10210 Carya Ct

Indianapolis city (balance), IN 46259

$359,000F

4 bd · 2.5 ba · 2,308 sqft · Built 2024 · Land · Pending · 43 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,453/mo
• Mortgage (P&I): −$1,883
• Tax + insurance: −$531
• HOA: −$55
• Vac / Maint / Mgmt: −$515
• Net cashflow: $-531/mo
• Annual: $-6,376/yr
• Cap rate: 4.52%
• Cash-on-cash: -6.34%
• DSCR: 0.72
• 1% rule: 0.68%
• Cash to close: $100,520

Investor read

• This is a 4-bed/2.5-bath land listed at $359k.
• At list price, monthly cash flow is $-531 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $265k (26.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $245k (31.7% below list).
• It's been on market 43 days — a 3% lower offer ($348k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $245k (31.7% 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: Acton Elementary School (math 57% / reading 47%, grade C-, #237 of 994 statewide, top 26%, 534 students, 46% 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 48% FRL vs 29% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 162 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 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.

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 43 days. Have you received any prior offers? Is the seller open to a 32% 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?
• 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.
• 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.