103 Weber Ct · Franklin, IN 46131

$265,000

3 bd · 2.0 ba · 2,191 sqft · MultiFamily public records · 22 Days on market

Built 1990 9,409 sqft lot $121/sqft · 27% below area Est $361k · 27% under

---

Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Cash flow +8.1/30.0
• Rent growth +3.7/5.0
• Schools +3.5/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0
• DSCR +2.1/10.0
• 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

Key facts

• Covered patio
• Updated kitchen
• En-suite bathroom

Tags

• CUL-DE-SAC
• FENCED BACKYARD
• COVERED PATIO
• UPDATED KITCHEN
• EN-SUITE BATHROOM

Property features AI

Exterior

• Parking: Attached garage; 2-car garage
• Utilities: Public water; Municipal sewer
• Home design: Single-family residence; Attached property; One level
• Construction: Built with vinyl and brick exterior; Crawl space foundation
• Exterior features: Less than 1/4 acre lot (approximately 0.22 acres)

Interior

• Kitchen: Dishwasher; Electric oven; Refrigerator
• Bedrooms: 3 bedrooms on main level; Primary bedroom with walk-in closet
• Bathrooms: 2 full bathrooms; Primary bath with double sinks and tub/shower
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Breakfast bar; High ceilings; Tray ceilings; Walk-in closets; Electric fireplace in family room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $265k.

Deal economics

• At list price, monthly cash flow is $-259 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $219k (17.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $191k (28.1% below list).
• Recommended offer: $191k (28.1% below list) — sets the bar for 1% rule.
• Cap rate 5.1% vs local median 4.0% in Franklin — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 65/100 on livability (#351 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D+, amenities F, commute F.
• Franklin Community School Corporation (suburban): math 36% / reading 44% proficiency, ranked #133 of 301 in IN (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+4.7%/yr); 278 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,133 units permitted in Johnson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Johnson County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($261k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 20y ago; this cycle's ask has dropped $30k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $94k; list at $265k implies a 182% gain — meaningful room to come down on a strong offer.

Recommended offer $190,539 (28.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. 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.
6. 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.
7. 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: 0.72% ✗
• Cap rate: 5.12%
• Cash-on-cash: -4.19%
• DSCR: 0.81
• GRM: 11.6

CMA / ARV

• ARV (median comp): $361,044
• List price: $265,000
• Delta: -26.60%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.68% rent growth · sell at horizon

5-year hold

• IRR: -21.6%
• Equity multiple: 0.24×
• Total profit: $-56,171
• Equity at exit: $39,512

10-year hold

• IRR: -11.9%
• Equity multiple: 0.24×
• Total profit: $-56,292
• Equity at exit: $22,912

Cash invested: $74,200 (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 46131

• Home prices YoY: -27.8%
• Rents YoY: 4.7%
• Active inventory: 278
• Price-to-rent: 11.6×

Monthly cashflow live

• Estimated rent: $1,905 high
• Mortgage (P&I): −$1,390
• Tax from tax record: −$264 /mo · $3,169/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$400
• Net cashflow: $-259

Break-even live

Break-even rent $2,233

Max offer price $219,259

Occupancy floor —

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
312 Carriage Ln Franklin, IN	2.0	2.5	1908	$1,700	$0.89	16d	1	0.21mi
1600 Traditions Ct Franklin, IN	2.0–4.0	2.0	1190	$1,692	$1.42	2d	5	0.28mi
150 S Main St Franklin, IN	3.0	2.0	1500	$2,400	$1.60	44d	1	1.17mi
978 Brookstone Dr Franklin, IN	3.0	2.5	2230	$1,876	$0.84	44d	1	1.24mi
954 Brookstone Dr Franklin, IN	4.0	3.0	2230	$1,750	$0.78	15d	1	1.26mi
954 Brookstone Dr Franklin, IN	4.0	2.5	2230	$1,750	$0.78	7d	1	1.26mi
2108 Bridlewood Dr Franklin, IN	3.0	2.0	1510	$1,762	$1.17	2d	1	1.45mi

Listing history 20 events

1. 2026-06-19
   pricestatus $265,000 Active 22 DOM
2. 2026-06-07
   statusdays on market $280,000 Pending 22 DOM
3. 2026-06-03
   days on market $280,000 Active 20 DOM
4. 2026-06-02
   days on market $280,000 Active 19 DOM
5. 2026-06-01
   days on market $280,000 Active 18 DOM
6. 2026-05-31
   days on market $280,000 Active 17 DOM
7. 2026-05-14
   historical
8. 2026-05-14
   listed $295,000 Active 1045-char remark
9. 2026-05-06
   price $300,000
10. 2026-05-03
    price $305,000
11. 2026-05-01
    listed $325,000 Active
12. 2026-04-30
    historical
13. 2026-04-24
    price $325,000
14. 2026-04-15
    listed $340,000 Active
15. 2009-06-13
    historical
16. 2008-11-17
    listed $99,900
17. 2006-08-28
    soldstatus $94,000
18. 2006-07-20
    listed $99,900
19. 2006-05-09
    listed $146,500
20. 2006-05-09
    historical

ⓘ 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: $3,169 · $264/mo
• Projected year-2 tax: $3,169 · $264/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 ≥102°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: $22,865
• − Mortgage interest: −$14,844
• − Property taxes: −$3,169
• − Insurance: −$1,325
• − Repairs & maintenance: −$1,829
• − Management: −$1,829
• − Depreciation: −$7,709
• Taxable loss: −$7,841
• Est. tax savings @ 24.0%: +$1,882
• After-tax cash flow: $-1,225/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: Franklin Community School Corporation
• NCES district ID: 1803690
• Math proficiency: 36% ▼ -11.00%
• Reading proficiency: 44% ▼ -8.00%
• Median HH income: $54,855
• Composite: 34.93/100
• National rank: #5066
• State rank: #133 of 301 in IN

Livability — Franklin

• Score: 65/100
• State rank: #351
• US rank: #13428

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Franklin, IN
• County: Johnson County · 154,261 people
• City population: 34,647
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 34,647
• Household income: $85,076
• Rent vs Own: 28.4% rent · 71.6% own
• Severe rent burden: 984.0

Population outlook (Johnson County) Hauer SSP2

• Today (2025): 170,080 people
• By 2030: 179,983 · +5.8%
• By 2040: 198,580 · +16.8%
• By 2050: 214,661 · +26.2%
• By 2075: 247,990 · +45.8%
• By 2100: 257,821 · +51.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 2% Black 2%
• Common ancestry: Slovak 2% Italian 1% Serbian 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2% Russian/Polish/Slavic 1% Other Asian/Pacific 1%

Political lean MEDSL · Johnson

• 2024 margin: Solid R (+34.3) · D 32.0% · R 66.3% · Other 1.7%
• 2008→2024 swing: -8.9pp toward R · 2008: -25.5pp · 2024: -34.3pp
• All cycles: 2024: R+34.3 2020: R+34.1 2016: R+42.5 2012: R+38.5 2008: R+25.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -90.53%
• Current HPI: 235.0009
• Rent YoY: ▲ 4.68%
• 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

+91.1% since first listed

16 events — show timeline

• 2026-06-05 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-23 Price Changed $280,000 MIBOR as Distributed by MLS Grid
• 2026-05-14 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-05-14 Listed $295,000 MIBOR as Distributed by MLS Grid
• 2026-05-06 Price Changed $300,000 MIBOR as Distributed by MLS Grid
• 2026-05-03 Price Changed $305,000 MIBOR as Distributed by MLS Grid
• 2026-05-01 Listed $325,000 MIBOR as Distributed by MLS Grid
• 2026-04-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-04-24 Price Changed $325,000 MIBOR as Distributed by MLS Grid
• 2026-04-15 Listed $340,000 MIBOR as Distributed by MLS Grid
• 2009-06-13 Listing Removed — MIBOR as Distributed by MLS Grid
• 2008-11-17 Listed $99,900 MIBOR as Distributed by MLS Grid
• 2006-08-28 Sold (MLS) $94,000 MIBOR as Distributed by MLS Grid
• 2006-07-20 Listed $99,900 MIBOR as Distributed by MLS Grid
• 2006-05-09 Listing Removed — MIBOR as Distributed by MLS Grid
• 2006-05-09 Listed $146,500 MIBOR as Distributed by MLS Grid

Property tax history

+7.6%/yr

Latest (2024): $3,169 · +17.0% YoY. Source: county tax records.