650 Glendale Dr · Frankfort, IN 46041

$229,000

3 bd · 2.0 ba · 2,252 sqft · SingleFamily public records · 6 Days on market

Built 1928 6,970 sqft lot Est $245k · 7% under

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Why this score? — see what drove the C- 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 +20.6/30.0
• ARV discount +10.5/15.0
• DSCR +6.6/10.0
• 1% rule +5.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

ROOM FOR YOUR FAMILY !! ? Just take a look at the nice sized rooms here. First floor features foyer entry, BIG living room with fireplace, dining room, kitchen with appliances and BIG family room with another fireplace. Upper level features 3 bedrooms and bath. Check out the real hardwood floors. Basement features laundry area and workshop/craft area. Screened front porch. Privacy patio. 22x26 detached garage. YOUR FAMILY WILL BE COMFORTABLE HERE !!

Key facts

• Covered front porch
• Formal dining room
• Cozy fireplace

Tags

• WELCOMING FOYER ENTRY
• OVERSIZED LIVING ROOM
• COZY FIREPLACE
• FORMAL DINING ROOM
• BEAUTIFUL REAL HARDWOOD FLOORS
• COVERED FRONT PORCH

Property features AI

Finance

• Other: Irregular lot (55 x 132); Paved, publicly maintained road; Zoning: R1 (Single Family)

Exterior

• Parking: Detached garage; 2 garage spaces; Garage door opener; Off-street parking; Concrete driveway
• Security: Smoke detectors
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; 2 stories
• Construction: Vinyl siding; Brick/mortar and block foundation; Shingle roof; Built as a site-built home
• Exterior features: Covered porch; Covered patio

Interior

• Kitchen: Disposal; Dishwasher; Refrigerator
• Bedrooms: Total rooms: 7
• Flooring: Hardwood; Laminate
• Bathrooms: 2 full bathrooms; 1 main-level bathroom
• Heating & cooling: Central air; Ceiling fans; Natural gas heating; Forced air heating
• Interior features: Entrance foyer; Ceiling fans; Built-in features; Window treatments; Partial basement; Laundry chute; Basement laundry area; 2 fireplaces (family room and living room)
• Laundry & utility: Washer; Dryer; Gas water heater; Water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $229k.

Deal economics

• At list price, monthly cash flow is $307 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $229k).
• Cap rate 7.9% vs local median 3.9% in Frankfort — 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 73/100 on livability (#107 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment D-.
• Community Schools Of Frankfort (rural): math 27% / reading 30% proficiency, ranked #251 of 301 in IN (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Frankfort Middle School (math 19% / reading 27%, grade F, #263 of 330 statewide, top 80%, 706 students, 83% FRL); Frankfort High School (math 8% / reading 42%, grade F, #323 of 369 statewide, top 88%, 895 students, 75% FRL).
• Market conditions: 129 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 59 units permitted in Clinton 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.
• Clinton County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 5y 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 $166k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $229,000

Questions for the listing agent

1. Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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.
5. 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.
6. 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: 1.00% ✓
• Cap rate: 7.90%
• Cash-on-cash: 5.74%
• DSCR: 1.26
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $245,468
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
708 Maple Dr	0.28mi	3/2.0	2,208 (-2%)	2mo	$285,000	$129	82
751 E Armstrong St	0.08mi	3/1.0	2,074 (-8%)	13mo	$127,500	$61	68
255 N East St	0.48mi	4/2.0 (+1)	2,304 (+2%)	2mo	$250,000	$109	67
507 E Washington St	0.42mi	4/2.0 (+1)	2,150 (-4%)	2mo	$185,000	$86	66
509 S Jackson St	0.27mi	4/1.5 (+1)	2,108 (-6%)	10mo	$226,000	$107	61
458 Main Ave	0.35mi	3/1.5	2,006 (-11%)	9mo	$157,000	$78	56
1604 S Williams Rd	0.61mi	4/3.0 (+1)	2,314 (+3%)	2mo	$425,000	$184	56
1352 E Wabash St	0.50mi	3/1.0	2,400 (+7%)	7mo	$175,000	$73	56
1101 E Boone St	0.31mi	4/2.0 (+1)	2,028 (-10%)	11mo	$255,000	$126	55
1335 Coin Dr	0.54mi	2/2.0 (-1)	2,114 (-6%)	8mo	$315,000	$149	53
359 S 2nd St	0.55mi	4/2.5 (+1)	2,124 (-6%)	6mo	$299,000	$141	53
302 Washington Avenue Ave	0.52mi	4/2.0 (+1)	1,923 (-15%)	2mo	$190,000	$99	45

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -7.4%
• Equity multiple: 0.73×
• Total profit: $-17,585
• Equity at exit: $34,145

10-year hold

• IRR: 2.1%
• Equity multiple: 1.15×
• Total profit: $9,792
• Equity at exit: $19,800

Cash invested: $64,120 (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 46041

• Home prices YoY: -17.8%
• Active inventory: 129
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $2,295 medium
• Mortgage (P&I): −$1,201
• Tax from tax record: −$210 /mo · $2,520/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$482
• Net cashflow: $307

Break-even live

Break-even rent $1,907

Max offer price $229,000

Occupancy floor 82%

Sensitivity live

Price	-10% $436	-5% $372	+0% $307	+5% $242	+10% $177
Rent	-10% $125	-5% $216	+0% $307	+5% $397	+10% $488
Rate	-1.0pp $422	-0.5pp $365	base $307	+0.5pp $247	+1.0pp $187

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: $57,250
• Closing costs: $6,870
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
904 E Clinton St Frankfort, IN	4.0	2.0	2447	$2,295	$0.94	13d	1	0.46mi

Listing history 8 events

1. 2026-06-07
   statusdays on market $229,000 Pending 6 DOM
2. 2026-06-04
   days on market $229,000 Active 5 DOM
3. 2026-06-02
   days on market $229,000 Active 4 DOM
4. 2026-06-01
   days on market $229,000 Active 3 DOM
5. 2026-05-31
   days on market $229,000 Active 2 DOM
6. 2026-05-29
   listed $229,000 Active
7. 2021-06-28
   soldstatus $165,500 453-char remark

   Show marketing remark (453 chars)

   ROOM FOR YOUR FAMILY !! ? Just take a look at the nice sized rooms here. First floor features foyer entry, BIG living room with fireplace, dining room, kitchen with appliances and BIG family room with another fireplace. Upper level features 3 bedrooms and bath. Check out the real hardwood floors. Basement features laundry area and workshop/craft area. Screened front porch. Privacy patio. 22x26 detached garage. YOUR FAMILY WILL BE COMFORTABLE HERE !!

8. 2021-03-29
   listed $177,500 453-char remark

   Show marketing remark (453 chars)

   ROOM FOR YOUR FAMILY !! ? Just take a look at the nice sized rooms here. First floor features foyer entry, BIG living room with fireplace, dining room, kitchen with appliances and BIG family room with another fireplace. Upper level features 3 bedrooms and bath. Check out the real hardwood floors. Basement features laundry area and workshop/craft area. Screened front porch. Privacy patio. 22x26 detached garage. YOUR FAMILY WILL BE COMFORTABLE HERE !!

ⓘ 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: $2,520 · $210/mo
• Projected year-2 tax: $2,520 · $210/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $27,540
• − Mortgage interest: −$12,828
• − Property taxes: −$2,520
• − Insurance: −$1,145
• − Repairs & maintenance: −$2,203
• − Management: −$2,203
• − Depreciation: −$6,662
• Taxable loss: −$21
• Est. tax savings @ 24.0%: +$5
• After-tax cash flow: $3,686/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: Community Schools Of Frankfort
• NCES district ID: 1803660
• Math proficiency: 27% ▼ -3.00%
• Reading proficiency: 30% ▼ -6.00%
• Median HH income: $42,144
• Composite: 24.2/100
• National rank: #7728
• State rank: #251 of 301 in IN

Livability — Frankfort

• Score: 73/100
• State rank: #107
• US rank: #5623

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment D- Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Frankfort, IN
• Population (ZIP): 23,359

Population outlook (Clinton County) Hauer SSP2

• Today (2025): 31,197 people
• By 2030: 30,257 · -3.0%
• By 2040: 28,383 · -9.0%
• By 2050: 26,644 · -14.6%
• By 2075: 23,858 · -23.5%
• By 2100: 22,236 · -28.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 24% Two or more races 11%
• Hispanic origin (detail): Mexican 22%
• Common ancestry: Iranian 1% Italian 1% Slovak 1%
• Foreign-born: 11% · Canada, Philippines
• Languages at home: 86% English-only · Spanish 14%

Political lean MEDSL · Clinton

• 2024 margin: Solid R (+48.0) · D 25.2% · R 73.2% · Other 1.6%
• 2008→2024 swing: -35.0pp toward R · 2008: -13.0pp · 2024: -48.0pp
• All cycles: 2024: R+48.0 2020: R+46.1 2016: R+48.0 2012: R+30.7 2008: R+13.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -57.02%
• Current HPI: 263.2258
• Rent YoY: —
• Metro: —
• 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

+29.0% since first listed

3 events — show timeline

• 2026-05-29 Listed $229,000 IRMLS
• 2021-06-28 Sold (MLS) $165,500 IRMLS
• 2021-03-29 Listed $177,500 IRMLS

Property tax history

+3.1%/yr

Latest (2024): $2,520 · -2.5% YoY. Source: county tax records.