Irvington Plan · Westfield, IN 46074

$276,000

2 bd · 2.0 ba · 1,665 sqft · Condo · 144 Days on market

Fair condition ↓ 5% since listing

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Cash flow +6.6/30.0
• Schools +5.5/10.0
• Rent growth +3.6/5.0
• Livability +3.6/5.0
• Condition / age +2.2/5.0
• 1% rule +1.7/10.0
• DSCR +0.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This home plan features a den/office/hobby space in addition to the two bedrooms *

Key facts

• Parking
• Listed 143 days

Tags

• DEN OFFICE HOBBY SPACE

🏗️ New construction. The $276,000 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $358,823.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $276k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-590 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $273k (0.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $239k (13.3% below list).
• Recommended offer: $239k (13.3% below list) — sets the bar for 1% rule.
• Cap rate 4.3% 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.
• Market conditions: Rents rising fast (+4.3%/yr); 809 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 0d 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 $11k 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

• It's been on market 144 days — a 12% lower offer ($243k) is reasonable based on typical stale-listing flexibility.

Recommended offer $239,242 (13.3% 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. It's been on market 144 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.67% ✗
• Cap rate: 4.32%
• Cash-on-cash: -7.04%
• DSCR: 0.69
• GRM: 12.5

CMA / ARV

• ARV (median comp): $358,823
• List price: $276,000
• Delta: -23.08%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.26% rent growth · sell at horizon

5-year hold

• IRR: -27.1%
• Equity multiple: 0.08×
• Total profit: $-92,598
• Equity at exit: $53,502

10-year hold

• IRR: -21.1%
• Equity multiple: -0.15×
• Total profit: $-115,922
• Equity at exit: $31,024

Cash invested: $100,470 (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: 809
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $2,392 medium
• Mortgage (P&I): −$1,882
• Tax est. 1.5%: −$449 /mo · $5,382/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$502
• Net cashflow: $-590

Break-even live

Break-even rent $3,139

Max offer price $273,488

Occupancy floor —

Sensitivity live

Price	-10% $-342	-5% $-466	+0% $-590	+5% $-714	+10% $-838
Rent	-10% $-779	-5% $-684	+0% $-590	+5% $-495	+10% $-401
Rate	-1.0pp $-409	-0.5pp $-498	base $-590	+0.5pp $-683	+1.0pp $-777

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: $89,706
• Closing costs: $10,765
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1601 S Waterleaf Dr Westfield, IN	2.0	2.0	635	$1,941	$3.05	0d	19	0.08mi
1659 Dewey Dr Westfield, IN	2.0	2.0	1748	$2,650	$1.52	0d	1	0.35mi
14518 Brecon Ln Carmel, IN	3.0	2.5	1980	$2,695	$1.36	45d	1	0.49mi
14637 Handel Dr Carmel, IN	1.0–3.0	1.0–2.0	1128	$1,695	$1.50	0d	49	1.24mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-21
   days on market $276,000 Active 144 DOM
2. 2026-06-18
   days on market $276,000 Active 141 DOM
3. 2026-06-17
   days on market $276,000 Active 140 DOM
4. 2026-06-16
   days on market $276,000 Active 139 DOM
5. 2026-06-15
   days on market $276,000 Active 138 DOM
6. 2026-06-13
   days on market $276,000 Active 136 DOM
7. 2026-06-13
   days on market $276,000 Active 135 DOM
8. 2026-06-09
   days on market $276,000 Active 132 DOM
9. 2026-06-08
   days on market $276,000 Active 131 DOM
10. 2026-06-07
    days on market $276,000 Active 130 DOM
11. 2026-06-05
    days on market $276,000 Active 127 DOM
12. 2026-06-03
    days on market $276,000 Active 126 DOM
13. 2026-06-02
    days on market $276,000 Active 125 DOM
14. 2026-06-01
    days on market $276,000 Active 124 DOM
15. 2026-05-31
    days on market $276,000 Active 123 DOM
16. 2026-02-03
    price $276,000 82-char remark

    Show marketing remark (82 chars)

    This home plan features a den/office/hobby space in addition to the two bedrooms *

17. 2026-01-28
    listed $290,000 Active 82-char remark

    Show marketing remark (82 chars)

    This home plan features a den/office/hobby space in addition to the two bedrooms *

ⓘ 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: $28,709
• − Mortgage interest: −$20,100
• − Property taxes: −$5,382
• − Insurance: −$1,794
• − Repairs & maintenance: −$2,297
• − Management: −$2,297
• − Depreciation: −$10,438
• Taxable loss: −$13,599
• Est. tax savings @ 24.0%: +$3,264
• After-tax cash flow: $-3,813/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.

Condition & rehab AI · 1 photo

Fair 45/100 Moderate rehab

This Irvington Condo requires moderate rehabilitation, focusing on painting and minor repairs. Fresh paint and landscaping would significantly enhance its resale and rental value.

Repairs flagged

• Minor Paint — Paint appears slightly faded

Value-add opportunities

• Resale Paint — Fresh paint enhances curb appeal and interior aesthetics
• Rental Landscaping — Landscaping improves curb appeal and attracts tenants

Renovation cost estimate screening

Repair item	Severity	Est. cost
Paint · Paint appears slightly faded	Minor	$500–3,000
Total estimated repair cost · 1 items		$500–3,000

Value-add ROI direction

• Resale Paint — Fresh paint enhances curb appeal and interior aesthetics ↑
• Rental Landscaping — Landscaping improves curb appeal and attracts tenants ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-4.8% since first listed

2 events — show timeline

• 2026-02-03 Price Changed $276,000 Zillow
• 2026-01-28 Listed $290,000 Zillow