8421 Del Prado Ct · Indianapolis city (balance), IN 46227

$89,000

2 bd · 1.0 ba · 968 sqft · Condo public records · 98 Days on market

Built 1973 $152/mo HOA · 12% of rent

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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 +24.1/30.0
• 1% rule +9.8/10.0
• DSCR +7.8/10.0
• ARV discount +7.5/15.0
• Schools +3.5/10.0
• Rent growth +3.1/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• $152 HOA
• Garage
• Community pool

Property features AI

Finance

• Other: Mandatory fee ownership interest; 1 common wall
• HOA & community: Has HOA; Monthly association fee ($152); Community pool; Association covers clubhouse, structure maintenance, general maintenance, snow removal, and trash

Exterior

• Parking: Attached garage (1 car)
• Security: Smoke alarm
• Utilities: Public water; Municipal sewer; Municipal solid waste service
• Home design: Residential condominium; Attached property; Horizontal condo with private entry; Upper level entry; One level
• Construction: Stucco construction; Slab foundation
• Exterior features: Patio

Interior

• Kitchen: Dishwasher; Microwave; Electric oven; Range hood; Refrigerator; Electric water heater
• Bedrooms: 2 bedrooms on the main level
• Flooring: Parquet
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced air heating; Electric heating; Central air conditioning
• Interior features: Built-in features; Wood work painted; Smoke alarm; Parquet flooring in dining and living areas; Living room with wood-burning fireplace
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $89k.

Deal economics

• At list price, monthly cash flow is $176 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $89k).
• Recommended offer: $81k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.7% 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.
• Perry Township Schools (urban): math 36% / reading 45% proficiency, ranked #138 of 301 in IN (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.5%/yr); 245 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $615 of loan paydown is wiped out by about $3k 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 98 days — a 9% lower offer ($81k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 18y 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.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price.

Recommended offer $80,990 (9.0% below list)

Questions for the listing agent

1. It's been on market 98 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.48% ✓
• Cap rate: 8.66%
• Cash-on-cash: 8.46%
• DSCR: 1.38
• GRM: 5.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.46% rent growth · sell at horizon

5-year hold

• IRR: -4.1%
• Equity multiple: 0.85×
• Total profit: $-3,777
• Equity at exit: $13,270

10-year hold

• IRR: 5.0%
• Equity multiple: 1.36×
• Total profit: $8,927
• Equity at exit: $7,695

Cash invested: $24,920 (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 46227

• Rents YoY: 2.5%
• Active inventory: 245
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,316 high
• Mortgage (P&I): −$467
• Tax from tax record: −$208 /mo · $2,498/yr
• Insurance: −$37
• HOA: −$152
• Vacancy / Maint / Mgmt: −$276
• Net cashflow: $176

Break-even live

Break-even rent $1,094

Max offer price $89,000

Occupancy floor 82%

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8213 Zona Dr Indianapolis, IN	1.0–3.0	1.0–1.5	935	$1,102	$1.18	2d	16	0.28mi
8055 Crossing Dr Indianapolis, IN	1.0–2.0	1.0	775	$1,224	$1.58	2d	15	0.38mi
8631 Pleasant Creek Ct Indianapolis, IN	3.0	2.0	1120	$1,706	$1.52	8d	1	0.53mi
7909 Southfield Dr Indianapolis, IN	3.0	2.0	1056	$1,445	$1.37	8d	1	0.53mi
2524 Tamarack Ln Indianapolis, IN	1.0–2.0	1.0	655	$969	$1.48	8d	7	0.56mi
8960 S Keystone Ave Indianapolis, IN	1.0–2.0	1.0	881	$1,270	$1.44	2d	7	0.57mi
3546 Valley Lake Dr Indianapolis, IN	3.0	1.0	984	$1,645	$1.67	4d	1	0.65mi
3503 Pleasant Lake Dr Indianapolis, IN	3.0	1.0	1064	$1,615	$1.52	12d	1	0.65mi
3717 Piermont Dr Indianapolis, IN	1.0–3.0	1.0–2.0	1038	$1,414	$1.36	2d	23	0.72mi
3741 Lima Ct Indianapolis, IN	2.0	1.0	976	$1,350	$1.38	8d	1	0.79mi
7913 Ella Dobbs Ln Indianapolis, IN	1.0–3.0	1.0–2.0	1021	$1,325	$1.30	24d	1	0.84mi
1039 N Paz Dr Greenwood, IN	1.0–2.0	1.0	800	$1,193	$1.49	2d	8	0.85mi
8580 Beechmill Ln Indianapolis, IN	1.0–2.0	1.0–1.5	794	$1,265	$1.59	2d	13	0.94mi
921 Parliament Pl Greenwood, IN	1.0–3.0	1.0–2.0	994	$1,298	$1.30	3d	30	0.96mi
14 Greenwood Trl N Greenwood, IN	2.0	1.5	1088	$1,275	$1.17	15d	1	0.99mi
1542 Citrin Pl Unit 7810 Indianapolis, IN	2.0	2.0	1027	$1,505	$1.47	4d	1	1.01mi
968 Greenwood Trl W Greenwood, IN	2.0	2.0	1088	$1,475	$1.36	12d	1	1.02mi
742 Loews Blvd Greenwood, IN	1.0	1.0	600	$795	$1.32	44d	1	1.07mi
1201 Community Pl Indianapolis, IN	2.0–3.0	1.0–1.5	908	$1,300	$1.43	24d	3	1.15mi
800 Kings Mill Rd Greenwood, IN	2.0	1.0–2.0	701	$1,358	$1.94	2d	52	1.24mi
1009 Lismore Ln Indianapolis, IN	1.0–2.0	1.0–2.0	875	$1,365	$1.56	24d	1	1.26mi
745 Wood Dale Ter Greenwood, IN	1.0–3.0	1.0–1.5	1032	$1,326	$1.28	3d	10	1.27mi
88 Keran Manor Ct Greenwood, IN	2.0	1.0	945	$1,450	$1.53	44d	1	1.29mi
634 Wooddale Ter Unit 1010 Greenwood, IN	1.0	1.0	882	$917	$1.04	44d	1	1.38mi
1043 Mikes Way Greenwood, IN	3.0	2.0	1090	$1,650	$1.51	44d	1	1.39mi
622 Wood Dale Ter Greenwood, IN	1.0–2.0	1.0–1.5	947	$1,104	$1.17	24d	3	1.40mi
628 Wooddale Ter Unit 1007 Greenwood, IN	2.0	1.5	1013	$1,104	$1.09	44d	1	1.40mi
601 Wood Dale Ter Greenwood, IN	2.0	1.5	960	$1,174	$1.22	44d	1	1.45mi
600 Wooddale Ter Apt 07 Greenwood, IN	2.0	1.0	750	$999	$1.33	24d	1	1.48mi
600 Wood Dale Ter Greenwood, IN	2.0	1.0	750	$999	$1.33	44d	1	1.48mi
4545 Scarlet Oak Way Indianapolis, IN	1.0–3.0	1.0–2.0	1101	$1,690	$1.53	2d	16	1.48mi

HOA detail condo

• Monthly dues: $152 · $1,824/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-18
   days on market $89,000 Active 98 DOM
2. 2026-06-17
   days on market $89,000 Active 97 DOM
3. 2026-06-16
   days on market $89,000 Active 96 DOM
4. 2026-06-15
   days on market $89,000 Active 95 DOM
5. 2026-06-13
   days on market $89,000 Active 93 DOM
6. 2026-06-09
   days on market $89,000 Active 89 DOM
7. 2026-06-08
   days on market $89,000 Active 88 DOM
8. 2026-06-07
   days on market $89,000 Active 87 DOM
9. 2026-06-03
   days on market $89,000 Active 83 DOM
10. 2026-06-02
    days on market $89,000 Active 82 DOM
11. 2026-06-01
    days on market $89,000 Active 81 DOM
12. 2026-05-31
    days on market $89,000 Active 80 DOM
13. 2026-03-12
    status Active
14. 2026-01-20
    status Pending
15. 2026-01-20
    listed $89,000 Active
16. 2015-06-02
    historical
17. 2015-04-28
    price $44,900
18. 2014-11-04
    listed $54,900 Active
19. 2008-11-13
    historical
20. 2008-05-30
    listed $52,500

ⓘ 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: $2,498 · $208/mo
• Projected year-2 tax: $2,498 · $208/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 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,790
• − Mortgage interest: −$4,985
• − Property taxes: −$2,498
• − Insurance: −$445
• − Repairs & maintenance: −$1,263
• − Management: −$1,263
• − HOA: −$1,824
• − Depreciation: −$2,589
• Taxable income: $923
• Est. tax owed @ 24.0%: −$221
• After-tax cash flow: $1,886/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: Perry Township Schools
• NCES district ID: 1808820
• Math proficiency: 36% ▼ -13.00%
• Reading proficiency: 45% ▼ -6.00%
• Median HH income: $47,170
• Composite: 34.61/100
• National rank: #5153
• State rank: #138 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): 57,587
• Household income: $53,629
• Rent vs Own: 55.1% rent · 44.9% own
• Severe rent burden: 3583.0

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 0.59)
• Race & ethnicity: White 61% Asian 12% Black 11% Hispanic / Latino 10% Two or more races 8%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Italian 2% Slovak 2% Lithuanian 1%
• Foreign-born: 17% · Philippines, Canada, Vietnam
• Languages at home: 79% English-only · Other Asian/Pacific 9% Spanish 7% Other Indo-European 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: ▼ -260.49%
• Current HPI: 276.8271
• Rent YoY: ▲ 2.46%
• 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

+69.5% since first listed

8 events — show timeline

• 2026-03-12 Relisted — MIBOR as Distributed by MLS Grid
• 2026-01-20 Pending — MIBOR as Distributed by MLS Grid
• 2026-01-20 Listed $89,000 MIBOR as Distributed by MLS Grid
• 2015-06-02 Listing Removed — MIBOR as Distributed by MLS Grid
• 2015-04-28 Price Changed $44,900 MIBOR as Distributed by MLS Grid
• 2014-11-04 Listed $54,900 MIBOR as Distributed by MLS Grid
• 2008-11-13 Listing Removed — MIBOR as Distributed by MLS Grid
• 2008-05-30 Listed $52,500 MIBOR as Distributed by MLS Grid

Property tax history

+6.9%/yr

Latest (2025): $2,498 · +221.7% YoY. Source: county tax records.