Is 6525 Emerald Hill Ct #206 in Indianapolis city (balance), IN a good investment?

CashFlowRE grades it C- with a 6.9% cap rate and $75/mo modeled cash flow at a $158,900 list price. See the full underwriting and recommended offer on the page.

What is the cap rate for 6525 Emerald Hill Ct #206?

The modeled cap rate is 6.9% — annual NOI divided by price, using CashFlowRE's rent and expense estimates.

What would this property rent for?

Estimated market rent is $1,916/month, from CashFlowRE's rent model.

C- Composite 54.43

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 +15.9/30.0
ARV discount +12.8/15.0
1% rule +7.1/10.0
DSCR +4.9/10.0
Schools +4.1/10.0
Condition / age +3.8/5.0
Rent growth +3.4/5.0
Livability +2.5/5.0
Appreciation +0.0/10.0

$158,900

6525 Emerald Hill Ct #206 · Indianapolis city (balance), IN 46237

2 bd · 2.0 ba · 1,549 sqft · Condo · 259 Days on market

Built 2003 Good condition $103/sqft · 12% below area Est $180k · 12% under $340/mo HOA · 18% of rent

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Listing remarks

Maintenance free living at it's best. Nestled at 6525 Emerald Hill Ct Unit 206 in the heart of Perry Township, this condominium offers an inviting home, ready for you to move in. Imagine starting your day in the spacious kitchen, crafting your favorite breakfast at the kitchen peninsula, before stepping out onto the balcony to enjoy the fresh air. The residence offers two full bathrooms, including one that features a walk in shower. The condominium also features a laundry room, adding to the ease and convenience of daily living, and a deck that provides a space to unwind. Both of the bedrooms include a walk-in closet (and double walk-ins in the Primary Bedroom), providing generous storage.

Key facts

Laundry room
Spacious kitchen
Deck

What this means for you Summary

Snapshot

This is a 2-bed/2.0-bath condo listed at $159k. Condition is rated good.

Deal economics

At list price, monthly cash flow is $75 ($904/yr) — positive.
The deal already cash-flows at list — no discount required.
Meets the 1% rule at list price ($2k rent vs $159k).
Recommended offer: $140k (12.0% below list) — sets the bar for market timing.
Cap rate 6.9% 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 C — affects rentability + tenant quality, not the cash-flow math above.
Perry Township Schools (urban): math 36% / reading 45% proficiency, ranked #138 of 301 in IN (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
Zoned schools: Mary Bryan Elementary School (math 46% / reading 46%, grade D-, #357 of 994 statewide, top 37%, 912 students, 71% FRL); Southport Middle School (math 22% / reading 40%, grade F, #201 of 330 statewide, top 61%, 1,194 students, 72% FRL); Southport High School (math 25% / reading 53%, grade F, #235 of 369 statewide, top 65%, 2,355 students, 70% FRL) — zoned schools average 71% FRL vs 54% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
Market conditions: Rents rising (+3.8%/yr); 477 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 2d 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 $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.

Negotiation context

It's been on market 259 days — a 12% lower offer ($140k) is reasonable based on typical stale-listing flexibility.

Recommended offer $139,832 (12.0% below list)

Questions for the listing agent

It's been on market 259 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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.
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.
How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

1% rule: 1.21% ✓
Cap rate: 6.86%
Cash-on-cash: 2.03%
DSCR: 1.09
GRM: 6.9

CMA / ARV

ARV (median comp): $180,044
List price: $158,900
Delta: -11.74%
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
5003 Amber Creek Pl #208	0.29mi	2/2.0	1,500 (-3%)	0mo	$139,900	$93	81
6510 S Waybridge Ct	0.25mi	2/2.0	1,417 (-8%)	0mo	$225,000	$159	74
5202 Flintstone Dr	0.39mi	3/2.0 (+1)	1,606 (+4%)	0mo	$300,000	$187	71
5156 Waybridge Ln	0.25mi	2/2.0	1,326 (-14%)	1mo	$200,000	$151	63
4025 Maple Manor Dr	0.90mi	3/2.0 (+1)	1,524 (-2%)	0mo	$265,000	$174	57
5336 Oak Harbor Ct	1.44mi	2/2.0	1,627 (+5%)	0mo	$275,000	$169	56
3930 Ivory Way	1.38mi	3/2.0 (+1)	1,430 (-8%)	1mo	$136,500	$95	46
4233 Switchgrass Way	1.28mi	2/2.0	1,759 (+14%)	0mo	$310,000	$176	42
5842 Quail Run Dr	1.22mi	2/2.0	1,163 (-25%)	1mo	$195,000	$168	39
5514 Coventry Park Way	1.04mi	2/2.5	1,854 (+20%)	1mo	$284,000	$153	37
7711 Germander Ln	1.17mi	3/2.0 (+1)	1,912 (+23%)	1mo	$300,000	$157	34
4331 Tarragon Dr	1.03mi	3/2.0 (+1)	1,200 (-22%)	1mo	$267,500	$223	34

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 · 3.78% rent growth · sell at horizon

5-year hold

IRR: -11.8%
Equity multiple: 0.57×
Total profit: $-19,200
Equity at exit: $23,693

10-year hold

IRR: -1.0%
Equity multiple: 0.93×
Total profit: $-3,261
Equity at exit: $13,739

Cash invested: $44,492 (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 46237

Rents YoY: 3.8%
Active inventory: 477
Price-to-rent: 6.9×

Monthly cashflow live

Estimated rent: $1,916 high interval (Pro) →
Mortgage (P&I): −$833
Tax est. 1.5%: −$199 /mo · $2,384/yr
Insurance: −$66
HOA: −$340
Lot rent: −$0
Vacancy / Maint / Mgmt: −$402
Net cashflow: $75

Break-even live

Break-even rent $1,820

Max offer price $158,900

Occupancy floor 91%

Sensitivity live

Price	-10% $185	-5% $130	+0% $75	+5% $20	+10% $-35
Rent	-10% $-76	-5% $0	+0% $75	+5% $151	+10% $227
Rate	-1.0pp $155	-0.5pp $116	base $75	+0.5pp $34	+1.0pp $-8

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: $39,725
Closing costs: $4,767
Club membership (one-time): —
Reserves months: —
Total cash needed: —

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Short-term bridge; refi at stabilization.

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4933 Opal Ridge Ln Indianapolis, IN	2.0	2.0	1124	$1,800	$1.60	67d	1	0.06mi
6438 Marble Ln Indianapolis, IN	3.0	2.0	1800	$3,200	$1.78	0d	1	0.29mi
6810 Valley Ridge Dr Indianapolis, IN	1.0–3.0	1.0–2.0	981	$1,332	$1.36	0d	21	0.45mi
6436 Perry Pines Ct Indianapolis, IN	3.0	2.0	1296	$1,700	$1.31	93d	1	0.72mi
7251 Windsor Lakes Dr Indianapolis, IN	1.0–3.0	1.0–2.0	1103	$1,590	$1.44	2d	32	0.72mi
7213 Sundance Dr Indianapolis, IN	1.0–2.0	1.0–2.0	955	$1,580	$1.65	0d	12	0.75mi
5500 S Emerson Ave Indianapolis, IN	2.0–3.0	2.5	1492	$1,899	$1.27	0d	2	1.03mi
7925 Carlington Rd Indianapolis, IN	2.0	2.0	1501	$2,099	$1.40	0d	19	1.20mi
5505 Straw Hat Dr Indianapolis, IN	3.0	1.0	1602	$1,700	$1.06	10d	1	1.20mi
5439 Durango Ct Indianapolis, IN	3.0	1.5	1348	$1,481	$1.10	60d	1	1.32mi

Property features AI

Finance

Other: Covenants & restrictions applyCoin laundry availableClubhouse and community pool1 common wall
HOA & community: Has HOAMonthly association feeHOA covers clubhouse, entrance/common areas, insurance, laundry connection in unit, lawn care, grounds maintenance, structure maintenance, management, and snow removalCommunity amenities include clubhouse and pool

Exterior

Parking: Assigned parkingAssigned outside parking
Utilities: Public waterMunicipal sewer connected100 Amp electric serviceCable connectedSolid waste service available
Home design: Attached condominium in a horizontal regimeOne story (upper-level unit entry on upper level)Building common entryLow-maintenance lifestyle
Construction: Brick and cedar constructionSlab foundation
Exterior features: BalconyExterior lightingSidewalksMature treesWooded setting

Interior

Kitchen: DishwasherDisposalMicrowave with hoodElectric ovenRefrigerator
Bedrooms: 2 bedrooms on the main levelPrimary bedroom with walk-in closet
Bathrooms: 2 full bathroomsPrimary bathroom with tub and shower
Heating & cooling: Forced air heatingCentral air conditioning
Interior features: StorageWalk-in closet(s)Woodwork paintedLaundry in unitUpper-level unit (located on second floor)
Laundry & utility: WasherDryerWater heater

HOA detail $340/mo · $4,080/yr condo

Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

2026-09-24

days on market $158,900 Active 259 DOM
2026-09-23

days on market $158,900 Active 258 DOM
2026-09-22

days on market $158,900 Active 257 DOM
2026-09-21

days on market $158,900 Active 256 DOM
2026-09-20

days on market $158,900 Active 255 DOM
2026-09-19

days on market $158,900 Active 254 DOM
2026-09-18

days on market $158,900 Active 253 DOM
2026-09-17

days on market $158,900 Active 252 DOM
2026-09-16

days on market $158,900 Active 251 DOM
2026-09-14

days on market $158,900 Active 249 DOM
2026-09-13

days on market $158,900 Active 248 DOM
2026-09-12

days on market $158,900 Active 247 DOM
2026-09-11

days on market $158,900 Active 246 DOM
2026-09-05

days on market $158,900 Active 240 DOM
2026-09-04

days on market $158,900 Active 239 DOM
2026-09-03

days on market $158,900 Active 238 DOM
2026-08-31

days on market $158,900 Active 235 DOM
2026-08-30

days on market $158,900 Active 234 DOM
2026-08-29

days on market $158,900 Active 233 DOM
2026-08-28

price $158,900 Active 232 DOM
2026-08-28

days on market $164,900 Active 232 DOM
2026-08-27

days on market $164,900 Active 231 DOM
2026-08-26

days on market $164,900 Active 230 DOM
2026-08-25

days on market $164,900 Active 229 DOM
2026-08-24

days on market $164,900 Active 228 DOM
2026-08-23

days on market $164,900 Active 227 DOM
2026-08-22

days on market $164,900 Active 226 DOM
2026-08-21

days on market $164,900 Active 225 DOM
2026-08-20

days on market $164,900 Active 224 DOM
2026-08-19

days on market $164,900 Active 223 DOM
2026-08-18

days on market $164,900 Active 222 DOM
2026-08-17

days on market $164,900 Active 221 DOM
2026-08-16

days on market $164,900 Active 220 DOM
2026-08-15

days on market $164,900 Active 219 DOM
2026-08-14

days on market $164,900 Active 218 DOM
2026-08-13

days on market $164,900 Active 217 DOM
2026-08-12

days on market $164,900 Active 216 DOM
2026-08-11

days on market $164,900 Active 215 DOM
2026-08-10

days on market $164,900 Active 214 DOM
2026-08-09

days on market $164,900 Active 213 DOM
2026-08-08

days on market $164,900 Active 212 DOM
2026-08-07

days on market $164,900 Active 211 DOM
2026-08-06

days on market $164,900 Active 210 DOM
2026-08-05

days on market $164,900 Active 209 DOM
2026-08-04

days on market $164,900 Active 208 DOM
2026-08-03

days on market $164,900 Active 207 DOM
2026-07-31

days on market $164,900 Active 204 DOM
2026-07-30

days on market $164,900 Active 203 DOM
2026-07-30

days on market $164,900 Active 202 DOM
2026-07-28

days on market $164,900 Active 201 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
🔥 Wildfire 1/10 Low
🌡 Heat 4/10 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income: $22,989
− Mortgage interest: −$8,901
− Property taxes: −$2,384
− Insurance: −$794
− Repairs & maintenance: −$1,839
− Management: −$1,839
− HOA: −$4,080
− Depreciation: −$4,623
Taxable loss: −$1,471

Your marginal tax rate % combined federal + state — saved on this device

Est. tax savings @ 24.0%: +$353
After-tax cash flow: $1,257/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 · 13 photos

Good 75/100 Cosmetic rehab Est. rehab $7,745–$23,235 screening

This property is in good condition with a good condition score of 75. It has a good roof, exterior siding, and interior walls. The property has a good HVAC system and is in good condition overall. The property has a good curb appeal and is ready for a new owner.

Value-add opportunities

Both Paint the exterior siding — Painting the exterior siding can improve the curb appeal and increase the property's value. ↑
Both Replace the carpet in the living areas — Replacing the carpet can improve the living space and increase the property's value. ↑
Both Clean the HVAC system — A clean HVAC system can improve air quality and increase the property's value. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic 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 41/100

Zoned Schools

Elementary Mary Bryan Elementary School D- IN #357/994 Nat'l #15,585/41,679 Middle Southport 6th Grade Academy F IN #136/330 Nat'l #6,571/14,009 High Southport High School F IN #235/369 Nat'l #8,724/17,239

Schools (NCES district)

District: Perry Township Schools
NCES district ID: 1808820
Math proficiency: 36% ▼ -13.00%
Reading proficiency: 45% ▼ -6.00%
Median HH income: $47,170
Composite: 34.61/100
National rank: #5153
State rank: #138 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): 43,473
Household income: $79,078
Rent vs Own: 31.1% rent · 68.9% own
Severe rent burden: 10% of renters

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: Predominantly White (71%)
Race & ethnicity: White 71% Asian 13% Hispanic / Latino 7% Two or more races 6% Black 5%
Hispanic origin (detail): Mexican 6%
Common ancestry: Italian 2% Lithuanian 2% Romanian 2%
Foreign-born: 12% · Canada, Philippines
Languages at home: 84% English-only · Other Asian/Pacific 5% Spanish 5% Other Indo-European 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: ▼ -180.33%
Current HPI: 238.9661
Rent YoY: ▲ 3.78%
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
#125 Cummins Columbus $33.4B #416 Allegion Dublin $3.6B
Healthcare	1	$177B
#20 Elevance Health Indianapolis $177.0B
Pharmaceuticals	1	$45B
#100 Eli Lilly Indianapolis $45.0B
Metals / Steel	1	$18B
#179 Steel Dynamics Fort Wayne $18.2B
Agriculture	1	$17B
#210 Corteva Agriscience Indianapolis $16.5B
Packaging	1	$12B
#474 Berry Global Group Evansville $12.3B

Price history

1 event — show timeline

2026-01-08 Listed $174,900 MIBOR as Distributed by MLS Grid

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

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