8264 Grand Appaloosa Way

Indianapolis city (balance), IN 46239

$345,190F

4 bd · 3.0 ba · 2,170 sqft · Built 2026 · SingleFamily · Active · 67 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,235/mo
• Mortgage (P&I): −$1,849
• Tax + insurance: −$588
• HOA: −$46
• Vac / Maint / Mgmt: −$469
• Net cashflow: $-717/mo
• Annual: $-8,599/yr
• Cap rate: 3.85%
• Cash-on-cash: -8.71%
• DSCR: 0.61
• 1% rule: 0.63%
• Cash to close: $98,700

Investor read

• This is a 4-bed/3.0-bath single-family listed at $345k. Condition is rated excellent.
• 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).
• It's been on market 67 days — a 6% lower offer ($324k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $223k (35.3% below list) — sets the bar for 1% rule.
• 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.
• 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).
• Marion County population projected at +18% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.

Questions for listing agent

• 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?
• 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.