Manchester Plan · Westfield, IN 46074

$208,000

2 bd · 2.0 ba · 1,302 sqft · Townhouse · 192 Days on market

55+ age-restricted Fair condition ↓ 5% since listing

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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 +11.6/30.0
• ARV discount +7.5/15.0
• Schools +6.2/10.0
• 1% rule +3.8/10.0
• DSCR +3.6/10.0
• Rent growth +3.6/5.0
• Livability +3.6/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Whether you are working or retired, the Village Cooperative of Westfield is a hassle-free home ownership option for active adults (62+). You simply won't find a better value anywhere in the area with all the amenities. It offers a carefree lifestyle that lets you enjoy more of what you love in a safe and secure community of peers. The homes range in size from approximately 900 sq. ft. to over 1,800 sq. ft. of one-level living space within in a three-story building built over secure underground parking. Standard features of this living community include a community and club areas, hobby shop, reading areas, guest suite, garden plots, while-you're-away services, underground heated parking with a car wash bay-all wrapped up in a fully secure building. The homes are equipped with all appliances including a washer and dryer, in-home storage, walk-in closets and individually controlled HVAC systems. The Village Cooperative is a community of like-minded adults who want to live near other people their age, but not in assisted living or rental housing. It offers maintenance-free living in a vibrant environment with many unique amenities that are suited for both working and retired residents.

Key facts

• Car wash bay
• Guest suite
• Garden plots

Tags

• ONE-LEVEL LIVING SPACE
• GUEST SUITE
• GARDEN PLOTS
• UNDERGROUND HEATED PARKING
• CAR WASH BAY
• FULLY SECURE BUILDING

🏗️ New construction. The $208,000 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $270,000.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath townhouse listed at $208k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-257 ($-3k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $204k (2.1% below list).
• Recommended offer: $183k (12.0% below list) — sets the bar for market timing.
• Cap rate 5.2% vs local median 3.2% 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.
• 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); 1050 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 10d 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 $8k 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 192 days — a 12% lower offer ($183k) is reasonable based on typical stale-listing flexibility.

Recommended offer $183,040 (12.0% 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 192 days. Have you received any prior offers? Is the seller open to a 12% 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: 0.75% ✗
• Cap rate: 5.15%
• Cash-on-cash: -4.07%
• DSCR: 0.82
• GRM: 11.0

CMA / ARV

• ARV (median comp): $270,000
• List price: $208,000
• Delta: -22.96%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15541 Frankel Ln	1.38mi	2/2.5	1,400 (+8%)	9mo	$640,025	$457	43
711 Bucksport Ln	1.11mi	2/2.5	1,444 (+11%)	5mo	$265,000	$184	41
2680 Old Rosebud Ln	1.20mi	2/2.0	1,617 (+24%)	1mo	$427,500	$264	39
2591 Old Rosebud Ln	1.13mi	2/2.0	1,626 (+25%)	2mo	$415,000	$255	38
15425 Bowie Dr	0.76mi	3/1.5 (+1)	1,444 (+11%)	4mo	$270,000	$187	36
2816 Old Rosebud Ln	1.32mi	2/2.0	1,626 (+25%)	4mo	$450,000	$277	36
2466 Goldfinger Ln	1.29mi	3/2.0 (+1)	1,601 (+23%)	2mo	$440,000	$275	33
14990 Barbaro Dr	1.37mi	3/2.0 (+1)	1,601 (+23%)	4mo	$435,000	$272	32
2529 Goldfinger Ln	1.25mi	3/2.0 (+1)	1,601 (+23%)	4mo	$429,000	$268	31
2546 Goldfinger Ln	1.29mi	3/2.0 (+1)	1,601 (+23%)	4mo	$425,000	$265	31
2698 Old Rosebud Ln	1.22mi	3/2.0 (+1)	1,604 (+23%)	8mo	$430,000	$268	29
15569 Tiffin Cir	1.33mi	3/2.0 (+1)	1,601 (+23%)	9mo	$425,000	$265	28

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: -21.8%
• Equity multiple: 0.24×
• Total profit: $-57,454
• Equity at exit: $40,258

10-year hold

• IRR: -12.8%
• Equity multiple: 0.21×
• Total profit: $-59,947
• Equity at exit: $23,345

Cash invested: $75,600 (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 →

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

Active competition Active MLS

• For sale now: 21 active
• Months of supply: 126.0 mo (1%/mo absorbed)
• Median asking: $230,000 ($163/sqft)
• Median days on market: 192 d
• This list price: 14% of active listings are priced below it
• ARV vs active asking: +27.6% 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: 1050
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $2,037 medium
• Mortgage (P&I): −$1,416
• Tax est. 1.5%: −$338 /mo · $4,050/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$428
• Net cashflow: $-257

Break-even live

Break-even rent $2,362

Max offer price $232,858

Occupancy floor —

Sensitivity live

Price	-10% $-70	-5% $-163	+0% $-257	+5% $-350	+10% $-443
Rent	-10% $-418	-5% $-337	+0% $-257	+5% $-176	+10% $-96
Rate	-1.0pp $-121	-0.5pp $-188	base $-257	+0.5pp $-327	+1.0pp $-398

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: $67,500
• Closing costs: $8,100
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1601 S Waterleaf Dr Westfield, IN	2.0	2.0	635	$1,924	$3.03	9d	20	0.08mi
1659 Dewey Dr Westfield, IN	2.0	2.0	1748	$2,500	$1.43	9d	1	0.35mi
14637 Handel Dr Carmel, IN	1.0–3.0	1.0–2.0	1128	$1,606	$1.42	9d	45	1.24mi

Listing history 50 events

1. 2026-08-08
   days on market $208,000 Active 192 DOM
2. 2026-08-07
   days on market $208,000 Active 191 DOM
3. 2026-08-06
   days on market $208,000 Active 190 DOM
4. 2026-08-05
   days on market $208,000 Active 189 DOM
5. 2026-08-04
   days on market $208,000 Active 188 DOM
6. 2026-08-03
   days on market $208,000 Active 187 DOM
7. 2026-07-31
   days on market $208,000 Active 184 DOM
8. 2026-07-30
   days on market $208,000 Active 183 DOM
9. 2026-07-30
   days on market $208,000 Active 182 DOM
10. 2026-07-28
    days on market $208,000 Active 181 DOM
11. 2026-07-26
    days on market $208,000 Active 179 DOM
12. 2026-07-24
    days on market $208,000 Active 177 DOM
13. 2026-07-23
    days on market $208,000 Active 176 DOM
14. 2026-07-22
    days on market $208,000 Active 175 DOM
15. 2026-07-21
    days on market $208,000 Active 174 DOM
16. 2026-07-20
    days on market $208,000 Active 173 DOM
17. 2026-07-18
    days on market $208,000 Active 171 DOM
18. 2026-07-18
    days on market $208,000 Active 170 DOM
19. 2026-07-16
    days on market $208,000 Active 169 DOM
20. 2026-07-15
    days on market $208,000 Active 168 DOM
21. 2026-07-14
    days on market $208,000 Active 167 DOM
22. 2026-07-13
    days on market $208,000 Active 166 DOM
23. 2026-07-13
    days on market $208,000 Active 165 DOM
24. 2026-07-11
    days on market $208,000 Active 164 DOM
25. 2026-07-10
    days on market $208,000 Active 163 DOM
26. 2026-07-09
    days on market $208,000 Active 162 DOM
27. 2026-07-07
    days on market $208,000 Active 160 DOM
28. 2026-07-06
    days on market $208,000 Active 159 DOM
29. 2026-07-05
    days on market $208,000 Active 158 DOM
30. 2026-07-03
    days on market $208,000 Active 156 DOM
31. 2026-07-02
    days on market $208,000 Active 155 DOM
32. 2026-07-01
    days on market $208,000 Active 154 DOM
33. 2026-06-30
    days on market $208,000 Active 153 DOM
34. 2026-06-29
    days on market $208,000 Active 152 DOM
35. 2026-06-28
    days on market $208,000 Active 151 DOM
36. 2026-06-27
    days on market $208,000 Active 150 DOM
37. 2026-06-26
    days on market $208,000 Active 149 DOM
38. 2026-06-25
    days on market $208,000 Active 147 DOM
39. 2026-06-22
    days on market $208,000 Active 145 DOM
40. 2026-06-21
    days on market $208,000 Active 144 DOM
41. 2026-06-18
    days on market $208,000 Active 141 DOM
42. 2026-06-17
    days on market $208,000 Active 140 DOM
43. 2026-06-16
    days on market $208,000 Active 139 DOM
44. 2026-06-15
    days on market $208,000 Active 138 DOM
45. 2026-06-13
    days on market $208,000 Active 136 DOM
46. 2026-06-13
    days on market $208,000 Active 135 DOM
47. 2026-06-09
    days on market $208,000 Active 132 DOM
48. 2026-06-08
    days on market $208,000 Active 131 DOM
49. 2026-06-07
    days on market $208,000 Active 130 DOM
50. 2026-06-05
    days on market $208,000 Active 127 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: $24,444
• − Mortgage interest: −$15,124
• − Property taxes: −$4,050
• − Insurance: −$1,350
• − Repairs & maintenance: −$1,956
• − Management: −$1,956
• − Depreciation: −$7,855
• Taxable loss: −$7,846
• Est. tax savings @ 24.0%: +$1,883
• After-tax cash flow: $-1,197/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 Cosmetic rehab Est. rehab $6,510–$19,530 screening

The Manchester unit is in fair condition with cosmetic updates needed. Painting, landscaping, and minor interior updates can significantly enhance its value.

Value-add opportunities

• Both Painting — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Landscaping — Landscaping improves curb appeal and enhances property value ↑
• Both New flooring — New flooring can significantly improve the look and feel of the home ↑
• Both New kitchen appliances — Modern appliances can boost both resale and rental value ↑
• Both New bathroom fixtures — Upgraded fixtures can enhance the home's appeal and value ↑

ⓘ Rehab cost is a screening estimate — Cosmetic 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

-5.5% since first listed

2 events — show timeline

• 2026-02-03 Price Changed $208,000 Zillow
• 2026-01-28 Listed $220,000 Zillow