Cordoba Plan · Westfield, IN 46069

$308,600

2 bd · 2.0 ba · 1,515 sqft · MultiFamily · 516 Days on market

Excellent condition

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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 +12.3/30.0
• ARV discount +7.5/15.0
• Schools +5.5/10.0
• Condition / age +4.8/5.0
• DSCR +3.7/10.0
• Livability +3.6/5.0
• 1% rule +3.5/10.0
• Rent growth +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

Olthof Homes presents the Cordoba. This 1,515-sf paired villa home affords all the benefits of low maintenance living. Boasting an additional den area, this 2 bedroom, 2 bath home may also be built with 3 bedrooms. This home also offers pull down attic storage options and may be customized by adding a sunroom. 2 car attached garage. 10x10 patio. Olthof Homes builds high performance energy efficient homes with a third-party certified energy rating. 10-year structural warranty, 4-year workmanship on the roof, Low E windows, and Industry Best Customer Care Program.

Key facts

• 2 garage spots
• Listed 515 days

🏗️ New construction. Builder plan / spec listing (the home may be to-be-built); metrics use comparable previous sales.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $309k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-54 ($-650/yr) — negative.
• To cash-flow at today's rent, offer at most $301k (2.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $263k (14.7% below list).
• Recommended offer: $263k (14.7% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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.
• Market conditions: 119 active listings in the ZIP; 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 $2k of loan paydown is wiped out by about $9k 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

• It's been on market 516 days — a 12% lower offer ($272k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask is 6% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Recommended offer $263,100 (14.7% 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. It's been on market 516 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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?
7. 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.
8. 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.
9. 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: 0.85% ✗
• Cap rate: 6.08%
• Cash-on-cash: -0.75%
• DSCR: 0.97
• GRM: 9.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -17.5%
• Equity multiple: 0.38×
• Total profit: $-53,417
• Equity at exit: $46,013

10-year hold

• IRR: -9.6%
• Equity multiple: 0.41×
• Total profit: $-50,796
• Equity at exit: $26,682

Cash invested: $86,408 (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 46069

• Home prices YoY: -28.2%
• Active inventory: 119
• Price-to-rent: 19.5×

Monthly cashflow live

• Estimated rent: $2,631 medium
• Mortgage (P&I): −$1,618
• Tax est. 1.5%: −$386 /mo · $4,629/yr
• Insurance: −$129
• HOA: −$0
• Vacancy / Maint / Mgmt: −$553
• Net cashflow: $-54

Break-even live

Break-even rent $2,700

Max offer price $300,761

Occupancy floor 97%

Sensitivity live

Price	-10% $159	-5% $52	+0% $-54	+5% $-161	+10% $-267
Rent	-10% $-262	-5% $-158	+0% $-54	+5% $50	+10% $154
Rate	-1.0pp $101	-0.5pp $24	base $-54	+0.5pp $-134	+1.0pp $-215

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$2,632
Total (2 units)			$2,631

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: $77,150
• Closing costs: $9,258
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-18
   days on market $308,600 Active 516 DOM
2. 2026-06-17
   days on market $308,600 Active 515 DOM
3. 2026-06-16
   days on market $308,600 Active 514 DOM
4. 2026-06-15
   days on market $308,600 Active 513 DOM
5. 2026-06-13
   days on market $308,600 Active 511 DOM
6. 2026-06-13
   days on market $308,600 Active 510 DOM
7. 2026-06-10
   price $308,600 Active 507 DOM
8. 2026-06-09
   days on market $305,500 Active 507 DOM
9. 2026-06-08
   days on market $305,500 Active 506 DOM
10. 2026-06-07
    days on market $305,500 Active 505 DOM
11. 2026-06-05
    days on market $305,500 Active 502 DOM
12. 2026-06-03
    days on market $305,500 Active 501 DOM
13. 2026-06-02
    days on market $305,500 Active 500 DOM
14. 2026-06-01
    days on market $305,500 Active 499 DOM
15. 2026-05-31
    days on market $305,500 Active 498 DOM
16. 2026-05-05
    price $305,500 568-char remark

    Show marketing remark (568 chars)

    Olthof Homes presents the Cordoba. This 1,515-sf paired villa home affords all the benefits of low maintenance living. Boasting an additional den area, this 2 bedroom, 2 bath home may also be built with 3 bedrooms. This home also offers pull down attic storage options and may be customized by adding a sunroom. 2 car attached garage. 10x10 patio. Olthof Homes builds high performance energy efficient homes with a third-party certified energy rating. 10-year structural warranty, 4-year workmanship on the roof, Low E windows, and Industry Best Customer Care Program.

17. 2026-03-17
    price $302,400 568-char remark

    Show marketing remark (568 chars)

    Olthof Homes presents the Cordoba. This 1,515-sf paired villa home affords all the benefits of low maintenance living. Boasting an additional den area, this 2 bedroom, 2 bath home may also be built with 3 bedrooms. This home also offers pull down attic storage options and may be customized by adding a sunroom. 2 car attached garage. 10x10 patio. Olthof Homes builds high performance energy efficient homes with a third-party certified energy rating. 10-year structural warranty, 4-year workmanship on the roof, Low E windows, and Industry Best Customer Care Program.

18. 2026-01-08
    price $299,800 568-char remark

    Show marketing remark (568 chars)

    Olthof Homes presents the Cordoba. This 1,515-sf paired villa home affords all the benefits of low maintenance living. Boasting an additional den area, this 2 bedroom, 2 bath home may also be built with 3 bedrooms. This home also offers pull down attic storage options and may be customized by adding a sunroom. 2 car attached garage. 10x10 patio. Olthof Homes builds high performance energy efficient homes with a third-party certified energy rating. 10-year structural warranty, 4-year workmanship on the roof, Low E windows, and Industry Best Customer Care Program.

19. 2025-10-10
    status Active 568-char remark

    Show marketing remark (568 chars)

    Olthof Homes presents the Cordoba. This 1,515-sf paired villa home affords all the benefits of low maintenance living. Boasting an additional den area, this 2 bedroom, 2 bath home may also be built with 3 bedrooms. This home also offers pull down attic storage options and may be customized by adding a sunroom. 2 car attached garage. 10x10 patio. Olthof Homes builds high performance energy efficient homes with a third-party certified energy rating. 10-year structural warranty, 4-year workmanship on the roof, Low E windows, and Industry Best Customer Care Program.

20. 2025-10-10
    price $296,800 568-char remark

    Show marketing remark (568 chars)

    Olthof Homes presents the Cordoba. This 1,515-sf paired villa home affords all the benefits of low maintenance living. Boasting an additional den area, this 2 bedroom, 2 bath home may also be built with 3 bedrooms. This home also offers pull down attic storage options and may be customized by adding a sunroom. 2 car attached garage. 10x10 patio. Olthof Homes builds high performance energy efficient homes with a third-party certified energy rating. 10-year structural warranty, 4-year workmanship on the roof, Low E windows, and Industry Best Customer Care Program.

21. 2025-08-27
    historical 568-char remark

    Show marketing remark (568 chars)

    Olthof Homes presents the Cordoba. This 1,515-sf paired villa home affords all the benefits of low maintenance living. Boasting an additional den area, this 2 bedroom, 2 bath home may also be built with 3 bedrooms. This home also offers pull down attic storage options and may be customized by adding a sunroom. 2 car attached garage. 10x10 patio. Olthof Homes builds high performance energy efficient homes with a third-party certified energy rating. 10-year structural warranty, 4-year workmanship on the roof, Low E windows, and Industry Best Customer Care Program.

22. 2025-03-03
    price $293,800 568-char remark

    Show marketing remark (568 chars)

    Olthof Homes presents the Cordoba. This 1,515-sf paired villa home affords all the benefits of low maintenance living. Boasting an additional den area, this 2 bedroom, 2 bath home may also be built with 3 bedrooms. This home also offers pull down attic storage options and may be customized by adding a sunroom. 2 car attached garage. 10x10 patio. Olthof Homes builds high performance energy efficient homes with a third-party certified energy rating. 10-year structural warranty, 4-year workmanship on the roof, Low E windows, and Industry Best Customer Care Program.

23. 2025-03-02
    price $249,600 568-char remark

    Show marketing remark (568 chars)

    Olthof Homes presents the Cordoba. This 1,515-sf paired villa home affords all the benefits of low maintenance living. Boasting an additional den area, this 2 bedroom, 2 bath home may also be built with 3 bedrooms. This home also offers pull down attic storage options and may be customized by adding a sunroom. 2 car attached garage. 10x10 patio. Olthof Homes builds high performance energy efficient homes with a third-party certified energy rating. 10-year structural warranty, 4-year workmanship on the roof, Low E windows, and Industry Best Customer Care Program.

24. 2025-02-02
    price $292,300 568-char remark

    Show marketing remark (568 chars)

    Olthof Homes presents the Cordoba. This 1,515-sf paired villa home affords all the benefits of low maintenance living. Boasting an additional den area, this 2 bedroom, 2 bath home may also be built with 3 bedrooms. This home also offers pull down attic storage options and may be customized by adding a sunroom. 2 car attached garage. 10x10 patio. Olthof Homes builds high performance energy efficient homes with a third-party certified energy rating. 10-year structural warranty, 4-year workmanship on the roof, Low E windows, and Industry Best Customer Care Program.

25. 2025-02-01
    price $249,600 568-char remark

    Show marketing remark (568 chars)

    Olthof Homes presents the Cordoba. This 1,515-sf paired villa home affords all the benefits of low maintenance living. Boasting an additional den area, this 2 bedroom, 2 bath home may also be built with 3 bedrooms. This home also offers pull down attic storage options and may be customized by adding a sunroom. 2 car attached garage. 10x10 patio. Olthof Homes builds high performance energy efficient homes with a third-party certified energy rating. 10-year structural warranty, 4-year workmanship on the roof, Low E windows, and Industry Best Customer Care Program.

26. 2024-12-06
    listed $290,800 Active 568-char remark

    Show marketing remark (568 chars)

    Olthof Homes presents the Cordoba. This 1,515-sf paired villa home affords all the benefits of low maintenance living. Boasting an additional den area, this 2 bedroom, 2 bath home may also be built with 3 bedrooms. This home also offers pull down attic storage options and may be customized by adding a sunroom. 2 car attached garage. 10x10 patio. Olthof Homes builds high performance energy efficient homes with a third-party certified energy rating. 10-year structural warranty, 4-year workmanship on the roof, Low E windows, and Industry Best Customer Care Program.

ⓘ 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: $31,572
• − Mortgage interest: −$17,286
• − Property taxes: −$4,629
• − Insurance: −$1,543
• − Repairs & maintenance: −$2,526
• − Management: −$2,526
• − Depreciation: −$8,977
• Taxable loss: −$5,915
• Est. tax savings @ 24.0%: +$1,420
• After-tax cash flow: $770/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 · 12 photos

Excellent 95/100 None rehab

This well-maintained, energy-efficient multi-family home is move-in ready with modern finishes and a great location.

Value-add opportunities

• Resale Paint exterior siding — Fresh paint can enhance curb appeal and property value
• Rental Replace window treatments — Updated window treatments can improve the home's rental appeal
• Both Install smart home devices — Smart home devices can increase both resale and rental value by enhancing convenience and energy efficiency

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior siding — Fresh paint can enhance curb appeal and property value ↑
• Rental Replace window treatments — Updated window treatments can improve the home's rental appeal ↑
• Both Install smart home devices — Smart home devices can increase both resale and rental value by enhancing convenience and energy efficiency ↑

ⓘ 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: 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
• City population: 48,901
• Population (ZIP): 6,924

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 (94%)
• Race & ethnicity: White 94% Hispanic / Latino 4% Two or more races 2%
• Common ancestry: Slovak 5% Italian 2% Iranian 1%
• Foreign-born: 2% · Canada, Guatemala
• Languages at home: 99% English-only · Spanish 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: ▼ -88.24%
• Current HPI: 224.338
• Rent YoY: —
• Metro: —
• 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

+5.1% since first listed

11 events — show timeline

• 2026-05-05 Price Changed $305,500 Zillow
• 2026-03-17 Price Changed $302,400 Zillow
• 2026-01-08 Price Changed $299,800 Zillow
• 2025-10-10 Price Changed $296,800 Zillow
• 2025-10-10 Relisted — Zillow
• 2025-08-27 Delisted — Zillow
• 2025-03-03 Price Changed $293,800 Zillow
• 2025-03-02 Price Changed $249,600 Zillow
• 2025-02-02 Price Changed $292,300 Zillow
• 2025-02-01 Price Changed $249,600 Zillow
• 2024-12-06 Listed $290,800 Zillow