4468 Barnor Dr · Indianapolis city (balance), IN 46226

$174,900

3 bd · 1.0 ba · 1,680 sqft · SingleFamily public records · 13 Days on market

Built 1960 7,754 sqft lot Est $192k · 9% under

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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 +13.7/30.0
• ARV discount +11.4/15.0
• Rent growth +4.2/5.0
• DSCR +4.1/10.0
• 1% rule +4.0/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nice 3 bedroom, 2 full bath tri-level home and fenced rear with mini barn. Very nice home, just needs a little TLC and lots of furnishing and clothing inside. Imagine what you can do with this open floor plan home located at the entrance of a culdesac.

Key facts

• Multi-level design
• Mini-barn
• Quiet cul-de-sac

Tags

• QUIET CUL-DE-SAC
• MULTI-LEVEL DESIGN
• OPEN-CONCEPT MAIN FLOOR
• FINISHED CEILING
• FULLY FENCED REAR YARD
• MINI-BARN

Property features AI

Exterior

• Parking: Detached 2-car garage (576 sq ft)
• Security: Smoke detector(s)
• Utilities: Public water; Municipal sewer; Cable connected
• Home design: Single-family residence; One-and-a-half story
• Construction: Vinyl siding and brick exterior; Foundation: see remarks
• Exterior features: Mini barn; Storage shed; Sidewalks; Has a view

Interior

• Kitchen: Refrigerator; Range hood
• Bedrooms: Three bedrooms on the upper level
• Bathrooms: Two full bathrooms (both on the upper level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Smoke detectors; Water heater (gas); Range hood
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $12 ($144/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $157k (10.0% below list).
• Recommended offer: $157k (10.0% below list) — sets the bar for 1% rule.
• Cap rate 6.4% 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.
• 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: Charles Warren Fairbanks Sch 105 (math 2% / reading 8%, grade F, #970 of 994 statewide, top 99%, 313 students, 78% FRL); H L Harshman Middle School (math 3% / reading 16%, grade F, #316 of 330 statewide, top 96%, 549 students, 84% FRL); Shortridge High School (math 20% / reading 51%, grade F, #263 of 369 statewide, top 72%, 1,089 students, 70% FRL) — zoned schools at 77% FRL track the district average.
• Market conditions: Rents rising fast (+6.8%/yr); 153 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 38% of the median local income ($50k/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 $5k 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 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 21y 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 $78k; list at $175k implies a 124% gain — meaningful room to come down on a strong offer.

Recommended offer $157,348 (10.0% below list)

Questions for the listing agent

1. Built in 1960 — 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. 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?
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: 0.90% ✗
• Cap rate: 6.38%
• Cash-on-cash: 0.29%
• DSCR: 1.01
• GRM: 9.3

CMA / ARV

• ARV (on-the-fly): $191,520
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4463 Campbell Ave	0.26mi	3/1.5	1,594 (-5%)	4mo	$76,000	$48	74
6149 Woodfox Ct	0.20mi	3/2.0	1,560 (-7%)	3mo	$174,900	$112	72
4428 N Bolton Ave	0.38mi	3/1.5	1,540 (-8%)	0mo	$219,900	$143	66
6402 E Meadowlark Dr	0.30mi	4/2.0 (+1)	1,580 (-6%)	5mo	$175,000	$111	63
6647 E 45th St	0.44mi	4/1.5 (+1)	1,736 (+3%)	7mo	$133,000	$77	61
6160 E 43rd St	0.29mi	3/1.5	1,440 (-14%)	5mo	$179,000	$124	57
6134 Marilyn Rd	0.44mi	4/2.0 (+1)	1,514 (-10%)	2mo	$173,000	$114	52
6143 E 43rd St	0.31mi	4/2.0 (+1)	1,443 (-14%)	10mo	$214,500	$149	45
4128 N Webster Ave	0.48mi	4/2.0 (+1)	1,924 (+14%)	2mo	$195,000	$101	43
5221 Moonlight Dr	0.71mi	3/2.0	1,848 (+10%)	6mo	$280,000	$152	41
4023 N Arlington Ave	0.62mi	4/1.5 (+1)	1,532 (-9%)	11mo	$222,000	$145	40
6117 Marilyn Rd	0.47mi	4/2.0 (+1)	1,924 (+14%)	7mo	$173,000	$90	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 · 6.76% rent growth · sell at horizon

5-year hold

• IRR: -11.6%
• Equity multiple: 0.56×
• Total profit: $-21,363
• Equity at exit: $26,078

10-year hold

• IRR: 2.4%
• Equity multiple: 1.20×
• Total profit: $9,924
• Equity at exit: $15,122

Cash invested: $48,972 (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 46226

• Rents YoY: 6.8%
• Active inventory: 153
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $1,573 high
• Mortgage (P&I): −$917
• Tax from tax record: −$241 /mo · $2,892/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$330
• Net cashflow: $12

Break-even live

Break-even rent $1,558

Max offer price $174,900

Occupancy floor 94%

Sensitivity live

Price	-10% $111	-5% $61	+0% $12	+5% $-38	+10% $-87
Rent	-10% $-112	-5% $-50	+0% $12	+5% $74	+10% $136
Rate	-1.0pp $100	-0.5pp $56	base $12	+0.5pp $-33	+1.0pp $-79

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: $43,725
• Closing costs: $5,247
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4511 N Kenmore Rd Indianapolis, IN	4.0	2.0	1200	$2,095	$1.75	6d	1	0.17mi
4555 N Arlington Ave Indianapolis, IN	1.0–3.0	1.0–1.5	880	$1,379	$1.57	5d	30	0.19mi
6563 E 46th St Indianapolis, IN	3.0	1.5	1185	$1,250	$1.05	6d	1	0.30mi
4839 N Kenmore Rd Indianapolis, IN	3.0	2.0	1215	$1,533	$1.26	23d	1	0.37mi
5865 E 46th St Indianapolis, IN	3.0	2.0	1400	$1,500	$1.07	45d	1	0.37mi
4176 N Irwin Ave Indianapolis, IN	4.0	2.0	2006	$1,595	$0.80	23d	1	0.63mi
3912 N Webster Ave Indianapolis, IN	4.0	1.0	1274	$1,350	$1.06	23d	1	0.75mi
3900 N Shadeland Ave Indianapolis, IN	1.0–2.0	1.0	1070	$1,075	$1.00	4d	6	1.00mi
5116 Wexford Rd Indianapolis, IN	4.0	2.0	1938	$2,045	$1.06	6d	1	1.11mi
3710 N Layman Ave Indianapolis, IN	3.0	1.5	1638	$1,500	$0.92	0d	1	1.22mi
3775 Allerton Pl Indianapolis, IN	1.0–4.0	2.0	1068	$1,617	$1.51	15d	1	1.38mi

Listing history 11 events

1. 2026-06-18
   status $174,900 Pending 13 DOM
2. 2026-06-18
   days on market $174,900 Active 13 DOM
3. 2026-06-17
   days on market $174,900 Active 12 DOM
4. 2026-06-16
   days on market $174,900 Active 11 DOM
5. 2026-06-15
   days on market $174,900 Active 10 DOM
6. 2026-06-13
   days on market $174,900 Active 8 DOM
7. 2026-06-13
   days on market $174,900 Active 7 DOM
8. 2026-06-09
   days on market $174,900 Active 4 DOM
9. 2026-06-08
   days on market $174,900 Active 3 DOM
10. 2026-06-07
    remarks 699-char remark
11. 2026-06-07
    listed $174,900 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: $2,892 · $241/mo
• Projected year-2 tax: $2,892 · $241/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 4/10 Moderate 7 d/yr ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,882
• − Mortgage interest: −$9,797
• − Property taxes: −$2,892
• − Insurance: −$874
• − Repairs & maintenance: −$1,511
• − Management: −$1,511
• − Depreciation: −$5,088
• Taxable loss: −$2,791
• Est. tax savings @ 24.0%: +$670
• After-tax cash flow: $814/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): 47,099
• Household income: $50,325
• Rent vs Own: 53.8% rent · 46.2% own
• Severe rent burden: 2742.0

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 53% White 25% Hispanic / Latino 17% Two or more races 9% Asian 2%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Lithuanian 1% Italian 1% Romanian 1%
• Foreign-born: 11% · Canada
• Languages at home: 86% English-only · Spanish 10% French/Haitian/Cajun 1% Other Asian/Pacific 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: ▼ -218.85%
• Current HPI: 239.43
• Rent YoY: ▲ 6.76%
• 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

+92.8% since first listed

10 events — show timeline

• 2026-06-05 Listed $174,900 MIBOR as Distributed by MLS Grid
• 2021-07-27 Sold (MLS) $78,000 MIBOR as Distributed by MLS Grid
• 2021-02-12 Pending — MIBOR as Distributed by MLS Grid
• 2021-01-12 Relisted — MIBOR as Distributed by MLS Grid
• 2021-01-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2020-12-15 Price Changed $95,300 MIBOR as Distributed by MLS Grid
• 2020-12-06 Price Changed $96,300 MIBOR as Distributed by MLS Grid
• 2020-11-13 Listed $99,500 MIBOR as Distributed by MLS Grid
• 2006-02-24 Sold (MLS) $90,522 MIBOR as Distributed by MLS Grid
• 2005-11-07 Listed $90,700 MIBOR as Distributed by MLS Grid

Property tax history

+12.5%/yr

Latest (2025): $2,892 · -1.5% YoY. Source: county tax records.