15552 Smithfield Dr

Westfield, IN 46074

$350,000D-

3 bd · 2.5 ba · 2,257 sqft · Built 2004 · Condo · Pending · 32 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,873/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$414
• HOA: −$352
• Vac / Maint / Mgmt: −$603
• Net cashflow: $-332/mo
• Annual: $-3,979/yr
• Cap rate: 5.16%
• Cash-on-cash: -4.06%
• DSCR: 0.82
• 1% rule: 0.82%
• Cash to close: $98,000

Investor read

• This is a 3-bed/2.5-bath condo listed at $350k.
• 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).
• It's been on market 32 days — a 3% lower offer ($340k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $287k (17.9% below list) — sets the bar for 1% rule.
• 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.
• 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); 809 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).
• Hamilton County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.

Questions for listing agent

• 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?
• 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.