13841 N Cardonia Dr · Indianapolis city (balance), IN 46113

$315,000

4 bd · 2.5 ba · 1,920 sqft · SingleFamily public records · 2 Days on market

Built 2019 6,098 sqft lot Est $307k · at est. $33/mo HOA · 1% of rent

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Why this score? — see what drove the D- 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 +13.9/30.0
• ARV discount +6.4/15.0
• DSCR +4.2/10.0
• Schools +3.7/10.0
• Rent growth +3.2/5.0
• 1% rule +2.9/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Restore this 2 story home that experienced a house fire from a neighboring property. This 4 bedroom property includes an office area on the main level. The backyard features a large stamped concrete patio, and vinyl privacy fence. Property needs extensive restoration and is being sold as-is. The upstairs is badly damaged. A lot of the main level is salvageable. Most of the content inside the house will stay. As of right now, property cannot be entered.

Key facts

• Quartz countertops
• Brand-new cabinets
• Upgraded finishes

Tags

• UPGRADED FINISHES
• WALK-IN CLOSETS
• BONUS FLEX ROOM
• QUARTZ COUNTERTOPS
• BRAND-NEW CABINETS
• FINISHED GARAGE

Property features AI

Finance

• Other: Lot size about 0.14 acres
• HOA & community: Homeowners association with annual fee (approx. $400); HOA covers insurance, maintenance, park/playground, management, entrance/common area; HOA governed by covenants and rules & regulations

Exterior

• Parking: Attached concrete garage; Two-car garage (approx. 400 sq ft)
• Utilities: Public water; Municipal sewer connected; No solid waste service indicated
• Home design: Single-family residence; Two levels; Faces west; Updated/remodeled condition; Mandatory-fee ownership
• Construction: Vinyl siding; Slab foundation; Built by Ryan Homes
• Exterior features: Covered patio; Full privacy fence; Sidewalks; Street lights; Storm sewer; Suburban setting; Has a view

Interior

• Kitchen: Dishwasher; Microwave with hood; Electric oven; Refrigerator
• Bedrooms: Primary bedroom with walk-in closet; Four upper-level bedrooms
• Bathrooms: Two full bathrooms; One half bathroom; Primary bathroom with double sinks, shower stall, suite layout
• Heating & cooling: Forced-air heating (natural gas); Central air conditioning
• Interior features: Kitchen island; Eat-in kitchen; Pantry; Walk-in closet(s); Painted woodwork; Smoke alarm
• Laundry & utility: Upper-level laundry

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $315k.

Deal economics

• At list price, monthly cash flow is $37 ($449/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 $249k (21.0% below list).
• Recommended offer: $249k (21.0% below list) — sets the bar for 1% rule.
• Cap rate 6.4% 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 D — affects rentability + tenant quality, not the cash-flow math above.
• Mooresville Consolidated School Corporation (suburban): math 41% / reading 43% proficiency, ranked #111 of 301 in IN (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Madison Elementary School (math 48% / reading 33%, grade F, #491 of 994 statewide, top 50%, 632 students, 46% FRL); Paul Hadley Middle School (math 31% / reading 38%, grade F, #167 of 330 statewide, top 52%, 687 students, 47% FRL); Mooresville High School (math 43% / reading 74%, grade C, #60 of 369 statewide, top 16%, 1,404 students, 39% FRL).
• Market conditions: Rents rising (+2.9%/yr); 67 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 330 units permitted in Morgan County in 2024 (0 in 5+ unit buildings).
• This rent runs 35% of the median local income ($84k/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 $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Morgan County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 7y 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 $105k; list at $315k implies a 200% gain — meaningful room to come down on a strong offer.

Recommended offer $248,701 (21.0% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.79% ✗
• Cap rate: 6.44%
• Cash-on-cash: 0.51%
• DSCR: 1.02
• GRM: 10.6

CMA / ARV

• ARV (on-the-fly): $307,200
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
13841 N Cardonia Dr	0.00mi	4/2.5	1,920 (0%)	5mo	$105,000	$55	96
13874 N Hawkers Hill Dr	0.10mi	4/2.5	1,900 (-1%)	3mo	$305,000	$161	91
13844 N Cardonia Dr	0.03mi	4/2.5	1,920 (0%)	10mo	$263,000	$137	91
7111 E Rising Sun Cir N	0.08mi	4/2.5	1,924 (+0%)	8mo	$317,000	$165	89
7119 E Rising Sun Cir N	0.07mi	4/2.5	1,903 (-1%)	9mo	$289,990	$152	88
7208 E Rising Sun Cir N	0.15mi	4/2.5	1,903 (-1%)	10mo	$304,945	$160	83
13885 N Rising Sun Cir E	0.29mi	5/2.5 (+1)	1,918 (-0%)	0mo	$273,000	$142	81
13835 N Cardonia Dr	0.02mi	4/2.5	1,680 (-12%)	3mo	$31,000	$18	76
13813 N Hawkers Hill Dr	0.11mi	4/2.5	1,740 (-9%)	12mo	$290,000	$167	69
7147 E Rising Sun Cir S	0.10mi	4/2.5	2,203 (+15%)	4mo	$320,000	$145	67
13849 N Fairwood Dr	0.17mi	3/2.0 (-1)	1,658 (-14%)	0mo	$265,000	$160	62
13862 N Americus Way	0.31mi	3/2.0 (-1)	1,694 (-12%)	10mo	$292,425	$173	50

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 · 2.88% rent growth · sell at horizon

5-year hold

• IRR: -15.7%
• Equity multiple: 0.44×
• Total profit: $-49,078
• Equity at exit: $46,968

10-year hold

• IRR: -7.5%
• Equity multiple: 0.53×
• Total profit: $-41,368
• Equity at exit: $27,235

Cash invested: $88,200 (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 46113

• Home prices YoY: -13.0%
• Rents YoY: 2.9%
• Active inventory: 67
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $2,487 high
• Mortgage (P&I): −$1,652
• Tax from tax record: −$111 /mo · $1,334/yr
• Insurance: −$131
• HOA: −$33
• Vacancy / Maint / Mgmt: −$522
• Net cashflow: $37

Break-even live

Break-even rent $2,440

Max offer price $315,000

Occupancy floor 94%

Sensitivity live

Price	-10% $216	-5% $127	+0% $37	+5% $-52	+10% $-141
Rent	-10% $-159	-5% $-61	+0% $37	+5% $136	+10% $234
Rate	-1.0pp $196	-0.5pp $118	base $37	+0.5pp $-44	+1.0pp $-127

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: $78,750
• Closing costs: $9,450
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
13823 N Cardonia Dr Camby, IN	5.0	2.5	2200	$2,675	$1.22	19d	1	0.04mi
13857 N Mardenis Dr W Camby, IN	3.0	2.0	1440	$1,890	$1.31	0d	1	0.12mi
13320 N White Cloud Ct Camby, IN	3.0	2.0	1911	$2,000	$1.05	18d	1	0.88mi
13134 N Etna Green Dr Camby, IN	3.0	2.5	1613	$1,855	$1.15	18d	1	1.13mi
13147 N Becks Grove Ct Camby, IN	3.0	2.0	1440	$1,885	$1.31	6d	1	1.16mi
8735 Limberlost Ct Camby, IN	3.0	2.5	1987	$1,895	$0.95	19d	1	1.30mi

HOA detail

• Monthly dues: $33 · $396/yr

Listing history 2 events

1. 2026-06-21
   remarks 699-char remark
2. 2026-06-21
   listed $315,000 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: $1,334 · $111/mo
• Projected year-2 tax: $2,006 · $167/mo
• Expected delta: +$672/yr (+$56/mo · 50.3%)

ⓘ 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 4/10 Moderate 7 d/yr ≥101°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,844
• − Mortgage interest: −$17,645
• − Property taxes: −$1,334
• − Insurance: −$1,575
• − Repairs & maintenance: −$2,388
• − Management: −$2,388
• − HOA: −$396
• − Depreciation: −$9,164
• Taxable loss: −$5,045
• Est. tax savings @ 24.0%: +$1,211
• After-tax cash flow: $1,659/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: Mooresville Consolidated School Corporation
• NCES district ID: 1807140
• Math proficiency: 41% ▼ -11.00%
• Reading proficiency: 43% ▼ -9.00%
• Median HH income: $59,316
• Composite: 37.04/100
• National rank: #4511
• State rank: #111 of 301 in IN

Livability — Indianapolis city (balance)

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• County: Marion County · 998,460 people
• City population: 881,119
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 17,192
• Household income: $84,463
• Rent vs Own: 25.2% rent · 74.8% own
• Severe rent burden: 201.0

Population outlook (Morgan County) Hauer SSP2

• Today (2025): 71,081 people
• By 2030: 71,178 · +0.1%
• By 2040: 69,907 · -1.7%
• By 2050: 66,455 · -6.5%
• By 2075: 57,291 · -19.4%
• By 2100: 43,782 · -38.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Black 16% Two or more races 7% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Hispanic 5% Lithuanian 3% Slovak 2%
• Foreign-born: 10% · Canada
• Languages at home: 88% English-only · Spanish 5% French/Haitian/Cajun 5%

Political lean MEDSL · Morgan

• 2024 margin: Solid R (+54.3) · D 22.0% · R 76.3% · Other 1.7%
• 2008→2024 swing: -27.3pp toward R · 2008: -27.1pp · 2024: -54.3pp
• All cycles: 2024: R+54.3 2020: R+54.6 2016: R+56.6 2012: R+41.1 2008: R+27.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -33.73%
• Current HPI: 225.185
• Rent YoY: ▲ 2.88%
• 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

+57.5% since first listed

13 events — show timeline

• 2026-06-19 Listed $315,000 MIBOR as Distributed by MLS Grid
• 2026-01-15 Sold (MLS) $105,000 MIBOR as Distributed by MLS Grid
• 2025-12-11 Pending — MIBOR as Distributed by MLS Grid
• 2025-12-09 Listed $100,000 MIBOR as Distributed by MLS Grid
• 2022-10-18 Sold (MLS) $280,000 MIBOR as Distributed by MLS Grid
• 2022-09-26 Pending — MIBOR as Distributed by MLS Grid
• 2022-09-10 Relisted — MIBOR as Distributed by MLS Grid
• 2022-08-25 Pending — MIBOR as Distributed by MLS Grid
• 2022-08-22 Price Changed $299,000 MIBOR as Distributed by MLS Grid
• 2022-08-11 Listed $310,000 MIBOR as Distributed by MLS Grid
• 2019-06-26 Sold (MLS) $206,980 MIBOR as Distributed by MLS Grid
• 2019-05-20 Pending — MIBOR as Distributed by MLS Grid
• 2019-04-24 Listed $199,990 MIBOR as Distributed by MLS Grid

Property tax history

+7.3%/yr

Latest (2025): $1,334 · +0.1% YoY. Source: county tax records.