3477 Lehigh Ave · Westfield, IN 46074

$274,999

3 bd · 1.5 ba · 1,220 sqft · Condo public records · 54 Days on market

Built 2022 $225/sqft · at area comps Est $266k · at est. $154/mo HOA · 7% 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 +10.3/30.0
• ARV discount +5.9/15.0
• Schools +5.5/10.0
• Rent growth +3.6/5.0
• Livability +3.6/5.0
• 1% rule +3.1/10.0
• DSCR +3.0/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Better than buy to the Builder, this beautifully upgraded home in Lindy Run, Westfield offers a rare opportunity to own a move-in-ready property without the wait. Is a fully upgraded primary bathroom with floor-to-ceiling tile and elegant glass shower doors, a modern kitchen enhanced with a stylish backsplash, and a fully finished garage with durable epoxy-coated flooring. Ideally situated within the neighborhood, this property combines premium finishes with an excellent in-Neiborghood location, making it a standout option for buyers seeking quality, convenience, and immediate value. Additional neighborhood amenities include a community swimming pool, playground, fitness center, dog park, a

Key facts

• $154 HOA
• 2 garage spots
• Community pool

Property features AI

Finance

• Other: Lot size approximately 0.05 acres
• HOA & community: HOA with monthly fee of $154; Mandatory fee; Community amenities include clubhouse, fitness center, lake, playground, pool, and sidewalks

Exterior

• Parking: Attached 2-car garage (approximately 400 sq ft)
• Utilities: Public water; Municipal sewer connected; Solid waste service available
• Home design: Residential condominium; Attached property; Horizontal condo with private entry on ground level; Two levels; East-facing
• Construction: Wood and brick construction; Wood with stone accents; Slab foundation; Built by Olthof Homes
• Exterior features: Community clubhouse; Community fitness center; Community lake; Playground; Community pool; Sidewalks; Low-maintenance lifestyle; 2+ common walls

Interior

• Kitchen: Gas cooktop; Dishwasher; Disposal; Microwave; Refrigerator; Eat-in kitchen layout
• Bedrooms: Primary bedroom with walk-in closet; Two upper-level bedrooms
• Flooring: Woodwork painted
• Bathrooms: One full bath (upper level); One half bath (main level)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Attic access; Eat-in kitchen; Pantry; Smart thermostat; Walk-in closet(s); Painted woodwork
• Laundry & utility: Washer; Dryer; Water softener (owned)

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath condo listed at $275k.

Deal economics

• At list price, monthly cash flow is $-151 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $248k (9.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $223k (19.1% below list).
• Recommended offer: $223k (19.1% below list) — sets the bar for 1% rule.
• Cap rate 5.6% 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: Washington Woods Elementary School (math 65% / reading 55%, grade B-, #126 of 994 statewide, top 13%, 621 students, 25% 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: Rents rising fast (+4.3%/yr); 812 active listings in the ZIP; 4 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; 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 $2k of loan paydown is wiped out by about $8k 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 54 days — a 3% lower offer ($267k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y 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.

Recommended offer $222,608 (19.1% 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 54 days. Have you received any prior offers? Is the seller open to a 19% 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. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.81% ✗
• Cap rate: 5.63%
• Cash-on-cash: -2.35%
• DSCR: 0.90
• GRM: 10.3

CMA / ARV

• ARV (median comp): $265,725
• List price: $274,999
• Delta: 3.49%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.26% rent growth · sell at horizon

5-year hold

• IRR: -18.8%
• Equity multiple: 0.33×
• Total profit: $-51,284
• Equity at exit: $41,003

10-year hold

• IRR: -8.9%
• Equity multiple: 0.42×
• Total profit: $-44,854
• Equity at exit: $23,777

Cash invested: $77,000 (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 46074

• Rents YoY: 4.3%
• Active inventory: 812
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $2,226 medium
• Mortgage (P&I): −$1,442
• Tax from tax record: −$199 /mo · $2,387/yr
• Insurance: −$115
• HOA: −$154
• Vacancy / Maint / Mgmt: −$467
• Net cashflow: $-151

Break-even live

Break-even rent $2,417

Max offer price $248,318

Occupancy floor —

Sensitivity live

Price	-10% $5	-5% $-73	+0% $-151	+5% $-229	+10% $-307
Rent	-10% $-327	-5% $-239	+0% $-151	+5% $-63	+10% $25
Rate	-1.0pp $-13	-0.5pp $-81	base $-151	+0.5pp $-222	+1.0pp $-295

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4001 Myra Way Westfield, IN	2.0	2.0	1294	$2,066	$1.60	0d	5	1.11mi
19530 Chad Hittle Dr Westfield, IN	1.0–3.0	1.0–2.0	1009	$2,450	$2.43	0d	27	1.35mi
1911 Maple Park Dr Westfield, IN	3.0	2.0	1278	$2,399	$1.88	14d	1	1.41mi
140 Maple Park Dr #3 Westfield, IN	2.0	1.0	725	$1,049	$1.45	10d	1	1.45mi

HOA detail condo

• Monthly dues: $154 · $1,848/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-22
   days on market $274,999 Active 54 DOM
2. 2026-06-21
   pricedays on market $274,999 Active 53 DOM
3. 2026-06-18
   days on market $269,999 Active 50 DOM
4. 2026-06-17
   days on market $269,999 Active 49 DOM
5. 2026-06-16
   days on market $269,999 Active 48 DOM
6. 2026-06-15
   days on market $269,999 Active 47 DOM
7. 2026-06-13
   days on market $269,999 Active 45 DOM
8. 2026-06-13
   days on market $269,999 Active 44 DOM
9. 2026-06-09
   days on market $269,999 Active 41 DOM
10. 2026-06-08
    days on market $269,999 Active 40 DOM
11. 2026-06-07
    days on market $269,999 Active 39 DOM
12. 2026-06-05
    days on market $269,999 Active 36 DOM
13. 2026-06-03
    days on market $269,999 Active 35 DOM
14. 2026-06-02
    pricedays on market $269,999 Active 34 DOM
15. 2026-06-01
    days on market $273,000 Active 33 DOM
16. 2026-05-31
    days on market $273,000 Active 32 DOM
17. 2026-04-02
    listed $273,000 Active 1149-char remark
18. 2022-06-28
    historical
19. 2021-05-27
    listed $218,302

ⓘ 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: $2,387 · $199/mo
• Projected year-2 tax: $2,387 · $199/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 · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,713
• − Mortgage interest: −$15,404
• − Property taxes: −$2,387
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,137
• − Management: −$2,137
• − HOA: −$1,848
• − Depreciation: −$8,000
• Taxable loss: −$6,575
• Est. tax savings @ 24.0%: +$1,578
• After-tax cash flow: $-234/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
• County: Hamilton County · 337,479 people
• City population: 48,901
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 48,901
• Household income: $126,724
• Rent vs Own: 18.4% rent · 81.6% own
• Severe rent burden: 742.0

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 (74%)
• Race & ethnicity: White 74% Two or more races 10% Hispanic / Latino 9% Asian 8% Black 3%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Romanian 4% Italian 4% Lithuanian 2%
• Foreign-born: 12% · Canada, China, South Korea
• Languages at home: 84% English-only · Spanish 5% Arabic 3% Chinese 2%

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: ▼ -140.45%
• Current HPI: 220.9413
• Rent YoY: ▲ 4.26%
• 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

+23.7% since first listed

4 events — show timeline

• 2026-06-02 Price Changed $269,999 MIBOR as Distributed by MLS Grid
• 2026-04-02 Listed $273,000 MIBOR as Distributed by MLS Grid
• 2022-06-28 Listing Removed — MIBOR as Distributed by MLS Grid
• 2021-05-27 Listed $218,302 MIBOR as Distributed by MLS Grid

Property tax history

+163.0%/yr

Latest (2025): $2,387 · -7.0% YoY. Source: county tax records.