4223 Glenwood Dr · Indianapolis city (balance), IN 46205

$165,000

3 bd · 1.5 ba · 1,242 sqft · SingleFamily public records · 48 Days on market

Built 1942 0.33 ac lot Est $150k · 10% over

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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 +16.4/30.0
• DSCR +5.1/10.0
• Rent growth +4.1/5.0
• 1% rule +3.8/10.0
• ARV discount +3.1/15.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

3 Bed, 1.5 bath home with one car garage and large fenced yard. Plenty of parking on large gravel driveway. Newer SS kitchen appliances, real wood floors and a great overall location. New sewer line in 2019. This could be a great rental property or your new home! Seller was getting $895/month in rent.

Key facts

• Laundry room
• Water heater
• Hardwood floors

Tags

• HARDWOOD FLOORS
• BUILT-INS
• LAUNDRY ROOM
• FENCED-IN YARD
• NEW SEWER LINE
• WATER HEATER

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $95 ($1k/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 $145k (12.3% below list).
• Recommended offer: $145k (12.3% below list) — sets the bar for 1% rule.
• Cap rate 7.0% 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.
• Zoned schools: Center For Inquiry School 84 (math 64% / reading 69%, grade B+, #65 of 994 statewide, top 7%, 469 students, 8% FRL); H L Harshman Middle School (math 3% / reading 16%, grade F, #316 of 330 statewide, top 96%, 549 students, 84% FRL) — zoned schools average 46% FRL vs 77% district-wide (31 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 38% at this address vs 17% district-wide (+21 pts) — the actual schools serving this property are materially stronger than the Indianapolis Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+6.2%/yr); 317 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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 $1k of loan paydown is wiped out by about $5k 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 48 days — a 3% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 26y 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 $85k; list at $165k implies a 94% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $144,722 (12.3% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.88% ✗
• Cap rate: 6.98%
• Cash-on-cash: 2.46%
• DSCR: 1.11
• GRM: 9.5

CMA / ARV

• ARV (on-the-fly): $150,282
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3303 E 42nd St	0.33mi	3/1.0	1,140 (-8%)	5mo	$82,500	$72	65
4389 Abby Creek Ln	0.26mi	2/2.0 (-1)	1,307 (+5%)	21mo	$158,000	$121	55
4245 Norwaldo Ave	0.73mi	3/2.0	1,200 (-3%)	10mo	$289,900	$242	50
3031 E 38th St	0.61mi	2/1.0 (-1)	1,371 (+10%)	4mo	$100,000	$73	44
4513 Caroline Ave	0.65mi	3/2.0	1,065 (-14%)	2mo	$270,000	$254	42
3932 Caroline Ave	0.72mi	2/1.0 (-1)	1,315 (+6%)	13mo	$103,000	$78	39
3101 E 46th St	0.44mi	3/1.0	1,072 (-14%)	22mo	$124,500	$116	36
4827 Brouse Ave	0.73mi	2/1.0 (-1)	1,075 (-13%)	1mo	$215,000	$200	35

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 · 6.21% rent growth · sell at horizon

5-year hold

• IRR: -9.1%
• Equity multiple: 0.66×
• Total profit: $-15,922
• Equity at exit: $24,602

10-year hold

• IRR: 3.9%
• Equity multiple: 1.32×
• Total profit: $14,901
• Equity at exit: $14,266

Cash invested: $46,200 (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 46205

• Rents YoY: 6.2%
• Active inventory: 317
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,447 high
• Mortgage (P&I): −$865
• Tax from tax record: −$115 /mo · $1,376/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$304
• Net cashflow: $95

Break-even live

Break-even rent $1,327

Max offer price $165,000

Occupancy floor 88%

Sensitivity live

Price	-10% $188	-5% $141	+0% $95	+5% $48	+10% $1
Rent	-10% $-20	-5% $37	+0% $95	+5% $152	+10% $209
Rate	-1.0pp $178	-0.5pp $137	base $95	+0.5pp $52	+1.0pp $8

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4400 E Fall Creek Parkway North Dr Indianapolis, IN	1.0–2.0	1.0–1.5	857	$1,349	$1.57	0d	34	0.21mi
4115 Meadows Dr Indianapolis, IN	1.0–3.0	1.0–2.0	1013	$1,592	$1.57	45d	9	0.41mi
2511 E 46th St Indianapolis, IN	1.0–2.0	1.0–2.0	830	$1,305	$1.57	45d	2	0.45mi
2947 E 47th St Unit D Indianapolis, IN	2.0	2.0	1133	$1,074	$0.95	3d	1	0.51mi
3011 E 47th St Unit D Indianapolis, IN	2.0	2.0	1133	$1,099	$0.97	0d	1	0.52mi
3039 E 47th St Indianapolis, IN	2.0	2.0	1133	$1,086	$0.96	4d	7	0.52mi
3031 E 47th St Apt E Indianapolis, IN	2.0	2.0	1133	$1,074	$0.95	9d	1	0.52mi
4448 Evanston Ave Unit B Indianapolis, IN	2.0	1.5	1500	$1,275	$0.85	0d	1	0.66mi
4448 Evanston Ave Unit B Indianapolis, IN	2.0	1.5	1500	$1,400	$0.93	45d	1	0.66mi
4448 Evanston Ave Unit B Indianapolis, IN	2.0	1.5	1500	$1,275	$0.85	23d	1	0.66mi
4301 Crittenden Ave Indianapolis, IN	2.0	1.0	1376	$1,350	$0.98	45d	1	0.66mi
4326 Crittenden Ave Indianapolis, IN	2.0	1.0	812	$1,045	$1.29	22d	1	0.69mi
3741 N Tacoma Ave Indianapolis, IN	3.0	1.0	913	$2,200	$2.41	19d	1	0.70mi
3615 Sherman Forest Dr Indianapolis, IN	4.0	1.0–2.5	1057	$1,544	$1.46	6d	1	0.73mi
4303 Norwaldo Ave Indianapolis, IN	3.0	1.0	1050	$1,200	$1.14	45d	1	0.73mi
4521 Norwaldo Ave Unit A Indianapolis, IN	2.0	1.5	1024	$1,525	$1.49	25d	1	0.80mi
4521 Norwaldo Ave Unit B Indianapolis, IN	2.0	1.5	1054	$1,600	$1.52	45d	1	0.80mi
4309 Ralston Ave Indianapolis, IN	3.0	1.0	918	$1,600	$1.74	16d	1	0.86mi
3535 N Oxford St Indianapolis, IN	3.0	1.0	1015	$1,500	$1.48	23d	1	0.89mi
3725 N Sherman Dr #7 Indianapolis, IN	2.0	1.0	729	$845	$1.16	0d	1	0.96mi
3725 N Sherman Dr #7 Indianapolis, IN	2.0	1.0	729	$845	$1.16	5d	1	0.96mi
3472 N Dearborn St Indianapolis, IN	2.0	1.0	890	$1,099	$1.23	21d	1	0.99mi
3522 N Olney St Indianapolis, IN	3.0	1.0	768	$1,300	$1.69	45d	1	1.01mi
3436 N Lasalle St Indianapolis, IN	3.0	1.0	1118	$1,300	$1.16	0d	1	1.05mi
2111 E 52nd St Indianapolis, IN	1.0–2.0	1.0	750	$1,150	$1.53	9d	4	1.05mi
3532 Caroline Ave Indianapolis, IN	4.0	1.0	1177	$2,299	$1.95	45d	1	1.08mi
4560 Marcy Ln Indianapolis, IN	1.0–2.0	1.0	770	$1,565	$2.03	16d	8	1.09mi
3448 Hillside Ave Indianapolis, IN	3.0	1.0	1305	$1,800	$1.38	0d	1	1.11mi
3421 N Olney St Indianapolis, IN	2.0	1.0	720	$1,195	$1.66	18d	1	1.13mi
1902 E 35th St Indianapolis, IN	3.0	1.0	1100	$1,600	$1.45	45d	1	1.24mi
5006 Rosslyn Ave Indianapolis, IN	2.0	1.0	744	$2,000	$2.69	25d	1	1.24mi
3363 Nicholas Ave Indianapolis, IN	2.0	1.0	720	$1,000	$1.39	5d	1	1.27mi
5161 Primrose Ave Indianapolis, IN	2.0	1.0	837	$1,850	$2.21	16d	1	1.28mi
5005 Indianola Ave Indianapolis, IN	2.0	1.0	884	$1,249	$1.41	45d	1	1.28mi
3383 Station St Indianapolis, IN	3.0	1.0	744	$1,250	$1.68	25d	1	1.28mi
5315 Norwaldo Ave Indianapolis, IN	2.0	1.0	843	$1,400	$1.66	9d	1	1.34mi
5352 Crittenden Ave Indianapolis, IN	2.0	1.0	1106	$1,720	$1.56	25d	1	1.40mi
3734 Manor Ct Indianapolis, IN	3.0	1.0	1414	$1,399	$0.99	9d	1	1.40mi
5018 Lemans Dr Indianapolis, IN	4.0	1.0–2.0	762	$1,409	$1.85	0d	35	1.44mi
3909 Winthrop Ave Unit B Indianapolis, IN	2.0	1.5	931	$1,550	$1.66	13d	1	1.44mi

Listing history 16 events

1. 2026-04-24
   status Pending
2. 2026-03-06
   listed $165,000 Active
3. 2020-08-14
   soldstatus $84,900 Sold 302-char remark

   Show marketing remark (302 chars)

   3 Bed, 1.5 bath home with one car garage and large fenced yard. Plenty of parking on large gravel driveway. Newer SS kitchen appliances, real wood floors and a great overall location. New sewer line in 2019. This could be a great rental property or your new home! Seller was getting $895/month in rent.

4. 2020-06-28
   status Pending 302-char remark

   Show marketing remark (302 chars)

   3 Bed, 1.5 bath home with one car garage and large fenced yard. Plenty of parking on large gravel driveway. Newer SS kitchen appliances, real wood floors and a great overall location. New sewer line in 2019. This could be a great rental property or your new home! Seller was getting $895/month in rent.

5. 2020-06-27
   status Pending
6. 2020-06-25
   listed $84,900 Active
7. 2020-06-24
   listed $84,900 Active 302-char remark

   Show marketing remark (302 chars)

   3 Bed, 1.5 bath home with one car garage and large fenced yard. Plenty of parking on large gravel driveway. Newer SS kitchen appliances, real wood floors and a great overall location. New sewer line in 2019. This could be a great rental property or your new home! Seller was getting $895/month in rent.

8. 2019-06-12
   soldstatus $57,500 Sold
9. 2019-05-02
   status Pending
10. 2019-04-30
    listed $54,000 Active
11. 2004-10-12
    soldstatus $42,000
12. 2004-04-09
    listed $47,500
13. 2004-03-11
    historical
14. 2003-09-15
    listed $70,000
15. 2000-08-02
    historical
16. 2000-04-03
    listed $67,900

ⓘ 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: $1,376 · $115/mo
• Projected year-2 tax: $1,389 · $116/mo
• Expected delta: +$13/yr (+$1/mo · 1.0%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 23% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥102°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,367
• − Mortgage interest: −$9,243
• − Property taxes: −$1,376
• − Insurance: −$825
• − Repairs & maintenance: −$1,389
• − Management: −$1,389
• − Depreciation: −$4,800
• Taxable loss: −$1,656
• Est. tax savings @ 24.0%: +$397
• After-tax cash flow: $1,533/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): 28,259
• Household income: $72,417
• Rent vs Own: 46.3% rent · 53.7% own
• Severe rent burden: 1149.0

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 0.64)
• Race & ethnicity: White 50% Black 32% Two or more races 10% Hispanic / Latino 7% Asian 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 3% Slovak 2% Romanian 2%
• Foreign-born: 5% · Canada
• Languages at home: 89% English-only · Spanish 6% Other Indo-European 2% German/W. Germanic 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: ▼ -322.77%
• Current HPI: 380.5407
• Rent YoY: ▲ 6.21%
• 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

+143.0% since first listed

16 events — show timeline

• 2026-04-24 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-06 Listed $165,000 MIBOR as Distributed by MLS Grid
• 2020-08-14 Sold (MLS) $84,900 MIBOR as Distributed by MLS Grid
• 2020-06-28 Pending — MIBOR as Distributed by MLS Grid
• 2020-06-27 Pending — MIBOR as Distributed by MLS Grid
• 2020-06-25 Listed $84,900 MIBOR as Distributed by MLS Grid
• 2020-06-24 Listed $84,900 MIBOR as Distributed by MLS Grid
• 2019-06-12 Sold (MLS) $57,500 MIBOR as Distributed by MLS Grid
• 2019-05-02 Pending — MIBOR as Distributed by MLS Grid
• 2019-04-30 Listed $54,000 MIBOR as Distributed by MLS Grid
• 2004-10-12 Sold (MLS) $42,000 MIBOR as Distributed by MLS Grid
• 2004-04-09 Listed $47,500 MIBOR as Distributed by MLS Grid
• 2004-03-11 Listing Removed — MIBOR as Distributed by MLS Grid
• 2003-09-15 Listed $70,000 MIBOR as Distributed by MLS Grid
• 2000-08-02 Listing Removed — MIBOR as Distributed by MLS Grid
• 2000-04-03 Listed $67,900 MIBOR as Distributed by MLS Grid

Property tax history

+12.3%/yr

Latest (2025): $1,376 · +65.1% YoY. Source: county tax records.