9808 Conway Dr · Indianapolis city (balance), IN 46235

$124,900

3 bd · 1.0 ba · 864 sqft · SingleFamily public records · 11 Days on market

Built 1962 7,231 sqft lot Est $136k · 8% under

---

Why this score? — see what drove the C+ 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 +26.2/30.0
• ARV discount +11.1/15.0
• DSCR +8.9/10.0
• 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

Four bedroom ranch on the east side. Attached garage. Vinyl windows. Central air. Nice sized back yard. Large, eat-in kitchen. Washer-dryer hook-up. 4th bedroom could be a nice office off of garage. Needs cosmetics. Could be a good owner occupant home or a nice addition to a portfolio.

Key facts

• Modernized kitchen
• Interstate access
• Spacious city lot

Tags

• MODERNIZED KITCHEN
• DETACHED GARAGE
• SPACIOUS CITY LOT
• MATURE TREES
• LOCAL PARKS
• INTERSTATE ACCESS

Property features AI

Exterior

• Parking: Attached garage (1 car, approximately 288 sq ft)
• Security: Smoke detector(s)
• Utilities: Public water; Municipal sewer connected; Natural gas connected; Sewer connected; Water connected; Cable available; Electric with circuit breakers; No solid waste service listed
• Home design: Single-family residence; One story; East-facing; Entry level on main floor
• Construction: Vinyl siding; Slab foundation
• Exterior features: Front porch; No fence; City lot with curb, sidewalks, street lights, storm sewer, access to suburb amenities; Less than 1/4 acre lot (approximately 0.17 acre); Has a view

Interior

• Kitchen: Range hood; Refrigerator
• Bedrooms: Three bedrooms on the main level (sizes include 11 x 9, 9 x 10, and 12 x 11)
• Bathrooms: One full bathroom with tub and shower (main level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Attic access; Eat-in kitchen
• Laundry & utility: Water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $319 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Cap rate 9.4% 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 C — 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: Arsenal Technical High School (math 6% / reading 27%, grade F, #353 of 369 statewide, top 96%, 2,366 students, 74% FRL) — zoned schools at 74% FRL track the district average.
• Market conditions: Rents rising (+2.6%/yr); 54 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 31% 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 $864 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

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 25y 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 $105k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $124,900

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: 9.36%
• Cash-on-cash: 10.94%
• DSCR: 1.49
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $135,648
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4101 Baker Dr	0.10mi	3/1.0	900 (+4%)	4mo	$122,000	$136	85
9420 Conried Dr	0.26mi	3/1.0	900 (+4%)	6mo	$119,000	$132	76
3944 Strathmore Dr	0.15mi	3/1.0	925 (+7%)	12mo	$162,900	$176	72
9707 E 39th St	0.24mi	3/1.0	925 (+7%)	7mo	$103,000	$111	71
3943 N Mitthoefer Rd	0.36mi	3/1.0	936 (+8%)	6mo	$149,900	$160	64
3926 Downes Dr	0.17mi	3/2.0	925 (+7%)	15mo	$140,000	$151	64
3920 Strathmore Dr	0.19mi	3/1.0	925 (+7%)	20mo	$125,000	$135	63
9513 E 39th Pl	0.24mi	3/1.5	925 (+7%)	15mo	$160,000	$173	62
9526 Burrwood Ct	0.38mi	3/1.0	925 (+7%)	10mo	$185,000	$200	62
3901 Della Ct	0.24mi	3/1.5	925 (+7%)	15mo	$150,000	$162	62
9920 Catalina Dr	0.35mi	3/1.0	925 (+7%)	15mo	$145,000	$157	59
8908 Elmonte Dr	0.75mi	3/1.0	925 (+7%)	16mo	$132,500	$143	40

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: -0.4%
• Equity multiple: 0.98×
• Total profit: $-576
• Equity at exit: $18,623

10-year hold

• IRR: 8.8%
• Equity multiple: 1.66×
• Total profit: $23,052
• Equity at exit: $10,799

Cash invested: $34,972 (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 46235

• Home prices YoY: -4.3%
• Rents YoY: 2.6%
• Active inventory: 54
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,520 high
• Mortgage (P&I): −$655
• Tax from tax record: −$175 /mo · $2,098/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$319
• Net cashflow: $319

Break-even live

Break-even rent $1,116

Max offer price $124,900

Occupancy floor 74%

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3962 Strathmore Dr Indianapolis, IN	3.0	1.0	925	$1,250	$1.35	24d	1	0.12mi
9438 Conried Dr Indianapolis, IN	3.0	1.0	1094	$1,445	$1.32	4d	1	0.24mi
10101 Montery Rd Indianapolis, IN	2.0	1.0	627	$1,439	$2.30	2d	10	0.42mi
9060 E 39th Pl Indianapolis, IN	1.0–2.0	1.0–1.5	820	$1,040	$1.27	24d	1	0.59mi
9226 E 36th Pl Indianapolis, IN	3.0	1.0	1073	$1,250	$1.16	7d	1	0.78mi
3519 Jerome Ct Indianapolis, IN	4.0	1.0	1107	$1,995	$1.80	24d	1	0.81mi
8862 Bel Air Ct Indianapolis, IN	3.0	1.0	1073	$1,264	$1.18	18d	1	0.82mi
3525 Luewan Ct Indianapolis, IN	4.0	1.0	1107	$1,750	$1.58	24d	1	0.82mi
3938 Biscayne Rd Indianapolis, IN	3.0	1.0	1000	$1,895	$1.90	3d	1	0.91mi
3645 Wingate Ct Indianapolis, IN	3.0	1.0–2.0	774	$1,500	$1.94	24d	6	0.91mi
8724 Montery Rd Indianapolis, IN	3.0	1.0	925	$1,500	$1.62	44d	1	0.92mi
3809 Biscayne Rd Indianapolis, IN	2.0	1.5	992	$1,020	$1.03	15d	1	0.96mi
3631 Decamp Dr Indianapolis, IN	3.0	1.0	1000	$1,335	$1.33	24d	1	1.02mi
4315 Aspen Way Indianapolis, IN	3.0	1.0	1080	$1,380	$1.28	44d	1	1.21mi
3665 Coneflower Way Indianapolis, IN	3.0	2.0	1030	$1,375	$1.33	44d	1	1.29mi

Listing history 9 events

1. 2026-06-17
   status $124,900 Pending 11 DOM
2. 2026-06-16
   days on market $124,900 Active 11 DOM
3. 2026-06-15
   days on market $124,900 Active 10 DOM
4. 2026-06-13
   days on market $124,900 Active 8 DOM
5. 2026-06-13
   days on market $124,900 Active 7 DOM
6. 2026-06-09
   days on market $124,900 Active 4 DOM
7. 2026-06-08
   days on market $124,900 Active 3 DOM
8. 2026-06-07
   remarks 528-char remark
9. 2026-06-07
   listed $124,900 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: $2,098 · $175/mo
• Projected year-2 tax: $2,098 · $175/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: $18,236
• − Mortgage interest: −$6,996
• − Property taxes: −$2,098
• − Insurance: −$624
• − Repairs & maintenance: −$1,459
• − Management: −$1,459
• − Depreciation: −$3,633
• Taxable income: $1,966
• Est. tax owed @ 24.0%: −$472
• After-tax cash flow: $3,353/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

+78.4% since first listed

12 events — show timeline

• 2026-06-05 Listed $124,900 MIBOR as Distributed by MLS Grid
• 2022-11-09 Sold (Public Records) $105,000 Public Records
• 2022-10-28 Sold (MLS) $105,000 MIBOR as Distributed by MLS Grid
• 2022-10-06 Pending — MIBOR as Distributed by MLS Grid
• 2022-09-30 Listed $114,900 MIBOR as Distributed by MLS Grid
• 2017-11-21 Sold (Public Records) $21,000 Public Records
• 2006-01-26 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-11-12 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-07-26 Listed $68,000 MIBOR as Distributed by MLS Grid
• 2004-11-12 Listed $40,000 MIBOR as Distributed by MLS Grid
• 2001-12-05 Sold (MLS) $69,900 MIBOR as Distributed by MLS Grid
• 2001-11-15 Listed $70,000 MIBOR as Distributed by MLS Grid

Property tax history

+7.6%/yr

Latest (2025): $2,098 · +1.2% YoY. Source: county tax records.