3928 Delmont Dr · Indianapolis city (balance), IN 46235

$144,900

3 bd · 1.0 ba · 1,421 sqft · SingleFamily public records · 38 Days on market

Built 1963 7,667 sqft lot $102/sqft · at area comps Est $145k · at est.

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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 +22.6/30.0
• ARV discount +7.6/15.0
• DSCR +7.2/10.0
• 1% rule +6.2/10.0
• 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 MLS

Very well maintained home for first time home buyer. Clean three bedroom, one bath, ranch with new paint and carpet throughout. Newer roof, furnace, and windows. Updated eat-in kitchen and all appliances stay. Fenced back yard with a mini barn.

Key facts

• Generous lot
• Ample space
• 7,667 sq ft lot

Tags

• SINGLE FAMILY RESIDENCE
• AMPLE SPACE
• GENEROUS LOT
• ABUNDANT OUTDOOR SPACE

Property features AI

Finance

• Other: Property sits on approximately 0.18 acre (< 1/4 acre)

Exterior

• Parking: Concrete surface parking; No covered garage listed
• Utilities: Public water; Municipal sewer connected; Cable available
• Home design: Single-family residence; One level
• Construction: Cultured stone and stone exterior; Slab foundation
• Exterior features: Patio; Mini barn; Gas grill; Full fence

Interior

• Kitchen: Dishwasher; Disposal; Gas oven; Range hood; Refrigerator; Eat-in kitchen
• Bedrooms: 3 bedrooms (all on the main level)
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Attic with pull-down stairs; Eat-in kitchen; Family room; Living room; Workshop
• Laundry & utility: In-unit laundry; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $246 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $141k (3.0% below list) — sets the bar for market timing.
• 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: 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); 55 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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 33% 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 $1k 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 38 days — a 3% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 4 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 $65k; list at $145k implies a 123% gain — meaningful room to come down on a strong offer.

Recommended offer $140,553 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 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: 1.12% ✓
• Cap rate: 8.33%
• Cash-on-cash: 7.26%
• DSCR: 1.32
• GRM: 7.4

CMA / ARV

• ARV (median comp): $145,189
• List price: $144,900
• Delta: -0.20%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10138 Catalina Dr	0.25mi	3/1.5	1,484 (+4%)	13mo	$185,000	$125	68
4105 Downes Dr	0.25mi	3/1.5	1,296 (-9%)	10mo	$105,000	$81	63
3817 Strathmore Dr	0.22mi	3/1.0	1,236 (-13%)	11mo	$150,000	$121	58
4106 Candy Apple Blvd	0.50mi	4/2.0 (+1)	1,380 (-3%)	6mo	$165,000	$120	58
9819 Bishop Ct	0.22mi	4/2.0 (+1)	1,225 (-14%)	1mo	$136,500	$111	57
3815 Parliament Ln	0.48mi	3/1.5	1,555 (+9%)	9mo	$116,000	$75	53
3814 Strathmore Dr	0.26mi	4/1.0 (+1)	1,225 (-14%)	9mo	$185,000	$151	53
4149 Mellis Dr	0.55mi	3/1.0	1,236 (-13%)	0mo	$161,000	$130	53
3743 Celtic Dr	0.68mi	3/1.5	1,455 (+2%)	14mo	$190,000	$131	51
3601 Luewan Dr	0.56mi	3/2.0	1,284 (-10%)	7mo	$110,000	$86	48
10230 Meadowlark Dr	0.59mi	3/1.5	1,236 (-13%)	2mo	$95,000	$77	47
9490 E 36th Pl	0.54mi	3/3.0	1,592 (+12%)	12mo	$211,000	$133	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 · 2.56% rent growth · sell at horizon

5-year hold

• IRR: -5.7%
• Equity multiple: 0.79×
• Total profit: $-8,507
• Equity at exit: $21,605

10-year hold

• IRR: 3.5%
• Equity multiple: 1.25×
• Total profit: $10,011
• Equity at exit: $12,528

Cash invested: $40,572 (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: 55
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,621 high
• Mortgage (P&I): −$760
• Tax from tax record: −$215 /mo · $2,578/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$340
• Net cashflow: $246

Break-even live

Break-even rent $1,310

Max offer price $144,900

Occupancy floor 80%

Sensitivity live

Price	-10% $328	-5% $287	+0% $246	+5% $205	+10% $164
Rent	-10% $118	-5% $182	+0% $246	+5% $310	+10% $374
Rate	-1.0pp $319	-0.5pp $282	base $246	+0.5pp $208	+1.0pp $170

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: $36,225
• Closing costs: $4,347
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9962 Catalina Dr Indianapolis, IN	3.0	1.0	1236	$1,600	$1.29	5d	1	0.13mi
3962 Strathmore Dr Indianapolis, IN	3.0	1.0	925	$1,250	$1.35	25d	1	0.14mi
9949 Ellis Dr Indianapolis, IN	4.0	2.0	1421	$1,580	$1.11	4d	1	0.15mi
9519 Conried Dr Indianapolis, IN	3.0	1.0	925	$1,275	$1.38	0d	1	0.35mi
9513 Baker Ct Indianapolis, IN	4.0	2.0	1702	$1,825	$1.07	9d	1	0.37mi
9438 Conried Dr Indianapolis, IN	3.0	1.0	1094	$1,445	$1.32	6d	1	0.46mi
9634 Meadowlark Dr Indianapolis, IN	3.0	1.5	1546	$1,550	$1.00	18d	1	0.53mi
3747 Ireland Dr Indianapolis, IN	4.0	1.5	1400	$1,700	$1.21	25d	1	0.59mi
3722 Ireland Dr Indianapolis, IN	3.0	2.0	1682	$1,700	$1.01	45d	1	0.64mi
3645 Wingate Ct Indianapolis, IN	3.0	1.0–2.0	774	$1,500	$1.94	25d	6	0.66mi
3519 Jerome Ct Indianapolis, IN	4.0	1.0	1107	$1,995	$1.80	25d	1	0.77mi
3644 Celtic Dr Indianapolis, IN	4.0	1.5	1637	$1,500	$0.92	16d	1	0.77mi
9060 E 39th Pl Indianapolis, IN	1.0–2.0	1.0–1.5	820	$1,040	$1.27	25d	1	0.78mi
3525 Luewan Ct Indianapolis, IN	4.0	1.0	1107	$1,750	$1.58	25d	1	0.80mi
9226 E 36th Pl Indianapolis, IN	3.0	1.0	1073	$1,250	$1.16	9d	1	0.81mi
8914 Elmonte Dr Indianapolis, IN	3.0	1.5	1500	$1,600	$1.07	25d	1	0.96mi
3661 Cedar Pine Pl Indianapolis, IN	3.0	3.0	1668	$1,641	$0.98	0d	1	0.99mi
8862 Bel Air Ct Indianapolis, IN	3.0	1.0	1073	$1,264	$1.18	19d	1	1.01mi
3665 Coneflower Way Indianapolis, IN	3.0	2.0	1030	$1,375	$1.33	45d	1	1.04mi
3938 Biscayne Rd Indianapolis, IN	3.0	1.0	1000	$1,895	$1.90	4d	1	1.10mi
3829 Biscayne Rd Indianapolis, IN	4.0	1.5	1188	$1,320	$1.11	16d	1	1.11mi
8738 Montery Rd Indianapolis, IN	3.0	1.0	1421	$1,331	$0.94	0d	1	1.11mi
3823 Biscayne Rd Indianapolis, IN	4.0	1.5	1188	$1,320	$1.11	16d	1	1.11mi
3821 Biscayne Rd Indianapolis, IN	4.0	1.5	1188	$1,325	$1.12	16d	1	1.11mi
3815 Biscayne Rd Indianapolis, IN	3.0	1.5	1188	$1,220	$1.03	16d	1	1.11mi
3809 Biscayne Rd Indianapolis, IN	2.0	1.5	992	$1,020	$1.03	16d	1	1.12mi
8724 Montery Rd Indianapolis, IN	3.0	1.0	925	$1,500	$1.62	45d	1	1.13mi
3631 Decamp Dr Indianapolis, IN	3.0	1.0	1000	$1,335	$1.33	25d	1	1.13mi
3540 Dubarry Ct Indianapolis, IN	3.0	2.0	1297	$1,400	$1.08	25d	1	1.21mi
8513 E 37th Pl Indianapolis, IN	4.0	1.5	1645	$1,525	$0.93	0d	1	1.37mi
8501 Athens Ct Indianapolis, IN	4.0	1.0	1225	$1,475	$1.20	16d	1	1.39mi
8501 Athens Ct Indianapolis, IN	4.0	1.0	1225	$1,400	$1.14	0d	1	1.39mi
4315 Aspen Way Indianapolis, IN	3.0	1.0	1080	$1,380	$1.28	45d	1	1.45mi

Listing history 25 events

1. 2026-06-21
   days on market $144,900 Active 38 DOM
2. 2026-06-18
   days on market $144,900 Active 35 DOM
3. 2026-06-17
   days on market $144,900 Active 34 DOM
4. 2026-06-16
   days on market $144,900 Active 33 DOM
5. 2026-06-15
   days on market $144,900 Active 32 DOM
6. 2026-06-13
   days on market $144,900 Active 30 DOM
7. 2026-06-13
   days on market $144,900 Active 29 DOM
8. 2026-06-09
   days on market $144,900 Active 26 DOM
9. 2026-06-08
   days on market $144,900 Active 25 DOM
10. 2026-06-07
    days on market $144,900 Active 24 DOM
11. 2026-06-03
    days on market $144,900 Active 20 DOM
12. 2026-06-02
    days on market $144,900 Active 19 DOM
13. 2026-06-01
    days on market $144,900 Active 18 DOM
14. 2026-05-31
    days on market $144,900 Active 17 DOM
15. 2026-05-14
    listed $144,900 Active 809-char remark
16. 2018-10-05
    soldstatus $65,000
17. 2018-09-28
    soldstatus $65,000 Sold 244-char remark

    Show marketing remark (244 chars)

    Very well maintained home for first time home buyer. Clean three bedroom, one bath, ranch with new paint and carpet throughout. Newer roof, furnace, and windows. Updated eat-in kitchen and all appliances stay. Fenced back yard with a mini barn.

18. 2018-09-04
    status Pending 244-char remark

    Show marketing remark (244 chars)

    Very well maintained home for first time home buyer. Clean three bedroom, one bath, ranch with new paint and carpet throughout. Newer roof, furnace, and windows. Updated eat-in kitchen and all appliances stay. Fenced back yard with a mini barn.

19. 2018-08-27
    price $67,500 244-char remark

    Show marketing remark (244 chars)

    Very well maintained home for first time home buyer. Clean three bedroom, one bath, ranch with new paint and carpet throughout. Newer roof, furnace, and windows. Updated eat-in kitchen and all appliances stay. Fenced back yard with a mini barn.

20. 2018-08-13
    listed $69,900 Active 244-char remark

    Show marketing remark (244 chars)

    Very well maintained home for first time home buyer. Clean three bedroom, one bath, ranch with new paint and carpet throughout. Newer roof, furnace, and windows. Updated eat-in kitchen and all appliances stay. Fenced back yard with a mini barn.

21. 2012-01-26
    historical

    Show marketing remark (353 chars)

    Cozy clean three bedroom one bath ranch. New roof, newA/C, new furnace, and new windows. Updated kitchen cabinets, new dishwasher, microwave, refrigerator, washer, and dryer. Lots of storage. Very low price. Fenced back yard and mini barn. Very well maintained home. Garage made into Living Room could easily be garage again. One owner for over 48 years

22. 2012-01-25
    soldstatus $30,000

    Show marketing remark (353 chars)

    Cozy clean three bedroom one bath ranch. New roof, newA/C, new furnace, and new windows. Updated kitchen cabinets, new dishwasher, microwave, refrigerator, washer, and dryer. Lots of storage. Very low price. Fenced back yard and mini barn. Very well maintained home. Garage made into Living Room could easily be garage again. One owner for over 48 years

23. 2010-12-06
    listed $39,900

    Show marketing remark (353 chars)

    Cozy clean three bedroom one bath ranch. New roof, newA/C, new furnace, and new windows. Updated kitchen cabinets, new dishwasher, microwave, refrigerator, washer, and dryer. Lots of storage. Very low price. Fenced back yard and mini barn. Very well maintained home. Garage made into Living Room could easily be garage again. One owner for over 48 years

24. 2010-12-04
    historical
25. 2010-09-16
    listed $59,500

ⓘ 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: $2,578 · $215/mo
• Projected year-2 tax: $2,578 · $215/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: $19,454
• − Mortgage interest: −$8,117
• − Property taxes: −$2,578
• − Insurance: −$724
• − Repairs & maintenance: −$1,556
• − Management: −$1,556
• − Depreciation: −$4,215
• Taxable income: $706
• Est. tax owed @ 24.0%: −$170
• After-tax cash flow: $2,778/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

+143.5% since first listed

11 events — show timeline

• 2026-05-14 Listed $144,900 MIBOR as Distributed by MLS Grid
• 2018-10-05 Sold (Public Records) $65,000 Public Records
• 2018-09-28 Sold (MLS) $65,000 MIBOR as Distributed by MLS Grid
• 2018-09-04 Pending — MIBOR as Distributed by MLS Grid
• 2018-08-27 Price Changed $67,500 MIBOR as Distributed by MLS Grid
• 2018-08-13 Listed $69,900 MIBOR as Distributed by MLS Grid
• 2012-01-26 Listing Removed — MIBOR as Distributed by MLS Grid
• 2012-01-25 Sold (MLS) $30,000 MIBOR as Distributed by MLS Grid
• 2010-12-06 Listed $39,900 MIBOR as Distributed by MLS Grid
• 2010-12-04 Listing Removed — MIBOR as Distributed by MLS Grid
• 2010-09-16 Listed $59,500 MIBOR as Distributed by MLS Grid

Property tax history

+7.1%/yr

Latest (2025): $2,578 · -0.8% YoY. Source: county tax records.