1354 Pawtucket Dr

Westfield, IN 46074

$319,000D-

3 bd · 2.5 ba · 1,864 sqft · Built 2011 · Condo · Pending · 77 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,756/mo
• Mortgage (P&I): −$1,673
• Tax + insurance: −$392
• HOA: −$351
• Vac / Maint / Mgmt: −$579
• Net cashflow: $-238/mo
• Annual: $-2,861/yr
• Cap rate: 5.40%
• Cash-on-cash: -3.20%
• DSCR: 0.86
• 1% rule: 0.86%
• Cash to close: $89,320

Investor read

• This is a 3-bed/2.5-bath condo listed at $319k.
• At list price, monthly cash flow is $-238 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $277k (13.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $276k (13.6% below list).
• It's been on market 77 days — a 6% lower offer ($300k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $276k (13.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• 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: Maple Glen Elementary (math 67% / reading 60%, grade B, #95 of 994 statewide, top 10%, 562 students, 12% 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) — zoned schools at 16% FRL track the district average.
• Market conditions: Rents rising fast (+4.3%/yr); 812 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 0d 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).
• Hamilton County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 10y ago; this cycle's ask has dropped $20k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $219k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 5.4% 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.

Questions for listing agent

• 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?
• It's been on market 77 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?