403 W Armstrong St · Frankfort, IN 46041

$159,900

2 bd · 1.0 ba · 1,808 sqft · SingleFamily public records · 2 Days on market

Built 1944 4,356 sqft lot Est $197k · 19% under

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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 +7.8/30.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• Schools +2.4/10.0
• DSCR +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks

Nicely remodeled and updated home. Enter into the enclosed front porch area into the huge living/dining room. In the kitchen, you will see the appliancces included, the possible eat-in kitchen, built-in shelving and the new countertop. The laundry room includes the washer and dryer. The downstairs bedroom has an extended seating area as well as the sleeping quarters. Upstairs are 2 additional bedrooms. One of the bedrooms has a loft area with so many possibilities. 3 (or more) parking spots in the back and a storage shed. Make this your own.

Key facts

• New countertop
• Eat-in kitchen
• Built-in shelving

Tags

• ENCLOSED FRONT PORCH
• HUGE LIVING DINING ROOM
• EAT-IN KITCHEN
• BUILT-IN SHELVING
• NEW COUNTERTOP
• EXTENDED SEATING AREA

Property features AI

Finance

• Other: Approximately 8 total rooms

Exterior

• Parking: Off-street parking; No garage
• Utilities: Public water; Public sewer; Public power
• Home design: Single-family residence (site-built); One story; Faces: unspecified
• Construction: Vinyl siding; Block foundation; Shingle roof; Built as site-built home
• Exterior features: Deck; Porch; Partial privacy fencing; Shed(s); Sloped lot

Interior

• Kitchen: Refrigerator; Gas range
• Bedrooms: Bedrooms: see room count
• Flooring: Laminate flooring; Vinyl flooring
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Natural gas heating; Forced air heating; Ceiling heating; Window cooling unit(s)
• Interior features: Built-in features; Unfinished basement
• Laundry & utility: Washer hookup (main level); Electric dryer hookup; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $-175 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $135k (15.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $118k (26.4% below list).
• Recommended offer: $118k (26.4% below list) — sets the bar for 1% rule.
• Cap rate 5.0% vs local median 3.9% in Frankfort — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 73/100 on livability (#107 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment D-.
• Community Schools Of Frankfort (rural): math 27% / reading 30% proficiency, ranked #251 of 301 in IN (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Frankfort Middle School (math 19% / reading 27%, grade F, #263 of 330 statewide, top 80%, 706 students, 83% FRL); Frankfort High School (math 8% / reading 42%, grade F, #323 of 369 statewide, top 88%, 895 students, 75% FRL).
• Market conditions: 129 active listings in the ZIP; 59 units permitted in Clinton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Clinton County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1944 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $117,672 (26.4% 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. Built in 1944 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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?
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 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: 0.74% ✗
• Cap rate: 4.98%
• Cash-on-cash: -4.70%
• DSCR: 0.79
• GRM: 11.3

CMA / ARV

• ARV (on-the-fly): $197,072
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1002 Short 4th St	0.28mi	3/1.0 (+1)	1,747 (-3%)	2mo	$133,500	$76	75
59 W White St	0.54mi	2/2.0	1,820 (+1%)	1mo	$199,000	$109	69
406 S Harrison St	0.41mi	2/2.0	1,800 (-0%)	11mo	$185,000	$103	67
309 W Morrison St	0.52mi	3/1.0 (+1)	1,905 (+5%)	2mo	$217,000	$114	60
601 S Clay St	0.48mi	3/2.0 (+1)	1,894 (+5%)	3mo	$163,500	$86	58
457 W Morrison St	0.52mi	3/1.0 (+1)	1,743 (-4%)	10mo	$205,000	$118	56
862 S Jackson St. St	0.31mi	3/1.0 (+1)	1,538 (-15%)	0mo	$197,000	$128	55
600 S Clay St	0.46mi	3/2.0 (+1)	1,891 (+5%)	10mo	$240,000	$127	53
608 Fisher St	0.64mi	2/2.0	1,670 (-8%)	1mo	$241,000	$144	53
458 Main Ave	0.32mi	3/1.5 (+1)	2,006 (+11%)	9mo	$157,000	$78	52
552 Elmwood Dr	0.70mi	2/1.0	1,605 (-11%)	8mo	$154,500	$96	42
751 E Armstrong St	0.62mi	3/1.0 (+1)	2,074 (+15%)	13mo	$127,500	$61	30

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: -24.3%
• Equity multiple: 0.17×
• Total profit: $-37,066
• Equity at exit: $23,842

10-year hold

• IRR: -19.6%
• Equity multiple: -0.04×
• Total profit: $-46,591
• Equity at exit: $13,825

Cash invested: $44,772 (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 46041

• Home prices YoY: -17.8%
• Active inventory: 129
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $1,177 medium
• Mortgage (P&I): −$839
• Tax est. 1.5%: −$200 /mo · $2,398/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$247
• Net cashflow: $-175

Break-even live

Break-even rent $1,399

Max offer price $134,516

Occupancy floor —

Sensitivity live

Price	-10% $-65	-5% $-120	+0% $-175	+5% $-231	+10% $-286
Rent	-10% $-268	-5% $-222	+0% $-175	+5% $-129	+10% $-82
Rate	-1.0pp $-95	-0.5pp $-135	base $-175	+0.5pp $-217	+1.0pp $-259

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-21
   days on market $159,900 Active 2 DOM
2. 2026-06-18
   remarks 547-char remark
3. 2026-06-18
   listed $159,900 Active 1 DOM

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% 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
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,121
• − Mortgage interest: −$8,957
• − Property taxes: −$2,398
• − Insurance: −$800
• − Repairs & maintenance: −$1,130
• − Management: −$1,130
• − Depreciation: −$4,652
• Taxable loss: −$4,945
• Est. tax savings @ 24.0%: +$1,187
• After-tax cash flow: $-918/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: Community Schools Of Frankfort
• NCES district ID: 1803660
• Math proficiency: 27% ▼ -3.00%
• Reading proficiency: 30% ▼ -6.00%
• Median HH income: $42,144
• Composite: 24.2/100
• National rank: #7728
• State rank: #251 of 301 in IN

Livability — Frankfort

• Score: 73/100
• State rank: #107
• US rank: #5623

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Frankfort, IN
• Population (ZIP): 23,359

Population outlook (Clinton County) Hauer SSP2

• Today (2025): 31,197 people
• By 2030: 30,257 · -3.0%
• By 2040: 28,383 · -9.0%
• By 2050: 26,644 · -14.6%
• By 2075: 23,858 · -23.5%
• By 2100: 22,236 · -28.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 24% Two or more races 11%
• Hispanic origin (detail): Mexican 22%
• Common ancestry: Iranian 1% Italian 1% Slovak 1%
• Foreign-born: 11% · Canada, Philippines
• Languages at home: 86% English-only · Spanish 14%

Political lean MEDSL · Clinton

• 2024 margin: Solid R (+48.0) · D 25.2% · R 73.2% · Other 1.6%
• 2008→2024 swing: -35.0pp toward R · 2008: -13.0pp · 2024: -48.0pp
• All cycles: 2024: R+48.0 2020: R+46.1 2016: R+48.0 2012: R+30.7 2008: R+13.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -57.02%
• Current HPI: 263.2258
• 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

1 event — show timeline

• 2026-06-17 Listed $159,900 IRMLS

Property tax history

-22.3%/yr

Latest (2024): $15 · +0.0% YoY. Source: county tax records.