4130 Mellis Dr · Indianapolis city (balance), IN 46235

$124,900

3 bd · 1.0 ba · 1,272 sqft · SingleFamily public records · 43 Days on market

Built 1970 9,060 sqft lot $98/sqft · 5% below area Est $132k · 5% under

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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 +26.6/30.0
• ARV discount +10.0/15.0
• DSCR +9.1/10.0
• 1% rule +7.7/10.0
• 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

Well-located 3-bedroom, 1-bath single-story home on the northeast side of Indianapolis. This property features a functional floor plan with comfortable living space and well-sized bedrooms. Situated on a residential lot with driveway parking and a spacious yard, it offers potential for outdoor use or future improvements. Conveniently located near schools, shopping, dining, and major interstate access, providing easy connectivity to downtown Indianapolis and surrounding areas.

Key facts

• Spacious yard
• Residential lot
• Driveway parking

Tags

• NORTHEAST SIDE OF INDIANAPOLIS
• RESIDENTIAL LOT
• DRIVEWAY PARKING
• SPACIOUS YARD
• MAJOR INTERSTATE ACCESS

Property features AI

Exterior

• Security: Smoke detector(s)
• Utilities: Public water; Municipal sewer connection
• Home design: Single-family residence; One story
• Construction: Aluminum siding, block, and brick construction; Block foundation
• Exterior features: Mini barn; Storage shed

Interior

• Kitchen: Electric oven; Refrigerator
• Bedrooms: 3 bedrooms (all on the main level)
• Flooring: Hardwood floors
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Attic access; Hardwood floors; Smoke alarm
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $335 ($4k/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: $121k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.5% 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.
• 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: 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; 33 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 32% of the median local income ($59k/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 43 days — a 3% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 22y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $16k; list at $125k implies a 657% gain — meaningful room to come down on a strong offer.

Recommended offer $121,153 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.27% ✓
• Cap rate: 9.51%
• Cash-on-cash: 11.49%
• DSCR: 1.51
• GRM: 6.5

CMA / ARV

• ARV (median comp): $132,128
• List price: $124,900
• Delta: -5.47%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4149 Mellis Dr	0.05mi	3/1.0	1,236 (-3%)	0mo	$161,000	$130	93
4105 Downes Dr	0.35mi	3/1.5	1,296 (+2%)	10mo	$105,000	$81	70
9438 Conried Dr	0.09mi	3/1.0	1,094 (-14%)	5mo	$130,000	$119	69
9819 Bishop Ct	0.46mi	4/2.0 (+1)	1,225 (-4%)	1mo	$136,500	$111	63
9643 Pepperidge Dr	0.48mi	3/2.0	1,176 (-8%)	3mo	$179,900	$153	59
3814 Strathmore Dr	0.53mi	4/1.0 (+1)	1,225 (-4%)	9mo	$185,000	$151	57
3655 N Wittfield St	0.61mi	3/1.0	1,213 (-5%)	9mo	$150,261	$124	56
3601 Luewan Dr	0.73mi	3/2.0	1,284 (+1%)	7mo	$110,000	$86	54
9048 E 36th St	0.75mi	3/1.0	1,311 (+3%)	8mo	$130,000	$99	54
3857 Arquette Dr	0.45mi	3/1.0	1,107 (-13%)	10mo	$125,000	$113	49
9527 Pepperidge Dr	0.40mi	3/2.5	1,107 (-13%)	7mo	$230,000	$208	48
4138 Balboa Dr	0.66mi	4/2.0 (+1)	1,149 (-10%)	8mo	$150,000	$131	38

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 · 2.56% rent growth · sell at horizon

5-year hold

• IRR: 0.3%
• Equity multiple: 1.01×
• Total profit: $446
• Equity at exit: $18,623

10-year hold

• IRR: 9.5%
• Equity multiple: 1.72×
• Total profit: $25,242
• Equity at exit: $10,799

Cash invested: $34,972 (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: 6.5×

Monthly cashflow live

• Estimated rent: $1,592 high
• Mortgage (P&I): −$655
• Tax from tax record: −$215 /mo · $2,585/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$334
• Net cashflow: $335

Break-even live

Break-even rent $1,168

Max offer price $124,900

Occupancy floor 74%

Sensitivity live

Price	-10% $406	-5% $370	+0% $335	+5% $299	+10% $264
Rent	-10% $209	-5% $272	+0% $335	+5% $398	+10% $461
Rate	-1.0pp $398	-0.5pp $367	base $335	+0.5pp $302	+1.0pp $270

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9438 Conried Dr Indianapolis, IN	3.0	1.0	1094	$1,445	$1.32	5d	1	0.09mi
9513 Baker Ct Indianapolis, IN	4.0	2.0	1702	$1,825	$1.07	8d	1	0.23mi
9060 E 39th Pl Indianapolis, IN	1.0–2.0	1.0–1.5	820	$1,040	$1.27	24d	1	0.30mi
3962 Strathmore Dr Indianapolis, IN	3.0	1.0	925	$1,250	$1.35	24d	1	0.41mi
8914 Elmonte Dr Indianapolis, IN	3.0	1.5	1500	$1,600	$1.07	24d	1	0.44mi
9634 Meadowlark Dr Indianapolis, IN	3.0	1.5	1546	$1,550	$1.00	17d	1	0.44mi
3747 Ireland Dr Indianapolis, IN	4.0	1.5	1400	$1,700	$1.21	24d	1	0.45mi
3722 Ireland Dr Indianapolis, IN	3.0	2.0	1682	$1,700	$1.01	44d	1	0.50mi
8862 Bel Air Ct Indianapolis, IN	3.0	1.0	1073	$1,264	$1.18	18d	1	0.52mi
9949 Ellis Dr Indianapolis, IN	4.0	2.0	1421	$1,580	$1.11	3d	1	0.56mi
8738 Montery Rd Indianapolis, IN	3.0	1.0	1421	$1,396	$0.98	8d	1	0.58mi
3938 Biscayne Rd Indianapolis, IN	3.0	1.0	1000	$1,895	$1.90	3d	1	0.60mi
8724 Montery Rd Indianapolis, IN	3.0	1.0	925	$1,500	$1.62	44d	1	0.61mi
3644 Celtic Dr Indianapolis, IN	4.0	1.5	1637	$1,500	$0.92	15d	1	0.61mi
9962 Catalina Dr Indianapolis, IN	3.0	1.0	1236	$1,600	$1.29	4d	1	0.62mi
3829 Biscayne Rd Indianapolis, IN	4.0	1.5	1188	$1,320	$1.11	15d	1	0.65mi
3823 Biscayne Rd Indianapolis, IN	4.0	1.5	1188	$1,320	$1.11	15d	1	0.66mi
3821 Biscayne Rd Indianapolis, IN	4.0	1.5	1188	$1,325	$1.12	15d	1	0.66mi
3815 Biscayne Rd Indianapolis, IN	3.0	1.5	1188	$1,220	$1.03	15d	1	0.67mi
3809 Biscayne Rd Indianapolis, IN	2.0	1.5	992	$1,020	$1.03	15d	1	0.68mi
9226 E 36th Pl Indianapolis, IN	3.0	1.0	1073	$1,250	$1.16	8d	1	0.68mi
3525 Luewan Ct Indianapolis, IN	4.0	1.0	1107	$1,750	$1.58	24d	1	0.78mi
3519 Jerome Ct Indianapolis, IN	4.0	1.0	1107	$1,995	$1.80	24d	1	0.79mi
3631 Decamp Dr Indianapolis, IN	3.0	1.0	1000	$1,335	$1.33	24d	1	0.79mi
8501 Athens Ct Indianapolis, IN	4.0	1.0	1225	$1,475	$1.20	15d	1	0.84mi
3540 Dubarry Ct Indianapolis, IN	3.0	2.0	1297	$1,400	$1.08	24d	1	0.89mi
4315 Aspen Way Indianapolis, IN	3.0	1.0	1080	$1,380	$1.28	44d	1	0.90mi
8254 Meadowlark Dr Unit 1 Indianapolis, IN	3.0	1.5	1320	$1,150	$0.87	44d	1	1.07mi
8254 Meadowlark Dr Indianapolis, IN	3.0	1.5	1320	$1,150	$0.87	22d	1	1.07mi
3645 Wingate Ct Indianapolis, IN	3.0	1.0–2.0	774	$1,500	$1.94	24d	6	1.19mi
8203 Penway St Indianapolis, IN	3.0	1.5	1360	$1,500	$1.10	24d	1	1.23mi
7925 Crossbridge Dr Indianapolis, IN	2.0	2.0	1072	$1,200	$1.12	44d	1	1.36mi
3513 Roseway Dr Indianapolis, IN	3.0	2.0	1216	$1,600	$1.32	18d	1	1.50mi

Listing history 24 events

1. 2026-06-07
   statusdays on market $124,900 Pending 43 DOM
2. 2026-06-03
   days on market $124,900 Active 41 DOM
3. 2026-06-02
   days on market $124,900 Active 40 DOM
4. 2026-06-01
   days on market $124,900 Active 39 DOM
5. 2026-05-31
   price $124,900 Active 38 DOM
6. 2026-05-31
   days on market $129,900 Active 38 DOM
7. 2026-05-15
   price $129,900 480-char remark
8. 2026-04-23
   listed $134,900 Active 480-char remark
9. 2021-03-23
   listed $100,000
10. 2019-03-04
    listed $62,900
11. 2013-11-26
    historical
12. 2013-05-25
    listed $39,000
13. 2013-01-01
    historical
14. 2012-12-28
    listed $650
15. 2008-06-09
    soldstatus $16,500
16. 2007-12-10
    historical
17. 2007-12-04
    listed $19,500
18. 2007-07-20
    listed $36,792
19. 2007-06-30
    historical
20. 2006-10-24
    listed $86,500
21. 2005-03-28
    soldstatus $76,000
22. 2005-01-25
    listed $76,000
23. 2005-01-12
    soldstatus $29,000
24. 2004-10-08
    listed $33,300

ⓘ 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: $2,585 · $215/mo
• Projected year-2 tax: $2,585 · $215/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 · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,099
• − Mortgage interest: −$6,996
• − Property taxes: −$2,585
• − Insurance: −$624
• − Repairs & maintenance: −$1,528
• − Management: −$1,528
• − Depreciation: −$3,633
• Taxable income: $2,203
• Est. tax owed @ 24.0%: −$529
• After-tax cash flow: $3,489/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

+275.1% since first listed

20 events — show timeline

• 2026-06-05 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-31 Price Changed $124,900 MIBOR as Distributed by MLS Grid
• 2026-05-15 Price Changed $129,900 MIBOR as Distributed by MLS Grid
• 2026-04-23 Listed $134,900 MIBOR as Distributed by MLS Grid
• 2021-03-23 Listed $100,000 MIBOR as Distributed by MLS Grid
• 2019-03-04 Listed $62,900 MIBOR as Distributed by MLS Grid
• 2013-11-26 Listing Removed — MIBOR as Distributed by MLS Grid
• 2013-05-25 Listed $39,000 MIBOR as Distributed by MLS Grid
• 2013-01-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2012-12-28 Listed $650 MIBOR as Distributed by MLS Grid
• 2008-06-09 Sold (MLS) $16,500 MIBOR as Distributed by MLS Grid
• 2007-12-10 Listing Removed — MIBOR as Distributed by MLS Grid
• 2007-12-04 Listed $19,500 MIBOR as Distributed by MLS Grid
• 2007-07-20 Listed $36,792 MIBOR as Distributed by MLS Grid
• 2007-06-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2006-10-24 Listed $86,500 MIBOR as Distributed by MLS Grid
• 2005-03-28 Sold (MLS) $76,000 MIBOR as Distributed by MLS Grid
• 2005-01-25 Listed $76,000 MIBOR as Distributed by MLS Grid
• 2005-01-12 Sold (MLS) $29,000 MIBOR as Distributed by MLS Grid
• 2004-10-08 Listed $33,300 MIBOR as Distributed by MLS Grid

Property tax history

+6.9%/yr

Latest (2025): $2,585 · +2.3% YoY. Source: county tax records.