1352 Short Columbia St · Frankfort, IN 46041

$124,000

2 bd · 1.0 ba · 942 sqft · SingleFamily public records · 60 Days on market

Built 1885 7,841 sqft lot $132/sqft · 12% below area Est $140k · 12% under

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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 +13.0/30.0
• ARV discount +12.7/15.0
• DSCR +3.9/10.0
• Livability +3.7/5.0
• 1% rule +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This two bedroom, one bath home was remodeled just about a year ago. This home has a new roof, central air conditioning, new flooring and lighting, and is move in ready for the next owners. This property has a nice-sized lot and a one-plus-car garage for working or storage. Stop by and see this one as soon as you can. This property is being sold AS-IS.

Key facts

• New lighting
• New flooring
• Nice-sized lot

Tags

• NEW ROOF
• CENTRAL AIR CONDITIONING
• NEW FLOORING
• NEW LIGHTING
• MOVE IN READY
• NICE-SIZED LOT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $124k.

Deal economics

• At list price, monthly cash flow is $-6 ($-68/yr) — negative.
• To cash-flow at today's rent, offer at most $123k (0.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $106k (14.7% below list).
• Recommended offer: $106k (14.7% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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: schools F, amenities F, commute F.
• 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.
• Market conditions: 129 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 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 $857 of loan paydown is wiped out by about $4k 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 60 days — a 3% lower offer ($120k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 10y ago; this cycle's ask has dropped $21k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1885 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,797 (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 60 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
3. Built in 1885 — 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 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?
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 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: 0.85% ✗
• Cap rate: 6.24%
• Cash-on-cash: -0.20%
• DSCR: 0.99
• GRM: 9.8

CMA / ARV

• ARV (median comp): $140,187
• List price: $124,000
• Delta: -9.05%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1059 N Clay St	0.39mi	2/1.0	950 (+1%)	10mo	$90,000	$95	72
602 N Clay St	0.58mi	2/1.0	918 (-2%)	1mo	$189,000	$206	68
52 E Palmer St	0.26mi	3/1.0 (+1)	972 (+3%)	13mo	$150,000	$154	67
951 W Paris St	0.57mi	2/1.0	960 (+2%)	6mo	$167,500	$174	65
1207 Short Columbia St	0.08mi	3/2.0 (+1)	1,044 (+11%)	8mo	$200,000	$192	63
907 Rowe St	0.48mi	3/1.0 (+1)	1,008 (+7%)	2mo	$135,000	$134	60
851 Rowe St	0.51mi	2/1.0	1,005 (+7%)	13mo	$145,000	$144	54
709 W Barner St	0.53mi	3/1.0 (+1)	900 (-4%)	10mo	$145,000	$161	54
902 W Mcclurg St	0.63mi	2/1.0	1,040 (+10%)	0mo	$185,000	$178	53
455 W Palmer St	0.30mi	2/1.0	803 (-15%)	12mo	$127,500	$159	52
802 Magnolia Ave	0.74mi	2/1.0	908 (-4%)	11mo	$160,000	$176	50
902 Rossville Ave	0.45mi	3/1.0 (+1)	1,068 (+13%)	3mo	$220,000	$206	49

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: -16.6%
• Equity multiple: 0.41×
• Total profit: $-20,449
• Equity at exit: $18,489

10-year hold

• IRR: -8.4%
• Equity multiple: 0.47×
• Total profit: $-18,246
• Equity at exit: $10,721

Cash invested: $34,720 (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: 9.8×

Monthly cashflow live

• Estimated rent: $1,058 high
• Mortgage (P&I): −$650
• Tax from tax record: −$140 /mo · $1,674/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$222
• Net cashflow: $-6

Break-even live

Break-even rent $1,065

Max offer price $122,997

Occupancy floor 96%

Sensitivity live

Price	-10% $65	-5% $29	+0% $-6	+5% $-41	+10% $-76
Rent	-10% $-89	-5% $-47	+0% $-6	+5% $36	+10% $78
Rate	-1.0pp $57	-0.5pp $26	base $-6	+0.5pp $-38	+1.0pp $-70

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: $31,000
• Closing costs: $3,720
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1152 N Jackson St Unit 2 Frankfort, IN	2.0	1.0	950	$1,049	$1.10	15d	1	0.17mi
1152 N Jackson St Frankfort, IN	2.0	1.0	950	$1,049	$1.10	13d	1	0.18mi
1052 John St Frankfort, IN	3.0	1.0	900	$1,395	$1.55	14d	1	0.20mi
201 W Palmer St Frankfort, IN	2.0	1.0	850	$990	$1.16	4d	1	0.22mi
201 W Palmer St Frankfort, IN	2.0	1.0	950	$1,049	$1.10	44d	1	0.22mi
201 W Palmer St Frankfort, IN	2.0	1.0	950	$1,049	$1.10	13d	1	0.22mi
402 E Green St Frankfort, IN	3.0	1.0	1100	$1,000	$0.91	44d	1	0.39mi
455 E Barner St Unit 1 Frankfort, IN	2.0	1.0	640	$975	$1.52	13d	1	0.53mi
457 N Main St Apt 3 Frankfort, IN	1.0	1.0	750	$900	$1.20	21d	1	0.54mi
350 N Main St Unit 3C Frankfort, IN	2.0	2.0	970	$1,200	$1.24	5d	1	0.62mi
458 W Clinton St Unit 02 Frankfort, IN	2.0	1.0	780	$725	$0.93	5d	1	0.78mi
453 E Walnut St Unit 3 Frankfort, IN	1.0	1.0	600	$875	$1.46	13d	1	0.93mi
757 E Clinton St Unit 3a Frankfort, IN	1.0	1.0	900	$800	$0.89	44d	1	0.96mi
501 S Main St Unit 2 Frankfort, IN	3.0	1.0	700	$850	$1.21	21d	1	1.05mi
1053 S Jackson St Frankfort, IN	1.0–2.0	1.0	850	$995	$1.17	13d	2	1.39mi

Listing history 31 events

1. 2026-06-21
   pricedays on market $124,000 Active 60 DOM
2. 2026-06-18
   days on market $127,500 Active 58 DOM
3. 2026-06-17
   days on market $127,500 Active 57 DOM
4. 2026-06-16
   days on market $127,500 Active 56 DOM
5. 2026-06-15
   days on market $127,500 Active 55 DOM
6. 2026-06-13
   days on market $127,500 Active 53 DOM
7. 2026-06-12
   days on market $127,500 Active 52 DOM
8. 2026-06-09
   days on market $127,500 Active 49 DOM
9. 2026-06-08
   days on market $127,500 Active 48 DOM
10. 2026-06-07
    days on market $127,500 Active 47 DOM
11. 2026-06-07
    remarks 434-char remark
12. 2026-06-07
    pricedays on market $127,500 Active 46 DOM
13. 2026-06-04
    days on market $130,000 Active 43 DOM
14. 2026-06-02
    days on market $130,000 Active 42 DOM
15. 2026-06-01
    days on market $130,000 Active 41 DOM
16. 2026-05-31
    days on market $130,000 Active 40 DOM
17. 2026-05-31
    days on market $130,000 Active 39 DOM
18. 2026-05-18
    price $135,000 354-char remark

    Show marketing remark (354 chars)

    This two bedroom, one bath home was remodeled just about a year ago. This home has a new roof, central air conditioning, new flooring and lighting, and is move in ready for the next owners. This property has a nice-sized lot and a one-plus-car garage for working or storage. Stop by and see this one as soon as you can. This property is being sold AS-IS.

19. 2026-05-05
    price $140,000 354-char remark

    Show marketing remark (354 chars)

    This two bedroom, one bath home was remodeled just about a year ago. This home has a new roof, central air conditioning, new flooring and lighting, and is move in ready for the next owners. This property has a nice-sized lot and a one-plus-car garage for working or storage. Stop by and see this one as soon as you can. This property is being sold AS-IS.

20. 2026-04-21
    listed $145,000 Active 354-char remark

    Show marketing remark (354 chars)

    This two bedroom, one bath home was remodeled just about a year ago. This home has a new roof, central air conditioning, new flooring and lighting, and is move in ready for the next owners. This property has a nice-sized lot and a one-plus-car garage for working or storage. Stop by and see this one as soon as you can. This property is being sold AS-IS.

21. 2024-10-25
    price $120,000
22. 2024-10-16
    status Active
23. 2024-10-06
    status Pending
24. 2024-09-24
    price $125,000
25. 2024-09-18
    price $129,900
26. 2024-09-11
    price $133,000
27. 2024-08-29
    listed $135,000 Active
28. 2017-09-08
    historical
29. 2016-11-08
    listed $39,900
30. 2016-11-08
    listed $39,900
31. 2016-05-31
    listed $49,900

ⓘ 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: $1,674 · $140/mo
• Projected year-2 tax: $1,674 · $140/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: $12,696
• − Mortgage interest: −$6,946
• − Property taxes: −$1,674
• − Insurance: −$620
• − Repairs & maintenance: −$1,016
• − Management: −$1,016
• − Depreciation: −$3,607
• Taxable loss: −$2,183
• Est. tax savings @ 24.0%: +$524
• After-tax cash flow: $456/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

+170.5% since first listed

14 events — show timeline

• 2026-05-18 Price Changed $135,000 IRMLS
• 2026-05-05 Price Changed $140,000 IRMLS
• 2026-04-21 Listed $145,000 IRMLS
• 2024-10-25 Price Changed $120,000 IRMLS
• 2024-10-16 Relisted — IRMLS
• 2024-10-06 Pending — IRMLS
• 2024-09-24 Price Changed $125,000 IRMLS
• 2024-09-18 Price Changed $129,900 IRMLS
• 2024-09-11 Price Changed $133,000 IRMLS
• 2024-08-29 Listed $135,000 IRMLS
• 2017-09-08 Listing Removed — MIBOR as Distributed by MLS Grid
• 2016-11-08 Listed $39,900 MIBOR as Distributed by MLS Grid
• 2016-11-08 Listed $39,900 IRMLS
• 2016-05-31 Listed $49,900 IRMLS

Property tax history

+3.3%/yr

Latest (2024): $1,674 · +8.8% YoY. Source: county tax records.