404 S Main St · Whitestown, IN 46075

$499,900

5 bd · 5.0 ba · 2,956 sqft · MultiFamily public records · 16 Days on market

Built 1901 7,187 sqft lot

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Why this score? — see what drove the C- 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 +20.3/30.0
• ARV discount +7.5/15.0
• DSCR +6.4/10.0
• 1% rule +4.2/10.0
• Schools +3.7/10.0
• Livability +3.7/5.0
• Rent growth +2.7/5.0
• 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: 2 units. confirmed

Listing remarks MLS

AMAZING INVESTOR OPPORTUNITY! PROPERTY IN THE HEART OF WHITESTOWN ON MAIN ST THAT HAS BEEN FRAMED FOR A 3 BED ON MAIN LEVEL, 3 BED ON SECOND LEVEL WITH OPTION TO MAKE A 4TH BED OR A 3RD UNIT AS A ONE BED AIRBNB. SO MUCH POTENTIAL AS PROPERTY CAN BE CONVERTED TO A SINGLE FAMILY HOME, A DUPLEX, OR A TRIPLEX AIRBNB. STRUCTURE SITS ON A LARGE LOT WITH SPACE TO ADD A GARAGE, OUTDOOR SPACE, ETC. CLOSE TO HWY ACCESS, SHOPPING, RESTAURANTS, & MORE!

Key facts

• Whitestown duplex
• Gross rental income
• Mid-term rentals

Tags

• WHITESTOWN DUPLEX
• MULTI-FAMILY PROPERTY
• COMPREHENSIVE RENOVATION
• GROSS RENTAL INCOME
• MID-TERM RENTALS
• OVERSIZED HVAC SYSTEMS

Property features AI

Finance

• Financial info: Two-unit property; Gross income: $5,400 monthly (combined listed rents); Unit 1 rent: $3,000 monthly; Unit 2 rent: $2,400 monthly; Net operating income: $59,952; Expenses listed (example entry): 404; Owner pays: taxes, trash collection, water; Insurance expense listed: 96

Exterior

• Parking: Parking lot; Alley access with gravel parking
• Security: Security system (owned); Smoke alarm; Carbon monoxide detector(s); Fire alarm
• Utilities: Municipal water; Municipal storm connection; Solid waste: No
• Home design: Duplex (residential income); Converted property; Two levels
• Construction: Vinyl siding; Crawl space foundation; Built as a duplex
• Exterior features: Asphalt roof; Sidewalks; Suburban setting; Alley access; Gravel parking areas; County road access; City street frontage

Interior

• Kitchen: Dishwasher; Disposal; Range/Oven; Refrigerator
• Bedrooms: Both units are 3-bedroom units
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Updated/remodeled units; Smoke alarm; Carbon monoxide detector(s); Fire alarm; Security system (owned)
• Laundry & utility: In-unit washer and dryer; Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $500k.

Deal economics

• At list price, monthly cash flow is $638 ($8k/yr) — positive. Per door: $319/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $458k (8.5% below list).
• Recommended offer: $458k (8.5% below list) — sets the bar for 1% rule.
• Cap rate 7.8% vs local median 4.3% in Whitestown — 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 73/100 on livability (#109 in IN) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, cost of living A; Watch: amenities F, commute F, health & safety F.
• Lebanon Community School Corporation (town): math 41% / reading 44% proficiency, ranked #115 of 301 in IN (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Perry Worth Elementary School (math 57% / reading 47%, grade C-, #237 of 994 statewide, top 26%, 430 students, 30% FRL); Lebanon Senior High School (math 43% / reading 68%, grade C, #75 of 369 statewide, top 20%, 1,027 students, 38% FRL) — zoned schools at 34% FRL track the district average.
• Market conditions: Rents flat; 268 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 898 units permitted in Boone County in 2024 (0 in 5+ unit buildings).
• At $4,575/mo this rent would consume 47% of the median local household income ($117k/yr) (locally 287% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• Boone County population projected at +46% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($492k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y 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 $135k; list at $500k implies a 270% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $457,500 (8.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1901 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.92% ✗
• Cap rate: 7.82%
• Cash-on-cash: 5.47%
• DSCR: 1.24
• GRM: 9.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.77% rent growth · sell at horizon

5-year hold

• IRR: -10.1%
• Equity multiple: 0.64×
• Total profit: $-50,635
• Equity at exit: $74,537

10-year hold

• IRR: -3.8%
• Equity multiple: 0.77×
• Total profit: $-32,083
• Equity at exit: $43,222

Cash invested: $139,972 (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 46075

• Home prices YoY: -20.0%
• Rents YoY: 0.8%
• Active inventory: 268
• Price-to-rent: 18.2×

Monthly cashflow live

• Estimated rent: $4,575 high
• Mortgage (P&I): −$2,622
• Tax from tax record: −$146 /mo · $1,757/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$961
• Net cashflow: $638

Break-even live

Break-even rent $3,767

Max offer price $499,900

Occupancy floor 81%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$4,574
Total (2 units)			$4,575

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: $124,975
• Closing costs: $14,997
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3340 Preakness St Whitestown, IN	4.0	2.5	2426	$2,699	$1.11	2d	1	0.21mi
3766 White Cliff Way Unit 1464961P Whitestown, IN	5.0	2.0	2798	$5,704	$2.04	2d	1	0.49mi
6251 Rhinecliff Dr Whitestown, IN	5.0	2.5	2376	$2,399	$1.01	43d	1	0.50mi
2881 Cross Branch Dr Whitestown, IN	3.0–4.0	2.5	1835	$2,399	$1.31	19d	4	0.62mi
2606 Plano Dr Unit NA Whitestown, IN	4.0	3.0	2119	$2,600	$1.23	1d	1	0.68mi
2557 Lamar Dr Whitestown, IN	4.0	2.5	1981	$2,199	$1.11	43d	1	0.73mi
2519 Dixon Creek Dr Whitestown, IN	5.0	3.0	3867	$2,530	$0.65	1d	1	0.87mi
5773 Weeping Willow Pl Whitestown, IN	4.0	2.5	2514	$2,201	$0.88	7d	1	0.96mi
6831 Orchard Run Cir Whitestown, IN	4.0	2.5	2131	$2,350	$1.10	1d	1	0.98mi
7073 Fowler Dr Whitestown, IN	4.0	3.5	2491	$2,550	$1.02	1d	1	1.01mi
6870 Teder Creek Ln Whitestown, IN	5.0	3.0	2450	$2,600	$1.06	10d	1	1.25mi
2060 Dixon Creek Dr Whitestown, IN	4.0	2.5	2401	$700	$0.29	21d	1	1.26mi
7183 Finley Creek Dr Whitestown, IN	5.0	3.0	2540	$2,700	$1.06	43d	1	1.40mi

Listing history 10 events

1. 2026-06-15
   days on market $499,900 Active 16 DOM
2. 2026-06-13
   days on market $499,900 Active 14 DOM
3. 2026-06-09
   days on market $499,900 Active 10 DOM
4. 2026-06-08
   days on market $499,900 Active 9 DOM
5. 2026-06-07
   days on market $499,900 Active 8 DOM
6. 2026-06-03
   days on market $499,900 Active 4 DOM
7. 2026-06-02
   days on market $499,900 Active 3 DOM
8. 2026-06-01
   days on market $499,900 Active 2 DOM
9. 2026-05-31
   remarks 699-char remark
10. 2026-05-31
    listed $499,900 Active 1 DOM

ⓘ 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: $1,757 · $146/mo
• Projected year-2 tax: $3,003 · $250/mo
• Expected delta: +$1,246/yr (+$104/mo · 71.0%)

ⓘ 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 · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $54,900
• − Mortgage interest: −$28,002
• − Property taxes: −$1,757
• − Insurance: −$2,500
• − Repairs & maintenance: −$4,392
• − Management: −$4,392
• − Depreciation: −$14,543
• Taxable loss: −$685
• Est. tax savings @ 24.0%: +$164
• After-tax cash flow: $7,821/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: Lebanon Community School Corporation
• NCES district ID: 1805790
• Math proficiency: 41% ▼ -11.00%
• Reading proficiency: 44% ▼ -5.00%
• Median HH income: $52,178
• Composite: 36.77/100
• National rank: #4571
• State rank: #115 of 301 in IN

Livability — Whitestown

• Score: 73/100
• State rank: #109
• US rank: #5691

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Whitestown, IN
• County: Boone County · 69,822 people
• City population: 9,509
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 9,509
• Household income: $117,002
• Rent vs Own: 24.0% rent · 76.0% own
• Severe rent burden: 287.0

Population outlook (Boone County) Hauer SSP2

• Today (2025): 77,877 people
• By 2030: 85,185 · +9.4%
• By 2040: 99,753 · +28.1%
• By 2050: 113,572 · +45.8%
• By 2075: 145,674 · +87.1%
• By 2100: 161,165 · +106.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 6% Asian 4% Hispanic / Latino 3% Black 3%
• Common ancestry: Italian 4% Romanian 3% Slovak 2%
• Foreign-born: 7% · Canada, China
• Languages at home: 91% English-only · Other Indo-European 5% Spanish 2% Chinese 1%

Political lean MEDSL · Boone

• 2024 margin: R (+16.0) · D 41.0% · R 57.0% · Other 2.0%
• 2008→2024 swing: +9.8pp toward D · 2008: -25.8pp · 2024: -16.0pp
• All cycles: 2024: R+16.0 2020: R+18.4 2016: R+29.5 2012: R+37.8 2008: R+25.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -49.51%
• Current HPI: 198.3353
• Rent YoY: ▲ 0.77%
• 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

+138.0% since first listed

10 events — show timeline

• 2026-05-30 Listed $499,900 MIBOR as Distributed by MLS Grid
• 2024-02-28 Sold (MLS) $135,000 MIBOR as Distributed by MLS Grid
• 2024-02-22 Pending — MIBOR as Distributed by MLS Grid
• 2024-02-22 Relisted — MIBOR as Distributed by MLS Grid
• 2024-02-05 Listing Removed — MIBOR as Distributed by MLS Grid
• 2024-02-05 Listing Removed — MIBOR as Distributed by MLS Grid
• 2023-12-06 Price Changed $179,000 MIBOR as Distributed by MLS Grid
• 2023-12-06 Price Changed $179,000 MIBOR as Distributed by MLS Grid
• 2023-11-15 Listed $210,000 MIBOR as Distributed by MLS Grid
• 2023-11-15 Listed $210,000 MIBOR as Distributed by MLS Grid

Property tax history

+4.3%/yr

Latest (2025): $1,757 · +2.5% YoY. Source: county tax records.