554 S Clay St · Frankfort, IN 46041

$125,000

3 bd · 1.5 ba · 1,828 sqft · SingleFamily public records · 5 Days on market

Built 1915 4,792 sqft lot Est $208k · 40% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Great Investment Opportunity! This 3-bedroom, 1.5-bath home offers 1,842 sq. ft. is ready for your personal touch. Whether you’re looking to create your dream home or add a great rental property to your portfolio, this property is full of possibilities.

Key facts

• 4,792 sq ft lot
• Garage
• Built 1915

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family site-built home; One story
• Construction: Aluminum siding; Block foundation; Shingle roof; Built as site-built construction
• Exterior features: Covered porch; Porch; Level lot; Lot dimensions approximately 44 x 88

Interior

• Kitchen: Refrigerator; Gas range
• Bedrooms: Total of 5 rooms (bedroom count not specifically listed)
• Flooring: Carpet; Vinyl
• Bathrooms: One full bathroom; One half bathroom; One main-level bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Refrigerator; Gas range; One fireplace (none specified as a specific type); Full unfinished basement
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $878 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Cap rate 14.7% vs local median 3.9% in Frankfort — 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 73/100 on livability (#107 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment D-.
• Community Schools Of Frankfort (rural): math 27% / reading 30% proficiency, ranked #251 of 301 in IN (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Frankfort Middle School (math 19% / reading 27%, grade F, #263 of 330 statewide, top 80%, 706 students, 83% FRL); Frankfort High School (math 8% / reading 42%, grade F, #323 of 369 statewide, top 88%, 895 students, 75% FRL).
• Market conditions: 129 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 59 units permitted in Clinton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Clinton County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $58k; list at $125k implies a 117% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $125,000

Questions for the listing agent

1. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.84% ✓
• Cap rate: 14.72%
• Cash-on-cash: 30.10%
• DSCR: 2.34
• GRM: 4.5

CMA / ARV

• ARV (on-the-fly): $208,392
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
601 S Clay St	0.04mi	3/2.0	1,894 (+4%)	3mo	$163,500	$86	87
1008 Homewood Drive Dr	0.35mi	3/2.0	1,783 (-2%)	1mo	$188,000	$105	77
1058 E South St	0.40mi	3/2.0	1,739 (-5%)	4mo	$307,000	$177	68
855 E Washington St	0.42mi	3/1.5	1,656 (-9%)	1mo	$185,000	$112	64
1004 E South St	0.37mi	3/2.0	1,634 (-11%)	1mo	$307,400	$188	62
59 W White St	0.62mi	2/2.0 (-1)	1,820 (-0%)	1mo	$199,000	$109	62
302 Washington Avenue Ave	0.46mi	4/2.0 (+1)	1,923 (+5%)	2mo	$190,000	$99	62
608 Fisher St	0.36mi	2/2.0 (-1)	1,670 (-9%)	1mo	$241,000	$144	61
708 Glendale Dr	0.17mi	4/2.0 (+1)	1,602 (-12%)	4mo	$204,000	$127	61
309 W Morrison St	0.63mi	3/1.0	1,905 (+4%)	2mo	$217,000	$114	60
1002 Short 4th St	0.66mi	3/1.0	1,747 (-4%)	2mo	$133,500	$76	58
751 Woodland Ct	0.73mi	3/2.5	1,864 (+2%)	1mo	$238,000	$128	58

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 24.7%
• Equity multiple: 2.02×
• Total profit: $35,729
• Equity at exit: $18,638

10-year hold

• IRR: 32.5%
• Equity multiple: 3.95×
• Total profit: $103,419
• Equity at exit: $10,808

Cash invested: $35,000 (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 46041

• Home prices YoY: -17.8%
• Active inventory: 129
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $2,295 medium
• Mortgage (P&I): −$656
• Tax from tax record: −$228 /mo · $2,732/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$482
• Net cashflow: $878

Break-even live

Break-even rent $1,184

Max offer price $125,000

Occupancy floor 57%

Sensitivity live

Price	-10% $949	-5% $913	+0% $878	+5% $842	+10% $807
Rent	-10% $696	-5% $787	+0% $878	+5% $968	+10% $1,059
Rate	-1.0pp $941	-0.5pp $910	base $878	+0.5pp $845	+1.0pp $812

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
904 E Clinton St Frankfort, IN	4.0	2.0	2447	$2,295	$0.94	13d	1	0.43mi

Listing history 5 events

1. 2026-06-21
   days on market $125,000 Active 5 DOM
2. 2026-06-21
   days on market $125,000 Active 4 DOM
3. 2026-06-18
   days on market $125,000 Active 2 DOM
4. 2026-06-17
   remarks 253-char remark
5. 2026-06-17
   listed $125,000 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: $2,732 · $228/mo
• Projected year-2 tax: $2,732 · $228/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 · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,540
• − Mortgage interest: −$7,002
• − Property taxes: −$2,732
• − Insurance: −$625
• − Repairs & maintenance: −$2,203
• − Management: −$2,203
• − Depreciation: −$3,636
• Taxable income: $9,138
• Est. tax owed @ 24.0%: −$2,193
• After-tax cash flow: $8,340/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: Community Schools Of Frankfort
• NCES district ID: 1803660
• Math proficiency: 27% ▼ -3.00%
• Reading proficiency: 30% ▼ -6.00%
• Median HH income: $42,144
• Composite: 24.2/100
• National rank: #7728
• State rank: #251 of 301 in IN

Livability — Frankfort

• Score: 73/100
• State rank: #107
• US rank: #5623

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Frankfort, IN
• Population (ZIP): 23,359

Population outlook (Clinton County) Hauer SSP2

• Today (2025): 31,197 people
• By 2030: 30,257 · -3.0%
• By 2040: 28,383 · -9.0%
• By 2050: 26,644 · -14.6%
• By 2075: 23,858 · -23.5%
• By 2100: 22,236 · -28.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 24% Two or more races 11%
• Hispanic origin (detail): Mexican 22%
• Common ancestry: Iranian 1% Italian 1% Slovak 1%
• Foreign-born: 11% · Canada, Philippines
• Languages at home: 86% English-only · Spanish 14%

Political lean MEDSL · Clinton

• 2024 margin: Solid R (+48.0) · D 25.2% · R 73.2% · Other 1.6%
• 2008→2024 swing: -35.0pp toward R · 2008: -13.0pp · 2024: -48.0pp
• All cycles: 2024: R+48.0 2020: R+46.1 2016: R+48.0 2012: R+30.7 2008: R+13.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -57.02%
• Current HPI: 263.2258
• Rent YoY: —
• Metro: —
• 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

+117.4% since first listed

2 events — show timeline

• 2026-06-16 Listed $125,000 IRMLS
• 2010-05-14 Sold (Public Records) $57,500 Public Records

Property tax history

+17.0%/yr

Latest (2024): $2,732 · +2.5% YoY. Source: county tax records.