Palmetto Plan · Westfield, IN 46069

$408,995

4 bd · 2.5 ba · 2,580 sqft · SingleFamily · 956 Days on market

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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
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.6/10.0
• DSCR +0.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Experience The Palmetto: space and functionality in perfect harmony. A grand living area awaits your customization, while the kitchen dazzles with its L-shaped design, walk-in pantry, and expansive island. Entertain in the great room or enjoy family meals in the adjacent café. Retreat to the study for quiet moments. Upstairs, find four bedrooms, including a lavish primary suite. With options for a fifth bedroom or versatile loft, embrace modern living at its finest.

Key facts

• 2 garage spots
• Listed 956 days

🏗️ New construction. The $408,995 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $481,081.

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $409k.

Deal economics

• At list price, monthly cash flow is $-805 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $365k (10.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $319k (22.0% below list).
• Recommended offer: $319k (22.0% below list) — sets the bar for 1% rule.
• 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.
• Zoned schools: Monon Trail Elementary School (math 55% / reading 43%, grade D, #301 of 994 statewide, top 30%, 572 students, 29% FRL); Westfield Middle School (math 46% / reading 62%, grade B-, #31 of 330 statewide, top 9%, 1,429 students, 18% FRL); Westfield High School (math 61% / reading 85%, grade B+, #8 of 369 statewide, top 2%, 2,665 students, 18% FRL).
• Market conditions: 120 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $3k of loan paydown is wiped out by about $14k 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 956 days — a 12% lower offer ($360k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $318,902 (22.0% 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 956 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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 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: 0.66% ✗
• Cap rate: 4.28%
• Cash-on-cash: -7.17%
• DSCR: 0.68
• GRM: 12.6

CMA / ARV

• ARV (median comp): $481,081
• List price: $408,995
• Delta: -14.98%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
148 Cape May Dr	0.03mi	5/3.0 (+1)	2,580 (0%)	3mo	$476,424	$185	89
19909 Bay Line Cor	0.42mi	4/2.5	2,615 (+1%)	2mo	$456,000	$174	77
20056 Bay Line Cor	0.30mi	5/3.0 (+1)	2,648 (+3%)	3mo	$484,995	$183	72
20010 Cowie Ln	0.39mi	3/3.0 (-1)	2,730 (+6%)	1mo	$511,500	$187	65
20429 Atchison Way	0.28mi	3/2.5 (-1)	2,362 (-8%)	4mo	$488,500	$207	65
20361 Hudson Bay Ln	0.40mi	3/2.5 (-1)	2,395 (-7%)	4mo	$420,000	$175	61
20046 Rippling Rock Ct	0.27mi	3/3.0 (-1)	2,290 (-11%)	3mo	$600,000	$262	59
335 Ehrlich Ln	0.40mi	4/3.0	2,888 (+12%)	2mo	$460,000	$159	58
20105 Allegheny Ln	0.38mi	5/3.0 (+1)	2,839 (+10%)	2mo	$485,000	$171	57
494 Faudree Dr	0.33mi	3/3.0 (-1)	2,888 (+12%)	1mo	$493,000	$171	57
19788 Sutton Ter	0.54mi	4/3.0	2,888 (+12%)	2mo	$483,500	$167	51
19976 Stone Side Dr	0.33mi	5/4.0 (+1)	2,929 (+14%)	3mo	$614,900	$210	48

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: -28.8%
• Equity multiple: 0.04×
• Total profit: $-129,199
• Equity at exit: $71,731

10-year hold

• IRR: -28.4%
• Equity multiple: -0.32×
• Total profit: $-178,354
• Equity at exit: $41,595

Cash invested: $134,703 (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 46069

• Home prices YoY: -28.2%
• Active inventory: 120
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $3,189 medium
• Mortgage (P&I): −$2,523
• Tax est. 1.5%: −$601 /mo · $7,216/yr
• Insurance: −$200
• HOA: −$0
• Vacancy / Maint / Mgmt: −$670
• Net cashflow: $-805

Break-even live

Break-even rent $4,208

Max offer price $364,550

Occupancy floor —

Sensitivity live

Price	-10% $-473	-5% $-639	+0% $-805	+5% $-972	+10% $-1,138
Rent	-10% $-1,057	-5% $-931	+0% $-805	+5% $-679	+10% $-553
Rate	-1.0pp $-563	-0.5pp $-683	base $-805	+0.5pp $-930	+1.0pp $-1,057

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: $120,270
• Closing costs: $14,432
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
19776 Baisley Trl Westfield, IN	3.0	3.0	2730	$3,500	$1.28	45d	1	0.59mi
19319 Winter Wheat Ln Westfield, IN	3.0	2.5	1858	$2,395	$1.29	25d	1	1.15mi

Listing history 23 events

1. 2026-06-21
   days on market $408,995 Active 956 DOM
2. 2026-06-18
   days on market $408,995 Active 953 DOM
3. 2026-06-17
   days on market $408,995 Active 952 DOM
4. 2026-06-16
   days on market $408,995 Active 951 DOM
5. 2026-06-15
   days on market $408,995 Active 950 DOM
6. 2026-06-13
   days on market $408,995 Active 948 DOM
7. 2026-06-13
   days on market $408,995 Active 947 DOM
8. 2026-06-09
   days on market $408,995 Active 944 DOM
9. 2026-06-08
   days on market $408,995 Active 943 DOM
10. 2026-06-07
    days on market $408,995 Active 942 DOM
11. 2026-06-05
    days on market $408,995 Active 939 DOM
12. 2026-06-03
    days on market $408,995 Active 938 DOM
13. 2026-06-02
    days on market $408,995 Active 937 DOM
14. 2026-06-01
    days on market $408,995 Active 936 DOM
15. 2026-05-31
    days on market $408,995 Active 935 DOM
16. 2024-10-17
    price $408,995 477-char remark

    Show marketing remark (477 chars)

    Experience The Palmetto: space and functionality in perfect harmony. A grand living area awaits your customization, while the kitchen dazzles with its L-shaped design, walk-in pantry, and expansive island. Entertain in the great room or enjoy family meals in the adjacent café. Retreat to the study for quiet moments. Upstairs, find four bedrooms, including a lavish primary suite. With options for a fifth bedroom or versatile loft, embrace modern living at its finest.

17. 2024-07-26
    price $404,995 477-char remark

    Show marketing remark (477 chars)

    Experience The Palmetto: space and functionality in perfect harmony. A grand living area awaits your customization, while the kitchen dazzles with its L-shaped design, walk-in pantry, and expansive island. Entertain in the great room or enjoy family meals in the adjacent café. Retreat to the study for quiet moments. Upstairs, find four bedrooms, including a lavish primary suite. With options for a fifth bedroom or versatile loft, embrace modern living at its finest.

18. 2024-06-05
    price $400,995 477-char remark

    Show marketing remark (477 chars)

    Experience The Palmetto: space and functionality in perfect harmony. A grand living area awaits your customization, while the kitchen dazzles with its L-shaped design, walk-in pantry, and expansive island. Entertain in the great room or enjoy family meals in the adjacent café. Retreat to the study for quiet moments. Upstairs, find four bedrooms, including a lavish primary suite. With options for a fifth bedroom or versatile loft, embrace modern living at its finest.

19. 2024-04-22
    price $395,995 477-char remark

    Show marketing remark (477 chars)

    Experience The Palmetto: space and functionality in perfect harmony. A grand living area awaits your customization, while the kitchen dazzles with its L-shaped design, walk-in pantry, and expansive island. Entertain in the great room or enjoy family meals in the adjacent café. Retreat to the study for quiet moments. Upstairs, find four bedrooms, including a lavish primary suite. With options for a fifth bedroom or versatile loft, embrace modern living at its finest.

20. 2024-04-17
    price $390,995 477-char remark

    Show marketing remark (477 chars)

    Experience The Palmetto: space and functionality in perfect harmony. A grand living area awaits your customization, while the kitchen dazzles with its L-shaped design, walk-in pantry, and expansive island. Entertain in the great room or enjoy family meals in the adjacent café. Retreat to the study for quiet moments. Upstairs, find four bedrooms, including a lavish primary suite. With options for a fifth bedroom or versatile loft, embrace modern living at its finest.

21. 2024-02-26
    price $386,995 477-char remark

    Show marketing remark (477 chars)

    Experience The Palmetto: space and functionality in perfect harmony. A grand living area awaits your customization, while the kitchen dazzles with its L-shaped design, walk-in pantry, and expansive island. Entertain in the great room or enjoy family meals in the adjacent café. Retreat to the study for quiet moments. Upstairs, find four bedrooms, including a lavish primary suite. With options for a fifth bedroom or versatile loft, embrace modern living at its finest.

22. 2024-02-01
    price $378,995 477-char remark

    Show marketing remark (477 chars)

    Experience The Palmetto: space and functionality in perfect harmony. A grand living area awaits your customization, while the kitchen dazzles with its L-shaped design, walk-in pantry, and expansive island. Entertain in the great room or enjoy family meals in the adjacent café. Retreat to the study for quiet moments. Upstairs, find four bedrooms, including a lavish primary suite. With options for a fifth bedroom or versatile loft, embrace modern living at its finest.

23. 2023-11-08
    listed $374,995 Active 477-char remark

    Show marketing remark (477 chars)

    Experience The Palmetto: space and functionality in perfect harmony. A grand living area awaits your customization, while the kitchen dazzles with its L-shaped design, walk-in pantry, and expansive island. Entertain in the great room or enjoy family meals in the adjacent café. Retreat to the study for quiet moments. Upstairs, find four bedrooms, including a lavish primary suite. With options for a fifth bedroom or versatile loft, embrace modern living at its finest.

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 67% 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $38,268
• − Mortgage interest: −$26,948
• − Property taxes: −$7,216
• − Insurance: −$2,405
• − Repairs & maintenance: −$3,061
• − Management: −$3,061
• − Depreciation: −$13,995
• Taxable loss: −$18,419
• Est. tax savings @ 24.0%: +$4,421
• After-tax cash flow: $-5,243/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: 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
• City population: 48,901
• Population (ZIP): 6,924

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 (94%)
• Race & ethnicity: White 94% Hispanic / Latino 4% Two or more races 2%
• Common ancestry: Slovak 5% Italian 2% Iranian 1%
• Foreign-born: 2% · Canada, Guatemala
• Languages at home: 99% English-only · Spanish 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: ▼ -88.24%
• Current HPI: 224.338
• 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

+9.1% since first listed

8 events — show timeline

• 2024-10-17 Price Changed $408,995 Zillow
• 2024-07-26 Price Changed $404,995 Zillow
• 2024-06-05 Price Changed $400,995 Zillow
• 2024-04-22 Price Changed $395,995 Zillow
• 2024-04-17 Price Changed $390,995 Zillow
• 2024-02-26 Price Changed $386,995 Zillow
• 2024-02-01 Price Changed $378,995 Zillow
• 2023-11-08 Listed $374,995 Zillow