8538 Montery Rd · Indianapolis city (balance), IN 46226

$134,900

3 bd · 1.5 ba · 1,218 sqft · SingleFamily public records · 34 Days on market

Built 1963 7,623 sqft lot $111/sqft · 18% below area Est $165k · 18% 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 +18.2/30.0
• ARV discount +15.0/15.0
• DSCR +5.7/10.0
• 1% rule +5.6/10.0
• 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

3BR and 1.5 bath home on the east side of Indy. Brick exterior, shed, and bonus room. Needs repairs and updates. Property is being sold as-is.

Key facts

• Walk-in closet
• Eat-in kitchen
• Cozy fireplace

Tags

• OPEN-CONCEPT GREAT ROOM
• COZY FIREPLACE
• EAT-IN KITCHEN
• SPACIOUS PRIMARY SUITE
• PRIVATE FULL BATH
• WALK-IN CLOSET

Property features AI

Finance

• Other: Lot size approximately 0.18 acres

Exterior

• Parking: Attached garage (1 car)
• Utilities: Public water; Municipal sewer connected; Solid waste service available
• Home design: Single family residence; One story
• Construction: Brick construction; Slab foundation
• Exterior features: Suburban lot with mature trees

Interior

• Kitchen: Refrigerator; Range hood
• Bedrooms: Three bedrooms (all on the main level)
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Natural gas forced air heating; Central air conditioning; No additional heating information listed
• Interior features: Eat-in kitchen; Living room; Bonus room
• Laundry & utility: Gas water heater; Water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $122 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $135k).
• Recommended offer: $131k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.4% 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.
• Market conditions: Rents rising fast (+6.8%/yr); 151 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $933 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.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 26y 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 $130,853 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.06% ✓
• Cap rate: 7.38%
• Cash-on-cash: 3.87%
• DSCR: 1.17
• GRM: 7.9

CMA / ARV

• ARV (median comp): $164,674
• List price: $134,900
• Delta: -18.08%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3851 Marseille Rd	0.22mi	3/1.5	1,183 (-3%)	4mo	$185,000	$156	82
8603 E 42nd Pl	0.24mi	4/1.5 (+1)	1,197 (-2%)	4mo	$163,000	$136	78
4040 Aspen Way	0.16mi	3/1.0	1,344 (+10%)	1mo	$147,000	$109	72
3930 Chateau Dr	0.14mi	3/1.0	1,073 (-12%)	1mo	$99,000	$92	71
3856 Catalina Ct	0.21mi	3/1.0	1,344 (+10%)	3mo	$135,000	$100	69
4138 Balboa Dr	0.18mi	4/2.0 (+1)	1,149 (-6%)	8mo	$150,000	$131	68
8303 E 42nd St	0.30mi	3/1.0	1,344 (+10%)	7mo	$135,100	$101	61
4132 Biscayne Rd	0.30mi	3/1.0	1,073 (-12%)	5mo	$104,900	$98	60
4054 Arborcrest Dr	0.31mi	4/1.0 (+1)	1,098 (-10%)	8mo	$170,000	$155	55
4248 Dubarry Rd	0.31mi	4/1.5 (+1)	1,386 (+14%)	7mo	$186,900	$135	52
3733 Harvest Ave	0.44mi	3/1.0	1,055 (-13%)	7mo	$119,500	$113	49
3525 Lombardy Pl	0.68mi	4/2.0 (+1)	1,047 (-14%)	7mo	$180,000	$172	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 · 6.76% rent growth · sell at horizon

5-year hold

• IRR: -5.8%
• Equity multiple: 0.78×
• Total profit: $-8,438
• Equity at exit: $20,114

10-year hold

• IRR: 8.2%
• Equity multiple: 1.73×
• Total profit: $27,711
• Equity at exit: $11,664

Cash invested: $37,772 (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: 7.9×

Monthly cashflow live

• Estimated rent: $1,424 high
• Mortgage (P&I): −$707
• Tax from tax record: −$240 /mo · $2,877/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$299
• Net cashflow: $122

Break-even live

Break-even rent $1,270

Max offer price $134,900

Occupancy floor 86%

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8724 Montery Rd Indianapolis, IN	3.0	1.0	925	$1,500	$1.62	44d	1	0.15mi
8738 Montery Rd Indianapolis, IN	3.0	1.0	1421	$1,396	$0.98	8d	1	0.17mi
3938 Biscayne Rd Indianapolis, IN	3.0	1.0	1000	$1,895	$1.90	3d	1	0.23mi
8501 Athens Ct Indianapolis, IN	4.0	1.0	1225	$1,475	$1.20	15d	1	0.27mi
8862 Bel Air Ct Indianapolis, IN	3.0	1.0	1073	$1,264	$1.18	18d	1	0.31mi
8914 Elmonte Dr Indianapolis, IN	3.0	1.5	1500	$1,600	$1.07	24d	1	0.32mi
3829 Biscayne Rd Indianapolis, IN	4.0	1.5	1188	$1,320	$1.11	15d	1	0.33mi
3823 Biscayne Rd Indianapolis, IN	4.0	1.5	1188	$1,320	$1.11	15d	1	0.34mi
3821 Biscayne Rd Indianapolis, IN	4.0	1.5	1188	$1,325	$1.12	15d	1	0.34mi
4315 Aspen Way Indianapolis, IN	3.0	1.0	1080	$1,380	$1.28	44d	1	0.34mi
3815 Biscayne Rd Indianapolis, IN	3.0	1.5	1188	$1,220	$1.03	15d	1	0.35mi
3809 Biscayne Rd Indianapolis, IN	2.0	1.5	992	$1,020	$1.03	15d	1	0.36mi
8254 Meadowlark Dr Indianapolis, IN	3.0	1.5	1320	$1,150	$0.87	22d	1	0.44mi
8254 Meadowlark Dr Unit 1 Indianapolis, IN	3.0	1.5	1320	$1,150	$0.87	44d	1	0.44mi
9060 E 39th Pl Indianapolis, IN	1.0–2.0	1.0–1.5	820	$1,040	$1.27	24d	1	0.51mi
3631 Decamp Dr Indianapolis, IN	3.0	1.0	1000	$1,335	$1.33	24d	1	0.60mi
7925 Crossbridge Dr Indianapolis, IN	2.0	2.0	1072	$1,200	$1.12	44d	1	0.62mi
8203 Penway St Indianapolis, IN	3.0	1.5	1360	$1,500	$1.10	24d	1	0.62mi
3540 Dubarry Ct Indianapolis, IN	3.0	2.0	1297	$1,400	$1.08	24d	1	0.68mi
7975 Red Mill Dr Indianapolis, IN	2.0	1.0	576	$975	$1.69	44d	1	0.71mi
9438 Conried Dr Indianapolis, IN	3.0	1.0	1094	$1,445	$1.32	4d	1	0.83mi
3747 Ireland Dr Indianapolis, IN	4.0	1.5	1400	$1,700	$1.21	24d	1	0.86mi
3513 Roseway Dr Indianapolis, IN	3.0	2.0	1216	$1,600	$1.32	18d	1	0.88mi
9226 E 36th Pl Indianapolis, IN	3.0	1.0	1073	$1,250	$1.16	8d	1	0.89mi
7937 E 34th St Indianapolis, IN	4.0	1.0	1450	$2,000	$1.38	24d	1	1.02mi
7531 Penway St Indianapolis, IN	3.0	1.5	1237	$1,551	$1.25	8d	1	1.06mi
3525 Luewan Ct Indianapolis, IN	4.0	1.0	1107	$1,750	$1.58	24d	1	1.07mi
3519 Jerome Ct Indianapolis, IN	4.0	1.0	1107	$1,995	$1.80	24d	1	1.11mi
3962 Strathmore Dr Indianapolis, IN	3.0	1.0	925	$1,250	$1.35	24d	1	1.14mi
7838 Ridgewood Dr Indianapolis, IN	3.0	2.0	936	$1,540	$1.65	44d	1	1.18mi
7838 Ridgewood Dr Indianapolis, IN	3.0	2.0	936	$1,540	$1.65	24d	1	1.18mi
3226 Wellington Ave Indianapolis, IN	3.0	1.0	900	$1,149	$1.28	11d	1	1.28mi
9949 Ellis Dr Indianapolis, IN	4.0	2.0	1421	$1,580	$1.11	3d	1	1.31mi
9962 Catalina Dr Indianapolis, IN	3.0	1.0	1236	$1,600	$1.29	4d	1	1.31mi
3775 Allerton Pl Indianapolis, IN	1.0–4.0	2.0	1068	$1,617	$1.51	14d	1	1.42mi
10101 Montery Rd Indianapolis, IN	2.0	1.0	627	$1,439	$2.30	2d	10	1.48mi

Listing history 29 events

1. 2026-06-18
   days on market $134,900 Active 34 DOM
2. 2026-06-17
   days on market $134,900 Active 33 DOM
3. 2026-06-16
   days on market $134,900 Active 32 DOM
4. 2026-06-15
   days on market $134,900 Active 31 DOM
5. 2026-06-13
   days on market $134,900 Active 29 DOM
6. 2026-06-13
   days on market $134,900 Active 28 DOM
7. 2026-06-09
   days on market $134,900 Active 25 DOM
8. 2026-06-08
   days on market $134,900 Active 24 DOM
9. 2026-06-07
   days on market $134,900 Active 23 DOM
10. 2026-06-03
    days on market $134,900 Active 19 DOM
11. 2026-06-02
    days on market $134,900 Active 18 DOM
12. 2026-06-01
    days on market $134,900 Active 17 DOM
13. 2026-05-31
    days on market $134,900 Active 16 DOM
14. 2026-05-15
    listed $134,900 Active 873-char remark
15. 2022-01-19
    soldstatus $4,956,897
16. 2008-06-26
    soldstatus $30,000 145-char remark

    Show marketing remark (145 chars)

    3BR and 1.5 bath home on the east side of Indy. Brick exterior, shed, and bonus room. Needs repairs and updates. Property is being sold as-is.

17. 2008-05-08
    listed $38,000 145-char remark

    Show marketing remark (145 chars)

    3BR and 1.5 bath home on the east side of Indy. Brick exterior, shed, and bonus room. Needs repairs and updates. Property is being sold as-is.

18. 2005-09-21
    soldstatus $77,700

    Show marketing remark (273 chars)

    All brick ranch features 3 bedrooms, 1.5 baths, living and family rms, central air. Large eat-in-kitchen has white cabinets, marble sills. Nice wooded lot; quiet street near school and shops. Taxes will be lower, no exe mptions at present. No sign in yard; tenant's rights.

19. 2005-08-31
    listed $69,900

    Show marketing remark (273 chars)

    All brick ranch features 3 bedrooms, 1.5 baths, living and family rms, central air. Large eat-in-kitchen has white cabinets, marble sills. Nice wooded lot; quiet street near school and shops. Taxes will be lower, no exe mptions at present. No sign in yard; tenant's rights.

20. 2004-12-31
    historical
21. 2004-01-15
    historical
22. 2004-01-02
    listed $67,500
23. 2003-09-08
    listed $69,895
24. 2002-07-28
    historical
25. 2002-01-28
    listed $74,900
26. 2001-03-09
    soldstatus $77,000
27. 2000-10-06
    listed $77,000
28. 2000-08-03
    soldstatus $40,000
29. 2000-03-20
    listed $47,900

ⓘ 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: $2,877 · $240/mo
• Projected year-2 tax: $2,877 · $240/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 100% 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: $17,093
• − Mortgage interest: −$7,556
• − Property taxes: −$2,877
• − Insurance: −$674
• − Repairs & maintenance: −$1,367
• − Management: −$1,367
• − Depreciation: −$3,924
• Taxable loss: −$674
• Est. tax savings @ 24.0%: +$162
• After-tax cash flow: $1,625/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

+181.6% since first listed

16 events — show timeline

• 2026-05-15 Listed $134,900 MIBOR as Distributed by MLS Grid
• 2022-01-19 Sold (Public Records) $4,956,897 Public Records
• 2008-06-26 Sold (MLS) $30,000 MIBOR as Distributed by MLS Grid
• 2008-05-08 Listed $38,000 MIBOR as Distributed by MLS Grid
• 2005-09-21 Sold (MLS) $77,700 MIBOR as Distributed by MLS Grid
• 2005-08-31 Listed $69,900 MIBOR as Distributed by MLS Grid
• 2004-12-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2004-01-15 Listing Removed — MIBOR as Distributed by MLS Grid
• 2004-01-02 Listed $67,500 MIBOR as Distributed by MLS Grid
• 2003-09-08 Listed $69,895 MIBOR as Distributed by MLS Grid
• 2002-07-28 Listing Removed — MIBOR as Distributed by MLS Grid
• 2002-01-28 Listed $74,900 MIBOR as Distributed by MLS Grid
• 2001-03-09 Sold (MLS) $77,000 MIBOR as Distributed by MLS Grid
• 2000-10-06 Listed $77,000 MIBOR as Distributed by MLS Grid
• 2000-08-03 Sold (MLS) $40,000 MIBOR as Distributed by MLS Grid
• 2000-03-20 Listed $47,900 MIBOR as Distributed by MLS Grid

Property tax history

+9.4%/yr

Latest (2025): $2,877 · +23.2% YoY. Source: county tax records.