10380 Platinum Dr

Noblesville, IN 46060

$235,000B

3 bd · 2.5 ba · 1,645 sqft · Built 2005 · MultiFamily · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,298/mo
• Mortgage (P&I): −$1,232
• Tax + insurance: −$227
• HOA: −$50
• Vac / Maint / Mgmt: −$903
• Net cashflow: $1,886/mo
• Annual: $22,627/yr
• Cap rate: 15.92%
• Cash-on-cash: 34.39%
• DSCR: 2.53
• 1% rule: 1.83%
• Cash to close: $65,800

Investor read

• This is a 3-bed/2.5-bath multifamily listed at $235k.
• 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).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• 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).
• Hamilton County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.
• 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.
• 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.

Questions for listing agent

• 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 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?
• 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.
• 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.