2024 Galaxy Dr · Franklin, IN 46131

$220,000

2 bd · 2.0 ba · 1,256 sqft · MultiFamily public records · 3 Days on market

Built 1997 10,542 sqft lot $40/mo HOA · 2% 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 +13.6/30.0
• ARV discount +7.5/15.0
• DSCR +4.1/10.0
• Rent growth +3.7/5.0
• Schools +3.5/10.0
• Livability +3.2/5.0
• 1% rule +2.7/10.0
• 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 MLS

Former model home, shows great and sure to please. Entry of home leads to a nice size great room with vaulted ceilings and a built-in shelve. Kitchen opens to dining room, all appliance's stay along with washer, dryer and water softener & purifying system. Master bedroom offers a walk-in closet and a full tub with shower. 2 bedrooms, 2 bath and a 2-car attached garage w/wash sink. Home is on a corner lot and offers a large yard for entertaining.

Key facts

• 0.24 acre lot
• 2 garage spots
• Built 1997

Property features AI

Finance

• HOA & community: HOA with monthly fee of $40; HOA covers entrance common, lawn care, and grounds maintenance; HOA governed by covenants and restrictions; Community features include sidewalks

Exterior

• Parking: Attached 2-car garage (finished)
• Security: Smoke alarm
• Utilities: Public water; Municipal sewer connected; Natural gas connected; Cable connected
• Home design: Single-family residence; Attached property; One level
• Construction: Brick and vinyl siding exterior; Slab foundation
• Exterior features: Covered patio/porch; Deck; Corner lot; Sidewalks; Street lights

Interior

• Kitchen: Electric oven; Dishwasher; Refrigerator; Pantry; Eat-in kitchen
• Bedrooms: 2 bedrooms on the main level; Primary bedroom with walk-in closet
• Bathrooms: 2 full bathrooms on the main level; Primary bathroom has a full shower stall and is a suite
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Attic with pull-down stairs; Built-in features; Vaulted ceilings; Eat-in kitchen; Pantry; Painted woodwork; Disposal; Gas water heater; Microhood
• Laundry & utility: Main-level laundry room with sink; Washer included; Dryer included

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $220k.

Deal economics

• At list price, monthly cash flow is $14 ($166/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $170k (22.6% below list).
• Recommended offer: $170k (22.6% below list) — sets the bar for 1% rule.
• Cap rate 6.4% 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: schools D+, amenities F, commute 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.
• Market conditions: Rents rising fast (+4.7%/yr); 282 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,133 units permitted in Johnson 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 $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.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 22y 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 $105k; list at $220k implies a 110% gain — meaningful room to come down on a strong offer.

Recommended offer $170,378 (22.6% below list)

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. 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?
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: 0.77% ✗
• Cap rate: 6.37%
• Cash-on-cash: 0.27%
• DSCR: 1.01
• GRM: 10.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -14.3%
• Equity multiple: 0.48×
• Total profit: $-31,931
• Equity at exit: $32,803

10-year hold

• IRR: -3.3%
• Equity multiple: 0.76×
• Total profit: $-14,601
• Equity at exit: $19,022

Cash invested: $61,600 (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: 282
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $1,704 high
• Mortgage (P&I): −$1,154
• Tax from tax record: −$47 /mo · $561/yr
• Insurance: −$92
• HOA: −$40
• Vacancy / Maint / Mgmt: −$358
• Net cashflow: $14

Break-even live

Break-even rent $1,686

Max offer price $220,000

Occupancy floor 94%

Sensitivity live

Price	-10% $138	-5% $76	+0% $14	+5% $-48	+10% $-111
Rent	-10% $-121	-5% $-53	+0% $14	+5% $81	+10% $148
Rate	-1.0pp $125	-0.5pp $70	base $14	+0.5pp $-43	+1.0pp $-101

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 12 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	0.08mi
1111 Cobra Dr Franklin, IN	3.0	2.5	1695	$1,775	$1.05	15d	1	0.12mi
1111 Cobra Dr Franklin, IN	3.0	2.5	1695	$1,825	$1.08	45d	1	0.12mi
1111 Cobra Dr Franklin, IN	3.0	2.5	1695	$1,825	$1.08	44d	1	0.12mi
1263 Brookdale Ct Franklin, IN	3.0	2.0	1618	$1,899	$1.17	4d	1	0.60mi
2891 Fieldstone Ct Franklin, IN	3.0	2.5	1836	$1,821	$0.99	8d	1	1.07mi
401 N Main St Unit 6A Franklin, IN	2.0	1.0	900	$650	$0.72	24d	1	1.40mi
401 N Main St Unit 4B Franklin, IN	2.0	1.0	900	$1,350	$1.50	8d	1	1.40mi
399 N Main St Unit 2 Franklin, IN	2.0	2.0	1177	$1,150	$0.98	24d	1	1.41mi
399 N Main St Unit 1 Franklin, IN	2.0	2.0	1177	$1,150	$0.98	44d	1	1.41mi
1037 W Jefferson St Franklin, IN	2.0–3.0	2.0	1131	$1,445	$1.28	2d	6	1.41mi
2108 Bridlewood Dr Franklin, IN	3.0	2.0	1510	$1,762	$1.17	3d	1	1.43mi

HOA detail

• Monthly dues: $40 · $480/yr
• Likely covers: water

Listing history 10 events

1. 2026-05-13
   status Pending
2. 2026-05-07
   listed $220,000 Active
3. 2017-06-20
   soldstatus $105,000 Sold 453-char remark

   Show marketing remark (453 chars)

   Former model home, shows great and sure to please. Entry of home leads to a nice size great room with vaulted ceilings and a built-in shelve. Kitchen opens to dining room, all appliance's stay along with washer, dryer and water softener & purifying system. Master bedroom offers a walk-in closet and a full tub with shower. 2 bedrooms, 2 bath and a 2-car attached garage w/wash sink. Home is on a corner lot and offers a large yard for entertaining.

4. 2017-05-30
   status Pending 453-char remark

   Show marketing remark (453 chars)

   Former model home, shows great and sure to please. Entry of home leads to a nice size great room with vaulted ceilings and a built-in shelve. Kitchen opens to dining room, all appliance's stay along with washer, dryer and water softener & purifying system. Master bedroom offers a walk-in closet and a full tub with shower. 2 bedrooms, 2 bath and a 2-car attached garage w/wash sink. Home is on a corner lot and offers a large yard for entertaining.

5. 2017-05-30
   price $105,000 453-char remark

   Show marketing remark (453 chars)

   Former model home, shows great and sure to please. Entry of home leads to a nice size great room with vaulted ceilings and a built-in shelve. Kitchen opens to dining room, all appliance's stay along with washer, dryer and water softener & purifying system. Master bedroom offers a walk-in closet and a full tub with shower. 2 bedrooms, 2 bath and a 2-car attached garage w/wash sink. Home is on a corner lot and offers a large yard for entertaining.

6. 2017-05-24
   status Active 453-char remark

   Show marketing remark (453 chars)

   Former model home, shows great and sure to please. Entry of home leads to a nice size great room with vaulted ceilings and a built-in shelve. Kitchen opens to dining room, all appliance's stay along with washer, dryer and water softener & purifying system. Master bedroom offers a walk-in closet and a full tub with shower. 2 bedrooms, 2 bath and a 2-car attached garage w/wash sink. Home is on a corner lot and offers a large yard for entertaining.

7. 2017-05-03
   status Pending 453-char remark

   Show marketing remark (453 chars)

   Former model home, shows great and sure to please. Entry of home leads to a nice size great room with vaulted ceilings and a built-in shelve. Kitchen opens to dining room, all appliance's stay along with washer, dryer and water softener & purifying system. Master bedroom offers a walk-in closet and a full tub with shower. 2 bedrooms, 2 bath and a 2-car attached garage w/wash sink. Home is on a corner lot and offers a large yard for entertaining.

8. 2017-05-02
   listed $100,000 Active 453-char remark

   Show marketing remark (453 chars)

   Former model home, shows great and sure to please. Entry of home leads to a nice size great room with vaulted ceilings and a built-in shelve. Kitchen opens to dining room, all appliance's stay along with washer, dryer and water softener & purifying system. Master bedroom offers a walk-in closet and a full tub with shower. 2 bedrooms, 2 bath and a 2-car attached garage w/wash sink. Home is on a corner lot and offers a large yard for entertaining.

9. 2004-10-18
   historical
10. 2004-04-19
    listed $93,500

ⓘ 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: $561 · $47/mo
• Projected year-2 tax: $1,216 · $101/mo
• Expected delta: +$654/yr (+$55/mo · 116.5%)

ⓘ 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: $20,445
• − Mortgage interest: −$12,323
• − Property taxes: −$561
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,636
• − Management: −$1,636
• − HOA: −$480
• − Depreciation: −$6,400
• Taxable loss: −$3,691
• Est. tax savings @ 24.0%: +$886
• After-tax cash flow: $1,052/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

+135.3% since first listed

10 events — show timeline

• 2026-05-13 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-07 Listed $220,000 MIBOR as Distributed by MLS Grid
• 2017-06-20 Sold (MLS) $105,000 MIBOR as Distributed by MLS Grid
• 2017-05-30 Pending — MIBOR as Distributed by MLS Grid
• 2017-05-30 Price Changed $105,000 MIBOR as Distributed by MLS Grid
• 2017-05-24 Relisted — MIBOR as Distributed by MLS Grid
• 2017-05-03 Pending — MIBOR as Distributed by MLS Grid
• 2017-05-02 Listed $100,000 MIBOR as Distributed by MLS Grid
• 2004-10-18 Listing Removed — MIBOR as Distributed by MLS Grid
• 2004-04-19 Listed $93,500 MIBOR as Distributed by MLS Grid

Property tax history

-0.6%/yr

Latest (2024): $561 · +2.0% YoY. Source: county tax records.