10960 N Heirloom Dr · Monrovia, IN 46157

$295,000

4 bd · 2.5 ba · 2,108 sqft · SingleFamily public records · 180 Days on market

Built 2022 Good condition 6,708 sqft lot $140/sqft · 14% below area Est $333k · 12% under $42/mo HOA · 2% of rent ↓ 4% since listing

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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).

• ARV discount +12.7/15.0
• Cash flow +11.0/30.0
• Appreciation +4.5/10.0
• Schools +4.0/10.0
• Condition / age +4.0/5.0
• Livability +3.3/5.0
• DSCR +3.2/10.0
• 1% rule +2.5/10.0
• Rent growth +2.5/5.0

Listing remarks MLS

Well-maintained 2022-built home with over 2,000 sq. ft. of modern living, just minutes from the interstate. Featuring 4 bedrooms, 2.5 baths, and an open floor plan, perfect for family living and entertaining.

Key facts

• Bright kitchen
• Open floor plan
• Clubhouse

Tags

• OPEN FLOOR PLAN
• BRIGHT KITCHEN
• COMMUNITY AMENITIES
• WALKING TRAILS
• STOCKED PONDS
• CLUBHOUSE

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $295k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-124 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $273k (7.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $221k (25.2% below list).
• Recommended offer: $221k (25.2% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 4.2% in Monrovia — 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 66/100 on livability (#304 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• Monroe-Gregg School District (rural): math 31% / reading 45% proficiency, ranked #143 of 301 in IN (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Monrovia Elementary School (math 42% / reading 44%, grade F, #417 of 994 statewide, top 43%, 702 students, 47% FRL); Monrovia Middle School (math 24% / reading 42%, grade F, #180 of 330 statewide, top 56%, 328 students, 47% FRL); Monrovia High School (math 32% / reading 57%, grade F, #169 of 369 statewide, top 51%, 528 students, 36% FRL).
• Market conditions: 86 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 34d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% of comp listings sitting > 30 days — soft ceiling on asking rent; 330 units permitted in Morgan County in 2024 (0 in 5+ unit buildings).
• This rent runs 36% of the median local income ($74k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-1.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Morgan County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 180 days — a 12% lower offer ($260k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y 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.

Recommended offer $220,566 (25.2% 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. It's been on market 180 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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?
8. 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.
9. 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.
10. 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: 0.75% ✗
• Cap rate: 5.79%
• Cash-on-cash: -1.80%
• DSCR: 0.92
• GRM: 11.1

CMA / ARV

• ARV (median comp): $333,435
• List price: $295,000
• Delta: -11.53%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11213 N Heirloom Dr	0.27mi	4/2.5	2,128 (+1%)	2mo	$275,000	$129	84
2916 W Bargello Ln	0.22mi	4/2.5	2,053 (-3%)	2mo	$289,900	$141	83
3276 W Vintage St	0.32mi	4/2.5	2,053 (-3%)	1mo	$311,600	$152	80
3271 W Keepsake Ln	0.34mi	4/2.5	2,053 (-3%)	5mo	$291,565	$142	76
11220 N Greenthread Dr	0.36mi	4/2.5	2,053 (-3%)	4mo	$299,900	$146	75
11280 N Greenthread Dr	0.41mi	4/2.5	2,047 (-3%)	4mo	$295,900	$145	72
11297 N Greenthread Dr	0.42mi	4/2.5	2,047 (-3%)	5mo	$294,900	$144	71
3296 W Vintage St	0.33mi	4/2.5	2,346 (+11%)	1mo	$319,900	$136	65
3266 W Vintage St	0.32mi	4/2.5	2,346 (+11%)	5mo	$315,900	$135	62
3301 W Keepsake Ln	0.36mi	4/2.5	2,346 (+11%)	2mo	$328,025	$140	62
11270 N Greenthread Dr	0.41mi	4/2.5	2,346 (+11%)	2mo	$321,900	$137	61
11327 N Greenthread Dr	0.45mi	4/2.5	2,346 (+11%)	4mo	$316,900	$135	57

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-1.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -8.4%
• Equity multiple: 0.64×
• Total profit: $-30,113
• Equity at exit: $71,258

10-year hold

• IRR: -1.6%
• Equity multiple: 0.85×
• Total profit: $-12,581
• Equity at exit: $74,867

Cash invested: $82,600 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 20 active · 8 under contract
• Months of supply: 6.7 mo (15%/mo absorbed)
• Median asking: $322,900 ($140/sqft)
• Median days on market: 42 d
• This list price: 15% of active listings are priced below it
• ARV vs active asking: +12.8% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 46157

• Home prices YoY: -0.5%
• Active inventory: 86
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $2,206 high
• Mortgage (P&I): −$1,547
• Tax from tax record: −$154 /mo · $1,850/yr
• Insurance: −$123
• HOA: −$42
• Vacancy / Maint / Mgmt: −$463
• Net cashflow: $-124

Break-even live

Break-even rent $2,362

Max offer price $273,161

Occupancy floor —

Sensitivity live

Price	-10% $43	-5% $-40	+0% $-124	+5% $-207	+10% $-291
Rent	-10% $-298	-5% $-211	+0% $-124	+5% $-37	+10% $51
Rate	-1.0pp $25	-0.5pp $-49	base $-124	+0.5pp $-200	+1.0pp $-278

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: $73,750
• Closing costs: $8,850
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11078 N Trapunto Ln Monrovia, IN	4.0	2.5	2140	$2,095	$0.98	9d	1	0.18mi
2919 W Bargello Ln Monrovia, IN	4.0	2.5	2366	$2,800	$1.18	56d	1	0.22mi
3009 W Sampler Ln Monrovia, IN	3.0	2.0	1560	$1,866	$1.20	93d	1	0.29mi
11224 N Sashing Way Monrovia, IN	4.0	2.5	2160	$2,095	$0.97	9d	1	0.30mi
11351 N Creekside Dr Monrovia, IN	3.0	2.5	1880	$1,890	$1.01	15d	1	0.51mi
3053 W Meadowbend Ln Monrovia, IN	4.0	2.5	2000	$2,115	$1.06	34d	1	0.53mi
3098 W Meadowbend Ln Monrovia, IN	4.0	2.5	2790	$2,281	$0.82	59d	1	0.55mi

Listing history 10 events

1. 2026-05-31
   days on market $295,000 Active 180 DOM
2. 2026-03-09
   price $295,000 356-char remark

   Show marketing remark (356 chars)

   Well-maintained 2022-built home with over 2,000 sq. ft. of modern living, just minutes from the interstate. Featuring 4 bedrooms, 2.5 baths, and an open floor plan, perfect for family living and entertaining. Enjoy a bright kitchen, spacious living areas, and community amenities including a pool, playground, walking trails, stocked ponds, and a clubhouse

3. 2025-12-02
   listed $300,000 Active 356-char remark

   Show marketing remark (356 chars)

   Well-maintained 2022-built home with over 2,000 sq. ft. of modern living, just minutes from the interstate. Featuring 4 bedrooms, 2.5 baths, and an open floor plan, perfect for family living and entertaining. Enjoy a bright kitchen, spacious living areas, and community amenities including a pool, playground, walking trails, stocked ponds, and a clubhouse

4. 2023-04-18
   soldstatus $269,900 Closed 722-char remark

   Show marketing remark (722 chars)

   New construction by D.R. Horton! Welcome to the Bellamy in Homestead. This open concept, two-story home features 4 large bedrooms a den and 2.5 baths. The main level living area offers solid surface flooring throughout. The home features a turnback staircase situated away from the foyer for convenience and privacy. The kitchen offers beautiful cabinetry, a large pantry and island with ample seating space. The oversized, upstairs bedroom is the star of the home and features a deluxe bath with ample storage in the walk-in closet. The remaining 3 bedrooms and laundry room round out the rest of the upper level. This community is set apart from all others with its friendly pool, park, playground, clubhouse and trails.

5. 2023-01-12
   status Pending 722-char remark

   Show marketing remark (722 chars)

   New construction by D.R. Horton! Welcome to the Bellamy in Homestead. This open concept, two-story home features 4 large bedrooms a den and 2.5 baths. The main level living area offers solid surface flooring throughout. The home features a turnback staircase situated away from the foyer for convenience and privacy. The kitchen offers beautiful cabinetry, a large pantry and island with ample seating space. The oversized, upstairs bedroom is the star of the home and features a deluxe bath with ample storage in the walk-in closet. The remaining 3 bedrooms and laundry room round out the rest of the upper level. This community is set apart from all others with its friendly pool, park, playground, clubhouse and trails.

6. 2022-11-29
   price $279,900 722-char remark

   Show marketing remark (722 chars)

   New construction by D.R. Horton! Welcome to the Bellamy in Homestead. This open concept, two-story home features 4 large bedrooms a den and 2.5 baths. The main level living area offers solid surface flooring throughout. The home features a turnback staircase situated away from the foyer for convenience and privacy. The kitchen offers beautiful cabinetry, a large pantry and island with ample seating space. The oversized, upstairs bedroom is the star of the home and features a deluxe bath with ample storage in the walk-in closet. The remaining 3 bedrooms and laundry room round out the rest of the upper level. This community is set apart from all others with its friendly pool, park, playground, clubhouse and trails.

7. 2022-11-02
   price $289,900 722-char remark

   Show marketing remark (722 chars)

   New construction by D.R. Horton! Welcome to the Bellamy in Homestead. This open concept, two-story home features 4 large bedrooms a den and 2.5 baths. The main level living area offers solid surface flooring throughout. The home features a turnback staircase situated away from the foyer for convenience and privacy. The kitchen offers beautiful cabinetry, a large pantry and island with ample seating space. The oversized, upstairs bedroom is the star of the home and features a deluxe bath with ample storage in the walk-in closet. The remaining 3 bedrooms and laundry room round out the rest of the upper level. This community is set apart from all others with its friendly pool, park, playground, clubhouse and trails.

8. 2022-10-24
   price $294,900 722-char remark

   Show marketing remark (722 chars)

   New construction by D.R. Horton! Welcome to the Bellamy in Homestead. This open concept, two-story home features 4 large bedrooms a den and 2.5 baths. The main level living area offers solid surface flooring throughout. The home features a turnback staircase situated away from the foyer for convenience and privacy. The kitchen offers beautiful cabinetry, a large pantry and island with ample seating space. The oversized, upstairs bedroom is the star of the home and features a deluxe bath with ample storage in the walk-in closet. The remaining 3 bedrooms and laundry room round out the rest of the upper level. This community is set apart from all others with its friendly pool, park, playground, clubhouse and trails.

9. 2022-10-12
   price $303,900 722-char remark

   Show marketing remark (722 chars)

   New construction by D.R. Horton! Welcome to the Bellamy in Homestead. This open concept, two-story home features 4 large bedrooms a den and 2.5 baths. The main level living area offers solid surface flooring throughout. The home features a turnback staircase situated away from the foyer for convenience and privacy. The kitchen offers beautiful cabinetry, a large pantry and island with ample seating space. The oversized, upstairs bedroom is the star of the home and features a deluxe bath with ample storage in the walk-in closet. The remaining 3 bedrooms and laundry room round out the rest of the upper level. This community is set apart from all others with its friendly pool, park, playground, clubhouse and trails.

10. 2022-10-11
    listed $308,220 Active 722-char remark

    Show marketing remark (722 chars)

    New construction by D.R. Horton! Welcome to the Bellamy in Homestead. This open concept, two-story home features 4 large bedrooms a den and 2.5 baths. The main level living area offers solid surface flooring throughout. The home features a turnback staircase situated away from the foyer for convenience and privacy. The kitchen offers beautiful cabinetry, a large pantry and island with ample seating space. The oversized, upstairs bedroom is the star of the home and features a deluxe bath with ample storage in the walk-in closet. The remaining 3 bedrooms and laundry room round out the rest of the upper level. This community is set apart from all others with its friendly pool, park, playground, clubhouse and trails.

ⓘ 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: $1,850 · $154/mo
• Projected year-2 tax: $2,179 · $182/mo
• Expected delta: +$329/yr (+$27/mo · 17.8%)

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

Taxation est. · year 1

• Rental income: $26,468
• − Mortgage interest: −$16,525
• − Property taxes: −$1,850
• − Insurance: −$1,475
• − Repairs & maintenance: −$2,117
• − Management: −$2,117
• − HOA: −$504
• − Depreciation: −$8,582
• Taxable loss: −$6,702
• Est. tax savings @ 24.0%: +$1,609
• After-tax cash flow: $125/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.

Condition & rehab AI · 6 photos

Good 80/100 Cosmetic rehab Est. rehab $10,540–$31,620 screening

This 2022-built home is in good condition with modern amenities and a well-maintained exterior. It offers a good investment opportunity with potential for value enhancement through minor updates.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Aesthetic enhancements can attract more buyers and renters. ↑
• Resale Upgrading the kitchen backsplash — A modern backsplash can add value and appeal to potential buyers. ↑
• Both Adding smart home features — Smart home features can increase both resale and rental value by enhancing convenience and appeal. ↑
• Both Upgrading the HVAC system — A more efficient HVAC system can improve comfort and reduce energy costs, attracting more buyers and renters. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 40/100

Zoned Schools

Elementary Monrovia Elementary School F IN #417/994 Nat'l #17,525/41,679 Middle Monrovia Middle School F IN #180/330 Nat'l #8,059/14,009 High Monrovia High School F IN #169/369 Nat'l #6,890/17,239

Schools (NCES district)

• District: Monroe-Gregg School District
• NCES district ID: 1804140
• Math proficiency: 31% ▼ -9.00%
• Reading proficiency: 45% ▼ -4.00%
• Median HH income: $64,767
• Composite: 34.2/100
• National rank: #5266
• State rank: #143 of 301 in IN

C Composite livability gradescore 66/100

Livability — Monrovia

• Score: 66/100
• State rank: #304
• US rank: #12092

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment A+ Housing A+ Health & safety F User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Monrovia, IN
• County: Morgan · 71,081 people
• Metro: Indianapolis-Carmel-Greenwood, IN
• Population (ZIP): 4,370
• Household income: $74,286
• Rent vs Own: 10.3% rent · 89.7% own

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Population outlook (Morgan County) Hauer SSP2

• Today (2025): 71,081 people
• By 2030: 71,178 · +0.1%
• By 2040: 69,907 · -1.7%
• By 2050: 66,455 · -6.5%
• By 2075: 57,291 · -19.4%
• By 2100: 43,782 · -38.4%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Hispanic / Latino 3% Black 2% Asian 1%
• Common ancestry: Slovak 2% Italian 2% Lithuanian 1%
• Foreign-born: 2%
• Languages at home: 98% English-only · Tagalog/Filipino 1%

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Political lean MEDSL · Morgan

• 2024 margin: Solid R (+54.3) · D 22.0% · R 76.3% · Other 1.7%
• 2008→2024 swing: -27.3pp toward R · 2008: -27.1pp · 2024: -54.3pp
• All cycles: 2024: R+54.3 2020: R+54.6 2016: R+56.6 2012: R+41.1 2008: R+27.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1.00%
• Current HPI: 212.8798
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.90%
• F500 in state: 18

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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

-4.3% since first listed

9 events — show timeline

• 2026-03-09 Price Changed $295,000 MIBOR as Distributed by MLS Grid
• 2025-12-02 Listed $300,000 MIBOR as Distributed by MLS Grid
• 2023-04-18 Sold (MLS) $269,900 MIBOR as Distributed by MLS Grid
• 2023-01-12 Pending — MIBOR as Distributed by MLS Grid
• 2022-11-29 Price Changed $279,900 MIBOR as Distributed by MLS Grid
• 2022-11-02 Price Changed $289,900 MIBOR as Distributed by MLS Grid
• 2022-10-24 Price Changed $294,900 MIBOR as Distributed by MLS Grid
• 2022-10-12 Price Changed $303,900 MIBOR as Distributed by MLS Grid
• 2022-10-11 Listed $308,220 MIBOR as Distributed by MLS Grid

Property tax history

+42.5%/yr

Latest (2025): $1,850 · +1.9% YoY. Source: county tax records.