403 Beard St · Frankfort, IN 46041

$115,000

3 bd · 1.0 ba · 1,233 sqft · SingleFamily public records · 17 Days on market

Built 1880 5,837 sqft lot $93/sqft · 21% below area Est $145k · 21% under

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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 +17.5/30.0
• ARV discount +15.0/15.0
• DSCR +5.5/10.0
• 1% rule +4.2/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Charming 3 bedroom home in Frankfort offering a warm and inviting layout with thoughtful features throughout. The spacious dining room showcases built-in bookshelves and durable laminate flooring, creating both function and character. A comfortable living room provides easy access to the deck, perfect for relaxing or entertaining during the summer months. Outside, you will find a fully fenced backyard along with an oversized one-car detached garage and additional street parking for guests.

Key facts

• Built-in bookshelves
• 5,837 sq ft lot
• Garage

Tags

• BUILT-IN BOOKSHELVES
• DURABLE LAMINATE FLOORING
• FULLY FENCED BACKYARD
• ADDITIONAL STREET PARKING

Property features AI

Exterior

• Parking: Detached garage; Approximately 1.5 garage spaces; Off-street parking
• Security: Smoke detectors
• Utilities: Public water; Public sewer; Electric water heater
• Home design: Single-family residence; Site-built home; One story
• Construction: Vinyl siding; Wood siding; Crawl space foundation; Built as site-built construction
• Exterior features: Deck; Covered porch; Porch; Landscaped lot; Lake frontage

Interior

• Kitchen: Gas cooktop and gas range; Dishwasher; Refrigerator; Disposal; Exhaust fan; Laminate counters
• Bedrooms: Total of 7 rooms (bedroom count not specified)
• Flooring: Not specified
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Forced air heating; Central air conditioning; Ceiling fans
• Interior features: Ceiling fans; Laminate countertops; Disposal; Dishwasher; Refrigerator; Gas cooktop; Exhaust fan; Gas range; Electric water heater
• Laundry & utility: Electric dryer hookup on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $88 ($1k/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 $106k (8.2% below list).
• Recommended offer: $106k (8.2% below list) — sets the bar for 1% rule.
• Cap rate 7.2% vs local median 3.9% in Frankfort — 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 (#107 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment D-.
• Community Schools Of Frankfort (rural): math 27% / reading 30% proficiency, ranked #251 of 301 in IN (top 83%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Suncrest Elementary School (math 35% / reading 29%, grade F, #652 of 994 statewide, top 68%, 560 students, 85% FRL); Frankfort Middle School (math 19% / reading 27%, grade F, #263 of 330 statewide, top 80%, 706 students, 83% FRL); Frankfort High School (math 8% / reading 42%, grade F, #323 of 369 statewide, top 88%, 895 students, 75% FRL).
• Market conditions: 129 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 59 units permitted in Clinton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Clinton County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 12y ago; this cycle's ask has dropped $25k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $66k; list at $115k implies a 73% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,606 (8.2% below list)

Questions for the listing agent

1. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-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. 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.
5. 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.
6. 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: 0.92% ✗
• Cap rate: 7.21%
• Cash-on-cash: 3.27%
• DSCR: 1.15
• GRM: 9.1

CMA / ARV

• ARV (median comp): $145,015
• List price: $115,000
• Delta: -20.70%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
521 N Young St	0.08mi	2/1.0 (-1)	1,204 (-2%)	6mo	$176,000	$146	82
1303 E Ohio St	0.13mi	3/1.0	1,120 (-9%)	2mo	$195,000	$174	78
405 Beard St	0.01mi	3/1.0	1,368 (+11%)	5mo	$179,900	$132	77
1455 E Ohio St	0.16mi	3/1.0	1,112 (-10%)	1mo	$193,900	$174	75
359 Center Dr	0.44mi	3/1.0	1,248 (+1%)	5mo	$198,000	$159	73
1259 E Washington St	0.19mi	3/2.0	1,148 (-7%)	6mo	$211,000	$184	70
1501 E Walnut St	0.35mi	3/1.0	1,176 (-5%)	8mo	$230,000	$196	69
600 N Crescent Dr	0.46mi	3/1.0	1,152 (-7%)	4mo	$190,000	$165	64
609 Maple Dr	0.62mi	2/2.0 (-1)	1,196 (-3%)	1mo	$215,000	$180	56
261 N Crescent Dr	0.36mi	2/1.0 (-1)	1,083 (-12%)	2mo	$100,000	$92	56
700 Mapleleaf Dr	0.44mi	3/2.0	1,050 (-15%)	5mo	$210,000	$200	47
855 E Boone St	0.58mi	4/2.0 (+1)	1,064 (-14%)	0mo	$313,000	$294	41

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -11.2%
• Equity multiple: 0.59×
• Total profit: $-13,067
• Equity at exit: $17,147

10-year hold

• IRR: -1.9%
• Equity multiple: 0.87×
• Total profit: $-4,246
• Equity at exit: $9,943

Cash invested: $32,200 (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 46041

• Home prices YoY: -17.8%
• Active inventory: 129
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,056 high
• Mortgage (P&I): −$603
• Tax from tax record: −$96 /mo · $1,148/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$222
• Net cashflow: $88

Break-even live

Break-even rent $945

Max offer price $115,000

Occupancy floor 87%

Sensitivity live

Price	-10% $153	-5% $120	+0% $88	+5% $55	+10% $23
Rent	-10% $4	-5% $46	+0% $88	+5% $129	+10% $171
Rate	-1.0pp $146	-0.5pp $117	base $88	+0.5pp $58	+1.0pp $28

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
402 E Green St Frankfort, IN	3.0	1.0	1100	$1,000	$0.91	45d	1	0.62mi
701 Stone Ridge Dr Frankfort, IN	1.0–3.0	1.0–2.0	860	$1,200	$1.40	14d	5	0.65mi
350 N Main St Unit 3C Frankfort, IN	2.0	2.0	970	$1,200	$1.24	6d	1	0.76mi
1152 N Jackson St Frankfort, IN	2.0	1.0	950	$1,049	$1.10	14d	1	0.83mi
1152 N Jackson St Unit 2 Frankfort, IN	2.0	1.0	950	$1,049	$1.10	16d	1	0.83mi
501 S Main St Unit 2 Frankfort, IN	3.0	1.0	700	$850	$1.21	22d	1	0.87mi
201 W Palmer St Frankfort, IN	2.0	1.0	850	$990	$1.16	5d	1	0.89mi
201 W Palmer St Frankfort, IN	2.0	1.0	950	$1,049	$1.10	45d	1	0.89mi
201 W Palmer St Frankfort, IN	2.0	1.0	950	$1,049	$1.10	14d	1	0.89mi
458 W Clinton St Unit 02 Frankfort, IN	2.0	1.0	780	$725	$0.93	6d	1	0.99mi
1052 John St Frankfort, IN	3.0	1.0	900	$1,395	$1.55	15d	1	1.03mi
1053 S Jackson St Frankfort, IN	1.0–2.0	1.0	850	$995	$1.17	14d	2	1.05mi

Listing history 8 events

1. 2026-05-18
   price $115,000 494-char remark
2. 2026-05-13
   status Active 494-char remark
3. 2026-05-11
   status Pending 494-char remark
4. 2026-05-01
   listed $140,000 Active 494-char remark
5. 2017-07-14
   soldstatus $66,500
6. 2017-02-13
   listed $67,900
7. 2016-04-22
   listed $66,000
8. 2014-11-17
   listed $71,000

ⓘ 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: $1,148 · $96/mo
• Projected year-2 tax: $1,148 · $96/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
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,673
• − Mortgage interest: −$6,442
• − Property taxes: −$1,148
• − Insurance: −$575
• − Repairs & maintenance: −$1,014
• − Management: −$1,014
• − Depreciation: −$3,345
• Taxable loss: −$865
• Est. tax savings @ 24.0%: +$208
• After-tax cash flow: $1,259/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: Community Schools Of Frankfort
• NCES district ID: 1803660
• Math proficiency: 27% ▼ -3.00%
• Reading proficiency: 30% ▼ -6.00%
• Median HH income: $42,144
• Composite: 24.2/100
• National rank: #7728
• State rank: #251 of 301 in IN

Livability — Frankfort

• Score: 73/100
• State rank: #107
• US rank: #5623

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Frankfort, IN
• Population (ZIP): 23,359

Population outlook (Clinton County) Hauer SSP2

• Today (2025): 31,197 people
• By 2030: 30,257 · -3.0%
• By 2040: 28,383 · -9.0%
• By 2050: 26,644 · -14.6%
• By 2075: 23,858 · -23.5%
• By 2100: 22,236 · -28.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 24% Two or more races 11%
• Hispanic origin (detail): Mexican 22%
• Common ancestry: Iranian 1% Italian 1% Slovak 1%
• Foreign-born: 11% · Canada, Philippines
• Languages at home: 86% English-only · Spanish 14%

Political lean MEDSL · Clinton

• 2024 margin: Solid R (+48.0) · D 25.2% · R 73.2% · Other 1.6%
• 2008→2024 swing: -35.0pp toward R · 2008: -13.0pp · 2024: -48.0pp
• All cycles: 2024: R+48.0 2020: R+46.1 2016: R+48.0 2012: R+30.7 2008: R+13.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -57.02%
• Current HPI: 263.2258
• 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

+62.0% since first listed

9 events — show timeline

• 2026-05-20 Pending — IRMLS
• 2026-05-18 Price Changed $115,000 IRMLS
• 2026-05-13 Relisted — IRMLS
• 2026-05-11 Pending — IRMLS
• 2026-05-01 Listed $140,000 IRMLS
• 2017-07-14 Sold (MLS) $66,500 IRMLS
• 2017-02-13 Listed $67,900 IRMLS
• 2016-04-22 Listed $66,000 IRMLS
• 2014-11-17 Listed $71,000 IRMLS

Property tax history

+10.8%/yr

Latest (2024): $1,148 · +12.8% YoY. Source: county tax records.