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

$129,900

3 bd · 1.0 ba · 925 sqft · SingleFamily public records · 42 Days on market

Built 1963 7,623 sqft lot $140/sqft · 13% below area Est $149k · 13% 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 +25.8/30.0
• ARV discount +13.3/15.0
• DSCR +8.6/10.0
• 1% rule +7.0/10.0
• Rent growth +3.1/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

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. This charming ranch-style home, featuring

Key facts

• Open-plan kitchen
• Attached garage
• Private yard

Tags

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

Property features AI

Exterior

• Parking: Attached garage (1 car)
• Utilities: Community/Municipal sewer connection; Public and private water available; Solid waste service
• Home design: Single-family residence; One story
• Construction: Vinyl siding; Slab foundation
• Exterior features: Covered patio/porch

Interior

• Kitchen: Dishwasher; Refrigerator
• Bedrooms: Three bedrooms on the main level
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Attic access; Smoke detectors
• Laundry & utility: Main-level laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $314 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $126k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.2% 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 (+2.6%/yr); 54 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 32% 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 $898 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.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $86k; list at $130k implies a 51% gain — meaningful room to come down on a strong offer.

Recommended offer $126,003 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.20% ✓
• Cap rate: 9.19%
• Cash-on-cash: 10.35%
• DSCR: 1.46
• GRM: 7.0

CMA / ARV

• ARV (median comp): $148,982
• List price: $129,900
• Delta: -12.81%
• 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%)	6mo	$149,900	$160	89
9920 Catalina Dr	0.15mi	3/1.0	925 (0%)	15mo	$145,000	$157	80
3944 Strathmore Dr	0.23mi	3/1.0	925 (0%)	12mo	$162,900	$176	80
3901 Della Ct	0.14mi	3/1.5	925 (0%)	15mo	$150,000	$162	79
9707 E 39th St	0.34mi	3/1.0	925 (0%)	7mo	$103,000	$111	78
3920 Strathmore Dr	0.22mi	3/1.0	925 (0%)	20mo	$125,000	$135	73
3926 Downes Dr	0.27mi	3/2.0	925 (0%)	15mo	$140,000	$151	71
4101 Baker Dr	0.46mi	3/1.0	900 (-3%)	4mo	$122,000	$136	70
9513 E 39th Pl	0.45mi	3/1.5	925 (0%)	15mo	$160,000	$173	64
9420 Conried Dr	0.58mi	3/1.0	900 (-3%)	6mo	$119,000	$132	63
9526 Burrwood Ct	0.69mi	3/1.0	925 (0%)	10mo	$185,000	$200	60
3640 Newgate Ln	0.46mi	2/1.5 (-1)	1,048 (+13%)	20mo	$89,500	$85	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 · 2.56% rent growth · sell at horizon

5-year hold

• IRR: -1.3%
• Equity multiple: 0.95×
• Total profit: $-1,717
• Equity at exit: $19,369

10-year hold

• IRR: 8.0%
• Equity multiple: 1.59×
• Total profit: $21,587
• Equity at exit: $11,231

Cash invested: $36,372 (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 46235

• Home prices YoY: -4.3%
• Rents YoY: 2.6%
• Active inventory: 54
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,553 high
• Mortgage (P&I): −$681
• Tax from tax record: −$178 /mo · $2,136/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$326
• Net cashflow: $314

Break-even live

Break-even rent $1,156

Max offer price $129,900

Occupancy floor 75%

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10101 Montery Rd Indianapolis, IN	2.0	1.0	627	$1,439	$2.30	1d	10	0.18mi
3962 Strathmore Dr Indianapolis, IN	3.0	1.0	925	$1,250	$1.35	23d	1	0.27mi
3645 Wingate Ct Indianapolis, IN	3.0	1.0–2.0	774	$1,500	$1.94	23d	6	0.53mi
9438 Conried Dr Indianapolis, IN	3.0	1.0	1094	$1,445	$1.32	4d	1	0.58mi
3519 Jerome Ct Indianapolis, IN	4.0	1.0	1107	$1,995	$1.80	23d	1	0.78mi
3525 Luewan Ct Indianapolis, IN	4.0	1.0	1107	$1,750	$1.58	23d	1	0.82mi
9226 E 36th Pl Indianapolis, IN	3.0	1.0	1073	$1,250	$1.16	7d	1	0.86mi
9060 E 39th Pl Indianapolis, IN	1.0–2.0	1.0–1.5	820	$1,040	$1.27	23d	1	0.88mi
3665 Coneflower Way Indianapolis, IN	3.0	2.0	1030	$1,375	$1.33	43d	1	0.91mi
8862 Bel Air Ct Indianapolis, IN	3.0	1.0	1073	$1,264	$1.18	17d	1	1.11mi
3938 Biscayne Rd Indianapolis, IN	3.0	1.0	1000	$1,895	$1.90	2d	1	1.20mi
3631 Decamp Dr Indianapolis, IN	3.0	1.0	1000	$1,335	$1.33	23d	1	1.21mi
3809 Biscayne Rd Indianapolis, IN	2.0	1.5	992	$1,020	$1.03	14d	1	1.21mi
8724 Montery Rd Indianapolis, IN	3.0	1.0	925	$1,500	$1.62	43d	1	1.24mi

Listing history 15 events

1. 2026-06-18
   days on market $129,900 Active 42 DOM
2. 2026-06-17
   days on market $129,900 Active 41 DOM
3. 2026-06-16
   days on market $129,900 Active 40 DOM
4. 2026-06-15
   days on market $129,900 Active 39 DOM
5. 2026-06-13
   days on market $129,900 Active 37 DOM
6. 2026-06-13
   days on market $129,900 Active 36 DOM
7. 2026-06-09
   days on market $129,900 Active 33 DOM
8. 2026-06-08
   pricedays on market $129,900 Active 32 DOM
9. 2026-06-07
   days on market $134,900 Active 31 DOM
10. 2026-06-03
    days on market $134,900 Active 27 DOM
11. 2026-06-02
    days on market $134,900 Active 26 DOM
12. 2026-06-01
    days on market $134,900 Active 25 DOM
13. 2026-05-31
    days on market $134,900 Active 24 DOM
14. 2026-05-07
    listed $134,900 Active 822-char remark
15. 2022-09-13
    soldstatus $86,000

ⓘ 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: $18,640
• − Mortgage interest: −$7,276
• − Property taxes: −$2,136
• − Insurance: −$650
• − Repairs & maintenance: −$1,491
• − Management: −$1,491
• − Depreciation: −$3,779
• Taxable income: $1,816
• Est. tax owed @ 24.0%: −$436
• After-tax cash flow: $3,329/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): 36,317
• Household income: $58,951
• Rent vs Own: 46.5% rent · 53.5% own
• Severe rent burden: 1901.0

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 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%

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

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

+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.