5011 Opal Ridge Ln #208 · Indianapolis city (balance), IN 46237

$165,000

2 bd · 2.0 ba · 1,124 sqft · Condo · 7 Days on market

Built 2012 $269/mo HOA · 16% of rent

---

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 +11.5/30.0
• ARV discount +7.5/15.0
• 1% rule +4.9/10.0
• Schools +3.5/10.0
• DSCR +3.4/10.0
• Rent growth +3.4/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

2 Bedroom/2 Bath with Balcony. Stainless Steel appliances. Garage Included.

Key facts

• 2nd floor balcony
• New flooring
• Private en-suite

Tags

• 2ND FLOOR BALCONY
• OPEN MAIN AREA FLOOR PLAN
• SPACIOUS KITCHEN DINING ROOM
• PRIVATE EN-SUITE
• WALK IN CLOSET
• NEW FLOORING

Property features AI

Finance

• HOA & community: HOA with monthly fee of $269; Association amenities include pool, fitness center, clubhouse, and exercise room; HOA fee covers management, trash, snow removal, and common area maintenance; Covenants & restrictions, rules & regulations, and transfer fee apply; Low-maintenance lifestyle and 1 common wall

Exterior

• Parking: Detached garage (1-car) with garage door opener; Assigned outdoor parking available
• Security: Smoke alarm; Fire alarm; Fire sprinkler system; Smoke detector(s)
• Utilities: Public water; Municipal sewer connected; 200+ amp electrical service; Cable available; Separate electric and sewer meters; Electricity and water connected
• Home design: Attached condominium; Vertical condo with building common entry on upper level; Faces south; One level
• Construction: Brick and vinyl with brick exterior; Slab foundation
• Exterior features: Covered patio/porch; Deck; Balcony; Sidewalks, street lights, and mature trees in the community

Interior

• Kitchen: Dishwasher; Disposal; Microwave with hood; Electric oven; Refrigerator
• Bedrooms: 2 bedrooms on the main level (one measures 14x12; second bedroom measures 12x11)
• Flooring: Floor number: 2
• Bathrooms: 2 full bathrooms; Primary bathroom with tub and shower
• Heating & cooling: Forced air heating (electric); Central air conditioning
• Interior features: Walk-in closet(s); Updated/remodeled condition; Laundry in unit / utility room; Covered balcony/deck areas
• Laundry & utility: Washer and dryer included; Laundry room with full connections; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $165k.

Deal economics

• At list price, monthly cash flow is $-53 ($-638/yr) — negative.
• To cash-flow at today's rent, offer at most $156k (5.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $164k (0.7% below list).
• Recommended offer: $156k (5.7% below list) — sets the bar for cash-flow.
• Cap rate 5.9% 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.
• Perry Township Schools (urban): math 36% / reading 45% proficiency, ranked #138 of 301 in IN (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Jeremiah Gray Elementary School (math 45% / reading 44%, grade F, #379 of 994 statewide, top 41%, 562 students, 67% FRL); Southport High School (math 25% / reading 53%, grade F, #235 of 369 statewide, top 65%, 2,355 students, 70% FRL) — zoned schools average 69% FRL vs 54% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.8%/yr); 261 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $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 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 18y 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 $90k; list at $165k implies a 84% gain — meaningful room to come down on a strong offer.

Recommended offer $155,607 (5.7% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
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 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: 0.99% ✗
• Cap rate: 5.91%
• Cash-on-cash: -1.38%
• DSCR: 0.94
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.78% rent growth · sell at horizon

5-year hold

• IRR: -17.4%
• Equity multiple: 0.38×
• Total profit: $-28,675
• Equity at exit: $24,602

10-year hold

• IRR: -7.7%
• Equity multiple: 0.50×
• Total profit: $-23,309
• Equity at exit: $14,266

Cash invested: $46,200 (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 46237

• Rents YoY: 3.8%
• Active inventory: 261
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,639 high
• Mortgage (P&I): −$865
• Tax from tax record: −$145 /mo · $1,737/yr
• Insurance: −$69
• HOA: −$269
• Vacancy / Maint / Mgmt: −$344
• Net cashflow: $-53

Break-even live

Break-even rent $1,706

Max offer price $155,607

Occupancy floor 98%

Sensitivity live

Price	-10% $40	-5% $-6	+0% $-53	+5% $-100	+10% $-147
Rent	-10% $-183	-5% $-118	+0% $-53	+5% $12	+10% $76
Rate	-1.0pp $30	-0.5pp $-11	base $-53	+0.5pp $-96	+1.0pp $-139

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7251 Windsor Lakes Dr Indianapolis, IN	1.0–3.0	1.0–2.0	1103	$1,540	$1.40	2d	36	0.64mi
7213 Sundance Dr Indianapolis, IN	1.0–2.0	1.0–2.0	973	$1,625	$1.67	2d	44	0.72mi
7215 Grand Ritz Ln Indianapolis, IN	2.0	2.0	947	$1,260	$1.33	24d	1	1.08mi
7925 Carlington Rd Indianapolis, IN	2.0	2.0	1455	$2,079	$1.43	2d	17	1.11mi
5140 Emerson Village Pl Indianapolis, IN	1.0–2.0	1.0–2.0	805	$1,360	$1.69	2d	16	1.26mi
6210 Carrie Cir Indianapolis, IN	3.0	2.0	1226	$1,890	$1.54	4d	1	1.49mi

HOA detail condo

• Monthly dues: $269 · $3,228/yr
• Likely covers: parking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-06-18
   days on market $165,000 Active 7 DOM
2. 2026-06-17
   days on market $165,000 Active 6 DOM
3. 2026-06-16
   days on market $165,000 Active 5 DOM
4. 2026-06-15
   days on market $165,000 Active 4 DOM
5. 2026-06-13
   remarks 699-char remark
6. 2026-06-13
   listed $165,000 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: $1,737 · $145/mo
• Projected year-2 tax: $1,737 · $145/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $19,665
• − Mortgage interest: −$9,243
• − Property taxes: −$1,737
• − Insurance: −$825
• − Repairs & maintenance: −$1,573
• − Management: −$1,573
• − HOA: −$3,228
• − Depreciation: −$4,800
• Taxable loss: −$3,314
• Est. tax savings @ 24.0%: +$795
• After-tax cash flow: $157/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: Perry Township Schools
• NCES district ID: 1808820
• Math proficiency: 36% ▼ -13.00%
• Reading proficiency: 45% ▼ -6.00%
• Median HH income: $47,170
• Composite: 34.61/100
• National rank: #5153
• State rank: #138 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): 43,473
• Household income: $79,078
• Rent vs Own: 31.1% rent · 68.9% own
• Severe rent burden: 1245.0

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: Predominantly White (71%)
• Race & ethnicity: White 71% Asian 13% Hispanic / Latino 7% Two or more races 6% Black 5%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 2% Lithuanian 2% Romanian 2%
• Foreign-born: 12% · Canada, Philippines
• Languages at home: 84% English-only · Other Asian/Pacific 5% Spanish 5% Other Indo-European 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: ▼ -180.33%
• Current HPI: 238.9661
• Rent YoY: ▲ 3.78%
• 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

+74.1% since first listed

9 events — show timeline

• 2026-06-11 Listed $165,000 MIBOR as Distributed by MLS Grid
• 2018-05-31 Sold (MLS) $89,900 MIBOR as Distributed by MLS Grid
• 2018-04-26 Listed $89,900 MIBOR as Distributed by MLS Grid
• 2018-04-26 Listing Removed — MIBOR as Distributed by MLS Grid
• 2012-11-05 Listing Removed — MIBOR as Distributed by MLS Grid
• 2012-11-05 Sold (MLS) $68,000 MIBOR as Distributed by MLS Grid
• 2012-04-09 Listed $69,500 MIBOR as Distributed by MLS Grid
• 2008-10-25 Listing Removed — MIBOR as Distributed by MLS Grid
• 2008-03-27 Listed $94,760 MIBOR as Distributed by MLS Grid

Property tax history

+11.5%/yr

Latest (2025): $1,737 · -4.8% YoY. Source: county tax records.