5528 Tart Blvd · Indianapolis city (balance), IN 46239

$369,900

5 bd · 3.0 ba · 2,600 sqft · Land · 161 Days on market

Built 2025 9,418 sqft lot $50/mo HOA · 2% of rent ↓ 4% since listing

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Cash flow +6.6/30.0
• Rent growth +4.0/5.0
• Schools +4.0/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.8/10.0
• DSCR +0.8/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to the exquisite Henley at Edgewood Farms, a stunning two-story residence nestled in Franklin Township. This spacious home boasts five generously-sized bedrooms and three full bathrooms, including a convenient main-level bedroom and bath. The thoughtfully designed staircase, accessible from the family room, ensures both convenience and privacy. The kitchen is a culinary dream, featuring elegant dark cabinetry, sleek quartz countertops, a large pantry, and a built-in island with ample seating. The main level also offers a sizable study, ideal for a home office, along with the versatile bedroom. Upstairs, discover four additional bedrooms, one with a walk-in closet, and a second livin

Key facts

• Main level bedroom
• Pickleball courts
• Built-in island

Tags

• MAIN LEVEL BEDROOM
• BUILT-IN ISLAND
• SMART HOME TECHNOLOGY
• PICKLEBALL COURTS
• WALKING TRAILS

🏗️ New construction. Builder plan / spec listing (the home may be to-be-built); metrics use comparable previous sales.

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath land listed at $370k.

Deal economics

• At list price, monthly cash flow is $-616 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $281k (24.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $252k (31.9% below list).
• Recommended offer: $252k (31.9% below list) — sets the bar for 1% rule.

Location & tenants

• 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: South Creek Elementary (math 62% / reading 47%, grade C, #197 of 994 statewide, top 22%, 627 students, 46% 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 46% FRL vs 29% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.1%/yr); 337 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 30% of the median local income ($100k/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 $3k of loan paydown is wiped out by about $11k 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

• It's been on market 161 days — a 12% lower offer ($326k) is reasonable based on typical stale-listing flexibility.
• 2 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 $251,905 (31.9% 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 161 days. Have you received any prior offers? Is the seller open to a 32% 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: 0.68% ✗
• Cap rate: 4.29%
• Cash-on-cash: -7.14%
• DSCR: 0.68
• GRM: 12.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.11% rent growth · sell at horizon

5-year hold

• IRR: -25.2%
• Equity multiple: 0.12×
• Total profit: $-90,992
• Equity at exit: $55,153

10-year hold

• IRR: -13.8%
• Equity multiple: 0.09×
• Total profit: $-93,940
• Equity at exit: $31,982

Cash invested: $103,572 (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: 337
• Price-to-rent: 12.2×

Monthly cashflow live

• Estimated rent: $2,519 medium
• Mortgage (P&I): −$1,940
• Tax est. 1.5%: −$462 /mo · $5,548/yr
• Insurance: −$154
• HOA: −$50
• Vacancy / Maint / Mgmt: −$529
• Net cashflow: $-616

Break-even live

Break-even rent $3,299

Max offer price $280,728

Occupancy floor —

Sensitivity live

Price	-10% $-361	-5% $-488	+0% $-616	+5% $-744	+10% $-872
Rent	-10% $-815	-5% $-716	+0% $-616	+5% $-517	+10% $-417
Rate	-1.0pp $-430	-0.5pp $-522	base $-616	+0.5pp $-712	+1.0pp $-810

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: $92,475
• Closing costs: $11,097
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8709 Rowling Way Indianapolis, IN	5.0	3.5	3250	$2,600	$0.80	25d	1	0.44mi

HOA detail

• Monthly dues: $50 · $600/yr

Listing history 8 events

1. 2026-04-02
   status Pending
2. 2026-03-23
   status Active
3. 2026-01-19
   status Pending
4. 2026-01-02
   price $369,900
5. 2025-10-27
   price $374,900
6. 2025-10-03
   price $378,900
7. 2025-09-24
   price $379,900
8. 2025-08-21
   listed $383,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $30,229
• − Mortgage interest: −$20,720
• − Property taxes: −$5,548
• − Insurance: −$1,850
• − Repairs & maintenance: −$2,418
• − Management: −$2,418
• − HOA: −$600
• − Depreciation: −$10,761
• Taxable loss: −$14,087
• Est. tax savings @ 24.0%: +$3,381
• After-tax cash flow: $-4,014/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

-3.6% since first listed

8 events — show timeline

• 2026-04-02 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-23 Relisted — MIBOR as Distributed by MLS Grid
• 2026-01-19 Pending — MIBOR as Distributed by MLS Grid
• 2026-01-02 Price Changed $369,900 MIBOR as Distributed by MLS Grid
• 2025-10-27 Price Changed $374,900 MIBOR as Distributed by MLS Grid
• 2025-10-03 Price Changed $378,900 MIBOR as Distributed by MLS Grid
• 2025-09-24 Price Changed $379,900 MIBOR as Distributed by MLS Grid
• 2025-08-21 Listed $383,900 MIBOR as Distributed by MLS Grid