394 E Quail Wood Ln · Westfield, IN 46074

$349,900

3 bd · 2.0 ba · 1,386 sqft · SingleFamily public records · 7 Days on market

Built 1998 0.31 ac lot Est $331k · 6% over $18/mo HOA · 1% of rent

---

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 +10.8/30.0
• Schools +5.5/10.0
• ARV discount +5.0/15.0
• Rent growth +3.6/5.0
• Livability +3.6/5.0
• DSCR +3.1/10.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don't miss this amazing opportunity to own this three bedroom ranch in Westfield-Washington School System! This home offers lots of curb appeal w/tidy landscaping, beautiful brick & a charming arched window, adding a custom touch. Home features a bright, eat-in kitchen w/pantry space, lots of extra cabinet & counter space & overlooks the spacious great room w/tall cathedral ceilings. You'll love the split bedroom floor plan which allows for a more private master bedroom suite. All three bedrooms include walk-in closets, providing lots of extra storage. Nestled on a corner lot with an extra large backyard, home is conveniently located minutes from great schools, shopping and dining. All kitchen appliances included! Must see today!

Key facts

• Nearby grand park
• Large yard
• Updated kitchen

Tags

• UPDATED VINYL PLANK FLOORING
• UPDATED KITCHEN
• COZY PRIVATE PATIO
• LARGE YARD
• WESTFIELD WASHINGTON SCHOOLS
• NEARBY GRAND PARK

Property features AI

Finance

• HOA & community: Homeowners association with annual fee (maintenance and management provided); Association fee: $215 annually (includes entrance common, maintenance, management)

Exterior

• Parking: Attached garage with automatic door opener; Two-car garage
• Utilities: Public water; Municipal sewer connected; Electricity connected
• Home design: Single-family residence; One story
• Construction: Vinyl with brick exterior; Slab foundation
• Exterior features: Patio; Approximately 0.31 acre lot (about 1/4–1/2 acre)

Interior

• Kitchen: Eat-in kitchen; Electric oven; Microhood (microwave with hood); Dishwasher; Garbage disposal; Refrigerator
• Bedrooms: Three bedrooms on the main level; Primary bedroom with walk-in closet
• Bathrooms: Two full bathrooms on the main level; Primary bathroom with double sinks and tub/shower
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Attic with pull-down stairs; Cathedral ceilings; Eat-in kitchen; Pantry; Walk-in closet(s)
• Laundry & utility: Main-level laundry room; Washer included; Dryer included; Electric water heater; Water softener (owned)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $350k.

Deal economics

• At list price, monthly cash flow is $-158 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $322k (8.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $262k (25.0% below list).
• Recommended offer: $262k (25.0% below list) — sets the bar for 1% rule.
• Cap rate 5.7% 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: Oak Trace Elementary School (math 84% / reading 77%, grade A+, #6 of 994 statewide, top 0%, 586 students, 9% FRL); Westfield High School (math 61% / reading 85%, grade B+, #8 of 369 statewide, top 2%, 2,665 students, 18% FRL) — zoned schools at 14% FRL track the district average.
• Zoned-school proficiency averages 77% at this address vs 61% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Westfield-Washington Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+4.3%/yr); 801 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals leasing fast (median 8d 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).

Forward outlook

• 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.
• Hamilton County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 20y 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 $168k; list at $350k implies a 108% gain — meaningful room to come down on a strong offer.

Recommended offer $262,251 (25.0% 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: 0.75% ✗
• Cap rate: 5.75%
• Cash-on-cash: -1.94%
• DSCR: 0.91
• GRM: 11.1

CMA / ARV

• ARV (on-the-fly): $331,254
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
349 E Quail Wood Ln	0.06mi	3/2.0	1,406 (+1%)	3mo	$340,000	$242	92
450 E Pine Ridge Dr	0.23mi	3/2.0	1,413 (+2%)	1mo	$312,200	$221	85
17051 Newberry Ln	0.08mi	3/2.0	1,406 (+1%)	10mo	$337,000	$240	85
514 E Pine Ridge Dr	0.29mi	3/2.0	1,400 (+1%)	1mo	$336,000	$240	84
464 Grabill Dr	0.17mi	3/2.5	1,398 (+1%)	7mo	$290,000	$207	82
165 E Flat Rock Dr	0.30mi	3/2.0	1,361 (-2%)	2mo	$325,000	$239	82
611 E Pine Ridge Dr	0.34mi	3/2.0	1,405 (+1%)	7mo	$289,900	$206	76
17009 Kirklin Dr	0.18mi	3/2.5	1,530 (+10%)	0mo	$350,000	$229	72
411 Vernon Pl	0.13mi	3/2.5	1,530 (+10%)	9mo	$311,000	$203	67
16603 Yeoman Way	0.56mi	3/2.0	1,440 (+4%)	1mo	$320,600	$223	67
17347 Pine Wood Ln	0.26mi	3/2.0	1,200 (-13%)	3mo	$302,800	$252	63
547 Grabill Dr	0.26mi	3/2.0	1,182 (-15%)	9mo	$295,000	$250	56

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 · 4.26% rent growth · sell at horizon

5-year hold

• IRR: -18.3%
• Equity multiple: 0.35×
• Total profit: $-63,500
• Equity at exit: $52,171

10-year hold

• IRR: -8.5%
• Equity multiple: 0.44×
• Total profit: $-54,424
• Equity at exit: $30,253

Cash invested: $97,972 (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 46074

• Rents YoY: 4.3%
• Active inventory: 801
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $2,623 high
• Mortgage (P&I): −$1,835
• Tax from tax record: −$232 /mo · $2,778/yr
• Insurance: −$146
• HOA: −$18
• Vacancy / Maint / Mgmt: −$551
• Net cashflow: $-158

Break-even live

Break-even rent $2,823

Max offer price $321,910

Occupancy floor —

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: $87,475
• Closing costs: $10,497
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
404 E Pine Ridge Dr Westfield, IN	3.0	2.5	1726	$3,250	$1.88	43d	1	0.11mi
17361 Graley Pl Westfield, IN	3.0	2.5	1512	$2,500	$1.65	7d	1	0.49mi
835 Virginia Rose Ave Westfield, IN	3.0	2.0	739	$2,299	$3.11	1d	61	0.92mi
172 Straughn Ln Westfield, IN	2.0	2.5	1128	$2,300	$2.04	23d	1	0.99mi
879 Northwich Ave Westfield, IN	3.0	2.0	1677	$2,050	$1.22	43d	1	1.10mi
881 Warrington Ave Westfield, IN	3.0	2.5	1296	$1,899	$1.47	4d	1	1.12mi
176 Union Flats Blvd Westfield, IN	1.0–2.0	1.0–2.0	885	$1,664	$1.88	1d	6	1.24mi
620 Southridge Ct Unit 1303752P Westfield, IN	4.0	2.5	1797	$5,460	$3.04	14d	1	1.25mi
218 W Main St Westfield, IN	4.0	2.5	1872	$2,495	$1.33	43d	1	1.27mi
717 Crispin Ln Westfield, IN	3.0	2.0	1613	$2,400	$1.49	43d	1	1.27mi
18183 Wheeler Rd Westfield, IN	1.0–2.0	1.0–2.0	998	$2,559	$2.56	1d	48	1.30mi
18237 Tempo Blvd Westfield, IN	1.0–3.0	1.0–2.0	1034	$2,439	$2.36	1d	78	1.30mi
1034 Hendon Ct Westfield, IN	3.0	2.0	1618	$2,075	$1.28	43d	1	1.32mi
170 Jersey St Westfield, IN	2.0	1.0–2.0	871	$2,359	$2.71	3d	73	1.33mi
1500 Taper Way Westfield, IN	1.0–3.0	1.0–2.0	1026	$2,625	$2.56	2d	32	1.37mi
356 Westlea Dr Westfield, IN	3.0	1.0	1011	$2,300	$2.27	16d	1	1.41mi
960 Charlestowne Rd Unit 08-975 -103-ADA Westfield, IN	2.0	2.0	1101	$1,690	$1.53	43d	1	1.42mi
960 Charlestowne Rd Unit 16-18488-205 Westfield, IN	2.0	2.0	1034	$1,670	$1.62	4d	1	1.42mi
960 Charlestowne Rd Unit 118399--106 Westfield, IN	3.0	2.0	1335	$2,170	$1.63	43d	1	1.42mi
960 Charlestowne Rd Unit 02-18365-203 Westfield, IN	2.0	2.0	1130	$1,740	$1.54	4d	1	1.42mi
510 Morning Oaks Dr Westfield, IN	1.0–2.0	1.0–2.0	995	$1,753	$1.76	1d	16	1.43mi
292 South Dr Westfield, IN	3.0	2.0	1200	$1,629	$1.36	1d	1	1.49mi

HOA detail

• Monthly dues: $18 · $216/yr
• Likely covers: landscaping

Listing history 7 events

1. 2026-06-18
   days on market $349,900 Active 7 DOM
2. 2026-06-17
   days on market $349,900 Active 6 DOM
3. 2026-06-16
   days on market $349,900 Active 5 DOM
4. 2026-06-15
   days on market $349,900 Active 4 DOM
5. 2026-06-13
   days on market $349,900 Active 2 DOM
6. 2026-06-13
   remarks 629-char remark
7. 2026-06-13
   listed $349,900 Active 1 DOM

ⓘ 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: $2,778 · $232/mo
• Projected year-2 tax: $2,876 · $240/mo
• Expected delta: +$98/yr (+$8/mo · 3.5%)

ⓘ 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 3/10 Moderate 7 d/yr ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,470
• − Mortgage interest: −$19,600
• − Property taxes: −$2,778
• − Insurance: −$1,750
• − Repairs & maintenance: −$2,518
• − Management: −$2,518
• − HOA: −$216
• − Depreciation: −$10,179
• Taxable loss: −$8,088
• Est. tax savings @ 24.0%: +$1,941
• After-tax cash flow: $40/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): 48,901
• Household income: $126,724
• Rent vs Own: 18.4% rent · 81.6% own
• Severe rent burden: 742.0

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 (74%)
• Race & ethnicity: White 74% Two or more races 10% Hispanic / Latino 9% Asian 8% Black 3%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Romanian 4% Italian 4% Lithuanian 2%
• Foreign-born: 12% · Canada, China, South Korea
• Languages at home: 84% English-only · Spanish 5% Arabic 3% Chinese 2%

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: ▼ -140.45%
• Current HPI: 220.9413
• Rent YoY: ▲ 4.26%
• 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

+191.8% since first listed

13 events — show timeline

• 2026-06-10 Listed $349,900 MIBOR as Distributed by MLS Grid
• 2019-04-29 Sold (MLS) $168,000 MIBOR as Distributed by MLS Grid
• 2019-03-31 Pending — MIBOR as Distributed by MLS Grid
• 2019-03-29 Price Changed $165,000 MIBOR as Distributed by MLS Grid
• 2019-03-28 Listed $155,000 MIBOR as Distributed by MLS Grid
• 2012-07-09 Listing Removed — MIBOR as Distributed by MLS Grid
• 2012-03-08 Listed $126,900 MIBOR as Distributed by MLS Grid
• 2007-06-29 Sold (MLS) $134,900 MIBOR as Distributed by MLS Grid
• 2007-04-20 Listed $134,900 MIBOR as Distributed by MLS Grid
• 2007-04-20 Listing Removed — MIBOR as Distributed by MLS Grid
• 2006-10-23 Listed $134,999 MIBOR as Distributed by MLS Grid
• 2006-09-28 Sold (MLS) $116,500 MIBOR as Distributed by MLS Grid
• 2006-06-01 Listed $119,900 MIBOR as Distributed by MLS Grid

Property tax history

-0.8%/yr

Latest (2025): $2,778 · -2.8% YoY. Source: county tax records.