10311 Gateway Dr · Brownsburg, IN 46234

$259,900

2 bd · 2.0 ba · 1,260 sqft · Condo public records · 163 Days on market

Built 2023 Good condition $206/sqft · at area comps Est $274k · at est. $268/mo HOA · 13% of rent ↓ 4% since listing

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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).

• ARV discount +9.7/15.0
• Cash flow +7.9/30.0
• Schools +6.3/10.0
• Rent growth +4.4/5.0
• Condition / age +4.0/5.0
• Livability +3.8/5.0
• 1% rule +3.2/10.0
• DSCR +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Why wait for new construction when this like-new 2023 ranch condo is already done better? Tucked inside the sought-after Eagle Lakes community, this sharp 2-bed, 2-bath home has been thoughtfully upgraded throughout - brand-new storm doors, smart lighting, updated ceiling fans, fresh paint, a stylish new kitchen backsplash, and a full appliance package including refrigerator, washer, and dryer. Just move in and enjoy. The open floor plan is bright and welcoming, flowing seamlessly from the living area into a well-appointed kitchen with a breakfast bar. The primary suite offers plush carpet and one of the most generous walk-in closets you'll find at this price point. A second bedroom, full bath, dedicated laundry room, and attached 2-car garage round it all out. Step outside to a private patio - your new favorite spot for morning coffee. And the HOA does the heavy lifting: exterior maintenance, water, sewer, lawn care, and snow removal all covered for $268/month. Top-rated Brownsburg schools. Low-maintenance. Move-in ready. This one checks every box.

Key facts

• New ceiling fans
• Open layout
• New storm doors

Tags

• OPEN LAYOUT
• NEW CEILING FANS
• SMART LIGHTING
• STYLISH KITCHEN BACKSPLASH
• NEW STORM DOORS
• PRIVATE OUTDOOR PATIO

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $260k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-279 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $211k (19.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $212k (18.3% below list).
• Recommended offer: $211k (19.0% below list) — sets the bar for cash-flow.
• Cap rate 5.0% vs local median 3.8% in Brownsburg — 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 75/100 on livability (#61 in IN, #4,105 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• Brownsburg Community School Corporation (suburban): math 72% / reading 72% proficiency, ranked #2 of 301 in IN (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Brownsburg High School (math 61% / reading 83%, grade B+, #12 of 369 statewide, top 4%, 3,177 students, 33% FRL) — zoned schools average 33% FRL vs 17% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+7.6%/yr); 66 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,294 units permitted in Hendricks County in 2024 (18 in 5+ unit buildings).
• This rent runs 31% of the median local income ($83k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Hendricks County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 163 days — a 12% lower offer ($229k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $28k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $210,565 (19.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 163 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.82% ✗
• Cap rate: 5.00%
• Cash-on-cash: -4.61%
• DSCR: 0.80
• GRM: 10.2

CMA / ARV

• ARV (median comp): $273,528
• List price: $259,900
• Delta: -4.98%
• Verdict: FAIR
• Comps: 12 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 7.56% rent growth · sell at horizon

5-year hold

• IRR: -18.6%
• Equity multiple: 0.32×
• Total profit: $-49,576
• Equity at exit: $38,752

10-year hold

• IRR: -3.3%
• Equity multiple: 0.73×
• Total profit: $-19,571
• Equity at exit: $22,471

Cash invested: $72,772 (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 46234

• Home prices YoY: -33.0%
• Rents YoY: 7.6%
• Active inventory: 66
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $2,124 medium
• Mortgage (P&I): −$1,363
• Tax from tax record: −$218 /mo · $2,619/yr
• Insurance: −$108
• HOA: −$268
• Vacancy / Maint / Mgmt: −$446
• Net cashflow: $-279

Break-even live

Break-even rent $2,478

Max offer price $210,565

Occupancy floor —

Sensitivity live

Price	-10% $-132	-5% $-206	+0% $-279	+5% $-353	+10% $-426
Rent	-10% $-447	-5% $-363	+0% $-279	+5% $-195	+10% $-111
Rate	-1.0pp $-148	-0.5pp $-213	base $-279	+0.5pp $-347	+1.0pp $-415

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: $64,975
• Closing costs: $7,797
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10309 Gateway Dr Indianapolis, IN	2.0	2.0	1243	$1,995	$1.60	0d	1	0.04mi
10309 Gateway Dr Indianapolis, IN	2.0	2.0	1260	$2,295	$1.82	45d	1	0.04mi
5548 James Blair Dr Indianapolis, IN	3.0	2.0	1572	$2,000	$1.27	25d	1	0.54mi

HOA detail condo

• Monthly dues: $268 · $3,216/yr
• Likely covers: watersewerlandscapingsnow removalexterior maint.
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-18
   status $259,900 Pending 163 DOM
2. 2026-06-18
   days on market $259,900 Active 163 DOM
3. 2026-06-17
   days on market $259,900 Active 162 DOM
4. 2026-06-16
   days on market $259,900 Active 161 DOM
5. 2026-06-15
   days on market $259,900 Active 160 DOM
6. 2026-06-13
   days on market $259,900 Active 158 DOM
7. 2026-06-09
   days on market $259,900 Active 154 DOM
8. 2026-06-08
   days on market $259,900 Active 153 DOM
9. 2026-06-07
   days on market $259,900 Active 152 DOM
10. 2026-06-03
    pricedays on market $259,900 Active 148 DOM
11. 2026-06-02
    days on market $269,900 Active 147 DOM
12. 2026-06-01
    days on market $269,900 Active 146 DOM
13. 2026-05-31
    days on market $269,900 Active 145 DOM
14. 2026-05-13
    price $274,900 1065-char remark

    Show marketing remark (1065 chars)

    Why wait for new construction when this like-new 2023 ranch condo is already done better? Tucked inside the sought-after Eagle Lakes community, this sharp 2-bed, 2-bath home has been thoughtfully upgraded throughout - brand-new storm doors, smart lighting, updated ceiling fans, fresh paint, a stylish new kitchen backsplash, and a full appliance package including refrigerator, washer, and dryer. Just move in and enjoy. The open floor plan is bright and welcoming, flowing seamlessly from the living area into a well-appointed kitchen with a breakfast bar. The primary suite offers plush carpet and one of the most generous walk-in closets you'll find at this price point. A second bedroom, full bath, dedicated laundry room, and attached 2-car garage round it all out. Step outside to a private patio - your new favorite spot for morning coffee. And the HOA does the heavy lifting: exterior maintenance, water, sewer, lawn care, and snow removal all covered for $268/month. Top-rated Brownsburg schools. Low-maintenance. Move-in ready. This one checks every box.

15. 2026-04-27
    price $279,900 1065-char remark

    Show marketing remark (1065 chars)

    Why wait for new construction when this like-new 2023 ranch condo is already done better? Tucked inside the sought-after Eagle Lakes community, this sharp 2-bed, 2-bath home has been thoughtfully upgraded throughout - brand-new storm doors, smart lighting, updated ceiling fans, fresh paint, a stylish new kitchen backsplash, and a full appliance package including refrigerator, washer, and dryer. Just move in and enjoy. The open floor plan is bright and welcoming, flowing seamlessly from the living area into a well-appointed kitchen with a breakfast bar. The primary suite offers plush carpet and one of the most generous walk-in closets you'll find at this price point. A second bedroom, full bath, dedicated laundry room, and attached 2-car garage round it all out. Step outside to a private patio - your new favorite spot for morning coffee. And the HOA does the heavy lifting: exterior maintenance, water, sewer, lawn care, and snow removal all covered for $268/month. Top-rated Brownsburg schools. Low-maintenance. Move-in ready. This one checks every box.

16. 2026-03-24
    status Active 1065-char remark

    Show marketing remark (1065 chars)

    Why wait for new construction when this like-new 2023 ranch condo is already done better? Tucked inside the sought-after Eagle Lakes community, this sharp 2-bed, 2-bath home has been thoughtfully upgraded throughout - brand-new storm doors, smart lighting, updated ceiling fans, fresh paint, a stylish new kitchen backsplash, and a full appliance package including refrigerator, washer, and dryer. Just move in and enjoy. The open floor plan is bright and welcoming, flowing seamlessly from the living area into a well-appointed kitchen with a breakfast bar. The primary suite offers plush carpet and one of the most generous walk-in closets you'll find at this price point. A second bedroom, full bath, dedicated laundry room, and attached 2-car garage round it all out. Step outside to a private patio - your new favorite spot for morning coffee. And the HOA does the heavy lifting: exterior maintenance, water, sewer, lawn care, and snow removal all covered for $268/month. Top-rated Brownsburg schools. Low-maintenance. Move-in ready. This one checks every box.

17. 2026-03-24
    price $282,500 1065-char remark

    Show marketing remark (1065 chars)

    Why wait for new construction when this like-new 2023 ranch condo is already done better? Tucked inside the sought-after Eagle Lakes community, this sharp 2-bed, 2-bath home has been thoughtfully upgraded throughout - brand-new storm doors, smart lighting, updated ceiling fans, fresh paint, a stylish new kitchen backsplash, and a full appliance package including refrigerator, washer, and dryer. Just move in and enjoy. The open floor plan is bright and welcoming, flowing seamlessly from the living area into a well-appointed kitchen with a breakfast bar. The primary suite offers plush carpet and one of the most generous walk-in closets you'll find at this price point. A second bedroom, full bath, dedicated laundry room, and attached 2-car garage round it all out. Step outside to a private patio - your new favorite spot for morning coffee. And the HOA does the heavy lifting: exterior maintenance, water, sewer, lawn care, and snow removal all covered for $268/month. Top-rated Brownsburg schools. Low-maintenance. Move-in ready. This one checks every box.

18. 2026-02-02
    historical 1065-char remark

    Show marketing remark (1065 chars)

    Why wait for new construction when this like-new 2023 ranch condo is already done better? Tucked inside the sought-after Eagle Lakes community, this sharp 2-bed, 2-bath home has been thoughtfully upgraded throughout - brand-new storm doors, smart lighting, updated ceiling fans, fresh paint, a stylish new kitchen backsplash, and a full appliance package including refrigerator, washer, and dryer. Just move in and enjoy. The open floor plan is bright and welcoming, flowing seamlessly from the living area into a well-appointed kitchen with a breakfast bar. The primary suite offers plush carpet and one of the most generous walk-in closets you'll find at this price point. A second bedroom, full bath, dedicated laundry room, and attached 2-car garage round it all out. Step outside to a private patio - your new favorite spot for morning coffee. And the HOA does the heavy lifting: exterior maintenance, water, sewer, lawn care, and snow removal all covered for $268/month. Top-rated Brownsburg schools. Low-maintenance. Move-in ready. This one checks every box.

19. 2026-01-07
    price $285,000 1065-char remark

    Show marketing remark (1065 chars)

    Why wait for new construction when this like-new 2023 ranch condo is already done better? Tucked inside the sought-after Eagle Lakes community, this sharp 2-bed, 2-bath home has been thoughtfully upgraded throughout - brand-new storm doors, smart lighting, updated ceiling fans, fresh paint, a stylish new kitchen backsplash, and a full appliance package including refrigerator, washer, and dryer. Just move in and enjoy. The open floor plan is bright and welcoming, flowing seamlessly from the living area into a well-appointed kitchen with a breakfast bar. The primary suite offers plush carpet and one of the most generous walk-in closets you'll find at this price point. A second bedroom, full bath, dedicated laundry room, and attached 2-car garage round it all out. Step outside to a private patio - your new favorite spot for morning coffee. And the HOA does the heavy lifting: exterior maintenance, water, sewer, lawn care, and snow removal all covered for $268/month. Top-rated Brownsburg schools. Low-maintenance. Move-in ready. This one checks every box.

20. 2025-11-17
    listed $287,500 Active 1065-char remark

    Show marketing remark (1065 chars)

    Why wait for new construction when this like-new 2023 ranch condo is already done better? Tucked inside the sought-after Eagle Lakes community, this sharp 2-bed, 2-bath home has been thoughtfully upgraded throughout - brand-new storm doors, smart lighting, updated ceiling fans, fresh paint, a stylish new kitchen backsplash, and a full appliance package including refrigerator, washer, and dryer. Just move in and enjoy. The open floor plan is bright and welcoming, flowing seamlessly from the living area into a well-appointed kitchen with a breakfast bar. The primary suite offers plush carpet and one of the most generous walk-in closets you'll find at this price point. A second bedroom, full bath, dedicated laundry room, and attached 2-car garage round it all out. Step outside to a private patio - your new favorite spot for morning coffee. And the HOA does the heavy lifting: exterior maintenance, water, sewer, lawn care, and snow removal all covered for $268/month. Top-rated Brownsburg schools. Low-maintenance. Move-in ready. This one checks every box.

ⓘ 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: $2,619 · $218/mo
• Projected year-2 tax: $2,619 · $218/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $25,492
• − Mortgage interest: −$14,558
• − Property taxes: −$2,619
• − Insurance: −$1,300
• − Repairs & maintenance: −$2,039
• − Management: −$2,039
• − HOA: −$3,216
• − Depreciation: −$7,561
• Taxable loss: −$7,841
• Est. tax savings @ 24.0%: +$1,882
• After-tax cash flow: $-1,470/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 · 12 photos

Good 80/100 Cosmetic rehab

This 2023 ranch condo in Eagle Lakes is move-in ready with modern updates and a good condition score. It offers a good ROI for both resale and rental markets.

Value-add opportunities

• Resale Paint exterior trim — Enhances curb appeal
• Rental Clean gutters — Keeps property in good condition

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior trim — Enhances curb appeal ↑
• Rental Clean gutters — Keeps property in good condition ↑

ⓘ 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: Brownsburg Community School Corporation
• NCES district ID: 1801020
• Math proficiency: 72% ▼ -5.00%
• Reading proficiency: 72% ▼ -4.00%
• Median HH income: $75,304
• Composite: 63.45/100
• National rank: #616
• State rank: #2 of 301 in IN

Livability — Brownsburg

• Score: 75/100
• State rank: #61
• US rank: #4105

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Marion County · 998,460 people
• City population: 44,220
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 28,300
• Household income: $83,190
• Rent vs Own: 23.5% rent · 76.5% own
• Severe rent burden: 764.0

Population outlook (Hendricks County) Hauer SSP2

• Today (2025): 187,418 people
• By 2030: 201,494 · +7.5%
• By 2040: 228,487 · +21.9%
• By 2050: 253,068 · +35.0%
• By 2075: 308,920 · +64.8%
• By 2100: 336,510 · +79.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 63% Black 19% Hispanic / Latino 10% Two or more races 7% Asian 4%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 2% Romanian 2% Iranian 2%
• Foreign-born: 11% · Canada, China, United Kingdom
• Languages at home: 82% English-only · Spanish 8% Other Indo-European 3% French/Haitian/Cajun 3%

Political lean MEDSL · Hendricks

• 2024 margin: Strong R (+21.5) · D 38.4% · R 59.9% · Other 1.7%
• 2008→2024 swing: +1.9pp toward D · 2008: -23.4pp · 2024: -21.5pp
• All cycles: 2024: R+21.5 2020: R+23.9 2016: R+34.2 2012: R+34.9 2008: R+23.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -106.23%
• Current HPI: 215.5854
• Rent YoY: ▲ 7.56%
• 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

-4.4% since first listed

7 events — show timeline

• 2026-05-13 Price Changed $274,900 MIBOR as Distributed by MLS Grid
• 2026-04-27 Price Changed $279,900 MIBOR as Distributed by MLS Grid
• 2026-03-24 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-24 Price Changed $282,500 MIBOR as Distributed by MLS Grid
• 2026-02-02 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-01-07 Price Changed $285,000 MIBOR as Distributed by MLS Grid
• 2025-11-17 Listed $287,500 MIBOR as Distributed by MLS Grid