4247 S Eaton Ave · Indianapolis city (balance), IN 46239

$209,000

3 bd · 2.0 ba · 1,497 sqft · SingleFamily public records · 24 Days on market

Built 1951 0.34 ac lot Est $254k · 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 +19.2/30.0
• ARV discount +15.0/15.0
• DSCR +6.1/10.0
• 1% rule +4.5/10.0
• Rent growth +4.0/5.0
• Schools +4.0/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Cute ranch on large lot with fenced rear yard & covered patio. 16x24 barn (garage size with floored attic). New roof, vaulted ceilings throughout, nice woodwork & pella windows. Large bay window in living room. Family room converted from garage, nicely done with extra bonus room & gas fireplace. Home Warranty.

Key facts

• Screened-in porch
• Newer roof
• Gas fireplace

Tags

• SPACIOUS LOT
• WOOD-BURNING FIREPLACE
• GAS FIREPLACE
• FENCED-IN YARD
• SCREENED-IN PORCH
• NEWER ROOF

Property features AI

Exterior

• Parking: No dedicated parking or garage
• Utilities: Municipal sewer connected; Well private water; Electricity connected; Cable available; Sewer connected
• Home design: Single-family residence; One level
• Construction: Aluminum siding with stone accents; Slab foundation
• Exterior features: Covered patio; Storage; Full yard fencing; Mature trees; Rural-subdivision lot setting (approximately 0.34 acre)

Interior

• Kitchen: Dishwasher; Microwave; Electric oven; Refrigerator; Eat-in kitchen with pantry; Electric water heater
• Bedrooms: 3 bedrooms on the main level (sizes include 11x10 and 9x10)
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Forced air heating (electric); Central air conditioning; 2 fireplaces (family room with gas log; living room wood burning)
• Interior features: Vaulted ceilings; Stained woodwork; Eat-in kitchen; Pantry; Attic access; Utility room; Smoke alarm
• Laundry & utility: Washer and dryer; Water softener (owned); Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $209k.

Deal economics

• At list price, monthly cash flow is $226 ($3k/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 $199k (4.8% below list).
• Recommended offer: $199k (4.8% below list) — sets the bar for 1% rule.
• Cap rate 7.6% 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.
• Franklin Township Community School Corporation (urban): math 42% / reading 47% proficiency, ranked #87 of 301 in IN (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+6.1%/yr); 333 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals leasing fast (median 7d 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 $1k of loan paydown is wiped out by about $6k 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 24 days — a 2% lower offer ($206k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 23y 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 $88k; list at $209k implies a 136% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $198,886 (4.8% below list)

Questions for the listing agent

1. Built in 1951 — 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: 0.95% ✗
• Cap rate: 7.59%
• Cash-on-cash: 4.63%
• DSCR: 1.21
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $254,490
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4247 S Eaton Ave	0.00mi	3/2.0	1,505 (+0%)	0mo	$195,000	$130	99
4135 Kerry Dr	0.21mi	3/2.0	1,424 (-5%)	2mo	$259,000	$182	81
8431 Lawrence Ave	0.08mi	4/2.0 (+1)	1,344 (-10%)	1mo	$267,000	$199	73
8742 Ballard Ln	0.63mi	3/2.0	1,449 (-3%)	2mo	$305,000	$210	64
8304 Weathervane Cir	0.72mi	3/2.0	1,516 (+1%)	6mo	$209,000	$138	59
8514 Midsummer Dr	0.35mi	3/2.0	1,650 (+10%)	9mo	$275,000	$167	59
8310 Weathervane Cir	0.72mi	3/2.0	1,502 (+0%)	8mo	$220,000	$146	59
9027 Imperial Dr	0.60mi	3/1.5	1,378 (-8%)	0mo	$285,000	$207	56
3638 Laurel Cherry Ln	0.72mi	3/2.0	1,422 (-5%)	2mo	$225,000	$158	56
4728 S Eaton Ave	0.43mi	3/2.0	1,642 (+10%)	10mo	$316,000	$192	56
3923 Wildwood Dr	0.60mi	3/1.5	1,625 (+9%)	2mo	$235,000	$145	54
4153 Ballybay Ln	0.69mi	3/2.0	1,563 (+4%)	9mo	$265,000	$170	53

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 · 6.11% rent growth · sell at horizon

5-year hold

• IRR: -5.8%
• Equity multiple: 0.78×
• Total profit: $-13,093
• Equity at exit: $31,163

10-year hold

• IRR: 7.0%
• Equity multiple: 1.60×
• Total profit: $35,072
• Equity at exit: $18,071

Cash invested: $58,520 (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 46239

• Home prices YoY: -29.2%
• Rents YoY: 6.1%
• Active inventory: 333
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,989 high
• Mortgage (P&I): −$1,096
• Tax from tax record: −$162 /mo · $1,946/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$418
• Net cashflow: $226

Break-even live

Break-even rent $1,703

Max offer price $209,000

Occupancy floor 84%

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: $52,250
• Closing costs: $6,270
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8520 Sierra Ridge Dr Indianapolis, IN	2.0–3.0	2.0	1091	$1,775	$1.63	1d	18	0.52mi
4127 S Post Rd Indianapolis, IN	3.0	2.0	1460	$1,585	$1.09	23d	1	0.63mi
3718 Laurel Cherry Ln Indianapolis, IN	3.0	2.0	1368	$1,695	$1.24	23d	1	0.64mi
7650 Lara Lee Dr Indianapolis, IN	4.0	2.0	1696	$2,039	$1.20	23d	1	0.66mi
8836 Kipling Dr Indianapolis, IN	4.0	2.5	1686	$2,200	$1.30	23d	1	0.93mi
8544 Sweet Birch Dr Indianapolis, IN	3.0	2.0	1209	$1,700	$1.41	2d	1	1.01mi
8123 Fisher Bend Dr Indianapolis, IN	4.0	2.5	1633	$1,931	$1.18	1d	1	1.06mi
5325 Montavia Ln Indianapolis, IN	3.0	2.0	1632	$1,849	$1.13	23d	1	1.18mi
3203 Brandenburg Dr Indianapolis, IN	4.0	2.5	1486	$1,869	$1.26	2d	1	1.26mi
9237 Kavanaugh Dr Indianapolis, IN	3.0	2.0	1503	$2,200	$1.46	17d	1	1.27mi
3149 Brandenburg Dr Indianapolis, IN	4.0	2.5	1486	$1,885	$1.27	3d	1	1.27mi
3146 Brandenburg Dr Indianapolis, IN	3.0	2.0	1200	$1,689	$1.41	2d	1	1.29mi
5602 Wild Horse Dr Indianapolis, IN	3.0	2.0	1616	$1,911	$1.18	7d	1	1.33mi
3143 Danube Way Indianapolis, IN	3.0	2.5	1792	$2,050	$1.14	1d	1	1.33mi

Listing history 8 events

1. 2026-05-11
   status Pending
2. 2026-05-05
   price $209,000
3. 2026-04-16
   listed $219,000 Active
4. 2014-03-25
   historical 323-char remark

   Show marketing remark (323 chars)

   Cute ranch on large lot with fenced rear yard & covered patio. 16x24 barn (garage size with floored attic). New roof, vaulted ceilings throughout, nice woodwork & pella windows. Large bay window in living room. Family room converted from garage, nicely done with extra bonus room & gas fireplace. Home Warranty.

5. 2014-03-21
   soldstatus $88,400 323-char remark

   Show marketing remark (323 chars)

   Cute ranch on large lot with fenced rear yard & covered patio. 16x24 barn (garage size with floored attic). New roof, vaulted ceilings throughout, nice woodwork & pella windows. Large bay window in living room. Family room converted from garage, nicely done with extra bonus room & gas fireplace. Home Warranty.

6. 2013-09-04
   listed $89,900 323-char remark

   Show marketing remark (323 chars)

   Cute ranch on large lot with fenced rear yard & covered patio. 16x24 barn (garage size with floored attic). New roof, vaulted ceilings throughout, nice woodwork & pella windows. Large bay window in living room. Family room converted from garage, nicely done with extra bonus room & gas fireplace. Home Warranty.

7. 2003-07-11
   soldstatus $95,000 369-char remark

   Show marketing remark (369 chars)

   Super sharp meticulously maintained home. Newer roof, carpets, water heater & more. Pella windows. Wood laminate flooring. Cathedral ceilings thru-out. Bay window in living room. Built-in microwave. Woodburning fireplac e. Gigantic storage barn w/floored attic. large full rear fenced yard w/covered patio. Home warranty included. What a super home. Priced to sell.

8. 2003-04-28
   listed $95,000 369-char remark

   Show marketing remark (369 chars)

   Super sharp meticulously maintained home. Newer roof, carpets, water heater & more. Pella windows. Wood laminate flooring. Cathedral ceilings thru-out. Bay window in living room. Built-in microwave. Woodburning fireplac e. Gigantic storage barn w/floored attic. large full rear fenced yard w/covered patio. Home warranty included. What a super home. Priced to sell.

ⓘ 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: $1,946 · $162/mo
• Projected year-2 tax: $1,946 · $162/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 ≥102°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,866
• − Mortgage interest: −$11,707
• − Property taxes: −$1,946
• − Insurance: −$1,045
• − Repairs & maintenance: −$1,909
• − Management: −$1,909
• − Depreciation: −$6,080
• Taxable loss: −$731
• Est. tax savings @ 24.0%: +$175
• After-tax cash flow: $2,886/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: Franklin Township Community School Corporation
• NCES district ID: 1803750
• Math proficiency: 42% ▼ -12.00%
• Reading proficiency: 47% ▼ -6.00%
• Median HH income: $67,825
• Composite: 39.91/100
• National rank: #3852
• State rank: #87 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): 33,931
• Household income: $100,331
• Rent vs Own: 17.6% rent · 82.4% own
• Severe rent burden: 567.0

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 0.61)
• Race & ethnicity: White 57% Black 24% Hispanic / Latino 9% Two or more races 9% Asian 4%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Lithuanian 2% Slovak 2% Romanian 1%
• Foreign-born: 7% · Canada, Philippines, China
• Languages at home: 89% English-only · Spanish 6% Other Indo-European 2% Chinese 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: ▼ -93.15%
• Current HPI: 226.1965
• Rent YoY: ▲ 6.11%
• 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

+120.0% since first listed

8 events — show timeline

• 2026-05-11 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-05 Price Changed $209,000 MIBOR as Distributed by MLS Grid
• 2026-04-16 Listed $219,000 MIBOR as Distributed by MLS Grid
• 2014-03-25 Listing Removed — MIBOR as Distributed by MLS Grid
• 2014-03-21 Sold (MLS) $88,400 MIBOR as Distributed by MLS Grid
• 2013-09-04 Listed $89,900 MIBOR as Distributed by MLS Grid
• 2003-07-11 Sold (MLS) $95,000 MIBOR as Distributed by MLS Grid
• 2003-04-28 Listed $95,000 MIBOR as Distributed by MLS Grid

Property tax history

+1.6%/yr

Latest (2025): $1,946 · -6.5% YoY. Source: county tax records.