEVEL MINI BARN
• NEWER ROOF ON BARN
• NEWER SIDING
• NEWER GUTTERS
• NEWER A/C

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $518 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Cap rate 10.2% 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 B — affects rentability + tenant quality, not the cash-flow math above.
• Franklin Township Community School Corporation (urban): math 42% / reading 47% proficiency, ranked #87 of 301 in IN (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Franklin Central High School (math 41% / reading 69%, grade C, #77 of 369 statewide, top 21%, 3,319 students, 46% FRL) — zoned schools average 46% FRL vs 29% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.1%/yr); 337 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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.
• At projected returns (-3.0% appreciation + 6.1% rent growth), your $45k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 24y ago; this cycle's ask is 7% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $70k; list at $160k implies a 128% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $160,000

Questions for the listing agent

1. Built in 1953 — 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: 1.21% ✓
• Cap rate: 10.18%
• Cash-on-cash: 13.89%
• DSCR: 1.62
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $199,800
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5149 Hickory Rd	0.00mi	3/1.0	1,080 (0%)	1mo	$182,000	$169	100
9324 E Thompson Rd	0.43mi	3/1.0	1,160 (+7%)	19mo	$215,000	$185	52
10068 Southeastern Ave	0.35mi	3/2.0	1,152 (+7%)	21mo	$239,000	$207	51
4904 Betholm Dr	0.45mi	3/1.5	1,232 (+14%)	9mo	$180,000	$146	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 · 6.11% rent growth · sell at horizon

5-year hold

• IRR: 7.4%
• Equity multiple: 1.30×
• Total profit: $13,323
• Equity at exit: $23,857

10-year hold

• IRR: 19.1%
• Equity multiple: 2.82×
• Total profit: $81,375
• Equity at exit: $13,834

Cash invested: $44,800 (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 46239

• Home prices YoY: -29.2%
• Rents YoY: 6.1%
• Active inventory: 337
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,939 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$108 /mo · $1,290/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$407
• Net cashflow: $518

Break-even live

Break-even rent $1,283

Max offer price $160,000

Occupancy floor 68%

Sensitivity live

Price	-10% $609	-5% $564	+0% $518	+5% $473	+10% $428
Rent	-10% $365	-5% $442	+0% $518	+5% $595	+10% $672
Rate	-1.0pp $599	-0.5pp $559	base $518	+0.5pp $477	+1.0pp $435

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4127 S Post Rd Indianapolis, IN	3.0	2.0	1460	$1,585	$1.09	24d	1	1.24mi

Listing history 11 events

1. 2026-04-26
   status Pending
2. 2026-04-24
   price $160,000
3. 2026-04-24
   listed $150,000 Active
4. 2016-03-18
   soldstatus $70,200 Sold 469-char remark

   Show marketing remark (469 chars)

   Rare find in the country in Wanamaker Area! Gleaming hardwoods! Large eat-in kitchen! House must be connected to city sewer/sellers cannot pay for this & property will be sold in "as-is" condition. Quiet rural area w/ ez access to interstate! Lap siding & extra insulated w/ new vinyl tilt in windows. Approx 10 yrs ago. Old siding removed, re-insulated, and freshly painted! Window trim inside house is incomplete & will need addressed by buyers.

5. 2016-01-22
   status Pending 469-char remark

   Show marketing remark (469 chars)

   Rare find in the country in Wanamaker Area! Gleaming hardwoods! Large eat-in kitchen! House must be connected to city sewer/sellers cannot pay for this & property will be sold in "as-is" condition. Quiet rural area w/ ez access to interstate! Lap siding & extra insulated w/ new vinyl tilt in windows. Approx 10 yrs ago. Old siding removed, re-insulated, and freshly painted! Window trim inside house is incomplete & will need addressed by buyers.

6. 2015-10-09
   price $70,000 469-char remark

   Show marketing remark (469 chars)

   Rare find in the country in Wanamaker Area! Gleaming hardwoods! Large eat-in kitchen! House must be connected to city sewer/sellers cannot pay for this & property will be sold in "as-is" condition. Quiet rural area w/ ez access to interstate! Lap siding & extra insulated w/ new vinyl tilt in windows. Approx 10 yrs ago. Old siding removed, re-insulated, and freshly painted! Window trim inside house is incomplete & will need addressed by buyers.

7. 2015-08-21
   price $75,000 469-char remark

   Show marketing remark (469 chars)

   Rare find in the country in Wanamaker Area! Gleaming hardwoods! Large eat-in kitchen! House must be connected to city sewer/sellers cannot pay for this & property will be sold in "as-is" condition. Quiet rural area w/ ez access to interstate! Lap siding & extra insulated w/ new vinyl tilt in windows. Approx 10 yrs ago. Old siding removed, re-insulated, and freshly painted! Window trim inside house is incomplete & will need addressed by buyers.

8. 2015-05-13
   price $80,000 469-char remark

   Show marketing remark (469 chars)

   Rare find in the country in Wanamaker Area! Gleaming hardwoods! Large eat-in kitchen! House must be connected to city sewer/sellers cannot pay for this & property will be sold in "as-is" condition. Quiet rural area w/ ez access to interstate! Lap siding & extra insulated w/ new vinyl tilt in windows. Approx 10 yrs ago. Old siding removed, re-insulated, and freshly painted! Window trim inside house is incomplete & will need addressed by buyers.

9. 2015-04-09
   listed $85,000 Active 469-char remark

   Show marketing remark (469 chars)

   Rare find in the country in Wanamaker Area! Gleaming hardwoods! Large eat-in kitchen! House must be connected to city sewer/sellers cannot pay for this & property will be sold in "as-is" condition. Quiet rural area w/ ez access to interstate! Lap siding & extra insulated w/ new vinyl tilt in windows. Approx 10 yrs ago. Old siding removed, re-insulated, and freshly painted! Window trim inside house is incomplete & will need addressed by buyers.

10. 2002-08-10
    historical
11. 2002-04-11
    listed $106,900

ⓘ 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: $1,290 · $108/mo
• Projected year-2 tax: $1,325 · $110/mo
• Expected delta: +$35/yr (+$3/mo · 2.7%)

ⓘ 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 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,267
• − Mortgage interest: −$8,962
• − Property taxes: −$1,290
• − Insurance: −$800
• − Repairs & maintenance: −$1,861
• − Management: −$1,861
• − Depreciation: −$4,655
• Taxable income: $3,837
• Est. tax owed @ 24.0%: −$921
• After-tax cash flow: $5,301/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: Franklin Township Community School Corporation
• NCES district ID: 1803750
• Math proficiency: 42% ▼ -12.00%
• Reading proficiency: 47% ▼ -6.00%
• Median HH income: $67,825
• Composite: 39.91/100
• National rank: #3852
• State rank: #87 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): 33,931
• Household income: $100,331
• Rent vs Own: 17.6% rent · 82.4% own
• Severe rent burden: 567.0

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 0.61)
• Race & ethnicity: White 57% Black 24% Hispanic / Latino 9% Two or more races 9% Asian 4%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Lithuanian 2% Slovak 2% Romanian 1%
• Foreign-born: 7% · Canada, Philippines, China
• Languages at home: 89% English-only · Spanish 6% Other Indo-European 2% Chinese 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: ▼ -93.15%
• Current HPI: 226.1965
• Rent YoY: ▲ 6.11%
• 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

+49.7% since first listed

11 events — show timeline

• 2026-04-26 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-24 Price Changed $160,000 MIBOR as Distributed by MLS Grid
• 2026-04-24 Listed $150,000 MIBOR as Distributed by MLS Grid
• 2016-03-18 Sold (MLS) $70,200 MIBOR as Distributed by MLS Grid
• 2016-01-22 Pending — MIBOR as Distributed by MLS Grid
• 2015-10-09 Price Changed $70,000 MIBOR as Distributed by MLS Grid
• 2015-08-21 Price Changed $75,000 MIBOR as Distributed by MLS Grid
• 2015-05-13 Price Changed $80,000 MIBOR as Distributed by MLS Grid
• 2015-04-09 Listed $85,000 MIBOR as Distributed by MLS Grid
• 2002-08-10 Listing Removed — MIBOR as Distributed by MLS Grid
• 2002-04-11 Listed $106,900 MIBOR as Distributed by MLS Grid

Property tax history

+4.5%/yr

Latest (2025): $1,290 · -9.0% YoY. Source: county tax records.