3645 Ireland Dr · Indianapolis city (balance), IN 46235

$149,900

3 bd · 1.5 ba · 1,187 sqft · SingleFamily public records · 35 Days on market

Built 1963 7,710 sqft lot $126/sqft · 14% below area Est $174k · 14% 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 +19.5/30.0
• ARV discount +13.8/15.0
• DSCR +6.2/10.0
• 1% rule +5.7/10.0
• Rent growth +3.1/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don't miss out on this incredible opportunity in Warren Township. This home has 3 Bedrooms, 1.5 Bathrooms with a Dining Rm off the Kitchen. Subject is corporate owned & being sold in AS IS condition.

Key facts

• 7,710 sq ft lot
• Garage
• Built 1963

Property features AI

Exterior

• Parking: Attached concrete garage; 1 garage space
• Security: Smoke detector(s)
• Utilities: Public water; Municipal sewer connected; Cable available; Natural gas available; Sewer connected; Water connected; Solid waste service
• Home design: Single family residence; One level
• Construction: Aluminum and vinyl siding; Slab foundation
• Exterior features: Front porch; Sidewalks; Street lights; Mature trees; No fence

Interior

• Kitchen: Refrigerator; Range hood
• Bedrooms: 3 bedrooms on the main level
• Flooring: Hardwood floors
• Bathrooms: 1 full bath; 1 half bath
• Heating & cooling: Natural gas forced air heating; Central air conditioning
• Interior features: Hardwood floors; Smoke detector(s)
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $170 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $145k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.7% 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.
• 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 (+2.6%/yr); 54 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 33% of the median local income ($59k/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 $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 35 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 14y 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 $25k; list at $150k implies a 502% gain — meaningful room to come down on a strong offer.

Recommended offer $145,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 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: 1.07% ✓
• Cap rate: 7.65%
• Cash-on-cash: 4.86%
• DSCR: 1.22
• GRM: 7.8

CMA / ARV

• ARV (median comp): $174,165
• List price: $149,900
• Delta: -13.93%
• 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
3655 N Wittfield St	0.13mi	3/1.0	1,213 (+2%)	9mo	$150,261	$124	81
3444 Hermosa Ct	0.22mi	3/1.5	1,262 (+6%)	3mo	$145,000	$115	77
3525 Luewan Ct	0.19mi	4/1.0 (+1)	1,107 (-7%)	5mo	$120,000	$108	69
3509 N Wittfield St	0.22mi	3/1.0	1,073 (-10%)	9mo	$135,000	$126	65
9819 Bishop Ct	0.49mi	4/2.0 (+1)	1,225 (+3%)	1mo	$136,500	$111	64
3601 Luewan Dr	0.31mi	3/2.0	1,284 (+8%)	7mo	$110,000	$86	64
9048 E 36th St	0.28mi	3/1.0	1,311 (+10%)	8mo	$130,000	$99	62
9613 E 39th Pl	0.45mi	3/1.0	1,073 (-10%)	2mo	$125,000	$116	60
4149 Mellis Dr	0.67mi	3/1.0	1,236 (+4%)	0mo	$161,000	$130	60
3814 Strathmore Dr	0.47mi	4/1.0 (+1)	1,225 (+3%)	9mo	$185,000	$151	59
9438 Conried Dr	0.56mi	3/1.0	1,094 (-8%)	5mo	$130,000	$119	55
3856 Catalina Ct	0.75mi	3/1.0	1,344 (+13%)	3mo	$135,000	$100	39

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 · 2.56% rent growth · sell at horizon

5-year hold

• IRR: -9.2%
• Equity multiple: 0.66×
• Total profit: $-14,102
• Equity at exit: $22,351

10-year hold

• IRR: -0.3%
• Equity multiple: 0.98×
• Total profit: $-955
• Equity at exit: $12,961

Cash invested: $41,972 (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 46235

• Home prices YoY: -4.3%
• Rents YoY: 2.6%
• Active inventory: 54
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,604 high
• Mortgage (P&I): −$786
• Tax from tax record: −$249 /mo · $2,983/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$337
• Net cashflow: $170

Break-even live

Break-even rent $1,389

Max offer price $149,900

Occupancy floor 84%

Sensitivity live

Price	-10% $255	-5% $213	+0% $170	+5% $128	+10% $85
Rent	-10% $43	-5% $107	+0% $170	+5% $233	+10% $297
Rate	-1.0pp $246	-0.5pp $208	base $170	+0.5pp $131	+1.0pp $92

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 35 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9226 E 36th Pl Indianapolis, IN	3.0	1.0	1073	$1,250	$1.16	8d	1	0.10mi
3525 Luewan Ct Indianapolis, IN	4.0	1.0	1107	$1,750	$1.58	24d	1	0.17mi
3747 Ireland Dr Indianapolis, IN	4.0	1.5	1400	$1,700	$1.21	24d	1	0.18mi
3519 Jerome Ct Indianapolis, IN	4.0	1.0	1107	$1,995	$1.80	24d	1	0.19mi
3631 Decamp Dr Indianapolis, IN	3.0	1.0	1000	$1,335	$1.33	24d	1	0.50mi
9060 E 39th Pl Indianapolis, IN	1.0–2.0	1.0–1.5	820	$1,040	$1.27	24d	1	0.51mi
3540 Dubarry Ct Indianapolis, IN	3.0	2.0	1297	$1,400	$1.08	24d	1	0.54mi
9438 Conried Dr Indianapolis, IN	3.0	1.0	1094	$1,445	$1.32	5d	1	0.59mi
3809 Biscayne Rd Indianapolis, IN	2.0	1.5	992	$1,020	$1.03	15d	1	0.61mi
3815 Biscayne Rd Indianapolis, IN	3.0	1.5	1188	$1,220	$1.03	15d	1	0.61mi
8862 Bel Air Ct Indianapolis, IN	3.0	1.0	1073	$1,264	$1.18	18d	1	0.62mi
3821 Biscayne Rd Indianapolis, IN	4.0	1.5	1188	$1,325	$1.12	15d	1	0.62mi
3823 Biscayne Rd Indianapolis, IN	4.0	1.5	1188	$1,320	$1.11	15d	1	0.62mi
3829 Biscayne Rd Indianapolis, IN	4.0	1.5	1188	$1,320	$1.11	15d	1	0.63mi
3962 Strathmore Dr Indianapolis, IN	3.0	1.0	925	$1,250	$1.35	24d	1	0.66mi
9962 Catalina Dr Indianapolis, IN	3.0	1.0	1236	$1,600	$1.29	4d	1	0.66mi
8914 Elmonte Dr Indianapolis, IN	3.0	1.5	1500	$1,600	$1.07	24d	1	0.67mi
3938 Biscayne Rd Indianapolis, IN	3.0	1.0	1000	$1,895	$1.90	3d	1	0.70mi
8738 Montery Rd Indianapolis, IN	3.0	1.0	1421	$1,396	$0.98	8d	1	0.78mi
8724 Montery Rd Indianapolis, IN	3.0	1.0	925	$1,500	$1.62	44d	1	0.79mi
9949 Ellis Dr Indianapolis, IN	4.0	2.0	1421	$1,580	$1.11	3d	1	0.85mi
10101 Montery Rd Indianapolis, IN	2.0	1.0	627	$1,439	$2.30	2d	10	0.93mi
8203 Penway St Indianapolis, IN	3.0	1.5	1360	$1,500	$1.10	24d	1	1.08mi
3645 Wingate Ct Indianapolis, IN	3.0	1.0–2.0	774	$1,500	$1.94	24d	6	1.11mi
8501 Athens Ct Indianapolis, IN	4.0	1.0	1225	$1,475	$1.20	15d	1	1.15mi
4315 Aspen Way Indianapolis, IN	3.0	1.0	1080	$1,380	$1.28	44d	1	1.23mi
3513 Roseway Dr Indianapolis, IN	3.0	2.0	1216	$1,600	$1.32	18d	1	1.30mi
7937 E 34th St Indianapolis, IN	4.0	1.0	1450	$2,000	$1.38	24d	1	1.34mi
8254 Meadowlark Dr Indianapolis, IN	3.0	1.5	1320	$1,150	$0.87	22d	1	1.36mi
8254 Meadowlark Dr Unit 1 Indianapolis, IN	3.0	1.5	1320	$1,150	$0.87	44d	1	1.36mi
7925 Crossbridge Dr Indianapolis, IN	2.0	2.0	1072	$1,200	$1.12	44d	1	1.38mi
7975 Red Mill Dr Indianapolis, IN	2.0	1.0	576	$975	$1.69	44d	1	1.44mi
7838 Ridgewood Dr Indianapolis, IN	3.0	2.0	936	$1,540	$1.65	44d	1	1.46mi
7838 Ridgewood Dr Indianapolis, IN	3.0	2.0	936	$1,540	$1.65	24d	1	1.46mi
3665 Coneflower Way Indianapolis, IN	3.0	2.0	1030	$1,375	$1.33	44d	1	1.49mi

Listing history 17 events

1. 2026-06-18
   days on market $149,900 Active 35 DOM
2. 2026-06-17
   days on market $149,900 Active 34 DOM
3. 2026-06-16
   days on market $149,900 Active 33 DOM
4. 2026-06-15
   days on market $149,900 Active 32 DOM
5. 2026-06-13
   days on market $149,900 Active 30 DOM
6. 2026-06-13
   days on market $149,900 Active 29 DOM
7. 2026-06-09
   days on market $149,900 Active 26 DOM
8. 2026-06-08
   days on market $149,900 Active 25 DOM
9. 2026-06-07
   days on market $149,900 Active 24 DOM
10. 2026-06-03
    days on market $149,900 Active 20 DOM
11. 2026-06-02
    days on market $149,900 Active 19 DOM
12. 2026-06-01
    days on market $149,900 Active 18 DOM
13. 2026-05-31
    days on market $149,900 Active 17 DOM
14. 2026-05-14
    listed $149,900 Active 711-char remark
15. 2012-09-25
    historical 203-char remark

    Show marketing remark (203 chars)

    Don't miss out on this incredible opportunity in Warren Township. This home has 3 Bedrooms, 1.5 Bathrooms with a Dining Rm off the Kitchen. Subject is corporate owned & being sold in AS IS condition.

16. 2012-09-13
    soldstatus $24,901 203-char remark

    Show marketing remark (203 chars)

    Don't miss out on this incredible opportunity in Warren Township. This home has 3 Bedrooms, 1.5 Bathrooms with a Dining Rm off the Kitchen. Subject is corporate owned & being sold in AS IS condition.

17. 2012-08-08
    listed $24,900 203-char remark

    Show marketing remark (203 chars)

    Don't miss out on this incredible opportunity in Warren Township. This home has 3 Bedrooms, 1.5 Bathrooms with a Dining Rm off the Kitchen. Subject is corporate owned & being sold in AS IS condition.

ⓘ 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: $2,983 · $249/mo
• Projected year-2 tax: $2,983 · $249/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: $19,249
• − Mortgage interest: −$8,397
• − Property taxes: −$2,983
• − Insurance: −$750
• − Repairs & maintenance: −$1,540
• − Management: −$1,540
• − Depreciation: −$4,361
• Taxable loss: −$321
• Est. tax savings @ 24.0%: +$77
• After-tax cash flow: $2,118/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): 36,317
• Household income: $58,951
• Rent vs Own: 46.5% rent · 53.5% own
• Severe rent burden: 1901.0

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 57% White 18% Hispanic / Latino 17% Two or more races 11%
• Hispanic origin (detail): Mexican 11% Puerto Rican 2%
• Common ancestry: Hispanic 3% Slovak 1% Romanian 1%
• Foreign-born: 11% · Canada
• Languages at home: 80% English-only · Spanish 15% French/Haitian/Cajun 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: ▼ -12.41%
• Current HPI: 275.1505
• Rent YoY: ▲ 2.56%
• 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

+502.0% since first listed

4 events — show timeline

• 2026-05-14 Listed $149,900 MIBOR as Distributed by MLS Grid
• 2012-09-25 Listing Removed — MIBOR as Distributed by MLS Grid
• 2012-09-13 Sold (MLS) $24,901 MIBOR as Distributed by MLS Grid
• 2012-08-08 Listed $24,900 MIBOR as Distributed by MLS Grid

Property tax history

+17.8%/yr

Latest (2025): $2,983 · +24.6% YoY. Source: county tax records.