4002 N Mitthoefer Rd · Indianapolis city (balance), IN 46235

$104,900

3 bd · 1.0 ba · 925 sqft · SingleFamily public records · 114 Days on market

Built 1963 Fair condition 7,187 sqft lot Garage $113/sqft · 30% below area Est $151k · 30% under

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Why this score? — see what drove the B 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.3/10.0
• Rent growth +3.1/5.0
• Livability +2.5/5.0
• Condition / age +2.2/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

CALLING ALL INVESTORS!! Long term tenant occupied. Tenant rights apply, please do not disturb tenants. Serious interest only for showings please. Property is being sold in AS IS condition. No repairs to be made.

Key facts

• Eat in kitchen
• Cozy living area
• Functional layout

Tags

• MOVE IN READY
• FUNCTIONAL LAYOUT
• LOW MAINTENANCE LIFESTYLE
• COZY LIVING AREA
• EAT IN KITCHEN
• CENTRAL AIR

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $105k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $408 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $105k).
• Recommended offer: $95k (9.0% below list) — sets the bar for market timing.
• Cap rate 11.0% vs local median 4.5% 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 B — 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: Charles Warren Fairbanks Sch 105 (math 2% / reading 8%, grade F, #970 of 994 statewide, top 99%, 313 students, 78% FRL); H L Harshman Middle School (math 3% / reading 16%, grade F, #316 of 330 statewide, top 96%, 549 students, 84% FRL); Shortridge High School (math 20% / reading 51%, grade F, #263 of 369 statewide, top 72%, 1,089 students, 70% FRL) — zoned schools at 77% FRL track the district average.
• Market conditions: Rents rising (+2.6%/yr); 80 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals lingering (median 64d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 80% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 31% 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 $725 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 2.6% rent growth), your $29k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 114 days — a 9% lower offer ($95k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 14y ago; this cycle's ask has dropped $30k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $80k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $95,459 (9.0% below list)

Questions for the listing agent

1. It's been on market 114 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
7. 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.
8. 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: 1.43% ✓
• Cap rate: 10.96%
• Cash-on-cash: 16.68%
• DSCR: 1.74
• GRM: 5.8

CMA / ARV

• ARV (median comp): $150,752
• List price: $104,900
• Delta: -30.42%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3943 N Mitthoefer Rd	0.08mi	3/1.0	936 (+1%)	8mo	$149,900	$160	88
3944 Strathmore Dr	0.23mi	3/1.0	925 (0%)	13mo	$162,900	$176	78
3901 Della Ct	0.19mi	3/1.5	925 (0%)	17mo	$150,000	$162	75
9707 E 39th St	0.39mi	3/1.0	925 (0%)	8mo	$103,000	$111	75
9808 Conway Dr	0.31mi	3/1.0	864 (-7%)	0mo	$124,900	$145	74
9920 Catalina Dr	0.27mi	3/1.0	925 (0%)	17mo	$145,000	$157	73
4101 Baker Dr	0.41mi	3/1.0	900 (-3%)	6mo	$122,000	$136	71
3920 Strathmore Dr	0.25mi	3/1.0	925 (0%)	22mo	$125,000	$135	70
3926 Downes Dr	0.30mi	3/2.0	925 (0%)	17mo	$140,000	$151	68
9526 Burrwood Ct	0.58mi	3/1.0	925 (0%)	11mo	$185,000	$200	63
9420 Conried Dr	0.56mi	3/1.0	900 (-3%)	8mo	$119,000	$132	63
9513 E 39th Pl	0.48mi	3/1.5	925 (0%)	17mo	$160,000	$173	62

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: 7.4%
• Equity multiple: 1.29×
• Total profit: $8,405
• Equity at exit: $15,641

10-year hold

• IRR: 16.3%
• Equity multiple: 2.31×
• Total profit: $38,344
• Equity at exit: $9,070

Cash invested: $29,372 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 5 active · 6 under contract
• Months of supply: 6.0 mo (17%/mo absorbed)
• Median asking: $152,400 ($149/sqft)
• Median days on market: 43 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +9.3% vs current asking $/sqft

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

ZIP-level market 46235

• Home prices YoY: -4.3%
• Rents YoY: 2.6%
• Active inventory: 80
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $1,500 high
• Mortgage (P&I): −$550
• Tax from tax record: −$183 /mo · $2,191/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$315
• Net cashflow: $408

Break-even live

Break-even rent $983

Max offer price $104,900

Occupancy floor 68%

Sensitivity live

Price	-10% $468	-5% $438	+0% $408	+5% $379	+10% $349
Rent	-10% $290	-5% $349	+0% $408	+5% $468	+10% $527
Rate	-1.0pp $461	-0.5pp $435	base $408	+0.5pp $381	+1.0pp $354

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: $26,225
• Closing costs: $3,147
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10101 Montery Rd Indianapolis, IN	2.0	1.0	627	$1,349	$2.15	9d	25	0.18mi
3962 Strathmore Dr Indianapolis, IN	3.0	1.0	925	$1,150	$1.24	38d	1	0.19mi
9519 Conried Dr Indianapolis, IN	3.0	1.0	925	$1,275	$1.38	47d	1	0.41mi
9438 Conried Dr Indianapolis, IN	3.0	1.0	1094	$1,445	$1.32	53d	1	0.50mi
3645 Wingate Ct Indianapolis, IN	3.0	1.0–2.0	774	$1,500	$1.94	72d	6	0.65mi
9060 E 39th Pl Indianapolis, IN	1.0–2.0	1.0–1.5	820	$1,040	$1.27	72d	1	0.83mi
3519 Jerome Ct Indianapolis, IN	4.0	1.0	1107	$1,995	$1.80	72d	1	0.85mi
3525 Luewan Ct Indianapolis, IN	4.0	1.0	1107	$1,750	$1.58	72d	1	0.89mi
10221 Ridgefield Dr Indianapolis, IN	3.0	1.0	950	$1,350	$1.42	17d	1	0.89mi
9226 E 36th Pl Indianapolis, IN	3.0	1.0	1073	$1,125	$1.05	35d	1	0.90mi
3728 N Brentwood Ave Indianapolis, IN	3.0	1.0	1073	$1,150	$1.07	28d	1	0.95mi
3665 Coneflower Way Indianapolis, IN	3.0	2.0	1030	$1,375	$1.33	92d	1	1.02mi
8862 Bel Air Ct Indianapolis, IN	3.0	1.0	1073	$1,264	$1.18	66d	1	1.07mi
3938 Biscayne Rd Indianapolis, IN	3.0	1.0	1000	$1,895	$1.90	52d	1	1.16mi
8724 Montery Rd Indianapolis, IN	3.0	1.0	925	$1,500	$1.62	92d	1	1.18mi
3809 Biscayne Rd Indianapolis, IN	2.0	1.5	992	$1,020	$1.03	63d	1	1.18mi
3631 Decamp Dr Indianapolis, IN	3.0	1.0	1000	$1,335	$1.33	72d	1	1.21mi
8619 Montery Rd Indianapolis, IN	3.0	1.0	1073	$1,600	$1.49	37d	1	1.28mi
3914 Richelieu Rd Indianapolis, IN	3.0	1.0	999	$1,500	$1.50	9d	1	1.46mi
4315 Aspen Way Indianapolis, IN	3.0	1.0	1080	$1,380	$1.28	92d	1	1.49mi

Property features AI

Exterior

• Parking: Detached garage (1 car)
• Utilities: Public waterMunicipal sewer connectionSolid waste service available
• Home design: Single-family residenceOne-story
• Construction: Vinyl sidingSlab foundation
• Exterior features: Lot under 1/4 acre (0.17 acre)

Interior

• Kitchen: Kitchen on main level (12x9)
• Bedrooms: Three bedrooms on the main level (dimensions: 12x12; 12x9; 8x10)
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Forced Air heatingCentral Air conditioning
• Interior features: Appliances: NoneForced Air heatingCentral air conditioning

Listing history 50 events

1. 2026-08-08
   days on market $104,900 Active 114 DOM
2. 2026-08-07
   days on market $104,900 Active 113 DOM
3. 2026-08-06
   days on market $104,900 Active 112 DOM
4. 2026-08-05
   days on market $104,900 Active 111 DOM
5. 2026-08-04
   days on market $104,900 Active 110 DOM
6. 2026-08-03
   days on market $104,900 Active 109 DOM
7. 2026-07-31
   days on market $104,900 Active 106 DOM
8. 2026-07-30
   days on market $104,900 Active 105 DOM
9. 2026-07-30
   days on market $104,900 Active 104 DOM
10. 2026-07-28
    days on market $104,900 Active 103 DOM
11. 2026-07-26
    days on market $104,900 Active 101 DOM
12. 2026-07-24
    days on market $104,900 Active 99 DOM
13. 2026-07-23
    days on market $104,900 Active 98 DOM
14. 2026-07-22
    days on market $104,900 Active 97 DOM
15. 2026-07-21
    pricedays on market $104,900 Active 96 DOM
16. 2026-07-20
    days on market $114,900 Active 95 DOM
17. 2026-07-18
    days on market $114,900 Active 93 DOM
18. 2026-07-18
    days on market $114,900 Active 92 DOM
19. 2026-07-16
    days on market $114,900 Active 91 DOM
20. 2026-07-15
    days on market $114,900 Active 90 DOM
21. 2026-07-14
    days on market $114,900 Active 89 DOM
22. 2026-07-13
    days on market $114,900 Active 88 DOM
23. 2026-07-13
    days on market $114,900 Active 87 DOM
24. 2026-07-11
    days on market $114,900 Active 86 DOM
25. 2026-07-10
    days on market $114,900 Active 85 DOM
26. 2026-07-09
    days on market $114,900 Active 84 DOM
27. 2026-07-07
    days on market $114,900 Active 82 DOM
28. 2026-07-06
    price $114,900 Active 81 DOM
29. 2026-07-06
    days on market $119,900 Active 81 DOM
30. 2026-07-05
    days on market $119,900 Active 80 DOM
31. 2026-07-03
    days on market $119,900 Active 78 DOM
32. 2026-07-02
    days on market $119,900 Active 77 DOM
33. 2026-07-01
    days on market $119,900 Active 76 DOM
34. 2026-06-30
    days on market $119,900 Active 75 DOM
35. 2026-06-29
    days on market $119,900 Active 74 DOM
36. 2026-06-28
    days on market $119,900 Active 73 DOM
37. 2026-06-27
    days on market $119,900 Active 72 DOM
38. 2026-06-26
    days on market $119,900 Active 71 DOM
39. 2026-06-25
    days on market $119,900 Active 69 DOM
40. 2026-06-22
    pricedays on market $119,900 Active 67 DOM
41. 2026-06-21
    days on market $124,900 Active 66 DOM
42. 2026-06-18
    days on market $124,900 Active 63 DOM
43. 2026-06-17
    days on market $124,900 Active 62 DOM
44. 2026-06-16
    days on market $124,900 Active 61 DOM
45. 2026-06-15
    days on market $124,900 Active 60 DOM
46. 2026-06-13
    days on market $124,900 Active 58 DOM
47. 2026-06-13
    days on market $124,900 Active 57 DOM
48. 2026-06-09
    days on market $124,900 Active 54 DOM
49. 2026-06-08
    days on market $124,900 Active 53 DOM
50. 2026-06-07
    days on market $124,900 Active 52 DOM

ⓘ 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: $2,191 · $183/mo
• Projected year-2 tax: $2,191 · $183/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: $17,996
• − Mortgage interest: −$5,876
• − Property taxes: −$2,191
• − Insurance: −$524
• − Repairs & maintenance: −$1,440
• − Management: −$1,440
• − Depreciation: −$3,052
• Taxable income: $3,474
• Est. tax owed @ 24.0%: −$834
• After-tax cash flow: $4,067/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 · 9 photos

Fair 45/100 Moderate rehab Est. rehab $23,125–$41,625 screening

This home requires significant repairs and maintenance, including painting the exterior, repairing the roof, and landscaping the yard. These improvements will significantly increase its value for resale and rental.

Components & finishes AI

Roof asphalt shingle · good Flooring carpet

Deferred maintenance Est. $2,500–$10,000 screening

• Minor Roof (roof) — No visible signs of damage or wear
• Minor Windows (windows) — No visible signs of damage or wear
• Minor Electrical (electrical) — No visible signs of damage or wear
• Minor Plumbing (plumbing) — No visible signs of damage or wear
• Minor Exterior (exterior) — No visible signs of damage or wear

Repairs flagged

• Major exterior siding — The siding is weathered and peeling, indicating significant damage that requires replacement.
• Major roof — The roof shows signs of wear and missing shingles, indicating it needs to be replaced.
• Major landscaping — The landscaping is overgrown and unkempt, with bare patches of soil and debris, indicating a need for significant maintenance and improvement.

Value-add opportunities

• Resale paint exterior — Painting the exterior can improve the home's curb appeal and make it more attractive to potential buyers. ↑
• Resale repair roof — A new roof will significantly improve the home's appearance and increase its value, as it is a major structural component. ↑
• Both landscape and maintain yard — A well-maintained yard and landscaping can enhance the home's curb appeal and increase its value for both resale and rental. ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 20/100

Zoned Schools

Elementary Charles Warren Fairbanks Sch 105 F IN #970/994 Nat'l #40,579/41,679 High Shortridge High School F IN #263/369 Nat'l #9,497/17,239

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 · 1,025,572 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: 13% of renters

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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%

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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%

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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

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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

Property features AI

Exterior

• Parking: Detached garage (1 car)
• Utilities: Public waterMunicipal sewer connectionSolid waste service available
• Home design: Single-family residenceOne-story
• Construction: Vinyl sidingSlab foundation
• Exterior features: Lot under 1/4 acre (0.17 acre)

Interior

• Kitchen: Kitchen on main level (12x9)
• Bedrooms: Three bedrooms on the main level (dimensions: 12x12; 12x9; 8x10)
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Forced Air heatingCentral Air conditioning
• Interior features: Appliances: NoneForced Air heatingCentral air conditioning

Price history

+605.3% since first listed

20 events — show timeline

• 2026-06-22 Price Changed $119,900 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
• 2026-04-16 Listed $134,900 MIBOR as Distributed by MLS Grid
• 2021-09-07 Sold (MLS) $79,500 MIBOR as Distributed by MLS Grid
• 2021-08-15 Pending — MIBOR as Distributed by MLS Grid
• 2021-08-06 Relisted — MIBOR as Distributed by MLS Grid
• 2021-08-05 Listing Removed — MIBOR as Distributed by MLS Grid
• 2021-08-04 Relisted — MIBOR as Distributed by MLS Grid
• 2021-07-27 Listing Removed — MIBOR as Distributed by MLS Grid
• 2021-07-25 Relisted — MIBOR as Distributed by MLS Grid
• 2021-07-11 Listing Removed — MIBOR as Distributed by MLS Grid
• 2021-07-01 Listed $85,000 MIBOR as Distributed by MLS Grid
• 2018-03-01 Listed $35,000 MIBOR as Distributed by MLS Grid
• 2018-03-01 Listed $35,000 MIBOR as Distributed by MLS Grid
• 2018-03-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2018-02-28 Sold (MLS) $35,000 MIBOR as Distributed by MLS Grid
• 2013-04-29 Listing Removed — MIBOR as Distributed by MLS Grid
• 2013-04-24 Sold (MLS) $14,576 MIBOR as Distributed by MLS Grid
• 2012-01-11 Listed $17,000 MIBOR as Distributed by MLS Grid

Property tax history

+7.1%/yr

Latest (2025): $2,191 · -2.6% YoY. Source: county tax records.