2055 Pelican Dr · Franklin, IN 46131

$219,900

2 bd · 1.5 ba · 1,182 sqft · MultiFamily public records · 1 Days on market

Built 1995 4,138 sqft lot $186/sqft · 33% below area Est $330k · 33% under $75/mo HOA · 5% 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).

• ARV discount +15.0/15.0
• Cash flow +8.9/30.0
• Rent growth +3.7/5.0
• Schools +3.5/10.0
• Livability +3.2/5.0
• DSCR +2.5/10.0
• Condition / age +2.5/5.0
• 1% rule +2.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Ready to move in!!!! 2 bedroom 2 bath. New carpet, dishwasher, microwave, roof and gutters . 1 car garage with washer/dryer area. Beautifully landscaped around deck that overlooks pond.

Key facts

• Large deck
• Serene pond
• Open layout

Tags

• OPEN LAYOUT
• EAT-IN KITCHEN
• PRIVATE FULL ENSUITE BATH
• LARGE DECK
• BEAUTIFUL LANDSCAPING
• SERENE POND

Property features AI

Finance

• Other: Lot includes sidewalks; Lot under 1/4 acre
• HOA & community: HOA with monthly fee; HOA fee $75 per month; HOA includes clubhouse, lawn care/grounds maintenance and snow removal; Covenants & restrictions apply; Low-maintenance lifestyle community

Exterior

• Parking: Attached garage (1 car)
• Utilities: Public water; Municipal sewer connected; No solid waste service listed
• Home design: Single family residence (attached); One level
• Construction: Vinyl with brick exterior; Block foundation
• Exterior features: Covered deck; On a pond (waterfront)

Interior

• Kitchen: Electric cooktop; Electric oven; Microwave; Refrigerator; Dishwasher (if present listed under appliances)
• Bedrooms: 2 bedrooms on the main level; Primary bedroom with walk-in closet
• Bathrooms: 1 full bathroom with full shower stall; 1 half bathroom (main level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Attic access; Cathedral ceilings; Breakfast bar; Laundry located in garage; Water softener (rented); Disposal; Smoke alarm
• Laundry & utility: Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath multifamily listed at $220k.

Deal economics

• At list price, monthly cash flow is $-177 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $189k (14.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $153k (30.5% below list).
• Recommended offer: $153k (30.5% below list) — sets the bar for 1% rule.
• Cap rate 5.3% 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: Northwood Elementary School (math 42% / reading 37%, grade F, #500 of 994 statewide, top 53%, 561 students, 56% 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 at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 44% of comp listings sitting > 30 days — soft ceiling on asking rent; 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

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 14y 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.

Recommended offer $152,847 (30.5% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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 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: 0.70% ✗
• Cap rate: 5.33%
• Cash-on-cash: -3.45%
• DSCR: 0.85
• GRM: 12.0

CMA / ARV

• ARV (median comp): $330,090
• List price: $219,900
• Delta: -33.38%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.68% rent growth · sell at horizon

5-year hold

• IRR: -20.4%
• Equity multiple: 0.28×
• Total profit: $-44,346
• Equity at exit: $32,788

10-year hold

• IRR: -10.6%
• Equity multiple: 0.31×
• Total profit: $-42,229
• Equity at exit: $19,013

Cash invested: $61,572 (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: 12.0×

Monthly cashflow live

• Estimated rent: $1,528 high
• Mortgage (P&I): −$1,153
• Tax from tax record: −$65 /mo · $778/yr
• Insurance: −$92
• HOA: −$75
• Vacancy / Maint / Mgmt: −$321
• Net cashflow: $-177

Break-even live

Break-even rent $1,753

Max offer price $188,613

Occupancy floor —

Sensitivity live

Price	-10% $-53	-5% $-115	+0% $-177	+5% $-239	+10% $-302
Rent	-10% $-298	-5% $-237	+0% $-177	+5% $-117	+10% $-56
Rate	-1.0pp $-66	-0.5pp $-121	base $-177	+0.5pp $-234	+1.0pp $-292

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1994 Falcon Ct Franklin, IN	3.0	1.0	1008	$1,590	$1.58	45d	1	0.66mi
1037 W Jefferson St Franklin, IN	2.0–3.0	2.0	1131	$1,385	$1.22	0d	6	0.88mi
278 Walnut St Unit 7 Franklin, IN	2.0	1.0	800	$1,300	$1.62	0d	1	1.12mi
278 Walnut St Unit 6 Franklin, IN	2.0	1.0	800	$1,300	$1.62	45d	1	1.12mi
399 N Main St Unit 2 Franklin, IN	2.0	2.0	1177	$1,150	$0.98	25d	1	1.31mi
399 N Main St Unit 1 Franklin, IN	2.0	2.0	1177	$1,150	$0.98	45d	1	1.31mi
401 N Main St Unit 6A Franklin, IN	2.0	1.0	900	$650	$0.72	25d	1	1.31mi
401 N Main St Unit 4B Franklin, IN	2.0	1.0	900	$1,350	$1.50	9d	1	1.31mi
150 S Main St Franklin, IN	3.0	2.0	1500	$2,400	$1.60	45d	1	1.46mi

HOA detail

• Monthly dues: $75 · $900/yr

Listing history 5 events

1. 2026-05-02
   status Pending 909-char remark
2. 2026-04-03
   listed $219,900 Active 909-char remark
3. 2013-04-17
   historical 186-char remark

   Show marketing remark (186 chars)

   Ready to move in!!!! 2 bedroom 2 bath. New carpet, dishwasher, microwave, roof and gutters . 1 car garage with washer/dryer area. Beautifully landscaped around deck that overlooks pond.

4. 2013-04-15
   soldstatus $93,500 186-char remark

   Show marketing remark (186 chars)

   Ready to move in!!!! 2 bedroom 2 bath. New carpet, dishwasher, microwave, roof and gutters . 1 car garage with washer/dryer area. Beautifully landscaped around deck that overlooks pond.

5. 2012-11-13
   listed $99,600 186-char remark

   Show marketing remark (186 chars)

   Ready to move in!!!! 2 bedroom 2 bath. New carpet, dishwasher, microwave, roof and gutters . 1 car garage with washer/dryer area. Beautifully landscaped around deck that overlooks pond.

ⓘ 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: $778 · $65/mo
• Projected year-2 tax: $1,323 · $110/mo
• Expected delta: +$546/yr (+$45/mo · 70.2%)

ⓘ 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 ≥101°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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,342
• − Mortgage interest: −$12,318
• − Property taxes: −$778
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,467
• − Management: −$1,467
• − HOA: −$900
• − Depreciation: −$6,397
• Taxable loss: −$6,085
• Est. tax savings @ 24.0%: +$1,460
• After-tax cash flow: $-665/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

+120.8% since first listed

6 events — show timeline

• 2026-06-01 Sold (MLS) $219,900 MIBOR as Distributed by MLS Grid
• 2026-05-02 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-03 Listed $219,900 MIBOR as Distributed by MLS Grid
• 2013-04-17 Listing Removed — MIBOR as Distributed by MLS Grid
• 2013-04-15 Sold (MLS) $93,500 MIBOR as Distributed by MLS Grid
• 2012-11-13 Listed $99,600 MIBOR as Distributed by MLS Grid

Property tax history

-1.4%/yr

Latest (2024): $778 · +2.0% YoY. Source: county tax records.