2605 Bristlecone Dr · Indianapolis city (balance), IN 46217

$245,000

4 bd · 1.5 ba · 1,825 sqft · SingleFamily public records · 33 Days on market

Built 2003 6,752 sqft lot Est $246k · at est.

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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 +13.5/30.0
• ARV discount +7.8/15.0
• DSCR +4.1/10.0
• Schools +3.5/10.0
• 1% rule +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

Beautiful 1825 Sq. ft home with 2 story entry, huge great room with laminate flooring is open to big kitchen with all appliances, pantry and large eat-in area. Top of the stairs has small loft area. Master suite is big and has vaulted ceiling. Master bath leads to walk in closet. Other 2 bedrooms are good size too and one has walk-in closet too. Also Laundry area is on second level! Backyard is totally enclosed by privacy fence.

Key facts

• Fenced
• Highway access
• Cedar park

Tags

• CEDAR PARK
• HIGHWAY ACCESS
• FENCED

Property features AI

Finance

• Other: Property on ~0.16 acre (<1/4 acre)

Exterior

• Parking: Attached 2-car garage (approx. 400 sq ft)
• Security: Smoke detector(s)
• Utilities: Public water; Municipal sewer connected; Cable available; Natural gas available; Solid waste service
• Home design: Single family residence; Two levels
• Construction: Vinyl with brick and brick exterior; Slab foundation
• Exterior features: Covered patio/porch; Storage shed; Full privacy fence; Sidewalks

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Microhood; Electric oven; Refrigerator; Pantry; Eat-in kitchen
• Bedrooms: 3 upstairs bedrooms; Primary bedroom with walk-in closet
• Bathrooms: 2 full bathrooms (both upstairs); 1 half bathroom (main level); Primary bathroom with tub and shower
• Heating & cooling: Forced air heating (electric); Central air conditioning
• Interior features: Attic access; Built-in features; High ceilings; Vaulted/Cathedral ceilings; Walk-in closet(s); Eat-in kitchen; Pantry; Smoke alarm
• Laundry & utility: Upper-level laundry; Electric water heater

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $245k.

Deal economics

• At list price, monthly cash flow is $8 ($101/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 $205k (16.5% below list).
• Recommended offer: $205k (16.5% below list) — sets the bar for 1% rule.
• Cap rate 6.3% 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.
• Market conditions: Rents rising (+3.5%/yr); 210 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 4d 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 $2k of loan paydown is wiped out by about $7k 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 33 days — a 3% lower offer ($238k) is reasonable based on typical stale-listing flexibility.
• 5 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 $135k; list at $245k implies a 81% gain — meaningful room to come down on a strong offer.

Recommended offer $204,607 (16.5% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.84% ✗
• Cap rate: 6.33%
• Cash-on-cash: 0.15%
• DSCR: 1.01
• GRM: 10.0

CMA / ARV

• ARV (on-the-fly): $246,375
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2531 Redland Ln	0.22mi	3/2.5 (-1)	1,824 (-0%)	2mo	$239,900	$132	79
6406 Pinebark Pl	0.21mi	3/2.5 (-1)	1,876 (+3%)	3mo	$275,000	$147	74
2614 Bristlecone Dr	0.03mi	3/2.5 (-1)	1,700 (-7%)	8mo	$260,000	$153	71
6425 Avacado Dr	0.19mi	4/2.5	1,672 (-8%)	6mo	$225,000	$135	68
2501 Black Antler Ct	0.19mi	3/2.5 (-1)	1,996 (+9%)	5mo	$210,000	$105	62
6327 Pinebark Pl	0.24mi	4/2.5	1,584 (-13%)	5mo	$260,000	$164	58
6666 Black Antler Cir	0.32mi	3/2.5 (-1)	1,998 (+10%)	7mo	$235,000	$118	54
2824 Earlswood Ln	0.34mi	3/2.5 (-1)	2,036 (+12%)	9mo	$252,500	$124	49
7033 Harness Lakes Dr	0.73mi	3/2.5 (-1)	1,737 (-5%)	4mo	$258,000	$149	45
2603 Santaro Ct	0.71mi	4/2.5	2,027 (+11%)	2mo	$298,000	$147	42
2616 Mingo Ln	0.74mi	3/2.5 (-1)	1,992 (+9%)	0mo	$150,000	$75	41
1730 Brassica Ln	0.75mi	3/2.5 (-1)	2,029 (+11%)	3mo	$265,000	$131	35

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 · 3.46% rent growth · sell at horizon

5-year hold

• IRR: -15.6%
• Equity multiple: 0.44×
• Total profit: $-38,233
• Equity at exit: $36,530

10-year hold

• IRR: -6.4%
• Equity multiple: 0.58×
• Total profit: $-28,748
• Equity at exit: $21,183

Cash invested: $68,600 (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 46217

• Rents YoY: 3.5%
• Active inventory: 210
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $2,046 high
• Mortgage (P&I): −$1,285
• Tax from tax record: −$221 /mo · $2,653/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$430
• Net cashflow: $8

Break-even live

Break-even rent $2,035

Max offer price $245,000

Occupancy floor 95%

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6666 Black Antler Dr Indianapolis, IN	3.0	2.5	1998	$1,900	$0.95	15d	1	0.20mi
2729 Redland Ln Indianapolis, IN	3.0	2.5	1757	$1,829	$1.04	3d	1	0.23mi
6744 Everbloom Ln Indianapolis, IN	3.0	2.5	1568	$1,931	$1.23	24d	1	0.51mi
7150 Parklake Pl Indianapolis, IN	3.0	2.0	1288	$1,895	$1.47	3d	1	0.84mi
7247 Vista Cir Indianapolis, IN	1.0–3.0	1.0–2.0	1086	$2,111	$1.94	2d	25	0.93mi
2808 Dawnlake Dr Indianapolis, IN	3.0	2.5	1481	$1,750	$1.18	3d	1	0.95mi
1346 Alonzo Pl Indianapolis, IN	3.0	2.5	1811	$1,866	$1.03	24d	1	1.14mi

Listing history 23 events

1. 2026-06-18
   days on market $245,000 Active 33 DOM
2. 2026-06-17
   days on market $245,000 Active 32 DOM
3. 2026-06-16
   days on market $245,000 Active 31 DOM
4. 2026-06-15
   days on market $245,000 Active 30 DOM
5. 2026-06-13
   days on market $245,000 Active 28 DOM
6. 2026-06-09
   days on market $245,000 Active 24 DOM
7. 2026-06-08
   days on market $245,000 Active 23 DOM
8. 2026-06-07
   days on market $245,000 Active 22 DOM
9. 2026-06-03
   days on market $245,000 Active 18 DOM
10. 2026-06-02
    days on market $245,000 Active 17 DOM
11. 2026-06-01
    days on market $245,000 Active 16 DOM
12. 2026-05-31
    days on market $245,000 Active 15 DOM
13. 2026-05-16
    listed $245,000 Active
14. 2025-06-03
    historical $1,650
15. 2025-05-17
    listed $1,650
16. 2017-10-27
    soldstatus $135,000 Sold 432-char remark

    Show marketing remark (432 chars)

    Beautiful 1825 Sq. ft home with 2 story entry, huge great room with laminate flooring is open to big kitchen with all appliances, pantry and large eat-in area. Top of the stairs has small loft area. Master suite is big and has vaulted ceiling. Master bath leads to walk in closet. Other 2 bedrooms are good size too and one has walk-in closet too. Also Laundry area is on second level! Backyard is totally enclosed by privacy fence.

17. 2017-10-04
    status Pending 432-char remark

    Show marketing remark (432 chars)

    Beautiful 1825 Sq. ft home with 2 story entry, huge great room with laminate flooring is open to big kitchen with all appliances, pantry and large eat-in area. Top of the stairs has small loft area. Master suite is big and has vaulted ceiling. Master bath leads to walk in closet. Other 2 bedrooms are good size too and one has walk-in closet too. Also Laundry area is on second level! Backyard is totally enclosed by privacy fence.

18. 2017-09-14
    historical Active with Contingency 432-char remark

    Show marketing remark (432 chars)

    Beautiful 1825 Sq. ft home with 2 story entry, huge great room with laminate flooring is open to big kitchen with all appliances, pantry and large eat-in area. Top of the stairs has small loft area. Master suite is big and has vaulted ceiling. Master bath leads to walk in closet. Other 2 bedrooms are good size too and one has walk-in closet too. Also Laundry area is on second level! Backyard is totally enclosed by privacy fence.

19. 2017-09-08
    listed $135,000 Active 432-char remark

    Show marketing remark (432 chars)

    Beautiful 1825 Sq. ft home with 2 story entry, huge great room with laminate flooring is open to big kitchen with all appliances, pantry and large eat-in area. Top of the stairs has small loft area. Master suite is big and has vaulted ceiling. Master bath leads to walk in closet. Other 2 bedrooms are good size too and one has walk-in closet too. Also Laundry area is on second level! Backyard is totally enclosed by privacy fence.

20. 2008-02-15
    soldstatus $89,000 222-char remark

    Show marketing remark (222 chars)

    Better than new (4 yrs old) 1825 sq, ft,Two-Story home with Loft, 3 BRS + 2.5 Baths, fully fenced yard, lovely landscaping! Priced for Short-Sale (Preforeclosure)! All offers must have preapproval letter. Move-in Read y!

21. 2007-06-11
    listed $89,900 222-char remark

    Show marketing remark (222 chars)

    Better than new (4 yrs old) 1825 sq, ft,Two-Story home with Loft, 3 BRS + 2.5 Baths, fully fenced yard, lovely landscaping! Priced for Short-Sale (Preforeclosure)! All offers must have preapproval letter. Move-in Read y!

22. 2004-09-13
    historical
23. 2004-01-15
    listed $119,900

ⓘ 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: $2,653 · $221/mo
• Projected year-2 tax: $2,653 · $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 4/10 Moderate 7 d/yr ≥101°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,553
• − Mortgage interest: −$13,724
• − Property taxes: −$2,653
• − Insurance: −$1,225
• − Repairs & maintenance: −$1,964
• − Management: −$1,964
• − Depreciation: −$7,127
• Taxable loss: −$4,105
• Est. tax savings @ 24.0%: +$985
• After-tax cash flow: $1,086/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): 36,917
• Household income: $92,029
• Rent vs Own: 18.5% rent · 81.5% own
• Severe rent burden: 472.0

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 0.60)
• Race & ethnicity: White 59% Asian 20% Black 10% Hispanic / Latino 8% Two or more races 6%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Lithuanian 3% Romanian 2% Iranian 1%
• Foreign-born: 17% · Philippines, Canada, China
• Languages at home: 76% English-only · Other Asian/Pacific 15% Spanish 6% Other Indo-European 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: ▼ -221.18%
• Current HPI: 223.147
• Rent YoY: ▲ 3.46%
• 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

+104.3% since first listed

11 events — show timeline

• 2026-05-16 Listed $245,000 MIBOR as Distributed by MLS Grid
• 2025-06-03 Rental Removed $1,650 MIBOR
• 2025-05-17 Listed for Rent $1,650 MIBOR
• 2017-10-27 Sold (MLS) $135,000 MIBOR as Distributed by MLS Grid
• 2017-10-04 Pending — MIBOR as Distributed by MLS Grid
• 2017-09-14 Contingent — MIBOR as Distributed by MLS Grid
• 2017-09-08 Listed $135,000 MIBOR as Distributed by MLS Grid
• 2008-02-15 Sold (MLS) $89,000 MIBOR as Distributed by MLS Grid
• 2007-06-11 Listed $89,900 MIBOR as Distributed by MLS Grid
• 2004-09-13 Listing Removed — MIBOR as Distributed by MLS Grid
• 2004-01-15 Listed $119,900 MIBOR as Distributed by MLS Grid

Property tax history

+7.6%/yr

Latest (2025): $2,653 · +11.7% YoY. Source: county tax records.