10805 Central Ave · Carmel, IN 46280

$350,000

2 bd · 1.0 ba · 1,512 sqft · MultiFamily public records · 4 Days on market

Built 1964 10,454 sqft lot

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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 +24.6/30.0
• DSCR +7.9/10.0
• ARV discount +7.5/15.0
• Schools +6.4/10.0
• 1% rule +5.4/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Duplex house easily divided into two single family houses. One side with 2 bedrooms and one bath is the mirror image of the 2 bedroom, one bath on the other side. House is connected through the kitchen. Nice back yard for play and entertaining. Carmel Clay schools. Easy access to I 465. Location, location, location is the main plus for the house. Priced to sell. House needs a little TLC, but is still very livable as is.

Key facts

• Fresh paint
• Flower boxes
• New rear fencing

Tags

• NEW ROOF
• REINFORCED CARPORT
• UPDATED LIGHTING
• FRESH PAINT
• NEW REAR FENCING
• FLOWER BOXES

Property features AI

Finance

• Other: Property used as residential income (duplex)
• Financial info: Currently reported gross income: $0; Reported expenses: $0; One unit listed with $1,600/month rent; the other unit shows no rent reported

Exterior

• Parking: Two parking spaces for a unit; One covered garage space
• Security: Smoke detector(s)
• Utilities: Water and sewer service; Building utilities include sewer and water; Natural gas service
• Home design: Duplex (residential income property); One story
• Construction: Aluminum siding and brick exterior; Slab foundation
• Exterior features: Sidewalks; Mature trees; Suburban setting; County road access

Interior

• Kitchen: Each unit has an 8x8 kitchen; One unit includes dishwasher; both include range/oven and refrigerator
• Bedrooms: Two 2-bedroom units (each unit is single-level)
• Bathrooms: Two bathrooms total across units
• Heating & cooling: Central air; Forced-air heating; Gas hot water
• Interior features: Smoke detectors
• Laundry & utility: Washer and dryer connections in units (washer and dryer listed as included in unit amenities)

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $722 ($9k/yr) — positive. Per door: $361/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Cap rate 8.8% 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: crime A+, amenities A+, employment 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.
• Zoned schools: Carmel High School (math 77% / reading 90%, grade A, #3 of 369 statewide, top 1%, 5,192 students, 13% FRL).
• Zoned-school proficiency averages 84% at this address vs 69% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Carmel Clay Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 50 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 4,661 units permitted in Hamilton County in 2024 (1,528 in 5+ unit buildings).
• At $3,654/mo this rent would consume 48% of the median local household income ($91k/yr) (locally 388% 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 $2k of loan paydown is wiped out by about $10k 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

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 17y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $90k; list at $350k implies a 289% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $350,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1964 — 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 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?
6. 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.
7. 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.
8. 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: 1.04% ✓
• Cap rate: 8.77%
• Cash-on-cash: 8.84%
• DSCR: 1.39
• GRM: 8.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -2.9%
• Equity multiple: 0.89×
• Total profit: $-10,812
• Equity at exit: $52,186

10-year hold

• IRR: 6.7%
• Equity multiple: 1.50×
• Total profit: $49,412
• Equity at exit: $30,262

Cash invested: $98,000 (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 46280

• Active inventory: 50
• Price-to-rent: 16.0×

Monthly cashflow live

• Estimated rent: $3,654 high
• Mortgage (P&I): −$1,835
• Tax from tax record: −$183 /mo · $2,197/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$767
• Net cashflow: $722

Break-even live

Break-even rent $2,740

Max offer price $350,000

Occupancy floor 75%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,654
Total (2 units)			$3,654

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10727 N Park Ave Carmel, IN	3.0	2.0	1400	$2,149	$1.53	11d	1	0.14mi
10706 N Park Ave Carmel, IN	2.0	1.0	1100	$1,200	$1.09	3d	1	0.17mi
10608 Central Ave Unit B Indianapolis, IN	3.0	2.5	1600	$1,995	$1.25	2d	1	0.25mi
10909 College Place Dr Carmel, IN	3.0	1.5	1236	$1,850	$1.50	44d	1	0.26mi
10604 Central Ave Unit A Indianapolis, IN	3.0	2.5	1800	$1,995	$1.11	2d	1	0.26mi
525 E 106th St Carmel, IN	3.0	1.0	1084	$1,800	$1.66	2d	1	0.31mi
11325 Spring Mill Rd Carmel, IN	1.0–3.0	1.0–2.0	1043	$2,276	$2.18	2d	23	0.79mi
947 Wickham Ct #206 Carmel, IN	2.0	2.0	1072	$1,650	$1.54	3d	1	1.14mi
1685 E 116th St Carmel, IN	2.0	1.0–2.0	892	$2,475	$2.77	2d	28	1.40mi

Listing history 5 events

1. 2026-06-15
   status $350,000 Pending 4 DOM
2. 2026-06-15
   days on market $350,000 Active 4 DOM
3. 2026-06-13
   days on market $350,000 Active 2 DOM
4. 2026-06-13
   remarks 699-char remark
5. 2026-06-13
   listed $350,000 Active 1 DOM

ⓘ 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: $2,197 · $183/mo
• Projected year-2 tax: $2,586 · $215/mo
• Expected delta: +$389/yr (+$32/mo · 17.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 68% 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 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,848
• − Mortgage interest: −$19,605
• − Property taxes: −$2,197
• − Insurance: −$1,750
• − Repairs & maintenance: −$3,508
• − Management: −$3,508
• − Depreciation: −$10,182
• Taxable income: $3,098
• Est. tax owed @ 24.0%: −$744
• After-tax cash flow: $7,924/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: 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): 7,514
• Household income: $91,152
• Rent vs Own: 38.2% rent · 61.8% own
• Severe rent burden: 388.0

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 (80%)
• Race & ethnicity: White 80% Black 8% Hispanic / Latino 6% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 6% Slovak 3% Italian 2%
• Foreign-born: 6% · Canada, Vietnam, China
• Languages at home: 91% English-only · Spanish 5% Arabic 2% German/W. Germanic 1%

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: ▼ -169.83%
• Current HPI: 244.8068
• Rent YoY: —
• 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

+191.9% since first listed

12 events — show timeline

• 2026-06-11 Listed $350,000 MIBOR as Distributed by MLS Grid
• 2022-02-07 Listing Removed — MIBOR as Distributed by MLS Grid
• 2022-02-07 Listed $182,500 MIBOR as Distributed by MLS Grid
• 2010-03-29 Listing Removed — MIBOR as Distributed by MLS Grid
• 2010-03-26 Sold (MLS) $89,900 MIBOR as Distributed by MLS Grid
• 2010-01-13 Listing Removed — MIBOR as Distributed by MLS Grid
• 2010-01-05 Listed $95,000 MIBOR as Distributed by MLS Grid
• 2010-01-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2009-10-08 Listing Removed — MIBOR as Distributed by MLS Grid
• 2009-10-07 Listed $105,000 MIBOR as Distributed by MLS Grid
• 2009-10-07 Listed $105,000 MIBOR as Distributed by MLS Grid
• 2009-06-12 Listed $119,900 MIBOR as Distributed by MLS Grid

Property tax history

+0.2%/yr

Latest (2025): $2,197 · -0.0% YoY. Source: county tax records.