8367 Paso Del Norte Ct · Indianapolis city (balance), IN 46227

$59,900

2 bd · 2.0 ba · 966 sqft · Condo · 141 Days on market

Built 1973 $295/mo HOA · 22% of rent

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Listing remarks MLS

AFFORDABLE 2 bedrooms, 2 full baths condo on the south side of Indy. GROUND level. Nice PRIVATE fenced patio. Main level offers a living room, dining room, kitchen and a FULL bathroom with a stand up shower. Second level offers two good size bedrooms and a full bathroom. Master bedroom has two closets, one is a walk-in closet. Access to patio thru dining room and living room. Washer, dryer and kitchen appliances are included. Shared garage with storage. Good condition. Convenient location.

Key facts

• Fenced private patio
• Private entry
• $295 HOA

Tags

• FENCED PRIVATE PATIO
• PRIVATE ENTRY

Property features AI

Finance

• Other: Property listed as a fixer; Mandatory fee ownership interest
• HOA & community: HOA with monthly fee of $295; HOA covers sewer, insurance, maintenance, and trash; Association provides insurance, maintenance, and trash services; 2+ common walls

Exterior

• Parking: Attached garage (1 car, shared garage)
• Utilities: Public water; Municipal sewer (connected); Municipal solid waste service
• Home design: Attached condominium; Two levels; Ground-level private entry; Horizontal condo type
• Construction: Stucco exterior; Slab foundation
• Exterior features: Privacy fence

Interior

• Kitchen: Kitchen on main level
• Bedrooms: Two upper bedrooms; Primary bedroom with walk-in closet
• Flooring: Floor number: 1
• Bathrooms: Two full bathrooms (one on main level, one on upper level)
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Walk-in closet(s)
• Laundry & utility: No appliances listed

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $60k.

Deal economics

• At list price, monthly cash flow is $343 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.2% 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 B — 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; 30 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 $414 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 2.5% rent growth), your $17k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 141 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y ago; this cycle's ask has dropped $40k (40%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent.

Recommended offer $52,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 141 days. Have you received any prior offers? Is the seller open to a 12% 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. 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 2.22% ✓
• Cap rate: 13.17%
• Cash-on-cash: 24.57%
• DSCR: 2.09
• GRM: 3.7

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: 17.3%
• Equity multiple: 1.69×
• Total profit: $11,646
• Equity at exit: $8,931

10-year hold

• IRR: 25.4%
• Equity multiple: 3.16×
• Total profit: $36,200
• Equity at exit: $5,179

Cash invested: $16,772 (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: 3.7×

Monthly cashflow live

• Estimated rent: $1,332 high
• Mortgage (P&I): −$314
• Tax est. 1.5%: −$75 /mo · $898/yr
• Insurance: −$25
• HOA: −$295
• Vacancy / Maint / Mgmt: −$280
• Net cashflow: $343

Break-even live

Break-even rent $897

Max offer price $59,900

Occupancy floor 69%

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Rent comps 30 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	0.23mi
8055 Crossing Dr Indianapolis, IN	1.0–2.0	1.0	775	$1,224	$1.58	2d	15	0.30mi
7909 Southfield Dr Indianapolis, IN	3.0	2.0	1056	$1,445	$1.37	8d	1	0.46mi
2524 Tamarack Ln Indianapolis, IN	1.0–2.0	1.0	655	$969	$1.48	8d	7	0.51mi
8631 Pleasant Creek Ct Indianapolis, IN	3.0	2.0	1120	$1,706	$1.52	8d	1	0.52mi
3546 Valley Lake Dr Indianapolis, IN	3.0	1.0	984	$1,645	$1.67	4d	1	0.61mi
3503 Pleasant Lake Dr Indianapolis, IN	3.0	1.0	1064	$1,615	$1.52	12d	1	0.64mi
8960 S Keystone Ave Indianapolis, IN	1.0–2.0	1.0	881	$1,270	$1.44	2d	7	0.65mi
3717 Piermont Dr Indianapolis, IN	1.0–3.0	1.0–2.0	1038	$1,414	$1.36	2d	23	0.66mi
3741 Lima Ct Indianapolis, IN	2.0	1.0	976	$1,350	$1.38	8d	1	0.73mi
7913 Ella Dobbs Ln Indianapolis, IN	1.0–3.0	1.0–2.0	1021	$1,325	$1.30	24d	1	0.85mi
1039 N Paz Dr Greenwood, IN	1.0–2.0	1.0	800	$1,193	$1.49	2d	8	0.88mi
8580 Beechmill Ln Indianapolis, IN	1.0–2.0	1.0–1.5	794	$1,265	$1.59	2d	13	1.01mi
1542 Citrin Pl Unit 7810 Indianapolis, IN	2.0	2.0	1027	$1,505	$1.47	4d	1	1.02mi
14 Greenwood Trl N Greenwood, IN	2.0	1.5	1088	$1,275	$1.17	15d	1	1.02mi
921 Parliament Pl Greenwood, IN	1.0–3.0	1.0–2.0	994	$1,298	$1.30	3d	30	1.05mi
968 Greenwood Trl W Greenwood, IN	2.0	2.0	1088	$1,475	$1.36	12d	1	1.06mi
742 Loews Blvd Greenwood, IN	1.0	1.0	600	$795	$1.32	44d	1	1.16mi
1201 Community Pl Indianapolis, IN	2.0–3.0	1.0–1.5	908	$1,300	$1.43	24d	3	1.22mi
1009 Lismore Ln Indianapolis, IN	1.0–2.0	1.0–2.0	875	$1,365	$1.56	24d	1	1.31mi
800 Kings Mill Rd Greenwood, IN	2.0	1.0–2.0	701	$1,358	$1.94	2d	52	1.33mi
88 Keran Manor Ct Greenwood, IN	2.0	1.0	945	$1,450	$1.53	44d	1	1.33mi
745 Wood Dale Ter Greenwood, IN	1.0–3.0	1.0–1.5	1032	$1,326	$1.28	3d	10	1.35mi
1043 Mikes Way Greenwood, IN	3.0	2.0	1090	$1,650	$1.51	44d	1	1.39mi
7215 Grand Ritz Ln Indianapolis, IN	2.0	2.0	947	$1,260	$1.33	24d	1	1.43mi
4545 Scarlet Oak Way Indianapolis, IN	1.0–3.0	1.0–2.0	1101	$1,690	$1.53	2d	16	1.46mi
634 Wooddale Ter Unit 1010 Greenwood, IN	1.0	1.0	882	$917	$1.04	44d	1	1.46mi
622 Wood Dale Ter Greenwood, IN	1.0–2.0	1.0–1.5	947	$1,104	$1.17	24d	3	1.48mi
628 Wooddale Ter Unit 1007 Greenwood, IN	2.0	1.5	1013	$1,104	$1.09	44d	1	1.48mi
2110 E Southport Rd Indianapolis, IN	1.0–2.0	1.0–2.0	982	$1,899	$1.93	2d	10	1.49mi

HOA detail condo

• Monthly dues: $295 · $3,540/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-18
   days on market $59,900 Active 141 DOM
2. 2026-06-17
   days on market $59,900 Active 140 DOM
3. 2026-06-16
   days on market $59,900 Active 139 DOM
4. 2026-06-16
   price $59,900 Active 138 DOM
5. 2026-06-15
   days on market $64,900 Active 138 DOM
6. 2026-06-13
   days on market $64,900 Active 136 DOM
7. 2026-06-09
   days on market $64,900 Active 132 DOM
8. 2026-06-08
   days on market $64,900 Active 131 DOM
9. 2026-06-07
   days on market $64,900 Active 130 DOM
10. 2026-06-03
    days on market $64,900 Active 126 DOM
11. 2026-06-02
    days on market $64,900 Active 125 DOM
12. 2026-06-01
    days on market $64,900 Active 124 DOM
13. 2026-05-31
    days on market $64,900 Active 123 DOM
14. 2026-05-11
    price $64,900
15. 2026-04-11
    price $69,900
16. 2026-03-11
    price $79,900
17. 2026-01-27
    listed $99,900 Active
18. 2019-07-03
    soldstatus $59,000 Sold 494-char remark

    Show marketing remark (494 chars)

    AFFORDABLE 2 bedrooms, 2 full baths condo on the south side of Indy. GROUND level. Nice PRIVATE fenced patio. Main level offers a living room, dining room, kitchen and a FULL bathroom with a stand up shower. Second level offers two good size bedrooms and a full bathroom. Master bedroom has two closets, one is a walk-in closet. Access to patio thru dining room and living room. Washer, dryer and kitchen appliances are included. Shared garage with storage. Good condition. Convenient location.

19. 2019-05-17
    status Pending 494-char remark

    Show marketing remark (494 chars)

    AFFORDABLE 2 bedrooms, 2 full baths condo on the south side of Indy. GROUND level. Nice PRIVATE fenced patio. Main level offers a living room, dining room, kitchen and a FULL bathroom with a stand up shower. Second level offers two good size bedrooms and a full bathroom. Master bedroom has two closets, one is a walk-in closet. Access to patio thru dining room and living room. Washer, dryer and kitchen appliances are included. Shared garage with storage. Good condition. Convenient location.

20. 2019-05-08
    listed $59,000 Active 494-char remark

    Show marketing remark (494 chars)

    AFFORDABLE 2 bedrooms, 2 full baths condo on the south side of Indy. GROUND level. Nice PRIVATE fenced patio. Main level offers a living room, dining room, kitchen and a FULL bathroom with a stand up shower. Second level offers two good size bedrooms and a full bathroom. Master bedroom has two closets, one is a walk-in closet. Access to patio thru dining room and living room. Washer, dryer and kitchen appliances are included. Shared garage with storage. Good condition. Convenient location.

21. 2017-03-24
    soldstatus $40,500 Sold 416-char remark

    Show marketing remark (416 chars)

    Immaculate one owner condo in convenient location. Condo includes all appliances, washer, dryer, stove, microwave, refrigerator, and dishwasher. Master bedroom has 2 huge walk-in closets. Enjoy a brand new full bath downstairs as well as a full bath upstairs. Patio has concrete with new privacy fence. Unit entry off garage. This condo is priced to sell! Don't miss this opportunity for maintenance free living!

22. 2017-03-16
    status Pending 416-char remark

    Show marketing remark (416 chars)

    Immaculate one owner condo in convenient location. Condo includes all appliances, washer, dryer, stove, microwave, refrigerator, and dishwasher. Master bedroom has 2 huge walk-in closets. Enjoy a brand new full bath downstairs as well as a full bath upstairs. Patio has concrete with new privacy fence. Unit entry off garage. This condo is priced to sell! Don't miss this opportunity for maintenance free living!

23. 2017-03-11
    listed $45,900 Active 416-char remark

    Show marketing remark (416 chars)

    Immaculate one owner condo in convenient location. Condo includes all appliances, washer, dryer, stove, microwave, refrigerator, and dishwasher. Master bedroom has 2 huge walk-in closets. Enjoy a brand new full bath downstairs as well as a full bath upstairs. Patio has concrete with new privacy fence. Unit entry off garage. This condo is priced to sell! Don't miss this opportunity for maintenance free living!

ⓘ 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: $15,985
• − Mortgage interest: −$3,355
• − Property taxes: −$898
• − Insurance: −$300
• − Repairs & maintenance: −$1,279
• − Management: −$1,279
• − HOA: −$3,540
• − Depreciation: −$1,743
• Taxable income: $3,592
• Est. tax owed @ 24.0%: −$862
• After-tax cash flow: $3,259/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

+41.4% since first listed

10 events — show timeline

• 2026-05-11 Price Changed $64,900 MIBOR as Distributed by MLS Grid
• 2026-04-11 Price Changed $69,900 MIBOR as Distributed by MLS Grid
• 2026-03-11 Price Changed $79,900 MIBOR as Distributed by MLS Grid
• 2026-01-27 Listed $99,900 MIBOR as Distributed by MLS Grid
• 2019-07-03 Sold (MLS) $59,000 MIBOR as Distributed by MLS Grid
• 2019-05-17 Pending — MIBOR as Distributed by MLS Grid
• 2019-05-08 Listed $59,000 MIBOR as Distributed by MLS Grid
• 2017-03-24 Sold (MLS) $40,500 MIBOR as Distributed by MLS Grid
• 2017-03-16 Pending — MIBOR as Distributed by MLS Grid
• 2017-03-11 Listed $45,900 MIBOR as Distributed by MLS Grid