5249 Hickory Rd · Indianapolis city (balance), IN 46239

$203,000

3 bd · 1.0 ba · 1,335 sqft · SingleFamily public records · 10 Days on market

Built 1956 0.46 ac lot Est $272k · 25% under ↓ 29% since listing

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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 +19.1/30.0
• ARV discount +15.0/15.0
• DSCR +6.0/10.0
• 1% rule +5.0/10.0
• Rent growth +4.0/5.0
• Schools +4.0/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Super hard to find full brick ranch in a great location. They just don't build homes like this any more! This home has a 2 car attached garage & a large detached garage for your toys with a handyman's dream workshop. Relax outside on the open front patio in the front or the deck in the back. Inside features newer floors & loads of natural light throughout. The spacious eat-in kitchen is completely updated with solid surface countertops, new appliances & beautiful custom cabinets. The bathroom is also updated & this home has a surprising amount of closet space. Wonderful view of the large backyard from the 3 season sunroom. The backyard is fully fenced & lined with tress in the back. Additional open parking outside makes this a must see!

Key facts

• Attached garage
• Separate garage
• Sunroom

Tags

• ATTACHED GARAGE
• SEPARATE GARAGE
• SUNROOM
• FULLY FENCED BACKYARD

Property features AI

Finance

• Other: Approximately 0.46 acre lot (about 1/4–1/2 acre)

Exterior

• Parking: Attached and detached garage space; Two garage spaces
• Utilities: Municipal sewer connection; Private well water; Cable available; Electricity connected; Natural gas connected
• Home design: Single-family residence; One level; West-facing
• Construction: Brick construction; Block foundation
• Exterior features: Full yard fence; Outbuilding on the property

Interior

• Kitchen: Dishwasher; Garbage disposal
• Bedrooms: Three bedrooms on the main level (sizes: 13x12, 12x11, 16x14)
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Eat-in kitchen; Glass-enclosed patio/porch
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $203k.

Deal economics

• At list price, monthly cash flow is $214 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $203k).
• Cap rate 7.6% 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.
• 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.
• Market conditions: Rents rising fast (+6.1%/yr); 333 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $1k of loan paydown is wiped out by about $6k 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

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 4y ago 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.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $203,000

Questions for the listing agent

1. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.00% ✓
• Cap rate: 7.56%
• Cash-on-cash: 4.51%
• DSCR: 1.20
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $272,340
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4904 Betholm Dr	0.51mi	3/1.5	1,232 (-8%)	9mo	$180,000	$146	54
10325 Southeastern Ave	0.59mi	3/1.0	1,360 (+2%)	21mo	$198,500	$146	52
5145 Cartland Dr	0.34mi	3/2.0	1,503 (+13%)	12mo	$305,000	$203	49
9236 Kavanaugh Dr	0.42mi	3/2.0	1,503 (+13%)	10mo	$307,000	$204	47
5127 Cartland Dr	0.35mi	3/2.0	1,503 (+13%)	15mo	$311,000	$207	46
9237 Kavanaugh Dr	0.39mi	3/2.0	1,503 (+13%)	15mo	$295,000	$196	45
10068 Southeastern Ave	0.33mi	3/2.0	1,152 (-14%)	21mo	$239,000	$207	41
9324 E Thompson Rd	0.48mi	3/1.0	1,160 (-13%)	19mo	$215,000	$185	40
5607 Tart Blvd	0.69mi	3/2.0	1,503 (+13%)	10mo	$318,000	$212	34
9146 Blue Hill St	0.67mi	3/2.0	1,503 (+13%)	18mo	$312,000	$208	28

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: -5.8%
• Equity multiple: 0.78×
• Total profit: $-12,691
• Equity at exit: $30,268

10-year hold

• IRR: 7.2%
• Equity multiple: 1.62×
• Total profit: $35,316
• Equity at exit: $17,552

Cash invested: $56,840 (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 46239

• Home prices YoY: -29.2%
• Rents YoY: 6.1%
• Active inventory: 333
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $2,036 high
• Mortgage (P&I): −$1,065
• Tax from tax record: −$246 /mo · $2,951/yr
• Insurance: −$85
• HOA: −$0
• Vacancy / Maint / Mgmt: −$428
• Net cashflow: $214

Break-even live

Break-even rent $1,766

Max offer price $203,000

Occupancy floor 85%

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: $50,750
• Closing costs: $6,090
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9237 Kavanaugh Dr Indianapolis, IN	3.0	2.0	1503	$2,200	$1.46	17d	1	0.40mi
10166 Southeastern Ave Indianapolis, IN	2.0	1.5	1625	$1,295	$0.80	23d	1	0.40mi
8836 Kipling Dr Indianapolis, IN	4.0	2.5	1686	$2,200	$1.30	23d	1	0.89mi
4146 Palermo Garden Indianapolis, IN	3.0	2.0	1790	$2,100	$1.17	1d	1	1.10mi
4127 S Post Rd Indianapolis, IN	3.0	2.0	1460	$1,585	$1.09	23d	1	1.36mi

Listing history 13 events

1. 2026-06-02
   status $203,000 Pending 10 DOM
2. 2026-06-01
   days on market $203,000 Active 10 DOM
3. 2026-05-31
   days on market $203,000 Active 9 DOM
4. 2026-05-22
   listed $203,000 Active
5. 2025-06-06
   historical
6. 2025-05-03
   price $271,000
7. 2025-04-07
   status Active
8. 2025-04-01
   status Pending
9. 2025-01-27
   price $272,000
10. 2025-01-09
    listed $320,000 Active
11. 2022-08-11
    soldstatus $287,500 Closed 766-char remark

    Show marketing remark (766 chars)

    Super hard to find full brick ranch in a great location. They just don't build homes like this any more! This home has a 2 car attached garage & a large detached garage for your toys with a handyman's dream workshop. Relax outside on the open front patio in the front or the deck in the back. Inside features newer floors & loads of natural light throughout. The spacious eat-in kitchen is completely updated with solid surface countertops, new appliances & beautiful custom cabinets. The bathroom is also updated & this home has a surprising amount of closet space. Wonderful view of the large backyard from the 3 season sunroom. The backyard is fully fenced & lined with tress in the back. Additional open parking outside makes this a must see!

12. 2022-07-12
    status Pending 766-char remark

    Show marketing remark (766 chars)

    Super hard to find full brick ranch in a great location. They just don't build homes like this any more! This home has a 2 car attached garage & a large detached garage for your toys with a handyman's dream workshop. Relax outside on the open front patio in the front or the deck in the back. Inside features newer floors & loads of natural light throughout. The spacious eat-in kitchen is completely updated with solid surface countertops, new appliances & beautiful custom cabinets. The bathroom is also updated & this home has a surprising amount of closet space. Wonderful view of the large backyard from the 3 season sunroom. The backyard is fully fenced & lined with tress in the back. Additional open parking outside makes this a must see!

13. 2022-06-24
    listed $287,500 Active 766-char remark

    Show marketing remark (766 chars)

    Super hard to find full brick ranch in a great location. They just don't build homes like this any more! This home has a 2 car attached garage & a large detached garage for your toys with a handyman's dream workshop. Relax outside on the open front patio in the front or the deck in the back. Inside features newer floors & loads of natural light throughout. The spacious eat-in kitchen is completely updated with solid surface countertops, new appliances & beautiful custom cabinets. The bathroom is also updated & this home has a surprising amount of closet space. Wonderful view of the large backyard from the 3 season sunroom. The backyard is fully fenced & lined with tress in the back. Additional open parking outside makes this a must see!

ⓘ 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: $2,951 · $246/mo
• Projected year-2 tax: $2,951 · $246/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 · 19 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

Taxation est. · year 1

• Rental income: $24,435
• − Mortgage interest: −$11,371
• − Property taxes: −$2,951
• − Insurance: −$1,015
• − Repairs & maintenance: −$1,955
• − Management: −$1,955
• − Depreciation: −$5,905
• Taxable loss: −$716
• Est. tax savings @ 24.0%: +$172
• After-tax cash flow: $2,736/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: 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 · 998,460 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: 567.0

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 0.61)
• 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: —

Market trends

• HPI YoY: ▼ -93.15%
• Current HPI: 226.1965
• Rent YoY: ▲ 6.11%
• 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

-29.4% since first listed

10 events — show timeline

• 2026-05-22 Listed $203,000 MIBOR as Distributed by MLS Grid
• 2025-06-06 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-05-03 Price Changed $271,000 MIBOR as Distributed by MLS Grid
• 2025-04-07 Relisted — MIBOR as Distributed by MLS Grid
• 2025-04-01 Pending — MIBOR as Distributed by MLS Grid
• 2025-01-27 Price Changed $272,000 MIBOR as Distributed by MLS Grid
• 2025-01-09 Listed $320,000 MIBOR as Distributed by MLS Grid
• 2022-08-11 Sold (MLS) $287,500 MIBOR as Distributed by MLS Grid
• 2022-07-12 Pending — MIBOR as Distributed by MLS Grid
• 2022-06-24 Listed $287,500 MIBOR as Distributed by MLS Grid

Property tax history

+5.1%/yr

Latest (2025): $2,951 · -3.9% YoY. Source: county tax records.