11059 Cornell Ave · Carmel, IN 46280

$429,900

2 bd · 2.0 ba · 2,010 sqft · MultiFamily public records · 34 Days on market

Built 1993 0.46 ac lot $214/sqft · 10% above area Est $390k · 10% over

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Why this score? — see what drove the D 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 +15.5/30.0
• Schools +6.4/10.0
• DSCR +4.8/10.0
• Livability +4.2/5.0
• 1% rule +3.6/10.0
• ARV discount +2.9/15.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Carmel Schools. Quaint Homeplace area of South Carmel. Recent complete renovation on 11059 with entire new roof and skylights (both sides). Roomy 2BR (each side) double w/open floorplan, vaulted ceilings, plant ledges, skylights, appliances, deck, attached 1-car garage w/opener on each side. Quiet area away from noise and traffic, but good access to Rangeline Rd, College Ave, and interstates. Just a short walk to Carmel Central Park and Monon Trail.

Key facts

• Complete renovation
• Open floorplan
• Plant ledges

Tags

• COMPLETE RENOVATION
• NEW ROOF
• SKYLIGHTS
• OPEN FLOORPLAN
• VAULTED CEILINGS
• PLANT LEDGES

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $430k.

Deal economics

• At list price, monthly cash flow is $176 ($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 $368k (14.4% below list).
• Recommended offer: $368k (14.4% below list) — sets the bar for 1% rule.
• Cap rate 6.8% 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: 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: 50 active listings in the ZIP; 7 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 $3,681/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 $3k of loan paydown is wiped out by about $13k 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 34 days — a 3% lower offer ($417k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 25y 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 $163k; list at $430k implies a 163% gain — meaningful room to come down on a strong offer.

Recommended offer $368,100 (14.4% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. 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.
6. 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.
7. 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: 0.86% ✗
• Cap rate: 6.78%
• Cash-on-cash: 1.75%
• DSCR: 1.08
• GRM: 9.7

CMA / ARV

• ARV (median comp): $390,000
• List price: $429,900
• Delta: 10.23%
• Verdict: OVERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11059 Cornell Ave	0.00mi	2/2.0	2,010 (0%)	0mo	$390,000	$194	100

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -13.5%
• Equity multiple: 0.51×
• Total profit: $-58,563
• Equity at exit: $64,099

10-year hold

• IRR: -4.7%
• Equity multiple: 0.69×
• Total profit: $-36,957
• Equity at exit: $37,170

Cash invested: $120,372 (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: 19.5×

Monthly cashflow live

• Estimated rent: $3,681 high
• Mortgage (P&I): −$2,254
• Tax from tax record: −$299 /mo · $3,585/yr
• Insurance: −$179
• HOA: −$0
• Vacancy / Maint / Mgmt: −$773
• Net cashflow: $176

Break-even live

Break-even rent $3,459

Max offer price $429,900

Occupancy floor 90%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$3,682
Total (2 units)			$3,681

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: $107,475
• Closing costs: $12,897
• Reserves months: —
• Total cash needed: —

Rent comps 7 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	0.36mi
10608 Central Ave Unit B Indianapolis, IN	3.0	2.5	1600	$1,995	$1.25	1d	1	0.58mi
10604 Central Ave Unit A Indianapolis, IN	3.0	2.5	1800	$1,995	$1.11	1d	1	0.58mi
11596 Fulham St Carmel, IN	3.0	2.5	2484	$3,595	$1.45	19d	1	0.61mi
11794 Harvard Ln Unit 1 Carmel, IN	3.0	3.5	2478	$2,650	$1.07	1d	1	0.85mi
11325 Spring Mill Rd Carmel, IN	1.0–3.0	1.0–2.0	1043	$2,276	$2.18	1d	23	1.12mi
1825 Jefferson Dr W Carmel, IN	1.0–3.0	1.0–2.5	1350	$1,990	$1.47	1d	24	1.29mi

Listing history 7 events

1. 2026-05-10
   status Pending 457-char remark

   Show marketing remark (457 chars)

   Carmel Schools. Quaint Homeplace area of South Carmel. Recent complete renovation on 11059 with entire new roof and skylights (both sides). Roomy 2BR (each side) double w/open floorplan, vaulted ceilings, plant ledges, skylights, appliances, deck, attached 1-car garage w/opener on each side. Quiet area away from noise and traffic, but good access to Rangeline Rd, College Ave, and interstates. Just a short walk to Carmel Central Park and Monon Trail.

2. 2026-05-04
   status Active 457-char remark

   Show marketing remark (457 chars)

   Carmel Schools. Quaint Homeplace area of South Carmel. Recent complete renovation on 11059 with entire new roof and skylights (both sides). Roomy 2BR (each side) double w/open floorplan, vaulted ceilings, plant ledges, skylights, appliances, deck, attached 1-car garage w/opener on each side. Quiet area away from noise and traffic, but good access to Rangeline Rd, College Ave, and interstates. Just a short walk to Carmel Central Park and Monon Trail.

3. 2026-05-04
   price $429,900 457-char remark

   Show marketing remark (457 chars)

   Carmel Schools. Quaint Homeplace area of South Carmel. Recent complete renovation on 11059 with entire new roof and skylights (both sides). Roomy 2BR (each side) double w/open floorplan, vaulted ceilings, plant ledges, skylights, appliances, deck, attached 1-car garage w/opener on each side. Quiet area away from noise and traffic, but good access to Rangeline Rd, College Ave, and interstates. Just a short walk to Carmel Central Park and Monon Trail.

4. 2026-04-16
   price $439,900 457-char remark

   Show marketing remark (457 chars)

   Carmel Schools. Quaint Homeplace area of South Carmel. Recent complete renovation on 11059 with entire new roof and skylights (both sides). Roomy 2BR (each side) double w/open floorplan, vaulted ceilings, plant ledges, skylights, appliances, deck, attached 1-car garage w/opener on each side. Quiet area away from noise and traffic, but good access to Rangeline Rd, College Ave, and interstates. Just a short walk to Carmel Central Park and Monon Trail.

5. 2026-04-02
   listed $447,850 Active 457-char remark

   Show marketing remark (457 chars)

   Carmel Schools. Quaint Homeplace area of South Carmel. Recent complete renovation on 11059 with entire new roof and skylights (both sides). Roomy 2BR (each side) double w/open floorplan, vaulted ceilings, plant ledges, skylights, appliances, deck, attached 1-car garage w/opener on each side. Quiet area away from noise and traffic, but good access to Rangeline Rd, College Ave, and interstates. Just a short walk to Carmel Central Park and Monon Trail.

6. 2001-07-19
   soldstatus $163,200 407-char remark

   Show marketing remark (407 chars)

   WONDERFUL INVESTMENT IN CARMEL! TWO 2 BEDROOM UNITS, 1 CAR GARAGES, REFRIG, STOVE INCLUDED, WASHER/DRYER HOOK-UPS, WEEL, CITY SEWER, GAS HEAT, DECKS, IN GREAT CONDITION. SHOWN BY APPT. ONLY - CALL OFFICE TO SET APPT. ON E 2 BDRM WILL BE SHOWN, OTHER SIDE SHOWN ONLY WITH VERY SERIOUS INTEREST. ROOM SIZES ARE APPROXIMATE - LOCATED NEXT TO OTHER INVESTMENT PROPERTIES FOR SALE - MLS #'S 2120537 & 2120533

7. 2001-05-03
   listed $159,900 407-char remark

   Show marketing remark (407 chars)

   WONDERFUL INVESTMENT IN CARMEL! TWO 2 BEDROOM UNITS, 1 CAR GARAGES, REFRIG, STOVE INCLUDED, WASHER/DRYER HOOK-UPS, WEEL, CITY SEWER, GAS HEAT, DECKS, IN GREAT CONDITION. SHOWN BY APPT. ONLY - CALL OFFICE TO SET APPT. ON E 2 BDRM WILL BE SHOWN, OTHER SIDE SHOWN ONLY WITH VERY SERIOUS INTEREST. ROOM SIZES ARE APPROXIMATE - LOCATED NEXT TO OTHER INVESTMENT PROPERTIES FOR SALE - MLS #'S 2120537 & 2120533

ⓘ 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: $3,585 · $299/mo
• Projected year-2 tax: $3,619 · $302/mo
• Expected delta: +$35/yr (+$3/mo · 1.0%)

ⓘ 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 3/10 Moderate 7 d/yr ≥101°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $44,172
• − Mortgage interest: −$24,081
• − Property taxes: −$3,585
• − Insurance: −$2,150
• − Repairs & maintenance: −$3,534
• − Management: −$3,534
• − Depreciation: −$12,506
• Taxable loss: −$5,217
• Est. tax savings @ 24.0%: +$1,252
• After-tax cash flow: $3,360/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

+168.9% since first listed

7 events — show timeline

• 2026-05-10 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-04 Relisted — MIBOR as Distributed by MLS Grid
• 2026-05-04 Price Changed $429,900 MIBOR as Distributed by MLS Grid
• 2026-04-16 Price Changed $439,900 MIBOR as Distributed by MLS Grid
• 2026-04-02 Listed $447,850 MIBOR as Distributed by MLS Grid
• 2001-07-19 Sold (MLS) $163,200 MIBOR as Distributed by MLS Grid
• 2001-05-03 Listed $159,900 MIBOR as Distributed by MLS Grid

Property tax history

+2.7%/yr

Latest (2025): $3,585 · +4.2% YoY. Source: county tax records.