5120 Pappas Dr · Indianapolis city (balance), IN 46237

$199,900

3 bd · 1.5 ba · 920 sqft · SingleFamily public records · 21 Days on market

Built 1985 7,200 sqft lot Est $180k · 11% 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 +12.7/30.0
• Schools +4.0/10.0
• DSCR +3.8/10.0
• 1% rule +3.6/10.0
• Rent growth +3.4/5.0
• ARV discount +2.6/15.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Delightfully updated, Move-in ready, Total electric 3 Bedroom home in popular Franklin Township. Updates galore including New Roof, New Windows, New Furnace and Central Air, New Carpet and Vinyl Plank Floors, New Interior Paint, Kitchen features New Electric Range and Refinished Cabinets, newer gutters & more! Super family friendly fenced back yard with mini barn for additional storage. Seller to provide landscaping allowance and Home Warranty at closing.

Key facts

• New furnace
• New carpet
• Vinyl plank floors

Tags

• NEW ROOF
• NEW WINDOWS
• NEW FURNACE
• CENTRAL AIR
• NEW CARPET
• VINYL PLANK FLOORS

Property features AI

Exterior

• Parking: Attached garage (1 car)
• Utilities: Public water; Municipal sewer connected; Municipal solid waste service
• Home design: Single-family residence; One story
• Construction: Aluminum siding; Slab foundation
• Exterior features: Mini barn; Curbs and sidewalks

Interior

• Kitchen: Dishwasher; Disposal; Electric oven; Range hood; Refrigerator
• Bedrooms: 3 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Attic access; Woodwork stained/painted; Utility room
• Laundry & utility: Main-level laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $-21 ($-256/yr) — negative.
• To cash-flow at today's rent, offer at most $196k (1.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $173k (13.6% below list).
• Recommended offer: $173k (13.6% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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.
• Market conditions: Rents rising (+3.8%/yr); 261 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 3d 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 $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

• It's been on market 21 days — a 2% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 19y 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.

Recommended offer $172,618 (13.6% 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. 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: 0.86% ✗
• Cap rate: 6.16%
• Cash-on-cash: -0.46%
• DSCR: 0.98
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $180,320
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5179 Laredo St	0.07mi	3/1.0	912 (-1%)	1mo	$184,300	$202	93
5117 Bahia Dr	0.13mi	3/1.5	910 (-1%)	12mo	$215,000	$236	82
5249 Straw Hat Dr	0.33mi	3/1.0	936 (+2%)	4mo	$157,000	$168	77
5427 Straw Hat Dr	0.35mi	3/1.5	936 (+2%)	6mo	$179,500	$192	76
5338 Straw Hat Ct	0.41mi	3/1.0	936 (+2%)	4mo	$183,000	$196	73
5334 Straw Hat Ct	0.42mi	3/1.5	960 (+4%)	2mo	$184,900	$193	72
5416 Straw Hat Dr	0.35mi	3/1.5	936 (+2%)	12mo	$207,900	$222	70
5147 Antigua Trl	0.09mi	3/1.0	1,056 (+15%)	1mo	$195,000	$185	68
5855 La Fleur Ct	0.28mi	3/1.0	1,014 (+10%)	13mo	$213,000	$210	57
5404 Yucatan Dr	0.24mi	3/1.5	1,056 (+15%)	9mo	$218,000	$206	56
5326 Brazos Dr	0.53mi	2/1.0 (-1)	980 (+6%)	12mo	$190,000	$194	47
5737 Misty Ridge Cir	0.62mi	2/1.0 (-1)	1,018 (+11%)	13mo	$188,000	$185	35

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 · 3.78% rent growth · sell at horizon

5-year hold

• IRR: -16.2%
• Equity multiple: 0.42×
• Total profit: $-32,360
• Equity at exit: $29,806

10-year hold

• IRR: -6.5%
• Equity multiple: 0.57×
• Total profit: $-24,125
• Equity at exit: $17,284

Cash invested: $55,972 (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 46237

• Rents YoY: 3.8%
• Active inventory: 261
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,726 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$253 /mo · $3,042/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$362
• Net cashflow: $-21

Break-even live

Break-even rent $1,753

Max offer price $196,124

Occupancy floor 96%

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5334 Padre Ln Indianapolis, IN	3.0	1.5	1016	$1,695	$1.67	15d	1	0.29mi
4901 S Emerson Ave Indianapolis, IN	1.0–4.0	1.0–2.0	998	$1,712	$1.71	2d	10	0.50mi
5140 Emerson Village Pl Indianapolis, IN	1.0–2.0	1.0–2.0	805	$1,360	$1.69	2d	16	0.57mi
416 Ada Ln Beech Grove, IN	3.0	2.0	1043	$1,661	$1.59	2d	1	1.13mi
240 Grovewood Pl Unit 228 Beech Grove, IN	2.0	1.0	900	$1,110	$1.23	22d	1	1.23mi
240 Grovewood Pl Unit 228 Beech Grove, IN	2.0	1.0	900	$1,215	$1.35	44d	1	1.23mi
4880 Willow Glen Dr Beech Grove, IN	1.0–3.0	1.0–1.5	971	$1,695	$1.75	2d	34	1.33mi
6543 E Hanna Ave Indianapolis, IN	2.0–4.0	2.0	1452	$1,479	$1.02	12d	1	1.45mi
4649 Strawbridge St Indianapolis, IN	2.0–3.0	1.0–1.5	983	$1,175	$1.19	2d	11	1.48mi

Listing history 22 events

1. 2026-06-18
   days on market $199,900 Active 21 DOM
2. 2026-06-17
   days on market $199,900 Active 20 DOM
3. 2026-06-16
   days on market $199,900 Active 19 DOM
4. 2026-06-15
   days on market $199,900 Active 18 DOM
5. 2026-06-13
   days on market $199,900 Active 16 DOM
6. 2026-06-09
   days on market $199,900 Active 12 DOM
7. 2026-06-08
   days on market $199,900 Active 11 DOM
8. 2026-06-07
   days on market $199,900 Active 10 DOM
9. 2026-06-03
   days on market $199,900 Active 6 DOM
10. 2026-06-02
    days on market $199,900 Active 5 DOM
11. 2026-06-01
    days on market $199,900 Active 4 DOM
12. 2026-05-31
    days on market $199,900 Active 3 DOM
13. 2026-05-28
    listed $199,900 Active
14. 2026-03-17
    historical
15. 2026-02-26
    price $194,900
16. 2026-01-13
    price $199,900
17. 2026-01-13
    status Active
18. 2025-12-08
    historical
19. 2025-12-01
    price $189,900
20. 2025-11-18
    listed $199,900 Active
21. 2007-07-20
    historical
22. 2007-01-24
    listed $74,900

ⓘ 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: $3,042 · $253/mo
• Projected year-2 tax: $3,042 · $253/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 4/10 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,714
• − Mortgage interest: −$11,198
• − Property taxes: −$3,042
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,657
• − Management: −$1,657
• − Depreciation: −$5,815
• Taxable loss: −$3,654
• Est. tax savings @ 24.0%: +$877
• After-tax cash flow: $620/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): 43,473
• Household income: $79,078
• Rent vs Own: 31.1% rent · 68.9% own
• Severe rent burden: 1245.0

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: Predominantly White (71%)
• Race & ethnicity: White 71% Asian 13% Hispanic / Latino 7% Two or more races 6% Black 5%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 2% Lithuanian 2% Romanian 2%
• Foreign-born: 12% · Canada, Philippines
• Languages at home: 84% English-only · Other Asian/Pacific 5% Spanish 5% Other Indo-European 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: ▼ -180.33%
• Current HPI: 238.9661
• Rent YoY: ▲ 3.78%
• 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

+166.9% since first listed

10 events — show timeline

• 2026-05-28 Listed $199,900 MIBOR as Distributed by MLS Grid
• 2026-03-17 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-02-26 Price Changed $194,900 MIBOR as Distributed by MLS Grid
• 2026-01-13 Price Changed $199,900 MIBOR as Distributed by MLS Grid
• 2026-01-13 Relisted — MIBOR as Distributed by MLS Grid
• 2025-12-08 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-12-01 Price Changed $189,900 MIBOR as Distributed by MLS Grid
• 2025-11-18 Listed $199,900 MIBOR as Distributed by MLS Grid
• 2007-07-20 Listing Removed — MIBOR as Distributed by MLS Grid
• 2007-01-24 Listed $74,900 MIBOR as Distributed by MLS Grid

Property tax history

+7.0%/yr

Latest (2025): $3,042 · +13.3% YoY. Source: county tax records.