4029 Barnor Dr · Indianapolis city (balance), IN 46226

$179,900

4 bd · 1.0 ba · 2,404 sqft · SingleFamily public records · 13 Days on market

Built 1957 6,839 sqft lot Est $219k · 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 +22.7/30.0
• ARV discount +15.0/15.0
• DSCR +7.3/10.0
• 1% rule +6.2/10.0
• 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

Nice 4 Bedroom, 2 Bath home with a Large Family Room. Fenced Yard and Concrete Drive.

Key facts

• Generous lot
• Full bathroom
• Comfortable bedrooms

Tags

• SINGLE-FAMILY RESIDENCE
• COMFORTABLE BEDROOMS
• FULL BATHROOM
• HALF BATHROOM
• GENEROUS LOT

Property features AI

Exterior

• Parking: Attached garage (1 car)
• Utilities: Public water; Municipal sewer connected; 100 amp electric service; Cable connected
• Home design: Single-family residence; Two levels; East-facing
• Construction: Vinyl siding and brick exterior; Slab foundation
• Exterior features: Chain link fence; Mature trees on the lot

Interior

• Kitchen: Electric oven; Refrigerator; Range hood
• Bedrooms: Four bedrooms total — two on the main level and two on the upper level; Bedroom (approx. 11 x 10); Two additional upper-level bedrooms
• Bathrooms: Two full bathrooms
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Eat-in kitchen; Living room (approximately 18 x 14); Dining room (approximately 10 x 10); Laundry room (approximately 6 x 5)
• Laundry & utility: Main-level laundry; Water heater (gas)

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $308 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Cap rate 8.3% 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 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.
• Zoned schools: Shortridge High School (math 20% / reading 51%, grade F, #263 of 369 statewide, top 72%, 1,089 students, 70% FRL).
• Zoned-school proficiency averages 36% at this address vs 17% district-wide (+18 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 fast (+6.8%/yr); 151 active listings in the ZIP; 4 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).
• At $2,019/mo this rent would consume 48% of the median local household income ($50k/yr) (locally 2742% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 $50k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 16y 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 $45k; list at $180k implies a 300% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $179,900

Questions for the listing agent

1. Built in 1957 — 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: 1.12% ✓
• Cap rate: 8.35%
• Cash-on-cash: 7.33%
• DSCR: 1.33
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $218,764
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4045 Barnor Dr	0.02mi	4/2.0	2,236 (-7%)	6mo	$135,000	$60	78
4062 N Webster Ave	0.18mi	3/1.5 (-1)	2,280 (-5%)	1mo	$125,000	$55	76
6142 Meadowlark Dr	0.35mi	4/2.0	2,236 (-7%)	10mo	$195,000	$87	60
3951 N Audubon Rd	0.53mi	3/1.5 (-1)	2,436 (+1%)	10mo	$162,500	$67	58
4025 N Campbell Ave	0.27mi	3/1.0 (-1)	2,080 (-14%)	3mo	$150,000	$72	58
6629 E 45th St	0.67mi	4/2.0	2,309 (-4%)	4mo	$227,700	$99	55
3920 Priscilla Ave	0.45mi	3/1.5 (-1)	2,080 (-14%)	0mo	$183,000	$88	49
4013 Priscilla Ave	0.39mi	3/1.0 (-1)	2,080 (-14%)	10mo	$195,000	$94	46
4617 N Kenmore Rd	0.74mi	3/2.0 (-1)	2,268 (-6%)	3mo	$218,500	$96	45
5806 E 39th St	0.49mi	3/2.5 (-1)	2,080 (-14%)	0mo	$190,000	$91	43
3842 Priscilla Ave	0.48mi	3/2.0 (-1)	2,080 (-14%)	8mo	$214,000	$103	39
4337 N Audubon Rd	0.59mi	3/1.0 (-1)	2,080 (-14%)	10mo	$195,000	$94	37

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: -0.8%
• Equity multiple: 0.97×
• Total profit: $-1,558
• Equity at exit: $26,824

10-year hold

• IRR: 12.6%
• Equity multiple: 2.18×
• Total profit: $59,274
• Equity at exit: $15,554

Cash invested: $50,372 (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 46226

• Rents YoY: 6.8%
• Active inventory: 151
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $2,019 medium
• Mortgage (P&I): −$943
• Tax from tax record: −$269 /mo · $3,225/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$424
• Net cashflow: $308

Break-even live

Break-even rent $1,629

Max offer price $179,900

Occupancy floor 80%

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3919 Barnor Dr Indianapolis, IN	5.0	2.0	1800	$2,495	$1.39	23d	1	0.10mi
4176 N Irwin Ave Indianapolis, IN	4.0	2.0	2006	$1,595	$0.80	22d	1	0.43mi
3940 N Graham Ave Indianapolis, IN	3.0	1.0	2378	$1,501	$0.63	43d	1	0.48mi
3707 N Riley Ave Indianapolis, IN	3.0	1.5	2016	$1,500	$0.74	23d	1	1.40mi

Listing history 10 events

1. 2026-06-18
   days on market $179,900 Active 13 DOM
2. 2026-06-17
   days on market $179,900 Active 12 DOM
3. 2026-06-16
   days on market $179,900 Active 11 DOM
4. 2026-06-15
   days on market $179,900 Active 10 DOM
5. 2026-06-13
   days on market $179,900 Active 8 DOM
6. 2026-06-13
   days on market $179,900 Active 7 DOM
7. 2026-06-09
   days on market $179,900 Active 4 DOM
8. 2026-06-08
   days on market $179,900 Active 3 DOM
9. 2026-06-07
   remarks 612-char remark
10. 2026-06-07
    listed $179,900 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: $3,225 · $269/mo
• Projected year-2 tax: $3,225 · $269/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 (shaded) · 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 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,228
• − Mortgage interest: −$10,077
• − Property taxes: −$3,225
• − Insurance: −$900
• − Repairs & maintenance: −$1,938
• − Management: −$1,938
• − Depreciation: −$5,233
• Taxable income: $916
• Est. tax owed @ 24.0%: −$220
• After-tax cash flow: $3,475/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

+652.7% since first listed

12 events — show timeline

• 2026-06-05 Listed $179,900 MIBOR as Distributed by MLS Grid
• 2017-08-01 Pending — MIBOR as Distributed by MLS Grid
• 2017-08-01 Relisted — MIBOR as Distributed by MLS Grid
• 2017-08-01 Sold (MLS) $45,000 MIBOR as Distributed by MLS Grid
• 2017-04-28 Sold (Public Records) $777,700 Public Records
• 2016-11-23 Pending — MIBOR as Distributed by MLS Grid
• 2016-11-02 Relisted — MIBOR as Distributed by MLS Grid
• 2016-09-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2015-10-20 Listed $55,000 MIBOR as Distributed by MLS Grid
• 2011-03-23 Listing Removed — MIBOR as Distributed by MLS Grid
• 2011-02-28 Sold (MLS) $22,100 MIBOR as Distributed by MLS Grid
• 2010-08-12 Listed $23,900 MIBOR as Distributed by MLS Grid

Property tax history

+7.5%/yr

Latest (2025): $3,225 · -4.1% YoY. Source: county tax records.