Ashford-A (Handicap Adaptable) Plan

Westfield, IN 46074

$153,000C

1 bd · 1.0 ba · 950 sqft · Built — · Condo · Active · 141 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,654/mo
• Mortgage (P&I): −$802
• Tax + insurance: −$255
• HOA: −$0
• Vac / Maint / Mgmt: −$347
• Net cashflow: $249/mo
• Annual: $2,992/yr
• Cap rate: 8.25%
• Cash-on-cash: 6.98%
• DSCR: 1.31
• 1% rule: 1.08%
• Cash to close: $42,840

Investor read

• This is a 1-bed/1.0-bath condo listed at $153k. Condition is rated fair.
• At list price, monthly cash flow is $249 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $153k).
• It's been on market 141 days — a 12% lower offer ($135k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $135k (12.0% below list) — sets the bar for market timing.
• 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 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.
• Market conditions: Rents rising fast (+4.3%/yr); 801 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 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.
• Cap rate 8.2% 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.
• This rent is only 16% of the median local income ($127k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• It's been on market 141 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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 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?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen — No photos of the kitchen
• Major: Bathroom — No photos of the bathroom
• Major: Flooring — No photos of the flooring
• Major: Interior walls/paint — No photos of the interior walls/paint