1113 Cobra Dr

Franklin, IN 46131

$210,000D-

3 bd · 2.5 ba · 1,524 sqft · Built 2004 · MultiFamily · Active · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,887/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$401
• HOA: −$40
• Vac / Maint / Mgmt: −$396
• Net cashflow: $-52/mo
• Annual: $-619/yr
• Cap rate: 6.00%
• Cash-on-cash: -1.05%
• DSCR: 0.95
• 1% rule: 0.90%
• Cash to close: $58,800

Investor read

• This is a 3-bed/2.5-bath multifamily listed at $210k. Condition is rated fair.
• 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).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $189k (10.2% below list) — sets the bar for 1% rule.
• 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.
• 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).
• Johnson County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.

Questions for listing agent

• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• 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.