3547 Horner Dr · Indianapolis city (balance), IN 46239

$229,000

3 bd · 1.5 ba · 1,619 sqft · SingleFamily public records · 8 Days on market

Built 1959 0.39 ac lot Est $241k · 5% under

---

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 +14.8/30.0
• ARV discount +9.8/15.0
• DSCR +4.5/10.0
• Rent growth +4.0/5.0
• Schools +4.0/10.0
• 1% rule +3.6/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to 3547 Horner Drive! This beautifully renovated 3-bedroom, 2-bathroom home blends modern luxury with everyday comfort. Step inside and be greeted by stylish updates throughout, featuring contemporary finishes, upgraded fixtures, and a fresh, move-in-ready design. The spacious family room provides the perfect setting for entertaining guests, hosting family gatherings, or simply relaxing after a long day. The thoughtfully updated interior offers both functionality and elegance, creating a warm and inviting atmosphere in every room. Situated in a desirable Indianapolis location, this home combines convenience, comfort, and exceptional value. Whether you're a first-time buyer, gro

Key facts

• 0.39 acre lot
• Built 1959
• Listed 8 days

Property features AI

Exterior

• Utilities: Private water; Septic system; Municipal solid waste service
• Home design: Single-family residence; One story
• Construction: Vinyl with brick exterior; Crawl space foundation
• Exterior features: Approximately 0.39-acre lot (about 1/4–1/2 acre)

Interior

• Kitchen: Dishwasher; Microwave; Electric oven; Refrigerator
• Bedrooms: Three bedrooms on the main level (approx. 12 x 10, 12 x 10, 14 x 12)
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Attic access; Living room (20 x 18)

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $229k.

Deal economics

• At list price, monthly cash flow is $61 ($735/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 $197k (13.8% below list).
• Recommended offer: $197k (13.8% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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; 16 comparable units currently listed for rent nearby; rentals leasing fast (median 10d 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

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $53k; list at $229k implies a 332% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $197,337 (13.8% below list)

Questions for the listing agent

1. Built in 1959 — 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: 0.86% ✗
• Cap rate: 6.61%
• Cash-on-cash: 1.15%
• DSCR: 1.05
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $241,231
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3538 Fisher Rd	0.14mi	3/1.0	1,515 (-6%)	1mo	$200,000	$132	80
3923 Wildwood Dr	0.42mi	3/1.5	1,625 (+0%)	2mo	$235,000	$145	78
3442 Cork Bend Dr	0.32mi	3/2.0	1,502 (-7%)	4mo	$225,000	$150	68
3456 S Sadlier Dr S	0.25mi	4/2.0 (+1)	1,730 (+7%)	7mo	$250,000	$145	64
3139 S Hartman Dr	0.51mi	4/2.0 (+1)	1,594 (-2%)	6mo	$244,000	$153	62
3422 Brandenburg Blvd	0.30mi	3/2.5	1,792 (+11%)	7mo	$210,000	$117	59
8052 Grove Berry Dr	0.56mi	4/2.5 (+1)	1,603 (-1%)	6mo	$249,000	$155	58
3638 Laurel Cherry Ln	0.48mi	3/2.0	1,422 (-12%)	2mo	$225,000	$158	53
3060 S Shortridge Rd	0.66mi	3/1.0	1,464 (-10%)	0mo	$218,000	$149	51
8304 Weathervane Cir	0.68mi	3/2.0	1,516 (-6%)	6mo	$209,000	$138	51
8036 States Bend Dr	0.55mi	3/2.5	1,494 (-8%)	8mo	$210,000	$141	50
3053 Black Forest Ln	0.57mi	4/2.5 (+1)	1,516 (-6%)	6mo	$235,000	$155	48

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: -11.2%
• Equity multiple: 0.58×
• Total profit: $-26,861
• Equity at exit: $34,145

10-year hold

• IRR: 1.8%
• Equity multiple: 1.15×
• Total profit: $9,397
• Equity at exit: $19,800

Cash invested: $64,120 (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: 9.7×

Monthly cashflow live

• Estimated rent: $1,973 high
• Mortgage (P&I): −$1,201
• Tax from tax record: −$201 /mo · $2,416/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$414
• Net cashflow: $61

Break-even live

Break-even rent $1,896

Max offer price $229,000

Occupancy floor 92%

Sensitivity live

Price	-10% $191	-5% $126	+0% $61	+5% $-4	+10% $-68
Rent	-10% $-95	-5% $-17	+0% $61	+5% $139	+10% $217
Rate	-1.0pp $177	-0.5pp $120	base $61	+0.5pp $2	+1.0pp $-58

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: $57,250
• Closing costs: $6,870
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7939 Wildwood Farms Ln Indianapolis, IN	4.0	2.5	2126	$1,695	$0.80	14d	1	0.40mi
3203 Brandenburg Dr Indianapolis, IN	4.0	2.5	1486	$1,869	$1.26	5d	1	0.51mi
3143 Danube Way Indianapolis, IN	3.0	2.5	1792	$2,050	$1.14	3d	1	0.51mi
3718 Laurel Cherry Ln Indianapolis, IN	3.0	2.0	1368	$1,695	$1.24	25d	1	0.51mi
3146 Brandenburg Dr Indianapolis, IN	3.0	2.0	1200	$1,689	$1.41	5d	1	0.51mi
3149 Brandenburg Dr Indianapolis, IN	4.0	2.5	1486	$1,885	$1.27	6d	1	0.51mi
7650 Lara Lee Dr Indianapolis, IN	4.0	2.0	1696	$2,039	$1.20	25d	1	0.60mi
8123 Fisher Bend Dr Indianapolis, IN	4.0	2.5	1633	$1,856	$1.14	0d	1	0.68mi
4225 Tiana Cir Indianapolis, IN	3.0	2.0	1946	$2,071	$1.06	14d	1	0.77mi
8520 Sierra Ridge Dr Indianapolis, IN	2.0–3.0	2.0	1091	$1,775	$1.63	0d	17	0.88mi
2825 Ludwig Dr Indianapolis, IN	4.0	2.0	1500	$2,056	$1.37	25d	1	0.92mi
8544 Sweet Birch Dr Indianapolis, IN	3.0	2.0	1209	$1,670	$1.38	0d	1	1.00mi
6543 E Hanna Ave Indianapolis, IN	2.0–4.0	2.0	1312	$1,479	$1.13	0d	1	1.14mi
3256 Abaca Ct Indianapolis, IN	3.0	2.5	2035	$1,741	$0.86	25d	1	1.38mi
4127 S Post Rd Indianapolis, IN	3.0	2.0	1460	$1,585	$1.09	25d	1	1.42mi
8017 Grand Gulch Dr Indianapolis, IN	3.0	2.5	2128	$2,120	$1.00	9d	1	1.45mi

Listing history 6 events

1. 2026-06-21
   days on market $229,000 Active 8 DOM
2. 2026-06-18
   days on market $229,000 Active 5 DOM
3. 2026-06-17
   days on market $229,000 Active 4 DOM
4. 2026-06-16
   days on market $229,000 Active 3 DOM
5. 2026-06-15
   remarks 699-char remark
6. 2026-06-15
   listed $229,000 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: $2,416 · $201/mo
• Projected year-2 tax: $2,416 · $201/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: $23,680
• − Mortgage interest: −$12,828
• − Property taxes: −$2,416
• − Insurance: −$1,145
• − Repairs & maintenance: −$1,894
• − Management: −$1,894
• − Depreciation: −$6,662
• Taxable loss: −$3,159
• Est. tax savings @ 24.0%: +$758
• After-tax cash flow: $1,493/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

+332.1% since first listed

2 events — show timeline

• 2026-06-11 Listed $229,000 MIBOR as Distributed by MLS Grid
• 2025-08-20 Sold (Public Records) $53,000 Public Records

Property tax history

+6.8%/yr

Latest (2025): $2,416 · +50.6% YoY. Source: county tax records.