5419 Penway Ct · Indianapolis city (balance), IN 46224

$169,850

3 bd · 1.0 ba · 957 sqft · SingleFamily public records · 49 Days on market

Built 1959 7,667 sqft lot $177/sqft · 6% below area Est $181k · 6% 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 +15.0/30.0
• ARV discount +10.3/15.0
• DSCR +4.6/10.0
• 1% rule +2.9/10.0
• Rent growth +2.7/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Looking for your first home or an investment property, this could be it! Centrally located on the west side close to the busline and interstates a little elbow greese will make this a wonderful place to call home. Corner lot, fenced backyard, one-car garage with extra space that can be used for storage or a she-shed without stepping into the elements! This home also features a spacious eat-in kitchen, fireplace, and spacious yard for entertaining, gardening, or whatever your heart desires! Don't miss the opportunity to call this one yours. Schedule your showing today!

Key facts

• Spacious yard
• One-car garage
• Fenced backyard

Tags

• CORNER LOT
• FENCED BACKYARD
• ONE-CAR GARAGE
• SPACIOUS EAT-IN KITCHEN
• FIREPLACE
• SPACIOUS YARD

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $51 ($616/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 $135k (20.8% below list).
• Recommended offer: $135k (20.8% below list) — sets the bar for 1% rule.
• Cap rate 6.7% 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.
• Market conditions: Rents flat; 61 active listings in the ZIP; 18 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).

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

• It's been on market 49 days — a 3% lower offer ($165k) 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.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $134,601 (20.8% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
2. Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.79% ✗
• Cap rate: 6.66%
• Cash-on-cash: 1.30%
• DSCR: 1.06
• GRM: 10.5

CMA / ARV

• ARV (median comp): $181,200
• List price: $169,850
• Delta: -6.26%
• 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
3501 N Lynhurst Dr	0.35mi	3/1.0	925 (-3%)	3mo	$167,000	$181	76
3847 N Vinewood Ave	0.66mi	3/1.0	950 (-1%)	1mo	$142,000	$149	67
6014 Ruskin Pl W	0.59mi	3/1.0	950 (-1%)	5mo	$165,000	$174	67
3520 Beeler Ave	0.30mi	3/1.5	1,073 (+12%)	3mo	$180,000	$168	62
5132 W 33rd St	0.64mi	3/1.0	925 (-3%)	4mo	$185,000	$200	62
6008 Penway Cir	0.56mi	3/1.0	925 (-3%)	8mo	$220,000	$238	61
3944 N Lawndale Ave	0.62mi	3/1.0	1,008 (+5%)	2mo	$70,000	$69	61
3820 N Lawndale Ave	0.58mi	4/1.5 (+1)	925 (-3%)	1mo	$165,000	$178	59
3544 Patton Dr	0.41mi	3/1.0	1,044 (+9%)	8mo	$175,000	$168	59
3436 Beeler Ave	0.36mi	3/1.0	1,073 (+12%)	7mo	$200,000	$186	57
3532 N Lawndale Ave	0.60mi	3/1.0	1,044 (+9%)	4mo	$210,000	$201	54
5919 W 41st Pl	0.74mi	3/1.0	864 (-10%)	2mo	$125,000	$145	48

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 · 0.79% rent growth · sell at horizon

5-year hold

• IRR: -16.5%
• Equity multiple: 0.43×
• Total profit: $-27,261
• Equity at exit: $25,325

10-year hold

• IRR: -12.2%
• Equity multiple: 0.34×
• Total profit: $-31,345
• Equity at exit: $14,686

Cash invested: $47,558 (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 46224

• Rents YoY: 0.8%
• Active inventory: 61
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $1,346 high
• Mortgage (P&I): −$891
• Tax from tax record: −$51 /mo · $606/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$283
• Net cashflow: $51

Break-even live

Break-even rent $1,281

Max offer price $169,850

Occupancy floor 91%

Sensitivity live

Price	-10% $147	-5% $99	+0% $51	+5% $3	+10% $-45
Rent	-10% $-55	-5% $-2	+0% $51	+5% $105	+10% $158
Rate	-1.0pp $137	-0.5pp $95	base $51	+0.5pp $7	+1.0pp $-37

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: $42,462
• Closing costs: $5,096
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5801 Westhaven Dr Indianapolis, IN	4.0	1.0	1102	$1,300	$1.18	44d	1	0.40mi
5801 Westhaven Dr Indianapolis, IN	4.0	1.0	1102	$1,300	$1.18	24d	1	0.40mi
5505 Scarlet Dr Indianapolis, IN	3.0	1.0–1.5	883	$1,549	$1.75	3d	4	0.44mi
3201 Watergate Rd Indianapolis, IN	3.0	1.0–2.0	826	$1,269	$1.54	4d	20	0.65mi
3245 Chrysler St Indianapolis, IN	3.0	1.0	945	$1,345	$1.42	5d	1	0.87mi
3636 Mission Dr Indianapolis, IN	2.0	1.5	1100	$1,225	$1.11	44d	1	0.92mi
3138 Midvale Dr Indianapolis, IN	3.0	1.0	900	$1,495	$1.66	44d	1	1.12mi
6474 Lupine Ter Indianapolis, IN	2.0	1.0	847	$950	$1.12	24d	1	1.12mi
6363 Commons Dr Indianapolis, IN	1.0–3.0	1.0–2.0	966	$1,440	$1.49	3d	13	1.17mi
6536 Lupine Ter Indianapolis, IN	2.0	1.0	906	$1,280	$1.41	24d	1	1.18mi
3269 Lupine Dr Indianapolis, IN	2.0	1.0	986	$995	$1.01	24d	1	1.18mi
3279 Lupine Dr Indianapolis, IN	2.0	1.0	827	$1,150	$1.39	44d	1	1.19mi
3281 Lupine Dr Indianapolis, IN	2.0	1.0	966	$1,300	$1.35	24d	1	1.20mi
3060 Midvale Dr Indianapolis, IN	3.0	1.0	900	$1,200	$1.33	24d	1	1.20mi
6710 Hollow Run Pl Indianapolis, IN	1.0–3.0	1.0–2.0	995	$2,000	$2.01	8d	37	1.22mi
3232 Normandy Rd Indianapolis, IN	3.0	1.0	900	$1,250	$1.39	20d	1	1.30mi
6436 Lupine Dr Indianapolis, IN	2.0	1.0	966	$950	$0.98	24d	1	1.34mi
6458 Lupine Dr Indianapolis, IN	2.0	1.0	966	$950	$0.98	24d	1	1.38mi

Listing history 12 events

1. 2026-06-19
   price $169,850 Active 49 DOM
2. 2026-06-18
   days on market $175,000 Active 49 DOM
3. 2026-06-17
   days on market $175,000 Active 48 DOM
4. 2026-06-16
   days on market $175,000 Active 47 DOM
5. 2026-06-15
   days on market $175,000 Active 46 DOM
6. 2026-06-13
   days on market $175,000 Active 44 DOM
7. 2026-06-13
   days on market $175,000 Active 43 DOM
8. 2026-06-09
   days on market $175,000 Active 40 DOM
9. 2026-06-08
   days on market $175,000 Active 39 DOM
10. 2026-06-07
    statusdays on market $175,000 Active 38 DOM
11. 2026-05-15
    status Active
12. 2026-03-27
    listed $175,000 Active

ⓘ 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: $606 · $51/mo
• Projected year-2 tax: $1,025 · $85/mo
• Expected delta: +$419/yr (+$35/mo · 69.1%)

ⓘ 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 · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,152
• − Mortgage interest: −$9,514
• − Property taxes: −$606
• − Insurance: −$849
• − Repairs & maintenance: −$1,292
• − Management: −$1,292
• − Depreciation: −$4,941
• Taxable loss: −$2,343
• Est. tax savings @ 24.0%: +$562
• After-tax cash flow: $1,178/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): 40,228
• Household income: $55,986
• Rent vs Own: 63.7% rent · 36.3% own
• Severe rent burden: 2206.0

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 0.69)
• Race & ethnicity: Black 39% White 33% Hispanic / Latino 23% Two or more races 7% Asian 1%
• Hispanic origin (detail): Mexican 14% Dominican 2%
• Common ancestry: Hispanic 3% Arab 1% Italian 1%
• Foreign-born: 31% · Canada, Philippines
• Languages at home: 62% English-only · Spanish 19% French/Haitian/Cajun 5% Arabic 2%

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: ▼ -179.31%
• Current HPI: 297.7156
• Rent YoY: ▲ 0.79%
• 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

2 events — show timeline

• 2026-05-15 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-27 Listed $175,000 MIBOR as Distributed by MLS Grid

Property tax history

-5.3%/yr

Latest (2025): $606 · +170.2% YoY. Source: county tax records.