8147 Shores Edge Pl · Indianapolis city (balance), IN 46237

$185,000

2 bd · 1.5 ba · 1,576 sqft · Condo public records · 5 Days on market

Built 2004 $254/mo HOA · 14% 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 +4.8/10.0
• Schools +4.0/10.0
• DSCR +3.8/10.0
• Rent growth +3.4/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This well maintained end condo unit has 2 bedroom and 2.5 baths with a wonderful open floor plan and private 2 car garage. Downstairs you'll find an oversized living room that connects to the dining area and kitchen. Upstairs you'll find the primary bedroom suite, along with a 2nd bedroom, 2nd full bathroom and laundry closet. Outside, since it is an end unit you have a large greenspace and a wonderful view of the pond and fewer neighbors. The HOA monthly fee covers lawn care, snow removal, water & sewer bill and trash. This condo had new HVAC installed in 2022. The home is truly move in ready!

Key facts

• Open floor plan
• Large greenspace
• New hvac

Tags

• OPEN FLOOR PLAN
• OVERSIZED LIVING ROOM
• LARGE GREENSPACE
• VIEW OF THE POND
• NEW HVAC

Property features AI

Finance

• HOA & community: Homeowners association with monthly fee ($254) covering lawn care, grounds maintenance, snow removal and trash; Covenants & restrictions; Street lights in community; Low-maintenance lifestyle; End unit with one common wall

Exterior

• Parking: Attached 2-car garage with finished interior and garage door opener; Guest street parking
• Utilities: Public water; Municipal sewer connected; Solid waste service available
• Home design: Attached condominium; Horizontal condo with private entry at ground level; One and one-half levels
• Construction: Vinyl with brick exterior; Slab foundation
• Exterior features: Patio; Porch; Corner lot; Cul-de-sac location; Mature trees; On waterfront (pond)

Interior

• Kitchen: Dishwasher; Disposal; Microwave with hood; Electric oven; Refrigerator
• Bedrooms: Primary bedroom with walk-in closet; Two bedrooms on the upper level
• Bathrooms: Two full bathrooms; One half bathroom; Primary bathroom with full shower stall and suite
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Breakfast bar; Cathedral ceilings; Smart thermostat; Walk-in closet(s); Living room is two-story
• Laundry & utility: In-unit laundry with hookups; Laundry closet; Water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $185k.

Deal economics

• At list price, monthly cash flow is $-20 ($-238/yr) — negative.
• To cash-flow at today's rent, offer at most $182k (1.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $182k (1.5% below list).
• Recommended offer: $182k (1.9% 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.
• 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: Mary Adams Elementary School (math 67% / reading 62%, grade B, #78 of 994 statewide, top 9%, 519 students, 49% 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 47% FRL vs 29% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 60% at this address vs 44% district-wide (+15 pts) — the actual schools serving this property are materially stronger than the Franklin Township Community School Corporation average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+3.8%/yr); 270 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 6d 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 $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 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• Current owner paid $75k; list at $185k implies a 147% gain — meaningful room to come down on a strong offer.

Recommended offer $181,503 (1.9% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.98% ✗
• Cap rate: 6.16%
• Cash-on-cash: -0.46%
• DSCR: 0.98
• GRM: 8.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.78% rent growth · sell at horizon

5-year hold

• IRR: -16.0%
• Equity multiple: 0.43×
• Total profit: $-29,660
• Equity at exit: $27,584

10-year hold

• IRR: -6.0%
• Equity multiple: 0.60×
• Total profit: $-20,884
• Equity at exit: $15,995

Cash invested: $51,800 (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 46237

• Rents YoY: 3.8%
• Active inventory: 270
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,821 high
• Mortgage (P&I): −$970
• Tax from tax record: −$157 /mo · $1,890/yr
• Insurance: −$77
• HOA: −$254
• Vacancy / Maint / Mgmt: −$382
• Net cashflow: $-20

Break-even live

Break-even rent $1,846

Max offer price $181,503

Occupancy floor 96%

Sensitivity live

Price	-10% $85	-5% $33	+0% $-20	+5% $-72	+10% $-125
Rent	-10% $-164	-5% $-92	+0% $-20	+5% $52	+10% $124
Rate	-1.0pp $73	-0.5pp $27	base $-20	+0.5pp $-68	+1.0pp $-117

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8130 Amble Way Indianapolis, IN	3.0	2.5	2144	$1,955	$0.91	5d	1	0.40mi
5945 Arlo Dr Indianapolis, IN	1.0–3.0	1.0–2.0	1092	$1,720	$1.57	0d	11	0.44mi
7825 Jaclyn Dr Indianapolis, IN	3.0	2.0	1244	$1,875	$1.51	5d	1	0.45mi
6404 Amarillo Way Indianapolis, IN	3.0	2.0	1494	$1,845	$1.23	5d	1	0.50mi
7925 Carlington Rd Indianapolis, IN	2.0	2.0	1455	$2,079	$1.43	0d	17	0.73mi
6210 Carrie Cir Indianapolis, IN	3.0	2.0	1226	$1,890	$1.54	5d	1	0.88mi
7251 Windsor Lakes Dr Indianapolis, IN	1.0–3.0	1.0–2.0	1103	$1,540	$1.40	3d	36	1.23mi
764 Greenwood Springs Dr Greenwood, IN	1.0–2.0	1.0–2.0	663	$1,950	$2.94	0d	13	1.45mi

HOA detail condo

• Monthly dues: $254 · $3,048/yr
• Likely covers: watersewertrashlandscapingsnow removal
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 11 events

1. 2026-06-01
   days on market $185,000 Active 5 DOM
2. 2026-05-31
   days on market $185,000 Active 4 DOM
3. 2026-04-11
   status Pending
4. 2026-04-09
   listed $185,000 Active
5. 2024-11-11
   historical
6. 2024-10-09
   listed $240,000 Active
7. 2009-06-06
   historical
8. 2009-03-11
   listed $100,000
9. 2009-01-09
   historical
10. 2009-01-07
    soldstatus $75,000
11. 2008-10-06
    listed $75,900

ⓘ 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: $1,890 · $157/mo
• Projected year-2 tax: $1,890 · $157/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 4/10 Moderate 7 d/yr ≥100°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: $21,857
• − Mortgage interest: −$10,363
• − Property taxes: −$1,890
• − Insurance: −$925
• − Repairs & maintenance: −$1,749
• − Management: −$1,749
• − HOA: −$3,048
• − Depreciation: −$5,382
• Taxable loss: −$3,247
• Est. tax savings @ 24.0%: +$779
• After-tax cash flow: $542/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): 43,473
• Household income: $79,078
• Rent vs Own: 31.1% rent · 68.9% own
• Severe rent burden: 1245.0

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: Predominantly White (71%)
• Race & ethnicity: White 71% Asian 13% Hispanic / Latino 7% Two or more races 6% Black 5%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 2% Lithuanian 2% Romanian 2%
• Foreign-born: 12% · Canada, Philippines
• Languages at home: 84% English-only · Other Asian/Pacific 5% Spanish 5% Other Indo-European 4%

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: ▼ -180.33%
• Current HPI: 238.9661
• Rent YoY: ▲ 3.78%
• 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

+143.7% since first listed

9 events — show timeline

• 2026-04-11 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-09 Listed $185,000 MIBOR as Distributed by MLS Grid
• 2024-11-11 Listing Removed — MIBOR as Distributed by MLS Grid
• 2024-10-09 Listed $240,000 MIBOR as Distributed by MLS Grid
• 2009-06-06 Listing Removed — MIBOR as Distributed by MLS Grid
• 2009-03-11 Listed $100,000 MIBOR as Distributed by MLS Grid
• 2009-01-09 Listing Removed — MIBOR as Distributed by MLS Grid
• 2009-01-07 Sold (MLS) $75,000 MIBOR as Distributed by MLS Grid
• 2008-10-06 Listed $75,900 MIBOR as Distributed by MLS Grid

Property tax history

+7.9%/yr

Latest (2025): $1,890 · +1.7% YoY. Source: county tax records.