15552 Smithfield Dr · Westfield, IN 46074

$350,000

3 bd · 2.5 ba · 2,257 sqft · Condo public records · 32 Days on market

Built 2004 $352/mo HOA · 12% 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 +8.2/30.0
• ARV discount +7.5/15.0
• Schools +5.5/10.0
• Rent growth +3.6/5.0
• Livability +3.6/5.0
• 1% rule +3.2/10.0
• Condition / age +2.5/5.0
• DSCR +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Tired of yard work and walking upstairs to bed? Don't want to be sandwiched between townhomes with only a sliver of sunlight? Then don't pass on this rare chance: End unit 4 bd/2.5 bath townhome w/ first floor master suite over 2250 sq ft & 2 car garage in popular Centennial. Enjoy 9' ceilings, arched doorways & recessed lighting throughout. Main level features engineered hardwoods, family room w/ gas fireplace. White 42" cabinets, center island, newer appliances. including freestanding double convection oven, highlight eat-in kitchen. Relaxing main floor primary retreat boasts dual vanity, garden tub, separate shower, custom shelving & drawers in walk-in closet & secluded patio access. 2nd story impresses w/ 3 big bedrooms, spacious loft, and a jack-n-jill bathroom w/ separate vanities & walk-in closets. Fenced patio & finished garage complete the package. Enjoy upgraded lifestyle w/ Centennial's numerous amenities, and close proximity to both Clay Terrace & Grand Park.

Key facts

• Dual vanity
• Engineered hardwoods
• Gas fireplace

Tags

• FIRST FLOOR MASTER SUITE
• ENGINEERED HARDWOODS
• GAS FIREPLACE
• EAT-IN KITCHEN
• DUAL VANITY
• GARDEN TUB

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $350k.

Deal economics

• At list price, monthly cash flow is $-332 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $291k (16.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $287k (17.9% below list).
• Recommended offer: $287k (17.9% below list) — sets the bar for 1% rule.
• Cap rate 5.2% vs local median 3.0% in Westfield — 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 71/100 on livability (#140 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Westfield-Washington Schools (suburban): math 58% / reading 64% proficiency, ranked #10 of 301 in IN (top 3%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+4.3%/yr); 801 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 9d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 4,661 units permitted in Hamilton County in 2024 (1,528 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 $10k of value loss. Plan a longer hold.
• Hamilton County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($340k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 21y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $205k; list at $350k implies a 71% gain — meaningful room to come down on a strong offer.

Recommended offer $287,301 (17.9% 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 32 days. Have you received any prior offers? Is the seller open to a 18% 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. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.82% ✗
• Cap rate: 5.16%
• Cash-on-cash: -4.06%
• DSCR: 0.82
• GRM: 10.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.26% rent growth · sell at horizon

5-year hold

• IRR: -21.6%
• Equity multiple: 0.24×
• Total profit: $-73,992
• Equity at exit: $52,186

10-year hold

• IRR: -12.3%
• Equity multiple: 0.23×
• Total profit: $-75,468
• Equity at exit: $30,262

Cash invested: $98,000 (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 46074

• Rents YoY: 4.3%
• Active inventory: 801
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $2,873 high
• Mortgage (P&I): −$1,835
• Tax from tax record: −$268 /mo · $3,216/yr
• Insurance: −$146
• HOA: −$352
• Vacancy / Maint / Mgmt: −$603
• Net cashflow: $-332

Break-even live

Break-even rent $3,293

Max offer price $291,420

Occupancy floor —

Sensitivity live

Price	-10% $-133	-5% $-233	+0% $-332	+5% $-431	+10% $-530
Rent	-10% $-559	-5% $-445	+0% $-332	+5% $-218	+10% $-105
Rate	-1.0pp $-155	-0.5pp $-243	base $-332	+0.5pp $-422	+1.0pp $-515

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1659 Dewey Dr Westfield, IN	2.0	2.0	1748	$2,650	$1.52	2d	1	0.70mi
1361 Midway Ct Carmel, IN	4.0	2.5	2606	$3,250	$1.25	17d	1	1.15mi
14502 Baldwin Ln Carmel, IN	4.0	2.5	2381	$3,600	$1.51	2d	1	1.17mi
14518 Brecon Ln Carmel, IN	3.0	2.5	1980	$2,695	$1.36	44d	1	1.28mi
16259 Countryside Blvd Westfield, IN	4.0	2.5	2972	$2,900	$0.98	8d	1	1.45mi

HOA detail condo

• Monthly dues: $352 · $4,224/yr
• Likely covers: gas
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-05-05
   status Pending 1027-char remark

   Show marketing remark (1027 chars)

   Tired of yard work and walking upstairs to bed? Don't want to be sandwiched between townhomes with only a sliver of sunlight? Then don't pass on this rare chance: End unit 4 bd/2.5 bath townhome w/ first floor master suite over 2250 sq ft & 2 car garage in popular Centennial. Enjoy 9' ceilings, arched doorways & recessed lighting throughout. Main level features engineered hardwoods, family room w/ gas fireplace. White 42" cabinets, center island, newer appliances. including freestanding double convection oven, highlight eat-in kitchen. Relaxing main floor primary retreat boasts dual vanity, garden tub, separate shower, custom shelving & drawers in walk-in closet & secluded patio access. 2nd story impresses w/ 3 big bedrooms, spacious loft, and a jack-n-jill bathroom w/ separate vanities & walk-in closets. Fenced patio & finished garage complete the package. Enjoy upgraded lifestyle w/ Centennial's numerous amenities, and close proximity to both Clay Terrace & Grand Park.

2. 2026-04-03
   listed $350,000 Active 1027-char remark

   Show marketing remark (1027 chars)

   Tired of yard work and walking upstairs to bed? Don't want to be sandwiched between townhomes with only a sliver of sunlight? Then don't pass on this rare chance: End unit 4 bd/2.5 bath townhome w/ first floor master suite over 2250 sq ft & 2 car garage in popular Centennial. Enjoy 9' ceilings, arched doorways & recessed lighting throughout. Main level features engineered hardwoods, family room w/ gas fireplace. White 42" cabinets, center island, newer appliances. including freestanding double convection oven, highlight eat-in kitchen. Relaxing main floor primary retreat boasts dual vanity, garden tub, separate shower, custom shelving & drawers in walk-in closet & secluded patio access. 2nd story impresses w/ 3 big bedrooms, spacious loft, and a jack-n-jill bathroom w/ separate vanities & walk-in closets. Fenced patio & finished garage complete the package. Enjoy upgraded lifestyle w/ Centennial's numerous amenities, and close proximity to both Clay Terrace & Grand Park.

3. 2016-06-13
   soldstatus $205,000 Sold 529-char remark

   Show marketing remark (529 chars)

   Rare 4BR/2.5BA end unit townhome. Features incld large eat in kitchen w Corian counters & wood laminate flooring, 2 story entry, 9' ceilings, gas log fplc in LR, spacious main flr mstr bdrm & private mstr BA w/ dbl vanity & WIC. 2nd & 3rd bdrm share a jack & jill bath each with its own vanity & WIC. 4th bdrm w/ French door could also be an office. Built-ins throughout. Fenced private patio & finished garage. Enjoy maintenance free living, comm pool, b-ball, tennis, walking trails & much more!

4. 2016-04-18
   status Pending 529-char remark

   Show marketing remark (529 chars)

   Rare 4BR/2.5BA end unit townhome. Features incld large eat in kitchen w Corian counters & wood laminate flooring, 2 story entry, 9' ceilings, gas log fplc in LR, spacious main flr mstr bdrm & private mstr BA w/ dbl vanity & WIC. 2nd & 3rd bdrm share a jack & jill bath each with its own vanity & WIC. 4th bdrm w/ French door could also be an office. Built-ins throughout. Fenced private patio & finished garage. Enjoy maintenance free living, comm pool, b-ball, tennis, walking trails & much more!

5. 2016-04-06
   price $209,900 529-char remark

   Show marketing remark (529 chars)

   Rare 4BR/2.5BA end unit townhome. Features incld large eat in kitchen w Corian counters & wood laminate flooring, 2 story entry, 9' ceilings, gas log fplc in LR, spacious main flr mstr bdrm & private mstr BA w/ dbl vanity & WIC. 2nd & 3rd bdrm share a jack & jill bath each with its own vanity & WIC. 4th bdrm w/ French door could also be an office. Built-ins throughout. Fenced private patio & finished garage. Enjoy maintenance free living, comm pool, b-ball, tennis, walking trails & much more!

6. 2016-02-23
   price $212,000 529-char remark

   Show marketing remark (529 chars)

   Rare 4BR/2.5BA end unit townhome. Features incld large eat in kitchen w Corian counters & wood laminate flooring, 2 story entry, 9' ceilings, gas log fplc in LR, spacious main flr mstr bdrm & private mstr BA w/ dbl vanity & WIC. 2nd & 3rd bdrm share a jack & jill bath each with its own vanity & WIC. 4th bdrm w/ French door could also be an office. Built-ins throughout. Fenced private patio & finished garage. Enjoy maintenance free living, comm pool, b-ball, tennis, walking trails & much more!

7. 2016-02-06
   listed $215,000 Active 529-char remark

   Show marketing remark (529 chars)

   Rare 4BR/2.5BA end unit townhome. Features incld large eat in kitchen w Corian counters & wood laminate flooring, 2 story entry, 9' ceilings, gas log fplc in LR, spacious main flr mstr bdrm & private mstr BA w/ dbl vanity & WIC. 2nd & 3rd bdrm share a jack & jill bath each with its own vanity & WIC. 4th bdrm w/ French door could also be an office. Built-ins throughout. Fenced private patio & finished garage. Enjoy maintenance free living, comm pool, b-ball, tennis, walking trails & much more!

8. 2010-06-29
   historical
9. 2010-06-23
   soldstatus $161,000
10. 2010-04-27
    listed $159,900
11. 2010-01-09
    historical
12. 2009-01-20
    listed $190,000
13. 2009-01-11
    historical
14. 2008-01-29
    listed $217,900
15. 2007-09-30
    historical
16. 2007-01-09
    listed $229,900
17. 2006-12-27
    historical
18. 2006-05-30
    listed $232,900
19. 2006-03-02
    historical
20. 2005-12-02
    historical
21. 2005-11-22
    listed $239,900
22. 2005-06-02
    listed $237,900

ⓘ 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: $3,216 · $268/mo
• Projected year-2 tax: $3,216 · $268/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 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,476
• − Mortgage interest: −$19,605
• − Property taxes: −$3,216
• − Insurance: −$1,750
• − Repairs & maintenance: −$2,758
• − Management: −$2,758
• − HOA: −$4,224
• − Depreciation: −$10,182
• Taxable loss: −$10,018
• Est. tax savings @ 24.0%: +$2,404
• After-tax cash flow: $-1,575/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: Westfield-Washington Schools
• NCES district ID: 1813080
• Math proficiency: 58% ▼ -9.00%
• Reading proficiency: 64% ▼ -3.00%
• Median HH income: $82,682
• Composite: 55.01/100
• National rank: #1295
• State rank: #10 of 301 in IN

Livability — Westfield

• Score: 71/100
• State rank: #140
• US rank: #7263

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Westfield, IN
• County: Hamilton County · 337,479 people
• City population: 48,901
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 48,901
• Household income: $126,724
• Rent vs Own: 18.4% rent · 81.6% own
• Severe rent burden: 742.0

Population outlook (Hamilton County) Hauer SSP2

• Today (2025): 381,938 people
• By 2030: 417,496 · +9.3%
• By 2040: 486,684 · +27.4%
• By 2050: 549,805 · +44.0%
• By 2075: 687,078 · +79.9%
• By 2100: 754,495 · +97.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Two or more races 10% Hispanic / Latino 9% Asian 8% Black 3%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Romanian 4% Italian 4% Lithuanian 2%
• Foreign-born: 12% · Canada, China, South Korea
• Languages at home: 84% English-only · Spanish 5% Arabic 3% Chinese 2%

Political lean MEDSL · Hamilton

• 2024 margin: Lean R (+6.1) · D 46.0% · R 52.1% · Other 1.9%
• 2008→2024 swing: +16.2pp toward D · 2008: -22.2pp · 2024: -6.1pp
• All cycles: 2024: R+6.1 2020: R+6.8 2016: R+19.6 2012: R+34.3 2008: R+22.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -140.45%
• Current HPI: 220.9413
• Rent YoY: ▲ 4.26%
• 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

+47.1% since first listed

22 events — show timeline

• 2026-05-05 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-03 Listed $350,000 MIBOR as Distributed by MLS Grid
• 2016-06-13 Sold (MLS) $205,000 MIBOR as Distributed by MLS Grid
• 2016-04-18 Pending — MIBOR as Distributed by MLS Grid
• 2016-04-06 Price Changed $209,900 MIBOR as Distributed by MLS Grid
• 2016-02-23 Price Changed $212,000 MIBOR as Distributed by MLS Grid
• 2016-02-06 Listed $215,000 MIBOR as Distributed by MLS Grid
• 2010-06-29 Listing Removed — MIBOR as Distributed by MLS Grid
• 2010-06-23 Sold (MLS) $161,000 MIBOR as Distributed by MLS Grid
• 2010-04-27 Listed $159,900 MIBOR as Distributed by MLS Grid
• 2010-01-09 Listing Removed — MIBOR as Distributed by MLS Grid
• 2009-01-20 Listed $190,000 MIBOR as Distributed by MLS Grid
• 2009-01-11 Listing Removed — MIBOR as Distributed by MLS Grid
• 2008-01-29 Listed $217,900 MIBOR as Distributed by MLS Grid
• 2007-09-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2007-01-09 Listed $229,900 MIBOR as Distributed by MLS Grid
• 2006-12-27 Listing Removed — MIBOR as Distributed by MLS Grid
• 2006-05-30 Listed $232,900 MIBOR as Distributed by MLS Grid
• 2006-03-02 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-12-02 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-11-22 Listed $239,900 MIBOR as Distributed by MLS Grid
• 2005-06-02 Listed $237,900 MIBOR as Distributed by MLS Grid

Property tax history

+4.0%/yr

Latest (2025): $3,216 · -7.3% YoY. Source: county tax records.