3425 Tiffany Dr · Indianapolis city (balance), IN 46226

$114,900

3 bd · 1.0 ba · 948 sqft · SingleFamily public records · 13 Days on market

Built 1960 6,882 sqft lot $121/sqft · 38% above area Est $151k · 24% under

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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 +23.5/30.0
• ARV discount +15.0/15.0
• DSCR +7.6/10.0
• 1% rule +7.2/10.0
• Rent growth +4.2/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover this inviting 3-bedroom, 1-bathroom classic ranch located in the well-established Franklin Heights neighborhood. Built with timeless masonry construction, this home offers a level of durability and character rarely found at this price point. The interior features a functional layout across nearly 950 square feet of main-level living space. What sets this property apart from others in the area is the rare versatile 3/4 basement paired with a crawl space. This partial basement provides a massive advantage, offering expansive additional storage and convenient, dry access to the home's mechanical systems plus a fantastic rec room and large utility room. The home sits on a level 6,800+ square foot lot with a manageable backyard, perfect for low-maintenance living or weekend gardening. Its location provides ultra-convenient access to I-465, 38th Street, and local parks, making it an ideal choice for a daily commuter or an investor looking for a high-demand rental in the 46226 corridor.

Key facts

• Masonry construction
• Versatile basement
• Manageable backyard

Tags

• MASONRY CONSTRUCTION
• VERSATILE BASEMENT
• EXPANSIVE ADDITIONAL STORAGE
• REC ROOM
• LARGE UTILITY ROOM
• MANAGEABLE BACKYARD

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family 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 ($1k 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 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 fast (+6.8%/yr); 153 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 34% of the median local income ($50k/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 $794 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.
• At projected returns (-3.0% appreciation + 6.8% rent growth), your $32k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 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.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price.

Recommended offer $114,900

Questions for the listing agent

1. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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 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: 1.22% ✓
• Cap rate: 8.54%
• Cash-on-cash: 8.01%
• DSCR: 1.36
• GRM: 6.8

CMA / ARV

• ARV (median comp): $150,941
• List price: $114,900
• Delta: -23.88%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7838 Ridgewood Dr	0.27mi	3/1.5	936 (-1%)	4mo	$135,000	$144	80
3243 Wellington Ave	0.32mi	3/1.0	900 (-5%)	3mo	$145,000	$161	74
8138 E 34th Pl	0.11mi	2/1.0 (-1)	1,025 (+8%)	5mo	$145,000	$141	72
3732 Wellington Ave	0.37mi	3/1.0	999 (+5%)	11mo	$145,000	$145	64
3117 Roseway Dr	0.45mi	3/1.0	1,000 (+6%)	8mo	$169,900	$170	64
7510 E 34th St	0.53mi	3/1.0	1,008 (+6%)	4mo	$123,000	$122	62
7245 E 35th St	0.74mi	3/1.0	957 (+1%)	9mo	$122,000	$127	56
3703 Dubarry Rd	0.64mi	3/1.0	925 (-2%)	13mo	$150,000	$162	56
3733 Harvest Ave	0.44mi	3/1.0	1,055 (+11%)	7mo	$119,500	$113	55
3525 Lombardy Pl	0.28mi	4/2.0 (+1)	1,047 (+10%)	7mo	$180,000	$172	54
3965 Alsace Pl	0.72mi	3/1.0	864 (-9%)	9mo	$189,000	$219	44
3423 N Sadlier Dr	0.59mi	3/1.0	1,073 (+13%)	14mo	$125,000	$116	39

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 · 6.76% rent growth · sell at horizon

5-year hold

• IRR: 0.5%
• Equity multiple: 1.02×
• Total profit: $668
• Equity at exit: $17,132

10-year hold

• IRR: 14.0%
• Equity multiple: 2.34×
• Total profit: $43,034
• Equity at exit: $9,934

Cash invested: $32,172 (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 46226

• Rents YoY: 6.8%
• Active inventory: 153
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,407 high
• Mortgage (P&I): −$603
• Tax from tax record: −$247 /mo · $2,959/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$296
• Net cashflow: $215

Break-even live

Break-even rent $1,135

Max offer price $114,900

Occupancy floor 80%

Sensitivity live

Price	-10% $280	-5% $247	+0% $215	+5% $182	+10% $150
Rent	-10% $104	-5% $159	+0% $215	+5% $270	+10% $326
Rate	-1.0pp $273	-0.5pp $244	base $215	+0.5pp $185	+1.0pp $155

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7838 Ridgewood Dr Indianapolis, IN	3.0	2.0	936	$1,540	$1.65	44d	1	0.28mi
7838 Ridgewood Dr Indianapolis, IN	3.0	2.0	936	$1,540	$1.65	24d	1	0.28mi
3226 Wellington Ave Indianapolis, IN	3.0	1.0	900	$1,149	$1.28	11d	1	0.38mi
7975 Red Mill Dr Indianapolis, IN	2.0	1.0	576	$975	$1.69	44d	1	0.53mi
7925 Crossbridge Dr Indianapolis, IN	2.0	2.0	1072	$1,200	$1.12	44d	1	0.57mi
3631 Decamp Dr Indianapolis, IN	3.0	1.0	1000	$1,335	$1.33	24d	1	0.76mi
3809 Biscayne Rd Indianapolis, IN	2.0	1.5	992	$1,020	$1.03	15d	1	0.80mi
3938 Biscayne Rd Indianapolis, IN	3.0	1.0	1000	$1,895	$1.90	4d	1	0.90mi
7171 Twin Oaks Dr Indianapolis, IN	3.0	1.0–1.5	801	$1,399	$1.75	24d	9	0.91mi
3775 Allerton Pl Indianapolis, IN	1.0–4.0	2.0	1068	$1,617	$1.51	14d	1	0.94mi
8724 Montery Rd Indianapolis, IN	3.0	1.0	925	$1,500	$1.62	44d	1	0.96mi
8862 Bel Air Ct Indianapolis, IN	3.0	1.0	1073	$1,264	$1.18	18d	1	0.96mi
7845 Bonita Ct Indianapolis, IN	3.0	1.0	1073	$1,400	$1.30	8d	1	1.06mi
7910 Roy Rd Indianapolis, IN	3.0	1.0	1073	$1,445	$1.35	24d	1	1.09mi
4315 Aspen Way Indianapolis, IN	3.0	1.0	1080	$1,380	$1.28	44d	1	1.14mi
9226 E 36th Pl Indianapolis, IN	3.0	1.0	1073	$1,250	$1.16	8d	1	1.15mi
9060 E 39th Pl Indianapolis, IN	1.0–2.0	1.0–1.5	820	$1,040	$1.27	24d	1	1.18mi
3525 Luewan Ct Indianapolis, IN	4.0	1.0	1107	$1,750	$1.58	24d	1	1.28mi
3900 N Shadeland Ave Indianapolis, IN	1.0–2.0	1.0	1070	$1,075	$1.00	4d	6	1.29mi
3519 Jerome Ct Indianapolis, IN	4.0	1.0	1107	$1,995	$1.80	24d	1	1.34mi

Listing history 10 events

1. 2026-05-11
   status Pending 1006-char remark

   Show marketing remark (1006 chars)

   Discover this inviting 3-bedroom, 1-bathroom classic ranch located in the well-established Franklin Heights neighborhood. Built with timeless masonry construction, this home offers a level of durability and character rarely found at this price point. The interior features a functional layout across nearly 950 square feet of main-level living space. What sets this property apart from others in the area is the rare versatile 3/4 basement paired with a crawl space. This partial basement provides a massive advantage, offering expansive additional storage and convenient, dry access to the home's mechanical systems plus a fantastic rec room and large utility room. The home sits on a level 6,800+ square foot lot with a manageable backyard, perfect for low-maintenance living or weekend gardening. Its location provides ultra-convenient access to I-465, 38th Street, and local parks, making it an ideal choice for a daily commuter or an investor looking for a high-demand rental in the 46226 corridor.

2. 2026-05-03
   status Active 1006-char remark

   Show marketing remark (1006 chars)

   Discover this inviting 3-bedroom, 1-bathroom classic ranch located in the well-established Franklin Heights neighborhood. Built with timeless masonry construction, this home offers a level of durability and character rarely found at this price point. The interior features a functional layout across nearly 950 square feet of main-level living space. What sets this property apart from others in the area is the rare versatile 3/4 basement paired with a crawl space. This partial basement provides a massive advantage, offering expansive additional storage and convenient, dry access to the home's mechanical systems plus a fantastic rec room and large utility room. The home sits on a level 6,800+ square foot lot with a manageable backyard, perfect for low-maintenance living or weekend gardening. Its location provides ultra-convenient access to I-465, 38th Street, and local parks, making it an ideal choice for a daily commuter or an investor looking for a high-demand rental in the 46226 corridor.

3. 2026-04-22
   status Pending 1006-char remark

   Show marketing remark (1006 chars)

   Discover this inviting 3-bedroom, 1-bathroom classic ranch located in the well-established Franklin Heights neighborhood. Built with timeless masonry construction, this home offers a level of durability and character rarely found at this price point. The interior features a functional layout across nearly 950 square feet of main-level living space. What sets this property apart from others in the area is the rare versatile 3/4 basement paired with a crawl space. This partial basement provides a massive advantage, offering expansive additional storage and convenient, dry access to the home's mechanical systems plus a fantastic rec room and large utility room. The home sits on a level 6,800+ square foot lot with a manageable backyard, perfect for low-maintenance living or weekend gardening. Its location provides ultra-convenient access to I-465, 38th Street, and local parks, making it an ideal choice for a daily commuter or an investor looking for a high-demand rental in the 46226 corridor.

4. 2026-04-17
   listed $114,900 Active 1006-char remark

   Show marketing remark (1006 chars)

   Discover this inviting 3-bedroom, 1-bathroom classic ranch located in the well-established Franklin Heights neighborhood. Built with timeless masonry construction, this home offers a level of durability and character rarely found at this price point. The interior features a functional layout across nearly 950 square feet of main-level living space. What sets this property apart from others in the area is the rare versatile 3/4 basement paired with a crawl space. This partial basement provides a massive advantage, offering expansive additional storage and convenient, dry access to the home's mechanical systems plus a fantastic rec room and large utility room. The home sits on a level 6,800+ square foot lot with a manageable backyard, perfect for low-maintenance living or weekend gardening. Its location provides ultra-convenient access to I-465, 38th Street, and local parks, making it an ideal choice for a daily commuter or an investor looking for a high-demand rental in the 46226 corridor.

5. 2022-01-19
   soldstatus $4,956,897
6. 2009-02-11
   historical 179-char remark

   Show marketing remark (179 chars)

   HUD HOME SOLD AS IS CONDITION. CASE NUMBER 151 747182 INS STATUS: IE 203K ELIGIBLE ESC AMT 550 REPAIR FOUNDATION 550 EV OF WOOD DESTROYING ORGANISM DGE TO SHED EV OF POSSIBLE MOLD

7. 2009-02-03
   soldstatus $25,000 179-char remark

   Show marketing remark (179 chars)

   HUD HOME SOLD AS IS CONDITION. CASE NUMBER 151 747182 INS STATUS: IE 203K ELIGIBLE ESC AMT 550 REPAIR FOUNDATION 550 EV OF WOOD DESTROYING ORGANISM DGE TO SHED EV OF POSSIBLE MOLD

8. 2008-09-26
   listed $36,000 179-char remark

   Show marketing remark (179 chars)

   HUD HOME SOLD AS IS CONDITION. CASE NUMBER 151 747182 INS STATUS: IE 203K ELIGIBLE ESC AMT 550 REPAIR FOUNDATION 550 EV OF WOOD DESTROYING ORGANISM DGE TO SHED EV OF POSSIBLE MOLD

9. 2004-01-09
   soldstatus $74,900
10. 2003-10-22
    listed $74,900

ⓘ 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: $2,959 · $247/mo
• Projected year-2 tax: $2,959 · $247/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 · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,887
• − Mortgage interest: −$6,436
• − Property taxes: −$2,959
• − Insurance: −$574
• − Repairs & maintenance: −$1,351
• − Management: −$1,351
• − Depreciation: −$3,343
• Taxable income: $873
• Est. tax owed @ 24.0%: −$210
• After-tax cash flow: $2,367/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): 47,099
• Household income: $50,325
• Rent vs Own: 53.8% rent · 46.2% own
• Severe rent burden: 2742.0

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 53% White 25% Hispanic / Latino 17% Two or more races 9% Asian 2%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Lithuanian 1% Italian 1% Romanian 1%
• Foreign-born: 11% · Canada
• Languages at home: 86% English-only · Spanish 10% French/Haitian/Cajun 1% Other Asian/Pacific 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: ▼ -218.85%
• Current HPI: 239.43
• Rent YoY: ▲ 6.76%
• 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

+53.4% since first listed

10 events — show timeline

• 2026-05-11 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-03 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-22 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-17 Listed $114,900 MIBOR as Distributed by MLS Grid
• 2022-01-19 Sold (Public Records) $4,956,897 Public Records
• 2009-02-11 Listing Removed — MIBOR as Distributed by MLS Grid
• 2009-02-03 Sold (MLS) $25,000 MIBOR as Distributed by MLS Grid
• 2008-09-26 Listed $36,000 MIBOR as Distributed by MLS Grid
• 2004-01-09 Sold (MLS) $74,900 MIBOR as Distributed by MLS Grid
• 2003-10-22 Listed $74,900 MIBOR as Distributed by MLS Grid

Property tax history

+13.2%/yr

Latest (2025): $2,959 · +29.5% YoY. Source: county tax records.