9884 Royce Dr · Indianapolis city (balance), IN 46235

$74,000

2 bd · 1.0 ba · 876 sqft · Condo · 55 Days on market

Built 1973 $84/sqft · 6% above area Est $70k · 6% over $250/mo HOA · 18% of rent ↓ 1% since listing

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +4.9/15.0
• Rent growth +3.1/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this well-maintained condo located on the east side of Indianapolis in the established Tudor Park community. This 2 bedroom, 1 bathroom home offers a functional layout with comfortable living space and great potential for both homeowners and investors. This home has been recently rehabbed with fresh paint, new appliances, and freshly cleaned carpet, making it move-in ready for its next owner. Inside, you'll find a spacious living area, in-unit laundry, and central air for year-round comfort. The property also features an attached garage, providing added convenience and security. Nestled in a quiet community, this home provides a peaceful setting while still being conveniently lo

Key facts

• Attached garage
• Recently rehabbed
• In unit laundry

Tags

• RECENTLY REHABBED
• IN UNIT LAUNDRY
• CENTRAL AIR
• ATTACHED GARAGE
• QUIET COMMUNITY
• CLOSE PROXIMITY TO SHOPPING

Property features AI

Finance

• Other: Mandatory fee ownership interest; Less than 1/4 acre
• HOA & community: HOA present; monthly fee of $250; HOA covers sewer, entrance/commons, maintenance, snow removal, and trash; Covenants & restrictions

Exterior

• Parking: Detached and attached garage options; 1 garage space
• Security: Smoke detector(s)
• Utilities: Public water; Municipal sewer
• Home design: Residential condominium; Attached property; Vertical condo with private entry; Two levels; One common wall
• Construction: Brick and stucco construction; Slab foundation
• Exterior features: Balcony; Has a view

Interior

• Kitchen: Microwave; Dishwasher; Refrigerator
• Bedrooms: Two bedrooms on upper level; Primary bedroom with walk-in closet
• Bathrooms: One full bathroom with tub/shower
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Tray ceilings; Walk-in closet(s); Smoke detector(s)
• Laundry & utility: Washer; Dryer; Laundry closet

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $74k.

Deal economics

• At list price, monthly cash flow is $323 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $74k).
• Recommended offer: $72k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.5% 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 C — 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 (+2.6%/yr); 54 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $512 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 2.6% rent growth), your $21k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($72k) is reasonable based on typical stale-listing flexibility.

Recommended offer $71,780 (3.0% below list)

Questions for the listing agent

1. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.88% ✓
• Cap rate: 11.53%
• Cash-on-cash: 18.71%
• DSCR: 1.83
• GRM: 4.4

CMA / ARV

• ARV (median comp): $70,000
• List price: $74,000
• Delta: 5.71%
• Verdict: FAIR
• Comps: 17 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.56% rent growth · sell at horizon

5-year hold

• IRR: 10.0%
• Equity multiple: 1.39×
• Total profit: $8,158
• Equity at exit: $11,034

10-year hold

• IRR: 18.8%
• Equity multiple: 2.54×
• Total profit: $31,853
• Equity at exit: $6,398

Cash invested: $20,720 (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 46235

• Home prices YoY: -4.3%
• Rents YoY: 2.6%
• Active inventory: 54
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,388 high
• Mortgage (P&I): −$388
• Tax from tax record: −$104 /mo · $1,249/yr
• Insurance: −$31
• HOA: −$250
• Vacancy / Maint / Mgmt: −$291
• Net cashflow: $323

Break-even live

Break-even rent $979

Max offer price $74,000

Occupancy floor 72%

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: $18,500
• Closing costs: $2,220
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3962 Strathmore Dr Indianapolis, IN	3.0	1.0	925	$1,250	$1.35	24d	1	0.48mi
10101 Montery Rd Indianapolis, IN	2.0	1.0	627	$1,439	$2.30	2d	10	0.54mi
3645 Wingate Ct Indianapolis, IN	3.0	1.0–2.0	774	$1,258	$1.62	24d	6	0.57mi
9226 E 36th Pl Indianapolis, IN	3.0	1.0	1073	$1,250	$1.16	8d	1	0.63mi
9438 Conried Dr Indianapolis, IN	3.0	1.0	1094	$1,445	$1.32	4d	1	0.68mi
9060 E 39th Pl Indianapolis, IN	1.0–2.0	1.0–1.5	820	$1,040	$1.27	24d	1	0.86mi
3665 Coneflower Way Indianapolis, IN	3.0	2.0	1030	$1,375	$1.33	44d	1	0.95mi
3631 Decamp Dr Indianapolis, IN	3.0	1.0	1000	$1,335	$1.33	24d	1	1.03mi
8862 Bel Air Ct Indianapolis, IN	3.0	1.0	1073	$1,264	$1.18	18d	1	1.06mi
3809 Biscayne Rd Indianapolis, IN	2.0	1.5	992	$1,020	$1.03	15d	1	1.10mi
3938 Biscayne Rd Indianapolis, IN	3.0	1.0	1000	$1,895	$1.90	3d	1	1.15mi
8724 Montery Rd Indianapolis, IN	3.0	1.0	925	$1,500	$1.62	44d	1	1.22mi

HOA detail condo

• Monthly dues: $250 · $3,000/yr
• Likely covers: security
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-06-18
   days on market $74,000 Active 55 DOM
2. 2026-06-17
   pricedays on market $74,000 Active 54 DOM
3. 2026-06-16
   days on market $75,000 Active 53 DOM
4. 2026-06-15
   days on market $75,000 Active 52 DOM
5. 2026-06-13
   days on market $75,000 Active 50 DOM
6. 2026-06-13
   days on market $75,000 Active 49 DOM
7. 2026-06-09
   days on market $75,000 Active 46 DOM
8. 2026-06-08
   days on market $75,000 Active 45 DOM
9. 2026-06-07
   days on market $75,000 Active 44 DOM
10. 2026-06-03
    days on market $75,000 Active 40 DOM
11. 2026-06-02
    days on market $75,000 Active 39 DOM
12. 2026-06-01
    days on market $75,000 Active 38 DOM
13. 2026-05-31
    days on market $75,000 Active 37 DOM
14. 2026-04-24
    listed $75,000 Active 1062-char remark

ⓘ 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: $1,249 · $104/mo
• Projected year-2 tax: $1,249 · $104/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $16,650
• − Mortgage interest: −$4,145
• − Property taxes: −$1,249
• − Insurance: −$370
• − Repairs & maintenance: −$1,332
• − Management: −$1,332
• − HOA: −$3,000
• − Depreciation: −$2,153
• Taxable income: $3,069
• Est. tax owed @ 24.0%: −$736
• After-tax cash flow: $3,141/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): 36,317
• Household income: $58,951
• Rent vs Own: 46.5% rent · 53.5% own
• Severe rent burden: 1901.0

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 0.62)
• Race & ethnicity: Black 57% White 18% Hispanic / Latino 17% Two or more races 11%
• Hispanic origin (detail): Mexican 11% Puerto Rican 2%
• Common ancestry: Hispanic 3% Slovak 1% Romanian 1%
• Foreign-born: 11% · Canada
• Languages at home: 80% English-only · Spanish 15% French/Haitian/Cajun 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: ▼ -12.41%
• Current HPI: 275.1505
• Rent YoY: ▲ 2.56%
• 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

-1.3% since first listed

2 events — show timeline

• 2026-06-16 Price Changed $74,000 MIBOR as Distributed by MLS Grid
• 2026-04-24 Listed $75,000 MIBOR as Distributed by MLS Grid

Property tax history

+14.4%/yr

Latest (2025): $1,249 · +69.1% YoY. Source: county tax records.