929 Franklin St · Columbus, IN 47201

$399,900

4 bd · 5.0 ba · 3,012 sqft · MultiFamily public records · 51 Days on market

Built 1890 4,748 sqft lot Est $337k · 19% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Schools +3.6/10.0
• Rent growth +3.3/5.0
• 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: 5 units. estimate disagrees with records

Listing remarks MLS

Five units all rented, in historic district of Columbus. Excellent opportunity to invest in established neighborhood with cash flow positive. Sold "As Is" addendum in supplements

Key facts

• Separate utilities
• Mix of units
• 4,748 sq ft lot

Tags

• INCOME PRODUCING OPPORTUNITY
• MIX OF UNITS
• SEPARATE UTILITIES
• CONSISTENT RENTAL DEMAND
• COMFORTABLE LIVING AREAS
• PRACTICAL KITCHEN SPACES

Property features AI

Finance

• Other: Unit rents reported individually (examples): Unit rents range from $900–$1,300 per month; Owner pays all utilities
• Financial info: Five total units; Reported gross income: $2,550 (monthly); Reported expenses: $2,500 (monthly)

Exterior

• Parking: On-street parking available; Attached parking (no garage spaces)
• Security: Smoke detectors installed
• Utilities: Water and sewer available; No municipal solid waste service
• Home design: Residential income property (quadruplex); Converted property; Two levels
• Construction: Property size under 1/4 acre (approx. 0.11 acre)
• Exterior features: Asphalt roof; Corner lot with sidewalks; Street cuts for road access; Road frontage on a city street; Asphalt road surface

Interior

• Kitchen: Unit kitchens include Range/Oven and Refrigerator
• Bedrooms: Unit configurations vary (see unit details)
• Heating & cooling: Heat and hot water provided (included in unit utilities)
• Interior features: Full basement; Has a view; Low-maintenance lifestyle
• Laundry & utility: No on-site laundry facilities; Owner pays all utilities for building

What this means for you Summary

Snapshot

• This is a 5 × 3-bed/3.2-bath units multifamily listed at $400k.

Deal economics

• At list price, monthly cash flow is $3k ($32k/yr) — positive. Per door: $530/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $400k).
• Recommended offer: $388k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.2% vs local median 3.5% in Columbus — 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 79/100 on livability (#24 in IN, #1,978 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities D+, commute F.
• Bartholomew Consolidated School Corporation (urban): math 38% / reading 45% proficiency, ranked #119 of 301 in IN (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lillian Schmitt Elementary School (math 24% / reading 29%, grade F, #755 of 994 statewide, top 76%, 677 students, 74% FRL); Columbus North High School (math 40% / reading 65%, grade C-, #102 of 369 statewide, top 28%, 2,224 students, 39% FRL) — zoned schools average 56% FRL vs 38% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.1%/yr); 340 active listings in the ZIP; solid renter incomes; 195 units permitted in Bartholomew County in 2024 (0 in 5+ unit buildings).
• At $7,051/mo this rent would consume 101% of the median local household income ($84k/yr) (locally 1455% 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 $12k of value loss. Plan a longer hold.
• Bartholomew County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.1% rent growth), your $112k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($388k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y 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 $330k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $387,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.76% ✓
• Cap rate: 14.24%
• Cash-on-cash: 28.39%
• DSCR: 2.26
• GRM: 4.7

CMA / ARV

• ARV (on-the-fly): $337,344
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
930 7th St	0.36mi	4/3.0	2,600 (-14%)	4mo	$290,000	$112	49
1612 Union St	0.60mi	5/3.0 (+1)	2,835 (-6%)	22mo	$140,000	$49	31

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 · 3.15% rent growth · sell at horizon

5-year hold

• IRR: 22.8%
• Equity multiple: 1.94×
• Total profit: $105,170
• Equity at exit: $59,626

10-year hold

• IRR: 30.9%
• Equity multiple: 3.80×
• Total profit: $314,024
• Equity at exit: $34,576

Cash invested: $111,972 (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 47201

• Rents YoY: 3.1%
• Active inventory: 340
• Price-to-rent: 23.6×

Monthly cashflow live

• Estimated rent: $7,051 medium
• Mortgage (P&I): −$2,097
• Tax from tax record: −$658 /mo · $7,893/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,481
• Net cashflow: $2,649

Break-even live

Break-even rent $3,698

Max offer price $399,900

Occupancy floor 57%

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

Units	Beds	Baths	Est. rent
▸ 5× units	3	3.2	$7,050
Total (5 units)			$7,051

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: $99,975
• Closing costs: $11,997
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-19
   days on market $399,900 Active 51 DOM
2. 2026-06-18
   days on market $399,900 Active 50 DOM
3. 2026-06-17
   days on market $399,900 Active 49 DOM
4. 2026-06-16
   days on market $399,900 Active 48 DOM
5. 2026-06-15
   days on market $399,900 Active 47 DOM
6. 2026-06-14
   days on market $399,900 Active 45 DOM
7. 2026-06-13
   days on market $399,900 Active 44 DOM
8. 2026-06-10
   days on market $399,900 Active 42 DOM
9. 2026-06-09
   days on market $399,900 Active 41 DOM
10. 2026-06-08
    days on market $399,900 Active 40 DOM
11. 2026-06-07
    days on market $399,900 Active 39 DOM
12. 2026-06-05
    days on market $399,900 Active 36 DOM
13. 2026-06-03
    days on market $399,900 Active 35 DOM
14. 2026-06-02
    days on market $399,900 Active 34 DOM
15. 2026-06-01
    days on market $399,900 Active 33 DOM
16. 2026-05-31
    days on market $399,900 Active 32 DOM
17. 2026-05-30
    days on market $399,900 Active 31 DOM
18. 2026-04-28
    listed $399,900 Active
19. 2022-01-25
    soldstatus $330,000 Closed 189-char remark

    Show marketing remark (189 chars)

    Five units all rented, in historic district of Columbus. Excellent opportunity to invest in established neighborhood with cash flow positive. Sold "As Is" addendum in supplements

20. 2021-11-19
    status Pending 189-char remark

    Show marketing remark (189 chars)

    Five units all rented, in historic district of Columbus. Excellent opportunity to invest in established neighborhood with cash flow positive. Sold "As Is" addendum in supplements

21. 2021-11-09
    price $338,500 189-char remark

    Show marketing remark (189 chars)

    Five units all rented, in historic district of Columbus. Excellent opportunity to invest in established neighborhood with cash flow positive. Sold "As Is" addendum in supplements

22. 2021-09-02
    listed $349,900 Active 189-char remark

    Show marketing remark (189 chars)

    Five units all rented, in historic district of Columbus. Excellent opportunity to invest in established neighborhood with cash flow positive. Sold "As Is" addendum in supplements

ⓘ 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: $7,893 · $658/mo
• Projected year-2 tax: $7,893 · $658/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 4/10 Moderate 7 d/yr ≥103°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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $84,612
• − Mortgage interest: −$22,401
• − Property taxes: −$7,893
• − Insurance: −$2,000
• − Repairs & maintenance: −$6,769
• − Management: −$6,769
• − Depreciation: −$11,633
• Taxable income: $27,147
• Est. tax owed @ 24.0%: −$6,515
• After-tax cash flow: $25,270/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: Bartholomew Consolidated School Corporation
• NCES district ID: 1800360
• Math proficiency: 38% ▼ -11.00%
• Reading proficiency: 45% ▼ -7.00%
• Median HH income: $54,685
• Composite: 36.16/100
• National rank: #4736
• State rank: #119 of 301 in IN

Livability — Columbus

• Score: 79/100
• State rank: #24
• US rank: #1978

Category grades

Amenities D+ Commute F Cost of living A+ Crime A+ Employment B Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Columbus, IN
• County: Bartholomew County · 74,100 people
• City population: 74,100
• Metro: Columbus, IN
• Population (ZIP): 47,900
• Household income: $83,958
• Rent vs Own: 36.8% rent · 63.2% own
• Severe rent burden: 1455.0

Population outlook (Bartholomew County) Hauer SSP2

• Today (2025): 90,162 people
• By 2030: 94,432 · +4.7%
• By 2040: 102,659 · +13.9%
• By 2050: 109,794 · +21.8%
• By 2075: 123,419 · +36.9%
• By 2100: 121,047 · +34.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 10% Asian 9% Two or more races 6% Black 2%
• Hispanic origin (detail): Mexican 8% Puerto Rican 1%
• Common ancestry: Italian 3% Slovak 2% Serbian 1%
• Foreign-born: 14% · Canada, China
• Languages at home: 83% English-only · Spanish 8% Other Indo-European 5% Other Asian/Pacific 2%

Political lean MEDSL · Bartholomew

• 2024 margin: Strong R (+27.3) · D 35.3% · R 62.7% · Other 2.0%
• 2008→2024 swing: -16.1pp toward R · 2008: -11.3pp · 2024: -27.3pp
• All cycles: 2024: R+27.3 2020: R+26.2 2016: R+33.3 2012: R+25.4 2008: R+11.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -204.94%
• Current HPI: 150.2246
• Rent YoY: ▲ 3.15%
• Metro: Columbus, 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

+14.3% since first listed

5 events — show timeline

• 2026-04-28 Listed $399,900 MIBOR as Distributed by MLS Grid
• 2022-01-25 Sold (MLS) $330,000 MIBOR as Distributed by MLS Grid
• 2021-11-19 Pending — MIBOR as Distributed by MLS Grid
• 2021-11-09 Price Changed $338,500 MIBOR as Distributed by MLS Grid
• 2021-09-02 Listed $349,900 MIBOR as Distributed by MLS Grid

Property tax history

+14.2%/yr

Latest (2024): $7,893 · +10.5% YoY. Source: county tax records.