13872 N Mardenis Dr W · Indianapolis city (balance), IN 46113

$309,900

4 bd · 2.5 ba · 2,200 sqft · SingleFamily public records · 118 Days on market

Built 2020 6,229 sqft lot Est $334k · 7% under $40/mo HOA · 2% of rent

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Why this score? — see what drove the D 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 +13.1/30.0
• ARV discount +10.8/15.0
• DSCR +3.9/10.0
• Schools +3.7/10.0
• Rent growth +3.2/5.0
• 1% rule +2.8/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This property features four spacious bedrooms and 2.5 baths, offering an ideal blend of comfort and functionality. The main level boasts a versatile, open-concept living room, perfect for entertaining, with a bright living area that flows seamlessly into the kitchen. Upstairs, you will find four graciously sized bedrooms and a loft, all featuring new carpeting throughout. Schedule your showing today.

Key facts

• 6,229 sq ft lot
• 2 garage spots
• Built 2020

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $310k.

Deal economics

• At list price, monthly cash flow is $-9 ($-110/yr) — negative.
• To cash-flow at today's rent, offer at most $308k (0.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $241k (22.1% below list).
• Recommended offer: $241k (22.1% below list) — sets the bar for 1% rule.
• Cap rate 6.3% 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 D — affects rentability + tenant quality, not the cash-flow math above.
• Mooresville Consolidated School Corporation (suburban): math 41% / reading 43% proficiency, ranked #111 of 301 in IN (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mooresville High School (math 43% / reading 74%, grade C, #60 of 369 statewide, top 16%, 1,404 students, 39% FRL).
• Zoned-school proficiency averages 58% at this address vs 42% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Mooresville Consolidated School Corporation average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+2.9%/yr); 66 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 330 units permitted in Morgan County in 2024 (0 in 5+ unit buildings).
• This rent runs 34% of the median local income ($84k/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 $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Morgan County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 118 days — a 9% lower offer ($282k) is reasonable based on typical stale-listing flexibility.
• 3 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 $241,294 (22.1% 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 118 days. Have you received any prior offers? Is the seller open to a 22% 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: 0.78% ✗
• Cap rate: 6.26%
• Cash-on-cash: -0.13%
• DSCR: 0.99
• GRM: 10.7

CMA / ARV

• ARV (on-the-fly): $334,400
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7147 E Rising Sun Cir S	0.25mi	4/2.5	2,203 (+0%)	4mo	$320,000	$145	84
13820 N Cardonia Dr	0.14mi	5/2.5 (+1)	2,203 (+0%)	13mo	$325,000	$148	77
13841 N Cardonia Dr	0.15mi	4/2.5	1,920 (-13%)	5mo	$105,000	$55	67
13844 N Cardonia Dr	0.12mi	4/2.5	1,920 (-13%)	10mo	$263,000	$137	65
13874 N Hawkers Hill Dr	0.22mi	4/2.5	1,900 (-14%)	3mo	$305,000	$161	65
7111 E Rising Sun Cir N	0.16mi	4/2.5	1,924 (-12%)	8mo	$317,000	$165	65
7119 E Rising Sun Cir N	0.17mi	4/2.5	1,903 (-14%)	9mo	$289,990	$152	62
13860 N Tiosa Ln	0.17mi	4/2.5	1,900 (-14%)	13mo	$320,000	$168	58
7208 E Rising Sun Cir N	0.27mi	4/2.5	1,903 (-14%)	10mo	$304,945	$160	56
13885 N Rising Sun Cir E	0.41mi	5/2.5 (+1)	1,918 (-13%)	0mo	$273,000	$142	54
13777 N Rising Sun Cir E	0.44mi	4/2.5	1,903 (-14%)	14mo	$302,999	$159	45
6360 E Chapel Hill Ct	0.68mi	4/2.5	2,426 (+10%)	12mo	$360,000	$148	41

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 · 2.88% rent growth · sell at horizon

5-year hold

• IRR: -16.7%
• Equity multiple: 0.41×
• Total profit: $-51,195
• Equity at exit: $46,207

10-year hold

• IRR: -8.8%
• Equity multiple: 0.46×
• Total profit: $-46,939
• Equity at exit: $26,794

Cash invested: $86,772 (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 46113

• Home prices YoY: -13.0%
• Rents YoY: 2.9%
• Active inventory: 66
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $2,413 high
• Mortgage (P&I): −$1,625
• Tax from tax record: −$121 /mo · $1,453/yr
• Insurance: −$129
• HOA: −$40
• Vacancy / Maint / Mgmt: −$507
• Net cashflow: $-9

Break-even live

Break-even rent $2,425

Max offer price $308,281

Occupancy floor 95%

Sensitivity live

Price	-10% $166	-5% $79	+0% $-9	+5% $-97	+10% $-185
Rent	-10% $-200	-5% $-104	+0% $-9	+5% $86	+10% $181
Rate	-1.0pp $147	-0.5pp $70	base $-9	+0.5pp $-89	+1.0pp $-171

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: $77,475
• Closing costs: $9,297
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
13857 N Mardenis Dr W Camby, IN	3.0	2.0	1440	$1,905	$1.32	25d	1	0.06mi
13823 N Cardonia Dr Camby, IN	5.0	2.5	2200	$2,675	$1.22	19d	1	0.19mi
13320 N White Cloud Ct Camby, IN	3.0	2.0	1911	$2,000	$1.05	17d	1	0.81mi
13134 N Etna Green Dr Camby, IN	3.0	2.5	1613	$1,855	$1.15	17d	1	1.07mi
13147 N Becks Grove Ct Camby, IN	3.0	2.0	1440	$1,885	$1.31	5d	1	1.09mi
8735 Limberlost Ct Camby, IN	3.0	2.5	1987	$1,895	$0.95	18d	1	1.12mi
8624 Hosta Way Camby, IN	3.0	2.5	1846	$1,761	$0.95	13d	1	1.46mi

HOA detail

• Monthly dues: $40 · $480/yr

Listing history 7 events

1. 2026-04-23
   status Pending
2. 2026-03-05
   price $309,900
3. 2025-12-26
   listed $314,900 Active
4. 2025-06-26
   historical
5. 2025-06-24
   status Active
6. 2025-05-06
   historical
7. 2025-04-11
   listed $309,990 Active

ⓘ 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: $1,453 · $121/mo
• Projected year-2 tax: $2,044 · $170/mo
• Expected delta: +$590/yr (+$49/mo · 40.6%)

ⓘ 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 · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,955
• − Mortgage interest: −$17,359
• − Property taxes: −$1,453
• − Insurance: −$1,550
• − Repairs & maintenance: −$2,316
• − Management: −$2,316
• − HOA: −$480
• − Depreciation: −$9,015
• Taxable loss: −$5,535
• Est. tax savings @ 24.0%: +$1,328
• After-tax cash flow: $1,218/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: Mooresville Consolidated School Corporation
• NCES district ID: 1807140
• Math proficiency: 41% ▼ -11.00%
• Reading proficiency: 43% ▼ -9.00%
• Median HH income: $59,316
• Composite: 37.04/100
• National rank: #4511
• State rank: #111 of 301 in IN

Livability — Indianapolis city (balance)

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• County: Marion County · 998,460 people
• City population: 881,119
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 17,192
• Household income: $84,463
• Rent vs Own: 25.2% rent · 74.8% own
• Severe rent burden: 201.0

Population outlook (Morgan County) Hauer SSP2

• Today (2025): 71,081 people
• By 2030: 71,178 · +0.1%
• By 2040: 69,907 · -1.7%
• By 2050: 66,455 · -6.5%
• By 2075: 57,291 · -19.4%
• By 2100: 43,782 · -38.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Black 16% Two or more races 7% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Hispanic 5% Lithuanian 3% Slovak 2%
• Foreign-born: 10% · Canada
• Languages at home: 88% English-only · Spanish 5% French/Haitian/Cajun 5%

Political lean MEDSL · Morgan

• 2024 margin: Solid R (+54.3) · D 22.0% · R 76.3% · Other 1.7%
• 2008→2024 swing: -27.3pp toward R · 2008: -27.1pp · 2024: -54.3pp
• All cycles: 2024: R+54.3 2020: R+54.6 2016: R+56.6 2012: R+41.1 2008: R+27.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -33.73%
• Current HPI: 225.185
• Rent YoY: ▲ 2.88%
• 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

-0.0% since first listed

7 events — show timeline

• 2026-04-23 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-05 Price Changed $309,900 MIBOR as Distributed by MLS Grid
• 2025-12-26 Listed $314,900 MIBOR as Distributed by MLS Grid
• 2025-06-26 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-06-24 Relisted — MIBOR as Distributed by MLS Grid
• 2025-05-06 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-04-11 Listed $309,990 MIBOR as Distributed by MLS Grid

Property tax history

+210.9%/yr

Latest (2025): $1,453 · +0.8% YoY. Source: county tax records.