1203 Brittany Cir Unit B · Brownsburg, IN 46112

$259,000

3 bd · 2.0 ba · 1,766 sqft · Townhouse · 17 Days on market

Built 2006 5,227 sqft lot Est $286k · 9% under $190/mo HOA · 8% 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 +11.8/15.0
• Cash flow +9.9/30.0
• Schools +6.3/10.0
• Rent growth +4.1/5.0
• 1% rule +3.9/10.0
• Livability +3.8/5.0
• DSCR +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fabulous open floor plan in this nearly new home! The spacious greatroom includes a vaulted ceiling. Home features many upgrades including ceramic floors in entry and bathrooms, porcelain tubs & tile surround both bathrooms, custom window treatments, water softener, entry closet, extra master bedroom closet, storm doors, & custom built-in china cabinets. Master bedroom is generously proportioned to allow for a sitting area. All kitchen appliances remain.

Key facts

• Garden condo
• Move-in ready
• Ultimate great room

Tags

• GARDEN CONDO
• UPDATED
• LOW-MAINTENANCE
• MOVE-IN READY
• ULTIMATE GREAT ROOM
• 19 X 16 PRIMARY SUITE

Property features AI

Finance

• Other: Property is on approximately 0.12 acre; Ownership interest: Mandatory fee
• HOA & community: HOA with monthly fee ($190); HOA covers insurance, lawn care, structure maintenance, and snow removal; Covenants & restrictions

Exterior

• Parking: Attached 2-car garage (483 sq ft)
• Security: Smoke alarm
• Utilities: Public water; Municipal sewer; Cable available; Solid waste service
• Home design: Attached townhouse; Single-story
• Construction: Vinyl with brick exterior; Slab foundation
• Exterior features: Patio; Porch; Sidewalks; Small trees (under 20 ft)

Interior

• Kitchen: Refrigerator; Electric oven; Microwave; Dishwasher; Garbage disposal; Pantry
• Bedrooms: Primary bedroom with walk-in closet; Three main-level bedrooms
• Bathrooms: Two full bathrooms; Primary bath with double sinks and full tub/shower
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Attic access; High ceilings; Pantry; Painted woodwork; Utility room
• Laundry & utility: Main-level laundry; Washer; Dryer; Water softener (owned); Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $259k.

Deal economics

• At list price, monthly cash flow is $-163 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $235k (9.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $230k (11.2% below list).
• Recommended offer: $230k (11.2% below list) — sets the bar for 1% rule.
• Cap rate 5.5% vs local median 3.8% in Brownsburg — 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 75/100 on livability (#61 in IN, #4,105 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• Brownsburg Community School Corporation (suburban): math 72% / reading 72% proficiency, ranked #2 of 301 in IN (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Brownsburg High School (math 61% / reading 83%, grade B+, #12 of 369 statewide, top 4%, 3,177 students, 33% FRL) — zoned schools average 33% FRL vs 17% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.3%/yr); 340 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,294 units permitted in Hendricks County in 2024 (18 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 $8k of value loss. Plan a longer hold.
• Hendricks County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($255k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y 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 $171k; list at $259k implies a 51% gain — meaningful room to come down on a strong offer.

Recommended offer $229,929 (11.2% 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: 0.89% ✗
• Cap rate: 5.54%
• Cash-on-cash: -2.70%
• DSCR: 0.88
• GRM: 9.4

CMA / ARV

• ARV (on-the-fly): $286,092
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1205 Whittington Dr	0.05mi	3/2.0	1,602 (-9%)	2mo	$260,000	$162	80
1196 Brittany Cir	0.03mi	3/2.0	1,567 (-11%)	15mo	$245,000	$156	68
1198 Brittany Cir Unit B	0.03mi	3/2.0	1,567 (-11%)	17mo	$240,000	$153	66
6322 Loraine Dr	0.27mi	3/2.5	1,886 (+7%)	10mo	$299,990	$159	66
1217 Brittany Cir Unit A	0.05mi	3/2.0	1,592 (-10%)	22mo	$258,000	$162	63
6293 Loraine Dr	0.27mi	3/2.5	1,886 (+7%)	13mo	$359,990	$191	63
6318 Loraine Dr	0.27mi	3/2.5	1,886 (+7%)	15mo	$329,990	$175	61
6273 Loraine Dr	0.27mi	3/2.5	1,886 (+7%)	16mo	$339,990	$180	60
6305 Loraine Dr	0.27mi	3/2.5	1,886 (+7%)	18mo	$339,990	$180	59
6328 Loraine Dr	0.25mi	3/2.5	1,886 (+7%)	21mo	$371,990	$197	58
610 Eagle Crest Dr	0.66mi	2/2.0 (-1)	1,618 (-8%)	2mo	$250,000	$155	48
8 Muirfield Ct	0.15mi	2/2.5 (-1)	1,512 (-14%)	22mo	$245,000	$162	44

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 · 6.31% rent growth · sell at horizon

5-year hold

• IRR: -16.7%
• Equity multiple: 0.39×
• Total profit: $-44,317
• Equity at exit: $38,618

10-year hold

• IRR: -2.9%
• Equity multiple: 0.77×
• Total profit: $-16,628
• Equity at exit: $22,394

Cash invested: $72,520 (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 46112

• Rents YoY: 6.3%
• Active inventory: 340
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $2,299 high
• Mortgage (P&I): −$1,358
• Tax est. 1.5%: −$324 /mo · $3,885/yr
• Insurance: −$108
• HOA: −$190
• Vacancy / Maint / Mgmt: −$483
• Net cashflow: $-163

Break-even live

Break-even rent $2,506

Max offer price $235,348

Occupancy floor —

Sensitivity live

Price	-10% $16	-5% $-74	+0% $-163	+5% $-253	+10% $-342
Rent	-10% $-345	-5% $-254	+0% $-163	+5% $-73	+10% $18
Rate	-1.0pp $-33	-0.5pp $-98	base $-163	+0.5pp $-231	+1.0pp $-299

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: $64,750
• Closing costs: $7,770
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1083 Pine Ridge Way Brownsburg, IN	3.0	2.0	1434	$1,955	$1.36	5d	1	0.55mi
1573 Winding Creek Trl Brownsburg, IN	4.0	2.5	1836	$2,211	$1.20	16d	1	0.68mi
263 Brooks Bnd Brownsburg, IN	4.0	3.0	1920	$2,250	$1.17	4d	1	0.88mi
457 Sable Chase Brownsburg, IN	3.0	2.0	1408	$2,185	$1.55	5d	1	0.98mi
7249 Arbuckle Cmns Brownsburg, IN	1.0–2.0	1.0–2.5	1548	$2,545	$1.64	0d	19	0.98mi
443 N Odell St Brownsburg, IN	4.0	2.5	1984	$2,391	$1.21	23d	1	1.00mi
102 Murphy Ln Brownsburg, IN	3.0	1.5	1248	$1,775	$1.42	9d	1	1.09mi
275 Lazy Hollow Dr Brownsburg, IN	4.0	2.5	2190	$2,571	$1.17	45d	1	1.10mi

HOA detail

• Monthly dues: $190 · $2,280/yr
• Likely covers: water

Listing history 10 events

1. 2026-06-16
   status $259,000 Pending 17 DOM
2. 2026-06-15
   days on market $259,000 Active 17 DOM
3. 2026-06-13
   days on market $259,000 Active 15 DOM
4. 2026-06-09
   days on market $259,000 Active 11 DOM
5. 2026-06-08
   days on market $259,000 Active 10 DOM
6. 2026-06-07
   days on market $259,000 Active 9 DOM
7. 2026-06-03
   days on market $259,000 Active 5 DOM
8. 2026-06-02
   days on market $259,000 Active 4 DOM
9. 2026-06-01
   days on market $259,000 Active 3 DOM
10. 2026-05-31
    days on market $259,000 Active 2 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥100°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $27,591
• − Mortgage interest: −$14,508
• − Property taxes: −$3,885
• − Insurance: −$1,295
• − Repairs & maintenance: −$2,207
• − Management: −$2,207
• − HOA: −$2,280
• − Depreciation: −$7,535
• Taxable loss: −$6,326
• Est. tax savings @ 24.0%: +$1,518
• After-tax cash flow: $-443/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: Brownsburg Community School Corporation
• NCES district ID: 1801020
• Math proficiency: 72% ▼ -5.00%
• Reading proficiency: 72% ▼ -4.00%
• Median HH income: $75,304
• Composite: 63.45/100
• National rank: #616
• State rank: #2 of 301 in IN

Livability — Brownsburg

• Score: 75/100
• State rank: #61
• US rank: #4105

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Brownsburg, IN
• County: Hendricks County · 143,373 people
• City population: 44,220
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 44,220
• Household income: $112,565
• Rent vs Own: 18.9% rent · 81.1% own
• Severe rent burden: 614.0

Population outlook (Hendricks County) Hauer SSP2

• Today (2025): 187,418 people
• By 2030: 201,494 · +7.5%
• By 2040: 228,487 · +21.9%
• By 2050: 253,068 · +35.0%
• By 2075: 308,920 · +64.8%
• By 2100: 336,510 · +79.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Black 10% Two or more races 4% Hispanic / Latino 4%
• Common ancestry: Slovak 3% Iranian 2% Romanian 2%
• Foreign-born: 6% · Canada, China
• Languages at home: 93% English-only · Spanish 2% French/Haitian/Cajun 1%

Political lean MEDSL · Hendricks

• 2024 margin: Strong R (+21.5) · D 38.4% · R 59.9% · Other 1.7%
• 2008→2024 swing: +1.9pp toward D · 2008: -23.4pp · 2024: -21.5pp
• All cycles: 2024: R+21.5 2020: R+23.9 2016: R+34.2 2012: R+34.9 2008: R+23.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -135.99%
• Current HPI: 217.3787
• Rent YoY: ▲ 6.31%
• 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

+85.6% since first listed

7 events — show timeline

• 2026-05-29 Listed $259,000 MIBOR as Distributed by MLS Grid
• 2019-05-20 Sold (MLS) $171,000 MIBOR as Distributed by MLS Grid
• 2019-04-07 Pending — MIBOR as Distributed by MLS Grid
• 2019-03-29 Listed $171,000 MIBOR as Distributed by MLS Grid
• 2014-03-11 Listing Removed — MIBOR as Distributed by MLS Grid
• 2014-02-10 Sold (MLS) $137,000 MIBOR as Distributed by MLS Grid
• 2013-11-13 Listed $139,514 MIBOR as Distributed by MLS Grid