Score
0Franklin, IN
552 W King St
490K
3 beds
3 baths
3,300 sqft
3 bd • 3 ba • 3,300 sf
This analysis was generated on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.
List Price
$489,900
Price/Sq.Ft
$148
Year Built
1930
AI Property Analysis
A comprehensive evaluation of this property's features, market position, and investment potential.
The Good
This newly built property at 552 W King St, Franklin, IN offers exceptional value at $148.45/sqft, significantly below the area average of $200-$250/sqft for new construction. Its prime location just blocks from downtown Franklin provides walkability to restaurants, shops, and parks, enhancing its appeal and potential for appreciation. The home boasts 3,300 sqft of living space, which is 32% larger than the average home size in Franklin (2,500 sqft). Modern amenities like high-end finishes, LVP flooring, and smart thermostats add $15,000-$20,000 in value. The oversized two-car garage, accommodating large vehicles, is a standout feature rarely found in the area. Climate risk scores are impressively low, with flood (1/10) and fire (1/10) risks being minimal, potentially leading to lower insurance premiums.
The Bad
While the property has many positives, the rapid price increase from $100,000 in March 2024 to $489,900 in January 2025 (389.9% increase) raises concerns about potential overvaluation. This dramatic jump doesn't align with typical market appreciation rates of 3-5% annually in Franklin. The home's proximity to Interstate 65, while providing convenient access, may introduce noise and air quality concerns not reflected in the provided air quality risk score (2/10). The local schools have average to below-average ratings (4-6/10), which could impact long-term property value and appeal to families with children.
The Ugly
The property's history shows significant volatility, with multiple price changes and sales within short periods. This instability could indicate underlying issues not apparent in the listing. The dramatic price increase of 389.9% in less than a year is highly unusual and may lead to difficulties in financing or future resale. If the market doesn't support this valuation, the property could face substantial depreciation risk. Additionally, the heat risk score of 4/10 with 7 hot days per year suggests potential for increased cooling costs and comfort issues during summer months. The estimated insurance cost of $1,763.64/year seems low given the property value and may not accurately reflect true coverage needs, potentially leading to unexpected expenses for the buyer.
Who is this property for?
These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.
Best For
This property is best suited for buyers with a household income of $150,000+ (based on a 28% front-end DTI ratio for a $489,900 home). It's ideal for young professionals or small families who value walkability and modern amenities. The spacious layout and outdoor areas make it perfect for those who enjoy entertaining. Investors looking for short-term rentals could benefit from its proximity to downtown and potential for high occupancy rates, with comparable 3-bedroom rentals in the area fetching $1,397/month, suggesting a potential gross yield of 3.4%.
Not For
This property is not suitable for budget-conscious buyers or those sensitive to price volatility. First-time homebuyers may find the price point challenging, especially given the rapid appreciation. Families prioritizing top-rated schools should be cautious, given the average school ratings. Those seeking a historic home or established neighborhood character may be disappointed by the new construction. Investors looking for immediate positive cash flow might struggle to achieve this at the current price point and local rental rates.
Demographics
Area Median Income
$71,908
Property History
Price History
Ownership Timeline
$0Financed
Mar 8, 2024Specialized Trust Co TrusteeWayne A Raber
Warranty Deed
Standard Sale (Purchase/Resales)
$89,900Cash Purchase
May 13, 2022Ruth Annette SivelsSpecialized Trust Co
Warranty Deed
Standard Sale (Purchase/Resales)
$0Cash Purchase
Jan 11, 2006Virginia Clay, Virginia M ClayRuth Annette Sivels
Quit Claim Deed
Non-Arm's Length Transactions
$0Cash Purchase
Aug 11, 2005John ClayVirginia M Clay
Intrafamily Transfer
Non-Arm's Length Transactions
Property Taxes
$2,504
2023 Tax Assessment
17.2%from previous year
Assessed Value$121,600
Tax Rate2.06%
Sunlight Analysis
Visualize how sunlight affects this property throughout the day and year.
Sunlight Analysis
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Schools
Nearby school quality by education level
Elementary
5.0/10
AverageMiddle
6.0/10
GoodHigh
4.0/10
AverageFinancials
Monthly Costs
Market Rent (3 bed)
Get a detailed estimate on Zillow$771
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Location & Comparables
Subject Property
Comparable Sales
Subject Property
Price
$489,900
Price/sqft
$148
Layout
3 bd•3 ba
Days on market
6 daysat time of analysis
Stats in the Area
Based on 1 comparable properties nearby
Average Price
$197,500
148.1%
Your price is 148.1% above average
Median Price
$197,500
148.1%
Based on 1 recent sales
Price per Sq.Ft
$69
115.2%
Your price is 115.2% above average $/sqft
Comparable Properties
| Address | Price | Sq.Ft | Beds | Baths | $/Sq.Ft | Sale Date |
|---|---|---|---|---|---|---|
| 251 W Madison Street, Franklin, IN 46131 | $197,500 | 2,870 | 3 | 2 | $6953.6% | 9/11/2024 |
251 W Madison Street, Franklin, IN 46131
Price: $197,500
Sq.Ft: 2,870
Beds/Baths: 3/2
$/Sq.Ft:
$6953.6%
Sale Date: 9/11/2024
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