Irvington Plan · Westfield, IN 46074

$276,000

2 bd · 2.0 ba · 1,665 sqft · Townhouse · 238 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
• Schools +6.2/10.0
• Cash flow +5.6/30.0
• Rent growth +3.6/5.0
• Livability +3.6/5.0
• Condition / age +2.2/5.0
• 1% rule +1.1/10.0
• DSCR +0.0/10.0
• 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 238 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 — $360,090.

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $-748 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $252k (8.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $220k (20.2% below list).
• Recommended offer: $220k (20.2% below list) — sets the bar for 1% rule.
• Cap rate 3.8% vs local median 3.1% in Westfield — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: Shamrock Springs Elementary School (math 63% / reading 56%, grade B-, #128 of 994 statewide, top 15%, 615 students, 10% FRL); Westfield Middle School (math 46% / reading 62%, grade B-, #31 of 330 statewide, top 9%, 1,429 students, 18% FRL); Westfield High School (math 61% / reading 85%, grade B+, #8 of 369 statewide, top 2%, 2,665 students, 18% FRL) — zoned schools at 16% FRL track the district average.
• Market conditions: Rents rising fast (+4.3%/yr); 1277 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 42d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 238 days — a 12% lower offer ($243k) is reasonable based on typical stale-listing flexibility.

Recommended offer $220,271 (20.2% 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 238 days. Have you received any prior offers? Is the seller open to a 20% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.61% ✗
• Cap rate: 3.80%
• Cash-on-cash: -8.91%
• DSCR: 0.60
• GRM: 13.6

CMA / ARV

• ARV (median comp): $360,090
• List price: $276,000
• Delta: -23.35%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
14912 Stonneger St	0.30mi	2/2.0	1,747 (+5%)	2mo	$365,000	$209	77
14913 Stonneger St	0.26mi	2/2.0	1,748 (+5%)	8mo	$355,000	$203	72
1661 Dewey Dr	0.33mi	2/2.0	1,747 (+5%)	10mo	$340,000	$195	68
14900 Stonneger St	0.29mi	2/2.0	1,899 (+14%)	6mo	$350,000	$184	58
14848 Stonneger St	0.26mi	2/2.0	1,895 (+14%)	13mo	$360,000	$190	54
15422 Bowie Dr	0.75mi	2/1.5	1,444 (-13%)	20mo	$262,500	$182	25

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: -30.7%
• Equity multiple: -0.02×
• Total profit: $-103,153
• Equity at exit: $53,691

10-year hold

• IRR: -28.0%
• Equity multiple: -0.38×
• Total profit: $-139,159
• Equity at exit: $31,134

Cash invested: $100,825 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 34 active · 9 under contract
• Months of supply: 17.0 mo (6%/mo absorbed)
• Median asking: $254,500 ($165/sqft)
• Median days on market: 238 d
• This list price: 53% of active listings are priced below it
• ARV vs active asking: +31.3% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 46074

• Rents YoY: 4.3%
• Active inventory: 1277
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $2,203 high
• Mortgage (P&I): −$1,888
• Tax est. 1.5%: −$450 /mo · $5,401/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$463
• Net cashflow: $-748

Break-even live

Break-even rent $3,150

Max offer price $251,801

Occupancy floor —

Sensitivity live

Price	-10% $-500	-5% $-624	+0% $-748	+5% $-873	+10% $-997
Rent	-10% $-922	-5% $-835	+0% $-748	+5% $-661	+10% $-574
Rate	-1.0pp $-567	-0.5pp $-657	base $-748	+0.5pp $-842	+1.0pp $-937

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: $90,022
• Closing costs: $10,803
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1601 S Waterleaf Dr Westfield, IN	3.0	2.0	638	$1,821	$2.85	0d	18	0.08mi
1659 Dewey Dr Westfield, IN	2.0	2.0	1748	$2,500	$1.43	56d	1	0.35mi
1728 Blenker Dr Carmel, IN	3.0	4.0	1953	$2,500	$1.28	40d	1	0.46mi
14518 Brecon Ln Carmel, IN	3.0	2.5	1980	$2,695	$1.36	139d	1	0.49mi
14565 Pomona Ln Carmel, IN	3.0	2.5	1980	$2,450	$1.24	0d	1	0.50mi
15538 Smithfield Dr Westfield, IN	3.0	2.5	2216	$2,650	$1.20	42d	1	0.88mi
14637 Handel Dr Carmel, IN	1.0–3.0	1.0–2.0	1128	$1,642	$1.46	0d	38	1.24mi
15452 Heath Cir Westfield, IN	3.0	2.0	1492	$2,150	$1.44	42d	1	1.49mi

Listing history 50 events

1. 2026-09-23
   days on market $276,000 Active 238 DOM
2. 2026-09-22
   days on market $276,000 Active 237 DOM
3. 2026-09-21
   days on market $276,000 Active 236 DOM
4. 2026-09-20
   days on market $276,000 Active 235 DOM
5. 2026-09-19
   days on market $276,000 Active 234 DOM
6. 2026-09-18
   days on market $276,000 Active 233 DOM
7. 2026-09-17
   days on market $276,000 Active 232 DOM
8. 2026-09-16
   days on market $276,000 Active 231 DOM
9. 2026-09-15
   days on market $276,000 Active 230 DOM
10. 2026-09-14
    days on market $276,000 Active 229 DOM
11. 2026-09-13
    days on market $276,000 Active 228 DOM
12. 2026-09-12
    days on market $276,000 Active 227 DOM
13. 2026-09-11
    days on market $276,000 Active 226 DOM
14. 2026-09-05
    days on market $276,000 Active 220 DOM
15. 2026-09-04
    days on market $276,000 Active 219 DOM
16. 2026-09-03
    days on market $276,000 Active 218 DOM
17. 2026-08-31
    days on market $276,000 Active 215 DOM
18. 2026-08-30
    days on market $276,000 Active 214 DOM
19. 2026-08-29
    days on market $276,000 Active 213 DOM
20. 2026-08-28
    days on market $276,000 Active 212 DOM
21. 2026-08-27
    days on market $276,000 Active 211 DOM
22. 2026-08-26
    days on market $276,000 Active 210 DOM
23. 2026-08-25
    days on market $276,000 Active 209 DOM
24. 2026-08-24
    days on market $276,000 Active 208 DOM
25. 2026-08-23
    days on market $276,000 Active 207 DOM
26. 2026-08-22
    days on market $276,000 Active 206 DOM
27. 2026-08-21
    days on market $276,000 Active 205 DOM
28. 2026-08-20
    days on market $276,000 Active 204 DOM
29. 2026-08-19
    days on market $276,000 Active 203 DOM
30. 2026-08-18
    days on market $276,000 Active 202 DOM
31. 2026-08-17
    days on market $276,000 Active 201 DOM
32. 2026-08-16
    days on market $276,000 Active 200 DOM
33. 2026-08-15
    days on market $276,000 Active 199 DOM
34. 2026-08-14
    days on market $276,000 Active 198 DOM
35. 2026-08-13
    days on market $276,000 Active 197 DOM
36. 2026-08-12
    days on market $276,000 Active 196 DOM
37. 2026-08-11
    days on market $276,000 Active 195 DOM
38. 2026-08-10
    days on market $276,000 Active 194 DOM
39. 2026-08-09
    days on market $276,000 Active 193 DOM
40. 2026-08-08
    days on market $276,000 Active 192 DOM
41. 2026-08-07
    days on market $276,000 Active 191 DOM
42. 2026-08-06
    days on market $276,000 Active 190 DOM
43. 2026-08-05
    days on market $276,000 Active 189 DOM
44. 2026-08-04
    days on market $276,000 Active 188 DOM
45. 2026-08-03
    days on market $276,000 Active 187 DOM
46. 2026-07-31
    days on market $276,000 Active 184 DOM
47. 2026-07-30
    days on market $276,000 Active 183 DOM
48. 2026-07-30
    days on market $276,000 Active 182 DOM
49. 2026-07-28
    days on market $276,000 Active 181 DOM
50. 2026-07-26
    days on market $276,000 Active 179 DOM

ⓘ 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: $26,433
• − Mortgage interest: −$20,171
• − Property taxes: −$5,401
• − Insurance: −$1,800
• − Repairs & maintenance: −$2,115
• − Management: −$2,115
• − Depreciation: −$10,475
• Taxable loss: −$15,644
• Est. tax savings @ 24.0%: +$3,755
• After-tax cash flow: $-5,226/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 Est. rehab $41,625–$74,925 screening

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 ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

C Composite school gradezoned avg 62/100

Zoned Schools

Elementary Shamrock Springs Elementary School B- IN #128/994 Nat'l #7,252/41,679 Middle Westfield Middle School B- IN #31/330 Nat'l #2,699/14,009 High Westfield High School B+ IN #8/369 Nat'l #1,820/17,239

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

B Composite livability gradescore 71/100

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 · 381,938 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: 8% of renters

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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%

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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%

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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

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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