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552 W King St
Franklin, IN

552 W King St

$489,900
3 bd • 3 ba • 3,300 sf

This analysis was generated by artificial intelligence 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

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Risk Assessment

Climate Risks

heatMODERATE

7 extreme heat days per year

98th percentile: 101°F

airMINOR

1 bad air quality days per year

windMINOR

Insurance: Recommended

floodMINIMAL

FEMA Zone: X_SHADED

Insurance: Optional

fireMINIMAL

Insurance: Optional

Risk Analysis

The most significant risk is the potential for market correction given the extraordinary price increase. If local market values don't support the current price, the property could face substantial depreciation. There's also a risk of financing challenges, as lenders may be wary of the rapid value increase. The proximity to I-65 could lead to noise pollution and potentially impact air quality over time, despite the current low air quality risk score. While flood risk is minimal (1/10), the property's location near downtown Franklin means buyers should stay informed about any future changes to flood zone designations. The moderate heat risk (4/10) may necessitate additional cooling measures and associated costs in the future.
Insurance
Annual Cost

$1,764

$147 per month

Financials

Monthly Costs

Price History

Property Taxes

$2,504
2023 Tax Assessment
17.2%from previous year
Assessed Value$121,600
Tax Rate2.06%

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$197,500

-59.7% below list price

Median Price

$197,500

Based on 1 recent sales

Price per Sq.Ft

$69

Comparable Properties

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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