3741 Lima Dr N · Indianapolis city (balance), IN 46227

$125,000

2 bd · 1.5 ba · 930 sqft · Condo public records · 4 Days on market

Built 1984 $86/mo HOA · 6% of rent

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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 +25.1/30.0
• DSCR +8.2/10.0
• ARV discount +7.5/15.0
• 1% rule +6.1/10.0
• Schools +3.5/10.0
• Rent growth +3.1/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great starter home or investment property. Features 2 Bedrooms, 1.5 baths, wood deck and finished basement. Easy access to shopping, hospital, entertainment and expressway. Don't miss the opportunity.

Key facts

• Big deck
• Finished area
• Owner's suite

Tags

• END UNIT CONDO
• FINISHED AREA
• BIG DECK
• OWNER'S SUITE
• PLENTY OF CLOSET SPACE

Property features AI

Finance

• Other: Ownership in a planned unit development; Property condition listed as fixer; Common walls: end unit, 1 common wall
• HOA & community: Has HOA; Monthly HOA fee of $86; HOA pays insurance, lawn care/maintenance, management and snow removal

Exterior

• Parking: No garage square footage listed
• Utilities: Public water; Municipal sewer connected; Electricity connected; Cable available; Sewer and water connected
• Home design: Residential condominium (vertical type); Attached property; Private building entry; Faces northwest; Two to three+ levels
• Construction: Vinyl with brick and brick exterior; Concrete perimeter foundation
• Exterior features: End unit with one common wall; No one above and no one below (vertical condominium); Lot under 1/4 acre

Interior

• Kitchen: Dishwasher; Microwave; Electric oven; Range hood; Refrigerator; Disposal; Eat-in kitchen
• Bedrooms: Primary bedroom with walk-in closet; Two upper-level bedrooms
• Flooring: First floor (floor number listed)
• Bathrooms: One full bathroom; One half bathroom; Primary bathroom suite with full tub and shower
• Heating & cooling: Electric heating; Heat pump for heating and cooling
• Interior features: Attic access; Eat-in kitchen; Finished basement
• Laundry & utility: Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $125k.

Deal economics

• At list price, monthly cash flow is $276 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• Cap rate 8.9% 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.
• 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 (+2.5%/yr); 248 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals leasing fast (median 9d on market — plan ~1-2 weeks tenant-placement turnaround); 1,906 units permitted in Marion County in 2024 (621 in 5+ unit buildings).
• This rent runs 31% of the median local income ($54k/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 $864 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

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 14y 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 $31k; list at $125k implies a 303% gain — meaningful room to come down on a strong offer.

Recommended offer $125,000

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. 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?
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 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: 1.11% ✓
• Cap rate: 8.95%
• Cash-on-cash: 9.47%
• DSCR: 1.42
• GRM: 7.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.46% rent growth · sell at horizon

5-year hold

• IRR: -2.6%
• Equity multiple: 0.90×
• Total profit: $-3,412
• Equity at exit: $18,638

10-year hold

• IRR: 6.5%
• Equity multiple: 1.47×
• Total profit: $16,623
• Equity at exit: $10,808

Cash invested: $35,000 (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 46227

• Rents YoY: 2.5%
• Active inventory: 248
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,386 high
• Mortgage (P&I): −$656
• Tax from tax record: −$25 /mo · $301/yr
• Insurance: −$52
• HOA: −$86
• Vacancy / Maint / Mgmt: −$291
• Net cashflow: $276

Break-even live

Break-even rent $1,036

Max offer price $125,000

Occupancy floor 75%

Sensitivity live

Price	-10% $347	-5% $312	+0% $276	+5% $241	+10% $206
Rent	-10% $167	-5% $222	+0% $276	+5% $331	+10% $386
Rate	-1.0pp $339	-0.5pp $308	base $276	+0.5pp $244	+1.0pp $211

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3741 Lima Ct Indianapolis, IN	2.0	1.0	976	$1,350	$1.38	9d	1	0.02mi
3717 Piermont Dr Indianapolis, IN	1.0–3.0	1.0–2.0	1038	$1,414	$1.36	4d	23	0.08mi
3546 Valley Lake Dr Indianapolis, IN	3.0	1.0	984	$1,645	$1.67	5d	1	0.35mi
8631 Pleasant Creek Ct Indianapolis, IN	3.0	2.0	1120	$1,706	$1.52	9d	1	0.49mi
3503 Pleasant Lake Dr Indianapolis, IN	3.0	1.0	1064	$1,615	$1.52	14d	1	0.53mi
8055 Crossing Dr Indianapolis, IN	1.0–2.0	1.0	775	$1,224	$1.58	3d	15	0.66mi
7909 Southfield Dr Indianapolis, IN	3.0	2.0	1056	$1,445	$1.37	9d	1	0.79mi
8213 Zona Dr Indianapolis, IN	1.0–3.0	1.0–1.5	935	$1,102	$1.18	3d	16	0.81mi
8120 Bravo Pl Apt 5 Indianapolis, IN	2.0	1.5	947	$1,235	$1.30	25d	1	0.83mi
8035 Preidt Pl Indianapolis, IN	2.0	1.0	947	$1,235	$1.30	25d	1	0.83mi
2524 Tamarack Ln Indianapolis, IN	1.0–2.0	1.0	655	$969	$1.48	9d	7	0.89mi
4701 Todd Rd Indianapolis, IN	2.0	1.0–1.5	882	$1,475	$1.67	25d	5	0.92mi
4545 Scarlet Oak Way Indianapolis, IN	1.0–3.0	1.0–2.0	1101	$1,538	$1.40	0d	15	0.96mi
1039 N Paz Dr Greenwood, IN	1.0–3.0	1.0–2.0	925	$1,228	$1.33	0d	9	1.01mi
7215 Grand Ritz Ln Indianapolis, IN	2.0	2.0	947	$1,260	$1.33	25d	1	1.04mi
14 Greenwood Trl N Greenwood, IN	2.0	1.5	1088	$1,275	$1.17	16d	1	1.06mi
1043 Mikes Way Greenwood, IN	3.0	2.0	1090	$1,650	$1.51	45d	1	1.09mi
49 Trails End Unit 1 Greenwood, IN	2.0	1.5	1088	$1,450	$1.33	0d	1	1.14mi
968 Greenwood Trl W Greenwood, IN	2.0	2.0	1088	$1,475	$1.36	14d	1	1.17mi
8960 S Keystone Ave Indianapolis, IN	1.0–2.0	1.0	881	$1,270	$1.44	3d	7	1.22mi
7213 Sundance Dr Indianapolis, IN	1.0–2.0	1.0–2.0	973	$1,625	$1.67	3d	44	1.22mi
88 Keran Manor Ct Greenwood, IN	2.0	1.0	945	$1,450	$1.53	45d	1	1.41mi
7913 Ella Dobbs Ln Indianapolis, IN	1.0–3.0	1.0–2.0	1021	$1,325	$1.30	25d	1	1.46mi

HOA detail condo

• Monthly dues: $86 · $1,032/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 3 events

1. 2026-06-21
   days on market $125,000 Active 4 DOM
2. 2026-06-17
   remarks 258-char remark
3. 2026-06-17
   listed $125,000 Active 1 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: $301 · $25/mo
• Projected year-2 tax: $682 · $57/mo
• Expected delta: +$381/yr (+$32/mo · 126.6%)

ⓘ 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 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,633
• − Mortgage interest: −$7,002
• − Property taxes: −$301
• − Insurance: −$625
• − Repairs & maintenance: −$1,331
• − Management: −$1,331
• − HOA: −$1,032
• − Depreciation: −$3,636
• Taxable income: $1,375
• Est. tax owed @ 24.0%: −$330
• After-tax cash flow: $2,986/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: 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 · 998,460 people
• City population: 881,119
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 57,587
• Household income: $53,629
• Rent vs Own: 55.1% rent · 44.9% own
• Severe rent burden: 3583.0

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 0.59)
• Race & ethnicity: White 61% Asian 12% Black 11% Hispanic / Latino 10% Two or more races 8%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Italian 2% Slovak 2% Lithuanian 1%
• Foreign-born: 17% · Philippines, Canada, Vietnam
• Languages at home: 79% English-only · Other Asian/Pacific 9% Spanish 7% Other Indo-European 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: ▼ -260.49%
• Current HPI: 276.8271
• Rent YoY: ▲ 2.46%
• 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

+68.4% since first listed

5 events — show timeline

• 2026-06-17 Listed $125,000 MIBOR as Distributed by MLS Grid
• 2013-10-16 Listing Removed — MIBOR as Distributed by MLS Grid
• 2013-10-16 Sold (MLS) $31,000 MIBOR as Distributed by MLS Grid
• 2012-11-07 Listed $31,000 MIBOR as Distributed by MLS Grid
• 2001-10-01 Sold (Public Records) $74,214 Public Records

Property tax history

+3.6%/yr

Latest (2025): $301 · +1.9% YoY. Source: county tax records.