5409 Rocky Mountain Dr · Indianapolis city (balance), IN 46237

$207,500

4 bd · 1.0 ba · 1,271 sqft · SingleFamily public records · 43 Days on market

Built 2000 6,012 sqft lot Est $244k · 15% under $33/mo HOA · 2% of rent

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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 +18.1/30.0
• ARV discount +14.2/15.0
• DSCR +5.7/10.0
• 1% rule +4.5/10.0
• Schools +4.0/10.0
• Rent growth +3.4/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 4 bedroom ranch has a ceramic tile gas fireplace in the living room and also a heated garage. Check out the new ceramic tile in the Kitchen and bathrooms! New carpet throughout house. Hardwood floor entry. The Master Bedroom offers privacy, being separate from the other three Bedrooms. Seller will assist with financing! $500 Bonus to selling agent if closes by April 25th, 2007!!

Key facts

• 6,012 sq ft lot
• 2 garage spots
• Built 2000

Property features AI

Finance

• Other: Ownership interest: Mandatory fee
• Financial info: Financial investment details not provided
• HOA & community: HOA present with semi-annual fee of $195

Exterior

• Parking: Attached 2-car garage (approx. 400 sq ft)
• Security: Security details not provided
• Utilities: Public water; Municipal sewer connected; Solid waste service available
• Home design: Single-family residence; One story
• Construction: Vinyl with brick exterior; Slab foundation
• Exterior features: Lot under 1/4 acre (approximately 0.14 acre)

Interior

• Kitchen: Eat-in kitchen; Dishwasher; Microwave
• Bedrooms: 4 bedrooms (all on main level); Bedroom sizes include 13 x 9, 12 x 10, 11 x 10, and 16 x 11
• Flooring: Flooring details not provided
• Bathrooms: 2 full bathrooms (both on main level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Walk-in closet(s); Eat-in kitchen; Fireplace in great room
• Laundry & utility: Laundry/utility details not provided

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $208k.

Deal economics

• At list price, monthly cash flow is $181 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $197k (4.9% below list).
• Recommended offer: $197k (4.9% below list) — sets the bar for 1% rule.
• Cap rate 7.3% 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.
• 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.
• Market conditions: Rents rising (+3.8%/yr); 261 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $6k 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 ($201k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 24y ago; this cycle's ask has dropped $27k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $108k; list at $208k implies a 92% gain — meaningful room to come down on a strong offer.

Recommended offer $197,393 (4.9% 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 5% concession, seller financing, or rate buy-down credit?
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. 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: 0.95% ✗
• Cap rate: 7.34%
• Cash-on-cash: 3.75%
• DSCR: 1.17
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $244,032
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5233 Rocky Mountain Dr	0.15mi	3/2.0 (-1)	1,246 (-2%)	2mo	$239,000	$192	79
5410 Waterton Lakes Dr	0.08mi	3/2.5 (-1)	1,231 (-3%)	4mo	$252,000	$205	76
5548 Glen Canyon Dr	0.18mi	3/2.0 (-1)	1,245 (-2%)	5mo	$234,000	$188	75
5108 Thompson Park Blvd	0.29mi	3/2.0 (-1)	1,264 (-1%)	4mo	$229,900	$182	73
5048 Thompson Park Blvd	0.31mi	3/2.0 (-1)	1,196 (-6%)	3mo	$238,050	$199	64
5135 Brouse Ct	0.46mi	3/2.0 (-1)	1,243 (-2%)	2mo	$252,450	$203	64
5136 Rocky Mountain Dr	0.25mi	3/2.0 (-1)	1,390 (+9%)	4mo	$239,000	$172	60
4727 Deacon Ln	0.63mi	3/2.0 (-1)	1,252 (-2%)	6mo	$200,000	$160	54
5105 Bahia Dr	0.71mi	3/1.5 (-1)	1,332 (+5%)	1mo	$225,000	$169	51
4712 Plowman Dr	0.70mi	3/2.0 (-1)	1,344 (+6%)	1mo	$270,000	$201	48
4734 Deacon Ln	0.63mi	3/2.0 (-1)	1,390 (+9%)	1mo	$266,500	$192	45
5223 Bahia Dr	0.68mi	3/1.5 (-1)	1,112 (-12%)	4mo	$195,000	$175	37

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 · 3.78% rent growth · sell at horizon

5-year hold

• IRR: -9.6%
• Equity multiple: 0.65×
• Total profit: $-20,509
• Equity at exit: $30,939

10-year hold

• IRR: 0.8%
• Equity multiple: 1.06×
• Total profit: $3,515
• Equity at exit: $17,941

Cash invested: $58,100 (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 46237

• Rents YoY: 3.8%
• Active inventory: 261
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,974 high
• Mortgage (P&I): −$1,088
• Tax from tax record: −$170 /mo · $2,044/yr
• Insurance: −$86
• HOA: −$33
• Vacancy / Maint / Mgmt: −$415
• Net cashflow: $181

Break-even live

Break-even rent $1,744

Max offer price $207,500

Occupancy floor 86%

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: $51,875
• Closing costs: $6,225
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5309 Waterton Lakes Dr Indianapolis, IN	3.0	2.0	1390	$1,865	$1.34	7d	1	0.13mi
5844 Timber Lake Blvd Indianapolis, IN	3.0	2.0	1250	$1,856	$1.48	2d	1	0.50mi
5739 Ensenada Ave Indianapolis, IN	3.0	2.0	1506	$1,700	$1.13	22d	1	0.67mi
5717 Hacienda Ct Indianapolis, IN	3.0	1.5	1322	$1,631	$1.23	16d	1	0.69mi
5729 Ensenada Ave Indianapolis, IN	4.0	2.0	1506	$1,831	$1.22	23d	1	0.69mi
5723 Ensenada Ave Indianapolis, IN	3.0	2.0	1168	$1,775	$1.52	2d	1	0.71mi
7260 Kidwell Dr Indianapolis, IN	3.0	2.0	1409	$1,899	$1.35	7d	1	0.98mi
4436 Victory Cir Indianapolis, IN	3.0	2.5	1712	$1,850	$1.08	18d	1	1.03mi
5334 Padre Ln Indianapolis, IN	3.0	1.5	1016	$1,695	$1.67	14d	1	1.11mi
5310 Shelbyville Rd Indianapolis, IN	4.0	2.0	1860	$1,850	$0.99	2d	1	1.12mi
6543 E Hanna Ave Indianapolis, IN	2.0–4.0	2.0	1452	$1,659	$1.14	12d	1	1.27mi
4901 S Emerson Ave Indianapolis, IN	1.0–4.0	1.0–2.0	998	$2,008	$2.01	2d	10	1.34mi
5325 Montavia Ln Indianapolis, IN	3.0	2.0	1632	$1,849	$1.13	23d	1	1.49mi

HOA detail

• Monthly dues: $33 · $396/yr
• Likely covers: gas

Listing history 23 events

1. 2026-06-18
   price $207,500 Active 43 DOM
2. 2026-06-18
   days on market $212,500 Active 43 DOM
3. 2026-06-17
   days on market $212,500 Active 42 DOM
4. 2026-06-16
   days on market $212,500 Active 41 DOM
5. 2026-06-15
   days on market $212,500 Active 40 DOM
6. 2026-06-13
   days on market $212,500 Active 38 DOM
7. 2026-06-09
   days on market $212,500 Active 34 DOM
8. 2026-06-08
   days on market $212,500 Active 33 DOM
9. 2026-06-07
   pricedays on market $212,500 Active 32 DOM
10. 2026-06-03
    days on market $223,500 Active 28 DOM
11. 2026-06-02
    days on market $223,500 Active 27 DOM
12. 2026-06-01
    days on market $223,500 Active 26 DOM
13. 2026-05-31
    days on market $223,500 Active 25 DOM
14. 2026-05-21
    price $223,500
15. 2026-05-06
    listed $234,900 Active
16. 2007-04-26
    soldstatus $108,000 392-char remark

    Show marketing remark (392 chars)

    This 4 bedroom ranch has a ceramic tile gas fireplace in the living room and also a heated garage. Check out the new ceramic tile in the Kitchen and bathrooms! New carpet throughout house. Hardwood floor entry. The Master Bedroom offers privacy, being separate from the other three Bedrooms. Seller will assist with financing! $500 Bonus to selling agent if closes by April 25th, 2007!!

17. 2007-01-21
    listed $109,900 392-char remark

    Show marketing remark (392 chars)

    This 4 bedroom ranch has a ceramic tile gas fireplace in the living room and also a heated garage. Check out the new ceramic tile in the Kitchen and bathrooms! New carpet throughout house. Hardwood floor entry. The Master Bedroom offers privacy, being separate from the other three Bedrooms. Seller will assist with financing! $500 Bonus to selling agent if closes by April 25th, 2007!!

18. 2004-05-11
    historical
19. 2003-11-11
    listed $112,900
20. 2003-06-16
    historical
21. 2002-12-16
    listed $112,900
22. 2002-11-15
    soldstatus $87,000
23. 2002-09-13
    listed $95,000

ⓘ 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: $2,044 · $170/mo
• Projected year-2 tax: $2,044 · $170/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 ≥102°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,687
• − Mortgage interest: −$11,623
• − Property taxes: −$2,044
• − Insurance: −$1,038
• − Repairs & maintenance: −$1,895
• − Management: −$1,895
• − HOA: −$396
• − Depreciation: −$6,036
• Taxable loss: −$1,240
• Est. tax savings @ 24.0%: +$297
• After-tax cash flow: $2,475/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): 43,473
• Household income: $79,078
• Rent vs Own: 31.1% rent · 68.9% own
• Severe rent burden: 1245.0

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: Predominantly White (71%)
• Race & ethnicity: White 71% Asian 13% Hispanic / Latino 7% Two or more races 6% Black 5%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 2% Lithuanian 2% Romanian 2%
• Foreign-born: 12% · Canada, Philippines
• Languages at home: 84% English-only · Other Asian/Pacific 5% Spanish 5% Other Indo-European 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: ▼ -180.33%
• Current HPI: 238.9661
• Rent YoY: ▲ 3.78%
• 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

+135.3% since first listed

10 events — show timeline

• 2026-05-21 Price Changed $223,500 MIBOR as Distributed by MLS Grid
• 2026-05-06 Listed $234,900 MIBOR as Distributed by MLS Grid
• 2007-04-26 Sold (MLS) $108,000 MIBOR as Distributed by MLS Grid
• 2007-01-21 Listed $109,900 MIBOR as Distributed by MLS Grid
• 2004-05-11 Listing Removed — MIBOR as Distributed by MLS Grid
• 2003-11-11 Listed $112,900 MIBOR as Distributed by MLS Grid
• 2003-06-16 Listing Removed — MIBOR as Distributed by MLS Grid
• 2002-12-16 Listed $112,900 MIBOR as Distributed by MLS Grid
• 2002-11-15 Sold (MLS) $87,000 MIBOR as Distributed by MLS Grid
• 2002-09-13 Listed $95,000 MIBOR as Distributed by MLS Grid

Property tax history

+0.9%/yr

Latest (2025): $2,044 · -4.3% YoY. Source: county tax records.