4031 Balboa Dr · Indianapolis city (balance), IN 46226

$124,900

3 bd · 1.0 ba · 1,073 sqft · SingleFamily public records · 27 Days on market

Built 1962 8,799 sqft lot Est $153k · 19% 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 +23.5/30.0
• ARV discount +15.0/15.0
• DSCR +7.6/10.0
• 1% rule +6.5/10.0
• Rent growth +4.2/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

WOW! 3 BEDROOM, 1 BATH HOME, CURRENTLY TENANTED, MAKES FOR A GREAT INVESTMENT! BOASTS ALMOST 1200 SQUARE FEET; NEW ROOF; NEWER HVAC- 5 YRS OLD; CORNER LOT...NEARBY AMENITIES INCLUDE SCHOOLS, SHOPPING, ENTERTAINMENT. GREAT PROPERTY TO START YOUR INVESTMENT PORTFOLIO OR ADD TO YOUR EXISTING PORTFOLIO OF HOMES!

Key facts

• Large backyard
• Private half-bath
• 0.23-acre level lot

Tags

• BRICK RANCH
• SINGLE-LEVEL LIVING
• PRIVATE HALF-BATH
• 0.23-ACRE LEVEL LOT
• LARGE BACKYARD
• 1-CAR ATTACHED GARAGE

Property features AI

Finance

• Other: Property sits on approximately 0.2 acres (< 1/4 acre)

Exterior

• Parking: No designated parking
• Utilities: Public water; Municipal sewer connected; No solid waste service
• Home design: Single-family residence; One story
• Construction: Wood siding; Block foundation
• Exterior features: Storage shed; Corner lot

Interior

• Kitchen: Electric oven; Refrigerator
• Bedrooms: Three bedrooms on the main level (sizes: 14x12; 11x10; 10x10)
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Attic access
• Laundry & utility: Gas water heater; Water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $233 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• Recommended offer: $123k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.5% 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 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: Charles Warren Fairbanks Sch 105 (math 2% / reading 8%, grade F, #970 of 994 statewide, top 99%, 313 students, 78% FRL); Arsenal Technical High School (math 6% / reading 27%, grade F, #353 of 369 statewide, top 96%, 2,366 students, 74% FRL) — zoned schools at 76% FRL track the district average.
• Market conditions: Rents rising fast (+6.8%/yr); 151 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 34% of the median local income ($50k/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 $864 of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 6.8% rent growth), your $35k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 21y 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 $56k; list at $125k implies a 124% gain — meaningful room to come down on a strong offer.

Recommended offer $123,026 (1.5% below list)

Questions for the listing agent

1. Built in 1962 — 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: 1.15% ✓
• Cap rate: 8.53%
• Cash-on-cash: 7.99%
• DSCR: 1.36
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $153,439
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3930 Chateau Dr	0.19mi	3/1.0	1,073 (0%)	1mo	$99,000	$92	90
4132 Biscayne Rd	0.17mi	3/1.0	1,073 (0%)	5mo	$104,900	$98	88
8724 Montery Rd	0.01mi	3/1.0	925 (-14%)	2mo	$134,900	$146	75
3938 Biscayne Rd	0.13mi	3/1.0	925 (-14%)	0mo	$132,000	$143	71
4138 Balboa Dr	0.14mi	4/2.0 (+1)	1,149 (+7%)	8mo	$150,000	$131	66
3733 Harvest Ave	0.55mi	3/1.0	1,055 (-2%)	7mo	$119,500	$113	66
3851 Marseille Rd	0.28mi	3/1.5	1,183 (+10%)	4mo	$185,000	$156	64
4054 Arborcrest Dr	0.46mi	4/1.0 (+1)	1,098 (+2%)	8mo	$170,000	$155	63
9438 Conried Dr	0.70mi	3/1.0	1,094 (+2%)	5mo	$130,000	$119	60
8603 E 42nd Pl	0.26mi	4/1.5 (+1)	1,197 (+12%)	4mo	$163,000	$136	58
8242 E 42nd St	0.45mi	3/1.5	936 (-13%)	2mo	$165,000	$176	54
3525 Lombardy Pl	0.74mi	4/2.0 (+1)	1,047 (-2%)	7mo	$180,000	$172	46

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 · 6.76% rent growth · sell at horizon

5-year hold

• IRR: 0.2%
• Equity multiple: 1.01×
• Total profit: $270
• Equity at exit: $18,623

10-year hold

• IRR: 13.5%
• Equity multiple: 2.27×
• Total profit: $44,488
• Equity at exit: $10,799

Cash invested: $34,972 (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 46226

• Rents YoY: 6.8%
• Active inventory: 151
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,434 high
• Mortgage (P&I): −$655
• Tax from tax record: −$193 /mo · $2,320/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$301
• Net cashflow: $233

Break-even live

Break-even rent $1,140

Max offer price $124,900

Occupancy floor 79%

Sensitivity live

Price	-10% $304	-5% $268	+0% $233	+5% $198	+10% $162
Rent	-10% $120	-5% $176	+0% $233	+5% $290	+10% $346
Rate	-1.0pp $296	-0.5pp $265	base $233	+0.5pp $201	+1.0pp $168

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Rent comps 35 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8738 Montery Rd Indianapolis, IN	3.0	1.0	1421	$1,396	$0.98	8d	1	0.03mi
8724 Montery Rd Indianapolis, IN	3.0	1.0	925	$1,500	$1.62	44d	1	0.03mi
3938 Biscayne Rd Indianapolis, IN	3.0	1.0	1000	$1,895	$1.90	3d	1	0.15mi
8914 Elmonte Dr Indianapolis, IN	3.0	1.5	1500	$1,600	$1.07	24d	1	0.16mi
8862 Bel Air Ct Indianapolis, IN	3.0	1.0	1073	$1,264	$1.18	18d	1	0.19mi
3829 Biscayne Rd Indianapolis, IN	4.0	1.5	1188	$1,320	$1.11	15d	1	0.27mi
3823 Biscayne Rd Indianapolis, IN	4.0	1.5	1188	$1,320	$1.11	15d	1	0.28mi
3821 Biscayne Rd Indianapolis, IN	4.0	1.5	1188	$1,325	$1.12	15d	1	0.28mi
3815 Biscayne Rd Indianapolis, IN	3.0	1.5	1188	$1,220	$1.03	15d	1	0.30mi
3809 Biscayne Rd Indianapolis, IN	2.0	1.5	992	$1,020	$1.03	15d	1	0.31mi
8501 Athens Ct Indianapolis, IN	4.0	1.0	1225	$1,475	$1.20	15d	1	0.35mi
9060 E 39th Pl Indianapolis, IN	1.0–2.0	1.0–1.5	820	$1,040	$1.27	24d	1	0.36mi
4315 Aspen Way Indianapolis, IN	3.0	1.0	1080	$1,380	$1.28	44d	1	0.43mi
3631 Decamp Dr Indianapolis, IN	3.0	1.0	1000	$1,335	$1.33	24d	1	0.56mi
8254 Meadowlark Dr Indianapolis, IN	3.0	1.5	1320	$1,150	$0.87	22d	1	0.56mi
8254 Meadowlark Dr Unit 1 Indianapolis, IN	3.0	1.5	1320	$1,150	$0.87	44d	1	0.56mi
3540 Dubarry Ct Indianapolis, IN	3.0	2.0	1297	$1,400	$1.08	24d	1	0.65mi
9438 Conried Dr Indianapolis, IN	3.0	1.0	1094	$1,445	$1.32	5d	1	0.67mi
3747 Ireland Dr Indianapolis, IN	4.0	1.5	1400	$1,700	$1.21	24d	1	0.72mi
8203 Penway St Indianapolis, IN	3.0	1.5	1360	$1,500	$1.10	24d	1	0.72mi
7925 Crossbridge Dr Indianapolis, IN	2.0	2.0	1072	$1,200	$1.12	44d	1	0.77mi
9226 E 36th Pl Indianapolis, IN	3.0	1.0	1073	$1,250	$1.16	8d	1	0.78mi
7975 Red Mill Dr Indianapolis, IN	2.0	1.0	576	$975	$1.69	44d	1	0.86mi
3525 Luewan Ct Indianapolis, IN	4.0	1.0	1107	$1,750	$1.58	24d	1	0.96mi
3962 Strathmore Dr Indianapolis, IN	3.0	1.0	925	$1,250	$1.35	24d	1	0.98mi
3513 Roseway Dr Indianapolis, IN	3.0	2.0	1216	$1,600	$1.32	18d	1	0.99mi
3519 Jerome Ct Indianapolis, IN	4.0	1.0	1107	$1,995	$1.80	24d	1	1.00mi
7937 E 34th St Indianapolis, IN	4.0	1.0	1450	$2,000	$1.38	24d	1	1.11mi
9949 Ellis Dr Indianapolis, IN	4.0	2.0	1421	$1,580	$1.11	3d	1	1.15mi
9962 Catalina Dr Indianapolis, IN	3.0	1.0	1236	$1,600	$1.29	4d	1	1.16mi
7531 Penway St Indianapolis, IN	3.0	1.5	1237	$1,551	$1.25	8d	1	1.20mi
7838 Ridgewood Dr Indianapolis, IN	3.0	2.0	936	$1,540	$1.65	44d	1	1.27mi
7838 Ridgewood Dr Indianapolis, IN	3.0	2.0	936	$1,540	$1.65	24d	1	1.28mi
10101 Montery Rd Indianapolis, IN	2.0	1.0	627	$1,439	$2.30	2d	10	1.32mi
3226 Wellington Ave Indianapolis, IN	3.0	1.0	900	$1,149	$1.28	11d	1	1.37mi

Listing history 30 events

1. 2026-06-18
   days on market $124,900 Active 27 DOM
2. 2026-06-17
   days on market $124,900 Active 26 DOM
3. 2026-06-16
   days on market $124,900 Active 25 DOM
4. 2026-06-15
   days on market $124,900 Active 24 DOM
5. 2026-06-13
   days on market $124,900 Active 22 DOM
6. 2026-06-13
   days on market $124,900 Active 21 DOM
7. 2026-06-09
   days on market $124,900 Active 18 DOM
8. 2026-06-08
   days on market $124,900 Active 17 DOM
9. 2026-06-07
   days on market $124,900 Active 16 DOM
10. 2026-06-03
    days on market $124,900 Active 12 DOM
11. 2026-06-02
    days on market $124,900 Active 11 DOM
12. 2026-06-01
    days on market $124,900 Active 10 DOM
13. 2026-05-31
    days on market $124,900 Active 9 DOM
14. 2026-05-22
    listed $124,900 Active
15. 2019-05-01
    soldstatus $55,800 Sold 309-char remark

    Show marketing remark (309 chars)

    WOW! 3 BEDROOM, 1 BATH HOME, CURRENTLY TENANTED, MAKES FOR A GREAT INVESTMENT! BOASTS ALMOST 1200 SQUARE FEET; NEW ROOF; NEWER HVAC- 5 YRS OLD; CORNER LOT...NEARBY AMENITIES INCLUDE SCHOOLS, SHOPPING, ENTERTAINMENT. GREAT PROPERTY TO START YOUR INVESTMENT PORTFOLIO OR ADD TO YOUR EXISTING PORTFOLIO OF HOMES!

16. 2019-04-16
    status Pending 309-char remark

    Show marketing remark (309 chars)

    WOW! 3 BEDROOM, 1 BATH HOME, CURRENTLY TENANTED, MAKES FOR A GREAT INVESTMENT! BOASTS ALMOST 1200 SQUARE FEET; NEW ROOF; NEWER HVAC- 5 YRS OLD; CORNER LOT...NEARBY AMENITIES INCLUDE SCHOOLS, SHOPPING, ENTERTAINMENT. GREAT PROPERTY TO START YOUR INVESTMENT PORTFOLIO OR ADD TO YOUR EXISTING PORTFOLIO OF HOMES!

17. 2019-03-25
    listed $63,900 Active 309-char remark

    Show marketing remark (309 chars)

    WOW! 3 BEDROOM, 1 BATH HOME, CURRENTLY TENANTED, MAKES FOR A GREAT INVESTMENT! BOASTS ALMOST 1200 SQUARE FEET; NEW ROOF; NEWER HVAC- 5 YRS OLD; CORNER LOT...NEARBY AMENITIES INCLUDE SCHOOLS, SHOPPING, ENTERTAINMENT. GREAT PROPERTY TO START YOUR INVESTMENT PORTFOLIO OR ADD TO YOUR EXISTING PORTFOLIO OF HOMES!

18. 2013-09-30
    historical 214-char remark

    Show marketing remark (214 chars)

    Investor Special. Home is currently rented for $700 a month. Home has new roof, storage shed, water heater, tile floors in Kitchen, Laundry, and bathrooms, fresh paint throughout. This home ready to make you money!

19. 2013-09-30
    soldstatus $43,000 214-char remark

    Show marketing remark (214 chars)

    Investor Special. Home is currently rented for $700 a month. Home has new roof, storage shed, water heater, tile floors in Kitchen, Laundry, and bathrooms, fresh paint throughout. This home ready to make you money!

20. 2013-08-19
    historical

    Show marketing remark (214 chars)

    Investor Special. Home is currently rented for $700 a month. Home has new roof, storage shed, water heater, tile floors in Kitchen, Laundry, and bathrooms, fresh paint throughout. This home ready to make you money!

21. 2013-08-19
    listed $44,000 214-char remark

    Show marketing remark (214 chars)

    Investor Special. Home is currently rented for $700 a month. Home has new roof, storage shed, water heater, tile floors in Kitchen, Laundry, and bathrooms, fresh paint throughout. This home ready to make you money!

22. 2013-03-02
    listed $44,000
23. 2011-10-20
    historical
24. 2011-04-19
    listed $56,900
25. 2010-01-10
    historical
26. 2009-07-09
    listed $56,900
27. 2008-07-25
    historical
28. 2008-04-24
    listed $64,900
29. 2005-11-22
    soldstatus $53,500
30. 2005-09-26
    listed $59,800

ⓘ 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: $2,320 · $193/mo
• Projected year-2 tax: $2,320 · $193/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 · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,214
• − Mortgage interest: −$6,996
• − Property taxes: −$2,320
• − Insurance: −$624
• − Repairs & maintenance: −$1,377
• − Management: −$1,377
• − Depreciation: −$3,633
• Taxable income: $885
• Est. tax owed @ 24.0%: −$213
• After-tax cash flow: $2,582/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): 47,099
• Household income: $50,325
• Rent vs Own: 53.8% rent · 46.2% own
• Severe rent burden: 2742.0

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 0.62)
• Race & ethnicity: Black 53% White 25% Hispanic / Latino 17% Two or more races 9% Asian 2%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Lithuanian 1% Italian 1% Romanian 1%
• Foreign-born: 11% · Canada
• Languages at home: 86% English-only · Spanish 10% French/Haitian/Cajun 1% Other Asian/Pacific 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: ▼ -218.85%
• Current HPI: 239.43
• Rent YoY: ▲ 6.76%
• 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

+108.9% since first listed

17 events — show timeline

• 2026-05-22 Listed $124,900 MIBOR as Distributed by MLS Grid
• 2019-05-01 Sold (MLS) $55,800 MIBOR as Distributed by MLS Grid
• 2019-04-16 Pending — MIBOR as Distributed by MLS Grid
• 2019-03-25 Listed $63,900 MIBOR as Distributed by MLS Grid
• 2013-09-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2013-09-30 Sold (MLS) $43,000 MIBOR as Distributed by MLS Grid
• 2013-08-19 Listing Removed — MIBOR as Distributed by MLS Grid
• 2013-08-19 Listed $44,000 MIBOR as Distributed by MLS Grid
• 2013-03-02 Listed $44,000 MIBOR as Distributed by MLS Grid
• 2011-10-20 Listing Removed — MIBOR as Distributed by MLS Grid
• 2011-04-19 Listed $56,900 MIBOR as Distributed by MLS Grid
• 2010-01-10 Listing Removed — MIBOR as Distributed by MLS Grid
• 2009-07-09 Listed $56,900 MIBOR as Distributed by MLS Grid
• 2008-07-25 Listing Removed — MIBOR as Distributed by MLS Grid
• 2008-04-24 Listed $64,900 MIBOR as Distributed by MLS Grid
• 2005-11-22 Sold (MLS) $53,500 MIBOR as Distributed by MLS Grid
• 2005-09-26 Listed $59,800 MIBOR as Distributed by MLS Grid

Property tax history

+8.6%/yr

Latest (2025): $2,320 · +18.5% YoY. Source: county tax records.