925 Harbon Dr · Franklin, IN 46131

$245,000

3 bd · 2.5 ba · 1,784 sqft · SingleFamily public records · 66 Days on market

Built 2006 4,225 sqft lot $137/sqft · 10% below area Est $267k · 8% under $36/mo HOA · 2% of rent

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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 +11.2/30.0
• ARV discount +11.2/15.0
• Rent growth +3.7/5.0
• Schools +3.5/10.0
• DSCR +3.3/10.0
• Livability +3.2/5.0
• 1% rule +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Imagine 925 Harbon Dr, a residence recently enhanced with fresh interior paint and a partial flooring replacement that creates a cohesive aesthetic. The functional kitchen includes all stainless steel appliances, complementing the primary bedroom's walk in closet designed for extensive organization. A pleasant patio provides an accessible outdoor area. This updated residence perfectly blends modern function and comfortable living. Included 100-Day Home Warranty with buyer activation

Key facts

• Fresh interior paint
• 4,225 sq ft lot
• 2 garage spots

Tags

• STAINLESS STEEL APPLIANCES
• FRESH INTERIOR PAINT
• PARTIAL FLOORING REPLACEMENT

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $245k.

Deal economics

• At list price, monthly cash flow is $-96 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $228k (6.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $192k (21.8% below list).
• Recommended offer: $192k (21.8% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 4.0% in Franklin — 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 65/100 on livability (#351 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Franklin Community School Corporation (suburban): math 36% / reading 44% proficiency, ranked #133 of 301 in IN (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Needham Elementary School (math 42% / reading 32%, grade F, #550 of 994 statewide, top 57%, 326 students, 49% FRL); Franklin Community Middle School (math 25% / reading 42%, grade F, #176 of 330 statewide, top 54%, 759 students, 48% FRL); Franklin Community High School (math 29% / reading 69%, grade D, #136 of 369 statewide, top 37%, 1,610 students, 41% FRL).
• Market conditions: Rents rising fast (+4.7%/yr); 282 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,133 units permitted in Johnson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Johnson County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($230k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 15y ago; this cycle's ask has dropped $13k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $160k; list at $245k implies a 53% gain — meaningful room to come down on a strong offer.

Recommended offer $191,670 (21.8% 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 66 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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?
8. 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.
9. 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.
10. 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: 0.78% ✗
• Cap rate: 5.82%
• Cash-on-cash: -1.67%
• DSCR: 0.93
• GRM: 10.7

CMA / ARV

• ARV (median comp): $266,711
• List price: $245,000
• Delta: -8.14%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2121 Somerset Dr	0.36mi	3/2.0	1,804 (+1%)	8mo	$430,000	$238	73
911 Cass Dr	0.16mi	3/2.0	1,618 (-9%)	7mo	$270,000	$167	69
2341 Somerset Cir	0.58mi	3/2.5	1,827 (+2%)	2mo	$343,000	$188	67
2307 Cedarmill Dr	0.43mi	3/2.0	1,698 (-5%)	13mo	$285,000	$168	59
2250 Somerset Dr	0.46mi	3/2.0	1,970 (+10%)	2mo	$450,000	$228	57
2350 Bridlewood Dr	0.49mi	3/2.5	1,922 (+8%)	13mo	$275,000	$143	54
2246 Heather Glen Way	0.52mi	2/2.0 (-1)	1,695 (-5%)	9mo	$399,000	$235	53
823 Fieldstone Dr	0.68mi	3/2.0	1,804 (+1%)	16mo	$265,000	$147	51
832 Brookshire Dr	0.57mi	3/2.0	1,618 (-9%)	9mo	$265,000	$164	48
2439 Bridlewood Dr	0.61mi	3/2.0	1,618 (-9%)	15mo	$273,000	$169	41
2452 Bristol Dr	0.63mi	3/2.0	1,618 (-9%)	15mo	$265,000	$164	41
2461 Bristol Dr	0.64mi	3/2.0	1,924 (+8%)	19mo	$280,000	$146	40

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 · 4.68% rent growth · sell at horizon

5-year hold

• IRR: -17.3%
• Equity multiple: 0.38×
• Total profit: $-42,516
• Equity at exit: $36,530

10-year hold

• IRR: -6.6%
• Equity multiple: 0.55×
• Total profit: $-30,961
• Equity at exit: $21,183

Cash invested: $68,600 (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 46131

• Home prices YoY: -27.8%
• Rents YoY: 4.7%
• Active inventory: 282
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $1,917 high
• Mortgage (P&I): −$1,285
• Tax from tax record: −$187 /mo · $2,242/yr
• Insurance: −$102
• HOA: −$36
• Vacancy / Maint / Mgmt: −$403
• Net cashflow: $-96

Break-even live

Break-even rent $2,038

Max offer price $228,117

Occupancy floor 100%

Sensitivity live

Price	-10% $43	-5% $-26	+0% $-96	+5% $-165	+10% $-234
Rent	-10% $-247	-5% $-171	+0% $-96	+5% $-20	+10% $56
Rate	-1.0pp $28	-0.5pp $-33	base $-96	+0.5pp $-159	+1.0pp $-224

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
954 Brookstone Dr Franklin, IN	4.0	3.0	2230	$1,750	$0.78	16d	1	0.10mi
954 Brookstone Dr Franklin, IN	4.0	2.5	2230	$1,750	$0.78	9d	1	0.10mi
2108 Bridlewood Dr Franklin, IN	3.0	2.0	1510	$1,762	$1.17	4d	1	0.10mi
978 Brookstone Dr Franklin, IN	3.0	2.5	2230	$1,876	$0.84	45d	1	0.11mi
2230 Cedarmill Dr Franklin, IN	3.0	2.5	2067	$1,900	$0.92	45d	1	0.34mi
7505 Founders Way Franklin, IN	1.0–3.0	1.0–2.0	1045	$2,038	$1.95	0d	16	0.79mi
312 Carriage Ln Franklin, IN	2.0	2.5	1908	$1,700	$0.89	18d	1	1.17mi
1600 Traditions Ct Franklin, IN	2.0–4.0	2.0	1190	$1,692	$1.42	0d	5	1.23mi
1541 Brookfield Cir Franklin, IN	2.0	1.5	1297	$1,595	$1.23	3d	1	1.28mi

HOA detail

• Monthly dues: $36 · $432/yr

Listing history 26 events

1. 2026-06-21
   days on market $245,000 Active 66 DOM
2. 2026-06-18
   days on market $245,000 Active 63 DOM
3. 2026-06-17
   days on market $245,000 Active 62 DOM
4. 2026-06-16
   days on market $245,000 Active 61 DOM
5. 2026-06-15
   days on market $245,000 Active 60 DOM
6. 2026-06-13
   days on market $245,000 Active 58 DOM
7. 2026-06-13
   days on market $245,000 Active 57 DOM
8. 2026-06-09
   days on market $245,000 Active 54 DOM
9. 2026-06-08
   days on market $245,000 Active 53 DOM
10. 2026-06-07
    pricedays on market $245,000 Active 52 DOM
11. 2026-06-03
    days on market $250,000 Active 48 DOM
12. 2026-06-02
    days on market $250,000 Active 47 DOM
13. 2026-06-01
    days on market $250,000 Active 46 DOM
14. 2026-05-31
    days on market $250,000 Active 45 DOM
15. 2026-05-14
    price $250,000 487-char remark

    Show marketing remark (487 chars)

    Imagine 925 Harbon Dr, a residence recently enhanced with fresh interior paint and a partial flooring replacement that creates a cohesive aesthetic. The functional kitchen includes all stainless steel appliances, complementing the primary bedroom's walk in closet designed for extensive organization. A pleasant patio provides an accessible outdoor area. This updated residence perfectly blends modern function and comfortable living. Included 100-Day Home Warranty with buyer activation

16. 2026-04-30
    price $255,000 487-char remark

    Show marketing remark (487 chars)

    Imagine 925 Harbon Dr, a residence recently enhanced with fresh interior paint and a partial flooring replacement that creates a cohesive aesthetic. The functional kitchen includes all stainless steel appliances, complementing the primary bedroom's walk in closet designed for extensive organization. A pleasant patio provides an accessible outdoor area. This updated residence perfectly blends modern function and comfortable living. Included 100-Day Home Warranty with buyer activation

17. 2026-04-16
    listed $258,000 Active 487-char remark

    Show marketing remark (487 chars)

    Imagine 925 Harbon Dr, a residence recently enhanced with fresh interior paint and a partial flooring replacement that creates a cohesive aesthetic. The functional kitchen includes all stainless steel appliances, complementing the primary bedroom's walk in closet designed for extensive organization. A pleasant patio provides an accessible outdoor area. This updated residence perfectly blends modern function and comfortable living. Included 100-Day Home Warranty with buyer activation

18. 2020-09-28
    soldstatus $160,000 Sold 252-char remark

    Show marketing remark (252 chars)

    Charming 3 bedroom, 2.5 bath two-story home w/ almost 1,800 square feet of living space! Desirable Heritage neighborhood in Franklin. Home features a large open family room, kitchen w/breakfast area, great-size master bedroom, laundry room, & more!

19. 2020-09-11
    status Pending 252-char remark

    Show marketing remark (252 chars)

    Charming 3 bedroom, 2.5 bath two-story home w/ almost 1,800 square feet of living space! Desirable Heritage neighborhood in Franklin. Home features a large open family room, kitchen w/breakfast area, great-size master bedroom, laundry room, & more!

20. 2020-08-22
    status Pending 252-char remark

    Show marketing remark (252 chars)

    Charming 3 bedroom, 2.5 bath two-story home w/ almost 1,800 square feet of living space! Desirable Heritage neighborhood in Franklin. Home features a large open family room, kitchen w/breakfast area, great-size master bedroom, laundry room, & more!

21. 2020-07-25
    price $160,000 252-char remark

    Show marketing remark (252 chars)

    Charming 3 bedroom, 2.5 bath two-story home w/ almost 1,800 square feet of living space! Desirable Heritage neighborhood in Franklin. Home features a large open family room, kitchen w/breakfast area, great-size master bedroom, laundry room, & more!

22. 2020-07-24
    price $168,000 252-char remark

    Show marketing remark (252 chars)

    Charming 3 bedroom, 2.5 bath two-story home w/ almost 1,800 square feet of living space! Desirable Heritage neighborhood in Franklin. Home features a large open family room, kitchen w/breakfast area, great-size master bedroom, laundry room, & more!

23. 2020-07-19
    price $169,500 252-char remark

    Show marketing remark (252 chars)

    Charming 3 bedroom, 2.5 bath two-story home w/ almost 1,800 square feet of living space! Desirable Heritage neighborhood in Franklin. Home features a large open family room, kitchen w/breakfast area, great-size master bedroom, laundry room, & more!

24. 2020-07-11
    listed $175,000 Active 252-char remark

    Show marketing remark (252 chars)

    Charming 3 bedroom, 2.5 bath two-story home w/ almost 1,800 square feet of living space! Desirable Heritage neighborhood in Franklin. Home features a large open family room, kitchen w/breakfast area, great-size master bedroom, laundry room, & more!

25. 2011-08-01
    historical
26. 2011-03-22
    listed $84,900

ⓘ 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: $2,242 · $187/mo
• Projected year-2 tax: $2,242 · $187/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 4/10 Moderate 7 d/yr ≥102°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,000
• − Mortgage interest: −$13,724
• − Property taxes: −$2,242
• − Insurance: −$1,225
• − Repairs & maintenance: −$1,840
• − Management: −$1,840
• − HOA: −$432
• − Depreciation: −$7,127
• Taxable loss: −$5,430
• Est. tax savings @ 24.0%: +$1,303
• After-tax cash flow: $156/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: Franklin Community School Corporation
• NCES district ID: 1803690
• Math proficiency: 36% ▼ -11.00%
• Reading proficiency: 44% ▼ -8.00%
• Median HH income: $54,855
• Composite: 34.93/100
• National rank: #5066
• State rank: #133 of 301 in IN

Livability — Franklin

• Score: 65/100
• State rank: #351
• US rank: #13428

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment C Housing A+ Health & safety F User ratings D+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Franklin, IN
• County: Johnson County · 154,261 people
• City population: 34,647
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 34,647
• Household income: $85,076
• Rent vs Own: 28.4% rent · 71.6% own
• Severe rent burden: 984.0

Population outlook (Johnson County) Hauer SSP2

• Today (2025): 170,080 people
• By 2030: 179,983 · +5.8%
• By 2040: 198,580 · +16.8%
• By 2050: 214,661 · +26.2%
• By 2075: 247,990 · +45.8%
• By 2100: 257,821 · +51.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 2% Black 2%
• Common ancestry: Slovak 2% Italian 1% Serbian 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2% Russian/Polish/Slavic 1% Other Asian/Pacific 1%

Political lean MEDSL · Johnson

• 2024 margin: Solid R (+34.3) · D 32.0% · R 66.3% · Other 1.7%
• 2008→2024 swing: -8.9pp toward R · 2008: -25.5pp · 2024: -34.3pp
• All cycles: 2024: R+34.3 2020: R+34.1 2016: R+42.5 2012: R+38.5 2008: R+25.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -90.53%
• Current HPI: 235.0009
• Rent YoY: ▲ 4.68%
• 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

+194.5% since first listed

12 events — show timeline

• 2026-05-14 Price Changed $250,000 MIBOR as Distributed by MLS Grid
• 2026-04-30 Price Changed $255,000 MIBOR as Distributed by MLS Grid
• 2026-04-16 Listed $258,000 MIBOR as Distributed by MLS Grid
• 2020-09-28 Sold (MLS) $160,000 MIBOR as Distributed by MLS Grid
• 2020-09-11 Pending — MIBOR as Distributed by MLS Grid
• 2020-08-22 Pending — MIBOR as Distributed by MLS Grid
• 2020-07-25 Price Changed $160,000 MIBOR as Distributed by MLS Grid
• 2020-07-24 Price Changed $168,000 MIBOR as Distributed by MLS Grid
• 2020-07-19 Price Changed $169,500 MIBOR as Distributed by MLS Grid
• 2020-07-11 Listed $175,000 MIBOR as Distributed by MLS Grid
• 2011-08-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2011-03-22 Listed $84,900 MIBOR as Distributed by MLS Grid

Property tax history

+7.8%/yr

Latest (2024): $2,242 · +2.2% YoY. Source: county tax records.