4023 Cass Ct · Indianapolis city (balance), IN 46235

$139,900

4 bd · 1.0 ba · 1,470 sqft · SingleFamily public records · 16 Days on market

Built 1962 7,275 sqft lot Est $173k · 19% under

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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 +25.4/30.0
• ARV discount +15.0/15.0
• DSCR +8.4/10.0
• 1% rule +7.2/10.0
• 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

This single-family home is located at 4023 Cass Ct, Indianapolis, IN. 4023 Cass Ct is in the Far Eastside neighborhood in Indianapolis, IN and in ZIP code 46235. This property has 4 bedrooms, 1 bathroom with eat in kitchen, living room and spacious family room, approximately 1,400 sqft and fenced in back yard. This property has a lot size of 7,274 sqft and was built in 1962. Updated furnace and roof (less than 5 years old). Rents from $1000-$1200/month. This house is a great investment property.

Key facts

• Quiet cul-de-sac
• 7,275 sq ft lot
• Garage

Tags

• QUIET CUL-DE-SAC
• SPACIOUS OUTDOOR AREA
• CONVENIENT ACCESS TO SHOPPING
• CONVENIENT ACCESS TO DINING
• CONVENIENT ACCESS TO SCHOOLS
• CONVENIENT ACCESS TO PARKS

Property features AI

Finance

• Other: Lot size approximately 0.17 acres

Exterior

• Parking: Attached garage (1 car)
• Utilities: Public water; Municipal sewer
• Home design: Single-family residence; One level (single story); Located on a cul-de-sac
• Construction: Brick and wood siding exterior; Slab foundation
• Exterior features: Front porch; No fence

Interior

• Kitchen: Electric oven; Refrigerator
• Bedrooms: 4 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Walk-in closets; Formal living room
• Laundry & utility: Laundry in unit on the main level

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $321 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $138k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.0% 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.
• 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.
• Zoned schools: Center For Inquiry School 84 (math 64% / reading 69%, grade B+, #65 of 994 statewide, top 7%, 469 students, 8% FRL); H L Harshman Middle School (math 3% / reading 16%, grade F, #316 of 330 statewide, top 96%, 549 students, 84% FRL) — zoned schools average 46% FRL vs 77% district-wide (31 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 38% at this address vs 17% district-wide (+21 pts) — the actual schools serving this property are materially stronger than the Indianapolis Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+2.6%/yr); 55 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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 35% 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 $967 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 16 days — a 2% lower offer ($138k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 12y 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 $98k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $137,801 (1.5% below list)

Questions for the listing agent

1. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.22% ✓
• Cap rate: 9.05%
• Cash-on-cash: 9.85%
• DSCR: 1.44
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $173,460
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3950 Downes Dr	0.14mi	4/1.0	1,421 (-3%)	18mo	$155,000	$109	73
3815 Parliament Ln	0.33mi	3/1.5 (-1)	1,555 (+6%)	9mo	$116,000	$75	61
4105 Downes Dr	0.16mi	3/1.5 (-1)	1,296 (-12%)	10mo	$105,000	$81	57
3743 Celtic Dr	0.51mi	3/1.5 (-1)	1,455 (-1%)	14mo	$190,000	$131	56
10138 Catalina Dr	0.58mi	3/1.5 (-1)	1,484 (+1%)	13mo	$185,000	$125	53
3755 N Brentwood Ave	0.62mi	3/1.5 (-1)	1,377 (-6%)	13mo	$115,000	$84	42
9490 E 36th Pl	0.46mi	3/3.0 (-1)	1,592 (+8%)	12mo	$211,000	$133	42
3601 Luewan Dr	0.61mi	3/2.0 (-1)	1,284 (-13%)	7mo	$110,000	$86	35
3720 Breen Dr	0.65mi	3/1.5 (-1)	1,311 (-11%)	12mo	$147,000	$112	35
4019 Malibu Dr	0.64mi	3/1.5 (-1)	1,641 (+12%)	14mo	$215,000	$131	32
9158 Breen Ct	0.71mi	3/1.5 (-1)	1,297 (-12%)	18mo	$169,000	$130	25
3611 N Wittfield St	0.71mi	3/1.0 (-1)	1,250 (-15%)	16mo	$148,000	$118	24

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: -2.0%
• Equity multiple: 0.93×
• Total profit: $-2,889
• Equity at exit: $20,860

10-year hold

• IRR: 7.3%
• Equity multiple: 1.54×
• Total profit: $21,038
• Equity at exit: $12,096

Cash invested: $39,172 (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: 55
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,705 high
• Mortgage (P&I): −$734
• Tax from tax record: −$234 /mo · $2,803/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$358
• Net cashflow: $321

Break-even live

Break-even rent $1,298

Max offer price $139,900

Occupancy floor 76%

Sensitivity live

Price	-10% $401	-5% $361	+0% $321	+5% $282	+10% $242
Rent	-10% $187	-5% $254	+0% $321	+5% $389	+10% $456
Rate	-1.0pp $392	-0.5pp $357	base $321	+0.5pp $285	+1.0pp $248

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 35 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9519 Conried Dr Indianapolis, IN	3.0	1.0	925	$1,275	$1.38	0d	1	0.05mi
9513 Baker Ct Indianapolis, IN	4.0	2.0	1702	$1,825	$1.07	9d	1	0.10mi
9438 Conried Dr Indianapolis, IN	3.0	1.0	1094	$1,445	$1.32	6d	1	0.13mi
3962 Strathmore Dr Indianapolis, IN	3.0	1.0	925	$1,250	$1.35	25d	1	0.18mi
9949 Ellis Dr Indianapolis, IN	4.0	2.0	1421	$1,580	$1.11	4d	1	0.36mi
9962 Catalina Dr Indianapolis, IN	3.0	1.0	1236	$1,600	$1.29	5d	1	0.40mi
9634 Meadowlark Dr Indianapolis, IN	3.0	1.5	1546	$1,550	$1.00	18d	1	0.41mi
3747 Ireland Dr Indianapolis, IN	4.0	1.5	1400	$1,700	$1.21	25d	1	0.42mi
3722 Ireland Dr Indianapolis, IN	3.0	2.0	1682	$1,700	$1.01	45d	1	0.48mi
3644 Celtic Dr Indianapolis, IN	4.0	1.5	1637	$1,500	$0.92	16d	1	0.61mi
8914 Elmonte Dr Indianapolis, IN	3.0	1.5	1500	$1,600	$1.07	25d	1	0.64mi
9226 E 36th Pl Indianapolis, IN	3.0	1.0	1073	$1,250	$1.16	9d	1	0.67mi
8862 Bel Air Ct Indianapolis, IN	3.0	1.0	1073	$1,264	$1.18	19d	1	0.70mi
3519 Jerome Ct Indianapolis, IN	4.0	1.0	1107	$1,995	$1.80	25d	1	0.72mi
3525 Luewan Ct Indianapolis, IN	4.0	1.0	1107	$1,750	$1.58	25d	1	0.73mi
8738 Montery Rd Indianapolis, IN	3.0	1.0	1421	$1,331	$0.94	0d	1	0.79mi
3938 Biscayne Rd Indianapolis, IN	3.0	1.0	1000	$1,895	$1.90	4d	1	0.79mi
8724 Montery Rd Indianapolis, IN	3.0	1.0	925	$1,500	$1.62	45d	1	0.81mi
3829 Biscayne Rd Indianapolis, IN	4.0	1.5	1188	$1,320	$1.11	16d	1	0.81mi
3823 Biscayne Rd Indianapolis, IN	4.0	1.5	1188	$1,320	$1.11	16d	1	0.82mi
3821 Biscayne Rd Indianapolis, IN	4.0	1.5	1188	$1,325	$1.12	16d	1	0.82mi
3815 Biscayne Rd Indianapolis, IN	3.0	1.5	1188	$1,220	$1.03	16d	1	0.83mi
3631 Decamp Dr Indianapolis, IN	3.0	1.0	1000	$1,335	$1.33	25d	1	0.90mi
3645 Wingate Ct Indianapolis, IN	3.0	1.0–2.0	774	$1,500	$1.94	25d	6	0.97mi
3540 Dubarry Ct Indianapolis, IN	3.0	2.0	1297	$1,400	$1.08	25d	1	0.99mi
8501 Athens Ct Indianapolis, IN	4.0	1.0	1225	$1,400	$1.14	0d	1	1.07mi
8501 Athens Ct Indianapolis, IN	4.0	1.0	1225	$1,475	$1.20	16d	1	1.07mi
8513 E 37th Pl Indianapolis, IN	4.0	1.5	1645	$1,525	$0.93	0d	1	1.09mi
4315 Aspen Way Indianapolis, IN	3.0	1.0	1080	$1,380	$1.28	45d	1	1.13mi
8254 Meadowlark Dr Indianapolis, IN	3.0	1.5	1320	$1,150	$0.87	23d	1	1.29mi
8254 Meadowlark Dr Unit 1 Indianapolis, IN	3.0	1.5	1320	$1,150	$0.87	45d	1	1.29mi
3661 Cedar Pine Pl Indianapolis, IN	3.0	3.0	1668	$1,641	$0.98	0d	1	1.31mi
3665 Coneflower Way Indianapolis, IN	3.0	2.0	1030	$1,375	$1.33	45d	1	1.36mi
8203 Penway St Indianapolis, IN	3.0	1.5	1360	$1,500	$1.10	25d	1	1.39mi
8124 E 37th Pl Indianapolis, IN	3.0	1.0	925	$1,350	$1.46	0d	1	1.40mi

Listing history 11 events

1. 2026-06-21
   days on market $139,900 Active 16 DOM
2. 2026-06-18
   days on market $139,900 Active 13 DOM
3. 2026-06-17
   days on market $139,900 Active 12 DOM
4. 2026-06-16
   days on market $139,900 Active 11 DOM
5. 2026-06-15
   days on market $139,900 Active 10 DOM
6. 2026-06-13
   days on market $139,900 Active 8 DOM
7. 2026-06-13
   days on market $139,900 Active 7 DOM
8. 2026-06-09
   days on market $139,900 Active 4 DOM
9. 2026-06-08
   days on market $139,900 Active 3 DOM
10. 2026-06-07
    remarks 347-char remark
11. 2026-06-07
    listed $139,900 Active 2 DOM

ⓘ 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: $2,803 · $234/mo
• Projected year-2 tax: $2,803 · $234/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: $20,459
• − Mortgage interest: −$7,837
• − Property taxes: −$2,803
• − Insurance: −$700
• − Repairs & maintenance: −$1,637
• − Management: −$1,637
• − Depreciation: −$4,070
• Taxable income: $1,777
• Est. tax owed @ 24.0%: −$427
• After-tax cash flow: $3,430/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

+154.8% since first listed

7 events — show timeline

• 2026-06-05 Listed $139,900 MIBOR as Distributed by MLS Grid
• 2021-12-08 Sold (MLS) $98,000 MIBOR as Distributed by MLS Grid
• 2021-11-11 Pending — MIBOR as Distributed by MLS Grid
• 2021-11-02 Price Changed $108,915 MIBOR as Distributed by MLS Grid
• 2021-10-05 Listed $109,915 MIBOR as Distributed by MLS Grid
• 2014-06-12 Listing Removed — MIBOR as Distributed by MLS Grid
• 2014-03-11 Listed $54,900 MIBOR as Distributed by MLS Grid

Property tax history

+10.5%/yr

Latest (2025): $2,803 · +2.6% YoY. Source: county tax records.