1367 Mulberry St · Noblesville, IN 46060

$120,000

2 bd · 1.0 ba · 2,052 sqft · SingleFamily public records · 307 Days on market

Built 1957 6,970 sqft lot $58/sqft · 54% below area ↓ 43% since listing

---

Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.8/10.0
• Livability +4.3/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Duplex just off downtown Noblesville, near the future police station-great investment location. Downstairs unit offers 3 beds, 1 bath; upstairs unit has 1 bed, 1 bath. Strong rental potential, ideal for long-term income or portfolio growth. Close to restaurants, retail, and ongoing city development. A solid opportunity in a fast-growing area.

Key facts

• Close to restaurants
• Investment location
• Fast-growing area

Tags

• INVESTMENT LOCATION
• STRONG RENTAL POTENTIAL
• CLOSE TO RESTAURANTS
• ONGOING CITY DEVELOPMENT
• FAST-GROWING AREA

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $614 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.4% vs local median 3.2% in Noblesville — 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 86/100 on livability (#3 in IN, #446 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, cost of living A+; Watch: commute F.
• Noblesville Schools (suburban): math 51% / reading 57% proficiency, ranked #26 of 301 in IN (top 9%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+1.8%/yr); 456 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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 $830 of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 1.8% rent growth), your $34k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 307 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $90k (43%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $105,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 307 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1957 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-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?
6. 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.
7. 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.
8. 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: 1.59% ✓
• Cap rate: 12.44%
• Cash-on-cash: 21.94%
• DSCR: 1.98
• GRM: 5.2

CMA / ARV

• ARV (median comp): $258,636
• List price: $120,000
• Delta: -53.60%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1367 Mulberry St	0.00mi	2/2.0	2,052 (0%)	1mo	$110,000	$54	96
1479 Maple Ave	0.23mi	2/1.0	2,040 (-1%)	9mo	$166,500	$82	81
1151 Cherry St	0.21mi	3/2.0 (+1)	2,070 (+1%)	4mo	$249,900	$121	76
1799 Conner St	0.41mi	3/1.5 (+1)	1,947 (-5%)	4mo	$335,000	$172	62
537 N 17th St	0.66mi	3/2.0 (+1)	2,040 (-1%)	9mo	$312,500	$153	52
1330 Zelda St	0.49mi	3/2.0 (+1)	1,844 (-10%)	1mo	$349,900	$190	51
1301 Wayne St	0.48mi	3/2.0 (+1)	1,806 (-12%)	2mo	$320,000	$177	47
247 N 14th St	0.46mi	3/2.0 (+1)	2,258 (+10%)	8mo	$230,000	$102	46
1508 Monument St	0.69mi	2/2.0	1,841 (-10%)	2mo	$245,000	$133	45
347 Plum St	0.68mi	3/1.0 (+1)	2,236 (+9%)	4mo	$170,000	$76	45
1515 S 16th St	0.64mi	2/2.0	1,798 (-12%)	9mo	$200,000	$111	38
16867 Aulton Dr	0.58mi	3/2.5 (+1)	1,759 (-14%)	6mo	$265,000	$151	33

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 · 1.79% rent growth · sell at horizon

5-year hold

• IRR: 13.2%
• Equity multiple: 1.52×
• Total profit: $17,456
• Equity at exit: $17,892

10-year hold

• IRR: 21.1%
• Equity multiple: 2.69×
• Total profit: $56,672
• Equity at exit: $10,375

Cash invested: $33,600 (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 46060

• Rents YoY: 1.8%
• Active inventory: 456
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $1,906 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$212 /mo · $2,543/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$400
• Net cashflow: $614

Break-even live

Break-even rent $1,128

Max offer price $120,000

Occupancy floor 63%

Sensitivity live

Price	-10% $682	-5% $648	+0% $614	+5% $580	+10% $546
Rent	-10% $464	-5% $539	+0% $614	+5% $690	+10% $765
Rate	-1.0pp $675	-0.5pp $645	base $614	+0.5pp $583	+1.0pp $552

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
637 Cherry St Noblesville, IN	3.0	2.0	2000	$2,000	$1.00	24d	1	0.44mi
519 James Dr Noblesville, IN	3.0	2.0	1596	$1,890	$1.18	13d	1	0.69mi
18802 Northview Pl Noblesville, IN	3.0	2.0	1512	$2,025	$1.34	44d	1	1.41mi

Listing history 9 events

1. 2026-05-18
   status Pending 344-char remark

   Show marketing remark (344 chars)

   Duplex just off downtown Noblesville, near the future police station-great investment location. Downstairs unit offers 3 beds, 1 bath; upstairs unit has 1 bed, 1 bath. Strong rental potential, ideal for long-term income or portfolio growth. Close to restaurants, retail, and ongoing city development. A solid opportunity in a fast-growing area.

2. 2026-04-15
   price $120,000 344-char remark

   Show marketing remark (344 chars)

   Duplex just off downtown Noblesville, near the future police station-great investment location. Downstairs unit offers 3 beds, 1 bath; upstairs unit has 1 bed, 1 bath. Strong rental potential, ideal for long-term income or portfolio growth. Close to restaurants, retail, and ongoing city development. A solid opportunity in a fast-growing area.

3. 2026-01-30
   price $140,000 344-char remark

   Show marketing remark (344 chars)

   Duplex just off downtown Noblesville, near the future police station-great investment location. Downstairs unit offers 3 beds, 1 bath; upstairs unit has 1 bed, 1 bath. Strong rental potential, ideal for long-term income or portfolio growth. Close to restaurants, retail, and ongoing city development. A solid opportunity in a fast-growing area.

4. 2025-12-28
   status Active 344-char remark

   Show marketing remark (344 chars)

   Duplex just off downtown Noblesville, near the future police station-great investment location. Downstairs unit offers 3 beds, 1 bath; upstairs unit has 1 bed, 1 bath. Strong rental potential, ideal for long-term income or portfolio growth. Close to restaurants, retail, and ongoing city development. A solid opportunity in a fast-growing area.

5. 2025-12-27
   historical 344-char remark

   Show marketing remark (344 chars)

   Duplex just off downtown Noblesville, near the future police station-great investment location. Downstairs unit offers 3 beds, 1 bath; upstairs unit has 1 bed, 1 bath. Strong rental potential, ideal for long-term income or portfolio growth. Close to restaurants, retail, and ongoing city development. A solid opportunity in a fast-growing area.

6. 2025-10-13
   price $160,000 344-char remark

   Show marketing remark (344 chars)

   Duplex just off downtown Noblesville, near the future police station-great investment location. Downstairs unit offers 3 beds, 1 bath; upstairs unit has 1 bed, 1 bath. Strong rental potential, ideal for long-term income or portfolio growth. Close to restaurants, retail, and ongoing city development. A solid opportunity in a fast-growing area.

7. 2025-08-25
   price $175,000 344-char remark

   Show marketing remark (344 chars)

   Duplex just off downtown Noblesville, near the future police station-great investment location. Downstairs unit offers 3 beds, 1 bath; upstairs unit has 1 bed, 1 bath. Strong rental potential, ideal for long-term income or portfolio growth. Close to restaurants, retail, and ongoing city development. A solid opportunity in a fast-growing area.

8. 2025-08-04
   price $190,000 344-char remark

   Show marketing remark (344 chars)

   Duplex just off downtown Noblesville, near the future police station-great investment location. Downstairs unit offers 3 beds, 1 bath; upstairs unit has 1 bed, 1 bath. Strong rental potential, ideal for long-term income or portfolio growth. Close to restaurants, retail, and ongoing city development. A solid opportunity in a fast-growing area.

9. 2025-07-14
   listed $210,000 Active 344-char remark

   Show marketing remark (344 chars)

   Duplex just off downtown Noblesville, near the future police station-great investment location. Downstairs unit offers 3 beds, 1 bath; upstairs unit has 1 bed, 1 bath. Strong rental potential, ideal for long-term income or portfolio growth. Close to restaurants, retail, and ongoing city development. A solid opportunity in a fast-growing area.

ⓘ 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: $2,543 · $212/mo
• Projected year-2 tax: $2,543 · $212/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,869
• − Mortgage interest: −$6,722
• − Property taxes: −$2,543
• − Insurance: −$600
• − Repairs & maintenance: −$1,830
• − Management: −$1,830
• − Depreciation: −$3,491
• Taxable income: $5,854
• Est. tax owed @ 24.0%: −$1,405
• After-tax cash flow: $5,967/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: Noblesville Schools
• NCES district ID: 1807650
• Math proficiency: 51% ▼ -12.00%
• Reading proficiency: 57% ▼ -8.00%
• Median HH income: $71,719
• Composite: 48.16/100
• National rank: #2177
• State rank: #26 of 301 in IN

Livability — Noblesville

• Score: 86/100
• State rank: #3
• US rank: #446

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Noblesville, IN
• County: Hamilton County · 337,479 people
• City population: 88,670
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 47,610
• Household income: $91,918
• Rent vs Own: 31.2% rent · 68.8% own
• Severe rent burden: 641.0

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 (81%)
• Race & ethnicity: White 81% Hispanic / Latino 7% Two or more races 6% Black 6% Asian 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Romanian 3% Slovak 2% Italian 2%
• Foreign-born: 7% · Canada
• Languages at home: 91% English-only · Spanish 5% Other Indo-European 2% French/Haitian/Cajun 1%

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: ▼ -165.86%
• Current HPI: 234.6658
• Rent YoY: ▲ 1.79%
• 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

-42.9% since first listed

9 events — show timeline

• 2026-05-18 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-15 Price Changed $120,000 MIBOR as Distributed by MLS Grid
• 2026-01-30 Price Changed $140,000 MIBOR as Distributed by MLS Grid
• 2025-12-28 Relisted — MIBOR as Distributed by MLS Grid
• 2025-12-27 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-10-13 Price Changed $160,000 MIBOR as Distributed by MLS Grid
• 2025-08-25 Price Changed $175,000 MIBOR as Distributed by MLS Grid
• 2025-08-04 Price Changed $190,000 MIBOR as Distributed by MLS Grid
• 2025-07-14 Listed $210,000 MIBOR as Distributed by MLS Grid

Property tax history

+3.7%/yr

Latest (2025): $2,543 · -2.5% YoY. Source: county tax records.