8420 Grand Appaloosa Way · Indianapolis city (balance), IN 46239

$349,601

4 bd · 3.0 ba · 2,170 sqft · SingleFamily · 58 Days on market

Built 2026 Excellent condition 7,750 sqft lot Garage $46/mo HOA · 2% of rent

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Cash flow +5.5/30.0
• Condition / age +4.8/5.0
• Schools +4.7/10.0
• Rent growth +4.0/5.0
• Livability +2.5/5.0
• 1% rule +1.2/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Eagle Manor is a new collection of brand-new single-family homes coming soon to Indianapolis, IN. Residents will enjoy access to onsite amenities, including a playground, picnic areas and bocce ball court. The community is located near downtown Indianapolis, providing convenient access to the best of local shopping, dining and entertainment. There are over 200 local parks, making it easy to enjoy outdoor recreation. On the first floor of this new two-story home is an open-concept layout shared among the modern kitchen, lovely dining room and a welcoming Great Room with backyard access, perfect for seamless everyday living and multitasking.

Key facts

• Onsite amenities
• Bocce ball court
• Modern kitchen

Tags

• ONSITE AMENITIES
• PLAYGROUND
• PICNIC AREAS
• BOCCE BALL COURT
• OPEN-CONCEPT LAYOUT
• MODERN KITCHEN

🏗️ New construction. The $349,601 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $358,670.

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $350k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-764 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $248k (29.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $223k (36.3% below list).
• Recommended offer: $223k (36.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade F — 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.
• Zoned schools: Thompson Crossing Elementary Sch (math 57% / reading 42%, grade D, #279 of 994 statewide, top 30%, 666 students, 55% FRL); Franklin Central Junior High (math 31% / reading 40%, grade F, #162 of 330 statewide, top 49%, 1,711 students, 51% FRL); Franklin Central High School (math 41% / reading 69%, grade C, #77 of 369 statewide, top 21%, 3,319 students, 46% FRL) — zoned schools average 51% FRL vs 29% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.1%/yr); 502 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals lingering (median 86d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 81% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 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 $2k of loan paydown is wiped out by about $11k 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 58 days — a 3% lower offer ($339k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $222,814 (36.3% 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. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.62% ✗
• Cap rate: 3.74%
• Cash-on-cash: -9.13%
• DSCR: 0.59
• GRM: 13.4

CMA / ARV

• ARV (median comp): $358,670
• List price: $349,601
• Delta: -2.53%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8420 Grand Appaloosa Way	0.00mi	4/3.0	2,170 (0%)	2mo	$349,000	$161	98
8276 Grand Appaloosa Way	0.11mi	4/3.0	2,170 (0%)	2mo	$350,000	$161	93
5225 Hearst Ln	0.37mi	4/2.5	2,244 (+3%)	0mo	$349,900	$156	75
8239 Grand Appaloosa Way	0.18mi	5/3.0 (+1)	2,367 (+9%)	2mo	$347,000	$147	70
5227 Great Percheron Dr	0.08mi	5/3.0 (+1)	2,460 (+13%)	1mo	$374,000	$152	68
5250 Hearst Ln	0.34mi	3/2.0 (-1)	2,062 (-5%)	1mo	$298,000	$145	66
8017 Raindance Trl	0.54mi	3/2.5 (-1)	2,154 (-1%)	2mo	$370,000	$172	65
8233 E Thompson Rd	0.28mi	4/2.0	1,939 (-11%)	2mo	$293,000	$151	64
8810 Rowling Way	0.46mi	3/2.5 (-1)	2,295 (+6%)	1mo	$335,000	$146	61
8969 Faulkner Dr	0.70mi	4/2.5	2,289 (+6%)	1mo	$275,000	$120	55
8715 Blue Marlin Dr	0.61mi	4/3.0	2,478 (+14%)	2mo	$369,900	$149	46
5327 Twin Bridge Blvd	0.62mi	4/2.0	1,912 (-12%)	2mo	$299,900	$157	46

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 · 6.11% rent growth · sell at horizon

5-year hold

• IRR: -29.1%
• Equity multiple: 0.01×
• Total profit: $-99,557
• Equity at exit: $53,479

10-year hold

• IRR: -19.5%
• Equity multiple: -0.17×
• Total profit: $-117,687
• Equity at exit: $31,011

Cash invested: $100,427 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 56 active · 45 under contract
• Months of supply: 5.2 mo (19%/mo absorbed)
• Median asking: $347,900 ($161/sqft)
• Median days on market: 82 d
• This list price: 52% of active listings are priced below it
• ARV vs active asking: +2.9% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 46239

• Home prices YoY: -29.2%
• Rents YoY: 6.1%
• Active inventory: 502
• Price-to-rent: 13.1×

Monthly cashflow live

• Estimated rent: $2,228 high
• Mortgage (P&I): −$1,881
• Tax est. 1.5%: −$448 /mo · $5,380/yr
• Insurance: −$149
• HOA: −$46
• Vacancy / Maint / Mgmt: −$468
• Net cashflow: $-764

Break-even live

Break-even rent $3,196

Max offer price $248,052

Occupancy floor —

Sensitivity live

Price	-10% $-517	-5% $-641	+0% $-764	+5% $-888	+10% $-1,012
Rent	-10% $-940	-5% $-852	+0% $-764	+5% $-676	+10% $-588
Rate	-1.0pp $-584	-0.5pp $-673	base $-764	+0.5pp $-857	+1.0pp $-952

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: $89,667
• Closing costs: $10,760
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5330 Himalayan Dr Indianapolis, IN	3.0	2.5	2120	$2,179	$1.03	100d	1	0.35mi
5602 Wild Horse Dr Indianapolis, IN	3.0	2.0	1616	$1,806	$1.12	82d	1	0.39mi
5639 Wood Hollow Dr Indianapolis, IN	3.0	2.0	1422	$1,725	$1.21	40d	1	0.40mi
5639 Wood Hollow Dr Indianapolis, IN	3.0	2.0	1422	$1,795	$1.26	81d	1	0.40mi
8119 Rambling Rd Indianapolis, IN	3.0	2.5	1637	$1,826	$1.12	40d	1	0.48mi
8644 Hornady Dr Indianapolis, IN	3.0	2.5	2238	$2,371	$1.06	4d	1	0.48mi
5325 Montavia Ln Indianapolis, IN	3.0	2.0	1632	$1,849	$1.13	119d	1	0.50mi
5426 Basin Park Dr Indianapolis, IN	4.0	2.5	2652	$2,399	$0.90	64d	1	0.52mi
8836 Kipling Dr Indianapolis, IN	4.0	2.5	1686	$2,200	$1.30	119d	1	0.53mi
8051 Little River Ln Indianapolis, IN	3.0	2.5	2135	$1,801	$0.84	103d	1	0.54mi
8842 Faulkner Dr Indianapolis, IN	3.0	2.0	1792	$1,795	$1.00	94d	1	0.57mi
5236 Choctaw Ridge Way Indianapolis, IN	3.0	2.5	2130	$2,275	$1.07	0d	1	0.78mi
5532 Burning Tree Ct Indianapolis, IN	3.0	2.0	1424	$1,695	$1.19	10d	1	0.90mi
9203 Hemingway Dr Indianapolis, IN	3.0	2.0	1498	$2,295	$1.53	62d	1	0.94mi
9203 Hemingway Dr Indianapolis, IN	3.0	2.0	1498	$2,395	$1.60	86d	1	0.94mi
7260 Kidwell Dr Indianapolis, IN	3.0	2.0	1409	$1,899	$1.35	93d	1	1.01mi
9237 Kavanaugh Dr Indianapolis, IN	3.0	2.0	1503	$2,200	$1.46	113d	1	1.02mi
7905 Housefinch Ln Indianapolis, IN	4.0	2.5	2234	$2,299	$1.03	69d	1	1.03mi
4225 Tiana Cir Indianapolis, IN	3.0	2.0	1946	$2,071	$1.06	108d	1	1.05mi
7203 Tresa Dr Indianapolis, IN	3.0	2.5	2173	$1,956	$0.90	40d	1	1.10mi
4410 Viva Ln Indianapolis, IN	4.0	2.5	2876	$2,450	$0.85	100d	1	1.13mi
7650 Lara Lee Dr Indianapolis, IN	4.0	2.0	1696	$2,039	$1.20	119d	1	1.16mi
7141 Bracken Ln Indianapolis, IN	3.0	2.0	1572	$1,850	$1.18	88d	1	1.18mi
4127 S Post Rd Indianapolis, IN	3.0	2.0	1460	$1,585	$1.09	119d	1	1.32mi
8446 Coppel Ln Indianapolis, IN	3.0	2.5	1928	$2,035	$1.06	10d	1	1.38mi
4613 Bethel Cove Dr Indianapolis, IN	3.0	3.0	2362	$2,750	$1.16	9d	1	1.41mi

Property features AI

Finance

• Other: Lot is approximately 0.18 acres (< 1/4 acre)
• HOA & community: Homeowners association with annual feeAnnual association fee of $550HOA covers entrance common areas, park/playground, and walking trailsAssociation amenities include park, playground, trails, picnic area, and sport courtHOA subject to covenants and restrictions

Exterior

• Parking: Attached garage with 2 spacesConcrete drivewayGarage door openerGarage storageKeyless entry
• Security: Smart lock(s)
• Utilities: Public waterMunicipal sewer connectedNo solid waste service listed
• Home design: Single-family residenceNew construction by Lennar HomesTwo levelsSlab foundationMandatory fee ownership
• Construction: Brick and cement sidingSlab foundationNew construction
• Exterior features: Covered patioPatioSmart locks

Interior

• Kitchen: Kitchen islandPantryDishwasherGas ovenMicrohoodRefrigeratorDisposalElectric water heater
• Bedrooms: Primary bedroom with walk-in closetFour bedrooms total (1 on main level, 3 on upper level)
• Flooring: Luxury vinyl plank in dining room, great room, and kitchen
• Bathrooms: Three full bathrooms totalPrimary bathroom with full shower stall and double sinksOne full bath on main level, two full baths on upper level
• Heating & cooling: High-efficiency natural gas heating (90%+ AFUE)Central air
• Interior features: Attic accessWalk-in closet(s)Painted woodworkKitchen islandPantrySmart thermostatSmoke alarm
• Laundry & utility: Electric water heater

Listing history 49 events

1. 2026-07-31
   days on market $349,601 Active 58 DOM
2. 2026-07-30
   days on market $349,601 Active 56 DOM
3. 2026-07-28
   days on market $349,601 Active 55 DOM
4. 2026-07-26
   days on market $349,601 Active 53 DOM
5. 2026-07-24
   days on market $349,601 Active 51 DOM
6. 2026-07-23
   days on market $349,601 Active 50 DOM
7. 2026-07-22
   days on market $349,601 Active 49 DOM
8. 2026-07-21
   days on market $349,601 Active 48 DOM
9. 2026-07-20
   days on market $349,601 Active 47 DOM
10. 2026-07-18
    days on market $349,601 Active 45 DOM
11. 2026-07-18
    days on market $349,601 Active 44 DOM
12. 2026-07-16
    days on market $349,601 Active 43 DOM
13. 2026-07-15
    days on market $349,601 Active 42 DOM
14. 2026-07-14
    days on market $349,601 Active 41 DOM
15. 2026-07-13
    days on market $349,601 Active 40 DOM
16. 2026-07-13
    days on market $349,601 Active 39 DOM
17. 2026-07-11
    days on market $349,601 Active 38 DOM
18. 2026-07-10
    days on market $349,601 Active 37 DOM
19. 2026-07-09
    days on market $349,601 Active 36 DOM
20. 2026-07-07
    days on market $349,601 Active 34 DOM
21. 2026-07-06
    days on market $349,601 Active 33 DOM
22. 2026-07-05
    days on market $349,601 Active 32 DOM
23. 2026-07-03
    days on market $349,601 Active 30 DOM
24. 2026-07-02
    days on market $349,601 Active 29 DOM
25. 2026-07-01
    days on market $349,601 Active 28 DOM
26. 2026-06-30
    days on market $349,601 Active 27 DOM
27. 2026-06-29
    days on market $349,601 Active 26 DOM
28. 2026-06-28
    days on market $349,601 Active 25 DOM
29. 2026-06-27
    days on market $349,601 Active 24 DOM
30. 2026-06-26
    days on market $349,601 Active 23 DOM
31. 2026-06-24
    statusdays on market $349,601 Active 21 DOM
32. 2026-06-07
    statusdays on market $349,601 Pending 20 DOM
33. 2026-06-03
    days on market $349,601 Active 19 DOM
34. 2026-06-02
    days on market $349,601 Active 18 DOM
35. 2026-06-01
    days on market $349,601 Active 17 DOM
36. 2026-05-31
    days on market $349,601 Active 16 DOM
37. 2026-05-23
    price $359,601 385-char remark
38. 2026-05-18
    price $354,601 385-char remark
39. 2026-05-15
    price $349,601 385-char remark
40. 2026-05-15
    listed $349,601 Active
41. 2026-05-12
    price $349,756 385-char remark
42. 2026-05-06
    status Active 385-char remark
43. 2026-03-28
    historical 385-char remark
44. 2026-03-25
    price $355,785 385-char remark
45. 2026-03-25
    status Active 385-char remark
46. 2026-03-16
    historical 385-char remark
47. 2026-03-10
    price $340,435 385-char remark
48. 2026-03-02
    price $355,985 385-char remark
49. 2026-02-24
    listed $353,985 Active 385-char remark

ⓘ 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 3/10 Moderate 7 d/yr ≥102°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,738
• − Mortgage interest: −$20,091
• − Property taxes: −$5,380
• − Insurance: −$1,793
• − Repairs & maintenance: −$2,139
• − Management: −$2,139
• − HOA: −$552
• − Depreciation: −$10,434
• Taxable loss: −$15,791
• Est. tax savings @ 24.0%: +$3,790
• After-tax cash flow: $-5,384/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.

Condition & rehab AI · 12 photos

Excellent 95/100 None rehab

This brand-new two-story home is move-in ready with an excellent condition score and a modern design. It offers a spacious open-concept layout and is located in a desirable neighborhood with access to amenities and local attractions.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Enhanced landscaping can improve curb appeal and attract more potential buyers/tenants. ↑
• Both Adding smart home features — Smart home features can increase the home's appeal and market value. ↑
• Both Upgrading the kitchen appliances — Modern appliances can make the kitchen more functional and attractive to potential buyers/tenants. ↑

F Composite school gradezoned avg 47/100

Zoned Schools

Elementary Thompson Crossing Elementary Sch D IN #279/994 Nat'l #12,785/41,679 Middle Franklin Central Junior High F IN #162/330 Nat'l #7,347/14,009 High Franklin Central High School C IN #77/369 Nat'l #4,413/17,239

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 · 1,025,572 people
• City population: 881,119
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 33,931
• Household income: $100,331
• Rent vs Own: 17.6% rent · 82.4% own
• Severe rent burden: 7% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 57% Black 24% Hispanic / Latino 9% Two or more races 9% Asian 4%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Lithuanian 2% Slovak 2% Romanian 1%
• Foreign-born: 7% · Canada, Philippines, China
• Languages at home: 89% English-only · Spanish 6% Other Indo-European 2% Chinese 1%

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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: ▼ -93.15%
• Current HPI: 226.1965
• Rent YoY: ▲ 6.11%
• Metro: Indianapolis-Carmel-Anderson, IN
• State GDP YoY: ▲ 2.90%
• F500 in state: 18

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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

Property features AI

Finance

• Other: Lot is approximately 0.18 acres (< 1/4 acre)
• HOA & community: Homeowners association with annual feeAnnual association fee of $550HOA covers entrance common areas, park/playground, and walking trailsAssociation amenities include park, playground, trails, picnic area, and sport courtHOA subject to covenants and restrictions

Exterior

• Parking: Attached garage with 2 spacesConcrete drivewayGarage door openerGarage storageKeyless entry
• Security: Smart lock(s)
• Utilities: Public waterMunicipal sewer connectedNo solid waste service listed
• Home design: Single-family residenceNew construction by Lennar HomesTwo levelsSlab foundationMandatory fee ownership
• Construction: Brick and cement sidingSlab foundationNew construction
• Exterior features: Covered patioPatioSmart locks

Interior

• Kitchen: Kitchen islandPantryDishwasherGas ovenMicrohoodRefrigeratorDisposalElectric water heater
• Bedrooms: Primary bedroom with walk-in closetFour bedrooms total (1 on main level, 3 on upper level)
• Flooring: Luxury vinyl plank in dining room, great room, and kitchen
• Bathrooms: Three full bathrooms totalPrimary bathroom with full shower stall and double sinksOne full bath on main level, two full baths on upper level
• Heating & cooling: High-efficiency natural gas heating (90%+ AFUE)Central air
• Interior features: Attic accessWalk-in closet(s)Painted woodworkKitchen islandPantrySmart thermostatSmoke alarm
• Laundry & utility: Electric water heater

Price history

3 events — show timeline

• 2026-06-23 Relisted — MIBOR as Distributed by MLS Grid
• 2026-06-04 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-15 Listed $349,601 MIBOR as Distributed by MLS Grid