4005 Willow Ct · Franklin, IN 46131

$229,000

3 bd · 2.0 ba · 1,110 sqft · SingleFamily public records · 7 Days on market

Built 1999 9,540 sqft lot Est $232k · at est.

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Why this score? — see what drove the D 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 +12.1/30.0
• ARV discount +8.1/15.0
• Rent growth +3.7/5.0
• DSCR +3.6/10.0
• 1% rule +3.5/10.0
• Schools +3.5/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

HUD HOME SOLD IN AS IS CONDITION. FOR MORE INFORMATION ON ELECTRONCI BIDDING, EARNEST MONEY PROCEDURES AND LEAD BASED PAINT, SEE THE WEB ADDRESS LISTED AT THE BOTTOM OF THE MLS PRINT OUT. NO SHOWING APPOINTMENT NECESS ARY. ALL INFORMATION DEEMED RELIABLE, BUT NOT GUARANTEED. CASE NUMBER 151 660285 INSURED STATUS UI

Key facts

• Huge yard
• Corner lot
• 9,540 sq ft lot

Tags

• CORNER LOT
• HUGE YARD
• FULLY FENCED BACKYARD

Property features AI

Exterior

• Parking: Attached 2-car garage (approx. 415 sq ft)
• Utilities: Public water; Municipal sewer connected
• Home design: Single-family residence; One level
• Construction: Vinyl siding; Slab foundation
• Exterior features: Full fence; Lot smaller than 1/4 acre (approximately 0.22 acre)

Interior

• Kitchen: Dishwasher; Microwave; Electric oven; Refrigerator
• Bedrooms: Three bedrooms (all on the main level)
• Bathrooms: Two full bathrooms (main level)
• Heating & cooling: Electric forced air heating; Central air conditioning
• Interior features: Attic access; Eat-in kitchen
• Laundry & utility: Main-level laundry room

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 $-52 ($-618/yr) — negative.
• To cash-flow at today's rent, offer at most $222k (3.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $194k (15.4% below list).
• Recommended offer: $194k (15.4% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 4.0% in Franklin — 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 65/100 on livability (#351 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Franklin Community School Corporation (suburban): math 36% / reading 44% proficiency, ranked #133 of 301 in IN (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Franklin Community High School (math 29% / reading 69%, grade D, #136 of 369 statewide, top 37%, 1,610 students, 41% FRL).
• Market conditions: Rents rising fast (+4.7%/yr); 278 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,133 units permitted in Johnson 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.
• Johnson County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 22y 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 $72k; list at $229k implies a 218% gain — meaningful room to come down on a strong offer.

Recommended offer $193,804 (15.4% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-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. 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?
5. 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.
6. 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.
7. 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: 0.85% ✗
• Cap rate: 6.02%
• Cash-on-cash: -0.96%
• DSCR: 0.96
• GRM: 9.8

CMA / ARV

• ARV (on-the-fly): $231,990
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3957 Hancock Ct	0.12mi	3/2.0	1,098 (-1%)	1mo	$230,000	$209	92
1519 Tulip Dr	0.03mi	3/2.0	1,110 (0%)	16mo	$231,500	$209	86
3929 Pebble Beach Ct	0.16mi	3/2.0	1,151 (+4%)	7mo	$195,000	$169	80
4007 Knollwood Ave	0.05mi	3/2.0	1,200 (+8%)	12mo	$245,000	$204	74
3928 Pebble Beach Ct	0.17mi	3/2.0	1,136 (+2%)	23mo	$240,000	$211	69
3903 Tamara Way	0.35mi	3/2.0	1,200 (+8%)	9mo	$230,000	$192	63

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 · 4.68% rent growth · sell at horizon

5-year hold

• IRR: -16.0%
• Equity multiple: 0.42×
• Total profit: $-37,029
• Equity at exit: $34,145

10-year hold

• IRR: -4.9%
• Equity multiple: 0.65×
• Total profit: $-22,206
• 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 46131

• Home prices YoY: -27.8%
• Rents YoY: 4.7%
• Active inventory: 278
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $1,938 medium
• Mortgage (P&I): −$1,201
• Tax est. 1.5%: −$286 /mo · $3,435/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$407
• Net cashflow: $-52

Break-even live

Break-even rent $2,003

Max offer price $221,546

Occupancy floor 98%

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 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1481 Rebecca Ln Franklin, IN	3.0	1.5	1116	$1,760	$1.58	18d	1	0.18mi
1476 Michigan Rd Franklin, IN	3.0	2.0	1418	$1,790	$1.26	24d	1	0.20mi
36 Redtrunk Ln Apt D Whiteland, IN	2.0	2.0	1457	$2,174	$1.49	4d	21	0.96mi
450 Allure Cir Whiteland, IN	1.0–3.0	1.0–2.0	1172	$1,995	$1.70	2d	80	1.44mi

Listing history 5 events

1. 2026-06-13
   statusdays on market $229,000 Pending 7 DOM
2. 2026-06-09
   days on market $229,000 Active 4 DOM
3. 2026-06-08
   days on market $229,000 Active 3 DOM
4. 2026-06-07
   remarks 451-char remark
5. 2026-06-07
   listed $229,000 Active 2 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥101°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,256
• − Mortgage interest: −$12,828
• − Property taxes: −$3,435
• − Insurance: −$1,145
• − Repairs & maintenance: −$1,861
• − Management: −$1,861
• − Depreciation: −$6,662
• Taxable loss: −$4,534
• Est. tax savings @ 24.0%: +$1,088
• After-tax cash flow: $470/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: Franklin Community School Corporation
• NCES district ID: 1803690
• Math proficiency: 36% ▼ -11.00%
• Reading proficiency: 44% ▼ -8.00%
• Median HH income: $54,855
• Composite: 34.93/100
• National rank: #5066
• State rank: #133 of 301 in IN

Livability — Franklin

• Score: 65/100
• State rank: #351
• US rank: #13428

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Franklin, IN
• County: Johnson County · 154,261 people
• City population: 34,647
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 34,647
• Household income: $85,076
• Rent vs Own: 28.4% rent · 71.6% own
• Severe rent burden: 984.0

Population outlook (Johnson County) Hauer SSP2

• Today (2025): 170,080 people
• By 2030: 179,983 · +5.8%
• By 2040: 198,580 · +16.8%
• By 2050: 214,661 · +26.2%
• By 2075: 247,990 · +45.8%
• By 2100: 257,821 · +51.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 2% Black 2%
• Common ancestry: Slovak 2% Italian 1% Serbian 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2% Russian/Polish/Slavic 1% Other Asian/Pacific 1%

Political lean MEDSL · Johnson

• 2024 margin: Solid R (+34.3) · D 32.0% · R 66.3% · Other 1.7%
• 2008→2024 swing: -8.9pp toward R · 2008: -25.5pp · 2024: -34.3pp
• All cycles: 2024: R+34.3 2020: R+34.1 2016: R+42.5 2012: R+38.5 2008: R+25.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -90.53%
• Current HPI: 235.0009
• Rent YoY: ▲ 4.68%
• 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

+193.6% since first listed

5 events — show timeline

• 2026-06-05 Listed $229,000 MIBOR as Distributed by MLS Grid
• 2005-11-12 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-03-29 Sold (MLS) $72,000 MIBOR as Distributed by MLS Grid
• 2005-02-11 Listed $70,200 MIBOR as Distributed by MLS Grid
• 2004-11-14 Listed $78,000 MIBOR as Distributed by MLS Grid

Property tax history

+2.0%/yr

Latest (2024): $390 · +2.0% YoY. Source: county tax records.