5534 Hill Rise Dr · Indianapolis city (balance), IN 46237

$214,100

4 bd · 1.0 ba · 1,890 sqft · SingleFamily public records · 65 Days on market

Built 1976 0.25 ac lot Est $268k · 20% under

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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).

• ARV discount +15.0/15.0
• Cash flow +12.3/30.0
• 1% rule +4.4/10.0
• Schools +4.0/10.0
• DSCR +3.7/10.0
• Rent growth +3.4/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

THIS SPACIOUS TWO STORY HOME FEATURES 4 NICE BEDROOMS, 1.5 BATHS, LIVING ROOM AND FAMILY ROOM, DINING ROOM/KITCHEN COMBO, AND AN UNFINISHED BASEMENT. HOME IS SITUATED ON A NICE LOT WITH .25 ACRES, LARGE FENCED IN BACKYARD, PATIO, AND A 2 CAR ATTACHED GARAGE.

Key facts

• 0.25 acre lot
• 2 garage spots
• Built 1976

Property features AI

Exterior

• Parking: Attached 2-car garage (approx. 440 sq ft)
• Utilities: Water: Other; Sewage disposal: Other/See Remarks; No solid waste service listed
• Home design: Single family residence; Two levels
• Construction: Brick and vinyl with brick exterior; Concrete perimeter foundation
• Exterior features: Approximately 0.25-acre lot

Interior

• Kitchen: Dishwasher; Electric oven; Refrigerator
• Bedrooms: 4 bedrooms on the upper level (one listed as Bedroom 2, Bedroom 3, Bedroom 4); Additional room on upper level (10x20)
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Finished basement; Dishwasher; Electric oven; Refrigerator; Living room; Dining room; Family room; Kitchen

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $214k.

Deal economics

• At list price, monthly cash flow is $-39 ($-468/yr) — negative.
• To cash-flow at today's rent, offer at most $207k (3.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $202k (5.9% below list).
• Recommended offer: $201k (6.0% below list) — sets the bar for market timing.
• Cap rate 6.1% 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.
• 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.
• Zoned schools: Arlington Elementary School (math 47% / reading 37%, grade F, #434 of 994 statewide, top 48%, 484 students, 75% FRL); Franklin Central High School (math 41% / reading 69%, grade C, #77 of 369 statewide, top 21%, 3,319 students, 46% FRL) — zoned schools average 60% FRL vs 29% district-wide (32 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.8%/yr); 270 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals leasing fast (median 14d 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).
• This rent runs 31% of the median local income ($79k/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 $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 65 days — a 6% lower offer ($201k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 13y ago; this cycle's ask has dropped $2.02M (90%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $75k; list at $214k implies a 184% gain — meaningful room to come down on a strong offer.

Recommended offer $201,254 (6.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
3. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 0.94% ✗
• Cap rate: 6.07%
• Cash-on-cash: -0.78%
• DSCR: 0.97
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $268,380
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4921 Candy Spots Dr	0.27mi	4/2.0	1,836 (-3%)	2mo	$254,900	$139	77
5628 Hill Rise Dr	0.10mi	3/2.5 (-1)	1,816 (-4%)	2mo	$309,900	$171	76
4902 Dancer Dr	0.31mi	4/3.0	2,011 (+6%)	1mo	$279,000	$139	66
4537 Whirlaway Dr	0.08mi	3/2.5 (-1)	1,684 (-11%)	3mo	$255,000	$151	64
4704 Citation Cir	0.36mi	4/2.5	2,122 (+12%)	5mo	$262,000	$123	52
5915 Parterra Dr	0.55mi	4/2.0	1,748 (-8%)	7mo	$219,900	$126	52
6115 Glebe Dr	0.56mi	3/2.5 (-1)	1,778 (-6%)	1mo	$287,500	$162	52
5110 Triple Crown Way	0.64mi	3/2.5 (-1)	1,995 (+6%)	1mo	$314,990	$158	49
5709 Churchman Ave	0.71mi	3/2.0 (-1)	1,760 (-7%)	4mo	$250,000	$142	43
4835 Franklin Villas Dr	0.57mi	3/2.0 (-1)	2,131 (+13%)	7mo	$218,850	$103	38
5503 Forest Ridge Ct	0.69mi	3/2.5 (-1)	2,102 (+11%)	5mo	$241,390	$115	34
5106 Triple Crown Way	0.64mi	3/2.5 (-1)	2,169 (+15%)	1mo	$327,999	$151	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: -16.6%
• Equity multiple: 0.41×
• Total profit: $-35,460
• Equity at exit: $31,923

10-year hold

• IRR: -6.8%
• Equity multiple: 0.55×
• Total profit: $-26,927
• Equity at exit: $18,511

Cash invested: $59,948 (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: 270
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $2,016 high
• Mortgage (P&I): −$1,123
• Tax from tax record: −$419 /mo · $5,033/yr
• Insurance: −$89
• HOA: −$0
• Vacancy / Maint / Mgmt: −$423
• Net cashflow: $-39

Break-even live

Break-even rent $2,065

Max offer price $207,210

Occupancy floor 97%

Sensitivity live

Price	-10% $82	-5% $22	+0% $-39	+5% $-100	+10% $-160
Rent	-10% $-198	-5% $-119	+0% $-39	+5% $41	+10% $120
Rate	-1.0pp $69	-0.5pp $15	base $-39	+0.5pp $-94	+1.0pp $-151

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: $53,525
• Closing costs: $6,423
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5729 Ensenada Ave Indianapolis, IN	4.0	2.0	1506	$1,831	$1.22	25d	1	0.46mi
4436 Victory Cir Indianapolis, IN	3.0	2.5	1712	$1,850	$1.08	19d	1	0.46mi
5739 Ensenada Ave Indianapolis, IN	3.0	2.0	1506	$1,700	$1.13	23d	1	0.47mi
4901 S Emerson Ave Indianapolis, IN	1.0–4.0	1.0–2.0	998	$2,008	$2.01	0d	10	0.48mi
5717 Hacienda Ct Indianapolis, IN	3.0	1.5	1322	$1,631	$1.23	17d	1	0.49mi
5844 Timber Lake Blvd Indianapolis, IN	3.0	2.0	1250	$1,756	$1.40	0d	1	0.71mi
418 Andrea Dr Beech Grove, IN	4.0	2.0	1626	$1,836	$1.13	25d	1	0.81mi
4744 Altar Ct Indianapolis, IN	4.0	2.5	2280	$2,116	$0.93	20d	1	0.92mi
5309 Waterton Lakes Dr Indianapolis, IN	3.0	2.0	1390	$1,865	$1.34	9d	1	0.98mi
5310 Shelbyville Rd Indianapolis, IN	4.0	2.0	1860	$1,850	$0.99	0d	1	1.03mi
5500 S Emerson Ave Indianapolis, IN	2.0–3.0	2.5	1492	$2,175	$1.46	0d	2	1.13mi
6543 E Hanna Ave Indianapolis, IN	2.0–4.0	2.0	1312	$1,659	$1.26	0d	1	1.18mi
5343 S Linwood Ave Indianapolis, IN	4.0	2.5	2268	$3,000	$1.32	13d	1	1.29mi
4880 Willow Glen Dr Beech Grove, IN	1.0–3.0	1.0–1.5	971	$1,695	$1.75	4d	34	1.33mi
6050 Castleford Dr Indianapolis, IN	2.0–4.0	1.0–2.0	1147	$1,725	$1.50	4d	3	1.47mi
6014 Castleford Dr Indianapolis, IN	3.0	2.0	1242	$1,525	$1.23	25d	1	1.47mi

Listing history 29 events

1. 2026-06-13
   statusdays on market $214,100 Pending 65 DOM
2. 2026-06-09
   days on market $214,100 Active 64 DOM
3. 2026-06-08
   days on market $214,100 Active 63 DOM
4. 2026-06-07
   pricedays on market $214,100 Active 62 DOM
5. 2026-06-03
   days on market $223,000 Active 58 DOM
6. 2026-06-02
   days on market $223,000 Active 57 DOM
7. 2026-06-01
   days on market $223,000 Active 56 DOM
8. 2026-05-31
   days on market $223,000 Active 55 DOM
9. 2026-04-21
   status Active
10. 2026-04-10
    status Pending
11. 2026-03-26
    price $223,000
12. 2026-03-26
    listed $2,230,000 Active
13. 2025-11-25
    historical $1,640
14. 2025-11-15
    price $1,640
15. 2025-11-08
    price $1,685
16. 2025-11-01
    listed $1,730
17. 2025-11-01
    historical $1,730
18. 2025-10-31
    price $1,730
19. 2025-10-24
    price $1,840
20. 2025-10-15
    price $1,920
21. 2025-10-11
    listed $1,960
22. 2025-01-26
    historical $1,690
23. 2025-01-24
    historical $1,690
24. 2024-12-19
    listed $1,690
25. 2024-11-15
    price $1,690
26. 2024-11-13
    listed $1,725
27. 2014-01-09
    historical 258-char remark

    Show marketing remark (258 chars)

    THIS SPACIOUS TWO STORY HOME FEATURES 4 NICE BEDROOMS, 1.5 BATHS, LIVING ROOM AND FAMILY ROOM, DINING ROOM/KITCHEN COMBO, AND AN UNFINISHED BASEMENT. HOME IS SITUATED ON A NICE LOT WITH .25 ACRES, LARGE FENCED IN BACKYARD, PATIO, AND A 2 CAR ATTACHED GARAGE.

28. 2014-01-08
    soldstatus $75,400 258-char remark

    Show marketing remark (258 chars)

    THIS SPACIOUS TWO STORY HOME FEATURES 4 NICE BEDROOMS, 1.5 BATHS, LIVING ROOM AND FAMILY ROOM, DINING ROOM/KITCHEN COMBO, AND AN UNFINISHED BASEMENT. HOME IS SITUATED ON A NICE LOT WITH .25 ACRES, LARGE FENCED IN BACKYARD, PATIO, AND A 2 CAR ATTACHED GARAGE.

29. 2013-09-19
    listed $99,000 258-char remark

    Show marketing remark (258 chars)

    THIS SPACIOUS TWO STORY HOME FEATURES 4 NICE BEDROOMS, 1.5 BATHS, LIVING ROOM AND FAMILY ROOM, DINING ROOM/KITCHEN COMBO, AND AN UNFINISHED BASEMENT. HOME IS SITUATED ON A NICE LOT WITH .25 ACRES, LARGE FENCED IN BACKYARD, PATIO, AND A 2 CAR ATTACHED GARAGE.

ⓘ 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: $5,033 · $419/mo
• Projected year-2 tax: $5,033 · $419/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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,188
• − Mortgage interest: −$11,993
• − Property taxes: −$5,033
• − Insurance: −$1,070
• − Repairs & maintenance: −$1,935
• − Management: −$1,935
• − Depreciation: −$6,228
• Taxable loss: −$4,007
• Est. tax savings @ 24.0%: +$962
• After-tax cash flow: $494/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): 43,473
• Household income: $79,078
• Rent vs Own: 31.1% rent · 68.9% own
• Severe rent burden: 1245.0

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: 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
▸Healthcare	1	$177B
▸Pharmaceuticals	1	$45B
▸Metals / Steel	1	$18B
▸Agriculture	1	$17B
▸Packaging	1	$12B

Price history

+125.3% since first listed

21 events — show timeline

• 2026-04-21 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-10 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-26 Price Changed $223,000 MIBOR as Distributed by MLS Grid
• 2026-03-26 Listed $2,230,000 MIBOR as Distributed by MLS Grid
• 2025-11-25 Rental Removed $1,640 ZUMPER1
• 2025-11-15 Price Changed $1,640 ZUMPER1
• 2025-11-08 Price Changed $1,685 ZUMPER1
• 2025-11-01 Listed for Rent $1,730 ZUMPER1
• 2025-11-01 Rental Removed $1,730 RENTLY
• 2025-10-31 Price Changed $1,730 RENTLY
• 2025-10-24 Price Changed $1,840 RENTLY
• 2025-10-15 Price Changed $1,920 RENTLY
• 2025-10-11 Listed for Rent $1,960 RENTLY
• 2025-01-26 Rental Removed $1,690 RENTLY
• 2025-01-24 Rental Removed $1,690 RENT.
• 2024-12-19 Listed for Rent $1,690 RENT.
• 2024-11-15 Price Changed $1,690 RENTLY
• 2024-11-13 Listed for Rent $1,725 RENTLY
• 2014-01-09 Listing Removed — MIBOR as Distributed by MLS Grid
• 2014-01-08 Sold (MLS) $75,400 MIBOR as Distributed by MLS Grid
• 2013-09-19 Listed $99,000 MIBOR as Distributed by MLS Grid

Property tax history

+7.2%/yr

Latest (2025): $5,033 · +8.4% YoY. Source: county tax records.