2039 Flamingo Way · Franklin, IN 46131

$225,000

2 bd · 1.0 ba · 1,049 sqft · MultiFamily public records · 9 Days on market

Built 1996 3,920 sqft lot $214/sqft · 32% below area Est $330k · 32% under $75/mo HOA · 6% of rent

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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 +25.5/30.0
• ARV discount +15.0/15.0
• DSCR +8.4/10.0
• 1% rule +6.4/10.0
• Rent growth +3.7/5.0
• Schools +3.5/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• 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

Welcome home! This well maintained 2-bedroom, 1-bathroom ranch paired patio home is nestled in the highly desirable neighborhood of Whispering Ponds 55+ community. Enjoy the privacy in the back with the beautiful pond views. Low maintenance living includes lawncare, landscaping and snow removal. As you walk in, you are greeted by the eat in kitchen that has ample counter/cabinet space and appliances are included. The primary bedroom includes a spacious walk-in closet. The guest bedroom has a double closet and enjoy the updated full bathroom. You will not run out of parking or storage with the large 1 car attached garage along with the extended driveway. The pull-down attic access offers add

Key facts

• Covered front porch
• Double closet
• Eat in kitchen

Tags

• POND VIEWS
• EAT IN KITCHEN
• WALK IN CLOSET
• DOUBLE CLOSET
• UPDATED FULL BATHROOM
• COVERED FRONT PORCH

Property features AI

Finance

• Other: Property listed as mandatory-fee ownership
• HOA & community: HOA present (monthly fee of $75); 55+ community with covenants & restrictions; Community amenities include clubhouse, grounds maintenance, management, seasonal pond, and snow removal; Low-maintenance lifestyle

Exterior

• Parking: Attached garage (1 car)
• Utilities: Public water; Municipal sewer connected
• Home design: Single-family residence (attached property); One level
• Construction: Brick and vinyl siding exterior; Slab foundation
• Exterior features: Covered, screened porch/patio

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Electric oven; Refrigerator
• Bedrooms: 2 bedrooms (both on the main level)
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Forced air heating; Heat pump; Central air conditioning
• Interior features: Attic pull-down stairs; Eat-in kitchen; Walk-in closet(s)
• Laundry & utility: Washer; Dryer; Water heater; Water softener (owned)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $525 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Cap rate 9.1% vs local median 4.0% in Franklin — 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 65/100 on livability (#351 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Franklin Community School Corporation (suburban): math 36% / reading 44% proficiency, ranked #133 of 301 in IN (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Franklin Community High School (math 29% / reading 69%, grade D, #136 of 369 statewide, top 37%, 1,610 students, 41% FRL).
• Market conditions: Rents rising fast (+4.7%/yr); 278 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,133 units permitted in Johnson County in 2024 (0 in 5+ unit buildings).
• This rent runs 36% of the median local income ($85k/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 $7k of value loss. Plan a longer hold.
• Johnson County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.7% rent growth), your $63k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 25y 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 $225,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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.
5. 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.
6. 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: 1.14% ✓
• Cap rate: 9.09%
• Cash-on-cash: 10.00%
• DSCR: 1.44
• GRM: 7.3

CMA / ARV

• ARV (median comp): $330,090
• List price: $225,000
• Delta: -31.84%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.68% rent growth · sell at horizon

5-year hold

• IRR: 0.6%
• Equity multiple: 1.02×
• Total profit: $1,387
• Equity at exit: $33,548

10-year hold

• IRR: 11.8%
• Equity multiple: 2.00×
• Total profit: $62,989
• Equity at exit: $19,454

Cash invested: $63,000 (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 46131

• Home prices YoY: -27.8%
• Rents YoY: 4.7%
• Active inventory: 278
• Price-to-rent: 14.6×

Monthly cashflow live

• Estimated rent: $2,563 medium
• Mortgage (P&I): −$1,180
• Tax from tax record: −$151 /mo · $1,813/yr
• Insurance: −$94
• HOA: −$75
• Vacancy / Maint / Mgmt: −$538
• Net cashflow: $525

Break-even live

Break-even rent $1,898

Max offer price $225,000

Occupancy floor 75%

Sensitivity live

Price	-10% $652	-5% $589	+0% $525	+5% $461	+10% $398
Rent	-10% $323	-5% $424	+0% $525	+5% $626	+10% $727
Rate	-1.0pp $638	-0.5pp $582	base $525	+0.5pp $467	+1.0pp $407

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,564
Total (2 units)			$2,563

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1994 Falcon Ct Franklin, IN	3.0	1.0	1008	$1,590	$1.58	44d	1	0.66mi
1037 W Jefferson St Franklin, IN	2.0–3.0	2.0	1131	$1,445	$1.28	2d	6	0.88mi
278 Walnut St Unit 6 Franklin, IN	2.0	1.0	800	$1,300	$1.62	44d	1	1.12mi
399 N Main St Unit 2 Franklin, IN	2.0	2.0	1177	$1,150	$0.98	24d	1	1.31mi
399 N Main St Unit 1 Franklin, IN	2.0	2.0	1177	$1,150	$0.98	44d	1	1.31mi
401 N Main St Unit 6A Franklin, IN	2.0	1.0	900	$650	$0.72	24d	1	1.31mi
401 N Main St Unit 4B Franklin, IN	2.0	1.0	900	$1,350	$1.50	8d	1	1.31mi
150 S Main St Franklin, IN	3.0	2.0	1500	$2,400	$1.60	44d	1	1.46mi

HOA detail

• Monthly dues: $75 · $900/yr
• Likely covers: landscapingsnow removal

Listing history 4 events

1. 2026-05-11
   status Pending 1148-char remark
2. 2026-05-06
   listed $225,000 Active 1148-char remark
3. 2001-10-01
   historical
4. 2001-04-06
   listed $99,900

ⓘ 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: $1,813 · $151/mo
• Projected year-2 tax: $1,863 · $155/mo
• Expected delta: +$50/yr (+$4/mo · 2.7%)

ⓘ 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 4/10 Moderate 7 d/yr ≥101°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,756
• − Mortgage interest: −$12,603
• − Property taxes: −$1,813
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,460
• − Management: −$2,460
• − HOA: −$900
• − Depreciation: −$6,545
• Taxable income: $2,848
• Est. tax owed @ 24.0%: −$683
• After-tax cash flow: $5,616/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: Franklin Community School Corporation
• NCES district ID: 1803690
• Math proficiency: 36% ▼ -11.00%
• Reading proficiency: 44% ▼ -8.00%
• Median HH income: $54,855
• Composite: 34.93/100
• National rank: #5066
• State rank: #133 of 301 in IN

Livability — Franklin

• Score: 65/100
• State rank: #351
• US rank: #13428

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Franklin, IN
• County: Johnson County · 154,261 people
• City population: 34,647
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 34,647
• Household income: $85,076
• Rent vs Own: 28.4% rent · 71.6% own
• Severe rent burden: 984.0

Population outlook (Johnson County) Hauer SSP2

• Today (2025): 170,080 people
• By 2030: 179,983 · +5.8%
• By 2040: 198,580 · +16.8%
• By 2050: 214,661 · +26.2%
• By 2075: 247,990 · +45.8%
• By 2100: 257,821 · +51.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 2% Black 2%
• Common ancestry: Slovak 2% Italian 1% Serbian 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2% Russian/Polish/Slavic 1% Other Asian/Pacific 1%

Political lean MEDSL · Johnson

• 2024 margin: Solid R (+34.3) · D 32.0% · R 66.3% · Other 1.7%
• 2008→2024 swing: -8.9pp toward R · 2008: -25.5pp · 2024: -34.3pp
• All cycles: 2024: R+34.3 2020: R+34.1 2016: R+42.5 2012: R+38.5 2008: R+25.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -90.53%
• Current HPI: 235.0009
• Rent YoY: ▲ 4.68%
• 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

+120.2% since first listed

7 events — show timeline

• 2026-06-10 Sold (MLS) $220,000 MIBOR as Distributed by MLS Grid
• 2026-05-23 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-19 Relisted — MIBOR as Distributed by MLS Grid
• 2026-05-11 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-06 Listed $225,000 MIBOR as Distributed by MLS Grid
• 2001-10-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2001-04-06 Listed $99,900 MIBOR as Distributed by MLS Grid

Property tax history

+8.2%/yr

Latest (2024): $1,813 · +11.4% YoY. Source: county tax records.