3908 N Mitthoefer Rd · Indianapolis city (balance), IN 46235

$114,900

3 bd · 1.0 ba · 925 sqft · SingleFamily public records · 93 Days on market

Built 1963 Fair condition 7,623 sqft lot Garage $124/sqft · 25% below area Est $153k · 25% under

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Why this score? — see what drove the B 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 +28.2/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.1/10.0
• Rent growth +3.1/5.0
• Livability +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks

Discover the inviting lifestyle awaiting at 3908 N Mitthoefer RD, INDIANAPOLIS, IN, USA. Built in 1963, this 925 square foot single family residence is ready for you to move in and begin your next chapter. The heart of this home is an open-plan kitchen seamlessly connecting with the living room, fostering an environment perfect for both everyday living and entertaining. Step outside to a private yard, an ideal setting for relaxation or outdoor activities. Enjoy the versatility of a patio, a covered patio, and a welcoming porch, offering multiple options for outdoor enjoyment. The convenience of an attached garage adds to the home's practical appeal.

Key facts

• Open-plan kitchen
• Attached garage
• Private yard

Tags

• OPEN-PLAN KITCHEN
• PRIVATE YARD
• COVERED PATIO
• WELCOMING PORCH
• ATTACHED GARAGE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $115k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $364 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $105k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.1% vs local median 4.5% 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 B — 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.
• Zoned schools: Center For Inquiry School 84 (math 64% / reading 69%, grade B+, #65 of 994 statewide, top 7%, 469 students, 8% FRL); H L Harshman Middle School (math 3% / reading 16%, grade F, #316 of 330 statewide, top 96%, 549 students, 84% FRL) — zoned schools average 46% FRL vs 77% district-wide (31 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 38% at this address vs 17% district-wide (+21 pts) — the actual schools serving this property are materially stronger than the Indianapolis Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+2.6%/yr); 80 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals lingering (median 64d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 83% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 31% of the median local income ($59k/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 $794 of loan paydown is wiped out by about $3k 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 + 2.6% rent growth), your $32k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 93 days — a 9% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $86k; 34% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $104,559 (9.0% below list)

Questions for the listing agent

1. It's been on market 93 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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 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: 1.31% ✓
• Cap rate: 10.10%
• Cash-on-cash: 13.58%
• DSCR: 1.60
• GRM: 6.3

CMA / ARV

• ARV (median comp): $153,308
• List price: $114,900
• Delta: -25.05%
• 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
3943 N Mitthoefer Rd	0.08mi	3/1.0	936 (+1%)	8mo	$149,900	$160	88
9920 Catalina Dr	0.15mi	3/1.0	925 (0%)	17mo	$145,000	$157	79
3944 Strathmore Dr	0.23mi	3/1.0	925 (0%)	13mo	$162,900	$176	78
3901 Della Ct	0.14mi	3/1.5	925 (0%)	17mo	$150,000	$162	78
9707 E 39th St	0.34mi	3/1.0	925 (0%)	8mo	$103,000	$111	77
9808 Conway Dr	0.36mi	3/1.0	864 (-7%)	0mo	$124,900	$145	72
3920 Strathmore Dr	0.22mi	3/1.0	925 (0%)	22mo	$125,000	$135	72
3926 Downes Dr	0.27mi	3/2.0	925 (0%)	17mo	$140,000	$151	70
4101 Baker Dr	0.46mi	3/1.0	900 (-3%)	6mo	$122,000	$136	69
9513 E 39th Pl	0.45mi	3/1.5	925 (0%)	17mo	$160,000	$173	63
9420 Conried Dr	0.58mi	3/1.0	900 (-3%)	8mo	$119,000	$132	62
9526 Burrwood Ct	0.69mi	3/1.0	925 (0%)	11mo	$185,000	$200	58

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 · 2.56% rent growth · sell at horizon

5-year hold

• IRR: 3.2%
• Equity multiple: 1.12×
• Total profit: $3,955
• Equity at exit: $17,132

10-year hold

• IRR: 12.3%
• Equity multiple: 1.96×
• Total profit: $30,782
• Equity at exit: $9,934

Cash invested: $32,172 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 5 active · 6 under contract
• Months of supply: 6.0 mo (17%/mo absorbed)
• Median asking: $152,400 ($149/sqft)
• Median days on market: 43 d
• This list price: 20% of active listings are priced below it
• ARV vs active asking: +11.1% above current asking $/sqft

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

ZIP-level market 46235

• Home prices YoY: -4.3%
• Rents YoY: 2.6%
• Active inventory: 80
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,510 high
• Mortgage (P&I): −$603
• Tax from tax record: −$178 /mo · $2,136/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$317
• Net cashflow: $364

Break-even live

Break-even rent $1,049

Max offer price $114,900

Occupancy floor 71%

Sensitivity live

Price	-10% $429	-5% $397	+0% $364	+5% $332	+10% $299
Rent	-10% $245	-5% $305	+0% $364	+5% $424	+10% $483
Rate	-1.0pp $422	-0.5pp $393	base $364	+0.5pp $334	+1.0pp $304

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: $28,725
• Closing costs: $3,447
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10101 Montery Rd Indianapolis, IN	2.0	1.0	627	$1,349	$2.15	9d	25	0.19mi
3962 Strathmore Dr Indianapolis, IN	3.0	1.0	925	$1,150	$1.24	38d	1	0.27mi
9519 Conried Dr Indianapolis, IN	3.0	1.0	925	$1,275	$1.38	47d	1	0.47mi
3645 Wingate Ct Indianapolis, IN	3.0	1.0–2.0	774	$1,500	$1.94	72d	6	0.53mi
9438 Conried Dr Indianapolis, IN	3.0	1.0	1094	$1,445	$1.32	53d	1	0.58mi
10221 Ridgefield Dr Indianapolis, IN	3.0	1.0	950	$1,350	$1.42	17d	1	0.74mi
3519 Jerome Ct Indianapolis, IN	4.0	1.0	1107	$1,995	$1.80	72d	1	0.78mi
3525 Luewan Ct Indianapolis, IN	4.0	1.0	1107	$1,750	$1.58	72d	1	0.82mi
9226 E 36th Pl Indianapolis, IN	3.0	1.0	1073	$1,125	$1.05	35d	1	0.86mi
9060 E 39th Pl Indianapolis, IN	1.0–2.0	1.0–1.5	820	$1,040	$1.27	72d	1	0.88mi
3665 Coneflower Way Indianapolis, IN	3.0	2.0	1030	$1,375	$1.33	93d	1	0.91mi
3728 N Brentwood Ave Indianapolis, IN	3.0	1.0	1073	$1,150	$1.07	28d	1	0.95mi
8862 Bel Air Ct Indianapolis, IN	3.0	1.0	1073	$1,264	$1.18	67d	1	1.11mi
3938 Biscayne Rd Indianapolis, IN	3.0	1.0	1000	$1,895	$1.90	52d	1	1.20mi
3631 Decamp Dr Indianapolis, IN	3.0	1.0	1000	$1,335	$1.33	72d	1	1.21mi
3809 Biscayne Rd Indianapolis, IN	2.0	1.5	992	$1,020	$1.03	64d	1	1.21mi
8724 Montery Rd Indianapolis, IN	3.0	1.0	925	$1,500	$1.62	93d	1	1.24mi
8619 Montery Rd Indianapolis, IN	3.0	1.0	1073	$1,600	$1.49	37d	1	1.34mi

Property features AI

Exterior

• Parking: Attached garage (1 car)
• Utilities: Community/Municipal sewer connectionPublic and private water availableSolid waste service
• Home design: Single-family residenceOne story
• Construction: Vinyl sidingSlab foundation
• Exterior features: Covered patio/porch

Interior

• Kitchen: DishwasherRefrigerator
• Bedrooms: Three bedrooms on the main level
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Natural gas heatingCentral air conditioning
• Interior features: Attic accessSmoke detectors
• Laundry & utility: Main-level laundry room

Listing history 50 events

1. 2026-08-08
   days on market $114,900 Active 93 DOM
2. 2026-08-07
   days on market $114,900 Active 92 DOM
3. 2026-08-06
   days on market $114,900 Active 91 DOM
4. 2026-08-05
   days on market $114,900 Active 90 DOM
5. 2026-08-04
   days on market $114,900 Active 89 DOM
6. 2026-08-03
   days on market $114,900 Active 88 DOM
7. 2026-07-31
   days on market $114,900 Active 85 DOM
8. 2026-07-30
   days on market $114,900 Active 84 DOM
9. 2026-07-30
   days on market $114,900 Active 83 DOM
10. 2026-07-28
    days on market $114,900 Active 82 DOM
11. 2026-07-26
    days on market $114,900 Active 80 DOM
12. 2026-07-24
    days on market $114,900 Active 78 DOM
13. 2026-07-23
    days on market $114,900 Active 77 DOM
14. 2026-07-22
    days on market $114,900 Active 76 DOM
15. 2026-07-21
    days on market $114,900 Active 75 DOM
16. 2026-07-20
    days on market $114,900 Active 74 DOM
17. 2026-07-18
    days on market $114,900 Active 72 DOM
18. 2026-07-18
    days on market $114,900 Active 71 DOM
19. 2026-07-16
    days on market $114,900 Active 70 DOM
20. 2026-07-15
    days on market $114,900 Active 69 DOM
21. 2026-07-14
    days on market $114,900 Active 68 DOM
22. 2026-07-13
    days on market $114,900 Active 67 DOM
23. 2026-07-13
    days on market $114,900 Active 66 DOM
24. 2026-07-11
    days on market $114,900 Active 65 DOM
25. 2026-07-10
    days on market $114,900 Active 64 DOM
26. 2026-07-09
    days on market $114,900 Active 63 DOM
27. 2026-07-07
    days on market $114,900 Active 61 DOM
28. 2026-07-06
    price $114,900 Active 60 DOM
29. 2026-07-06
    days on market $119,900 Active 60 DOM
30. 2026-07-05
    days on market $119,900 Active 59 DOM
31. 2026-07-03
    days on market $119,900 Active 57 DOM
32. 2026-07-02
    days on market $119,900 Active 56 DOM
33. 2026-07-01
    days on market $119,900 Active 55 DOM
34. 2026-06-30
    days on market $119,900 Active 54 DOM
35. 2026-06-29
    days on market $119,900 Active 53 DOM
36. 2026-06-28
    days on market $119,900 Active 52 DOM
37. 2026-06-27
    days on market $119,900 Active 51 DOM
38. 2026-06-26
    days on market $119,900 Active 50 DOM
39. 2026-06-25
    days on market $119,900 Active 48 DOM
40. 2026-06-22
    pricedays on market $119,900 Active 46 DOM
41. 2026-06-21
    days on market $129,900 Active 45 DOM
42. 2026-06-18
    days on market $129,900 Active 42 DOM
43. 2026-06-17
    days on market $129,900 Active 41 DOM
44. 2026-06-16
    days on market $129,900 Active 40 DOM
45. 2026-06-15
    days on market $129,900 Active 39 DOM
46. 2026-06-13
    days on market $129,900 Active 37 DOM
47. 2026-06-13
    days on market $129,900 Active 36 DOM
48. 2026-06-09
    days on market $129,900 Active 33 DOM
49. 2026-06-08
    pricedays on market $129,900 Active 32 DOM
50. 2026-06-07
    days on market $134,900 Active 31 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: $2,136 · $178/mo
• Projected year-2 tax: $2,136 · $178/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 0% 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: $18,116
• − Mortgage interest: −$6,436
• − Property taxes: −$2,136
• − Insurance: −$574
• − Repairs & maintenance: −$1,449
• − Management: −$1,449
• − Depreciation: −$3,343
• Taxable income: $2,728
• Est. tax owed @ 24.0%: −$655
• After-tax cash flow: $3,715/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 · 2 photos

Fair 45/100 Moderate rehab Est. rehab $23,125–$41,625 screening

This 1963 single-family home requires moderate renovations, including landscaping and exterior painting, to improve its curb appeal and enhance its value for both resale and rental.

Components & finishes AI

Roof asphalt shingle · good

Repairs flagged

• Major Landscaping — Overgrown and needs trimming
• Major Exterior paint — Paint is faded and peeling

Value-add opportunities

• Both Landscaping and exterior painting — Improves curb appeal and enhances property value ↑
• Both Interior updates — Updates to kitchen and bathrooms can significantly increase both resale and rental value ↑

ⓘ Rehab cost is a screening estimate — Moderate 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 18/100

Zoned Schools

Elementary Rousseau Mcclellan School 91 F IN #688/994 Nat'l #26,279/41,679 Middle Arlington Community Middle School F IN #326/330 Nat'l #13,801/14,009

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 · 1,025,572 people
• City population: 881,119
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 36,317
• Household income: $58,951
• Rent vs Own: 46.5% rent · 53.5% own
• Severe rent burden: 13% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: Black 57% White 18% Hispanic / Latino 17% Two or more races 11%
• Hispanic origin (detail): Mexican 11% Puerto Rican 2%
• Common ancestry: Hispanic 3% Slovak 1% Romanian 1%
• Foreign-born: 11% · Canada
• Languages at home: 80% English-only · Spanish 15% French/Haitian/Cajun 4%

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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: ▼ -12.41%
• Current HPI: 275.1505
• Rent YoY: ▲ 2.56%
• Metro: Indianapolis-Carmel-Anderson, IN
• 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

Property features AI

Exterior

• Parking: Attached garage (1 car)
• Utilities: Community/Municipal sewer connectionPublic and private water availableSolid waste service
• Home design: Single-family residenceOne story
• Construction: Vinyl sidingSlab foundation
• Exterior features: Covered patio/porch

Interior

• Kitchen: DishwasherRefrigerator
• Bedrooms: Three bedrooms on the main level
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Natural gas heatingCentral air conditioning
• Interior features: Attic accessSmoke detectors
• Laundry & utility: Main-level laundry room

Price history

+51.0% since first listed

3 events — show timeline

• 2026-06-08 Price Changed $129,900 MIBOR as Distributed by MLS Grid
• 2026-05-07 Listed $134,900 MIBOR as Distributed by MLS Grid
• 2022-09-13 Sold (Public Records) $86,000 Public Records

Property tax history

+7.2%/yr

Latest (2025): $2,136 · -2.5% YoY. Source: county tax records.