Lewiston Plan · Westfield, IN 46074

$239,000

2 bd · 2.0 ba · 1,531 sqft · Condo · 141 Days on market

Fair condition ↓ 6% since listing

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Why this score? — see what drove the F 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 +7.5/15.0
• Cash flow +6.5/30.0
• Schools +5.5/10.0
• Rent growth +3.6/5.0
• Livability +3.6/5.0
• Condition / age +2.2/5.0
• 1% rule +1.6/10.0
• DSCR +0.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Whether you are working or retired, the Village Cooperative of Westfield is a hassle-free home ownership option for active adults (62+). You simply won't find a better value anywhere in the area with all the amenities. It offers a carefree lifestyle that lets you enjoy more of what you love in a safe and secure community of peers. The homes range in size from approximately 900 sq. ft. to over 1,800 sq. ft. of one-level living space within in a three-story building built over secure underground parking. Standard features of this living community include a community and club areas, hobby shop, reading areas, guest suite, garden plots, while-you're-away services, underground heated parking with a car wash bay-all wrapped up in a fully secure building. The homes are equipped with all appliances including a washer and dryer, in-home storage, walk-in closets and individually controlled HVAC systems. The Village Cooperative is a community of like-minded adults who want to live near other people their age, but not in assisted living or rental housing. It offers maintenance-free living in a vibrant environment with many unique amenities that are suited for both working and retired residents.

Key facts

• Car wash bay
• Guest suite
• Garden plots

Tags

• ONE-LEVEL LIVING SPACE
• GUEST SUITE
• GARDEN PLOTS
• UNDERGROUND HEATED PARKING
• CAR WASH BAY
• FULLY SECURE BUILDING

🏗️ New construction. The $239,000 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $358,823.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $239k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-598 ($-7k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $238k (0.3% below list).
• Recommended offer: $210k (12.0% below list) — sets the bar for market timing.
• Cap rate 4.3% vs local median 3.0% in Westfield — 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 71/100 on livability (#140 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Westfield-Washington Schools (suburban): math 58% / reading 64% proficiency, ranked #10 of 301 in IN (top 3%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+4.3%/yr); 801 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 4,661 units permitted in Hamilton County in 2024 (1,528 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 $11k 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

• It's been on market 141 days — a 12% lower offer ($210k) is reasonable based on typical stale-listing flexibility.

Recommended offer $210,320 (12.0% 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. It's been on market 141 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-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?
8. 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?
9. 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.
10. 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.
11. 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: 0.66% ✗
• Cap rate: 4.29%
• Cash-on-cash: -7.14%
• DSCR: 0.68
• GRM: 12.6

CMA / ARV

• ARV (median comp): $358,823
• List price: $239,000
• Delta: -33.39%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.26% rent growth · sell at horizon

5-year hold

• IRR: -27.3%
• Equity multiple: 0.07×
• Total profit: $-93,147
• Equity at exit: $53,502

10-year hold

• IRR: -21.4%
• Equity multiple: -0.17×
• Total profit: $-117,146
• Equity at exit: $31,024

Cash invested: $100,470 (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 46074

• Rents YoY: 4.3%
• Active inventory: 801
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $2,382 medium
• Mortgage (P&I): −$1,882
• Tax est. 1.5%: −$449 /mo · $5,382/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$500
• Net cashflow: $-598

Break-even live

Break-even rent $3,139

Max offer price $272,272

Occupancy floor —

Sensitivity live

Price	-10% $-350	-5% $-474	+0% $-598	+5% $-722	+10% $-846
Rent	-10% $-786	-5% $-692	+0% $-598	+5% $-504	+10% $-410
Rate	-1.0pp $-417	-0.5pp $-507	base $-598	+0.5pp $-691	+1.0pp $-786

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: $89,706
• Closing costs: $10,765
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1601 S Waterleaf Dr Westfield, IN	2.0	2.0	635	$1,978	$3.11	2d	16	0.08mi
1659 Dewey Dr Westfield, IN	2.0	2.0	1748	$2,650	$1.52	2d	1	0.35mi
14518 Brecon Ln Carmel, IN	3.0	2.5	1980	$2,695	$1.36	44d	1	0.49mi
14637 Handel Dr Carmel, IN	1.0–3.0	1.0–2.0	1128	$1,710	$1.52	2d	50	1.24mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-18
   days on market $239,000 Active 141 DOM
2. 2026-06-17
   days on market $239,000 Active 140 DOM
3. 2026-06-16
   days on market $239,000 Active 139 DOM
4. 2026-06-15
   days on market $239,000 Active 138 DOM
5. 2026-06-13
   days on market $239,000 Active 136 DOM
6. 2026-06-13
   days on market $239,000 Active 135 DOM
7. 2026-06-09
   days on market $239,000 Active 132 DOM
8. 2026-06-08
   days on market $239,000 Active 131 DOM
9. 2026-06-07
   days on market $239,000 Active 130 DOM
10. 2026-06-05
    days on market $239,000 Active 127 DOM
11. 2026-06-03
    days on market $239,000 Active 126 DOM
12. 2026-06-02
    days on market $239,000 Active 125 DOM
13. 2026-06-01
    days on market $239,000 Active 124 DOM
14. 2026-05-31
    days on market $239,000 Active 123 DOM
15. 2026-02-03
    price $239,000 1201-char remark

    Show marketing remark (1201 chars)

    Whether you are working or retired, the Village Cooperative of Westfield is a hassle-free home ownership option for active adults (62+). You simply won't find a better value anywhere in the area with all the amenities. It offers a carefree lifestyle that lets you enjoy more of what you love in a safe and secure community of peers. The homes range in size from approximately 900 sq. ft. to over 1,800 sq. ft. of one-level living space within in a three-story building built over secure underground parking. Standard features of this living community include a community and club areas, hobby shop, reading areas, guest suite, garden plots, while-you're-away services, underground heated parking with a car wash bay-all wrapped up in a fully secure building. The homes are equipped with all appliances including a washer and dryer, in-home storage, walk-in closets and individually controlled HVAC systems. The Village Cooperative is a community of like-minded adults who want to live near other people their age, but not in assisted living or rental housing. It offers maintenance-free living in a vibrant environment with many unique amenities that are suited for both working and retired residents.

16. 2026-01-28
    listed $253,000 Active 1201-char remark

    Show marketing remark (1201 chars)

    Whether you are working or retired, the Village Cooperative of Westfield is a hassle-free home ownership option for active adults (62+). You simply won't find a better value anywhere in the area with all the amenities. It offers a carefree lifestyle that lets you enjoy more of what you love in a safe and secure community of peers. The homes range in size from approximately 900 sq. ft. to over 1,800 sq. ft. of one-level living space within in a three-story building built over secure underground parking. Standard features of this living community include a community and club areas, hobby shop, reading areas, guest suite, garden plots, while-you're-away services, underground heated parking with a car wash bay-all wrapped up in a fully secure building. The homes are equipped with all appliances including a washer and dryer, in-home storage, walk-in closets and individually controlled HVAC systems. The Village Cooperative is a community of like-minded adults who want to live near other people their age, but not in assisted living or rental housing. It offers maintenance-free living in a vibrant environment with many unique amenities that are suited for both working and retired residents.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $28,581
• − Mortgage interest: −$20,100
• − Property taxes: −$5,382
• − Insurance: −$1,794
• − Repairs & maintenance: −$2,287
• − Management: −$2,287
• − Depreciation: −$10,438
• Taxable loss: −$13,706
• Est. tax savings @ 24.0%: +$3,289
• After-tax cash flow: $-3,888/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.

Condition & rehab AI · 1 photo

Fair 45/100 Moderate rehab

The home requires moderate repairs and maintenance to improve its condition and value. Key areas to focus on include painting, updating cabinets and countertops, and replacing worn-out flooring and tiles. Landscaping and exterior maintenance can also significantly enhance the home's curb appeal and value.

Repairs flagged

• Minor Kitchen cabinets — Light wear and tear.
• Minor Kitchen countertops — Light wear and tear.
• Minor Bathroom tiles — Light wear and tear.
• Minor Exterior siding — Some discoloration.
• Minor Hardwood floors — Light wear and tear.
• Minor Interior walls/paint — Light chipping and wear.
• Minor Landscaping — Could benefit from some updates to enhance curb appeal.

Value-add opportunities

• Both Paint interior walls — Fresh paint can improve the home's appearance and value.
• Both Replace kitchen cabinets and countertops — New cabinets and countertops can significantly enhance the home's appeal and value.
• Both Replace bathroom tiles — New tiles can improve the home's appearance and value.
• Both Paint exterior siding — Fresh paint can improve the home's curb appeal and value.
• Both Replace hardwood floors — New flooring can improve the home's appearance and value.
• Both Landscaping maintenance — Well-maintained landscaping can enhance the home's curb appeal and value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Light wear and tear.	Minor	$500–3,000
Kitchen countertops · Light wear and tear.	Minor	$500–3,000
Bathroom tiles · Light wear and tear.	Minor	$500–3,000
Exterior siding · Some discoloration.	Minor	$500–3,000
Hardwood floors · Light wear and tear.	Minor	$500–3,000
Interior walls/paint · Light chipping and wear.	Minor	$500–3,000
Landscaping · Could benefit from some updates to enhance curb appeal.	Minor	$500–3,000
Total estimated repair cost · 7 items		$3,500–21,000

Value-add ROI direction

• Both Paint interior walls — Fresh paint can improve the home's appearance and value. ↑
• Both Replace kitchen cabinets and countertops — New cabinets and countertops can significantly enhance the home's appeal and value. ↑
• Both Replace bathroom tiles — New tiles can improve the home's appearance and value. ↑
• Both Paint exterior siding — Fresh paint can improve the home's curb appeal and value. ↑
• Both Replace hardwood floors — New flooring can improve the home's appearance and value. ↑
• Both Landscaping maintenance — Well-maintained landscaping can enhance the home's curb appeal and value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Westfield-Washington Schools
• NCES district ID: 1813080
• Math proficiency: 58% ▼ -9.00%
• Reading proficiency: 64% ▼ -3.00%
• Median HH income: $82,682
• Composite: 55.01/100
• National rank: #1295
• State rank: #10 of 301 in IN

Livability — Westfield

• Score: 71/100
• State rank: #140
• US rank: #7263

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Westfield, IN
• County: Hamilton County · 337,479 people
• City population: 48,901
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 48,901
• Household income: $126,724
• Rent vs Own: 18.4% rent · 81.6% own
• Severe rent burden: 742.0

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 (74%)
• Race & ethnicity: White 74% Two or more races 10% Hispanic / Latino 9% Asian 8% Black 3%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Romanian 4% Italian 4% Lithuanian 2%
• Foreign-born: 12% · Canada, China, South Korea
• Languages at home: 84% English-only · Spanish 5% Arabic 3% Chinese 2%

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: ▼ -140.45%
• Current HPI: 220.9413
• Rent YoY: ▲ 4.26%
• 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

-5.5% since first listed

2 events — show timeline

• 2026-02-03 Price Changed $239,000 Zillow
• 2026-01-28 Listed $253,000 Zillow