116 W Flat Rock Dr · Westfield, IN 46074

$375,000

3 bd · 2.0 ba · 2,607 sqft · SingleFamily public records · 7 Days on market

Built 2000 6,534 sqft lot Est $430k · 13% under $18/mo HOA · 1% 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).

• ARV discount +13.3/15.0
• Cash flow +12.7/30.0
• Schools +5.5/10.0
• DSCR +3.8/10.0
• Rent growth +3.6/5.0
• Livability +3.6/5.0
• 1% rule +3.2/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

LOOKING FOR A RANCH WITH A FINISHED BASEMENT? Look no more. Split bedroom floor plan with spacious master, walk in closet and full bath. Great room is open and airy and sliding door opens to the large fenced in backyard with mature trees, privacy and great space for kids, pets, and FUN! Kitchen opens into the great room keeping "the cook" involved with all that is going on! All appliances stay. Cabinet storage is great. Need more space...don't miss the finished basement. Room for work-out, office, 2nd living space, playroom or AMAZING storage! You decided! Great Westfield neighborhood and close to all that is building up! Easy access to Highway, amenities, Grand Park, Riverview Hospital and so much more!

Key facts

• Wood deck
• Gourmet kitchen
• Finished basement

Tags

• GOURMET KITCHEN
• FINISHED BASEMENT
• DEDICATED OFFICE SPACE
• TREE-LINED BACKYARD
• WOOD DECK
• WALKING TRAILS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $375k.

Deal economics

• At list price, monthly cash flow is $-41 ($-492/yr) — negative.
• To cash-flow at today's rent, offer at most $368k (1.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $307k (18.0% below list).
• Recommended offer: $307k (18.0% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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: Monon Trail Elementary School (math 55% / reading 43%, grade D, #301 of 994 statewide, top 30%, 572 students, 29% 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); 809 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k 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

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 26y 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 $230k; list at $375k implies a 63% gain — meaningful room to come down on a strong offer.

Recommended offer $307,387 (18.0% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.82% ✗
• Cap rate: 6.16%
• Cash-on-cash: -0.47%
• DSCR: 0.98
• GRM: 10.2

CMA / ARV

• ARV (on-the-fly): $430,155
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
116 W Flat Rock Dr	0.00mi	3/2.0	2,840 (+9%)	1mo	$375,000	$132	84
230 Maple View Dr	0.30mi	3/3.0	2,715 (+4%)	4mo	$568,000	$209	72
24 W Pine Ridge Dr	0.15mi	4/2.5 (+1)	2,484 (-5%)	13mo	$370,000	$149	68
2 E Quail Wood Ln	0.22mi	3/2.5	2,328 (-11%)	12mo	$370,000	$159	60
578 Farnham Dr	0.53mi	4/2.5 (+1)	2,390 (-8%)	0mo	$425,000	$178	54
40 Fillmore Way	0.39mi	3/2.5	2,395 (-8%)	16mo	$387,500	$162	53
513 Rambo Dr	0.61mi	4/2.5 (+1)	2,429 (-7%)	1mo	$420,000	$173	52
70 Spring Lake Dr	0.33mi	3/2.5	2,267 (-13%)	18mo	$380,000	$168	46
17040 Lakeville Xing	0.54mi	3/2.5	2,395 (-8%)	21mo	$395,000	$165	42
16745 Del Mar Way	0.73mi	4/2.5 (+1)	2,472 (-5%)	10mo	$460,000	$186	42
17045 Newberry Ln	0.49mi	4/2.5 (+1)	2,941 (+13%)	20mo	$393,500	$134	32
16764 Burket Dr	0.72mi	4/2.5 (+1)	2,848 (+9%)	19mo	$444,000	$156	28

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -15.7%
• Equity multiple: 0.43×
• Total profit: $-59,461
• Equity at exit: $55,914

10-year hold

• IRR: -5.4%
• Equity multiple: 0.63×
• Total profit: $-38,644
• Equity at exit: $32,423

Cash invested: $105,000 (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: 809
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $3,074 high
• Mortgage (P&I): −$1,967
• Tax from tax record: −$329 /mo · $3,943/yr
• Insurance: −$156
• HOA: −$18
• Vacancy / Maint / Mgmt: −$646
• Net cashflow: $-41

Break-even live

Break-even rent $3,126

Max offer price $367,757

Occupancy floor 96%

Sensitivity live

Price	-10% $171	-5% $65	+0% $-41	+5% $-147	+10% $-253
Rent	-10% $-284	-5% $-162	+0% $-41	+5% $80	+10% $202
Rate	-1.0pp $148	-0.5pp $54	base $-41	+0.5pp $-138	+1.0pp $-237

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: $93,750
• Closing costs: $11,250
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
17330 Graley Pl Westfield, IN	3.0	3.0	2383	$3,500	$1.47	45d	1	0.20mi
459 Vernon Pl Westfield, IN	4.0	2.5	1968	$3,750	$1.91	45d	1	0.61mi
16259 Countryside Blvd Westfield, IN	4.0	2.5	2972	$2,900	$0.98	9d	1	1.07mi
16325 Bay Meadow Cir Westfield, IN	4.0	3.0	2042	$1,995	$0.98	14d	1	1.25mi
16271 Ambia Cir Westfield, IN	3.0	2.5	3074	$3,300	$1.07	45d	1	1.29mi
1418 Moose Ridge Ln Westfield, IN	3.0	2.5	2424	$2,751	$1.13	0d	1	1.46mi

HOA detail

• Monthly dues: $18 · $216/yr

Listing history 12 events

1. 2026-04-10
   status Pending
2. 2026-04-02
   listed $375,000 Active
3. 2020-07-31
   soldstatus $230,000 Sold 723-char remark

   Show marketing remark (723 chars)

   LOOKING FOR A RANCH WITH A FINISHED BASEMENT? Look no more. Split bedroom floor plan with spacious master, walk in closet and full bath. Great room is open and airy and sliding door opens to the large fenced in backyard with mature trees, privacy and great space for kids, pets, and FUN! Kitchen opens into the great room keeping "the cook" involved with all that is going on! All appliances stay. Cabinet storage is great. Need more space...don't miss the finished basement. Room for work-out, office, 2nd living space, playroom or AMAZING storage! You decided! Great Westfield neighborhood and close to all that is building up! Easy access to Highway, amenities, Grand Park, Riverview Hospital and so much more!

4. 2020-06-22
   status Pending 723-char remark

   Show marketing remark (723 chars)

   LOOKING FOR A RANCH WITH A FINISHED BASEMENT? Look no more. Split bedroom floor plan with spacious master, walk in closet and full bath. Great room is open and airy and sliding door opens to the large fenced in backyard with mature trees, privacy and great space for kids, pets, and FUN! Kitchen opens into the great room keeping "the cook" involved with all that is going on! All appliances stay. Cabinet storage is great. Need more space...don't miss the finished basement. Room for work-out, office, 2nd living space, playroom or AMAZING storage! You decided! Great Westfield neighborhood and close to all that is building up! Easy access to Highway, amenities, Grand Park, Riverview Hospital and so much more!

5. 2020-06-13
   listed $225,000 Active 723-char remark

   Show marketing remark (723 chars)

   LOOKING FOR A RANCH WITH A FINISHED BASEMENT? Look no more. Split bedroom floor plan with spacious master, walk in closet and full bath. Great room is open and airy and sliding door opens to the large fenced in backyard with mature trees, privacy and great space for kids, pets, and FUN! Kitchen opens into the great room keeping "the cook" involved with all that is going on! All appliances stay. Cabinet storage is great. Need more space...don't miss the finished basement. Room for work-out, office, 2nd living space, playroom or AMAZING storage! You decided! Great Westfield neighborhood and close to all that is building up! Easy access to Highway, amenities, Grand Park, Riverview Hospital and so much more!

6. 2014-07-09
   historical 485-char remark

   Show marketing remark (485 chars)

   Rare find!!! LOVELY RANCH with FINISHED BASEMENT, fenced in back yard w new deck; spacious Great Room with 2 sky lights. Bright & cheery eat-in kitchen with pass through to Great Room. Generous Master Suite boasts walk in closet and full bath. Double payne windows, Sliding Glass Door, cleaned out air ducts, new pipes: warranties in place; wired for alarm system; multiple sump pump (w full battery back up) in Huge Basement with an office and extra room for just about anything!

7. 2014-07-08
   soldstatus $168,500 485-char remark

   Show marketing remark (485 chars)

   Rare find!!! LOVELY RANCH with FINISHED BASEMENT, fenced in back yard w new deck; spacious Great Room with 2 sky lights. Bright & cheery eat-in kitchen with pass through to Great Room. Generous Master Suite boasts walk in closet and full bath. Double payne windows, Sliding Glass Door, cleaned out air ducts, new pipes: warranties in place; wired for alarm system; multiple sump pump (w full battery back up) in Huge Basement with an office and extra room for just about anything!

8. 2013-10-29
   listed $169,900 485-char remark

   Show marketing remark (485 chars)

   Rare find!!! LOVELY RANCH with FINISHED BASEMENT, fenced in back yard w new deck; spacious Great Room with 2 sky lights. Bright & cheery eat-in kitchen with pass through to Great Room. Generous Master Suite boasts walk in closet and full bath. Double payne windows, Sliding Glass Door, cleaned out air ducts, new pipes: warranties in place; wired for alarm system; multiple sump pump (w full battery back up) in Huge Basement with an office and extra room for just about anything!

9. 2005-07-01
   soldstatus $147,900
10. 2005-03-08
    listed $147,900
11. 2000-10-10
    soldstatus $126,550
12. 2000-05-18
    listed $129,900

ⓘ 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: $3,943 · $329/mo
• Projected year-2 tax: $3,943 · $329/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 · 18 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 · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $36,886
• − Mortgage interest: −$21,006
• − Property taxes: −$3,943
• − Insurance: −$1,875
• − Repairs & maintenance: −$2,951
• − Management: −$2,951
• − HOA: −$216
• − Depreciation: −$10,909
• Taxable loss: −$6,964
• Est. tax savings @ 24.0%: +$1,671
• After-tax cash flow: $1,179/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

+188.7% since first listed

12 events — show timeline

• 2026-04-10 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-02 Listed $375,000 MIBOR as Distributed by MLS Grid
• 2020-07-31 Sold (MLS) $230,000 MIBOR as Distributed by MLS Grid
• 2020-06-22 Pending — MIBOR as Distributed by MLS Grid
• 2020-06-13 Listed $225,000 MIBOR as Distributed by MLS Grid
• 2014-07-09 Listing Removed — MIBOR as Distributed by MLS Grid
• 2014-07-08 Sold (MLS) $168,500 MIBOR as Distributed by MLS Grid
• 2013-10-29 Listed $169,900 MIBOR as Distributed by MLS Grid
• 2005-07-01 Sold (MLS) $147,900 MIBOR as Distributed by MLS Grid
• 2005-03-08 Listed $147,900 MIBOR as Distributed by MLS Grid
• 2000-10-10 Sold (MLS) $126,550 MIBOR as Distributed by MLS Grid
• 2000-05-18 Listed $129,900 MIBOR as Distributed by MLS Grid

Property tax history

+6.7%/yr

Latest (2025): $3,943 · -2.1% YoY. Source: county tax records.