3510 Limesprings Ln · Whitestown, IN 46075

$280,000

3 bd · 2.0 ba · 1,380 sqft · SingleFamily public records · 27 Days on market

Built 2007 9,583 sqft lot $203/sqft · 9% below area Est $306k · 9% under $33/mo HOA · 1% of rent

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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).

• Cash flow +11.5/30.0
• ARV discount +11.4/15.0
• Schools +3.7/10.0
• Livability +3.7/5.0
• DSCR +3.4/10.0
• 1% rule +2.9/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Four bedroom ranch ready to move in with high end stainless steel appliances, side by side refrigerator, smooth top stove, stainless steel dishwasher, and microwave oven/range hood. Eat in kitchen dining room combination. Separate living room, as well as, a great room! Lots of natural light. Frieze carpet, nickel finish lighting, and neutral color palette for the walls and flooring. Washer & Dryer hook up conveniently located next to second and third bedroom. Fourth bedroom at the front of the home just inside the main entry would be an excellent home office space, play room, craft room etc. This corner lot has a spacious side yard for recreation and entertaining. Brick front covered porch ranch presents a welcoming invitation to guests!

Key facts

• Office with closet
• Fenced yard
• Doggy door

Tags

• CORNER LOT
• OFFICE WITH CLOSET
• EAT-IN KITCHEN
• OUTDOOR SITTING AREA
• FENCED YARD
• DOGGY DOOR

Property features AI

Finance

• HOA & community: HOA required; $100 quarterly fee

Exterior

• Parking: Attached garage (1 car)
• Utilities: Public water; Municipal sewer connected
• Home design: Single-family residence; One story
• Construction: Vinyl siding with brick accents; Slab foundation
• Exterior features: Corner lot; Lot under 1/4 acre

Interior

• Kitchen: Dishwasher; Electric oven; Microwave with hood; Refrigerator; Eat-in layout
• Bedrooms: 3 bedrooms on the main level; Primary bedroom with walk-in closet
• Bathrooms: 2 full bathrooms; Primary bathroom with tub and shower
• Heating & cooling: Electric forced-air heating; Central air conditioning
• Interior features: Attic access; Eat-in kitchen; 7 total main-level rooms
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $280k.

Deal economics

• At list price, monthly cash flow is $-91 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $264k (5.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $221k (21.0% below list).
• Recommended offer: $221k (21.0% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 4.2% in Whitestown — 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 73/100 on livability (#109 in IN) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, cost of living A; Watch: amenities F, commute F, health & safety F.
• Lebanon Community School Corporation (town): math 41% / reading 44% proficiency, ranked #115 of 301 in IN (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Perry Worth Elementary School (math 57% / reading 47%, grade C-, #237 of 994 statewide, top 26%, 430 students, 30% FRL); Lebanon Middle School (math 35% / reading 40%, grade F, #146 of 330 statewide, top 46%, 807 students, 46% FRL); Lebanon Senior High School (math 43% / reading 68%, grade C, #75 of 369 statewide, top 20%, 1,027 students, 38% FRL) — zoned schools at 38% FRL track the district average.
• Market conditions: Rents flat; 270 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 898 units permitted in Boone 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.
• Boone County population projected at +46% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($276k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 12y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $183k; list at $280k implies a 53% gain — meaningful room to come down on a strong offer.

Recommended offer $221,151 (21.0% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 0.79% ✗
• Cap rate: 5.90%
• Cash-on-cash: -1.39%
• DSCR: 0.94
• GRM: 10.6

CMA / ARV

• ARV (median comp): $306,205
• List price: $280,000
• Delta: -8.56%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3689 Indigo Blue Blvd	0.17mi	3/2.0	1,288 (-7%)	1mo	$272,000	$211	80
3830 Gray Heather Ln	0.24mi	3/2.0	1,506 (+9%)	1mo	$296,000	$197	72
3696 White Cliff Way	0.21mi	3/2.0	1,250 (-9%)	6mo	$275,000	$220	70
6460 Dusty Laurel Dr	0.37mi	3/2.0	1,511 (+10%)	2mo	$282,000	$187	66
5793 Open Fields Dr	0.54mi	3/2.0	1,440 (+4%)	3mo	$316,000	$219	65
3421 Firethorn Dr	0.36mi	3/2.0	1,270 (-8%)	6mo	$265,000	$209	64
3492 Limelight Ln	0.35mi	3/2.0	1,182 (-14%)	1mo	$285,000	$241	59
6588 Ferguson Dr	0.37mi	2/2.0 (-1)	1,495 (+8%)	8mo	$310,000	$207	58
5786 Waterstone Way	0.57mi	3/2.0	1,532 (+11%)	1mo	$314,900	$206	54
4267 Red Barn Dr	0.56mi	2/2.0 (-1)	1,492 (+8%)	5mo	$302,936	$203	51
4672 Indigo Blue Blvd	0.54mi	3/2.0	1,575 (+14%)	3mo	$330,000	$210	48
202 S Buck St	0.72mi	3/2.0	1,534 (+11%)	6mo	$320,000	$209	43

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 · 0.77% rent growth · sell at horizon

5-year hold

• IRR: -21.0%
• Equity multiple: 0.29×
• Total profit: $-56,027
• Equity at exit: $41,749

10-year hold

• IRR: -20.2%
• Equity multiple: 0.04×
• Total profit: $-75,379
• Equity at exit: $24,209

Cash invested: $78,400 (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 46075

• Home prices YoY: -20.0%
• Rents YoY: 0.8%
• Active inventory: 270
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $2,212 high
• Mortgage (P&I): −$1,468
• Tax from tax record: −$220 /mo · $2,637/yr
• Insurance: −$117
• HOA: −$33
• Vacancy / Maint / Mgmt: −$464
• Net cashflow: $-91

Break-even live

Break-even rent $2,326

Max offer price $263,983

Occupancy floor 99%

Sensitivity live

Price	-10% $68	-5% $-11	+0% $-91	+5% $-170	+10% $-249
Rent	-10% $-265	-5% $-178	+0% $-91	+5% $-3	+10% $84
Rate	-1.0pp $50	-0.5pp $-19	base $-91	+0.5pp $-163	+1.0pp $-237

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: $70,000
• Closing costs: $8,400
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3821 Lilac Ln Whitestown, IN	1.0–4.0	1.0–2.0	1165	$1,479	$1.27	0d	10	0.27mi
3550 Limelight Ln Whitestown, IN	3.0	2.0	1429	$2,140	$1.50	9d	1	0.27mi
3835 Dusty Sands Rd Whitestown, IN	3.0	2.0	1240	$2,195	$1.77	25d	1	0.28mi
6460 Dusty Laurel Dr Whitestown, IN	3.0	2.0	1511	$2,195	$1.45	0d	1	0.36mi
3936 Saddle Oak Dr Whitestown, IN	2.0	2.0	1000	$1,999	$2.00	25d	1	0.39mi
3845 Stallion St Whitestown, IN	3.0	2.0	1250	$2,399	$1.92	25d	1	0.48mi
3366 Firethorn Dr Unit 1236718P Whitestown, IN	2.0	2.0	1184	$6,480	$5.47	23d	1	0.51mi
3567 Sugar Grove Dr Unit 1542524P Whitestown, IN	3.0	2.0	1829	$3,369	$1.84	0d	1	0.72mi
6389 Wasco Dr Whitestown, IN	3.0	2.5	1802	$2,150	$1.19	6d	1	1.06mi
6296 Granby Dr Whitestown, IN	3.0	2.5	1550	$2,200	$1.42	0d	1	1.15mi
2881 Cross Branch Dr Whitestown, IN	3.0–4.0	2.5	1835	$2,199	$1.20	21d	4	1.18mi

HOA detail

• Monthly dues: $33 · $396/yr

Listing history 9 events

1. 2026-05-17
   status Pending 582-char remark
2. 2026-05-14
   price $280,000 582-char remark
3. 2026-04-19
   listed $285,000 Active 582-char remark
4. 2020-03-05
   soldstatus $183,000 Sold 752-char remark

   Show marketing remark (752 chars)

   Four bedroom ranch ready to move in with high end stainless steel appliances, side by side refrigerator, smooth top stove, stainless steel dishwasher, and microwave oven/range hood. Eat in kitchen dining room combination. Separate living room, as well as, a great room! Lots of natural light. Frieze carpet, nickel finish lighting, and neutral color palette for the walls and flooring. Washer & Dryer hook up conveniently located next to second and third bedroom. Fourth bedroom at the front of the home just inside the main entry would be an excellent home office space, play room, craft room etc. This corner lot has a spacious side yard for recreation and entertaining. Brick front covered porch ranch presents a welcoming invitation to guests!

5. 2020-02-07
   status Pending 752-char remark

   Show marketing remark (752 chars)

   Four bedroom ranch ready to move in with high end stainless steel appliances, side by side refrigerator, smooth top stove, stainless steel dishwasher, and microwave oven/range hood. Eat in kitchen dining room combination. Separate living room, as well as, a great room! Lots of natural light. Frieze carpet, nickel finish lighting, and neutral color palette for the walls and flooring. Washer & Dryer hook up conveniently located next to second and third bedroom. Fourth bedroom at the front of the home just inside the main entry would be an excellent home office space, play room, craft room etc. This corner lot has a spacious side yard for recreation and entertaining. Brick front covered porch ranch presents a welcoming invitation to guests!

6. 2020-01-30
   listed $182,810 Active 752-char remark

   Show marketing remark (752 chars)

   Four bedroom ranch ready to move in with high end stainless steel appliances, side by side refrigerator, smooth top stove, stainless steel dishwasher, and microwave oven/range hood. Eat in kitchen dining room combination. Separate living room, as well as, a great room! Lots of natural light. Frieze carpet, nickel finish lighting, and neutral color palette for the walls and flooring. Washer & Dryer hook up conveniently located next to second and third bedroom. Fourth bedroom at the front of the home just inside the main entry would be an excellent home office space, play room, craft room etc. This corner lot has a spacious side yard for recreation and entertaining. Brick front covered porch ranch presents a welcoming invitation to guests!

7. 2014-12-11
   soldstatus $132,000
8. 2014-12-04
   soldstatus $132,000 Sold

   Show marketing remark (442 chars)

   4 bedroom ranch with amazing use of space. Wow, totally updated & ready to move in new high end stainless steel appliances. Counter depth side by side refrigerator, smooth top stove etc. New Frieze carpet, new nickel lighting, and fresh paint throughout. This is a corner lot with a side yard ready for a neighborhood football game. New landscaping give this brick front covered porch ranch a look didn't think was possible at this price.

9. 2014-10-17
   listed $135,000

   Show marketing remark (442 chars)

   4 bedroom ranch with amazing use of space. Wow, totally updated & ready to move in new high end stainless steel appliances. Counter depth side by side refrigerator, smooth top stove etc. New Frieze carpet, new nickel lighting, and fresh paint throughout. This is a corner lot with a side yard ready for a neighborhood football game. New landscaping give this brick front covered porch ranch a look didn't think was possible at this price.

ⓘ 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: $2,637 · $220/mo
• Projected year-2 tax: $2,637 · $220/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 3/10 Moderate 7 d/yr ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,538
• − Mortgage interest: −$15,684
• − Property taxes: −$2,637
• − Insurance: −$1,400
• − Repairs & maintenance: −$2,123
• − Management: −$2,123
• − HOA: −$396
• − Depreciation: −$8,145
• Taxable loss: −$5,971
• Est. tax savings @ 24.0%: +$1,433
• After-tax cash flow: $345/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: Lebanon Community School Corporation
• NCES district ID: 1805790
• Math proficiency: 41% ▼ -11.00%
• Reading proficiency: 44% ▼ -5.00%
• Median HH income: $52,178
• Composite: 36.77/100
• National rank: #4571
• State rank: #115 of 301 in IN

Livability — Whitestown

• Score: 73/100
• State rank: #109
• US rank: #5691

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Whitestown, IN
• County: Boone County · 69,822 people
• City population: 9,509
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 9,509
• Household income: $117,002
• Rent vs Own: 24.0% rent · 76.0% own
• Severe rent burden: 287.0

Population outlook (Boone County) Hauer SSP2

• Today (2025): 77,877 people
• By 2030: 85,185 · +9.4%
• By 2040: 99,753 · +28.1%
• By 2050: 113,572 · +45.8%
• By 2075: 145,674 · +87.1%
• By 2100: 161,165 · +106.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 6% Asian 4% Hispanic / Latino 3% Black 3%
• Common ancestry: Italian 4% Romanian 3% Slovak 2%
• Foreign-born: 7% · Canada, China
• Languages at home: 91% English-only · Other Indo-European 5% Spanish 2% Chinese 1%

Political lean MEDSL · Boone

• 2024 margin: R (+16.0) · D 41.0% · R 57.0% · Other 2.0%
• 2008→2024 swing: +9.8pp toward D · 2008: -25.8pp · 2024: -16.0pp
• All cycles: 2024: R+16.0 2020: R+18.4 2016: R+29.5 2012: R+37.8 2008: R+25.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -49.51%
• Current HPI: 198.3353
• Rent YoY: ▲ 0.77%
• 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

+107.4% since first listed

9 events — show timeline

• 2026-05-17 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-14 Price Changed $280,000 MIBOR as Distributed by MLS Grid
• 2026-04-19 Listed $285,000 MIBOR as Distributed by MLS Grid
• 2020-03-05 Sold (MLS) $183,000 MIBOR as Distributed by MLS Grid
• 2020-02-07 Pending — MIBOR as Distributed by MLS Grid
• 2020-01-30 Listed $182,810 MIBOR as Distributed by MLS Grid
• 2014-12-11 Sold (Public Records) $132,000 Public Records
• 2014-12-04 Sold (MLS) $132,000 MIBOR as Distributed by MLS Grid
• 2014-10-17 Listed $135,000 MIBOR as Distributed by MLS Grid

Property tax history

+6.2%/yr

Latest (2025): $2,637 · -6.8% YoY. Source: county tax records.