Glenborough Plan · Carmel, IN 46032

$214,000

2 bd · 2.0 ba · 1,270 sqft · Townhouse · 290 Days on market

55+ age-restricted Fair condition

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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 +15.0/30.0
• ARV discount +7.5/15.0
• Schools +6.8/10.0
• DSCR +4.8/10.0
• 1% rule +4.6/10.0
• 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 $214,000 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $233,878.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath townhouse listed at $214k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $74 ($891/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 $214k (0.0% below list).
• Recommended offer: $188k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.7% vs local median 2.9% 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 Middle School (math 46% / reading 61%, grade C+, #32 of 330 statewide, top 10%, 1,064 students, 20% FRL); Carmel High School (math 77% / reading 90%, grade A, #3 of 369 statewide, top 1%, 5,192 students, 13% FRL).
• Market conditions: Rents rising fast (+6.5%/yr); 670 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 68% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 290 days — a 12% lower offer ($188k) is reasonable based on typical stale-listing flexibility.

Recommended offer $188,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 290 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.91% ✗
• Cap rate: 6.67%
• Cash-on-cash: 1.36%
• DSCR: 1.06
• GRM: 9.1

CMA / ARV

• ARV (median comp): $233,878
• List price: $214,000
• Delta: -8.50%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11755 Beckham Ct #206	0.43mi	2/2.0	1,379 (+9%)	6mo	$215,000	$156	61
931 Wickham Ct #207	0.49mi	3/2.0 (+1)	1,379 (+9%)	2mo	$243,000	$176	56
11715 Lenox Ln Unit 207	0.44mi	2/2.0	1,379 (+9%)	12mo	$258,000	$187	55
963 Wickham Ct #205	0.52mi	3/2.0 (+1)	1,379 (+9%)	8mo	$249,900	$181	50
965 Brownstone Trce	0.58mi	3/3.5 (+1)	1,366 (+8%)	8mo	$422,000	$309	43
1046 Timber Creek Dr #3	0.53mi	3/2.0 (+1)	1,379 (+9%)	16mo	$235,000	$170	42
12598 Tennyson Ln #101	0.73mi	2/2.0	1,083 (-15%)	3mo	$225,000	$208	39
12598 Tennyson Ln #102	0.73mi	2/2.0	1,083 (-15%)	8mo	$208,000	$192	35
207 Keats Ct #102	0.74mi	2/2.0	1,083 (-15%)	9mo	$210,000	$194	33
209 Faulkner Ct #102	0.72mi	2/2.0	1,442 (+14%)	15mo	$237,000	$164	32
211 Faulkner Ct #101	0.75mi	2/2.0	1,083 (-15%)	12mo	$225,000	$208	31
207 Keats Ct #205	0.74mi	2/2.0	1,083 (-15%)	14mo	$199,000	$184	29

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 · 6.47% rent growth · sell at horizon

5-year hold

• IRR: -10.3%
• Equity multiple: 0.61×
• Total profit: $-25,403
• Equity at exit: $34,872

10-year hold

• IRR: 3.3%
• Equity multiple: 1.28×
• Total profit: $18,177
• Equity at exit: $20,221

Cash invested: $65,486 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 19 active · 18 under contract
• Months of supply: 5.7 mo (18%/mo absorbed)
• Median asking: $248,900 ($205/sqft)
• Median days on market: 79 d
• This list price: 16% of active listings are priced below it
• ARV vs active asking: -10.3% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 46032

• Rents YoY: 6.5%
• Active inventory: 670
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $2,140 high
• Mortgage (P&I): −$1,226
• Tax est. 1.5%: −$292 /mo · $3,508/yr
• Insurance: −$97
• HOA: −$0
• Vacancy / Maint / Mgmt: −$449
• Net cashflow: $74

Break-even live

Break-even rent $2,046

Max offer price $233,878

Occupancy floor 92%

Sensitivity live

Price	-10% $236	-5% $155	+0% $74	+5% $-7	+10% $-87
Rent	-10% $-95	-5% $-10	+0% $74	+5% $159	+10% $243
Rate	-1.0pp $192	-0.5pp $134	base $74	+0.5pp $14	+1.0pp $-48

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: $58,469
• Closing costs: $7,016
• Club membership (one-time): —
• 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	1.0–2.0	819	$1,776	$2.17	0d	24	0.33mi
12415 N Pennsylvania St Carmel, IN	1.0–2.0	1.0–2.0	819	$1,675	$2.05	0d	5	0.41mi
12484 Breaklines St Carmel, IN	1.0–3.0	1.0–2.0	1032	$1,877	$1.82	0d	15	0.45mi
947 Wickham Ct #206 Carmel, IN	2.0	2.0	1072	$1,650	$1.54	144d	1	0.49mi
1059 Timber Creek Dr Carmel, IN	3.0	2.0	1379	$1,850	$1.34	184d	1	0.54mi
12420 Brookline St Carmel, IN	2.0	1.5	1156	$1,895	$1.64	44d	1	0.59mi
12420 Brookline St Carmel, IN	2.0	1.5	1156	$1,895	$1.64	55d	1	0.59mi
502 Aberdeen St Carmel, IN	3.0	2.5	1595	$2,300	$1.44	112d	1	0.61mi
760 Walkabout Cir E Carmel, IN	3.0	2.0	650	$1,789	$2.75	0d	12	0.65mi
675 Beacon St Carmel, IN	1.0–2.0	1.0–2.0	943	$2,586	$2.74	0d	21	0.70mi
1025 W Main St Carmel, IN	1.0–3.0	1.0–2.0	1151	$3,122	$2.71	10d	1	0.73mi
209 Faulkner Ct Carmel, IN	2.0	2.0	1519	$1,850	$1.22	10d	1	0.73mi
209 Faulkner Ct Carmel, IN	2.0	2.0	1519	$1,900	$1.25	184d	1	0.73mi
1111 W Main St Carmel, IN	1.0–2.0	1.0–2.0	935	$2,040	$2.18	0d	8	0.73mi
358 Dartmouth St Carmel, IN	2.0	2.0	1188	$2,095	$1.76	144d	1	0.74mi
20 Wilson Dr Carmel, IN	3.0	2.5	1728	$3,000	$1.74	151d	1	0.76mi
11585 Fulham St Carmel, IN	3.0	2.5	1526	$3,555	$2.33	85d	1	0.76mi
12656 Crescent Dr Carmel, IN	3.0	2.5	1711	$2,290	$1.34	184d	1	0.77mi
731 E 116th St Carmel, IN	3.0	2.0	1560	$2,450	$1.57	10d	1	0.78mi
833 W Main St Apt 306 Carmel, IN	2.0	2.0	1698	$2,700	$1.59	43d	1	0.80mi
833 W Main St Carmel, IN	1.0–2.0	1.0–2.0	1304	$3,485	$2.67	148d	23	0.80mi
833 W Main St Apt 206 Carmel, IN	2.0	2.0	1698	$2,600	$1.53	43d	1	0.80mi
833 W Main St #205 Carmel, IN	2.0	2.0	1649	$2,550	$1.55	44d	1	0.80mi
833 W Main St #305 Carmel, IN	2.0	2.0	1649	$2,500	$1.52	43d	1	0.80mi
833 W Main St #211 Carmel, IN	2.0	2.0	1698	$2,650	$1.56	44d	1	0.80mi
833 W Main St Apt 303 Carmel, IN	1.0	1.0	910	$1,700	$1.87	44d	1	0.80mi
833 W Main St Apt 301 Carmel, IN	2.0	2.0	1456	$2,400	$1.65	44d	1	0.80mi
833 W Main St #311 Carmel, IN	2.0	2.0	1698	$3,130	$1.84	144d	1	0.80mi
833 W Main St #204 Carmel, IN	1.0	1.0	910	$1,685	$1.85	85d	1	0.80mi
833 W Main St Apt 203 Carmel, IN	1.0	1.0	910	$1,650	$1.81	44d	1	0.80mi
833 W Main St Apt 307 Carmel, IN	1.0	1.0	910	$1,700	$1.87	43d	1	0.80mi
833 W Main St Apt 411 Carmel, IN	2.0	2.0	1698	$3,485	$2.05	144d	1	0.80mi
833 W Main St Carmel, IN	1.0–2.0	1.0–2.0	1304	$2,700	$2.07	10d	17	0.80mi
833 W Main St #310 Carmel, IN	1.0	1.0	910	$1,735	$1.91	85d	1	0.80mi
833 W Main St Apt 409 Carmel, IN	1.0	1.0	910	$1,785	$1.96	85d	1	0.80mi
833 W Main St Apt 410 Carmel, IN	1.0	1.0	910	$1,785	$1.96	133d	1	0.80mi
770 3rd Ave SW Carmel, IN	1.0–3.0	1.0–2.5	1458	$2,560	$1.76	2d	11	0.83mi
402 Kimbrough Ln Carmel, IN	3.0	2.5	1351	$2,025	$1.50	19d	1	0.83mi
402 Kimbrough Ln Carmel, IN	3.0	2.5	1351	$2,025	$1.50	22d	1	0.83mi
301 American Way N Carmel, IN	1.0–3.0	1.0–2.0	1167	$2,315	$1.98	123d	1	0.87mi

Listing history 50 events

1. 2026-11-08
   days on market $214,000 Active 290 DOM
2. 2026-11-07
   days on market $214,000 Active 289 DOM
3. 2026-11-06
   days on market $214,000 Active 288 DOM
4. 2026-11-05
   days on market $214,000 Active 287 DOM
5. 2026-11-04
   days on market $214,000 Active 286 DOM
6. 2026-11-02
   days on market $214,000 Active 284 DOM
7. 2026-11-01
   days on market $214,000 Active 283 DOM
8. 2026-10-31
   days on market $214,000 Active 282 DOM
9. 2026-10-30
   days on market $214,000 Active 281 DOM
10. 2026-10-29
    days on market $214,000 Active 280 DOM
11. 2026-10-28
    days on market $214,000 Active 279 DOM
12. 2026-10-27
    days on market $214,000 Active 278 DOM
13. 2026-10-26
    days on market $214,000 Active 277 DOM
14. 2026-10-25
    days on market $214,000 Active 276 DOM
15. 2026-10-24
    days on market $214,000 Active 275 DOM
16. 2026-10-23
    days on market $214,000 Active 274 DOM
17. 2026-10-22
    days on market $214,000 Active 273 DOM
18. 2026-10-21
    days on market $214,000 Active 272 DOM
19. 2026-10-20
    days on market $214,000 Active 271 DOM
20. 2026-10-19
    days on market $214,000 Active 270 DOM
21. 2026-10-18
    days on market $214,000 Active 269 DOM
22. 2026-10-17
    days on market $214,000 Active 268 DOM
23. 2026-10-16
    days on market $214,000 Active 267 DOM
24. 2026-10-15
    days on market $214,000 Active 266 DOM
25. 2026-10-14
    days on market $214,000 Active 265 DOM
26. 2026-10-13
    days on market $214,000 Active 264 DOM
27. 2026-10-12
    days on market $214,000 Active 263 DOM
28. 2026-10-11
    days on market $214,000 Active 262 DOM
29. 2026-10-10
    days on market $214,000 Active 261 DOM
30. 2026-10-09
    days on market $214,000 Active 260 DOM
31. 2026-10-08
    days on market $214,000 Active 259 DOM
32. 2026-10-07
    days on market $214,000 Active 258 DOM
33. 2026-10-06
    days on market $214,000 Active 257 DOM
34. 2026-10-05
    days on market $214,000 Active 256 DOM
35. 2026-10-04
    days on market $214,000 Active 255 DOM
36. 2026-10-04
    days on market $214,000 Active 254 DOM
37. 2026-10-02
    days on market $214,000 Active 253 DOM
38. 2026-10-01
    days on market $214,000 Active 252 DOM
39. 2026-09-30
    days on market $214,000 Active 251 DOM
40. 2026-09-29
    days on market $214,000 Active 250 DOM
41. 2026-09-28
    days on market $214,000 Active 249 DOM
42. 2026-09-27
    days on market $214,000 Active 248 DOM
43. 2026-09-25
    days on market $214,000 Active 246 DOM
44. 2026-09-24
    days on market $214,000 Active 245 DOM
45. 2026-09-23
    days on market $214,000 Active 244 DOM
46. 2026-09-22
    days on market $214,000 Active 243 DOM
47. 2026-09-21
    days on market $214,000 Active 242 DOM
48. 2026-09-20
    days on market $214,000 Active 241 DOM
49. 2026-09-19
    days on market $214,000 Active 240 DOM
50. 2026-09-18
    days on market $214,000 Active 239 DOM

ⓘ 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: $25,679
• − Mortgage interest: −$13,101
• − Property taxes: −$3,508
• − Insurance: −$1,169
• − Repairs & maintenance: −$2,054
• − Management: −$2,054
• − Depreciation: −$6,804
• Taxable loss: −$3,011
• Est. tax savings @ 24.0%: +$723
• After-tax cash flow: $1,614/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 Cosmetic rehab Est. rehab $6,350–$19,050 screening

This Glenborough condo is in fair condition with cosmetic updates needed. Painting, landscaping, and interior updates would significantly enhance its value.

Value-add opportunities

• Both Painting the interior and exterior — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Landscaping improvements — Well-maintained landscaping can significantly boost curb appeal and property value ↑
• Both New flooring — Replacing old flooring with modern materials can increase both resale and rental value ↑
• Both Kitchen and bathroom updates — Modernizing these spaces can attract more buyers and renters ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

C Composite school gradezoned avg 68/100

Zoned Schools

Elementary Carmel Elementary School B+ IN #49/994 Nat'l #4,204/41,679 Middle Carmel Middle School C+ IN #32/330 Nat'l #2,785/14,009 High Carmel High School A IN #3/369 Nat'l #817/17,239

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

A Composite livability gradescore 84/100

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 · 381,938 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: 12% of renters

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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%

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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%
• Languages at home: 85% English-only · Other Indo-European 4% Spanish 3% Chinese 2%

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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

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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 $214,000 Zillow