3938 Biscayne Rd · Indianapolis city (balance), IN 46226

$134,900

3 bd · 1.0 ba · 925 sqft · SingleFamily public records · 61 Days on market

Built 1962 8,059 sqft lot Est $135k · at est.

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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 +15.2/30.0
• ARV discount +7.5/15.0
• 1% rule +5.6/10.0
• DSCR +4.7/10.0
• 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

Nice 3 bedroom home with attached garage. new roof, new paint inside, all new flooring. Furnace and A/C are newer. updated windows. ready to move in.

Key facts

• Expansive lot
• One story residence
• Stylish cabinets

Tags

• KITCHEN CULINARY DREAMS
• STYLISH CABINETS
• EXPANSIVE LOT
• ONE STORY RESIDENCE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $48 ($571/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $135k).
• Recommended offer: $127k (6.0% below list) — sets the bar for market timing.
• Cap rate 6.7% 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: Charles Warren Fairbanks Sch 105 (math 2% / reading 8%, grade F, #970 of 994 statewide, top 99%, 313 students, 78% FRL); H L Harshman Middle School (math 3% / reading 16%, grade F, #316 of 330 statewide, top 96%, 549 students, 84% FRL); Arsenal Technical High School (math 6% / reading 27%, grade F, #353 of 369 statewide, top 96%, 2,366 students, 74% FRL) — zoned schools at 78% FRL track the district average.
• 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 26d 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 $933 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

• It's been on market 61 days — a 6% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $117k; 15% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price.

Recommended offer $126,806 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.06% ✓
• Cap rate: 6.72%
• Cash-on-cash: 1.51%
• DSCR: 1.07
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $135,050
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3938 Biscayne Rd	0.00mi	3/1.0	925 (0%)	1mo	$132,000	$143	100
8724 Montery Rd	0.12mi	3/1.0	925 (0%)	2mo	$134,900	$146	93
3703 Dubarry Rd	0.34mi	3/1.0	925 (0%)	13mo	$150,000	$162	74
8242 E 42nd St	0.56mi	3/1.5	936 (+1%)	2mo	$165,000	$176	68
8340 E 41st Pl	0.45mi	3/1.0	864 (-7%)	1mo	$140,000	$162	67
8246 E 41st Pl	0.53mi	3/1.0	864 (-7%)	1mo	$120,500	$139	64
3965 Alsace Pl	0.38mi	3/1.0	864 (-7%)	9mo	$189,000	$219	63
9420 Conried Dr	0.64mi	3/1.0	900 (-3%)	6mo	$119,000	$132	61
3742 N Wittfield St	0.48mi	3/1.0	999 (+8%)	11mo	$137,500	$138	55
3733 Harvest Ave	0.52mi	3/1.0	1,055 (+14%)	7mo	$119,500	$113	47
3627 N Brentwood Ave	0.48mi	3/1.0	1,053 (+14%)	12mo	$145,000	$138	44
3525 Lombardy Pl	0.67mi	4/2.0 (+1)	1,047 (+13%)	7mo	$180,000	$172	32

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: -9.1%
• Equity multiple: 0.65×
• Total profit: $-13,083
• Equity at exit: $20,114

10-year hold

• IRR: 5.4%
• Equity multiple: 1.48×
• Total profit: $17,948
• Equity at exit: $11,664

Cash invested: $37,772 (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: 7.8×

Monthly cashflow live

• Estimated rent: $1,434 high
• Mortgage (P&I): −$707
• Tax from tax record: −$322 /mo · $3,862/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$301
• Net cashflow: $48

Break-even live

Break-even rent $1,374

Max offer price $134,900

Occupancy floor 92%

Sensitivity live

Price	-10% $124	-5% $86	+0% $48	+5% $9	+10% $-29
Rent	-10% $-66	-5% $-9	+0% $48	+5% $104	+10% $161
Rate	-1.0pp $116	-0.5pp $82	base $48	+0.5pp $13	+1.0pp $-23

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3938 Biscayne Rd Indianapolis, IN	3.0	1.0	1000	$1,895	$1.90	5d	1	0.02mi
8724 Montery Rd Indianapolis, IN	3.0	1.0	925	$1,500	$1.62	45d	1	0.11mi
8862 Bel Air Ct Indianapolis, IN	3.0	1.0	1073	$1,264	$1.18	19d	1	0.11mi
3809 Biscayne Rd Indianapolis, IN	2.0	1.5	992	$1,020	$1.03	16d	1	0.18mi
9060 E 39th Pl Indianapolis, IN	1.0–2.0	1.0–1.5	820	$1,040	$1.27	25d	1	0.34mi
3631 Decamp Dr Indianapolis, IN	3.0	1.0	1000	$1,335	$1.33	25d	1	0.42mi
4315 Aspen Way Indianapolis, IN	3.0	1.0	1080	$1,380	$1.28	45d	1	0.54mi
8124 E 37th Pl Indianapolis, IN	3.0	1.0	925	$1,350	$1.46	0d	1	0.60mi
9226 E 36th Pl Indianapolis, IN	3.0	1.0	1073	$1,250	$1.16	9d	1	0.68mi
9438 Conried Dr Indianapolis, IN	3.0	1.0	1094	$1,445	$1.32	6d	1	0.69mi
7925 Crossbridge Dr Indianapolis, IN	2.0	2.0	1072	$1,200	$1.12	45d	1	0.75mi
9519 Conried Dr Indianapolis, IN	3.0	1.0	925	$1,275	$1.38	0d	1	0.77mi
7975 Red Mill Dr Indianapolis, IN	2.0	1.0	576	$975	$1.69	45d	1	0.83mi
3525 Luewan Ct Indianapolis, IN	4.0	1.0	1107	$1,750	$1.58	25d	1	0.86mi
3519 Jerome Ct Indianapolis, IN	4.0	1.0	1107	$1,995	$1.80	25d	1	0.90mi
3962 Strathmore Dr Indianapolis, IN	3.0	1.0	925	$1,250	$1.35	25d	1	0.99mi
7838 Ridgewood Dr Indianapolis, IN	3.0	2.0	936	$1,540	$1.65	45d	1	1.17mi
7838 Ridgewood Dr Indianapolis, IN	3.0	2.0	936	$1,540	$1.65	25d	1	1.17mi
3226 Wellington Ave Indianapolis, IN	3.0	1.0	900	$1,149	$1.28	12d	1	1.27mi
10101 Montery Rd Indianapolis, IN	2.0	1.0	627	$1,439	$2.30	4d	10	1.33mi

Listing history 12 events

1. 2026-03-18
   status Pending
2. 2026-03-06
   price $134,900
3. 2026-01-30
   price $139,900
4. 2026-01-16
   listed $144,900 Active
5. 2025-12-26
   historical
6. 2025-11-16
   price $144,900
7. 2025-10-11
   price $149,900
8. 2025-09-11
   price $159,900
9. 2025-08-28
   listed $164,900 Active
10. 2021-12-01
    soldstatus $117,000 Closed 150-char remark

    Show marketing remark (150 chars)

    Nice 3 bedroom home with attached garage. new roof, new paint inside, all new flooring. Furnace and A/C are newer. updated windows. ready to move in.

11. 2021-11-03
    status Pending 150-char remark

    Show marketing remark (150 chars)

    Nice 3 bedroom home with attached garage. new roof, new paint inside, all new flooring. Furnace and A/C are newer. updated windows. ready to move in.

12. 2021-10-30
    listed $127,900 Active 150-char remark

    Show marketing remark (150 chars)

    Nice 3 bedroom home with attached garage. new roof, new paint inside, all new flooring. Furnace and A/C are newer. updated windows. ready to move in.

ⓘ 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: $3,862 · $322/mo
• Projected year-2 tax: $3,862 · $322/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: $17,211
• − Mortgage interest: −$7,556
• − Property taxes: −$3,862
• − Insurance: −$674
• − Repairs & maintenance: −$1,377
• − Management: −$1,377
• − Depreciation: −$3,924
• Taxable loss: −$1,560
• Est. tax savings @ 24.0%: +$374
• After-tax cash flow: $945/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

+5.5% since first listed

12 events — show timeline

• 2026-03-18 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-06 Price Changed $134,900 MIBOR as Distributed by MLS Grid
• 2026-01-30 Price Changed $139,900 MIBOR as Distributed by MLS Grid
• 2026-01-16 Listed $144,900 MIBOR as Distributed by MLS Grid
• 2025-12-26 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-11-16 Price Changed $144,900 MIBOR as Distributed by MLS Grid
• 2025-10-11 Price Changed $149,900 MIBOR as Distributed by MLS Grid
• 2025-09-11 Price Changed $159,900 MIBOR as Distributed by MLS Grid
• 2025-08-28 Listed $164,900 MIBOR as Distributed by MLS Grid
• 2021-12-01 Sold (MLS) $117,000 MIBOR as Distributed by MLS Grid
• 2021-11-03 Pending — MIBOR as Distributed by MLS Grid
• 2021-10-30 Listed $127,900 MIBOR as Distributed by MLS Grid

Property tax history

+14.0%/yr

Latest (2025): $3,862 · +18.7% YoY. Source: county tax records.