Vienna Plan · Noblesville, IN 46062

$380,990

3 bd · 2.0 ba · 2,302 sqft · MultiFamily · 190 Days on market

Good condition ↓ 3% since listing

---

Why this score? — see what drove the B 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• ARV discount +7.5/15.0
• Schools +4.8/10.0
• Livability +4.3/5.0
• Condition / age +4.0/5.0
• Rent growth +3.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

The Vienna two-story villa blends comfort and style with soaring vaulted ceilings in the great room for a bright, open atmosphere. A main-floor primary suite adds everyday ease, while the oversized loft upstairs offers space for hobbies, game nights, or quiet retreat. An optional extra bedroom allows you to personalize the home to suit guests, lifestyle needs, or future flexibility.

Key facts

• Two story villa
• Oversized loft
• Vaulted ceilings

Tags

• TWO STORY VILLA
• VAULTED CEILINGS
• MAIN FLOOR PRIMARY SUITE
• OVERSIZED LOFT
• OPTIONAL EXTRA BEDROOM

🏗️ New construction. The $380,990 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $318,545.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $381k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $381k).
• Recommended offer: $335k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.9% vs local median 3.2% in Noblesville — 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 86/100 on livability (#3 in IN, #446 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, cost of living A+; Watch: commute F.
• Noblesville Schools (suburban): math 51% / reading 57% proficiency, ranked #26 of 301 in IN (top 9%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+3.8%/yr); 414 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 4,661 units permitted in Hamilton County in 2024 (1,528 in 5+ unit buildings).
• This rent runs 43% of the median local income ($120k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• 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.
• Hamilton County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.8% rent growth), your $89k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 190 days — a 12% lower offer ($335k) is reasonable based on typical stale-listing flexibility.

Recommended offer $335,271 (12.0% below list)

Questions for the listing agent

1. It's been on market 190 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-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. 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.
6. 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.
7. 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: 1.36% ✓
• Cap rate: 10.90%
• Cash-on-cash: 16.46%
• DSCR: 1.73
• GRM: 6.1

CMA / ARV

• ARV (median comp): $318,545
• List price: $380,990
• Delta: 19.60%
• Verdict: OVERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.8% rent growth · sell at horizon

5-year hold

• IRR: 8.5%
• Equity multiple: 1.33×
• Total profit: $29,874
• Equity at exit: $47,496

10-year hold

• IRR: 18.4%
• Equity multiple: 2.58×
• Total profit: $141,270
• Equity at exit: $27,542

Cash invested: $89,193 (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 46062

• Rents YoY: 3.8%
• Active inventory: 414
• Price-to-rent: 22.0×

Monthly cashflow live

• Estimated rent: $4,335 medium
• Mortgage (P&I): −$1,670
• Tax est. 1.5%: −$398 /mo · $4,778/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$910
• Net cashflow: $1,223

Break-even live

Break-even rent $2,787

Max offer price $318,545

Occupancy floor 67%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$4,335
Total (3 units)			$4,335

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: $79,636
• Closing costs: $9,556
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
19488 Chip Shot Rd Noblesville, IN	4.0	2.5	2130	$2,185	$1.03	17d	1	0.32mi
18864 Prairie Crossing Dr Noblesville, IN	3.0	2.5	2242	$2,280	$1.02	7d	1	0.83mi
6626 Crossbridge Dr Noblesville, IN	3.0	2.0	1664	$2,200	$1.32	43d	1	1.09mi
14744 Malachi RD Noblesville, IN	1.0–2.0	1.0–2.0	1174	$3,147	$2.68	1d	124	1.42mi
14744 Malachi RD Noblesville, IN	1.0–2.0	1.0–2.0	1174	$3,257	$2.77	43d	30	1.42mi

Listing history 20 events

1. 2026-06-18
   days on market $380,990 Active 190 DOM
2. 2026-06-17
   days on market $380,990 Active 189 DOM
3. 2026-06-16
   days on market $380,990 Active 188 DOM
4. 2026-06-15
   days on market $380,990 Active 187 DOM
5. 2026-06-13
   days on market $380,990 Active 185 DOM
6. 2026-06-13
   days on market $380,990 Active 184 DOM
7. 2026-06-09
   days on market $380,990 Active 181 DOM
8. 2026-06-08
   days on market $380,990 Active 180 DOM
9. 2026-06-07
   days on market $380,990 Active 179 DOM
10. 2026-06-05
    days on market $380,990 Active 176 DOM
11. 2026-06-03
    days on market $380,990 Active 175 DOM
12. 2026-06-02
    days on market $380,990 Active 174 DOM
13. 2026-06-02
    price $380,990 Active 173 DOM
14. 2026-06-01
    days on market $379,990 Active 173 DOM
15. 2026-05-31
    days on market $379,990 Active 172 DOM
16. 2026-03-04
    price $379,990 385-char remark

    Show marketing remark (385 chars)

    The Vienna two-story villa blends comfort and style with soaring vaulted ceilings in the great room for a bright, open atmosphere. A main-floor primary suite adds everyday ease, while the oversized loft upstairs offers space for hobbies, game nights, or quiet retreat. An optional extra bedroom allows you to personalize the home to suit guests, lifestyle needs, or future flexibility.

17. 2026-03-02
    price $393,990 385-char remark

    Show marketing remark (385 chars)

    The Vienna two-story villa blends comfort and style with soaring vaulted ceilings in the great room for a bright, open atmosphere. A main-floor primary suite adds everyday ease, while the oversized loft upstairs offers space for hobbies, game nights, or quiet retreat. An optional extra bedroom allows you to personalize the home to suit guests, lifestyle needs, or future flexibility.

18. 2026-02-03
    price $392,990 385-char remark

    Show marketing remark (385 chars)

    The Vienna two-story villa blends comfort and style with soaring vaulted ceilings in the great room for a bright, open atmosphere. A main-floor primary suite adds everyday ease, while the oversized loft upstairs offers space for hobbies, game nights, or quiet retreat. An optional extra bedroom allows you to personalize the home to suit guests, lifestyle needs, or future flexibility.

19. 2026-01-02
    price $391,990 385-char remark

    Show marketing remark (385 chars)

    The Vienna two-story villa blends comfort and style with soaring vaulted ceilings in the great room for a bright, open atmosphere. A main-floor primary suite adds everyday ease, while the oversized loft upstairs offers space for hobbies, game nights, or quiet retreat. An optional extra bedroom allows you to personalize the home to suit guests, lifestyle needs, or future flexibility.

20. 2025-12-10
    listed $390,990 Active 385-char remark

    Show marketing remark (385 chars)

    The Vienna two-story villa blends comfort and style with soaring vaulted ceilings in the great room for a bright, open atmosphere. A main-floor primary suite adds everyday ease, while the oversized loft upstairs offers space for hobbies, game nights, or quiet retreat. An optional extra bedroom allows you to personalize the home to suit guests, lifestyle needs, or future flexibility.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $52,020
• − Mortgage interest: −$17,843
• − Property taxes: −$4,778
• − Insurance: −$1,593
• − Repairs & maintenance: −$4,162
• − Management: −$4,162
• − Depreciation: −$9,267
• Taxable income: $10,216
• Est. tax owed @ 24.0%: −$2,452
• After-tax cash flow: $12,227/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.

Condition & rehab AI · 3 photos

Good 80/100 Cosmetic rehab

The home is in good condition with a good exterior and interior. It has potential for minor updates to enhance its value and appeal to buyers and renters.

Value-add opportunities

• Both Painting the interior walls — Fresh paint can enhance the home's curb appeal and interior aesthetics.
• Both Updating the flooring — New flooring can improve the home's appearance and increase its value.
• Both Upgrading the kitchen appliances — Modern appliances can attract more buyers and renters.
• Both Landscaping improvements — Enhanced landscaping can increase the home's curb appeal and attract more interest from potential buyers and renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the interior walls — Fresh paint can enhance the home's curb appeal and interior aesthetics. ↑
• Both Updating the flooring — New flooring can improve the home's appearance and increase its value. ↑
• Both Upgrading the kitchen appliances — Modern appliances can attract more buyers and renters. ↑
• Both Landscaping improvements — Enhanced landscaping can increase the home's curb appeal and attract more interest from potential buyers and renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Noblesville Schools
• NCES district ID: 1807650
• Math proficiency: 51% ▼ -12.00%
• Reading proficiency: 57% ▼ -8.00%
• Median HH income: $71,719
• Composite: 48.16/100
• National rank: #2177
• State rank: #26 of 301 in IN

Livability — Noblesville

• Score: 86/100
• State rank: #3
• US rank: #446

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Hamilton County · 337,479 people
• City population: 88,670
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 41,060
• Household income: $120,100
• Rent vs Own: 21.4% rent · 78.6% own
• Severe rent burden: 401.0

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 (85%)
• Race & ethnicity: White 85% Black 5% Two or more races 4% Hispanic / Latino 4% Asian 3%
• Common ancestry: Romanian 3% Slovak 3% Italian 2%
• Foreign-born: 6% · Canada, Vietnam
• Languages at home: 94% English-only · Other Indo-European 2% Spanish 1% Other Asian/Pacific 1%

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: ▼ -177.18%
• Current HPI: 227.776
• Rent YoY: ▲ 3.80%
• 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

-2.8% since first listed

5 events — show timeline

• 2026-03-04 Price Changed $379,990 Zillow
• 2026-03-02 Price Changed $393,990 Zillow
• 2026-02-03 Price Changed $392,990 Zillow
• 2026-01-02 Price Changed $391,990 Zillow
• 2025-12-10 Listed $390,990 Zillow