301 S Clay St · Frankfort, IN 46041

$177,500

3 bd · 2.0 ba · 2,321 sqft · SingleFamily public records · 67 Days on market

Built 1890 10,296 sqft lot $76/sqft · at area comps Est $248k · 29% under

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Why this score? — see what drove the B 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 +27.3/30.0
• ARV discount +15.0/15.0
• DSCR +9.5/10.0
• 1% rule +7.9/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover the potential in this charming two-story home ideally located within walking distance to downtown amenities, dining, and shopping. Featuring 4 bedrooms and 2 full baths, this property offers a flexible layout that can suit a variety of needs. Inside, you’ll find beautiful hardwood floors and spacious living areas ready for your personal touch. The home presents a unique opportunity for both homeowners and investors alike, with the possibility to function as a single-family residence or be converted into a duplex. Separate meters are already in place, providing added convenience for future plans. Enjoy outdoor living with a covered wrap-around front porch, perfect for relaxing mornings or evening gatherings, as well as a fenced-in backyard offering privacy and space for pets or entertaining. A one-car detached garage adds additional storage and parking options. Being sold As-Is, this property is full of opportunity for those looking to make it their own or expand their investment portfolio. Don’t miss your chance to own a home with character, versatility, and a prime location!

Key facts

• Flexible layout
• Two story home
• Hardwood floors

Tags

• TWO STORY HOME
• WALKING DISTANCE TO DOWNTOWN
• FLEXIBLE LAYOUT
• HARDWOOD FLOORS
• SPACIOUS LIVING AREAS
• SINGLE FAMILY RESIDENCE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $178k.

Deal economics

• At list price, monthly cash flow is $512 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $178k).
• Recommended offer: $167k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.8% vs local median 3.9% in Frankfort — 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 73/100 on livability (#107 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Community Schools Of Frankfort (rural): math 27% / reading 30% proficiency, ranked #251 of 301 in IN (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 129 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 59 units permitted in Clinton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Clinton County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $50k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 67 days — a 6% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y ago; this cycle's ask has dropped $15k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $63k; list at $178k implies a 182% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $166,850 (6.0% below list)

Questions for the listing agent

1. It's been on market 67 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 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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.
7. 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.
8. 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: 1.29% ✓
• Cap rate: 9.76%
• Cash-on-cash: 12.37%
• DSCR: 1.55
• GRM: 6.4

CMA / ARV

• ARV (median comp): $248,319
• List price: $177,500
• Delta: -28.52%
• 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
255 N East St	0.28mi	4/2.0 (+1)	2,304 (-1%)	2mo	$250,000	$109	79
507 E Washington St	0.19mi	4/2.0 (+1)	2,150 (-7%)	2mo	$185,000	$86	72
708 Maple Dr	0.43mi	3/2.0	2,208 (-5%)	2mo	$285,000	$129	70
1352 E Wabash St	0.50mi	3/1.0	2,400 (+3%)	7mo	$175,000	$73	61
1107 E Clinton St	0.39mi	3/2.0	2,191 (-6%)	14mo	$222,000	$101	61
509 S Jackson St	0.23mi	4/1.5 (+1)	2,108 (-9%)	10mo	$226,000	$107	58
204 Main Ave	0.37mi	4/3.0 (+1)	2,267 (-2%)	15mo	$270,000	$119	57
751 E Armstrong St	0.24mi	3/1.0	2,074 (-11%)	13mo	$127,500	$61	56
359 S 2nd St	0.45mi	4/2.5 (+1)	2,124 (-8%)	6mo	$299,000	$141	53
1101 E Boone St	0.38mi	4/2.0 (+1)	2,028 (-13%)	11mo	$255,000	$126	47
458 Main Ave	0.46mi	3/1.5	2,006 (-14%)	9mo	$157,000	$78	46
1657 E Walnut St	0.72mi	4/2.0 (+1)	2,632 (+13%)	4mo	$267,000	$101	35

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 2.1%
• Equity multiple: 1.08×
• Total profit: $3,958
• Equity at exit: $26,466

10-year hold

• IRR: 11.7%
• Equity multiple: 1.92×
• Total profit: $45,801
• Equity at exit: $15,347

Cash invested: $49,700 (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 46041

• Home prices YoY: -17.8%
• Active inventory: 129
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $2,295 medium
• Mortgage (P&I): −$931
• Tax from tax record: −$296 /mo · $3,549/yr
• Insurance: −$74
• HOA: −$0
• Vacancy / Maint / Mgmt: −$482
• Net cashflow: $512

Break-even live

Break-even rent $1,646

Max offer price $177,500

Occupancy floor 73%

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: $44,375
• Closing costs: $5,325
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
904 E Clinton St Frankfort, IN	4.0	2.0	2447	$2,295	$0.94	12d	1	0.29mi

Listing history 20 events

1. 2026-06-18
   days on market $177,500 Active 67 DOM
2. 2026-06-17
   days on market $177,500 Active 66 DOM
3. 2026-06-16
   days on market $177,500 Active 65 DOM
4. 2026-06-15
   days on market $177,500 Active 64 DOM
5. 2026-06-13
   days on market $177,500 Active 62 DOM
6. 2026-06-12
   days on market $177,500 Active 61 DOM
7. 2026-06-09
   days on market $177,500 Active 58 DOM
8. 2026-06-08
   days on market $177,500 Active 57 DOM
9. 2026-06-07
   days on market $177,500 Active 56 DOM
10. 2026-06-07
    days on market $177,500 Active 55 DOM
11. 2026-06-04
    days on market $177,500 Active 52 DOM
12. 2026-06-03
    price $177,500 Active 51 DOM
13. 2026-06-02
    days on market $192,500 Active 51 DOM
14. 2026-06-01
    days on market $192,500 Active 50 DOM
15. 2026-05-31
    days on market $192,500 Active 49 DOM
16. 2026-05-31
    days on market $192,500 Active 48 DOM
17. 2026-04-12
    listed $192,500 Active 1113-char remark

    Show marketing remark (1110 chars)

    Discover the potential in this charming two-story home ideally located within walking distance to downtown amenities, dining, and shopping. Featuring 4 bedrooms and 2 full baths, this property offers a flexible layout that can suit a variety of needs. Inside, you'll find beautiful hardwood floors and spacious living areas ready for your personal touch. The home presents a unique opportunity for both homeowners and investors alike, with the possibility to function as a single-family residence or be converted into a duplex. Separate meters are already in place, providing added convenience for future plans. Enjoy outdoor living with a covered wrap-around front porch, perfect for relaxing mornings or evening gatherings, as well as a fenced-in backyard offering privacy and space for pets or entertaining. A one-car detached garage adds additional storage and parking options. Being sold As-Is, this property is full of opportunity for those looking to make it their own or expand their investment portfolio. Don't miss your chance to own a home with character, versatility, and a prime location!

18. 2026-04-12
    listed $192,500 Active 1110-char remark

    Show marketing remark (1110 chars)

    Discover the potential in this charming two-story home ideally located within walking distance to downtown amenities, dining, and shopping. Featuring 4 bedrooms and 2 full baths, this property offers a flexible layout that can suit a variety of needs. Inside, you'll find beautiful hardwood floors and spacious living areas ready for your personal touch. The home presents a unique opportunity for both homeowners and investors alike, with the possibility to function as a single-family residence or be converted into a duplex. Separate meters are already in place, providing added convenience for future plans. Enjoy outdoor living with a covered wrap-around front porch, perfect for relaxing mornings or evening gatherings, as well as a fenced-in backyard offering privacy and space for pets or entertaining. A one-car detached garage adds additional storage and parking options. Being sold As-Is, this property is full of opportunity for those looking to make it their own or expand their investment portfolio. Don't miss your chance to own a home with character, versatility, and a prime location!

19. 2022-02-07
    soldstatus $63,000
20. 2021-12-03
    listed $79,775

ⓘ 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: $3,549 · $296/mo
• Projected year-2 tax: $3,549 · $296/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
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,540
• − Mortgage interest: −$9,943
• − Property taxes: −$3,549
• − Insurance: −$888
• − Repairs & maintenance: −$2,203
• − Management: −$2,203
• − Depreciation: −$5,164
• Taxable income: $3,590
• Est. tax owed @ 24.0%: −$862
• After-tax cash flow: $5,288/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: Community Schools Of Frankfort
• NCES district ID: 1803660
• Math proficiency: 27% ▼ -3.00%
• Reading proficiency: 30% ▼ -6.00%
• Median HH income: $42,144
• Composite: 24.2/100
• National rank: #7728
• State rank: #251 of 301 in IN

Livability — Frankfort

• Score: 73/100
• State rank: #107
• US rank: #5623

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Frankfort, IN
• Population (ZIP): 23,359

Population outlook (Clinton County) Hauer SSP2

• Today (2025): 31,197 people
• By 2030: 30,257 · -3.0%
• By 2040: 28,383 · -9.0%
• By 2050: 26,644 · -14.6%
• By 2075: 23,858 · -23.5%
• By 2100: 22,236 · -28.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 24% Two or more races 11%
• Hispanic origin (detail): Mexican 22%
• Common ancestry: Iranian 1% Italian 1% Slovak 1%
• Foreign-born: 11% · Canada, Philippines
• Languages at home: 86% English-only · Spanish 14%

Political lean MEDSL · Clinton

• 2024 margin: Solid R (+48.0) · D 25.2% · R 73.2% · Other 1.6%
• 2008→2024 swing: -35.0pp toward R · 2008: -13.0pp · 2024: -48.0pp
• All cycles: 2024: R+48.0 2020: R+46.1 2016: R+48.0 2012: R+30.7 2008: R+13.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -57.02%
• Current HPI: 263.2258
• Rent YoY: —
• Metro: —
• 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

+141.3% since first listed

4 events — show timeline

• 2026-04-12 Listed $192,500 IRMLS
• 2026-04-12 Listed $192,500 MIBOR as Distributed by MLS Grid
• 2022-02-07 Sold (MLS) $63,000 IRMLS
• 2021-12-03 Listed $79,775 IRMLS

Property tax history

+13.1%/yr

Latest (2024): $3,549 · +2.6% YoY. Source: county tax records.