9855 Haven Ct · Indianapolis city (balance), IN 46235

$45,000

2 bd · 1.0 ba · 625 sqft · Condo public records · 28 Days on market

Built 1973 $250/mo HOA · 18% of rent

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Great investment and ownership opportunity. 2 bedroom condo in good condition. No maintenance living. Located near shopping, bus line, schools and the interstate. Rents in this complex rage from 600-700. HOA fee includes water, trash and exterior insurance. Enjoy a cup of coffee on the balcony or in front of the fireplace.

Key facts

• $250 HOA
• Garage
• Built 1973

Property features AI

Finance

• Other: Unit part of a horizontal property regime with a shared interest in common areas
• HOA & community: Homeowners association with a monthly fee of $250; Low-maintenance lifestyle

Exterior

• Parking: Detached garage (1 car)
• Utilities: Public water; Municipal sewer
• Home design: Residential condominium (co-op); Upper level unit; Two levels; Mandatory fee ownership interest
• Construction: Stucco and vinyl with brick exterior; Slab foundation
• Exterior features: Balcony; End unit with no one above or below; Low-maintenance exterior

Interior

• Kitchen: Dishwasher; Electric oven; Refrigerator
• Bedrooms: Two bedrooms on the upper level; Primary bedroom with walk-in closet
• Bathrooms: One full bathroom (upper level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Walk-in closet(s); Stained woodwork; Balcony; Fireplace in living room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $45k.

Deal economics

• At list price, monthly cash flow is $582 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Recommended offer: $44k (1.5% below list) — sets the bar for market timing.
• Cap rate 21.8% 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.
• 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: George S Buck School 94 (math 2% / reading 8%, grade F, #970 of 994 statewide, top 99%, 245 students, 75% 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 74% FRL track the district average.
• Market conditions: Rents rising (+2.6%/yr); 54 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $311 of loan paydown is wiped out by about $1k 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 + 2.6% rent growth), your $13k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 26y 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.
• Current owner paid $39k; 15% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $44,325 (1.5% below list)

Questions for the listing agent

1. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 3.10% ✓
• Cap rate: 21.82%
• Cash-on-cash: 55.45%
• DSCR: 3.47
• GRM: 2.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.56% rent growth · sell at horizon

5-year hold

• IRR: 53.3%
• Equity multiple: 3.33×
• Total profit: $29,323
• Equity at exit: $6,710

10-year hold

• IRR: 58.3%
• Equity multiple: 6.67×
• Total profit: $71,387
• Equity at exit: $3,891

Cash invested: $12,600 (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: 2.7×

Monthly cashflow live

• Estimated rent: $1,396 medium
• Mortgage (P&I): −$236
• Tax from tax record: −$16 /mo · $187/yr
• Insurance: −$19
• HOA: −$250
• Vacancy / Maint / Mgmt: −$293
• Net cashflow: $582

Break-even live

Break-even rent $659

Max offer price $45,000

Occupancy floor 53%

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10101 Montery Rd Indianapolis, IN	2.0	1.0	627	$1,439	$2.30	2d	10	0.56mi
3645 Wingate Ct Indianapolis, IN	3.0	1.0–2.0	774	$1,258	$1.62	23d	6	0.63mi
9060 E 39th Pl Indianapolis, IN	1.0–2.0	1.0–1.5	820	$1,040	$1.27	23d	1	0.82mi

HOA detail condo

• Monthly dues: $250 · $3,000/yr
• Likely covers: watertrash
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-04-16
   listed $45,000 Active 465-char remark
2. 2025-04-28
   listed $40,000 Active
3. 2018-07-30
   soldstatus $21,000 Sold

   Show marketing remark (324 chars)

   Great investment and ownership opportunity. 2 bedroom condo in good condition. No maintenance living. Located near shopping, bus line, schools and the interstate. Rents in this complex rage from 600-700. HOA fee includes water, trash and exterior insurance. Enjoy a cup of coffee on the balcony or in front of the fireplace.

4. 2018-07-20
   status Pending

   Show marketing remark (324 chars)

   Great investment and ownership opportunity. 2 bedroom condo in good condition. No maintenance living. Located near shopping, bus line, schools and the interstate. Rents in this complex rage from 600-700. HOA fee includes water, trash and exterior insurance. Enjoy a cup of coffee on the balcony or in front of the fireplace.

5. 2018-07-14
   listed $20,500 Active

   Show marketing remark (324 chars)

   Great investment and ownership opportunity. 2 bedroom condo in good condition. No maintenance living. Located near shopping, bus line, schools and the interstate. Rents in this complex rage from 600-700. HOA fee includes water, trash and exterior insurance. Enjoy a cup of coffee on the balcony or in front of the fireplace.

6. 2013-02-25
   historical
7. 2011-08-30
   listed $21,000
8. 2006-02-21
   soldstatus $12,000
9. 2005-12-31
   historical
10. 2005-11-22
    listed $12,000
11. 2005-10-05
    listed
12. 2003-09-11
    historical
13. 2002-10-18
    listed $29,900
14. 2001-12-04
    historical
15. 2000-12-04
    listed $30,900

ⓘ 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: $187 · $16/mo
• Projected year-2 tax: $285 · $24/mo
• Expected delta: +$98/yr (+$8/mo · 52.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $16,747
• − Mortgage interest: −$2,521
• − Property taxes: −$187
• − Insurance: −$225
• − Repairs & maintenance: −$1,340
• − Management: −$1,340
• − HOA: −$3,000
• − Depreciation: −$1,309
• Taxable income: $6,826
• Est. tax owed @ 24.0%: −$1,638
• After-tax cash flow: $5,348/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

+26.2% since first listed

17 events — show timeline

• 2026-06-12 Sold (MLS) $39,000 MIBOR as Distributed by MLS Grid
• 2026-05-26 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-16 Listed $45,000 MIBOR as Distributed by MLS Grid
• 2025-04-28 Listed $40,000 MIBOR as Distributed by MLS Grid
• 2018-07-30 Sold (MLS) $21,000 MIBOR as Distributed by MLS Grid
• 2018-07-20 Pending — MIBOR as Distributed by MLS Grid
• 2018-07-14 Listed $20,500 MIBOR as Distributed by MLS Grid
• 2013-02-25 Listing Removed — MIBOR as Distributed by MLS Grid
• 2011-08-30 Listed $21,000 MIBOR as Distributed by MLS Grid
• 2006-02-21 Sold (MLS) $12,000 MIBOR as Distributed by MLS Grid
• 2005-12-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-11-22 Listed $12,000 MIBOR as Distributed by MLS Grid
• 2005-10-05 Listed — MIBOR as Distributed by MLS Grid
• 2003-09-11 Listing Removed — MIBOR as Distributed by MLS Grid
• 2002-10-18 Listed $29,900 MIBOR as Distributed by MLS Grid
• 2001-12-04 Listing Removed — MIBOR as Distributed by MLS Grid
• 2000-12-04 Listed $30,900 MIBOR as Distributed by MLS Grid

Property tax history

+5.4%/yr

Latest (2025): $187 · -37.5% YoY. Source: county tax records.