2145 Shadowbrook Dr

Plainfield, IN 46168

$270,000D

3 bd · 2.0 ba · 1,408 sqft · Built 2000 · SingleFamily · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,320/mo
• Mortgage (P&I): −$1,416
• Tax + insurance: −$450
• HOA: −$30
• Vac / Maint / Mgmt: −$487
• Net cashflow: $-63/mo
• Annual: $-758/yr
• Cap rate: 6.01%
• Cash-on-cash: -1.00%
• DSCR: 0.96
• 1% rule: 0.86%
• Cash to close: $75,600

Investor read

• This is a 3-bed/2.0-bath single-family listed at $270k.
• At list price, monthly cash flow is $-63 ($-758/yr) — negative.
• To cash-flow at today's rent, offer at most $259k (4.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $232k (14.1% below list).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $232k (14.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#69 in IN, #4,418 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Avon Community School Corporation (suburban): math 51% / reading 53% proficiency, ranked #32 of 301 in IN (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 20% free/reduced lunch — higher-income household profile.
• Zoned schools: Cedar Elementary School (math 63% / reading 40%, grade C-, #256 of 994 statewide, top 26%, 703 students, 51% FRL); Avon Middle School South (math 48% / reading 54%, grade C, #40 of 330 statewide, top 12%, 835 students, 44% FRL); Avon High School (math 44% / reading 76%, grade C+, #46 of 369 statewide, top 13%, 3,348 students, 38% FRL) — zoned schools average 45% FRL vs 20% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.6%/yr); 291 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,294 units permitted in Hendricks County in 2024 (18 in 5+ unit buildings).
• Hendricks County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 25y ago; this cycle's ask is 12757% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Cap rate 6.0% vs local median 3.7% in Plainfield — 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 runs 31% of the median local income ($90k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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?
• 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.
• 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.