4879 Larkspur Dr · Plainfield, IN 46168

$259,900

2 bd · 2.0 ba · 1,463 sqft · SingleFamily public records · 157 Days on market

Built 2021 7,231 sqft lot $178/sqft · 28% below area Est $363k · 28% under $238/mo HOA · 13% 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).

• ARV discount +15.0/15.0
• Cash flow +6.1/30.0
• Schools +4.4/10.0
• Livability +3.7/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0
• DSCR +0.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to easy living in one of Plainfield's most desirable 55+ active adult communities! Built in 2021, this beautifully maintained ranch home offers the perfect blend of comfort, convenience, and low-maintenance living. Featuring 2 bedrooms, 2 full baths, and an open-concept layout, this home is designed for both everyday comfort and effortless entertaining. The bright and inviting kitchen opens seamlessly to the spacious living and dining areas, creating a warm and welcoming atmosphere for gatherings with family and friends. The private primary suite includes a walk-in closet and en-suite bath designed for comfort and functionality. Enjoy peaceful mornings with coffee on the patio and spend more time enjoying life with exterior maintenance and lawn care handled for you. Whether you are looking to downsize, simplify, or enjoy a more active lifestyle, this home offers the perfect opportunity to enjoy the next chapter without the upkeep of a larger property. Located in a sought-after 55+ community offering walking trails, social activities, clubhouse amenities, and convenient access to shopping, dining, healthcare, and the Indianapolis airport. Move-in ready and available for immediate possession!

Key facts

• Community center
• 55 community
• Active adults

Tags

• 55 COMMUNITY
• ACTIVE ADULTS
• LOW MAINTENANCE LIFESTYLE
• COMMUNITY CENTER
• LARGE SWIMMING POOL
• PICKLEBALL AND TENNIS COURTS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $260k.

Deal economics

• At list price, monthly cash flow is $-490 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $173k (33.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $185k (28.8% below list).
• Recommended offer: $173k (33.3% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 74/100 on livability (#69 in IN, #4,418 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools A; Watch: health & safety C-, amenities F, commute F.
• Mill Creek Community School Corporation (rural): math 47% / reading 54% proficiency, ranked #43 of 301 in IN (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+3.6%/yr); 284 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,294 units permitted in Hendricks County in 2024 (18 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.
• Hendricks County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 157 days — a 12% lower offer ($229k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $39k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $173,355 (33.3% 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 157 days. Have you received any prior offers? Is the seller open to a 33% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.71% ✗
• Cap rate: 4.03%
• Cash-on-cash: -8.08%
• DSCR: 0.64
• GRM: 11.7

CMA / ARV

• ARV (median comp): $363,329
• List price: $259,900
• Delta: -28.47%
• 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
4647 Petunia Dr	0.08mi	2/2.0	1,504 (+3%)	1mo	$323,500	$215	91
4905 Lilium Dr	0.33mi	2/2.0	1,458 (-0%)	6mo	$310,000	$213	79
4613 Mimosa Dr	0.16mi	2/2.0	1,469 (+0%)	18mo	$299,900	$204	76
4787 Lilac Dr	0.14mi	2/2.0	1,498 (+2%)	19mo	$322,000	$215	74
5069 Lilium Dr	0.36mi	2/2.0	1,316 (-10%)	4mo	$265,000	$201	63
4960 Silverbell Dr	0.25mi	2/2.0	1,659 (+13%)	12mo	$330,000	$199	56
4933 Lilium Dr	0.32mi	3/2.0 (+1)	1,673 (+14%)	4mo	$275,000	$164	53
5003 Lilium Dr	0.32mi	2/2.0	1,669 (+14%)	12mo	$310,000	$186	51
4496 Tattersall Dr	0.55mi	3/2.0 (+1)	1,560 (+7%)	10mo	$330,000	$212	50
4592 Gordon Dr	0.74mi	2/1.0	1,440 (-2%)	12mo	$125,000	$87	49
4303 Kings Ln	0.68mi	3/2.5 (+1)	1,550 (+6%)	9mo	$305,000	$197	44
4583 Tattersall Dr	0.48mi	3/2.0 (+1)	1,652 (+13%)	23mo	$336,000	$203	32

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 · 3.65% rent growth · sell at horizon

5-year hold

• IRR: -29.6%
• Equity multiple: 0.01×
• Total profit: $-71,977
• Equity at exit: $38,752

10-year hold

• IRR: -27.4%
• Equity multiple: -0.34×
• Total profit: $-97,292
• Equity at exit: $22,471

Cash invested: $72,772 (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 46168

• Rents YoY: 3.6%
• Active inventory: 284
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $1,850 medium
• Mortgage (P&I): −$1,363
• Tax from tax record: −$242 /mo · $2,903/yr
• Insurance: −$108
• HOA: −$238
• Vacancy / Maint / Mgmt: −$388
• Net cashflow: $-490

Break-even live

Break-even rent $2,470

Max offer price $173,355

Occupancy floor —

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: $64,975
• Closing costs: $7,797
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5765 Arlington Dr Plainfield, IN	3.0	2.0	1605	$2,070	$1.29	1d	1	1.14mi
4525 Connaught East Dr Plainfield, IN	3.0	2.5	1470	$1,919	$1.31	1d	1	1.31mi
4487 Connaught East Dr Plainfield, IN	3.0	2.5	1352	$1,905	$1.41	1d	1	1.33mi
4518 Redcliff South Ln Plainfield, IN	3.0	2.5	1423	$1,769	$1.24	1d	1	1.33mi

HOA detail

• Monthly dues: $238 · $2,856/yr
• Likely covers: landscapingexterior maint.

Listing history 19 events

1. 2026-06-16
   status $259,900 Pending 157 DOM
2. 2026-06-15
   days on market $259,900 Active 157 DOM
3. 2026-06-13
   days on market $259,900 Active 155 DOM
4. 2026-06-13
   pricedays on market $259,900 Active 154 DOM
5. 2026-06-09
   days on market $263,900 Active 151 DOM
6. 2026-06-08
   days on market $263,900 Active 150 DOM
7. 2026-06-07
   days on market $263,900 Active 149 DOM
8. 2026-06-05
   days on market $263,900 Active 146 DOM
9. 2026-06-03
   days on market $263,900 Active 145 DOM
10. 2026-06-02
    days on market $263,900 Active 144 DOM
11. 2026-06-01
    days on market $263,900 Active 143 DOM
12. 2026-05-31
    days on market $263,900 Active 142 DOM
13. 2026-04-19
    price $274,900 1226-char remark

    Show marketing remark (1226 chars)

    Welcome to easy living in one of Plainfield's most desirable 55+ active adult communities! Built in 2021, this beautifully maintained ranch home offers the perfect blend of comfort, convenience, and low-maintenance living. Featuring 2 bedrooms, 2 full baths, and an open-concept layout, this home is designed for both everyday comfort and effortless entertaining. The bright and inviting kitchen opens seamlessly to the spacious living and dining areas, creating a warm and welcoming atmosphere for gatherings with family and friends. The private primary suite includes a walk-in closet and en-suite bath designed for comfort and functionality. Enjoy peaceful mornings with coffee on the patio and spend more time enjoying life with exterior maintenance and lawn care handled for you. Whether you are looking to downsize, simplify, or enjoy a more active lifestyle, this home offers the perfect opportunity to enjoy the next chapter without the upkeep of a larger property. Located in a sought-after 55+ community offering walking trails, social activities, clubhouse amenities, and convenient access to shopping, dining, healthcare, and the Indianapolis airport. Move-in ready and available for immediate possession!

14. 2026-04-03
    status Active 1226-char remark

    Show marketing remark (1226 chars)

    Welcome to easy living in one of Plainfield's most desirable 55+ active adult communities! Built in 2021, this beautifully maintained ranch home offers the perfect blend of comfort, convenience, and low-maintenance living. Featuring 2 bedrooms, 2 full baths, and an open-concept layout, this home is designed for both everyday comfort and effortless entertaining. The bright and inviting kitchen opens seamlessly to the spacious living and dining areas, creating a warm and welcoming atmosphere for gatherings with family and friends. The private primary suite includes a walk-in closet and en-suite bath designed for comfort and functionality. Enjoy peaceful mornings with coffee on the patio and spend more time enjoying life with exterior maintenance and lawn care handled for you. Whether you are looking to downsize, simplify, or enjoy a more active lifestyle, this home offers the perfect opportunity to enjoy the next chapter without the upkeep of a larger property. Located in a sought-after 55+ community offering walking trails, social activities, clubhouse amenities, and convenient access to shopping, dining, healthcare, and the Indianapolis airport. Move-in ready and available for immediate possession!

15. 2026-03-16
    status Pending 1226-char remark

    Show marketing remark (1226 chars)

    Welcome to easy living in one of Plainfield's most desirable 55+ active adult communities! Built in 2021, this beautifully maintained ranch home offers the perfect blend of comfort, convenience, and low-maintenance living. Featuring 2 bedrooms, 2 full baths, and an open-concept layout, this home is designed for both everyday comfort and effortless entertaining. The bright and inviting kitchen opens seamlessly to the spacious living and dining areas, creating a warm and welcoming atmosphere for gatherings with family and friends. The private primary suite includes a walk-in closet and en-suite bath designed for comfort and functionality. Enjoy peaceful mornings with coffee on the patio and spend more time enjoying life with exterior maintenance and lawn care handled for you. Whether you are looking to downsize, simplify, or enjoy a more active lifestyle, this home offers the perfect opportunity to enjoy the next chapter without the upkeep of a larger property. Located in a sought-after 55+ community offering walking trails, social activities, clubhouse amenities, and convenient access to shopping, dining, healthcare, and the Indianapolis airport. Move-in ready and available for immediate possession!

16. 2026-02-03
    price $285,000 1226-char remark

    Show marketing remark (1226 chars)

    Welcome to easy living in one of Plainfield's most desirable 55+ active adult communities! Built in 2021, this beautifully maintained ranch home offers the perfect blend of comfort, convenience, and low-maintenance living. Featuring 2 bedrooms, 2 full baths, and an open-concept layout, this home is designed for both everyday comfort and effortless entertaining. The bright and inviting kitchen opens seamlessly to the spacious living and dining areas, creating a warm and welcoming atmosphere for gatherings with family and friends. The private primary suite includes a walk-in closet and en-suite bath designed for comfort and functionality. Enjoy peaceful mornings with coffee on the patio and spend more time enjoying life with exterior maintenance and lawn care handled for you. Whether you are looking to downsize, simplify, or enjoy a more active lifestyle, this home offers the perfect opportunity to enjoy the next chapter without the upkeep of a larger property. Located in a sought-after 55+ community offering walking trails, social activities, clubhouse amenities, and convenient access to shopping, dining, healthcare, and the Indianapolis airport. Move-in ready and available for immediate possession!

17. 2025-12-23
    historical $2,550

    Show marketing remark (1226 chars)

    Welcome to easy living in one of Plainfield's most desirable 55+ active adult communities! Built in 2021, this beautifully maintained ranch home offers the perfect blend of comfort, convenience, and low-maintenance living. Featuring 2 bedrooms, 2 full baths, and an open-concept layout, this home is designed for both everyday comfort and effortless entertaining. The bright and inviting kitchen opens seamlessly to the spacious living and dining areas, creating a warm and welcoming atmosphere for gatherings with family and friends. The private primary suite includes a walk-in closet and en-suite bath designed for comfort and functionality. Enjoy peaceful mornings with coffee on the patio and spend more time enjoying life with exterior maintenance and lawn care handled for you. Whether you are looking to downsize, simplify, or enjoy a more active lifestyle, this home offers the perfect opportunity to enjoy the next chapter without the upkeep of a larger property. Located in a sought-after 55+ community offering walking trails, social activities, clubhouse amenities, and convenient access to shopping, dining, healthcare, and the Indianapolis airport. Move-in ready and available for immediate possession!

18. 2025-12-23
    listed $299,000 Active 1226-char remark

    Show marketing remark (1226 chars)

    Welcome to easy living in one of Plainfield's most desirable 55+ active adult communities! Built in 2021, this beautifully maintained ranch home offers the perfect blend of comfort, convenience, and low-maintenance living. Featuring 2 bedrooms, 2 full baths, and an open-concept layout, this home is designed for both everyday comfort and effortless entertaining. The bright and inviting kitchen opens seamlessly to the spacious living and dining areas, creating a warm and welcoming atmosphere for gatherings with family and friends. The private primary suite includes a walk-in closet and en-suite bath designed for comfort and functionality. Enjoy peaceful mornings with coffee on the patio and spend more time enjoying life with exterior maintenance and lawn care handled for you. Whether you are looking to downsize, simplify, or enjoy a more active lifestyle, this home offers the perfect opportunity to enjoy the next chapter without the upkeep of a larger property. Located in a sought-after 55+ community offering walking trails, social activities, clubhouse amenities, and convenient access to shopping, dining, healthcare, and the Indianapolis airport. Move-in ready and available for immediate possession!

19. 2025-06-26
    listed $2,550

ⓘ 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: $2,903 · $242/mo
• Projected year-2 tax: $2,903 · $242/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $22,196
• − Mortgage interest: −$14,558
• − Property taxes: −$2,903
• − Insurance: −$1,300
• − Repairs & maintenance: −$1,776
• − Management: −$1,776
• − HOA: −$2,856
• − Depreciation: −$7,561
• Taxable loss: −$10,533
• Est. tax savings @ 24.0%: +$2,528
• After-tax cash flow: $-3,351/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: Mill Creek Community School Corporation
• NCES district ID: 1806660
• Math proficiency: 47% ▼ -17.00%
• Reading proficiency: 54% ▼ -10.00%
• Median HH income: $59,598
• Composite: 44.09/100
• National rank: #2872
• State rank: #43 of 301 in IN

Livability — Plainfield

• Score: 74/100
• State rank: #69
• US rank: #4418

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Plainfield, IN
• County: Hendricks County · 143,373 people
• City population: 38,826
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 38,826
• Household income: $90,000
• Rent vs Own: 33.4% rent · 66.6% own
• Severe rent burden: 1029.0

Population outlook (Hendricks County) Hauer SSP2

• Today (2025): 187,418 people
• By 2030: 201,494 · +7.5%
• By 2040: 228,487 · +21.9%
• By 2050: 253,068 · +35.0%
• By 2075: 308,920 · +64.8%
• By 2100: 336,510 · +79.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Black 9% Two or more races 8% Hispanic / Latino 6% Asian 4%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Italian 2% Lithuanian 1% Romanian 1%
• Foreign-born: 7% · Canada, China
• Languages at home: 90% English-only · Spanish 4% Other Indo-European 3% French/Haitian/Cajun 1%

Political lean MEDSL · Hendricks

• 2024 margin: Strong R (+21.5) · D 38.4% · R 59.9% · Other 1.7%
• 2008→2024 swing: +1.9pp toward D · 2008: -23.4pp · 2024: -21.5pp
• All cycles: 2024: R+21.5 2020: R+23.9 2016: R+34.2 2012: R+34.9 2008: R+23.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -136.23%
• Current HPI: 205.5963
• Rent YoY: ▲ 3.65%
• 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

+10680.4% since first listed

7 events — show timeline

• 2026-04-19 Price Changed $274,900 MIBOR as Distributed by MLS Grid
• 2026-04-03 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-16 Pending — MIBOR as Distributed by MLS Grid
• 2026-02-03 Price Changed $285,000 MIBOR as Distributed by MLS Grid
• 2025-12-23 Rental Removed $2,550 MIBOR
• 2025-12-23 Listed $299,000 MIBOR as Distributed by MLS Grid
• 2025-06-26 Listed for Rent $2,550 MIBOR

Property tax history

+287.8%/yr

Latest (2025): $2,903 · +19.4% YoY. Source: county tax records.