10380 Platinum Dr · Noblesville, IN 46060

$235,000

3 bd · 2.5 ba · 1,645 sqft · MultiFamily public records · 3 Days on market

Built 2005 3,485 sqft lot $50/mo HOA · 2% of rent

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.8/10.0
• Livability +4.3/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• 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 MLS

Fabulous Noblesville townhouse, 3BR 2.5BA for under $120k…unheard of! All new carpet, all new paint: fresh & ready for you. Cute curb appeal in friendly neighborhood within the award-winning Noblesville school district. Enjoy the serene and private wooded views off your rear patio w/additional storage. Great location: close to HTC and lots of other shopping/dining/entertainment, plus SR37, 146th St. & I-69 for easy commuting. Don't hesitate! It's move-in ready so schedule a showing today!

Key facts

• Outdoor storage
• Private backyard
• Spacious patio

Tags

• PRIVATE BACKYARD
• SPACIOUS PATIO
• OUTDOOR STORAGE
• MAINTENANCE-FREE LANDSCAPE
• MINUTES FROM RESTAURANTS
• MINUTES FROM SHOPPING

Property features AI

Finance

• Other: Lot features include curbs and storm sewer; Lot size approximately 0.08 acre
• HOA & community: HOA present; annual fee of $600 covering entrance common; covenants and restrictions apply

Exterior

• Parking: Attached 1-car garage
• Utilities: Public water; Municipal sewer; Cable available; Natural gas available
• Home design: Attached single family residence; Two levels; Mandatory fee ownership interest
• Construction: Vinyl with brick exterior; Slab foundation
• Exterior features: Covered patio

Interior

• Kitchen: Dishwasher; Electric oven; Microhood; Refrigerator; Breakfast bar
• Bedrooms: Primary bedroom with walk-in closet; Three bedrooms on upper level
• Bathrooms: Two full bathrooms; One half bathroom; Primary bathroom with tub and shower
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Painted woodwork; Breakfast bar; Smoke alarm
• Laundry & utility: Main level laundry; Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath multifamily listed at $235k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $235k).
• Cap rate 15.9% 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.
• Zoned schools: Promise Road Elementary (math 57% / reading 49%, grade C, #229 of 994 statewide, top 23%, 749 students, 29% FRL); Noblesville East Middle School (math 40% / reading 54%, grade D+, #65 of 330 statewide, top 21%, 1,082 students, 37% FRL); Noblesville High School (math 53% / reading 79%, grade B, #28 of 369 statewide, top 7%, 3,227 students, 23% FRL).
• Market conditions: Rents rising (+1.8%/yr); 457 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 4,661 units permitted in Hamilton County in 2024 (1,528 in 5+ unit buildings).
• At $4,298/mo this rent would consume 56% 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 $2k of loan paydown is wiped out by about $7k 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.
• At projected returns (-3.0% appreciation + 1.8% rent growth), your $66k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 10y 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 $119k; list at $235k implies a 97% gain — meaningful room to come down on a strong offer.

Recommended offer $235,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.83% ✓
• Cap rate: 15.92%
• Cash-on-cash: 34.39%
• DSCR: 2.53
• GRM: 4.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.79% rent growth · sell at horizon

5-year hold

• IRR: 28.5%
• Equity multiple: 2.17×
• Total profit: $76,839
• Equity at exit: $35,039

10-year hold

• IRR: 35.2%
• Equity multiple: 4.05×
• Total profit: $200,824
• Equity at exit: $20,319

Cash invested: $65,800 (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 46060

• Rents YoY: 1.8%
• Active inventory: 457
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $4,298 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$130 /mo · $1,554/yr
• Insurance: −$98
• HOA: −$50
• Vacancy / Maint / Mgmt: −$903
• Net cashflow: $1,886

Break-even live

Break-even rent $1,911

Max offer price $235,000

Occupancy floor 51%

Sensitivity live

Price	-10% $2,019	-5% $1,952	+0% $1,886	+5% $1,819	+10% $1,753
Rent	-10% $1,546	-5% $1,716	+0% $1,886	+5% $2,055	+10% $2,225
Rate	-1.0pp $2,004	-0.5pp $1,945	base $1,886	+0.5pp $1,825	+1.0pp $1,763

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2.5	$4,298
Total (2 units)			$4,298

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10152 Golden Dr Noblesville, IN	4.0	2.5	1946	$1,999	$1.03	9d	1	0.19mi
15201 Flats Dr Noblesville, IN	1.0–3.0	1.0–2.0	1079	$1,825	$1.69	0d	51	0.60mi
15154 Unbridled Ln Noblesville, IN	3.0	2.5	2176	$2,095	$0.96	45d	1	0.79mi
15161 Proud Truth Dr Noblesville, IN	3.0	2.0	1272	$1,925	$1.51	25d	1	0.91mi
11218 Lucky Dan Dr Noblesville, IN	3.0	2.0	1670	$2,100	$1.26	45d	1	0.97mi
15001 Noblesville, IN	1.0–3.0	1.0–2.0	1102	$2,394	$2.17	13d	1	0.99mi
15001 Creekstone Way Noblesville, IN	1.0–3.0	1.0–2.0	1102	$2,394	$2.17	20d	17	1.00mi
15001 Creekstone Way Noblesville, IN	1.0–2.0	1.0–2.0	962	$2,208	$2.30	0d	34	1.00mi
11398 Lucky Dan Dr Noblesville, IN	3.0	2.0	1276	$1,666	$1.31	0d	1	1.14mi
11438 Lucky Dan Dr Noblesville, IN	3.0	2.5	1812	$1,831	$1.01	0d	1	1.17mi
14337 Weeping Cherry Dr Fishers, IN	3.0	2.5	1880	$2,200	$1.17	0d	1	1.20mi
10147 Harewood Dr N Noblesville, IN	2.0	2.0	1310	$2,019	$1.54	0d	5	1.25mi
10154 Holly Berry Cir Fishers, IN	3.0	2.0	1549	$2,225	$1.44	25d	1	1.31mi
9833 Worthington Blvd Fishers, IN	3.0	2.5	1495	$2,025	$1.35	3d	1	1.33mi
14326 Shooting Star Dr Noblesville, IN	2.0	2.5	1746	$1,850	$1.06	0d	1	1.35mi
9660 Angelica Dr Noblesville, IN	3.0	2.5	1746	$2,095	$1.20	45d	1	1.35mi
9652 Wild Iris Dr Noblesville, IN	3.0	2.5	1676	$2,100	$1.25	4d	1	1.41mi
16700 Aulton Dr Noblesville, IN	3.0	2.5	1353	$1,766	$1.31	0d	1	1.50mi
14260 Bald Eagle Dr Noblesville, IN	1.0–2.0	1.0–2.0	1031	$1,829	$1.77	0d	13	1.50mi

HOA detail

• Monthly dues: $50 · $600/yr

Listing history 3 events

1. 2026-06-21
   days on market $235,000 Active 3 DOM
2. 2026-06-18
   remarks 699-char remark
3. 2026-06-18
   listed $235,000 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: $1,554 · $130/mo
• Projected year-2 tax: $1,776 · $148/mo
• Expected delta: +$222/yr (+$18/mo · 14.3%)

ⓘ 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 · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $51,576
• − Mortgage interest: −$13,164
• − Property taxes: −$1,554
• − Insurance: −$1,175
• − Repairs & maintenance: −$4,126
• − Management: −$4,126
• − HOA: −$600
• − Depreciation: −$6,836
• Taxable income: $19,994
• Est. tax owed @ 24.0%: −$4,799
• After-tax cash flow: $17,829/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

+97.5% since first listed

5 events — show timeline

• 2026-06-18 Listed $235,000 MIBOR as Distributed by MLS Grid
• 2016-10-14 Sold (MLS) $119,000 MIBOR as Distributed by MLS Grid
• 2016-10-07 Pending — MIBOR as Distributed by MLS Grid
• 2016-09-06 Contingent — MIBOR as Distributed by MLS Grid
• 2016-09-02 Listed $119,000 MIBOR as Distributed by MLS Grid

Property tax history

-0.8%/yr

Latest (2025): $1,554 · +5.7% YoY. Source: county tax records.