5118 Thrush Dr · Indianapolis city (balance), IN 46224

$130,000

3 bd · 1.5 ba · 1,157 sqft · SingleFamily public records · 41 Days on market

Built 1958 9,365 sqft lot $112/sqft · 25% below area Est $172k · 25% under

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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).

• ARV discount +15.0/15.0
• Cash flow +9.9/30.0
• 1% rule +5.1/10.0
• DSCR +2.8/10.0
• Rent growth +2.7/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 3-bedroom, 1.5 bath ranch home offers a great opportunity for buyers looking to add their personal touch. Featuring a spacious living room and a functional layout, the home provides a solid foundation for your next project. Outside, you'll find a detached oversized 2-car garage and a large rear yard, perfect for storage, hobbies, or outdoor entertaining. Conveniently located near shopping, dining, downtown, and multiple major highways, commuting and daily errands are simple and efficient. With plenty of potential, this property is a true blank slate ready for your vision.

Key facts

• Large rear yard
• 9,365 sq ft lot
• 2 garage spots

Tags

• DETACHED OVERSIZED GARAGE
• LARGE REAR YARD

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $-80 ($-964/yr) — negative.
• To cash-flow at today's rent, offer at most $116k (10.9% below list).
• Meets the 1% rule at list price ($1k rent vs $130k).
• Recommended offer: $116k (10.9% below list) — sets the bar for cash-flow.
• Cap rate 5.6% vs local median 4.4% in Indianapolis city (balance) — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 flat; 61 active listings in the ZIP; 28 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 $899 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 41 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.5% of price; built in 1958 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $115,813 (10.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
3. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.01% ✓
• Cap rate: 5.55%
• Cash-on-cash: -2.65%
• DSCR: 0.88
• GRM: 8.2

CMA / ARV

• ARV (median comp): $172,366
• List price: $130,000
• Delta: -24.58%
• 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
3234 Chrysler St	0.22mi	4/1.5 (+1)	1,125 (-3%)	1mo	$207,000	$184	79
3114 Winton Ave	0.22mi	4/2.0 (+1)	1,135 (-2%)	2mo	$230,000	$203	78
5249 Falcon Ln	0.56mi	3/1.5	1,189 (+3%)	2mo	$220,000	$185	68
3520 Beeler Ave	0.41mi	3/1.5	1,073 (-7%)	3mo	$180,000	$168	66
3035 Auburn Rd	0.33mi	3/1.0	1,025 (-11%)	0mo	$167,000	$163	64
5338 Dunk Dr	0.49mi	3/1.0	1,236 (+7%)	1mo	$180,000	$146	63
3441 Minger Rd	0.72mi	3/2.0	1,145 (-1%)	1mo	$230,000	$201	62
5008 W 37th St	0.57mi	3/1.0	1,200 (+4%)	5mo	$60,000	$50	61
3148 Donald Ave	0.35mi	4/1.5 (+1)	1,000 (-14%)	2mo	$160,000	$160	54
3626 Lowry Rd	0.62mi	3/1.0	1,269 (+10%)	3mo	$98,000	$77	51
4521 Hollister Dr	0.72mi	3/1.5	1,066 (-8%)	4mo	$150,000	$141	50
3466 Georgetown Rd	0.46mi	3/2.0	988 (-15%)	4mo	$189,900	$192	49

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 · 0.79% rent growth · sell at horizon

5-year hold

• IRR: -23.7%
• Equity multiple: 0.21×
• Total profit: $-28,884
• Equity at exit: $19,383

10-year hold

• IRR: -28.5%
• Equity multiple: -0.16×
• Total profit: $-42,331
• Equity at exit: $11,240

Cash invested: $36,400 (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 46224

• Rents YoY: 0.8%
• Active inventory: 61
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,314 high
• Mortgage (P&I): −$682
• Tax from tax record: −$382 /mo · $4,589/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$276
• Net cashflow: $-80

Break-even live

Break-even rent $1,416

Max offer price $115,813

Occupancy floor —

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3201 Watergate Rd Indianapolis, IN	3.0	1.0–2.0	826	$1,269	$1.54	3d	20	0.20mi
3245 Chrysler St Indianapolis, IN	3.0	1.0	945	$1,345	$1.42	4d	1	0.24mi
3338 Tara Ln Indianapolis, IN	3.0	1.5	1242	$1,199	$0.97	43d	1	0.26mi
3161 Chrysler St Indianapolis, IN	4.0	1.0	1306	$1,095	$0.84	13d	1	0.30mi
3138 Midvale Dr Indianapolis, IN	3.0	1.0	900	$1,495	$1.66	43d	1	0.45mi
3060 Midvale Dr Indianapolis, IN	3.0	1.0	900	$1,200	$1.33	23d	1	0.52mi
5505 Scarlet Dr Indianapolis, IN	3.0	1.0–1.5	883	$1,549	$1.75	2d	4	0.61mi
3232 Normandy Rd Indianapolis, IN	3.0	1.0	900	$1,250	$1.39	19d	1	0.71mi
4014 Alberta St Indianapolis, IN	3.0	1.0	988	$1,195	$1.21	20d	1	0.92mi
5925 Sunwood Dr Indianapolis, IN	3.0	1.0	1479	$1,600	$1.08	4d	1	0.99mi
5925 Sunwood Dr Indianapolis, IN	3.0	1.0	1479	$1,600	$1.08	20d	1	0.99mi
3141 Danbury Rd Indianapolis, IN	3.0	1.0	1200	$1,295	$1.08	10d	1	1.01mi
2 Philip Ct Indianapolis, IN	3.0	1.0	1000	$1,295	$1.29	23d	1	1.08mi
5801 Westhaven Dr Indianapolis, IN	4.0	1.0	1102	$1,300	$1.18	43d	1	1.08mi
5801 Westhaven Dr Indianapolis, IN	4.0	1.0	1102	$1,300	$1.18	23d	1	1.08mi
2907 Corvallis Cres Indianapolis, IN	3.0	1.5	1104	$1,200	$1.09	23d	1	1.10mi
2907 Corvallis Cres Indianapolis, IN	3.0	1.0	1104	$1,200	$1.09	43d	1	1.10mi
6010 W 25th St Indianapolis, IN	1.0–2.0	1.0–1.5	878	$1,250	$1.42	2d	18	1.32mi
6011 W 25th St Unit 4 Indianapolis, IN	2.0	1.0	1083	$1,050	$0.97	23d	1	1.36mi
3636 Mission Dr Indianapolis, IN	2.0	1.5	1100	$1,225	$1.11	43d	1	1.37mi
3636 Mission Dr Indianapolis, IN	3.0	1.5	1200	$1,415	$1.18	23d	1	1.37mi
3269 Lupine Dr Indianapolis, IN	2.0	1.0	986	$995	$1.01	23d	1	1.43mi
6474 Lupine Ter Indianapolis, IN	2.0	1.0	847	$950	$1.12	23d	1	1.43mi
6436 Lupine Dr Indianapolis, IN	2.0	1.0	966	$950	$0.98	23d	1	1.44mi
3279 Lupine Dr Indianapolis, IN	2.0	1.0	827	$1,150	$1.39	43d	1	1.45mi
3281 Lupine Dr Indianapolis, IN	2.0	1.0	966	$1,300	$1.35	23d	1	1.45mi
6536 Lupine Ter Indianapolis, IN	2.0	1.0	906	$1,280	$1.41	23d	1	1.48mi
6458 Lupine Dr Indianapolis, IN	2.0	1.0	966	$950	$0.98	23d	1	1.49mi

Listing history 6 events

1. 2026-06-03
   status $130,000 Pending 41 DOM
2. 2026-06-02
   days on market $130,000 Active 41 DOM
3. 2026-06-01
   days on market $130,000 Active 40 DOM
4. 2026-05-31
   days on market $130,000 Active 39 DOM
5. 2026-04-22
   listed $130,000 Active 583-char remark

   Show marketing remark (583 chars)

   This 3-bedroom, 1.5 bath ranch home offers a great opportunity for buyers looking to add their personal touch. Featuring a spacious living room and a functional layout, the home provides a solid foundation for your next project. Outside, you'll find a detached oversized 2-car garage and a large rear yard, perfect for storage, hobbies, or outdoor entertaining. Conveniently located near shopping, dining, downtown, and multiple major highways, commuting and daily errands are simple and efficient. With plenty of potential, this property is a true blank slate ready for your vision.

6. 2021-06-03
   soldstatus $450,000

ⓘ 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: $4,589 · $382/mo
• Projected year-2 tax: $4,589 · $382/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 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,767
• − Mortgage interest: −$7,282
• − Property taxes: −$4,589
• − Insurance: −$650
• − Repairs & maintenance: −$1,261
• − Management: −$1,261
• − Depreciation: −$3,782
• Taxable loss: −$3,058
• Est. tax savings @ 24.0%: +$734
• After-tax cash flow: $-230/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): 40,228
• Household income: $55,986
• Rent vs Own: 63.7% rent · 36.3% own
• Severe rent burden: 2206.0

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 0.69)
• Race & ethnicity: Black 39% White 33% Hispanic / Latino 23% Two or more races 7% Asian 1%
• Hispanic origin (detail): Mexican 14% Dominican 2%
• Common ancestry: Hispanic 3% Arab 1% Italian 1%
• Foreign-born: 31% · Canada, Philippines
• Languages at home: 62% English-only · Spanish 19% French/Haitian/Cajun 5% Arabic 2%

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: ▼ -179.31%
• Current HPI: 297.7156
• Rent YoY: ▲ 0.79%
• 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

-71.1% since first listed

2 events — show timeline

• 2026-04-22 Listed $130,000 MIBOR as Distributed by MLS Grid
• 2021-06-03 Sold (Public Records) $450,000 Public Records

Property tax history

+21.1%/yr

Latest (2025): $4,589 · +27.9% YoY. Source: county tax records.