Dunham Plan · Carmel, IN 46032

$228,000

2 bd · 2.0 ba · 1,356 sqft · Condo · 147 Days on market

Fair condition

---

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 +17.6/30.0
• ARV discount +7.5/15.0
• Schools +6.4/10.0
• DSCR +5.5/10.0
• 1% rule +4.7/10.0
• Livability +4.2/5.0
• Rent growth +4.1/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Whether you are working or retired, the Village Cooperative of Westfield is a hassle-free home ownership option for active adults (62+). You simply won't find a better value anywhere in the area with all the amenities. It offers a carefree lifestyle that lets you enjoy more of what you love in a safe and secure community of peers. The homes range in size from approximately 900 sq. ft. to over 1,800 sq. ft. of one-level living space within in a three-story building built over secure underground parking. Standard features of this living community include a community and club areas, hobby shop, reading areas, guest suite, garden plots, while-you're-away services, underground heated parking with a car wash bay-all wrapped up in a fully secure building. The homes are equipped with all appliances including a washer and dryer, in-home storage, walk-in closets and individually controlled HVAC systems. The Village Cooperative is a community of like-minded adults who want to live near other people their age, but not in assisted living or rental housing. It offers maintenance-free living in a vibrant environment with many unique amenities that are suited for both working and retired residents.

Key facts

• Car wash bay
• Guest suite
• Garden plots

Tags

• ONE-LEVEL LIVING SPACE
• GUEST SUITE
• GARDEN PLOTS
• UNDERGROUND HEATED PARKING
• CAR WASH BAY
• FULLY SECURE BUILDING

🏗️ New construction. The $228,000 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $231,324.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $228k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $183 ($2k/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 $226k (1.1% below list).
• Recommended offer: $201k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.2% vs local median 2.7% in Carmel — 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 84/100 on livability (#7 in IN, #726 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, amenities A+; Watch: commute F.
• Carmel Clay Schools (urban): math 68% / reading 70% proficiency, ranked #1 of 301 in IN (top 0%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 7% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+6.5%/yr); 340 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 4,661 units permitted in Hamilton County in 2024 (1,528 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Hamilton County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 147 days — a 12% lower offer ($201k) is reasonable based on typical stale-listing flexibility.

Recommended offer $200,640 (12.0% below list)

Questions for the listing agent

1. It's been on market 147 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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 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: 0.97% ✗
• Cap rate: 7.24%
• Cash-on-cash: 3.39%
• DSCR: 1.15
• GRM: 8.5

CMA / ARV

• ARV (median comp): $231,324
• List price: $228,000
• Delta: -1.44%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.47% rent growth · sell at horizon

5-year hold

• IRR: -7.1%
• Equity multiple: 0.73×
• Total profit: $-17,654
• Equity at exit: $34,491

10-year hold

• IRR: 6.4%
• Equity multiple: 1.55×
• Total profit: $35,674
• Equity at exit: $20,001

Cash invested: $64,771 (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 46032

• Rents YoY: 6.5%
• Active inventory: 340
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $2,255 high
• Mortgage (P&I): −$1,213
• Tax est. 1.5%: −$289 /mo · $3,470/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$474
• Net cashflow: $183

Break-even live

Break-even rent $2,024

Max offer price $231,324

Occupancy floor 87%

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: $57,831
• Closing costs: $6,940
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
300 Providence Blvd Carmel, IN	1.0–2.0	1.0–2.5	990	$2,019	$2.04	1d	35	0.33mi
12415 N Pennsylvania St Carmel, IN	1.0–2.0	1.0–2.0	940	$1,824	$1.94	1d	21	0.41mi
12484 Breaklines St Carmel, IN	1.0–3.0	1.0–2.0	1045	$1,751	$1.68	1d	19	0.45mi
947 Wickham Ct #206 Carmel, IN	2.0	2.0	1072	$1,650	$1.54	2d	1	0.49mi
1059 Timber Creek Dr Carmel, IN	3.0	2.0	1379	$1,850	$1.34	43d	1	0.54mi
760 Walkabout Cir E Carmel, IN	2.0	2.0	569	$2,224	$3.91	1d	24	0.65mi
675 Beacon St Carmel, IN	1.0–2.0	1.0–2.0	991	$2,395	$2.42	1d	18	0.70mi
209 Faulkner Ct Carmel, IN	2.0	2.0	1519	$1,900	$1.25	43d	1	0.73mi
1111 W Main St Carmel, IN	1.0–2.0	1.0–2.0	932	$3,224	$3.46	1d	8	0.73mi
358 Dartmouth St Carmel, IN	2.0	2.0	1188	$2,095	$1.76	2d	1	0.74mi
20 Wilson Dr Carmel, IN	3.0	2.5	1728	$3,000	$1.74	10d	1	0.76mi
12656 Crescent Dr Carmel, IN	3.0	2.5	1711	$2,290	$1.34	43d	1	0.77mi
833 W Main St #205 Carmel, IN	2.0	2.0	1649	$2,785	$1.69	1d	1	0.80mi
833 W Main St #311 Carmel, IN	2.0	2.0	1698	$3,130	$1.84	2d	1	0.80mi
833 W Main St #211 Carmel, IN	2.0	2.0	1698	$2,985	$1.76	1d	1	0.80mi
833 W Main St Carmel, IN	1.0–2.0	1.0–2.0	1304	$3,485	$2.67	7d	23	0.80mi
833 W Main St #305 Carmel, IN	2.0	2.0	1649	$2,950	$1.79	1d	1	0.80mi
833 W Main St Apt 411 Carmel, IN	2.0	2.0	1698	$3,485	$2.05	2d	1	0.80mi
833 W Main St #204 Carmel, IN	1.0	1.0	910	$1,685	$1.85	1d	1	0.80mi
833 W Main St #310 Carmel, IN	1.0	1.0	910	$1,735	$1.91	1d	1	0.80mi
833 W Main St #404 Carmel, IN	1.0	1.0	910	$1,785	$1.96	1d	1	0.80mi
301 American Way N Carmel, IN	1.0–3.0	1.0–2.0	1167	$2,315	$1.98	1d	1	0.87mi
881 3rd Ave SW Carmel, IN	1.0–2.0	1.0–2.0	1135	$1,999	$1.76	1d	2	0.91mi
525 End DR Carmel, IN	1.0–2.0	1.0–2.0	955	$2,380	$2.49	1d	13	0.92mi
400 Industrial Dr Carmel, IN	1.0–2.0	1.0–2.5	1175	$3,570	$3.04	1d	59	0.98mi
880 Monon Green Blvd Carmel, IN	3.0	1.0–2.0	1044	$2,632	$2.52	43d	5	1.00mi
750 Veterans Way Carmel, IN	1.0–3.0	1.0–2.5	1144	$3,041	$2.66	1d	1	1.05mi
530 W Main St Carmel, IN	2.0	1.0–1.5	875	$1,412	$1.61	1d	1	1.09mi
591 Monon Blvd Carmel, IN	3.0	1.0–2.0	791	$2,431	$3.07	1d	24	1.09mi
1225 Veterans Way Carmel, IN	1.0–2.0	1.0–2.0	1006	$2,483	$2.47	1d	10	1.10mi
720 S Rangeline Rd Carmel, IN	1.0–2.0	1.0–2.0	1090	$3,345	$3.07	1d	1	1.12mi
420 W Main St Carmel, IN	2.0	2.5	1503	$2,950	$1.96	1d	1	1.15mi
406 W Main St #406 Carmel, IN	2.0	2.0	1698	$3,485	$2.05	7d	1	1.15mi
13415 Highpointe Blvd Carmel, IN	1.0–2.0	1.0–2.0	728	$1,518	$2.08	1d	14	1.15mi
408 W Main St #408 Carmel, IN	1.0	1.0	910	$1,785	$1.96	7d	1	1.16mi
25 Florence St Carmel, IN	2.0	2.5	1338	$2,249	$1.68	10d	1	1.24mi
231 Lark Dr #3 Carmel, IN	2.0	1.0	925	$1,195	$1.29	1d	1	1.28mi
110 W Main St Carmel, IN	1.0–3.0	1.0–3.0	1095	$2,653	$2.42	1d	16	1.29mi
1685 E 116th St Carmel, IN	2.0	1.0–2.0	892	$2,475	$2.77	1d	28	1.33mi
11325 Spring Mill Rd Carmel, IN	1.0–3.0	1.0–2.0	1043	$2,276	$2.18	1d	23	1.42mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-18
   days on market $228,000 Active 147 DOM
2. 2026-06-17
   days on market $228,000 Active 146 DOM
3. 2026-06-16
   days on market $228,000 Active 145 DOM
4. 2026-06-15
   days on market $228,000 Active 144 DOM
5. 2026-06-13
   days on market $228,000 Active 142 DOM
6. 2026-06-13
   days on market $228,000 Active 141 DOM
7. 2026-06-09
   days on market $228,000 Active 138 DOM
8. 2026-06-08
   days on market $228,000 Active 137 DOM
9. 2026-06-07
   days on market $228,000 Active 136 DOM
10. 2026-06-05
    days on market $228,000 Active 133 DOM
11. 2026-06-03
    days on market $228,000 Active 132 DOM
12. 2026-06-02
    days on market $228,000 Active 131 DOM
13. 2026-06-01
    days on market $228,000 Active 130 DOM
14. 2026-05-31
    days on market $228,000 Active 129 DOM
15. 2026-01-22
    listed $228,000 Active 1201-char remark

    Show marketing remark (1201 chars)

    Whether you are working or retired, the Village Cooperative of Westfield is a hassle-free home ownership option for active adults (62+). You simply won't find a better value anywhere in the area with all the amenities. It offers a carefree lifestyle that lets you enjoy more of what you love in a safe and secure community of peers. The homes range in size from approximately 900 sq. ft. to over 1,800 sq. ft. of one-level living space within in a three-story building built over secure underground parking. Standard features of this living community include a community and club areas, hobby shop, reading areas, guest suite, garden plots, while-you're-away services, underground heated parking with a car wash bay-all wrapped up in a fully secure building. The homes are equipped with all appliances including a washer and dryer, in-home storage, walk-in closets and individually controlled HVAC systems. The Village Cooperative is a community of like-minded adults who want to live near other people their age, but not in assisted living or rental housing. It offers maintenance-free living in a vibrant environment with many unique amenities that are suited for both working and retired residents.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $27,061
• − Mortgage interest: −$12,958
• − Property taxes: −$3,470
• − Insurance: −$1,157
• − Repairs & maintenance: −$2,165
• − Management: −$2,165
• − Depreciation: −$6,729
• Taxable loss: −$1,582
• Est. tax savings @ 24.0%: +$380
• After-tax cash flow: $2,575/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.

Condition & rehab AI · 1 photo

Fair 45/100 Moderate rehab

The Dunham unit is in fair condition with some minor repairs and maintenance needed. Fresh paint and new flooring can significantly enhance its value.

Repairs flagged

• Minor Paint — Paint appears slightly faded in some areas
• Minor Flooring — Flooring shows some wear

Value-add opportunities

• Both Paint — Fresh paint can enhance curb appeal and interior aesthetics
• Both Flooring — New flooring can improve the home's appearance and functionality

Renovation cost estimate screening

Repair item	Severity	Est. cost
Paint · Paint appears slightly faded in some areas	Minor	$500–3,000
Flooring · Flooring shows some wear	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Paint — Fresh paint can enhance curb appeal and interior aesthetics ↑
• Both Flooring — New flooring can improve the home's appearance and functionality ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Carmel Clay Schools
• NCES district ID: 1801200
• Math proficiency: 68% ▼ -7.00%
• Reading proficiency: 70% ▼ -7.00%
• Median HH income: $102,347
• Composite: 63.54/100
• National rank: #608
• State rank: #1 of 301 in IN

Livability — Carmel

• Score: 84/100
• State rank: #7
• US rank: #726

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Carmel, IN
• County: Hamilton County · 337,479 people
• City population: 99,910
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 51,515
• Household income: $132,085
• Rent vs Own: 33.5% rent · 66.5% own
• Severe rent burden: 1216.0

Population outlook (Hamilton County) Hauer SSP2

• Today (2025): 381,938 people
• By 2030: 417,496 · +9.3%
• By 2040: 486,684 · +27.4%
• By 2050: 549,805 · +44.0%
• By 2075: 687,078 · +79.9%
• By 2100: 754,495 · +97.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Asian 10% Two or more races 6% Hispanic / Latino 5% Black 4%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Romanian 4% Lithuanian 3% Slovak 2%
• Foreign-born: 13% · Canada, China, South Korea
• Languages at home: 85% English-only · Other Indo-European 4% Spanish 3% Chinese 2%

Political lean MEDSL · Hamilton

• 2024 margin: Lean R (+6.1) · D 46.0% · R 52.1% · Other 1.9%
• 2008→2024 swing: +16.2pp toward D · 2008: -22.2pp · 2024: -6.1pp
• All cycles: 2024: R+6.1 2020: R+6.8 2016: R+19.6 2012: R+34.3 2008: R+22.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -248.06%
• Current HPI: 221.9087
• Rent YoY: ▲ 6.47%
• 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

1 event — show timeline

• 2026-01-22 Listed $228,000 Zillow