9850 Haven Ct · Indianapolis city (balance), IN 46235

$80,000

2 bd · 1.5 ba · 1,048 sqft · Condo public records · 31 Days on market

Built 1973 $250/mo HOA · 17% of rent

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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 +26.5/30.0
• 1% rule +10.0/10.0
• DSCR +9.1/10.0
• ARV discount +7.5/15.0
• 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

INVESTOR SPECIAL. Rare opportunity to acquire side-by-side units at 9848 Haven Ct and 9850 Haven Ct at Tudor Park. Ideal for portfolio scaling or a dual income strategy - buy one or both. Each 2 bed, 1.5 bath condo is turnkey with fresh interior paint, updated kitchens and baths, and new carpet upstairs. Bathrooms have been refreshed with new LVP flooring, toilets, vanities, mirrors, and lighting. All new outlets and switches add a clean, updated finish throughout. 9850 Haven Ct stands out with newer windows, HVAC (2023), and a dedicated laundry room. HOA maintained exterior and lawn care keep expenses predictable and management efficient. High rental demand with no rental restrictions.

Key facts

• New carpet
• Newer windows
• Side-by-side units

Tags

• SIDE-BY-SIDE UNITS
• TURNKEY
• UPDATED KITCHENS
• NEW CARPET
• NEWER WINDOWS
• DEDICATED LAUNDRY ROOM

Property features AI

Finance

• Other: Ownership under horizontal property regime with mandatory fee; Less than 1/4 acre
• HOA & community: HOA with monthly fee (approximately $250); HOA maintains grounds and structure, provides management, insurance, lawncare and snow removal

Exterior

• Parking: Detached 1-car garage with garage door opener; Guest street parking
• Utilities: Public water; Municipal sewer (connected); Solid waste service available
• Home design: Attached condominium; Updated/remodeled condition; Two levels; Vertical condo with ground-level description; Low-maintenance lifestyle; 2+ common walls
• Construction: Wood and brick construction; Slab foundation
• Exterior features: Patio; Full privacy fence

Interior

• Kitchen: Electric oven; Exhaust fan; Refrigerator
• Bedrooms: 2 bedrooms on the upper level
• Bathrooms: 1 full bath (upper level); 1 half bath (main level)
• Heating & cooling: Forced-air heating; Central air conditioning
• Interior features: Painted woodwork; Family room; Dining room; Foyer
• Laundry & utility: Laundry room on main level; Water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $80k.

Deal economics

• At list price, monthly cash flow is $212 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $78k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.5% 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.
• Market conditions: Rents rising (+2.6%/yr); 54 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $553 of loan paydown is wiped out by about $2k 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 31 days — a 3% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 22y 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 $16k; list at $80k implies a 408% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.3% of price.

Recommended offer $77,600 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.80% ✓
• Cap rate: 9.47%
• Cash-on-cash: 11.36%
• DSCR: 1.51
• GRM: 4.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.56% rent growth · sell at horizon

5-year hold

• IRR: 0.2%
• Equity multiple: 1.01×
• Total profit: $157
• Equity at exit: $11,928

10-year hold

• IRR: 9.4%
• Equity multiple: 1.71×
• Total profit: $15,962
• Equity at exit: $6,917

Cash invested: $22,400 (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: 4.6×

Monthly cashflow live

• Estimated rent: $1,438 high
• Mortgage (P&I): −$420
• Tax from tax record: −$221 /mo · $2,650/yr
• Insurance: −$33
• HOA: −$250
• Vacancy / Maint / Mgmt: −$302
• Net cashflow: $212

Break-even live

Break-even rent $1,169

Max offer price $80,000

Occupancy floor 80%

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9962 Catalina Dr Indianapolis, IN	3.0	1.0	1236	$1,600	$1.29	4d	1	0.23mi
3962 Strathmore Dr Indianapolis, IN	3.0	1.0	925	$1,250	$1.35	23d	1	0.40mi
10101 Montery Rd Indianapolis, IN	2.0	1.0	627	$1,439	$2.30	1d	10	0.50mi
9438 Conried Dr Indianapolis, IN	3.0	1.0	1094	$1,445	$1.32	4d	1	0.59mi
9226 E 36th Pl Indianapolis, IN	3.0	1.0	1073	$1,250	$1.16	7d	1	0.59mi
3645 Wingate Ct Indianapolis, IN	3.0	1.0–2.0	774	$1,258	$1.62	23d	6	0.62mi
9060 E 39th Pl Indianapolis, IN	1.0–2.0	1.0–1.5	820	$1,040	$1.27	23d	1	0.79mi
8914 Elmonte Dr Indianapolis, IN	3.0	1.5	1500	$1,600	$1.07	23d	1	0.98mi
3631 Decamp Dr Indianapolis, IN	3.0	1.0	1000	$1,335	$1.33	23d	1	0.98mi
8862 Bel Air Ct Indianapolis, IN	3.0	1.0	1073	$1,264	$1.18	17d	1	0.99mi
3665 Coneflower Way Indianapolis, IN	3.0	2.0	1030	$1,375	$1.33	43d	1	1.01mi
3540 Dubarry Ct Indianapolis, IN	3.0	2.0	1297	$1,400	$1.08	23d	1	1.04mi
3809 Biscayne Rd Indianapolis, IN	2.0	1.5	992	$1,020	$1.03	14d	1	1.04mi
3815 Biscayne Rd Indianapolis, IN	3.0	1.5	1188	$1,220	$1.03	14d	1	1.04mi
3938 Biscayne Rd Indianapolis, IN	3.0	1.0	1000	$1,895	$1.90	3d	1	1.08mi
8738 Montery Rd Indianapolis, IN	3.0	1.0	1421	$1,396	$0.98	7d	1	1.12mi
8724 Montery Rd Indianapolis, IN	3.0	1.0	925	$1,500	$1.62	43d	1	1.14mi

HOA detail condo

• Monthly dues: $250 · $3,000/yr
• Likely covers: landscaping
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-18
   days on market $80,000 Active 31 DOM
2. 2026-06-17
   days on market $80,000 Active 30 DOM
3. 2026-06-16
   days on market $80,000 Active 29 DOM
4. 2026-06-15
   days on market $80,000 Active 28 DOM
5. 2026-06-13
   days on market $80,000 Active 26 DOM
6. 2026-06-13
   days on market $80,000 Active 25 DOM
7. 2026-06-09
   days on market $80,000 Active 22 DOM
8. 2026-06-08
   days on market $80,000 Active 21 DOM
9. 2026-06-07
   days on market $80,000 Active 20 DOM
10. 2026-06-03
    days on market $80,000 Active 16 DOM
11. 2026-06-02
    days on market $80,000 Active 15 DOM
12. 2026-06-01
    days on market $80,000 Active 14 DOM
13. 2026-05-31
    days on market $80,000 Active 13 DOM
14. 2026-05-18
    listed $80,000 Active
15. 2013-12-31
    historical
16. 2013-07-03
    listed $23,000
17. 2012-05-13
    historical
18. 2011-11-12
    listed $27,500
19. 2004-10-18
    soldstatus $15,750
20. 2004-07-09
    listed $17,100

ⓘ 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: $2,650 · $221/mo
• Projected year-2 tax: $2,650 · $221/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: $17,252
• − Mortgage interest: −$4,481
• − Property taxes: −$2,650
• − Insurance: −$400
• − Repairs & maintenance: −$1,380
• − Management: −$1,380
• − HOA: −$3,000
• − Depreciation: −$2,327
• Taxable income: $1,633
• Est. tax owed @ 24.0%: −$392
• After-tax cash flow: $2,152/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

+367.8% since first listed

7 events — show timeline

• 2026-05-18 Listed $80,000 MIBOR as Distributed by MLS Grid
• 2013-12-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2013-07-03 Listed $23,000 MIBOR as Distributed by MLS Grid
• 2012-05-13 Listing Removed — MIBOR as Distributed by MLS Grid
• 2011-11-12 Listed $27,500 MIBOR as Distributed by MLS Grid
• 2004-10-18 Sold (MLS) $15,750 MIBOR as Distributed by MLS Grid
• 2004-07-09 Listed $17,100 MIBOR as Distributed by MLS Grid

Property tax history

+17.4%/yr

Latest (2025): $2,650 · +91.0% YoY. Source: county tax records.