1113 Cobra Dr · Franklin, IN 46131

$210,000

3 bd · 2.5 ba · 1,524 sqft · MultiFamily public records · 11 Days on market

Built 2004 Fair condition 4,835 sqft lot $40/mo HOA · 2% of rent

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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 +12.0/30.0
• ARV discount +7.5/15.0
• 1% rule +4.0/10.0
• Rent growth +3.7/5.0
• DSCR +3.5/10.0
• Schools +3.5/10.0
• Livability +3.2/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Handy Commuter Property. 1/2 of Duplex w/ Townhouse feel and size quality. Foyer w/ coat closet walk you into carpeted LR w/ view of wooden banister to upstairs that appears a lot like a loft. There is room for a table or flower pots or other usage of space. Bedrms. , w/ W/ I closets and full baths w/ vinyl flooring. LR/DR and KIT w/ W/ D cubby rm. , off KIT offer an open concept. Pantry in KIT w/ access to the spacious attached 2 car garage w/ built in shelves, garage dr. , opener, gas furnace and water heater. Atrium door in DR that goes out to the patio slab which takes you to the LRG. , back yard w/ view and access to community pond. Open flat side yard and front yard with sidewalk, ste

Key facts

• Carpeted living room
• Open concept
• Pantry in kitchen

Tags

• DUPLEX TOWNHOUSE FEEL
• FOYER WITH COAT CLOSET
• CARPETED LIVING ROOM
• WOODEN BANISTER
• OPEN CONCEPT
• PANTRY IN KITCHEN

Property features AI

Finance

• Other: Property listed as residential in Deer Run subdivision; GPS-friendly directions
• HOA & community: Community features include curbs, sidewalks, street lights; Low-maintenance lifestyle

Exterior

• Parking: Attached 2-car garage with garage door opener (approx. 400 sq ft)
• Security: Smoke detector(s)
• Utilities: Public water; Municipal sewer connected; 100 amp electric service; Cable available; Electricity connected; Natural gas connected; Sewer connected; Water connected; Solid waste service available
• Home design: Single family residence (attached); Two levels; Has view; Less than 1/4 acre lot
• Construction: Vinyl with brick exterior; Slab foundation
• Exterior features: Covered patio; Patio; No fence; Mature trees; Sidewalks; Street lights; Storm sewer; Access; Water view with pond and water access (on waterfront)

Interior

• Kitchen: Electric cooktop; Electric oven; Microwave; Dishwasher; Disposal; Refrigerator; Gas water heater
• Bedrooms: Three upstairs bedrooms; Primary bedroom with walk-in closet
• Bathrooms: Two full bathrooms; One half bathroom; Primary bathroom with full shower stall
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Attic access; Walk-in closet(s); Painted woodwork; Laundry in unit; Smoke alarm
• Laundry & utility: Laundry closet

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath multifamily listed at $210k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-52 ($-619/yr) — negative.
• To cash-flow at today's rent, offer at most $201k (4.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $189k (10.2% below list).
• Recommended offer: $189k (10.2% 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: Northwood Elementary School (math 42% / reading 37%, grade F, #500 of 994 statewide, top 53%, 561 students, 56% FRL); 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; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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 $1k of loan paydown is wiped out by about $6k 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 11 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $188,655 (10.2% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.90% ✗
• Cap rate: 6.00%
• Cash-on-cash: -1.05%
• DSCR: 0.95
• GRM: 9.3

CMA / ARV

No comps found within radius.

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: $-33,990
• Equity at exit: $31,312

10-year hold

• IRR: -4.7%
• Equity multiple: 0.66×
• Total profit: $-19,720
• Equity at exit: $18,157

Cash invested: $58,800 (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: 9.3×

Monthly cashflow live

• Estimated rent: $1,887 high
• Mortgage (P&I): −$1,101
• Tax from tax record: −$313 /mo · $3,759/yr
• Insurance: −$88
• HOA: −$40
• Vacancy / Maint / Mgmt: −$396
• Net cashflow: $-52

Break-even live

Break-even rent $1,952

Max offer price $200,882

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: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1111 Cobra Dr Franklin, IN	3.0	2.5	1695	$1,775	$1.05	14d	1	0.01mi
1111 Cobra Dr Franklin, IN	3.0	2.5	1695	$1,825	$1.08	43d	1	0.01mi
1111 Cobra Dr Franklin, IN	3.0	2.5	1695	$1,825	$1.08	44d	1	0.01mi
1263 Brookdale Ct Franklin, IN	3.0	2.0	1618	$1,899	$1.17	3d	1	0.47mi
1192 N Aberdeen Dr Franklin, IN	4.0	2.5	1633	$1,910	$1.17	4d	1	0.81mi
1475 Sabra Way Franklin, IN	3.0	2.0	1950	$2,100	$1.08	4d	1	0.82mi
2891 Fieldstone Ct Franklin, IN	3.0	2.5	1836	$1,821	$0.99	7d	1	1.11mi
1037 W Jefferson St Franklin, IN	2.0–3.0	2.0	1131	$1,633	$1.44	1d	6	1.35mi
399 N Main St Unit 1 Franklin, IN	2.0	2.0	1177	$1,150	$0.98	43d	1	1.43mi
399 N Main St Unit 2 Franklin, IN	2.0	2.0	1177	$1,150	$0.98	23d	1	1.43mi

HOA detail

• Monthly dues: $40 · $480/yr
• Likely covers: watergas

Listing history 9 events

1. 2026-06-18
   days on market $210,000 Active 11 DOM
2. 2026-06-17
   days on market $210,000 Active 10 DOM
3. 2026-06-16
   days on market $210,000 Active 9 DOM
4. 2026-06-15
   days on market $210,000 Active 8 DOM
5. 2026-06-13
   days on market $210,000 Active 6 DOM
6. 2026-06-13
   days on market $210,000 Active 5 DOM
7. 2026-06-09
   days on market $210,000 Active 2 DOM
8. 2026-06-08
   remarks 699-char remark
9. 2026-06-08
   listed $210,000 Active 1 DOM

ⓘ 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: $3,759 · $313/mo
• Projected year-2 tax: $3,759 · $313/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 1/10 Low
• 🌡 Heat 3/10 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: $22,639
• − Mortgage interest: −$11,763
• − Property taxes: −$3,759
• − Insurance: −$1,050
• − Repairs & maintenance: −$1,811
• − Management: −$1,811
• − HOA: −$480
• − Depreciation: −$6,109
• Taxable loss: −$4,145
• Est. tax savings @ 24.0%: +$995
• After-tax cash flow: $375/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 · 13 photos

Fair 45/100 Moderate rehab

The property is in fair condition with moderate rehabilitation needs. It has potential for significant value increase through interior updates and landscaping improvements.

Repairs flagged

• Minor Kitchen cabinets — Standard kitchen cabinets may benefit from a fresh coat of paint or minor repairs.
• Minor Bathroom fixtures — Bathroom fixtures may need cleaning or minor repairs.
• Minor Exterior siding — Exterior siding may need touch-up painting or minor repairs.
• Minor Landscaping — Some areas of landscaping may need trimming or additional plants.

Value-add opportunities

• Resale Paint interior walls — Fresh paint can significantly improve the home's appearance and appeal to potential buyers.
• Resale Replace kitchen cabinets — Modernizing the kitchen with new cabinets can enhance the home's value and appeal to potential buyers.
• Both Landscaping improvements — A well-maintained and aesthetically pleasing landscape can increase both the resale and rental value of the property.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Standard kitchen cabinets may benefit from a fresh coat of paint or minor repairs.	Minor	$500–3,000
Bathroom fixtures · Bathroom fixtures may need cleaning or minor repairs.	Minor	$500–3,000
Exterior siding · Exterior siding may need touch-up painting or minor repairs.	Minor	$500–3,000
Landscaping · Some areas of landscaping may need trimming or additional plants.	Minor	$500–3,000
Total estimated repair cost · 4 items		$2,000–12,000

Value-add ROI direction

• Resale Paint interior walls — Fresh paint can significantly improve the home's appearance and appeal to potential buyers. ↑
• Resale Replace kitchen cabinets — Modernizing the kitchen with new cabinets can enhance the home's value and appeal to potential buyers. ↑
• Both Landscaping improvements — A well-maintained and aesthetically pleasing landscape can increase both the resale and rental value of the property. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

1 event — show timeline

• 2026-06-06 Listed $210,000 MIBOR as Distributed by MLS Grid

Property tax history

+10.4%/yr

Latest (2024): $3,759 · +11.9% YoY. Source: county tax records.