528 South St · Noblesville, IN 46060

$375,000

4 bd · 2.0 ba · 2,330 sqft · MultiFamily public records · 23 Days on market

Built 1900 6,970 sqft lot Est $319k · 17% over

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Why this score? — see what drove the C 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 +26.7/30.0
• DSCR +9.1/10.0
• 1% rule +6.7/10.0
• Schools +4.8/10.0
• Livability +4.3/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Triplex located just minutes from downtown Noblesville, offering a strong value-add opportunity. Property includes three units: one finished and occupied main-level unit featuring 2 bedrooms and 1 bathroom generating current income. Two additional units are vacant and ready for completion. The second main-level unit is a 1 bedroom, 1 bathroom space with demolition started and ready for renovation. The upper-level unit is a 2 bedroom, 1 bathroom layout with demo work begun. Excellent opportunity for investors or owner-occupants seeking to complete renovations and establish additional rental income potential. Convenient location near downtown amenities, dining, and services.

Key facts

• Ready for renovation
• Ready for completion
• 6,970 sq ft lot

Tags

• READY FOR COMPLETION
• READY FOR RENOVATION

Property features AI

Finance

• Financial info: Total of 3 units; Gross income reported as 13,200 (annual); Expenses reported as 380; Two units show listed monthly rent of $1,100 and other units have $0 listed

Exterior

• Utilities: Solid waste service not available; Owner pays all utilities
• Home design: Residential income property — triplex; Conversion
• Construction: Lot approximately 0.16 acre
• Exterior features: Frontage road access; Property currently used for residential purposes

Interior

• Kitchen: Private kitchens in each unit
• Bedrooms: One 1-bedroom unit; Two 2-bedroom units
• Interior features: Converted property

What this means for you Summary

Snapshot

• This is a 2×2bd/1ba + 1×1bd/1ba units multifamily listed at $375k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $337/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $375k).
• Recommended offer: $369k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.5% 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); 451 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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).
• At $4,375/mo this rent would consume 57% of the median local household income ($92k/yr) (locally 641% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k 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 23 days — a 2% lower offer ($369k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $369,375 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.17% ✓
• Cap rate: 9.53%
• Cash-on-cash: 11.55%
• DSCR: 1.51
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $319,210
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
410 S 11th St	0.63mi	4/3.0	2,184 (-6%)	9mo	$300,000	$137	48

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: -0.4%
• Equity multiple: 0.98×
• Total profit: $-1,672
• Equity at exit: $55,914

10-year hold

• IRR: 8.0%
• Equity multiple: 1.57×
• Total profit: $60,271
• Equity at exit: $32,423

Cash invested: $105,000 (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: 451
• Price-to-rent: 20.4×

Monthly cashflow live

• Estimated rent: $4,375 high
• Mortgage (P&I): −$1,967
• Tax from tax record: −$323 /mo · $3,871/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$919
• Net cashflow: $1,011

Break-even live

Break-even rent $3,095

Max offer price $375,000

Occupancy floor 72%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,068
1× unit	1	1	$1,306
Total (3 units)			$4,375

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: $93,750
• Closing costs: $11,250
• 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	0.67mi
519 James Dr Noblesville, IN	3.0	2.0	1596	$1,890	$1.18	12d	1	1.34mi
7217 Burlat Ln Noblesville, IN	3.0	2.0	1646	$1,995	$1.21	44d	1	1.45mi

Listing history 15 events

1. 2026-06-18
   days on market $375,000 Active 23 DOM
2. 2026-06-17
   days on market $375,000 Active 22 DOM
3. 2026-06-16
   days on market $375,000 Active 21 DOM
4. 2026-06-15
   days on market $375,000 Active 20 DOM
5. 2026-06-13
   days on market $375,000 Active 18 DOM
6. 2026-06-13
   days on market $375,000 Active 17 DOM
7. 2026-06-09
   days on market $375,000 Active 14 DOM
8. 2026-06-08
   days on market $375,000 Active 13 DOM
9. 2026-06-07
   days on market $375,000 Active 12 DOM
10. 2026-06-05
    days on market $375,000 Active 9 DOM
11. 2026-06-03
    days on market $375,000 Active 8 DOM
12. 2026-06-02
    days on market $375,000 Active 7 DOM
13. 2026-06-01
    days on market $375,000 Active 6 DOM
14. 2026-05-31
    days on market $375,000 Active 5 DOM
15. 2026-05-22
    listed $375,000 Active

ⓘ 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: $3,871 · $323/mo
• Projected year-2 tax: $3,871 · $323/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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: $52,500
• − Mortgage interest: −$21,006
• − Property taxes: −$3,871
• − Insurance: −$1,875
• − Repairs & maintenance: −$4,200
• − Management: −$4,200
• − Depreciation: −$10,909
• Taxable income: $6,439
• Est. tax owed @ 24.0%: −$1,545
• After-tax cash flow: $10,585/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

1 event — show timeline

• 2026-05-22 Listed $375,000 MIBOR as Distributed by MLS Grid

Property tax history

+6.6%/yr

Latest (2025): $3,871 · +7.7% YoY. Source: county tax records.