8553 La Corrida #84 · Indianapolis city (balance), IN 46227

$110,000

2 bd · 2.0 ba · 882 sqft · Condo · 16 Days on market

Built 1980 Fair condition $296/mo HOA · 22% of rent

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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 +12.7/30.0
• ARV discount +7.5/15.0
• 1% rule +7.0/10.0
• DSCR +3.8/10.0
• 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

Listing remarks

Tucked away on a quiet cul-de-sac, 8553 La Corrida Court offers the perfect blend of comfort, charm, and everyday convenience. From the moment you arrive, you'll be greeted by a sense of home - a place where memories are waiting to be made and life's special moments can unfold. Step inside and imagine starting your mornings with a cup of coffee in a sun-filled kitchen, gathering with loved ones in inviting living spaces, and enjoying the ease of a layout designed for both relaxation and connection. Whether you're hosting holiday celebrations, movie nights, or casual get-togethers, this home provides the perfect backdrop for every occasion. The spacious bedrooms offer peaceful retreats where

Key facts

• Thoughtful design
• Peaceful setting
• Sun-filled kitchen

Tags

• SUN-FILLED KITCHEN
• INVITING LIVING SPACES
• THOUGHTFUL DESIGN
• PEACEFUL SETTING

Property features AI

Finance

• Other: Mandatory fee ownership interest; Common wall configuration: no one below; GPS friendly directions
• HOA & community: HOA (monthly fee includes insurance, grounds maintenance, snow removal and trash)

Exterior

• Parking: Attached garage with garage door opener (1 car)
• Utilities: Public water; Municipal sewer
• Home design: Attached condominium; Horizontal condo with private building entry; One level
• Construction: Stucco construction; Slab foundation
• Exterior features: Fenced yard with a gate; Less than 1/4 acre

Interior

• Kitchen: Electric cooktop; Electric oven; Range hood; Dishwasher; Microwave; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Eat-in kitchen; Walk-in closet(s); Living room (17 x 14, main level); Dining room (8 x 8, main level); Kitchen (9 x 8, main level); Additional room (14 x 11, main level); Bedroom 2 (11 x 12, main level)
• Laundry & utility: Laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $110k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-12 ($-145/yr) — negative.
• To cash-flow at today's rent, offer at most $108k (1.6% below list).
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $108k (1.6% below list) — sets the bar for cash-flow.
• Cap rate 6.2% 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.
• 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.
• Zoned schools: Winchester Village Elementary (math 28% / reading 26%, grade F, #737 of 994 statewide, top 76%, 619 students, 85% FRL); Southport Middle School (math 22% / reading 40%, grade F, #201 of 330 statewide, top 61%, 1,194 students, 72% FRL); Southport High School (math 25% / reading 53%, grade F, #235 of 369 statewide, top 65%, 2,355 students, 70% FRL) — zoned schools average 76% FRL vs 54% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.5%/yr); 248 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals leasing fast (median 10d 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 $761 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 16 days — a 2% lower offer ($108k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent.

Recommended offer $108,249 (1.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.20% ✓
• Cap rate: 6.16%
• Cash-on-cash: -0.47%
• DSCR: 0.98
• GRM: 6.9

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: -17.7%
• Equity multiple: 0.38×
• Total profit: $-19,108
• Equity at exit: $16,401

10-year hold

• IRR: -10.9%
• Equity multiple: 0.36×
• Total profit: $-19,710
• Equity at exit: $9,511

Cash invested: $30,800 (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: 248
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,322 high
• Mortgage (P&I): −$577
• Tax est. 1.5%: −$138 /mo · $1,650/yr
• Insurance: −$46
• HOA: −$296
• Vacancy / Maint / Mgmt: −$278
• Net cashflow: $-12

Break-even live

Break-even rent $1,337

Max offer price $108,249

Occupancy floor 96%

Sensitivity live

Price	-10% $64	-5% $26	+0% $-12	+5% $-50	+10% $-88
Rent	-10% $-117	-5% $-64	+0% $-12	+5% $40	+10% $92
Rate	-1.0pp $43	-0.5pp $16	base $-12	+0.5pp $-41	+1.0pp $-70

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 33 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	3d	16	0.36mi
8055 Crossing Dr Indianapolis, IN	1.0–2.0	1.0	775	$1,224	$1.58	4d	15	0.43mi
8631 Pleasant Creek Ct Indianapolis, IN	3.0	2.0	1120	$1,706	$1.52	9d	1	0.46mi
8960 S Keystone Ave Indianapolis, IN	1.0–2.0	1.0	881	$1,270	$1.44	3d	7	0.53mi
3503 Pleasant Lake Dr Indianapolis, IN	3.0	1.0	1064	$1,615	$1.52	14d	1	0.58mi
3546 Valley Lake Dr Indianapolis, IN	3.0	1.0	984	$1,645	$1.67	6d	1	0.59mi
7909 Southfield Dr Indianapolis, IN	3.0	2.0	1056	$1,445	$1.37	9d	1	0.60mi
2524 Tamarack Ln Indianapolis, IN	1.0–2.0	1.0	655	$969	$1.48	9d	7	0.64mi
3717 Piermont Dr Indianapolis, IN	1.0–3.0	1.0–2.0	1038	$1,414	$1.36	4d	23	0.69mi
1039 N Paz Dr Greenwood, IN	1.0–3.0	1.0–2.0	925	$1,228	$1.33	0d	9	0.76mi
3741 Lima Ct Indianapolis, IN	2.0	1.0	976	$1,350	$1.38	9d	1	0.77mi
14 Greenwood Trl N Greenwood, IN	2.0	1.5	1088	$1,275	$1.17	16d	1	0.90mi
7913 Ella Dobbs Ln Indianapolis, IN	1.0–3.0	1.0–2.0	1021	$1,325	$1.30	25d	1	0.92mi
968 Greenwood Trl W Greenwood, IN	2.0	2.0	1088	$1,475	$1.36	14d	1	0.93mi
921 Parliament Pl Greenwood, IN	1.0–3.0	1.0–2.0	994	$1,298	$1.30	4d	30	0.95mi
49 Trails End Unit 1 Greenwood, IN	2.0	1.5	1088	$1,450	$1.33	0d	1	0.96mi
8580 Beechmill Ln Indianapolis, IN	1.0–2.0	1.0–1.5	794	$1,265	$1.59	3d	13	0.99mi
742 Loews Blvd Greenwood, IN	1.0	1.0	600	$795	$1.32	45d	1	1.04mi
1542 Citrin Pl Unit 7810 Indianapolis, IN	2.0	2.0	1027	$1,505	$1.47	6d	1	1.10mi
1201 Community Pl Indianapolis, IN	2.0–3.0	1.0–1.5	908	$1,300	$1.43	25d	3	1.18mi
88 Keran Manor Ct Greenwood, IN	2.0	1.0	945	$1,450	$1.53	45d	1	1.21mi
800 Kings Mill Rd Greenwood, IN	2.0	1.0–2.0	701	$1,347	$1.92	0d	50	1.21mi
745 Wood Dale Ter Greenwood, IN	1.0–2.0	1.0–1.5	818	$1,397	$1.71	0d	9	1.22mi
1043 Mikes Way Greenwood, IN	3.0	2.0	1090	$1,650	$1.51	45d	1	1.30mi
1009 Lismore Ln Indianapolis, IN	1.0–2.0	1.0–2.0	875	$1,365	$1.56	25d	1	1.32mi
634 Wooddale Ter Unit 1010 Greenwood, IN	1.0	1.0	882	$917	$1.04	45d	1	1.33mi
622 Wood Dale Ter Greenwood, IN	1.0–2.0	1.0–1.5	947	$1,104	$1.17	25d	3	1.34mi
628 Wooddale Ter Unit 1007 Greenwood, IN	2.0	1.5	1013	$1,104	$1.09	45d	1	1.35mi
601 Wood Dale Ter Greenwood, IN	2.0	1.5	960	$1,174	$1.22	46d	1	1.38mi
4545 Scarlet Oak Way Indianapolis, IN	1.0–3.0	1.0–2.0	1101	$1,538	$1.40	0d	15	1.41mi
514 Carol Dr Greenwood, IN	3.0	1.0	864	$1,483	$1.72	0d	1	1.41mi
600 Wooddale Ter Apt 07 Greenwood, IN	2.0	1.0	750	$999	$1.33	25d	1	1.42mi
600 Wood Dale Ter Greenwood, IN	2.0	1.0	750	$999	$1.33	45d	1	1.42mi

HOA detail condo

• Monthly dues: $296 · $3,552/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-06-21
   days on market $110,000 Active 16 DOM
2. 2026-06-18
   days on market $110,000 Active 13 DOM
3. 2026-06-17
   days on market $110,000 Active 12 DOM
4. 2026-06-16
   days on market $110,000 Active 11 DOM
5. 2026-06-15
   days on market $110,000 Active 10 DOM
6. 2026-06-13
   days on market $110,000 Active 8 DOM
7. 2026-06-09
   days on market $110,000 Active 4 DOM
8. 2026-06-08
   days on market $110,000 Active 3 DOM
9. 2026-06-07
   remarks 699-char remark
10. 2026-06-07
    listed $110,000 Active 2 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $15,860
• − Mortgage interest: −$6,162
• − Property taxes: −$1,650
• − Insurance: −$550
• − Repairs & maintenance: −$1,269
• − Management: −$1,269
• − HOA: −$3,552
• − Depreciation: −$3,200
• Taxable loss: −$1,792
• Est. tax savings @ 24.0%: +$430
• After-tax cash flow: $285/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.

Condition & rehab AI · 13 photos

Fair 50/100 Moderate rehab

This home requires moderate repairs and maintenance, including roof replacement, exterior painting, and flooring updates. These improvements will significantly enhance its resale and rental value.

Repairs flagged

• Major roof — The satellite image suggests potential roof damage.
• Moderate exterior siding — The siding shows signs of wear and discoloration.
• Major kitchen flooring — The flooring is old and in poor condition.
• Major bathroom flooring — The flooring is old and in poor condition.
• Minor interior walls/paint — The walls and paint show some wear but are not in critical condition.

Value-add opportunities

• Both paint exterior siding — Fresh paint can improve curb appeal and home value.
• Both replace kitchen flooring — New flooring can enhance the kitchen's appearance and functionality.
• Both replace bathroom flooring — New flooring can enhance the bathroom's appearance and functionality.
• Both paint interior walls/paint — Fresh paint can improve the home's appearance and functionality.
• Both replace HVAC system — A new, efficient HVAC system can improve comfort and energy efficiency, increasing both resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · The satellite image suggests potential roof damage.	Major	$15,000–50,000
exterior siding · The siding shows signs of wear and discoloration.	Moderate	$3,000–15,000
kitchen flooring · The flooring is old and in poor condition.	Major	$15,000–50,000
bathroom flooring · The flooring is old and in poor condition.	Major	$15,000–50,000
interior walls/paint · The walls and paint show some wear but are not in critical condition.	Minor	$500–3,000
Total estimated repair cost · 5 items		$48,500–168,000

Value-add ROI direction

• Both paint exterior siding — Fresh paint can improve curb appeal and home value. ↑
• Both replace kitchen flooring — New flooring can enhance the kitchen's appearance and functionality. ↑
• Both replace bathroom flooring — New flooring can enhance the bathroom's appearance and functionality. ↑
• Both paint interior walls/paint — Fresh paint can improve the home's appearance and functionality. ↑
• Both replace HVAC system — A new, efficient HVAC system can improve comfort and energy efficiency, increasing both resale and rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

1 event — show timeline

• 2026-06-05 Listed $110,000 MIBOR as Distributed by MLS Grid