3604 Biscayne Rd · Indianapolis city (balance), IN 46226

$134,900

3 bd · 1.5 ba · 1,323 sqft · SingleFamily public records · 20 Days on market

Built 1960 6,186 sqft lot Est $164k · 18% under

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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 +19.9/30.0
• ARV discount +15.0/15.0
• DSCR +6.3/10.0
• 1% rule +5.6/10.0
• Rent growth +4.2/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Incredible amount of space in this 3 bedroom home with living room and family room PLUS basement. You will be surprised at the excellent condition of this 3 bedroom home. In addition there is a full basement with tons of storage shelfing already in place. The laundry room is in the basement but still plenty of space for workout room or game table.

Key facts

• Functional kitchen
• Garage conversion
• Private patio

Tags

• BRICK RANCH
• GARAGE CONVERSION
• FUNCTIONAL KITCHEN
• FULL UNFINISHED BASEMENT
• PRIVATE PATIO

Property features AI

Finance

• Other: Lot size about 0.14 acre (less than 1/4 acre); Converted garage noted in directions

Exterior

• Parking: Paver block parking
• Security: Smoke detectors
• Utilities: Public water; Municipal sewer connected; Natural gas connected; 200+ amp electric service; Solid waste service available
• Home design: Single-family residence; Updated/remodeled condition; One level; Faces west
• Construction: Brick and vinyl siding exterior; Full foundation
• Exterior features: Covered patio/porch; Storage shed; City lot with curbs, sidewalks, street lights and storm sewer; Mature trees

Interior

• Kitchen: Dishwasher; Electric oven; Refrigerator; Range hood
• Bedrooms: Three bedrooms on the main level (one is 10 x 10, one is 11 x 10, one listed as 10 x 10)
• Bathrooms: One full bath and one half bath on the main level
• Interior features: Supplemental storage; Full basement with exterior entry
• Laundry & utility: Laundry located in the basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $163 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $135k).
• Recommended offer: $133k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.7% 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 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 fast (+6.8%/yr); 151 active listings in the ZIP; 39 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).
• This rent runs 34% of the median local income ($50k/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 $933 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.
• At projected returns (-3.0% appreciation + 6.8% rent growth), your $38k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($133k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 12y 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 $60k; list at $135k implies a 125% gain — meaningful room to come down on a strong offer.

Recommended offer $132,876 (1.5% below list)

Questions for the listing agent

1. Built in 1960 — 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: 1.06% ✓
• Cap rate: 7.74%
• Cash-on-cash: 5.18%
• DSCR: 1.23
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $164,052
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3856 Catalina Ct	0.37mi	3/1.0	1,344 (+2%)	3mo	$135,000	$100	76
9048 E 36th St	0.33mi	3/1.0	1,311 (-1%)	7mo	$130,000	$99	75
3710 Chateau Ct	0.23mi	3/1.5	1,421 (+7%)	6mo	$110,000	$77	72
8540 E 37th Pl	0.25mi	3/1.5	1,421 (+7%)	7mo	$179,000	$126	70
3444 Hermosa Ct	0.55mi	3/1.5	1,262 (-5%)	3mo	$145,000	$115	65
3647 Richelieu Rd	0.28mi	4/1.5 (+1)	1,421 (+7%)	7mo	$155,000	$109	64
4040 Aspen Way	0.66mi	3/1.0	1,344 (+2%)	1mo	$147,000	$109	63
3851 Marseille Rd	0.38mi	3/1.5	1,183 (-11%)	4mo	$185,000	$156	61
9036 E 36th St	0.30mi	4/2.0 (+1)	1,458 (+10%)	6mo	$210,000	$144	57
3980 Richelieu Rd	0.54mi	3/1.5	1,456 (+10%)	9mo	$180,000	$124	51
8445 Montery Rd	0.59mi	4/1.5 (+1)	1,473 (+11%)	2mo	$198,000	$134	48
4138 Balboa Dr	0.70mi	4/2.0 (+1)	1,149 (-13%)	8mo	$150,000	$131	32

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 · 6.76% rent growth · sell at horizon

5-year hold

• IRR: -3.9%
• Equity multiple: 0.85×
• Total profit: $-5,812
• Equity at exit: $20,114

10-year hold

• IRR: 9.7%
• Equity multiple: 1.89×
• Total profit: $33,437
• Equity at exit: $11,664

Cash invested: $37,772 (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 46226

• Rents YoY: 6.8%
• Active inventory: 151
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,434 high
• Mortgage (P&I): −$707
• Tax from tax record: −$206 /mo · $2,473/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$301
• Net cashflow: $163

Break-even live

Break-even rent $1,227

Max offer price $134,900

Occupancy floor 84%

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Rent comps 39 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3540 Dubarry Ct Indianapolis, IN	3.0	2.0	1297	$1,400	$1.08	23d	1	0.06mi
3631 Decamp Dr Indianapolis, IN	3.0	1.0	1000	$1,335	$1.33	23d	1	0.11mi
3809 Biscayne Rd Indianapolis, IN	2.0	1.5	992	$1,020	$1.03	14d	1	0.31mi
3815 Biscayne Rd Indianapolis, IN	3.0	1.5	1188	$1,220	$1.03	14d	1	0.32mi
3821 Biscayne Rd Indianapolis, IN	4.0	1.5	1188	$1,325	$1.12	14d	1	0.34mi
3823 Biscayne Rd Indianapolis, IN	4.0	1.5	1188	$1,320	$1.11	14d	1	0.34mi
3829 Biscayne Rd Indianapolis, IN	4.0	1.5	1188	$1,320	$1.11	14d	1	0.36mi
3938 Biscayne Rd Indianapolis, IN	3.0	1.0	1000	$1,895	$1.90	2d	1	0.48mi
8862 Bel Air Ct Indianapolis, IN	3.0	1.0	1073	$1,264	$1.18	17d	1	0.48mi
9226 E 36th Pl Indianapolis, IN	3.0	1.0	1073	$1,250	$1.16	7d	1	0.50mi
8203 Penway St Indianapolis, IN	3.0	1.5	1360	$1,500	$1.10	23d	1	0.50mi
3644 Celtic Dr Indianapolis, IN	4.0	1.5	1637	$1,500	$0.92	14d	1	0.51mi
8738 Montery Rd Indianapolis, IN	3.0	1.0	1421	$1,396	$0.98	7d	1	0.59mi
8724 Montery Rd Indianapolis, IN	3.0	1.0	925	$1,500	$1.62	43d	1	0.59mi
8914 Elmonte Dr Indianapolis, IN	3.0	1.5	1500	$1,600	$1.07	23d	1	0.61mi
3722 Ireland Dr Indianapolis, IN	3.0	2.0	1682	$1,700	$1.01	43d	1	0.62mi
9060 E 39th Pl Indianapolis, IN	1.0–2.0	1.0–1.5	820	$1,040	$1.27	23d	1	0.62mi
3525 Luewan Ct Indianapolis, IN	4.0	1.0	1107	$1,750	$1.58	23d	1	0.65mi
3747 Ireland Dr Indianapolis, IN	4.0	1.5	1400	$1,700	$1.21	23d	1	0.66mi
3519 Jerome Ct Indianapolis, IN	4.0	1.0	1107	$1,995	$1.80	23d	1	0.70mi
3513 Roseway Dr Indianapolis, IN	3.0	2.0	1216	$1,600	$1.32	17d	1	0.71mi
7937 E 34th St Indianapolis, IN	4.0	1.0	1450	$2,000	$1.38	23d	1	0.76mi
7925 Crossbridge Dr Indianapolis, IN	2.0	2.0	1072	$1,200	$1.12	43d	1	0.86mi
7838 Ridgewood Dr Indianapolis, IN	3.0	2.0	936	$1,540	$1.65	43d	1	0.88mi
7838 Ridgewood Dr Indianapolis, IN	3.0	2.0	936	$1,540	$1.65	23d	1	0.89mi
8501 Athens Ct Indianapolis, IN	4.0	1.0	1225	$1,475	$1.20	14d	1	0.91mi
9513 Baker Ct Indianapolis, IN	4.0	2.0	1702	$1,825	$1.07	7d	1	0.92mi
9438 Conried Dr Indianapolis, IN	3.0	1.0	1094	$1,445	$1.32	4d	1	0.93mi
3226 Wellington Ave Indianapolis, IN	3.0	1.0	900	$1,149	$1.28	10d	1	0.97mi
4315 Aspen Way Indianapolis, IN	3.0	1.0	1080	$1,380	$1.28	43d	1	0.98mi
8254 Meadowlark Dr Indianapolis, IN	3.0	1.5	1320	$1,150	$0.87	21d	1	1.06mi
8254 Meadowlark Dr Unit 1 Indianapolis, IN	3.0	1.5	1320	$1,150	$0.87	43d	1	1.06mi
7531 Penway St Indianapolis, IN	3.0	1.5	1237	$1,551	$1.25	7d	1	1.12mi
3962 Strathmore Dr Indianapolis, IN	3.0	1.0	925	$1,250	$1.35	23d	1	1.15mi
9962 Catalina Dr Indianapolis, IN	3.0	1.0	1236	$1,600	$1.29	3d	1	1.22mi
9949 Ellis Dr Indianapolis, IN	4.0	2.0	1421	$1,580	$1.11	2d	1	1.34mi
9634 Meadowlark Dr Indianapolis, IN	3.0	1.5	1546	$1,550	$1.00	16d	1	1.35mi
7845 Bonita Ct Indianapolis, IN	3.0	1.0	1073	$1,400	$1.30	7d	1	1.43mi
7910 Roy Rd Indianapolis, IN	3.0	1.0	1073	$1,445	$1.35	23d	1	1.43mi

Listing history 13 events

1. 2026-06-18
   days on market $134,900 Active 20 DOM
2. 2026-06-17
   days on market $134,900 Active 19 DOM
3. 2026-06-16
   days on market $134,900 Active 18 DOM
4. 2026-06-15
   days on market $134,900 Active 17 DOM
5. 2026-06-13
   days on market $134,900 Active 15 DOM
6. 2026-06-13
   days on market $134,900 Active 14 DOM
7. 2026-06-09
   days on market $134,900 Active 11 DOM
8. 2026-06-08
   days on market $134,900 Active 10 DOM
9. 2026-06-07
   days on market $134,900 Active 9 DOM
10. 2026-06-03
    days on market $134,900 Active 5 DOM
11. 2026-06-02
    days on market $134,900 Active 4 DOM
12. 2026-06-01
    days on market $134,900 Active 3 DOM
13. 2026-05-31
    days on market $134,900 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: $2,473 · $206/mo
• Projected year-2 tax: $2,473 · $206/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: $17,204
• − Mortgage interest: −$7,556
• − Property taxes: −$2,473
• − Insurance: −$674
• − Repairs & maintenance: −$1,376
• − Management: −$1,376
• − Depreciation: −$3,924
• Taxable loss: −$177
• Est. tax savings @ 24.0%: +$42
• After-tax cash flow: $1,997/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): 47,099
• Household income: $50,325
• Rent vs Own: 53.8% rent · 46.2% own
• Severe rent burden: 2742.0

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 53% White 25% Hispanic / Latino 17% Two or more races 9% Asian 2%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Lithuanian 1% Italian 1% Romanian 1%
• Foreign-born: 11% · Canada
• Languages at home: 86% English-only · Spanish 10% French/Haitian/Cajun 1% Other Asian/Pacific 1%

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: ▼ -218.85%
• Current HPI: 239.43
• Rent YoY: ▲ 6.76%
• 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

+124.8% since first listed

12 events — show timeline

• 2026-05-29 Listed $134,900 MIBOR as Distributed by MLS Grid
• 2019-01-10 Sold (Public Records) $60,000 Public Records
• 2019-01-02 Sold (MLS) $60,000 MIBOR as Distributed by MLS Grid
• 2018-12-20 Pending — MIBOR as Distributed by MLS Grid
• 2018-12-11 Price Changed $64,900 MIBOR as Distributed by MLS Grid
• 2018-11-29 Price Changed $67,500 MIBOR as Distributed by MLS Grid
• 2018-11-20 Listed $69,900 MIBOR as Distributed by MLS Grid
• 2015-07-22 Listing Removed — MIBOR as Distributed by MLS Grid
• 2015-06-10 Relisted — MIBOR as Distributed by MLS Grid
• 2015-04-30 Contingent — MIBOR as Distributed by MLS Grid
• 2015-03-04 Price Changed $55,000 MIBOR as Distributed by MLS Grid
• 2014-07-18 Listed $60,000 MIBOR as Distributed by MLS Grid

Property tax history

+8.4%/yr

Latest (2025): $2,473 · +25.0% YoY. Source: county tax records.