14602 Setters Rd · Westfield, IN 46033

$415,000

4 bd · 2.5 ba · 2,378 sqft · SingleFamily public records · 2 Days on market

Built 1997 0.28 ac lot Est $449k · 8% under $58/mo HOA · 2% 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 +11.7/30.0
• ARV discount +10.9/15.0
• Schools +5.5/10.0
• Rent growth +4.6/5.0
• Livability +3.6/5.0
• 1% rule +3.5/10.0
• DSCR +3.4/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Located in the great neighborhood of Setters Run, this 3-bedroom 2.5-bath plus bonus room can be home! Step inside to hardwood floors on the main level, a designated dining room, and an office with built-ins, which is perfect for a home office. Make your way to the cozy living room with a wood-burning fireplace, and the kitchen that features a wrap-around countertop and ample storage. You can't miss the sunroom with amazing windows with views of the large yard and pond out back. Upstairs you will find all 3 bedrooms plus flex room for an additional space to spread out. The primary bedroom boasts hardwood floors and ensuite bath with dual sinks and glass surround shower and large walk in clo

Key facts

• Hardwood floors
• Ample storage
• 0.28 acre lot

Tags

• HARDWOOD FLOORS
• DESIGNATED DINING ROOM
• OFFICE WITH BUILT-INS
• WOOD-BURNING FIREPLACE
• WRAP-AROUND COUNTERTOP
• AMPLE STORAGE

Property features AI

Finance

• Other: Total living area approximately 2,575 sq ft; Listed price $415,000
• HOA & community: HOA dues approximately $350 semiannually

Exterior

• Parking: Has garage
• Home design: Single family home; Built in 1997
• Exterior features: Lot of approximately 12,196 sq ft

Interior

• Bedrooms: 4 bedrooms
• Bathrooms: 2.5 bathrooms
• Interior features: Has a view

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $415k.

Deal economics

• At list price, monthly cash flow is $-123 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $397k (4.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $355k (14.5% below list).
• Recommended offer: $355k (14.5% below list) — sets the bar for 1% rule.
• Cap rate 5.9% 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.
• Zoned schools: Carey Ridge Elementary School (math 73% / reading 63%, grade B+, #49 of 994 statewide, top 5%, 635 students, 22% FRL); Westfield Middle School (math 46% / reading 62%, grade B-, #31 of 330 statewide, top 9%, 1,429 students, 18% FRL); Westfield High School (math 61% / reading 85%, grade B+, #8 of 369 statewide, top 2%, 2,665 students, 18% FRL).
• Market conditions: Rents rising fast (+8.4%/yr); 204 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $3k of loan paydown is wiped out by about $12k 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

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $354,744 (14.5% 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 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?
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 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: 0.85% ✗
• Cap rate: 5.94%
• Cash-on-cash: -1.28%
• DSCR: 0.94
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $449,442
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4323 Short Ter	0.12mi	4/2.5	2,308 (-3%)	8mo	$450,000	$195	83
14737 Setters Rd	0.15mi	4/2.5	2,294 (-4%)	7mo	$414,900	$181	81
3859 Madeline Ln	0.24mi	4/2.5	2,238 (-6%)	20mo	$370,000	$165	62
1483 Spruce Dr	0.59mi	4/3.0	2,441 (+3%)	7mo	$500,000	$205	60
1271 Spruce Dr	0.67mi	4/2.5	2,432 (+2%)	14mo	$468,000	$192	53
1507 Spruce Dr	0.58mi	4/2.5	2,252 (-5%)	24mo	$425,000	$189	44
3525 Foster Ridge Ln	0.58mi	4/3.0	2,724 (+15%)	21mo	$485,000	$178	30

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -12.8%
• Equity multiple: 0.52×
• Total profit: $-56,277
• Equity at exit: $61,878

10-year hold

• IRR: 2.6%
• Equity multiple: 1.23×
• Total profit: $26,557
• Equity at exit: $35,882

Cash invested: $116,200 (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 46033

• Rents YoY: 8.4%
• Active inventory: 204
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $3,547 medium
• Mortgage (P&I): −$2,176
• Tax est. 1.5%: −$519 /mo · $6,225/yr
• Insurance: −$173
• HOA: −$58
• Vacancy / Maint / Mgmt: −$745
• Net cashflow: $-123

Break-even live

Break-even rent $3,704

Max offer price $397,130

Occupancy floor 98%

Sensitivity live

Price	-10% $163	-5% $20	+0% $-123	+5% $-267	+10% $-410
Rent	-10% $-404	-5% $-264	+0% $-123	+5% $17	+10% $157
Rate	-1.0pp $85	-0.5pp $-18	base $-123	+0.5pp $-231	+1.0pp $-340

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: $103,750
• Closing costs: $12,450
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15296 Mystic Rock Dr Carmel, IN	3.0	3.5	2285	$3,895	$1.70	45d	1	0.82mi
15295 Mystic Rock Dr Carmel, IN	4.0	3.5	2272	$3,795	$1.67	45d	1	0.82mi
5403 Veranda Dr Noblesville, IN	4.0	3.0	3044	$3,200	$1.05	45d	1	1.35mi

HOA detail

• Monthly dues: $58 · $696/yr

Listing history 2 events

1. 2026-06-21
   remarks 699-char remark
2. 2026-06-21
   listed $415,000 Coming Soon 2 DOM

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

Taxation est. · year 1

• Rental income: $42,569
• − Mortgage interest: −$23,246
• − Property taxes: −$6,225
• − Insurance: −$2,075
• − Repairs & maintenance: −$3,406
• − Management: −$3,406
• − HOA: −$696
• − Depreciation: −$12,073
• Taxable loss: −$8,557
• Est. tax savings @ 24.0%: +$2,054
• After-tax cash flow: $572/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): 40,881
• Household income: $153,143
• Rent vs Own: 12.2% rent · 87.8% own
• Severe rent burden: 378.0

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 (79%)
• Race & ethnicity: White 79% Asian 8% Two or more races 8% Hispanic / Latino 7% Black 2%
• Hispanic origin (detail): Mexican 3% Salvadoran 1%
• Common ancestry: Romanian 4% Italian 3% Lithuanian 2%
• Foreign-born: 11% · Canada, China, South Korea
• Languages at home: 87% English-only · Spanish 4% Chinese 3% Other Asian/Pacific 1%

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: ▼ -199.29%
• Current HPI: 226.6783
• Rent YoY: ▲ 8.44%
• 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