358 S Columbia St · Frankfort, IN 46041

$109,000

4 bd · 1.0 ba · 1,652 sqft · SingleFamily public records · 15 Days on market

Built 1870 4,792 sqft lot Est $211k · 48% 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 +15.1/30.0
• ARV discount +15.0/15.0
• DSCR +4.6/10.0
• 1% rule +4.2/10.0
• 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

Exciting opportunity with major updates already completed! Renovations have begun and include all-new flooring, refinished hardwood floors, a brand-new furnace and ductwork ready for future central A/C, an updated walk-in shower, new lower kitchen cabinets, and updated plumbing. Located on a corner lot just a short walk from downtown amenities, this home is ready for its next owner to complete the finishing touches and make it their own. Shared garage with the rear neighboring property. Cash or conventional financing only. Sold as-is.

Key facts

• All-new flooring
• Brand-new furnace
• Updated plumbing

Tags

• ALL-NEW FLOORING
• REFINISHED HARDWOOD FLOORS
• BRAND-NEW FURNACE
• UPDATED WALK-IN SHOWER
• NEW LOWER KITCHEN CABINETS
• UPDATED PLUMBING

Property features AI

Exterior

• Parking: Attached garage (1 car)
• Utilities: Public water; Public sewer; Public power
• Home design: Single-family residence (site-built); One story; Vinyl and wood siding
• Construction: Asphalt shingle roof
• Exterior features: Patio; Corner, level lot

Interior

• Kitchen: Eat-in kitchen; Laminate counters
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Natural gas heating; Hot water heating; No cooling system
• Interior features: Eat-in kitchen; Laminate counters; Crawl space basement; Dining room fireplace (1 total)
• Laundry & utility: Main level laundry with electric dryer hookup; Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $109k.

Deal economics

• At list price, monthly cash flow is $37 ($441/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 $100k (8.3% below list).
• Recommended offer: $100k (8.3% below list) — sets the bar for 1% rule.
• Cap rate 6.7% 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: amenities F, commute F, employment D-.
• 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.
• Zoned schools: Frankfort Middle School (math 19% / reading 27%, grade F, #263 of 330 statewide, top 80%, 706 students, 83% FRL); Frankfort High School (math 8% / reading 42%, grade F, #323 of 369 statewide, top 88%, 895 students, 75% FRL).
• 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 $754 of loan paydown is wiped out by about $3k 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.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $100,000 (8.3% below list)

Questions for the listing agent

1. Built in 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 0.92% ✗
• Cap rate: 6.70%
• Cash-on-cash: 1.44%
• DSCR: 1.06
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $211,456
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
862 S Jackson St. St	0.34mi	3/1.0 (-1)	1,538 (-7%)	0mo	$197,000	$128	68
853 S Columbia St	0.31mi	3/1.0 (-1)	1,508 (-9%)	0mo	$175,000	$116	66
708 Glendale Dr	0.51mi	4/2.0	1,602 (-3%)	4mo	$204,000	$127	64
855 E Washington St	0.61mi	3/1.5 (-1)	1,656 (+0%)	1mo	$185,000	$112	63
1002 Short 4th St	0.47mi	3/1.0 (-1)	1,747 (+6%)	2mo	$133,500	$76	62
754 John St	0.63mi	3/2.0 (-1)	1,632 (-1%)	2mo	$215,000	$132	58
1004 E South St	0.67mi	3/2.0 (-1)	1,634 (-1%)	1mo	$307,400	$188	57
461 W Morrison St	0.41mi	3/2.0 (-1)	1,436 (-13%)	1mo	$200,000	$139	49
1079 E Wabash St	0.70mi	3/2.0 (-1)	1,589 (-4%)	5mo	$307,400	$193	48
1058 E South St	0.70mi	3/2.0 (-1)	1,739 (+5%)	4mo	$307,000	$177	46
601 S Clay St	0.38mi	3/2.0 (-1)	1,894 (+15%)	3mo	$163,500	$86	46
1008 Homewood Drive Dr	0.68mi	3/2.0 (-1)	1,783 (+8%)	1mo	$188,000	$105	45

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: -14.0%
• Equity multiple: 0.50×
• Total profit: $-15,309
• Equity at exit: $16,252

10-year hold

• IRR: -5.1%
• Equity multiple: 0.66×
• Total profit: $-10,257
• Equity at exit: $9,424

Cash invested: $30,520 (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: 9.1×

Monthly cashflow live

• Estimated rent: $1,000 medium
• Mortgage (P&I): −$572
• Tax est. 1.5%: −$136 /mo · $1,635/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$210
• Net cashflow: $37

Break-even live

Break-even rent $954

Max offer price $109,000

Occupancy floor 91%

Sensitivity live

Price	-10% $112	-5% $74	+0% $37	+5% $-1	+10% $-39
Rent	-10% $-42	-5% $-3	+0% $37	+5% $76	+10% $116
Rate	-1.0pp $92	-0.5pp $64	base $37	+0.5pp $8	+1.0pp $-20

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: $27,250
• Closing costs: $3,270
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
402 E Green St Frankfort, IN	3.0	1.0	1100	$1,000	$0.91	44d	1	0.75mi

Listing history 12 events

1. 2026-06-21
   days on market $109,000 Active 15 DOM
2. 2026-06-18
   days on market $109,000 Active 13 DOM
3. 2026-06-17
   days on market $109,000 Active 12 DOM
4. 2026-06-16
   days on market $109,000 Active 11 DOM
5. 2026-06-15
   days on market $109,000 Active 10 DOM
6. 2026-06-13
   days on market $109,000 Active 8 DOM
7. 2026-06-12
   days on market $109,000 Active 7 DOM
8. 2026-06-09
   days on market $109,000 Active 4 DOM
9. 2026-06-08
   days on market $109,000 Active 3 DOM
10. 2026-06-07
    days on market $109,000 Active 2 DOM
11. 2026-06-07
    remarks 540-char remark
12. 2026-06-07
    listed $109,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $12,000
• − Mortgage interest: −$6,106
• − Property taxes: −$1,635
• − Insurance: −$545
• − Repairs & maintenance: −$960
• − Management: −$960
• − Depreciation: −$3,171
• Taxable loss: −$1,377
• Est. tax savings @ 24.0%: +$330
• After-tax cash flow: $771/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

+36.4% since first listed

2 events — show timeline

• 2026-06-04 Listed $109,000 IRMLS
• 2025-11-24 Listed $79,900 IRMLS

Property tax history

+9.1%/yr

Latest (2024): $30 · +100.0% YoY. Source: county tax records.