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8264 Grand Appaloosa Way 🏗️ New Construction
F Composite 30.89
Why this score? — see what drove the F 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 +7.5/15.0
  • Cash flow +5.7/30.0
  • Condition / age +5.0/5.0
  • Schools +4.7/10.0
  • Rent growth +4.0/5.0
  • Livability +2.5/5.0
  • 1% rule +1.3/10.0
  • DSCR +0.1/10.0
  • Appreciation +0.0/10.0

$345,190

8264 Grand Appaloosa Way · Indianapolis city (balance), IN 46239
4 bd · 3.0 ba · 2,170 sqft · SingleFamily · 67 Days on market
Built 2026 Excellent condition 7,200 sqft lot Garage $46/mo HOA · 2% of rent

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Listing remarks MLS

On the first floor of this new two-story home is an open-concept layout shared among the modern kitchen, lovely dining room and a welcoming Great Room with backyard access, perfect for seamless everyday living and multitasking. In a corner is a peaceful bedroom for versatile needs. Upstairs is a generously sized loft surrounded by two secondary bedrooms and a spacious owner's suite.

Key facts

  • Onsite amenities
  • Bocce ball court
  • Modern kitchen

Tags

ONSITE AMENITIESPLAYGROUNDPICNIC AREASBOCCE BALL COURTOPEN-CONCEPT LAYOUTMODERN KITCHEN

Neighborhood map

Property Rental comp Retail Costco Walmart Transit Schools Stadiums Fortune 500 · Circle radius: 6.0 mi
Loading POIs…
🏗️ New construction. The $345,190 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $352,500.

What this means for you Summary

Snapshot

  • This is a 4-bed/3.0-bath single-family listed at $345k. Condition is rated excellent.

Deal economics

  • At list price, monthly cash flow is $-717 ($-9k/yr) — negative.
  • To cash-flow at today's rent, offer at most $249k (27.9% below list).
  • To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $223k (35.3% below list).
  • Recommended offer: $223k (35.3% below list) — sets the bar for 1% rule.

Location & tenants

  • Location reads: area grade F — 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: Thompson Crossing Elementary Sch (math 57% / reading 42%, grade D, #279 of 994 statewide, top 30%, 666 students, 55% FRL); Franklin Central Junior High (math 31% / reading 40%, grade F, #162 of 330 statewide, top 49%, 1,711 students, 51% FRL); Franklin Central High School (math 41% / reading 69%, grade C, #77 of 369 statewide, top 21%, 3,319 students, 46% FRL) — zoned schools average 51% FRL vs 29% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
  • Market conditions: Rents rising fast (+6.1%/yr); 502 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals lingering (median 82d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 78% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $2k of loan paydown is wiped out by about $11k 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 67 days — a 6% lower offer ($324k) is reasonable based on typical stale-listing flexibility.
  • 4 sale attempts 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 $223,478 (35.3% 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. It's been on market 67 days. Have you received any prior offers? Is the seller open to a 35% concession, seller financing, or rate buy-down credit?
  3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
  4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
  5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
  6. 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?
  7. 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.
  8. 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.
  9. 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
0.63%
Cap rate
3.85%
Cash-on-cash
-8.71%
DSCR
0.61
GRM
13.1

CMA / ARV

ARV (median comp)
$352,500
List price
$345,190
Delta
-2.07%
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
8276 Grand Appaloosa Way 0.02mi 4/3.0 2,170 (0%) 2mo $350,000 $161 97
8420 Grand Appaloosa Way 0.13mi 4/3.0 2,170 (0%) 2mo $349,000 $161 92
8239 Grand Appaloosa Way 0.05mi 5/3.0 (+1) 2,367 (+9%) 2mo $347,000 $147 76
5225 Hearst Ln 0.47mi 4/2.5 2,244 (+3%) 0mo $349,900 $156 70
8017 Raindance Trl 0.43mi 3/2.5 (-1) 2,154 (-1%) 2mo $370,000 $172 70
5227 Great Percheron Dr 0.06mi 5/3.0 (+1) 2,460 (+13%) 1mo $374,000 $152 69
8233 E Thompson Rd 0.20mi 4/2.0 1,939 (-11%) 2mo $293,000 $151 67
5250 Hearst Ln 0.45mi 3/2.0 (-1) 2,062 (-5%) 1mo $298,000 $145 61
5238 Hearst Ln 0.45mi 3/2.0 (-1) 2,063 (-5%) 2mo $309,900 $150 60
8810 Rowling Way 0.58mi 3/2.5 (-1) 2,295 (+6%) 1mo $335,000 $146 56
5327 Twin Bridge Blvd 0.53mi 4/2.0 1,912 (-12%) 2mo $299,900 $157 50
8715 Blue Marlin Dr 0.63mi 4/3.0 2,478 (+14%) 2mo $369,900 $149 45

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
-28.3%
Equity multiple
0.03×
Total profit
$-95,486
Equity at exit
$52,559
10-year hold
IRR
-18.2%
Equity multiple
-0.12×
Total profit
$-110,121
Equity at exit
$30,478

Cash invested: $98,700 (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.
Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

For sale now
44 active · 42 under contract
Months of supply
4.6 mo (22%/mo absorbed)
Median asking
$342,948 ($158/sqft)
Median days on market
73 d
This list price
55% of active listings are priced below it
ARV vs active asking
+2.8% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 46239

Home prices YoY
-29.2%
Rents YoY
6.1%
Active inventory
502
Price-to-rent
12.9×

Monthly cashflow live

Estimated rent
$2,235 high interval (Pro) →
Mortgage (P&I)
$1,849
Tax est. 1.5%
$441 /mo · $5,288/yr
Insurance
$147
HOA
$46
Vacancy / Maint / Mgmt
$469
Net cashflow
$-717

Break-even live

Break-even rent $3,142
Max offer price $248,811
Occupancy floor

Sensitivity live

Price -10% $-473 -5% $-595 +0% $-717 +5% $-838 +10% $-960
Rent -10% $-893 -5% $-805 +0% $-717 +5% $-628 +10% $-540
Rate -1.0pp $-539 -0.5pp $-627 base $-717 +0.5pp $-808 +1.0pp $-901

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
$88,125
Closing costs
$10,575
Reserves months
Total cash needed

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Short-term bridge; refi at stabilization.

Rent comps 27 comps

AddressBedsBaths SqftRent$/sqft DOM Units Dist
5330 Himalayan Dr Indianapolis, IN 3.0 2.5 2120 $2,179 $1.03 100d 1 0.28mi
5325 Montavia Ln Indianapolis, IN 3.0 2.0 1632 $1,849 $1.13 119d 1 0.41mi
5602 Wild Horse Dr Indianapolis, IN 3.0 2.0 1616 $1,806 $1.12 82d 1 0.42mi
5426 Basin Park Dr Indianapolis, IN 4.0 2.5 2652 $2,399 $0.90 64d 1 0.45mi
5639 Wood Hollow Dr Indianapolis, IN 3.0 2.0 1422 $1,795 $1.26 81d 1 0.47mi
5639 Wood Hollow Dr Indianapolis, IN 3.0 2.0 1422 $1,725 $1.21 40d 1 0.47mi
8644 Hornady Dr Indianapolis, IN 3.0 2.5 2238 $2,371 $1.06 4d 1 0.52mi
8119 Rambling Rd Indianapolis, IN 3.0 2.5 1637 $1,826 $1.12 40d 1 0.52mi
8051 Little River Ln Indianapolis, IN 3.0 2.5 2135 $1,801 $0.84 103d 1 0.58mi
8836 Kipling Dr Indianapolis, IN 4.0 2.5 1686 $2,200 $1.30 119d 1 0.62mi
5236 Choctaw Ridge Way Indianapolis, IN 3.0 2.5 2130 $2,275 $1.07 0d 1 0.68mi
8842 Faulkner Dr Indianapolis, IN 3.0 2.0 1792 $1,795 $1.00 94d 1 0.70mi
5532 Burning Tree Ct Indianapolis, IN 3.0 2.0 1424 $1,695 $1.19 10d 1 0.83mi
7260 Kidwell Dr Indianapolis, IN 3.0 2.0 1409 $1,899 $1.35 93d 1 0.93mi
7905 Housefinch Ln Indianapolis, IN 4.0 2.5 2234 $2,299 $1.03 69d 1 0.93mi
4225 Tiana Cir Indianapolis, IN 3.0 2.0 1946 $2,071 $1.06 108d 1 0.97mi
7203 Tresa Dr Indianapolis, IN 3.0 2.5 2173 $1,956 $0.90 40d 1 1.00mi
4410 Viva Ln Indianapolis, IN 4.0 2.5 2876 $2,450 $0.85 100d 1 1.01mi
9203 Hemingway Dr Indianapolis, IN 3.0 2.0 1498 $2,395 $1.60 86d 1 1.04mi
9203 Hemingway Dr Indianapolis, IN 3.0 2.0 1498 $2,295 $1.53 62d 1 1.04mi
7650 Lara Lee Dr Indianapolis, IN 4.0 2.0 1696 $2,039 $1.20 119d 1 1.05mi
7141 Bracken Ln Indianapolis, IN 3.0 2.0 1572 $1,850 $1.18 88d 1 1.09mi
9237 Kavanaugh Dr Indianapolis, IN 3.0 2.0 1503 $2,200 $1.46 113d 1 1.12mi
4127 S Post Rd Indianapolis, IN 3.0 2.0 1460 $1,585 $1.09 119d 1 1.32mi
8446 Coppel Ln Indianapolis, IN 3.0 2.5 1928 $2,035 $1.06 10d 1 1.46mi
4613 Bethel Cove Dr Indianapolis, IN 3.0 3.0 2362 $2,750 $1.16 9d 1 1.47mi
5660 Grassy Bank Dr Indianapolis, IN 3.0 2.5 2035 $2,020 $0.99 0d 1 1.48mi

Property features AI

Finance

Other
Lot is approximately 0.17 acres (< 1/4 acre)
HOA & community
Homeowners association with annual feeAnnual association fee of $550HOA manages entrance/common areas, parks/playgrounds and walking trailsCommunity amenities include park, playground, trails, picnic area and sport courtCovenants & restrictions

Exterior

Parking
Attached garage with three spacesConcrete drivewayGarage door openerGarage offers storage and keyless entry
Security
Keyless entrySmart lock(s)
Utilities
Public waterMunicipal sewer connectedNo solid waste service listed
Home design
Single-family residenceNew construction by Lennar HomesTwo levelsSlab foundation
Construction
Brick and cement siding constructionSlab foundationNew construction
Exterior features
Covered patioPatioSmart lock(s)

Interior

Kitchen
DishwasherGas ovenMicrohoodRefrigeratorDisposalKitchen islandPantry
Bedrooms
Four bedrooms total — one on the main level and three on the upper levelPrimary bedroom includes a walk-in closet
Flooring
Luxury vinyl plank in kitchen, dining room and great room
Bathrooms
Three full bathrooms total — one on the main level and two on the upper levelPrimary bathroom has a full shower stall and double sinks
Heating & cooling
Natural gas heating (high-efficiency 90%+ AFUE)Central air
Interior features
Attic accessWalk-in closet(s)Painted woodworkKitchen islandPantrySmart thermostatSmoke alarm
Laundry & utility
Electric water heater

Listing history 50 events

  1. 2026-08-14
    days on market $345,190 Active 67 DOM
  2. 2026-08-13
    days on market $345,190 Active 66 DOM
  3. 2026-08-12
    days on market $345,190 Active 65 DOM
  4. 2026-08-12
    price $345,190 Active 64 DOM
  5. 2026-08-11
    days on market $348,190 Active 64 DOM
  6. 2026-08-10
    days on market $348,190 Active 63 DOM
  7. 2026-08-09
    days on market $348,190 Active 62 DOM
  8. 2026-08-08
    days on market $348,190 Active 61 DOM
  9. 2026-08-07
    days on market $348,190 Active 60 DOM
  10. 2026-08-06
    days on market $348,190 Active 59 DOM
  11. 2026-08-05
    days on market $348,190 Active 58 DOM
  12. 2026-08-04
    days on market $348,190 Active 57 DOM
  13. 2026-08-03
    days on market $348,190 Active 56 DOM
  14. 2026-07-31
    days on market $348,190 Active 53 DOM
  15. 2026-07-30
    days on market $348,190 Active 51 DOM
  16. 2026-07-28
    pricedays on market $348,190 Active 50 DOM
  17. 2026-07-26
    days on market $350,877 Active 48 DOM
  18. 2026-07-24
    days on market $350,877 Active 46 DOM
  19. 2026-07-23
    days on market $350,877 Active 45 DOM
  20. 2026-07-22
    days on market $350,877 Active 44 DOM
  21. 2026-07-21
    days on market $350,877 Active 43 DOM
  22. 2026-07-20
    days on market $350,877 Active 42 DOM
  23. 2026-07-18
    days on market $350,877 Active 40 DOM
  24. 2026-07-18
    days on market $350,877 Active 39 DOM
  25. 2026-07-16
    days on market $350,877 Active 38 DOM
  26. 2026-07-15
    pricedays on market $350,877 Active 37 DOM
  27. 2026-07-14
    days on market $358,995 Active 36 DOM
  28. 2026-07-13
    days on market $358,995 Active 35 DOM
  29. 2026-07-13
    days on market $358,995 Active 34 DOM
  30. 2026-07-11
    days on market $358,995 Active 33 DOM
  31. 2026-07-10
    days on market $358,995 Active 32 DOM
  32. 2026-07-09
    days on market $358,995 Active 31 DOM
  33. 2026-07-07
    days on market $358,995 Active 29 DOM
  34. 2026-07-06
    days on market $358,995 Active 28 DOM
  35. 2026-07-05
    days on market $358,995 Active 27 DOM
  36. 2026-07-03
    days on market $358,995 Active 25 DOM
  37. 2026-07-02
    days on market $358,995 Active 24 DOM
  38. 2026-07-01
    days on market $358,995 Active 23 DOM
  39. 2026-06-30
    days on market $358,995 Active 22 DOM
  40. 2026-06-29
    days on market $358,995 Active 21 DOM
  41. 2026-06-28
    days on market $358,995 Active 20 DOM
  42. 2026-06-27
    days on market $358,995 Active 19 DOM
  43. 2026-06-26
    days on market $358,995 Active 18 DOM
  44. 2026-06-24
    days on market $358,995 Active 16 DOM
  45. 2026-06-22
    days on market $358,995 Active 14 DOM
  46. 2026-06-21
    days on market $358,995 Active 13 DOM
  47. 2026-06-18
    days on market $358,995 Active 10 DOM
  48. 2026-06-17
    days on market $358,995 Active 9 DOM
  49. 2026-06-16
    days on market $358,995 Active 8 DOM
    Show marketing remark (385 chars)

    On the first floor of this new two-story home is an open-concept layout shared among the modern kitchen, lovely dining room and a welcoming Great Room with backyard access, perfect for seamless everyday living and multitasking. In a corner is a peaceful bedroom for versatile needs. Upstairs is a generously sized loft surrounded by two secondary bedrooms and a spacious owner's suite.

  50. 2026-06-15
    days on market $358,995 Active 7 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 · 18 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

Nearby sold comps map

Loading sold comps map…

Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income
$26,817
− Mortgage interest
−$19,745
− Property taxes
−$5,288
− Insurance
−$1,762
− Repairs & maintenance
−$2,145
− Management
−$2,145
− HOA
−$552
− Depreciation
−$10,255
Taxable loss
−$15,075
combined federal + state — saved on this device
Est. tax savings @ 24.0%
+$3,618
After-tax cash flow
$-4,981/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.

Condition & rehab AI · 12 photos

Excellent 100/100 None rehab

This brand-new single-family home in Indianapolis, IN, is move-in ready with excellent condition and no visible repairs or maintenance needed. It offers a modern and functional layout with a focus on curb appeal and potential for value-adding improvements.

Value-add opportunities

  • Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics.
  • Both Landscaping improvements — Enhanced landscaping can improve curb appeal and attract potential buyers/tenants.
  • Both Adding smart home features — Smart home features can increase convenience and appeal to tech-savvy buyers/tenants.
  • Both Upgrading the kitchen appliances — Modern appliances can make the kitchen more functional and appealing to potential buyers/tenants.
F Composite school gradezoned avg 47/100

Zoned Schools

Elementary Thompson Crossing Elementary Sch D IN #279/994 Nat'l #12,785/41,679 Middle Franklin Central Junior High F IN #162/330 Nat'l #7,347/14,009 High Franklin Central High School C IN #77/369 Nat'l #4,413/17,239

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 · 1,025,572 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
7% of renters

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

Price history

+1.3% since first listed
8 events — show timeline
  • 2026-06-16 Price Changed $358,995 Zillow
  • 2026-06-16 Relisted Zillow
  • 2026-06-08 Relisted MIBOR as Distributed by MLS Grid
  • 2026-06-08 Price Changed $358,995 MIBOR as Distributed by MLS Grid
  • 2026-05-02 Delisted Zillow
  • 2026-05-01 Pending MIBOR as Distributed by MLS Grid
  • 2026-05-01 Listed $354,495 MIBOR as Distributed by MLS Grid
  • 2026-04-28 Listed $354,495 Zillow

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

Loading sold comps…