9861 Royce Dr · Indianapolis city (balance), IN 46235

$72,000

2 bd · 1.5 ba · 1,048 sqft · Condo public records · 113 Days on market

Built 1973 $69/sqft · at area comps Est $70k · at est. $250/mo HOA · 17% 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 +29.2/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +6.2/15.0
• Rent growth +3.1/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Looking for FULLY RENOVATED affordable housing OR IMMEDIATE RENTAL INCOME? You don't need to look any further. Fresh paint, remodeled Bathrooms, newer appliances, vinyl HARDWOOD floors, French doors to private patio. Park-like neighborhood thriving under new management. Cherry on a top: selling FULLY FURNISHED with APPLIANCES included, saving buyers time, energy, and the potential cost of furnishing a home.

Key facts

• Fully renovated
• Private patio
• Appliances included

Tags

• FULLY RENOVATED
• REMODELED BATHROOMS
• VINYL HARDWOOD FLOORS
• PRIVATE PATIO
• FULLY FURNISHED
• APPLIANCES INCLUDED

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $72k.

Deal economics

• At list price, monthly cash flow is $252 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $72k).
• Recommended offer: $66k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.5% 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.
• 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.
• Market conditions: Rents rising (+2.6%/yr); 54 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $498 of loan paydown is wiped out by about $2k 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 $20k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 113 days — a 9% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 20y ago; this cycle's ask has dropped $16k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $16k; list at $72k implies a 350% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.7% of price.

Recommended offer $65,520 (9.0% below list)

Questions for the listing agent

1. It's been on market 113 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.99% ✓
• Cap rate: 10.49%
• Cash-on-cash: 14.99%
• DSCR: 1.67
• GRM: 4.2

CMA / ARV

• ARV (median comp): $70,000
• List price: $72,000
• Delta: 2.86%
• Verdict: FAIR
• Comps: 17 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.56% rent growth · sell at horizon

5-year hold

• IRR: 5.1%
• Equity multiple: 1.20×
• Total profit: $3,999
• Equity at exit: $10,735

10-year hold

• IRR: 14.2%
• Equity multiple: 2.12×
• Total profit: $22,610
• Equity at exit: $6,225

Cash invested: $20,160 (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 46235

• Home prices YoY: -4.3%
• Rents YoY: 2.6%
• Active inventory: 54
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,431 high
• Mortgage (P&I): −$378
• Tax from tax record: −$221 /mo · $2,657/yr
• Insurance: −$30
• HOA: −$250
• Vacancy / Maint / Mgmt: −$301
• Net cashflow: $252

Break-even live

Break-even rent $1,113

Max offer price $72,000

Occupancy floor 77%

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: $18,000
• Closing costs: $2,160
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9962 Catalina Dr Indianapolis, IN	3.0	1.0	1236	$1,600	$1.29	4d	1	0.29mi
3962 Strathmore Dr Indianapolis, IN	3.0	1.0	925	$1,250	$1.35	24d	1	0.46mi
10101 Montery Rd Indianapolis, IN	2.0	1.0	627	$1,439	$2.30	2d	10	0.56mi
9226 E 36th Pl Indianapolis, IN	3.0	1.0	1073	$1,250	$1.16	8d	1	0.58mi
3645 Wingate Ct Indianapolis, IN	3.0	1.0–2.0	774	$1,258	$1.62	24d	6	0.63mi
9438 Conried Dr Indianapolis, IN	3.0	1.0	1094	$1,445	$1.32	4d	1	0.65mi
9060 E 39th Pl Indianapolis, IN	1.0–2.0	1.0–1.5	820	$1,040	$1.27	24d	1	0.82mi
3631 Decamp Dr Indianapolis, IN	3.0	1.0	1000	$1,335	$1.33	24d	1	0.98mi
3665 Coneflower Way Indianapolis, IN	3.0	2.0	1030	$1,375	$1.33	44d	1	1.00mi
8862 Bel Air Ct Indianapolis, IN	3.0	1.0	1073	$1,264	$1.18	18d	1	1.01mi
8914 Elmonte Dr Indianapolis, IN	3.0	1.5	1500	$1,600	$1.07	24d	1	1.01mi
3540 Dubarry Ct Indianapolis, IN	3.0	2.0	1297	$1,400	$1.08	24d	1	1.03mi
3809 Biscayne Rd Indianapolis, IN	2.0	1.5	992	$1,020	$1.03	15d	1	1.05mi
3815 Biscayne Rd Indianapolis, IN	3.0	1.5	1188	$1,220	$1.03	15d	1	1.05mi
3938 Biscayne Rd Indianapolis, IN	3.0	1.0	1000	$1,895	$1.90	3d	1	1.10mi
8738 Montery Rd Indianapolis, IN	3.0	1.0	1421	$1,396	$0.98	8d	1	1.15mi
8724 Montery Rd Indianapolis, IN	3.0	1.0	925	$1,500	$1.62	44d	1	1.17mi

HOA detail condo

• Monthly dues: $250 · $3,000/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-18
   days on market $72,000 Active 113 DOM
2. 2026-06-17
   days on market $72,000 Active 112 DOM
3. 2026-06-16
   days on market $72,000 Active 111 DOM
4. 2026-06-15
   days on market $72,000 Active 110 DOM
5. 2026-06-13
   days on market $72,000 Active 108 DOM
6. 2026-06-13
   days on market $72,000 Active 107 DOM
7. 2026-06-09
   days on market $72,000 Active 104 DOM
8. 2026-06-08
   days on market $72,000 Active 103 DOM
9. 2026-06-07
   pricedays on market $72,000 Active 102 DOM
10. 2026-06-03
    days on market $88,500 Active 98 DOM
11. 2026-06-02
    days on market $88,500 Active 97 DOM
12. 2026-06-01
    days on market $88,500 Active 96 DOM
13. 2026-05-31
    days on market $88,500 Active 95 DOM
14. 2026-03-19
    status Active 410-char remark

    Show marketing remark (410 chars)

    Looking for FULLY RENOVATED affordable housing OR IMMEDIATE RENTAL INCOME? You don't need to look any further. Fresh paint, remodeled Bathrooms, newer appliances, vinyl HARDWOOD floors, French doors to private patio. Park-like neighborhood thriving under new management. Cherry on a top: selling FULLY FURNISHED with APPLIANCES included, saving buyers time, energy, and the potential cost of furnishing a home.

15. 2026-03-03
    status Pending 410-char remark

    Show marketing remark (410 chars)

    Looking for FULLY RENOVATED affordable housing OR IMMEDIATE RENTAL INCOME? You don't need to look any further. Fresh paint, remodeled Bathrooms, newer appliances, vinyl HARDWOOD floors, French doors to private patio. Park-like neighborhood thriving under new management. Cherry on a top: selling FULLY FURNISHED with APPLIANCES included, saving buyers time, energy, and the potential cost of furnishing a home.

16. 2026-02-09
    listed $88,500 Active 410-char remark

    Show marketing remark (410 chars)

    Looking for FULLY RENOVATED affordable housing OR IMMEDIATE RENTAL INCOME? You don't need to look any further. Fresh paint, remodeled Bathrooms, newer appliances, vinyl HARDWOOD floors, French doors to private patio. Park-like neighborhood thriving under new management. Cherry on a top: selling FULLY FURNISHED with APPLIANCES included, saving buyers time, energy, and the potential cost of furnishing a home.

17. 2016-05-23
    soldstatus $16,000 Sold 169-char remark

    Show marketing remark (169 chars)

    Property offers great potential for investors! This property is being sold "As-Is". This property has been repainted, has brand new carpet and a new furnace!

18. 2016-05-20
    status Pending 169-char remark

    Show marketing remark (169 chars)

    Property offers great potential for investors! This property is being sold "As-Is". This property has been repainted, has brand new carpet and a new furnace!

19. 2016-04-22
    historical Active with Contingency 169-char remark

    Show marketing remark (169 chars)

    Property offers great potential for investors! This property is being sold "As-Is". This property has been repainted, has brand new carpet and a new furnace!

20. 2016-04-11
    listed $18,000 Active 169-char remark

    Show marketing remark (169 chars)

    Property offers great potential for investors! This property is being sold "As-Is". This property has been repainted, has brand new carpet and a new furnace!

21. 2007-12-07
    soldstatus $10,000
22. 2006-12-26
    listed $16,900

ⓘ 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: $2,657 · $221/mo
• Projected year-2 tax: $2,657 · $221/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $17,178
• − Mortgage interest: −$4,033
• − Property taxes: −$2,657
• − Insurance: −$360
• − Repairs & maintenance: −$1,374
• − Management: −$1,374
• − HOA: −$3,000
• − Depreciation: −$2,095
• Taxable income: $2,284
• Est. tax owed @ 24.0%: −$548
• After-tax cash flow: $2,474/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: 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 · 998,460 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: 1901.0

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: 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%

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

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

+423.7% since first listed

9 events — show timeline

• 2026-03-19 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-03 Pending — MIBOR as Distributed by MLS Grid
• 2026-02-09 Listed $88,500 MIBOR as Distributed by MLS Grid
• 2016-05-23 Sold (MLS) $16,000 MIBOR as Distributed by MLS Grid
• 2016-05-20 Pending — MIBOR as Distributed by MLS Grid
• 2016-04-22 Contingent — MIBOR as Distributed by MLS Grid
• 2016-04-11 Listed $18,000 MIBOR as Distributed by MLS Grid
• 2007-12-07 Sold (MLS) $10,000 MIBOR as Distributed by MLS Grid
• 2006-12-26 Listed $16,900 MIBOR as Distributed by MLS Grid

Property tax history

+17.4%/yr

Latest (2025): $2,657 · +91.2% YoY. Source: county tax records.