1410 E Jefferson St · Franklin, IN 46131

$1,600,000

496 bd · 256.0 ba · 7,784 sqft · MultiFamily public records · 63 Days on market

Built 1967 1.65 ac lot

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Why this score? — see what drove the B 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• ARV discount +7.5/15.0
• Rent growth +3.7/5.0
• Schools +3.5/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 16 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Nestled in the heart of Franklin, 1410 E Jefferson Street presents a well-maintained and fully occupied 16-unit investment opportunity comprised of two attractive brick buildings, each containing 8 spacious apartments. Many units have been recently updated with vinyl plank flooring, and each unit features a functional floorplan with a large private patio or balcony, enhancing overall tenant appeal. A common area laundry facility is available for tenant use, providing an additional income stream. The buildings are thoughtfully positioned across from one another, with a large central parking lot offering approximately 40 spaces. Tenants are responsible for all utilities. With consistent rental demand in the Franklin market, this asset presents a compelling opportunity for both stable in-place income and immediate upside, making it an ideal addition for investors seeking a balance of manageability and portfolio growth. Financials available upon request. Seller financing offers will not be considered.

Key facts

• Two brick buildings
• Large private patio
• 1.65 acre lot

Tags

• 16 UNIT INVESTMENT OPPORTUNITY
• TWO BRICK BUILDINGS
• LARGE PRIVATE PATIO
• COMMON AREA LAUNDRY FACILITY
• LARGE CENTRAL PARKING LOT
• APPROXIMATELY 40 SPACES

What this means for you Summary

Snapshot

• This is a 16 × 3-bed/1-bath units multifamily listed at $1.60M.

Deal economics

• At list price, monthly cash flow is $8k ($100k/yr) — positive. Per door: $518/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($24k rent vs $1.60M).
• Recommended offer: $1.50M (6.0% below list) — sets the bar for market timing.
• Cap rate 12.5% vs local median 4.0% in Franklin — 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 65/100 on livability (#351 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Franklin Community School Corporation (suburban): math 36% / reading 44% proficiency, ranked #133 of 301 in IN (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Webb Elementary School (math 47% / reading 32%, grade F, #500 of 994 statewide, top 53%, 281 students, 51% FRL); Franklin Community Middle School (math 25% / reading 42%, grade F, #176 of 330 statewide, top 54%, 759 students, 48% FRL); Franklin Community High School (math 29% / reading 69%, grade D, #136 of 369 statewide, top 37%, 1,610 students, 41% FRL).
• Market conditions: Rents rising fast (+4.7%/yr); 282 active listings in the ZIP; solid renter incomes; 1,133 units permitted in Johnson County in 2024 (0 in 5+ unit buildings).
• At $23,706/mo this rent would consume 334% of the median local household income ($85k/yr) (locally 984% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $11k of loan paydown is wiped out by about $48k of value loss. Plan a longer hold.
• Johnson County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.7% rent growth), your $448k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($1.50M) is reasonable based on typical stale-listing flexibility.
• 15 sale attempts since 24y ago; this cycle's ask has dropped $200k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $600k; list at $1.60M implies a 167% gain — meaningful room to come down on a strong offer.

Recommended offer $1,504,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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.
9. 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.
10. 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: 1.48% ✓
• Cap rate: 12.51%
• Cash-on-cash: 22.21%
• DSCR: 1.99
• GRM: 5.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.68% rent growth · sell at horizon

5-year hold

• IRR: 16.8%
• Equity multiple: 1.69×
• Total profit: $309,651
• Equity at exit: $238,565

10-year hold

• IRR: 26.5%
• Equity multiple: 3.51×
• Total profit: $1,122,701
• Equity at exit: $138,339

Cash invested: $448,000 (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 46131

• Home prices YoY: -27.8%
• Rents YoY: 4.7%
• Active inventory: 282
• Price-to-rent: 90.0×

Monthly cashflow live

• Estimated rent: $23,706 medium
• Mortgage (P&I): −$8,391
• Tax from tax record: −$1,377 /mo · $16,526/yr
• Insurance: −$667
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,978
• Net cashflow: $8,293

Break-even live

Break-even rent $13,208

Max offer price $1,600,000

Occupancy floor 60%

Sensitivity live

Price	-10% $9,199	-5% $8,746	+0% $8,293	+5% $7,840	+10% $7,388
Rent	-10% $6,421	-5% $7,357	+0% $8,293	+5% $9,230	+10% $10,166
Rate	-1.0pp $9,099	-0.5pp $8,700	base $8,293	+0.5pp $7,879	+1.0pp $7,457

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

Units	Beds	Baths	Est. rent
▸ 16× units	3	1	$23,712
Total (16 units)			$23,706

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: $400,000
• Closing costs: $48,000
• Reserves months: —
• Total cash needed: —

Listing history 36 events

1. 2026-05-19
   price $1,600,000 1012-char remark

   Show marketing remark (1012 chars)

   Nestled in the heart of Franklin, 1410 E Jefferson Street presents a well-maintained and fully occupied 16-unit investment opportunity comprised of two attractive brick buildings, each containing 8 spacious apartments. Many units have been recently updated with vinyl plank flooring, and each unit features a functional floorplan with a large private patio or balcony, enhancing overall tenant appeal. A common area laundry facility is available for tenant use, providing an additional income stream. The buildings are thoughtfully positioned across from one another, with a large central parking lot offering approximately 40 spaces. Tenants are responsible for all utilities. With consistent rental demand in the Franklin market, this asset presents a compelling opportunity for both stable in-place income and immediate upside, making it an ideal addition for investors seeking a balance of manageability and portfolio growth. Financials available upon request. Seller financing offers will not be considered.

2. 2026-04-28
   price $1,699,000 1012-char remark

   Show marketing remark (1012 chars)

   Nestled in the heart of Franklin, 1410 E Jefferson Street presents a well-maintained and fully occupied 16-unit investment opportunity comprised of two attractive brick buildings, each containing 8 spacious apartments. Many units have been recently updated with vinyl plank flooring, and each unit features a functional floorplan with a large private patio or balcony, enhancing overall tenant appeal. A common area laundry facility is available for tenant use, providing an additional income stream. The buildings are thoughtfully positioned across from one another, with a large central parking lot offering approximately 40 spaces. Tenants are responsible for all utilities. With consistent rental demand in the Franklin market, this asset presents a compelling opportunity for both stable in-place income and immediate upside, making it an ideal addition for investors seeking a balance of manageability and portfolio growth. Financials available upon request. Seller financing offers will not be considered.

3. 2026-03-27
   listed $1,800,000 Active 1012-char remark

   Show marketing remark (1012 chars)

   Nestled in the heart of Franklin, 1410 E Jefferson Street presents a well-maintained and fully occupied 16-unit investment opportunity comprised of two attractive brick buildings, each containing 8 spacious apartments. Many units have been recently updated with vinyl plank flooring, and each unit features a functional floorplan with a large private patio or balcony, enhancing overall tenant appeal. A common area laundry facility is available for tenant use, providing an additional income stream. The buildings are thoughtfully positioned across from one another, with a large central parking lot offering approximately 40 spaces. Tenants are responsible for all utilities. With consistent rental demand in the Franklin market, this asset presents a compelling opportunity for both stable in-place income and immediate upside, making it an ideal addition for investors seeking a balance of manageability and portfolio growth. Financials available upon request. Seller financing offers will not be considered.

4. 2026-03-14
   historical $950
5. 2026-03-08
   listed $950
6. 2025-11-27
   historical $950
7. 2025-10-31
   price $950
8. 2025-10-23
   price $975
9. 2025-09-25
   listed $995
10. 2025-08-27
    historical $1,050
11. 2025-06-21
    listed $1,050
12. 2025-06-02
    historical $1,050
13. 2025-03-11
    listed $1,050
14. 2025-02-07
    historical $995
15. 2025-02-07
    listed $995
16. 2025-02-07
    historical $995
17. 2025-01-09
    listed $995
18. 2024-10-08
    historical $995
19. 2024-10-01
    listed $995
20. 2024-09-27
    historical $995
21. 2024-09-27
    listed $995
22. 2024-07-09
    historical $965
23. 2024-05-23
    listed $965
24. 2024-05-19
    historical $895
25. 2024-05-14
    price $895
26. 2024-05-10
    listed $965
27. 2024-03-19
    historical $950
28. 2024-03-12
    listed $950
29. 2024-01-24
    historical $1,100
30. 2024-01-20
    listed $1,100
31. 2012-01-03
    historical 498-char remark

    Show marketing remark (498 chars)

    2 brick buildings with a total of 16 well kept apartments. Rents bring in about ninety five hundred per month. Expenses run about thirty-three hundred per month. A great money maker! Coin OP laundry brings in an average of one hundred thirty per month too! New roof, siding, gutters, downspouts, most windows & HVAC. These buildings are a money maker & your hedge on the future! Tenants pay electric incl electric heat. Building pays gas for hot water. 100% rented & quiet neighborhood.

32. 2011-12-29
    soldstatus $600,000 498-char remark

    Show marketing remark (498 chars)

    2 brick buildings with a total of 16 well kept apartments. Rents bring in about ninety five hundred per month. Expenses run about thirty-three hundred per month. A great money maker! Coin OP laundry brings in an average of one hundred thirty per month too! New roof, siding, gutters, downspouts, most windows & HVAC. These buildings are a money maker & your hedge on the future! Tenants pay electric incl electric heat. Building pays gas for hot water. 100% rented & quiet neighborhood.

33. 2011-12-29
    soldstatus $600,000

    Show marketing remark (498 chars)

    2 brick buildings with a total of 16 well kept apartments. Rents bring in about ninety five hundred per month. Expenses run about thirty-three hundred per month. A great money maker! Coin OP laundry brings in an average of one hundred thirty per month too! New roof, siding, gutters, downspouts, most windows & HVAC. These buildings are a money maker & your hedge on the future! Tenants pay electric incl electric heat. Building pays gas for hot water. 100% rented & quiet neighborhood.

34. 2011-11-16
    listed $650,000 498-char remark

    Show marketing remark (498 chars)

    2 brick buildings with a total of 16 well kept apartments. Rents bring in about ninety five hundred per month. Expenses run about thirty-three hundred per month. A great money maker! Coin OP laundry brings in an average of one hundred thirty per month too! New roof, siding, gutters, downspouts, most windows & HVAC. These buildings are a money maker & your hedge on the future! Tenants pay electric incl electric heat. Building pays gas for hot water. 100% rented & quiet neighborhood.

35. 2003-01-17
    historical
36. 2002-06-17
    listed $492,250

ⓘ 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: $16,526 · $1,377/mo
• Projected year-2 tax: $16,526 · $1,377/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 4/10 Moderate 7 d/yr ≥102°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $284,472
• − Mortgage interest: −$89,625
• − Property taxes: −$16,526
• − Insurance: −$8,000
• − Repairs & maintenance: −$22,758
• − Management: −$22,758
• − Depreciation: −$46,545
• Taxable income: $78,260
• Est. tax owed @ 24.0%: −$18,782
• After-tax cash flow: $80,737/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: Franklin Community School Corporation
• NCES district ID: 1803690
• Math proficiency: 36% ▼ -11.00%
• Reading proficiency: 44% ▼ -8.00%
• Median HH income: $54,855
• Composite: 34.93/100
• National rank: #5066
• State rank: #133 of 301 in IN

Livability — Franklin

• Score: 65/100
• State rank: #351
• US rank: #13428

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Franklin, IN
• County: Johnson County · 154,261 people
• City population: 34,647
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 34,647
• Household income: $85,076
• Rent vs Own: 28.4% rent · 71.6% own
• Severe rent burden: 984.0

Population outlook (Johnson County) Hauer SSP2

• Today (2025): 170,080 people
• By 2030: 179,983 · +5.8%
• By 2040: 198,580 · +16.8%
• By 2050: 214,661 · +26.2%
• By 2075: 247,990 · +45.8%
• By 2100: 257,821 · +51.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 2% Black 2%
• Common ancestry: Slovak 2% Italian 1% Serbian 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2% Russian/Polish/Slavic 1% Other Asian/Pacific 1%

Political lean MEDSL · Johnson

• 2024 margin: Solid R (+34.3) · D 32.0% · R 66.3% · Other 1.7%
• 2008→2024 swing: -8.9pp toward R · 2008: -25.5pp · 2024: -34.3pp
• All cycles: 2024: R+34.3 2020: R+34.1 2016: R+42.5 2012: R+38.5 2008: R+25.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -90.53%
• Current HPI: 235.0009
• Rent YoY: ▲ 4.68%
• 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

+225.0% since first listed

36 events — show timeline

• 2026-05-19 Price Changed $1,600,000 IRMLS
• 2026-04-28 Price Changed $1,699,000 IRMLS
• 2026-03-27 Listed $1,800,000 IRMLS
• 2026-03-14 Rental Removed $950 MIBOR
• 2026-03-08 Listed for Rent $950 MIBOR
• 2025-11-27 Rental Removed $950 MIBOR
• 2025-10-31 Price Changed $950 MIBOR
• 2025-10-23 Price Changed $975 MIBOR
• 2025-09-25 Listed for Rent $995 MIBOR
• 2025-08-27 Rental Removed $1,050 MIBOR
• 2025-06-21 Listed for Rent $1,050 MIBOR
• 2025-06-02 Rental Removed $1,050 MIBOR
• 2025-03-11 Listed for Rent $1,050 MIBOR
• 2025-02-07 Rental Removed $995 MIBOR
• 2025-02-07 Listed for Rent $995 MIBOR
• 2025-02-07 Rental Removed $995 MIBOR
• 2025-01-09 Listed for Rent $995 MIBOR
• 2024-10-08 Rental Removed $995 MIBOR
• 2024-10-01 Listed for Rent $995 MIBOR
• 2024-09-27 Rental Removed $995 MIBOR
• 2024-09-27 Listed for Rent $995 MIBOR
• 2024-07-09 Rental Removed $965 MIBOR
• 2024-05-23 Listed for Rent $965 MIBOR
• 2024-05-19 Rental Removed $895 LEASESTAR
• 2024-05-14 Price Changed $895 LEASESTAR
• 2024-05-10 Listed for Rent $965 LEASESTAR
• 2024-03-19 Rental Removed $950 MIBOR
• 2024-03-12 Listed for Rent $950 MIBOR
• 2024-01-24 Rental Removed $1,100 LEASESTAR
• 2024-01-20 Listed for Rent $1,100 LEASESTAR
• 2012-01-03 Listing Removed — MIBOR as Distributed by MLS Grid
• 2011-12-29 Sold (Public Records) $600,000 Public Records
• 2011-12-29 Sold (MLS) $600,000 MIBOR as Distributed by MLS Grid
• 2011-11-16 Listed $650,000 MIBOR as Distributed by MLS Grid
• 2003-01-17 Listing Removed — MIBOR as Distributed by MLS Grid
• 2002-06-17 Listed $492,250 MIBOR as Distributed by MLS Grid

Property tax history

+5.5%/yr

Latest (2024): $16,526 · -1.0% YoY. Source: county tax records.