6001 Penway St · Indianapolis city (balance), IN 46224

$200,000

3 bd · 2.0 ba · 1,784 sqft · SingleFamily public records · 3 Days on market

Built 1963 7,884 sqft lot Est $230k · 13% under

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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 +16.4/30.0
• ARV discount +13.4/15.0
• DSCR +5.1/10.0
• 1% rule +3.3/10.0
• 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

Charming bi-level home offering 4 bedrooms and 2 updated bathrooms, with comfortable living and dining spaces and a spacious lower-level that can be used as a bedroom or additional family room. Step outside to enjoy a deck installed in 2020, overlooking a large backyard that's fully fenced in and perfect for gatherings, gardening, or play. The laundry room offers extra storage and comes equipped with a washer and new dryer. Recent exterior improvements include a new driveway retaining wall completed in 2024. Conveniently located near schools, shopping, and dining, this home offers a solid combination of space, updates, and functionality with room to make it your own.

Key facts

• Spacious lower-level
• Fully fenced
• Extra storage

Tags

• UPDATED BATHROOMS
• SPACIOUS LOWER-LEVEL
• DECK INSTALLED IN 2020
• LARGE BACKYARD
• FULLY FENCED
• EXTRA STORAGE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $113 ($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 $167k (16.7% below list).
• Recommended offer: $167k (16.7% below list) — sets the bar for 1% rule.
• Cap rate 7.0% 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.
• 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: Meredith Nicholson School 96 (math 8% / reading 12%, grade F, #921 of 994 statewide, top 94%, 358 students, 79% FRL); H L Harshman Middle School (math 3% / reading 16%, grade F, #316 of 330 statewide, top 96%, 549 students, 84% FRL); George Washington High School (math 2% / reading 17%, grade F, #366 of 369 statewide, top 99%, 753 students, 68% FRL) — zoned schools at 77% FRL track the district average.
• Market conditions: Rents flat; 64 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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 36% 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 3 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $166,516 (16.7% below list)

Questions for the listing agent

1. Built in 1963 — 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: 0.83% ✗
• Cap rate: 6.97%
• Cash-on-cash: 2.42%
• DSCR: 1.11
• GRM: 10.0

CMA / ARV

• ARV (on-the-fly): $230,136
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6014 Penway Cir	0.05mi	4/1.5 (+1)	1,669 (-6%)	8mo	$210,000	$126	74
3991 Bennett Dr	0.46mi	3/2.0	1,850 (+4%)	3mo	$147,250	$80	70
4007 Whitaker Dr	0.50mi	4/1.5 (+1)	1,768 (-1%)	1mo	$195,000	$110	68
3514 Clark Rd	0.20mi	4/1.5 (+1)	1,908 (+7%)	7mo	$185,000	$97	66
3221 Bluebell Ln	0.61mi	3/2.0	1,702 (-5%)	1mo	$220,000	$129	63
3815 N Lawndale Ave	0.22mi	3/2.5	1,576 (-12%)	8mo	$275,000	$174	62
3811 N Lawndale Ave	0.22mi	3/2.5	1,576 (-12%)	8mo	$275,000	$174	61
3668 Chatsbee Ct	0.25mi	4/1.5 (+1)	2,034 (+14%)	7mo	$178,000	$88	52
6117 Ashway Ct	0.52mi	4/2.0 (+1)	1,626 (-9%)	4mo	$274,900	$169	52
4025 Sherlock Dr	0.62mi	4/3.0 (+1)	1,733 (-3%)	7mo	$240,000	$138	52
3208 Voigt Dr	0.56mi	3/1.0	1,944 (+9%)	6mo	$160,000	$82	50
3231 Thurston Dr	0.54mi	4/1.5 (+1)	1,536 (-14%)	8mo	$235,000	$153	38

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: -14.7%
• Equity multiple: 0.48×
• Total profit: $-28,931
• Equity at exit: $29,821

10-year hold

• IRR: -9.7%
• Equity multiple: 0.46×
• Total profit: $-30,507
• Equity at exit: $17,292

Cash invested: $56,000 (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: 10.0×

Monthly cashflow live

• Estimated rent: $1,665 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$70 /mo · $846/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$350
• Net cashflow: $113

Break-even live

Break-even rent $1,522

Max offer price $200,000

Occupancy floor 88%

Sensitivity live

Price	-10% $226	-5% $169	+0% $113	+5% $56	+10% $0
Rent	-10% $-19	-5% $47	+0% $113	+5% $179	+10% $244
Rate	-1.0pp $214	-0.5pp $164	base $113	+0.5pp $61	+1.0pp $8

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5925 Sunwood Dr Indianapolis, IN	3.0	1.0	1479	$1,600	$1.08	6d	1	0.16mi
5925 Sunwood Dr Indianapolis, IN	3.0	1.0	1479	$1,600	$1.08	22d	1	0.16mi
5801 Sunwood Dr Indianapolis, IN	4.0	2.0	1908	$2,055	$1.08	9d	1	0.25mi
5505 Scarlet Dr Indianapolis, IN	3.0	1.0–1.5	883	$1,669	$1.89	0d	7	0.46mi
3226 Voigt Dr Indianapolis, IN	3.0	1.5	1826	$1,850	$1.01	25d	1	0.52mi
6710 Hollow Run Pl Indianapolis, IN	1.0–3.0	1.0–2.0	995	$2,000	$2.01	9d	37	0.67mi
3338 Tara Ln Indianapolis, IN	3.0	1.5	1242	$1,199	$0.97	45d	1	0.80mi
6340 Commons Dr Indianapolis, IN	3.0	2.5	1605	$1,400	$0.87	45d	1	0.88mi
4366 Fullwood Ct Indianapolis, IN	3.0	2.5	1936	$2,005	$1.04	9d	1	1.06mi
3161 Chrysler St Indianapolis, IN	4.0	1.0	1306	$1,095	$0.84	15d	1	1.34mi

Listing history 2 events

1. 2026-04-20
   status Pending
2. 2026-04-17
   listed $200,000 Active

ⓘ 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: $846 · $70/mo
• Projected year-2 tax: $1,273 · $106/mo
• Expected delta: +$427/yr (+$36/mo · 50.5%)

ⓘ 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: $19,982
• − Mortgage interest: −$11,203
• − Property taxes: −$846
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,599
• − Management: −$1,599
• − Depreciation: −$5,818
• Taxable loss: −$2,082
• Est. tax savings @ 24.0%: +$500
• After-tax cash flow: $1,854/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

2 events — show timeline

• 2026-04-20 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-17 Listed $200,000 MIBOR as Distributed by MLS Grid

Property tax history

+7.6%/yr

Latest (2025): $846 · -5.8% YoY. Source: county tax records.