6312 Commons Dr · Indianapolis city (balance), IN 46254

$115,000

3 bd · 2.5 ba · 1,628 sqft · Condo public records · 5 Days on market

Built 1972 $71/sqft · 16% above area Est $99k · 16% over $183/mo HOA · 12% 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 +23.5/30.0
• 1% rule +8.5/10.0
• DSCR +7.6/10.0
• Rent growth +3.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• ARV discount +0.2/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

3 Bedroom 2 full bath. Tenant Rights. Unit is currently rented for $1100 and Market rent is $1250. HOA fee covers exterior Insurance and maintenance of Townhome.

Key facts

• $183 HOA
• Garage
• Built 1972

Property features AI

Finance

• Other: Approximately 0.13 acre lot; Two or more common walls
• HOA & community: Monthly HOA fee of $183 covering association, entrance/common area maintenance

Exterior

• Parking: Carport
• Utilities: Public water; Municipal sewer; Municipal solid waste service
• Home design: Attached residential condominium; Two levels; Horizontal condo (unit in a horizontal regime); Mandatory HOA membership
• Construction: Brick construction; Slab foundation
• Exterior features: Covered patio/porch

Interior

• Kitchen: Dishwasher; Microwave; Electric oven; Refrigerator; Gas water heater
• Bedrooms: Three bedrooms on the upper level
• Bathrooms: Two full bathrooms; One half bathroom (main level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Eat-in kitchen; Covered patio/porch

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $115k.

Deal economics

• At list price, monthly cash flow is $215 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Cap rate 8.5% 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.
• 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.
• Market conditions: Rents rising fast (+4.1%/yr); 15 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 31% of the median local income ($60k/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 $795 of loan paydown is wiped out by about $3k 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 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 9 sale attempts since 23y 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 $92k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $115,000

Questions for the listing agent

1. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.35% ✓
• Cap rate: 8.54%
• Cash-on-cash: 8.01%
• DSCR: 1.36
• GRM: 6.2

CMA / ARV

• ARV (median comp): $98,972
• List price: $115,000
• Delta: 16.19%
• Verdict: OVERPRICED
• Comps: 15 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.13% rent growth · sell at horizon

5-year hold

• IRR: -2.4%
• Equity multiple: 0.91×
• Total profit: $-3,001
• Equity at exit: $17,147

10-year hold

• IRR: 8.8%
• Equity multiple: 1.72×
• Total profit: $23,167
• Equity at exit: $9,943

Cash invested: $32,200 (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 46254

• Home prices YoY: -33.6%
• Rents YoY: 4.1%
• Active inventory: 15
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $1,556 high
• Mortgage (P&I): −$603
• Tax from tax record: −$180 /mo · $2,166/yr
• Insurance: −$48
• HOA: −$183
• Vacancy / Maint / Mgmt: −$327
• Net cashflow: $215

Break-even live

Break-even rent $1,284

Max offer price $115,000

Occupancy floor 81%

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6340 Commons Dr Indianapolis, IN	3.0	2.5	1605	$1,400	$0.87	44d	1	0.05mi
6363 Commons Dr Indianapolis, IN	1.0–3.0	1.0–2.0	966	$1,440	$1.49	3d	13	0.13mi
5801 Westhaven Dr Indianapolis, IN	4.0	1.0	1102	$1,300	$1.18	24d	1	0.70mi
5801 Westhaven Dr Indianapolis, IN	4.0	1.0	1102	$1,300	$1.18	44d	1	0.70mi
4366 Fullwood Ct Indianapolis, IN	3.0	2.5	1936	$2,005	$1.04	8d	1	0.80mi
3636 Mission Dr Indianapolis, IN	2.0	1.5	1100	$1,225	$1.11	44d	1	0.88mi
3636 Mission Dr Indianapolis, IN	3.0	1.5	1200	$1,415	$1.18	24d	1	0.88mi
6243 Glen Flint Ct Indianapolis, IN	3.0	2.5	1725	$2,071	$1.20	19d	1	0.89mi
6710 Hollow Run Pl Indianapolis, IN	1.0–3.0	1.0–2.0	995	$2,000	$2.01	8d	37	0.97mi
5925 Sunwood Dr Indianapolis, IN	3.0	1.0	1479	$1,600	$1.08	4d	1	1.04mi
5925 Sunwood Dr Indianapolis, IN	3.0	1.0	1479	$1,600	$1.08	20d	1	1.04mi
5801 Sunwood Dr Indianapolis, IN	4.0	2.0	1908	$2,055	$1.08	8d	1	1.14mi
5505 Scarlet Dr Indianapolis, IN	3.0	1.0–1.5	883	$1,549	$1.75	2d	4	1.29mi
3226 Voigt Dr Indianapolis, IN	3.0	1.5	1826	$1,850	$1.01	24d	1	1.38mi

HOA detail condo

• Monthly dues: $183 · $2,196/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-05-14
   listed $115,000 Active 519-char remark
2. 2025-12-02
   historical $1,300
3. 2025-09-17
   price $1,300
4. 2025-08-27
   price $1,550
5. 2025-08-22
   listed $1,525
6. 2024-09-24
   historical $1,525
7. 2024-07-19
   listed $1,525
8. 2022-03-24
   soldstatus $92,000 Closed 161-char remark

   Show marketing remark (161 chars)

   3 Bedroom 2 full bath. Tenant Rights. Unit is currently rented for $1100 and Market rent is $1250. HOA fee covers exterior Insurance and maintenance of Townhome.

9. 2022-03-04
   status Pending 161-char remark

   Show marketing remark (161 chars)

   3 Bedroom 2 full bath. Tenant Rights. Unit is currently rented for $1100 and Market rent is $1250. HOA fee covers exterior Insurance and maintenance of Townhome.

10. 2022-02-23
    listed $95,000 Active 161-char remark

    Show marketing remark (161 chars)

    3 Bedroom 2 full bath. Tenant Rights. Unit is currently rented for $1100 and Market rent is $1250. HOA fee covers exterior Insurance and maintenance of Townhome.

11. 2010-08-02
    historical
12. 2010-02-01
    listed $50,000
13. 2009-11-14
    historical
14. 2009-08-13
    listed $57,900
15. 2006-10-26
    soldstatus $48,000
16. 2006-09-07
    listed $49,000
17. 2005-09-22
    historical
18. 2005-02-18
    listed $54,900
19. 2003-12-31
    historical
20. 2003-07-17
    listed $56,900

ⓘ 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: $2,166 · $180/mo
• Projected year-2 tax: $2,166 · $180/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 · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,674
• − Mortgage interest: −$6,442
• − Property taxes: −$2,166
• − Insurance: −$575
• − Repairs & maintenance: −$1,494
• − Management: −$1,494
• − HOA: −$2,196
• − Depreciation: −$3,345
• Taxable income: $962
• Est. tax owed @ 24.0%: −$231
• After-tax cash flow: $2,348/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): 40,674
• Household income: $60,287
• Rent vs Own: 50.5% rent · 49.5% own
• Severe rent burden: 1660.0

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 0.61)
• Race & ethnicity: Black 56% White 20% Hispanic / Latino 18% Two or more races 11% Asian 2%
• Hispanic origin (detail): Mexican 8% Puerto Rican 2% Dominican 2%
• Common ancestry: Hispanic 3% Lithuanian 1% Italian 1%
• Foreign-born: 23% · Canada, United Kingdom, Mexico
• Languages at home: 75% English-only · Spanish 14% French/Haitian/Cajun 5% 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: ▼ -127.90%
• Current HPI: 252.8994
• Rent YoY: ▲ 4.13%
• 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

+102.1% since first listed

21 events — show timeline

• 2026-05-19 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-14 Listed $115,000 MIBOR as Distributed by MLS Grid
• 2025-12-02 Rental Removed $1,300 MIBOR
• 2025-09-17 Price Changed $1,300 MIBOR
• 2025-08-27 Price Changed $1,550 MIBOR
• 2025-08-22 Listed for Rent $1,525 MIBOR
• 2024-09-24 Rental Removed $1,525 MIBOR
• 2024-07-19 Listed for Rent $1,525 MIBOR
• 2022-03-24 Sold (MLS) $92,000 MIBOR as Distributed by MLS Grid
• 2022-03-04 Pending — MIBOR as Distributed by MLS Grid
• 2022-02-23 Listed $95,000 MIBOR as Distributed by MLS Grid
• 2010-08-02 Listing Removed — MIBOR as Distributed by MLS Grid
• 2010-02-01 Listed $50,000 MIBOR as Distributed by MLS Grid
• 2009-11-14 Listing Removed — MIBOR as Distributed by MLS Grid
• 2009-08-13 Listed $57,900 MIBOR as Distributed by MLS Grid
• 2006-10-26 Sold (MLS) $48,000 MIBOR as Distributed by MLS Grid
• 2006-09-07 Listed $49,000 MIBOR as Distributed by MLS Grid
• 2005-09-22 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-02-18 Listed $54,900 MIBOR as Distributed by MLS Grid
• 2003-12-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2003-07-17 Listed $56,900 MIBOR as Distributed by MLS Grid

Property tax history

+6.4%/yr

Latest (2025): $2,166 · -12.0% YoY. Source: county tax records.