2863 Punto Alto Ct Unit 33/C · Indianapolis city (balance), IN 46227

$55,000

2 bd · 1.5 ba · 966 sqft · Condo · 82 Days on market

Built 1973 $185/mo HOA · 14% 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

This 2-bedroom, 1.5-bath condo is a great opportunity for a buyer or investor looking to complete a renovation and add value. The unit has had new drywall, electrical, and plumbing installed, providing a strong starting point for future improvements. The kitchen is unfinished, allowing the next owner to design and complete it to their own taste. With much of the major infrastructure already updated, this condo is ideal for someone looking to customize their space or finish a project with strong potential. Perfect for investors, renovators, or buyers seeking a project with upside.

Key facts

• New drywall
• New plumbing
• New electrical

Tags

• NEW DRYWALL
• NEW ELECTRICAL
• NEW PLUMBING
• MAJOR INFRASTRUCTURE UPDATED

🏗️ New construction. Builder plan / spec listing (the home may be to-be-built); metrics use comparable previous sales.

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $55k.

Deal economics

• At list price, monthly cash flow is $481 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Recommended offer: $52k (6.0% below list) — sets the bar for market timing.
• Cap rate 16.8% 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; 33 comparable units currently listed for rent nearby; rentals leasing fast (median 13d 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 $380 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 $15k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 82 days — a 6% lower offer ($52k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 23y ago; this cycle's ask has dropped $30k (35%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $51,700 (6.0% below list)

Questions for the listing agent

1. It's been on market 82 days. Have you received any prior offers? Is the seller open to a 6% 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: 2.41% ✓
• Cap rate: 16.80%
• Cash-on-cash: 37.52%
• DSCR: 2.67
• GRM: 3.5

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: 32.9%
• Equity multiple: 2.37×
• Total profit: $21,170
• Equity at exit: $8,201

10-year hold

• IRR: 39.6%
• Equity multiple: 4.61×
• Total profit: $55,558
• Equity at exit: $4,755

Cash invested: $15,400 (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: 3.5×

Monthly cashflow live

• Estimated rent: $1,325 high
• Mortgage (P&I): −$288
• Tax est. 1.5%: −$69 /mo · $825/yr
• Insurance: −$23
• HOA: −$185
• Vacancy / Maint / Mgmt: −$278
• Net cashflow: $481

Break-even live

Break-even rent $715

Max offer price $55,000

Occupancy floor 59%

Sensitivity live

Price	-10% $519	-5% $500	+0% $481	+5% $462	+10% $443
Rent	-10% $377	-5% $429	+0% $481	+5% $534	+10% $586
Rate	-1.0pp $509	-0.5pp $495	base $481	+0.5pp $467	+1.0pp $453

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: $13,750
• Closing costs: $1,650
• 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	2d	16	0.32mi
8055 Crossing Dr Indianapolis, IN	1.0–2.0	1.0	775	$1,224	$1.58	2d	15	0.36mi
8631 Pleasant Creek Ct Indianapolis, IN	3.0	2.0	1120	$1,706	$1.52	8d	1	0.43mi
7909 Southfield Dr Indianapolis, IN	3.0	2.0	1056	$1,445	$1.37	8d	1	0.54mi
3546 Valley Lake Dr Indianapolis, IN	3.0	1.0	984	$1,645	$1.67	4d	1	0.54mi
3503 Pleasant Lake Dr Indianapolis, IN	3.0	1.0	1064	$1,615	$1.52	13d	1	0.56mi
2524 Tamarack Ln Indianapolis, IN	1.0–2.0	1.0	655	$969	$1.48	8d	7	0.59mi
3717 Piermont Dr Indianapolis, IN	1.0–3.0	1.0–2.0	1038	$1,414	$1.36	3d	23	0.62mi
8960 S Keystone Ave Indianapolis, IN	1.0–2.0	1.0	881	$1,270	$1.44	2d	7	0.62mi
3741 Lima Ct Indianapolis, IN	2.0	1.0	976	$1,350	$1.38	8d	1	0.69mi
1039 N Paz Dr Greenwood, IN	1.0–2.0	1.0	800	$1,193	$1.49	2d	8	0.80mi
7913 Ella Dobbs Ln Indianapolis, IN	1.0–3.0	1.0–2.0	1021	$1,325	$1.30	24d	1	0.93mi
14 Greenwood Trl N Greenwood, IN	2.0	1.5	1088	$1,275	$1.17	15d	1	0.94mi
968 Greenwood Trl W Greenwood, IN	2.0	2.0	1088	$1,475	$1.36	13d	1	0.98mi
921 Parliament Pl Greenwood, IN	1.0–3.0	1.0–2.0	994	$1,298	$1.30	3d	30	1.04mi
8580 Beechmill Ln Indianapolis, IN	1.0–2.0	1.0–1.5	794	$1,265	$1.59	2d	13	1.05mi
1542 Citrin Pl Unit 7810 Indianapolis, IN	2.0	2.0	1027	$1,505	$1.47	4d	1	1.10mi
742 Loews Blvd Greenwood, IN	1.0	1.0	600	$795	$1.32	44d	1	1.13mi
1201 Community Pl Indianapolis, IN	2.0–3.0	1.0–1.5	908	$1,300	$1.43	24d	3	1.25mi
88 Keran Manor Ct Greenwood, IN	2.0	1.0	945	$1,450	$1.53	44d	1	1.25mi
745 Wood Dale Ter Greenwood, IN	1.0–3.0	1.0–1.5	1032	$1,326	$1.28	3d	10	1.30mi
800 Kings Mill Rd Greenwood, IN	2.0	1.0–2.0	701	$1,358	$1.94	2d	52	1.30mi
1043 Mikes Way Greenwood, IN	3.0	2.0	1090	$1,650	$1.51	44d	1	1.30mi
1009 Lismore Ln Indianapolis, IN	1.0–2.0	1.0–2.0	875	$1,365	$1.56	24d	1	1.37mi
4545 Scarlet Oak Way Indianapolis, IN	1.0–3.0	1.0–2.0	1101	$1,690	$1.53	2d	16	1.38mi
634 Wooddale Ter Unit 1010 Greenwood, IN	1.0	1.0	882	$917	$1.04	44d	1	1.40mi
622 Wood Dale Ter Greenwood, IN	1.0–2.0	1.0–1.5	947	$1,104	$1.17	24d	3	1.42mi
628 Wooddale Ter Unit 1007 Greenwood, IN	2.0	1.5	1013	$1,104	$1.09	44d	1	1.43mi
7215 Grand Ritz Ln Indianapolis, IN	2.0	2.0	947	$1,260	$1.33	24d	1	1.46mi
601 Wood Dale Ter Greenwood, IN	2.0	1.5	960	$1,174	$1.22	45d	1	1.46mi
8120 Bravo Pl Apt 5 Indianapolis, IN	2.0	1.5	947	$1,235	$1.30	24d	1	1.49mi
600 Wooddale Ter Apt 07 Greenwood, IN	2.0	1.0	750	$999	$1.33	24d	1	1.50mi
600 Wood Dale Ter Greenwood, IN	2.0	1.0	750	$999	$1.33	44d	1	1.50mi

HOA detail condo

• Monthly dues: $185 · $2,220/yr
• Likely covers: electric
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-04-22
   status Pending
2. 2026-04-03
   price $55,000
3. 2026-02-23
   price $68,000
4. 2026-01-30
   listed $84,900 Active
5. 2004-06-05
   historical
6. 2003-12-05
   listed $54,900

ⓘ 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 4/10 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: $15,897
• − Mortgage interest: −$3,081
• − Property taxes: −$825
• − Insurance: −$275
• − Repairs & maintenance: −$1,272
• − Management: −$1,272
• − HOA: −$2,220
• − Depreciation: −$1,600
• Taxable income: $5,353
• Est. tax owed @ 24.0%: −$1,285
• After-tax cash flow: $4,493/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

+0.2% since first listed

6 events — show timeline

• 2026-04-22 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-03 Price Changed $55,000 MIBOR as Distributed by MLS Grid
• 2026-02-23 Price Changed $68,000 MIBOR as Distributed by MLS Grid
• 2026-01-30 Listed $84,900 MIBOR as Distributed by MLS Grid
• 2004-06-05 Listing Removed — MIBOR as Distributed by MLS Grid
• 2003-12-05 Listed $54,900 MIBOR as Distributed by MLS Grid