3509 N Mitchner Ave · Indianapolis city (balance), IN 46226

$144,900

3 bd · 1.0 ba · 1,206 sqft · SingleFamily public records · 39 Days on market

Built 1960 8,668 sqft lot $120/sqft · 15% below area Est $170k · 15% 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 +21.0/30.0
• ARV discount +14.2/15.0
• DSCR +6.7/10.0
• 1% rule +4.9/10.0
• 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

Unbelievable value on this well-maintained 3 Bed Ranch with no HOA in established neighborhood with mature trees! Easy interstate access & close to Fort Benjamin Harrison State Park. Updates include vinyl windows, water heater (2016) & A/C & coil (2015). Large bathroom has been updated with beadboard wainscoting & vinyl flooring. Great floorplan with spacious Living Room and Kitchen/Dining Room combo. Entertain on the back deck/stone patio area or the large fully fenced backyard, with storage shed. This home is ready for a few cosmetic updates, so bring your vision!

Key facts

• Attached garage
• Extensive storage
• Private yard

Tags

• SINGLE STORY LIVING
• EXTENSIVE STORAGE
• PRIVATE YARD
• ATTACHED GARAGE
• CLOSE TO DOWNTOWN

Property features AI

Exterior

• Parking: Attached garage (1 car); Approximately 250 sq ft garage; Guest street parking
• Security: Smoke alarm
• Utilities: Public water; Municipal sewer connected; No solid waste service listed
• Home design: Single-family residence; One story
• Construction: Aluminum siding; Slab foundation; Built as a one-level home
• Exterior features: Storage space; Full privacy fence; Mature trees; Sidewalks; Suburban setting; Has a view

Interior

• Kitchen: Dishwasher; Microwave; Gas oven; Eat-in kitchen
• Bedrooms: Three bedrooms, all on the main level
• Flooring: Luxury vinyl plank throughout main living areas
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Attic with pull-down stairs; Eat-in kitchen; Utility room; Smoke alarm
• Laundry & utility: Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $205 ($2k/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 $143k (1.0% below list).
• Recommended offer: $141k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.0% 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 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.
• Zoned schools: Center For Inquiry School 27 (math 25% / reading 29%, grade F, #737 of 994 statewide, top 76%, 525 students, 51% FRL); H L Harshman Middle School (math 3% / reading 16%, grade F, #316 of 330 statewide, top 96%, 549 students, 84% FRL).
• Market conditions: Rents rising fast (+6.8%/yr); 153 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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 $1k 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.
• At projected returns (-3.0% appreciation + 6.8% rent growth), your $41k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y ago; this cycle's ask has dropped $30k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $89k; list at $145k implies a 63% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,553 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 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 1960 — 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. 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: 0.99% ✗
• Cap rate: 7.99%
• Cash-on-cash: 6.05%
• DSCR: 1.27
• GRM: 8.4

CMA / ARV

• ARV (median comp): $170,076
• List price: $144,900
• Delta: -14.80%
• 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
7533 Placing Rd	0.03mi	3/1.0	1,216 (+1%)	8mo	$115,000	$95	91
7617 E 35th St	0.08mi	3/1.5	1,216 (+1%)	8mo	$100,000	$82	87
7628 E 34th Pl	0.11mi	4/1.5 (+1)	1,216 (+1%)	2mo	$177,959	$146	85
7233 E 34th Pl	0.31mi	3/1.0	1,181 (-2%)	0mo	$148,000	$125	82
7528 Placing Rd	0.05mi	3/1.5	1,248 (+4%)	10mo	$153,000	$123	82
7525 Ruskin Pl	0.29mi	3/1.5	1,246 (+3%)	5mo	$155,000	$124	75
7933 E 34th St	0.41mi	3/1.5	1,216 (+1%)	3mo	$189,900	$156	75
7250 E 34th Pl	0.29mi	4/1.0 (+1)	1,305 (+8%)	5mo	$170,000	$130	63
8315 E 36th Pl	0.73mi	3/2.0	1,181 (-2%)	10mo	$207,000	$175	50
3733 Harvest Ave	0.75mi	3/1.0	1,055 (-12%)	7mo	$119,500	$113	38
8138 E 34th Pl	0.59mi	2/1.0 (-1)	1,025 (-15%)	5mo	$145,000	$141	38
3525 Lombardy Pl	0.75mi	4/2.0 (+1)	1,047 (-13%)	7mo	$180,000	$172	28

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: -3.1%
• Equity multiple: 0.88×
• Total profit: $-4,841
• Equity at exit: $21,605

10-year hold

• IRR: 10.2%
• Equity multiple: 1.92×
• Total profit: $37,434
• Equity at exit: $12,528

Cash invested: $40,572 (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: 8.4×

Monthly cashflow live

• Estimated rent: $1,434 high
• Mortgage (P&I): −$760
• Tax from tax record: −$108 /mo · $1,296/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$301
• Net cashflow: $205

Break-even live

Break-even rent $1,175

Max offer price $144,900

Occupancy floor 81%

Sensitivity live

Price	-10% $287	-5% $246	+0% $205	+5% $164	+10% $123
Rent	-10% $91	-5% $148	+0% $205	+5% $261	+10% $318
Rate	-1.0pp $278	-0.5pp $241	base $205	+0.5pp $167	+1.0pp $129

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: $36,225
• Closing costs: $4,347
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7531 Penway St Indianapolis, IN	3.0	1.5	1237	$1,551	$1.25	9d	1	0.22mi
3416 N Hartman Dr Indianapolis, IN	3.0	1.0	1421	$1,300	$0.91	0d	1	0.29mi
3513 Roseway Dr Indianapolis, IN	3.0	2.0	1216	$1,600	$1.32	19d	1	0.41mi
7171 Twin Oaks Dr Indianapolis, IN	3.0	1.0–1.5	801	$1,399	$1.75	25d	9	0.42mi
7937 E 34th St Indianapolis, IN	4.0	1.0	1450	$2,000	$1.38	25d	1	0.43mi
7838 Ridgewood Dr Indianapolis, IN	3.0	2.0	936	$1,540	$1.65	45d	1	0.43mi
7838 Ridgewood Dr Indianapolis, IN	3.0	2.0	936	$1,540	$1.65	25d	1	0.43mi
3226 Wellington Ave Indianapolis, IN	3.0	1.0	900	$1,149	$1.28	12d	1	0.46mi
3775 Allerton Pl Indianapolis, IN	1.0–4.0	2.0	1068	$1,617	$1.51	16d	1	0.48mi
7975 Red Mill Dr Indianapolis, IN	2.0	1.0	576	$975	$1.69	45d	1	0.52mi
7925 Crossbridge Dr Indianapolis, IN	2.0	2.0	1072	$1,200	$1.12	45d	1	0.61mi
8124 E 37th Pl Indianapolis, IN	3.0	1.0	925	$1,350	$1.46	0d	1	0.64mi
8203 Penway St Indianapolis, IN	3.0	1.5	1360	$1,500	$1.10	25d	1	0.64mi
3900 N Shadeland Ave Indianapolis, IN	1.0–2.0	1.0	1070	$1,075	$1.00	5d	6	0.86mi
7845 Bonita Ct Indianapolis, IN	3.0	1.0	1073	$1,400	$1.30	9d	1	1.16mi
3540 Dubarry Ct Indianapolis, IN	3.0	2.0	1297	$1,400	$1.08	25d	1	1.17mi
7910 Roy Rd Indianapolis, IN	3.0	1.0	1073	$1,445	$1.35	25d	1	1.20mi
3809 Biscayne Rd Indianapolis, IN	2.0	1.5	992	$1,020	$1.03	16d	1	1.21mi
3815 Biscayne Rd Indianapolis, IN	3.0	1.5	1188	$1,220	$1.03	16d	1	1.21mi
3631 Decamp Dr Indianapolis, IN	3.0	1.0	1000	$1,335	$1.33	25d	1	1.21mi
3821 Biscayne Rd Indianapolis, IN	4.0	1.5	1188	$1,325	$1.12	16d	1	1.22mi
3823 Biscayne Rd Indianapolis, IN	4.0	1.5	1188	$1,320	$1.11	16d	1	1.22mi
8254 Meadowlark Dr Indianapolis, IN	3.0	1.5	1320	$1,150	$0.87	24d	1	1.22mi
8254 Meadowlark Dr Unit 1 Indianapolis, IN	3.0	1.5	1320	$1,150	$0.87	45d	1	1.22mi
3829 Biscayne Rd Indianapolis, IN	4.0	1.5	1188	$1,320	$1.11	16d	1	1.22mi
3938 Biscayne Rd Indianapolis, IN	3.0	1.0	1000	$1,895	$1.90	5d	1	1.26mi
8724 Montery Rd Indianapolis, IN	3.0	1.0	925	$1,500	$1.62	45d	1	1.29mi
8501 Athens Ct Indianapolis, IN	4.0	1.0	1225	$1,475	$1.20	16d	1	1.29mi
8501 Athens Ct Indianapolis, IN	4.0	1.0	1225	$1,400	$1.14	0d	1	1.29mi
4307 N Edmondson Ave Indianapolis, IN	3.0	1.0	900	$1,299	$1.44	4d	1	1.30mi
8738 Montery Rd Indianapolis, IN	3.0	1.0	1421	$1,331	$0.94	0d	1	1.31mi
4315 Aspen Way Indianapolis, IN	3.0	1.0	1080	$1,380	$1.28	45d	1	1.31mi
8862 Bel Air Ct Indianapolis, IN	3.0	1.0	1073	$1,264	$1.18	19d	1	1.34mi
8914 Elmonte Dr Indianapolis, IN	3.0	1.5	1500	$1,600	$1.07	25d	1	1.44mi

Listing history 21 events

1. 2026-06-21
   days on market $144,900 Active 39 DOM
2. 2026-06-18
   days on market $144,900 Active 36 DOM
3. 2026-06-17
   price $144,900 Active 35 DOM
4. 2026-06-17
   days on market $154,900 Active 35 DOM
5. 2026-06-16
   days on market $154,900 Active 34 DOM
6. 2026-06-15
   days on market $154,900 Active 33 DOM
7. 2026-06-13
   days on market $154,900 Active 31 DOM
8. 2026-06-13
   days on market $154,900 Active 30 DOM
9. 2026-06-09
   days on market $154,900 Active 27 DOM
10. 2026-06-08
    days on market $154,900 Active 26 DOM
11. 2026-06-07
    days on market $154,900 Active 25 DOM
12. 2026-06-03
    days on market $154,900 Active 21 DOM
13. 2026-06-02
    days on market $154,900 Active 20 DOM
14. 2026-06-01
    days on market $154,900 Active 19 DOM
15. 2026-05-31
    days on market $154,900 Active 18 DOM
16. 2026-05-13
    listed $174,900 Active 639-char remark
17. 2021-01-27
    soldstatus $89,000 Closed 588-char remark

    Show marketing remark (588 chars)

    Unbelievable value on this well-maintained 3 Bed Ranch with no HOA in established neighborhood with mature trees! Easy interstate access & close to Fort Benjamin Harrison State Park. Updates include vinyl windows, water heater (2016) & A/C & coil (2015). Large bathroom has been updated with beadboard wainscoting & vinyl flooring. Great floorplan with spacious Living Room and Kitchen/Dining Room combo. Entertain on the back deck/stone patio area or the large fully fenced backyard, with storage shed. This home is ready for a few cosmetic updates, so bring your vision!

18. 2021-01-06
    status Pending 588-char remark

    Show marketing remark (588 chars)

    Unbelievable value on this well-maintained 3 Bed Ranch with no HOA in established neighborhood with mature trees! Easy interstate access & close to Fort Benjamin Harrison State Park. Updates include vinyl windows, water heater (2016) & A/C & coil (2015). Large bathroom has been updated with beadboard wainscoting & vinyl flooring. Great floorplan with spacious Living Room and Kitchen/Dining Room combo. Entertain on the back deck/stone patio area or the large fully fenced backyard, with storage shed. This home is ready for a few cosmetic updates, so bring your vision!

19. 2020-12-14
    status Active 588-char remark

    Show marketing remark (588 chars)

    Unbelievable value on this well-maintained 3 Bed Ranch with no HOA in established neighborhood with mature trees! Easy interstate access & close to Fort Benjamin Harrison State Park. Updates include vinyl windows, water heater (2016) & A/C & coil (2015). Large bathroom has been updated with beadboard wainscoting & vinyl flooring. Great floorplan with spacious Living Room and Kitchen/Dining Room combo. Entertain on the back deck/stone patio area or the large fully fenced backyard, with storage shed. This home is ready for a few cosmetic updates, so bring your vision!

20. 2020-12-07
    status Pending 588-char remark

    Show marketing remark (588 chars)

    Unbelievable value on this well-maintained 3 Bed Ranch with no HOA in established neighborhood with mature trees! Easy interstate access & close to Fort Benjamin Harrison State Park. Updates include vinyl windows, water heater (2016) & A/C & coil (2015). Large bathroom has been updated with beadboard wainscoting & vinyl flooring. Great floorplan with spacious Living Room and Kitchen/Dining Room combo. Entertain on the back deck/stone patio area or the large fully fenced backyard, with storage shed. This home is ready for a few cosmetic updates, so bring your vision!

21. 2020-12-04
    listed $97,500 Active 588-char remark

    Show marketing remark (588 chars)

    Unbelievable value on this well-maintained 3 Bed Ranch with no HOA in established neighborhood with mature trees! Easy interstate access & close to Fort Benjamin Harrison State Park. Updates include vinyl windows, water heater (2016) & A/C & coil (2015). Large bathroom has been updated with beadboard wainscoting & vinyl flooring. Great floorplan with spacious Living Room and Kitchen/Dining Room combo. Entertain on the back deck/stone patio area or the large fully fenced backyard, with storage shed. This home is ready for a few cosmetic updates, so bring your vision!

ⓘ 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: $1,296 · $108/mo
• Projected year-2 tax: $1,296 · $108/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 6/10 Major FEMA zone X (unshaded) · 68% 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: $17,208
• − Mortgage interest: −$8,117
• − Property taxes: −$1,296
• − Insurance: −$724
• − Repairs & maintenance: −$1,377
• − Management: −$1,377
• − Depreciation: −$4,215
• Taxable income: $102
• Est. tax owed @ 24.0%: −$25
• After-tax cash flow: $2,431/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

+48.6% since first listed

9 events — show timeline

• 2026-06-17 Price Changed $144,900 MIBOR as Distributed by MLS Grid
• 2026-05-27 Price Changed $154,900 MIBOR as Distributed by MLS Grid
• 2026-05-20 Price Changed $164,900 MIBOR as Distributed by MLS Grid
• 2026-05-13 Listed $174,900 MIBOR as Distributed by MLS Grid
• 2021-01-27 Sold (MLS) $89,000 MIBOR as Distributed by MLS Grid
• 2021-01-06 Pending — MIBOR as Distributed by MLS Grid
• 2020-12-14 Relisted — MIBOR as Distributed by MLS Grid
• 2020-12-07 Pending — MIBOR as Distributed by MLS Grid
• 2020-12-04 Listed $97,500 MIBOR as Distributed by MLS Grid

Property tax history

+37.2%/yr

Latest (2025): $1,296 · +15.9% YoY. Source: county tax records.