8480 Southern Springs Blvd · Indianapolis city (balance), IN 46237

$259,900

3 bd · 1.0 ba · 1,400 sqft · SingleFamily public records · 7 Days on market

Built 1995 7,700 sqft lot Est $265k · at est. $23/mo HOA · 1% 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 +12.8/30.0
• ARV discount +8.3/15.0
• Schools +4.0/10.0
• DSCR +3.8/10.0
• Rent growth +3.4/5.0
• 1% rule +3.1/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Discover the ease of single-story living at 8480 Southern Springs. A charming 3BD/2BA, 1400sqft ranch, offers ample space & a beautiful water view in your FULLY-FENCED back yard. Relax on your patio or unwind inside the open concept living/kitchen space. With three well-proportioned bedrooms, this home provides ample personal space for relaxation and rejuvenation. A cozy fireplace and walk-in closets are just a couple of nice bonuses this home has to offer. The large family room and kitchen are wonderful for family gatherings. This one-owner home has been thoughtfully maintained and is move-in ready! All appliances included! Convenient location for shopping, schools, and highways.

Key facts

• 7,700 sq ft lot
• 2 garage spots
• Built 1995

Property features AI

Finance

• HOA & community: Homeowners association with an annual fee of $275

Exterior

• Parking: Attached 2-car garage
• Security: Smoke detectors
• Utilities: Public water; Municipal sewer connected; No solid waste service noted
• Home design: Single-family residence; One story; Mandatory fee ownership
• Construction: Vinyl with brick and brick exterior; Slab foundation
• Exterior features: Patio; Full yard fence; Sidewalks; Waterfront on a pond; Has view

Interior

• Kitchen: Dishwasher; Garbage disposal; Microwave (with microhood); Gas oven; Refrigerator; Pantry; Eat-in kitchen
• Bedrooms: Three main-level bedrooms; Primary bedroom with walk-in closet
• Bathrooms: Two full bathrooms; Primary bathroom with full shower stall and suite layout
• Heating & cooling: Heat pump and natural gas heating; Central air conditioning
• Interior features: Cathedral and vaulted ceilings; Eat-in kitchen; Pantry; Walk-in closets; One masonry fireplace in the living room
• Laundry & utility: Main-level laundry room; Washer and dryer included; Gas water heater; Owned water softener

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $260k.

Deal economics

• At list price, monthly cash flow is $-26 ($-312/yr) — negative.
• To cash-flow at today's rent, offer at most $255k (1.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $210k (19.4% below list).
• Recommended offer: $210k (19.4% below list) — sets the bar for 1% rule.
• 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.
• Market conditions: Rents rising (+3.8%/yr); 261 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 4d 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).
• This rent runs 32% of the median local income ($79k/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 $2k of loan paydown is wiped out by about $8k 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 7 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $209,603 (19.4% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.81% ✗
• Cap rate: 6.17%
• Cash-on-cash: -0.43%
• DSCR: 0.98
• GRM: 10.3

CMA / ARV

• ARV (on-the-fly): $264,600
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8480 Southern Springs Blvd	0.00mi	3/2.0	1,400 (0%)	1mo	$250,000	$179	95
8456 Southern Springs Blvd	0.04mi	3/2.0	1,400 (0%)	3mo	$264,500	$189	92
8438 Southern Springs Dr	0.12mi	3/2.0	1,400 (0%)	0mo	$262,500	$188	90
8449 Southern Springs Blvd	0.06mi	3/2.0	1,418 (+1%)	1mo	$278,000	$196	90
8244 Amarillo Dr	0.43mi	3/2.0	1,410 (+1%)	1mo	$280,000	$199	74
8424 Southern Springs Way	0.06mi	3/2.0	1,200 (-14%)	2mo	$257,000	$214	68
5914 Edelle Dr	0.64mi	3/2.0	1,392 (-1%)	2mo	$265,000	$190	64
8042 Southern Trails Pl	0.69mi	3/2.0	1,410 (+1%)	2mo	$290,000	$206	60
8036 Southern Trails Pl	0.70mi	3/2.0	1,424 (+2%)	3mo	$255,000	$179	58
6032 Rockdell Dr	0.49mi	2/2.0 (-1)	1,492 (+7%)	1mo	$250,000	$168	57
8452 Amarillo Dr	0.44mi	3/2.5	1,572 (+12%)	2mo	$285,000	$181	52
8433 Crosser Dr	0.60mi	3/2.0	1,572 (+12%)	4mo	$253,000	$161	45

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 · 3.78% rent growth · sell at horizon

5-year hold

• IRR: -16.2%
• Equity multiple: 0.42×
• Total profit: $-42,151
• Equity at exit: $38,752

10-year hold

• IRR: -6.7%
• Equity multiple: 0.56×
• Total profit: $-32,081
• Equity at exit: $22,471

Cash invested: $72,772 (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 46237

• Rents YoY: 3.8%
• Active inventory: 261
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $2,096 high
• Mortgage (P&I): −$1,363
• Tax from tax record: −$188 /mo · $2,251/yr
• Insurance: −$108
• HOA: −$23
• Vacancy / Maint / Mgmt: −$440
• Net cashflow: $-26

Break-even live

Break-even rent $2,129

Max offer price $255,309

Occupancy floor 96%

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: $64,975
• Closing costs: $7,797
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5945 Arlo Dr Indianapolis, IN	1.0–3.0	1.0–2.0	1092	$2,020	$1.85	1d	12	0.16mi
6404 Amarillo Way Indianapolis, IN	3.0	2.0	1494	$1,845	$1.23	4d	1	0.68mi
7825 Jaclyn Dr Indianapolis, IN	3.0	2.0	1244	$1,875	$1.51	4d	1	0.71mi
8107 Southern Trails Pl Indianapolis, IN	4.0	2.0	1746	$2,000	$1.15	4d	1	0.71mi
7703 Janel Ct Indianapolis, IN	4.0	2.5	1824	$4,950	$2.71	23d	1	0.86mi
7925 Carlington Rd Indianapolis, IN	2.0	2.0	1455	$2,079	$1.43	1d	17	0.92mi
4701 Todd Rd Indianapolis, IN	2.0	1.0–1.5	882	$1,475	$1.67	23d	5	1.07mi
6210 Carrie Cir Indianapolis, IN	3.0	2.0	1226	$1,890	$1.54	4d	1	1.15mi
8120 Bravo Pl Apt 5 Indianapolis, IN	2.0	1.5	947	$1,235	$1.30	23d	1	1.17mi
764 Greenwood Springs Dr Greenwood, IN	1.0–2.0	1.0–2.0	663	$1,912	$2.88	1d	13	1.19mi
8035 Preidt Pl Indianapolis, IN	2.0	1.0	947	$1,235	$1.30	23d	1	1.19mi
4545 Scarlet Oak Way Indianapolis, IN	1.0–3.0	1.0–2.0	1101	$2,061	$1.87	1d	16	1.44mi
7251 Windsor Lakes Dr Indianapolis, IN	1.0–3.0	1.0–2.0	1103	$1,800	$1.63	1d	36	1.46mi

HOA detail

• Monthly dues: $23 · $276/yr
• Likely covers: water

Listing history 2 events

1. 2026-04-30
   status Pending
2. 2026-04-22
   listed $259,900 Active

ⓘ 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: $2,251 · $188/mo
• Projected year-2 tax: $2,251 · $188/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 ≥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: $25,152
• − Mortgage interest: −$14,558
• − Property taxes: −$2,251
• − Insurance: −$1,300
• − Repairs & maintenance: −$2,012
• − Management: −$2,012
• − HOA: −$276
• − Depreciation: −$7,561
• Taxable loss: −$4,818
• Est. tax savings @ 24.0%: +$1,156
• After-tax cash flow: $844/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

2 events — show timeline

• 2026-04-30 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-22 Listed $259,900 MIBOR as Distributed by MLS Grid

Property tax history

+6.0%/yr

Latest (2025): $2,251 · -6.1% YoY. Source: county tax records.