3113 Lupine Dr · Indianapolis city (balance), IN 46224

$185,000

3 bd · 1.0 ba · 1,755 sqft · SingleFamily public records · 4 Days on market

Built 1971 9,888 sqft lot Est $277k · 33% under

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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 +16.8/30.0
• ARV discount +15.0/15.0
• DSCR +5.2/10.0
• 1% rule +4.3/10.0
• Rent growth +2.7/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity awaits at 3113 Lupine Dr in Indianapolis! This estate property is being SOLD AS-IS and offers tremendous potential for investors, flippers, or buyers looking to add their personal touch. Built in 1971, this single-story home features 3 bedrooms, 2 full baths, and approximately 1,755 square feet of living space on a spacious 9,888 square foot lot. The home needs updates and is priced accordingly, making it an excellent value-add opportunity. With a functional layout, generous room sizes, and a desirable single-level floor plan, the possibilities are endless. Whether you're searching for your next investment project or a home to renovate and make your own, this property is full of

Key facts

• 9,888 sq ft lot
• 2 garage spots
• Built 1971

Property features AI

Exterior

• Parking: Attached garage (2 spaces, approximately 456 sq ft)
• Security: Smoke detector(s)
• Utilities: Public water; Municipal sewer connected; Cable connected; Solid waste service available
• Home design: Single family residence; One level
• Construction: Cedar, stone, and wood siding exterior; Slab foundation
• Exterior features: Porch; Gas grill; Storage shed; Chain link and full fencing; Street lights; Mature trees

Interior

• Kitchen: Gas cooktop; Double oven; Electric oven; Range hood; Microwave; Dishwasher; Disposal; Refrigerator; Free-standing freezer; Water purifier; Breakfast bar; Pantry
• Bedrooms: 3 bedrooms on the main level; Primary bedroom with walk-in closet
• Bathrooms: 2 full bathrooms on the main level; Primary bath has a full shower stall and suite layout
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Attic access; Breakfast bar; Pantry; Walk-in closet(s); Living room (formal); Fireplace in family room (wood burning)
• Laundry & utility: Main-level laundry room; Washer; Dryer; Gas water heater; Exhaust fan

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $119 ($1k/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 $173k (6.7% below list).
• Recommended offer: $173k (6.7% below list) — sets the bar for 1% rule.
• Cap rate 7.1% 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.
• Indianapolis Public Schools (urban): math 14% / reading 20% proficiency, ranked #286 of 301 in IN (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 77% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Center For Inquiry School 27 (math 25% / reading 29%, grade F, #737 of 994 statewide, top 76%, 525 students, 51% FRL); H L Harshman Middle School (math 3% / reading 16%, grade F, #316 of 330 statewide, top 96%, 549 students, 84% FRL).
• Market conditions: Rents flat; 64 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 37% of the median local income ($56k/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 $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 4 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $172,567 (6.7% below list)

Questions for the listing agent

1. Built in 1971 — 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: 0.93% ✗
• Cap rate: 7.07%
• Cash-on-cash: 2.76%
• DSCR: 1.12
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $277,290
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3221 Bluebell Ln	0.23mi	3/2.0	1,702 (-3%)	1mo	$220,000	$129	80
3148 Arbutus Dr	0.07mi	4/2.0 (+1)	1,824 (+4%)	9mo	$265,000	$145	74
6340 Bluebell Ct	0.23mi	4/2.0 (+1)	1,680 (-4%)	13mo	$266,000	$158	62
6108 Midway Ct	0.38mi	3/2.0	1,855 (+6%)	10mo	$236,500	$127	60
5854 W 29th Pl	0.60mi	4/2.0 (+1)	1,767 (+1%)	4mo	$285,000	$161	58
6117 Ashway Ct	0.38mi	4/2.0 (+1)	1,626 (-7%)	4mo	$274,900	$169	57
2753 N High School Rd	0.45mi	4/2.0 (+1)	1,790 (+2%)	13mo	$244,000	$136	56
3208 Voigt Dr	0.49mi	3/1.0	1,944 (+11%)	6mo	$160,000	$82	54
5923 W 29th Pl	0.57mi	3/1.5	1,865 (+6%)	10mo	$298,000	$160	53
5809 Hollister Dr	0.70mi	3/2.0	1,616 (-8%)	7mo	$260,000	$161	44
3231 Thurston Dr	0.66mi	4/1.5 (+1)	1,536 (-12%)	8mo	$235,000	$153	35
3237 Thurston Dr	0.66mi	4/2.0 (+1)	1,560 (-11%)	12mo	$270,000	$173	32

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 · 0.79% rent growth · sell at horizon

5-year hold

• IRR: -14.4%
• Equity multiple: 0.50×
• Total profit: $-26,143
• Equity at exit: $27,584

10-year hold

• IRR: -9.6%
• Equity multiple: 0.46×
• Total profit: $-27,716
• Equity at exit: $15,995

Cash invested: $51,800 (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 46224

• Rents YoY: 0.8%
• Active inventory: 64
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,726 high
• Mortgage (P&I): −$970
• Tax from tax record: −$197 /mo · $2,363/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$362
• Net cashflow: $119

Break-even live

Break-even rent $1,575

Max offer price $185,000

Occupancy floor 88%

Sensitivity live

Price	-10% $224	-5% $171	+0% $119	+5% $67	+10% $14
Rent	-10% $-17	-5% $51	+0% $119	+5% $187	+10% $255
Rate	-1.0pp $212	-0.5pp $166	base $119	+0.5pp $71	+1.0pp $22

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3226 Voigt Dr Indianapolis, IN	3.0	1.5	1826	$1,850	$1.01	25d	1	0.50mi
6710 Hollow Run Pl Indianapolis, IN	1.0–3.0	1.0–2.0	995	$2,000	$2.01	9d	37	0.64mi
5925 Sunwood Dr Indianapolis, IN	3.0	1.0	1479	$1,600	$1.08	6d	1	0.71mi
5925 Sunwood Dr Indianapolis, IN	3.0	1.0	1479	$1,600	$1.08	22d	1	0.71mi
5801 Sunwood Dr Indianapolis, IN	4.0	2.0	1908	$2,055	$1.08	9d	1	0.74mi
5505 Scarlet Dr Indianapolis, IN	3.0	1.0–1.5	883	$1,669	$1.89	0d	7	0.95mi
3338 Tara Ln Indianapolis, IN	3.0	1.5	1242	$1,199	$0.97	45d	1	1.22mi
2030 Runaway Bay Dr Indianapolis, IN	1.0–3.0	1.0–2.0	1121	$1,975	$1.76	4d	21	1.25mi
6932 Thousand Oaks Dr Indianapolis, IN	3.0	2.5	2536	$2,400	$0.95	25d	1	1.36mi

Listing history 5 events

1. 2026-06-10
   status $185,000 Pending 4 DOM
2. 2026-06-09
   days on market $185,000 Active 4 DOM
3. 2026-06-08
   days on market $185,000 Active 3 DOM
4. 2026-06-07
   remarks 699-char remark
5. 2026-06-07
   listed $185,000 Active 2 DOM

ⓘ 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: $2,363 · $197/mo
• Projected year-2 tax: $2,363 · $197/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
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,708
• − Mortgage interest: −$10,363
• − Property taxes: −$2,363
• − Insurance: −$925
• − Repairs & maintenance: −$1,657
• − Management: −$1,657
• − Depreciation: −$5,382
• Taxable loss: −$1,638
• Est. tax savings @ 24.0%: +$393
• After-tax cash flow: $1,822/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: Indianapolis Public Schools
• NCES district ID: 1804770
• Math proficiency: 14% ▼ -7.00%
• Reading proficiency: 20% ▼ -3.00%
• Median HH income: $32,034
• Composite: 13.69/100
• National rank: #9499
• State rank: #286 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): 40,228
• Household income: $55,986
• Rent vs Own: 63.7% rent · 36.3% own
• Severe rent burden: 2206.0

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 0.69)
• Race & ethnicity: Black 39% White 33% Hispanic / Latino 23% Two or more races 7% Asian 1%
• Hispanic origin (detail): Mexican 14% Dominican 2%
• Common ancestry: Hispanic 3% Arab 1% Italian 1%
• Foreign-born: 31% · Canada, Philippines
• Languages at home: 62% English-only · Spanish 19% French/Haitian/Cajun 5% Arabic 2%

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: ▼ -179.31%
• Current HPI: 297.7156
• Rent YoY: ▲ 0.79%
• 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

1 event — show timeline

• 2026-06-05 Listed $185,000 MIBOR as Distributed by MLS Grid

Property tax history

+41.5%/yr

Latest (2025): $2,363 · -3.3% YoY. Source: county tax records.