264 Walnut St · Noblesville, IN 46060

$235,000

2 bd · 1.0 ba · 1,456 sqft · MultiFamily public records · 3 Days on market

Built 1986 0.30 ac lot Est $287k · 18% 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
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• 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: 2 units. confirmed

Listing remarks

Great Investment opportunity! This Brick Ranch Duplex has been updated with laminate wood flooring, fresh paint throughout, painted kitchen cabinets, bathroom vanity, ceiling fans. New Front Door. This home offers 2 bedrooms, one full bath, eat in kitchen and good size living room. Each unit has plenty of storage with its own private Mini Barn. Concrete patio, back yard with plenty of space for entertaining and cookouts! Located in downtown Noblesville, steps away from the new biking/walking trail and Southside Park with basketball, playground and local community garden!

Key facts

• Bathroom vanity
• Ceiling fans
• New front door

Tags

• BRICK RANCH DUPLEX
• LAMINATE WOOD FLOORING
• PAINTED KITCHEN CABINETS
• BATHROOM VANITY
• CEILING FANS
• NEW FRONT DOOR

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $235k.

Deal economics

• At list price, monthly cash flow is $528 ($6k/yr) — positive. Per door: $264/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $235k).
• Cap rate 11.2% 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.
• Market conditions: Rents rising (+1.8%/yr); 451 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals leasing fast (median 13d 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).
• This rent runs 44% of the median local income ($92k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $235,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.42% ✓
• Cap rate: 11.17%
• Cash-on-cash: 17.40%
• DSCR: 1.77
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $286,832
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
685 S 11th St	0.49mi	3/2.0 (+1)	1,499 (+3%)	23mo	$295,000	$197	44
340 S 12th St	0.60mi	3/2.0 (+1)	1,405 (-4%)	19mo	$200,000	$142	41

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 · 1.79% rent growth · sell at horizon

5-year hold

• IRR: -3.3%
• Equity multiple: 0.88×
• Total profit: $-8,134
• Equity at exit: $35,039

10-year hold

• IRR: 4.7%
• Equity multiple: 1.33×
• Total profit: $21,534
• 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: 451
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $3,338 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$352 /mo · $4,229/yr
• Insurance: −$98
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$701
• Net cashflow: $528

Break-even live

Break-even rent $2,670

Max offer price $235,000

Occupancy floor 79%

Sensitivity live

Price	-10% $661	-5% $594	+0% $528	+5% $461	+10% $395
Rent	-10% $264	-5% $396	+0% $528	+5% $660	+10% $791
Rate	-1.0pp $646	-0.5pp $588	base $528	+0.5pp $467	+1.0pp $405

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,338
Total (2 units)			$3,338

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 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
490 Maple Ave Noblesville, IN	2.0	2.0	598	$1,799	$3.01	2d	27	0.39mi
880 Maple Ave Noblesville, IN	1.0–2.0	1.0–2.0	862	$1,950	$2.26	15d	13	0.47mi
196 Westfield Rd Noblesville, IN	2.0	1.0–2.0	921	$2,129	$2.31	24d	25	0.51mi
297 N 9th St Unit 2 Noblesville, IN	1.0	1.0	1196	$1,225	$1.02	44d	1	0.66mi
314 Great Lakes Dr Noblesville, IN	1.0–2.0	1.0–2.0	775	$1,795	$2.32	2d	10	0.75mi
7983 Stayer Dr Noblesville, IN	1.0–2.0	1.0–2.0	915	$1,775	$1.94	2d	22	0.75mi
1408 Holland St Unit B Noblesville, IN	2.0	1.0	1128	$1,450	$1.29	24d	1	0.80mi
1510 South St Noblesville, IN	3.0	1.0	1276	$1,550	$1.21	44d	1	0.81mi
1445 Rolling Ridge Dr Noblesville, IN	3.0	1.5	1092	$1,600	$1.47	8d	1	1.04mi
1485 Central Ave Noblesville, IN	2.0	2.0	1212	$1,999	$1.65	5d	1	1.14mi
519 James Dr Noblesville, IN	3.0	2.0	1596	$1,890	$1.18	13d	1	1.14mi
1055 N 10th St Noblesville, IN	2.0	1.0	915	$1,350	$1.48	2d	1	1.15mi
16711 Aulton Dr Noblesville, IN	3.0	2.5	1353	$1,805	$1.33	8d	1	1.17mi
16700 Aulton Dr Noblesville, IN	3.0	2.5	1353	$1,826	$1.35	8d	1	1.20mi
7217 Burlat Ln Noblesville, IN	3.0	2.0	1646	$1,995	$1.21	44d	1	1.31mi
1260 Lincoln Dr Noblesville, IN	3.0	2.0	1112	$1,900	$1.71	24d	1	1.33mi

Listing history 4 events

1. 2026-04-27
   status Pending
2. 2026-04-24
   listed $235,000 Active
3. 2024-05-15
   historical $1,000
4. 2024-05-09
   listed $1,000

ⓘ 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: $4,229 · $352/mo
• Projected year-2 tax: $4,229 · $352/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 6/10 Major FEMA zone AE · 51% 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 100% 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: $40,056
• − Mortgage interest: −$13,164
• − Property taxes: −$4,229
• − Insurance: −$6,294
• − Repairs & maintenance: −$3,204
• − Management: −$3,204
• − Depreciation: −$6,836
• Taxable income: $3,124
• Est. tax owed @ 24.0%: −$750
• After-tax cash flow: $5,583/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

+23400.0% since first listed

4 events — show timeline

• 2026-04-27 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-24 Listed $235,000 MIBOR as Distributed by MLS Grid
• 2024-05-15 Rental Removed $1,000 MIBOR
• 2024-05-09 Listed for Rent $1,000 MIBOR

Property tax history

+6.8%/yr

Latest (2025): $4,229 · +32.0% YoY. Source: county tax records.