3528 Horner Dr · Indianapolis city (balance), IN 46239

$224,900

3 bd · 1.5 ba · 1,003 sqft · SingleFamily public records · 21 Days on market

Built 1958 0.39 ac lot Est $201k · 12% over

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Why this score? — see what drove the D- 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 +14.1/30.0
• DSCR +4.3/10.0
• Rent growth +4.0/5.0
• Schools +4.0/10.0
• 1% rule +3.3/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +2.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

HUD HOME - PROPERTY SOLD IN "AS-IS" CONDITION. FOR MORE INFORMATION AND AVAILABILITY, PLEASE SEE THE WEB ADDRESS LISTED IN AGENT REMARKS OR SPEAK WITH YOUR REAL ESTATE AGENT. ALL INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED. CASE NUMBER 151-616867

Key facts

• All brick ranch
• Easy access to i-465
• Fenced backyard

Tags

• ALL BRICK RANCH
• FENCED BACKYARD
• NO HOA
• EASY ACCESS TO I-465
• NEW ROOF
• STAINLESS STEEL APPLIANCES

Property features AI

Exterior

• Parking: Attached garage with 2 spaces
• Utilities: Municipal sewer (connected); Private water source; Solid waste service available
• Home design: Single-family residence; One story
• Construction: Brick construction; Crawl space foundation
• Exterior features: Approximately 0.39-acre lot (1/4–1/2 acre)

Interior

• Kitchen: Electric oven; Range hood; Refrigerator; Eat-in kitchen layout
• Bedrooms: Three bedrooms on the main level
• Bathrooms: One full bathroom; One half bathroom (main level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Attic access; Eat-in kitchen; Water softener (owned); ENERGY STAR qualified appliances; ENERGY STAR qualified water heater; Electric water heater
• Laundry & utility: Main-level laundry room; Water softener (owned)

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $34 ($405/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $187k (16.8% below list).
• Recommended offer: $187k (16.8% below list) — sets the bar for 1% rule.
• Cap rate 6.5% 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 D — 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: 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 (20 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; 12 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 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 $2k of loan paydown is wiped out by about $7k 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 21 days — a 2% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 16y 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.
• Current owner paid $31k; list at $225k implies a 634% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $187,044 (16.8% below list)

Questions for the listing agent

1. Built in 1958 — 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. 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?
4. 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.
5. 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.
6. 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: 0.83% ✗
• Cap rate: 6.47%
• Cash-on-cash: 0.64%
• DSCR: 1.03
• GRM: 10.0

CMA / ARV

• ARV (on-the-fly): $200,600
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3528 Horner Dr	0.00mi	3/1.5	1,003 (0%)	0mo	$224,900	$224	100
3112 S Kercheval Dr	0.52mi	3/1.0	975 (-3%)	3mo	$196,000	$201	67
3901 Horner Dr	0.30mi	2/1.0 (-1)	1,053 (+5%)	9mo	$219,900	$209	63
3809 Wildwood Dr	0.38mi	3/1.0	1,086 (+8%)	10mo	$203,500	$187	58
7326 Southeastern Ave	0.30mi	3/1.0	1,089 (+9%)	15mo	$219,900	$202	57
3020 S Kercheval Dr	0.62mi	3/1.0	960 (-4%)	10mo	$170,000	$177	54
3124 S Richardt Ave	0.47mi	3/1.0	1,123 (+12%)	4mo	$222,000	$198	53
7231 E Troy Ave	0.68mi	2/1.0 (-1)	952 (-5%)	2mo	$164,000	$172	52
3038 S Richardt Ave	0.55mi	3/1.0	1,096 (+9%)	10mo	$215,000	$196	49
7155 E Hanna Ave	0.57mi	3/1.0	1,100 (+10%)	22mo	$220,000	$200	37

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: -12.1%
• Equity multiple: 0.55×
• Total profit: $-28,297
• Equity at exit: $33,533

10-year hold

• IRR: 0.9%
• Equity multiple: 1.07×
• Total profit: $4,368
• Equity at exit: $19,445

Cash invested: $62,972 (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: 10.0×

Monthly cashflow live

• Estimated rent: $1,870 high
• Mortgage (P&I): −$1,179
• Tax from tax record: −$171 /mo · $2,049/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$393
• Net cashflow: $34

Break-even live

Break-even rent $1,828

Max offer price $224,900

Occupancy floor 93%

Sensitivity live

Price	-10% $161	-5% $97	+0% $34	+5% $-30	+10% $-94
Rent	-10% $-114	-5% $-40	+0% $34	+5% $108	+10% $182
Rate	-1.0pp $147	-0.5pp $91	base $34	+0.5pp $-25	+1.0pp $-84

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: $56,225
• Closing costs: $6,747
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3203 Brandenburg Dr Indianapolis, IN	4.0	2.5	1486	$1,869	$1.26	5d	1	0.46mi
3146 Brandenburg Dr Indianapolis, IN	3.0	2.0	1200	$1,689	$1.41	5d	1	0.46mi
3149 Brandenburg Dr Indianapolis, IN	4.0	2.5	1486	$1,885	$1.27	6d	1	0.47mi
3718 Laurel Cherry Ln Indianapolis, IN	3.0	2.0	1368	$1,695	$1.24	25d	1	0.57mi
2825 Ludwig Dr Indianapolis, IN	4.0	2.0	1500	$2,056	$1.37	25d	1	0.87mi
8520 Sierra Ridge Dr Indianapolis, IN	2.0–3.0	2.0	1091	$1,775	$1.63	0d	17	0.94mi
8544 Sweet Birch Dr Indianapolis, IN	3.0	2.0	1209	$1,670	$1.38	0d	1	1.03mi
6543 E Hanna Ave Indianapolis, IN	2.0–4.0	2.0	1312	$1,479	$1.13	0d	1	1.13mi
4127 S Post Rd Indianapolis, IN	3.0	2.0	1460	$1,585	$1.09	25d	1	1.49mi
6050 Castleford Dr Indianapolis, IN	2.0–4.0	1.0–2.0	1147	$1,525	$1.33	4d	3	1.49mi
6012 Castleford Dr Indianapolis, IN	2.0	1.0	945	$1,325	$1.40	25d	1	1.49mi
6014 Castleford Dr Indianapolis, IN	3.0	2.0	1242	$1,525	$1.23	25d	1	1.50mi

Listing history 6 events

1. 2026-05-10
   status Pending
2. 2026-04-19
   listed $224,900 Active
3. 2011-01-06
   historical 261-char remark

   Show marketing remark (261 chars)

   HUD HOME - PROPERTY SOLD IN "AS-IS" CONDITION. FOR MORE INFORMATION AND AVAILABILITY, PLEASE SEE THE WEB ADDRESS LISTED IN AGENT REMARKS OR SPEAK WITH YOUR REAL ESTATE AGENT. ALL INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED. CASE NUMBER 151-616867

4. 2010-12-17
   soldstatus $30,660 261-char remark

   Show marketing remark (261 chars)

   HUD HOME - PROPERTY SOLD IN "AS-IS" CONDITION. FOR MORE INFORMATION AND AVAILABILITY, PLEASE SEE THE WEB ADDRESS LISTED IN AGENT REMARKS OR SPEAK WITH YOUR REAL ESTATE AGENT. ALL INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED. CASE NUMBER 151-616867

5. 2010-10-14
   listed $34,000 261-char remark

   Show marketing remark (261 chars)

   HUD HOME - PROPERTY SOLD IN "AS-IS" CONDITION. FOR MORE INFORMATION AND AVAILABILITY, PLEASE SEE THE WEB ADDRESS LISTED IN AGENT REMARKS OR SPEAK WITH YOUR REAL ESTATE AGENT. ALL INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED. CASE NUMBER 151-616867

6. 2000-12-12
   soldstatus $85,698

ⓘ 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: $2,049 · $171/mo
• Projected year-2 tax: $2,049 · $171/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 ≥102°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: $22,445
• − Mortgage interest: −$12,598
• − Property taxes: −$2,049
• − Insurance: −$1,124
• − Repairs & maintenance: −$1,796
• − Management: −$1,796
• − Depreciation: −$6,543
• Taxable loss: −$3,460
• Est. tax savings @ 24.0%: +$830
• After-tax cash flow: $1,236/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

+162.4% since first listed

6 events — show timeline

• 2026-05-10 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-19 Listed $224,900 MIBOR as Distributed by MLS Grid
• 2011-01-06 Listing Removed — MIBOR as Distributed by MLS Grid
• 2010-12-17 Sold (MLS) $30,660 MIBOR as Distributed by MLS Grid
• 2010-10-14 Listed $34,000 MIBOR as Distributed by MLS Grid
• 2000-12-12 Sold (Public Records) $85,698 Public Records

Property tax history

+1.5%/yr

Latest (2025): $2,049 · -1.2% YoY. Source: county tax records.