620 S 2nd St

Noblesville, IN 46060

$169,900C

3 bd · 1.0 ba · 1,248 sqft · Built 1970 · SingleFamily · Pending · 338 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,778/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$780
• HOA: −$0
• Vac / Maint / Mgmt: −$373
• Net cashflow: $-266/mo
• Annual: $-3,196/yr
• Cap rate: 7.42%
• Cash-on-cash: 4.04%
• DSCR: 1.18
• 1% rule: 1.05%
• Cash to close: $47,572

Investor read

• This is a 3-bed/1.0-bath single-family listed at $170k.
• At list price, monthly cash flow is $-266 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $123k (27.7% below list).
• Meets the 1% rule at list price ($2k rent vs $170k).
• It's been on market 338 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $123k (27.7% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 86/100 on livability (#3 in IN, #446 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, cost of living A+; Watch: commute F.
• Noblesville Schools (suburban): math 51% / reading 57% proficiency, ranked #26 of 301 in IN (top 9%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Stony Creek Elementary School (math 61% / reading 49%, grade C, #192 of 994 statewide, top 20%, 579 students, 24% FRL); Noblesville East Middle School (math 40% / reading 54%, grade D+, #65 of 330 statewide, top 21%, 1,082 students, 37% FRL); Noblesville High School (math 53% / reading 79%, grade B, #28 of 369 statewide, top 7%, 3,227 students, 23% FRL).
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: Rents rising (+1.8%/yr); 457 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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.
• 3 sale attempts since 15y ago; this cycle's ask has dropped $59k (26%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.4% vs local median 3.2% in Noblesville — 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 338 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?
• 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.