5140 Baltustrol Dr · Avon, IN 46123

$220,000

2 bd · 2.0 ba · 1,516 sqft · Condo public records · 62 Days on market

Built 2005 $145/sqft · 18% below area Est $268k · 18% under $266/mo HOA · 15% of rent ↓ 6% since listing

---

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 +15.0/15.0
• Cash flow +7.4/30.0
• Schools +4.7/10.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• 1% rule +2.9/10.0
• Condition / age +2.5/5.0
• DSCR +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to this beautifully maintained condominium in the peaceful community of Oxford Park, where comfort, light, and low-maintenance living come together effortlessly. This inviting open-concept layout features soaring vaulted ceilings and an abundance of windows, filling the home with natural light and creating a bright, uplifting atmosphere you'll love coming home to each day. The spacious sunroom is a true highlight. Surrounded by windows and bathed in sunlight, it offers the perfect space for a home office, reading nook, or quiet retreat. A convenient door leads directly to the patio, making outdoor dining, morning coffee, and evening grilling feel easy and enjoyable. The kitchen is thoughtfully designed for both function and flexibility, featuring generous storage, a brand-new refrigerator, new garbage disposal, island-style countertops, and a versatile built-in desk area or coffee bar. The dining area flows seamlessly from the kitchen, creating a natural space for gathering, entertaining, or simply enjoying everyday moments. The primary suite offers a comfortable private retreat with a walk-in closet and a full en-suite bathroom featuring ample counter space. A well-placed laundry room just off the garage entry adds everyday convenience and practicality. Enjoy the quiet, well-maintained surroundings of Oxford Park, complete with beautifully kept grounds and open green spaces that provide a sense of calm and community. This is more than just a home; it's a place to settle in, unwind, and truly enjoy where you live.

Key facts

• New garbage disposal
• Generous storage
• Spacious sunroom

Tags

• OPEN CONCEPT LAYOUT
• SPACIOUS SUNROOM
• DIRECT PATIO ACCESS
• GENEROUS STORAGE
• BRAND NEW REFRIGERATOR
• NEW GARBAGE DISPOSAL

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $220k.

Deal economics

• At list price, monthly cash flow is $-287 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $169k (23.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $174k (21.0% below list).
• Recommended offer: $169k (23.0% below list) — sets the bar for cash-flow.
• Cap rate 4.7% vs local median 3.8% in Avon — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 74/100 on livability (#75 in IN, #4,686 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Avon Community School Corporation (suburban): math 51% / reading 53% proficiency, ranked #32 of 301 in IN (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 20% free/reduced lunch — higher-income household profile.
• Zoned schools: Hickory Elementary School (math 65% / reading 52%, grade B-, #156 of 994 statewide, top 16%, 566 students, 45% FRL); Avon Middle School South (math 48% / reading 54%, grade C, #40 of 330 statewide, top 12%, 835 students, 44% FRL); Avon High School (math 44% / reading 76%, grade C+, #46 of 369 statewide, top 13%, 3,348 students, 38% FRL) — zoned schools average 43% FRL vs 20% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.0%/yr); 383 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,294 units permitted in Hendricks County in 2024 (18 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.
• 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 62 days — a 6% lower offer ($207k) is reasonable based on typical stale-listing flexibility.

Recommended offer $169,339 (23.0% 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 62 days. Have you received any prior offers? Is the seller open to a 23% 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: 0.79% ✗
• Cap rate: 4.73%
• Cash-on-cash: -5.59%
• DSCR: 0.75
• GRM: 10.6

CMA / ARV

• ARV (median comp): $267,664
• List price: $220,000
• Delta: -17.81%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.98% rent growth · sell at horizon

5-year hold

• IRR: -25.8%
• Equity multiple: 0.13×
• Total profit: $-53,838
• Equity at exit: $32,803

10-year hold

• IRR: -22.2%
• Equity multiple: -0.14×
• Total profit: $-70,091
• Equity at exit: $19,022

Cash invested: $61,600 (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 46123

• Home prices YoY: -21.3%
• Rents YoY: 3.0%
• Active inventory: 383
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $1,737 medium
• Mortgage (P&I): −$1,154
• Tax from tax record: −$148 /mo · $1,773/yr
• Insurance: −$92
• HOA: −$266
• Vacancy / Maint / Mgmt: −$365
• Net cashflow: $-287

Break-even live

Break-even rent $2,100

Max offer price $169,339

Occupancy floor —

Sensitivity live

Price	-10% $-162	-5% $-225	+0% $-287	+5% $-349	+10% $-411
Rent	-10% $-424	-5% $-355	+0% $-287	+5% $-218	+10% $-150
Rate	-1.0pp $-176	-0.5pp $-231	base $-287	+0.5pp $-344	+1.0pp $-402

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4164 Galena Dr Avon, IN	2.0	2.5	1673	$1,789	$1.07	45d	1	1.30mi

HOA detail condo

• Monthly dues: $266 · $3,192/yr
• Likely covers: trashlandscaping
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-21
   days on market $220,000 Active 62 DOM
2. 2026-06-18
   days on market $220,000 Active 59 DOM
3. 2026-06-17
   price $220,000 Active 58 DOM
4. 2026-06-17
   days on market $225,000 Active 58 DOM
5. 2026-06-16
   days on market $225,000 Active 57 DOM
6. 2026-06-16
   status $225,000 Active 56 DOM
7. 2026-06-08
   statusdays on market $225,000 Pending 56 DOM
8. 2026-06-07
   days on market $225,000 Active 55 DOM
9. 2026-06-03
   pricedays on market $225,000 Active 51 DOM
10. 2026-06-02
    days on market $230,000 Active 50 DOM
11. 2026-06-01
    days on market $230,000 Active 49 DOM
12. 2026-05-31
    days on market $230,000 Active 48 DOM
13. 2026-04-28
    price $245,000 1564-char remark

    Show marketing remark (1564 chars)

    Welcome home to this beautifully maintained condominium in the peaceful community of Oxford Park, where comfort, light, and low-maintenance living come together effortlessly. This inviting open-concept layout features soaring vaulted ceilings and an abundance of windows, filling the home with natural light and creating a bright, uplifting atmosphere you'll love coming home to each day. The spacious sunroom is a true highlight. Surrounded by windows and bathed in sunlight, it offers the perfect space for a home office, reading nook, or quiet retreat. A convenient door leads directly to the patio, making outdoor dining, morning coffee, and evening grilling feel easy and enjoyable. The kitchen is thoughtfully designed for both function and flexibility, featuring generous storage, a brand-new refrigerator, new garbage disposal, island-style countertops, and a versatile built-in desk area or coffee bar. The dining area flows seamlessly from the kitchen, creating a natural space for gathering, entertaining, or simply enjoying everyday moments. The primary suite offers a comfortable private retreat with a walk-in closet and a full en-suite bathroom featuring ample counter space. A well-placed laundry room just off the garage entry adds everyday convenience and practicality. Enjoy the quiet, well-maintained surroundings of Oxford Park, complete with beautifully kept grounds and open green spaces that provide a sense of calm and community. This is more than just a home; it's a place to settle in, unwind, and truly enjoy where you live.

14. 2026-04-22
    price $250,000 1564-char remark

    Show marketing remark (1564 chars)

    Welcome home to this beautifully maintained condominium in the peaceful community of Oxford Park, where comfort, light, and low-maintenance living come together effortlessly. This inviting open-concept layout features soaring vaulted ceilings and an abundance of windows, filling the home with natural light and creating a bright, uplifting atmosphere you'll love coming home to each day. The spacious sunroom is a true highlight. Surrounded by windows and bathed in sunlight, it offers the perfect space for a home office, reading nook, or quiet retreat. A convenient door leads directly to the patio, making outdoor dining, morning coffee, and evening grilling feel easy and enjoyable. The kitchen is thoughtfully designed for both function and flexibility, featuring generous storage, a brand-new refrigerator, new garbage disposal, island-style countertops, and a versatile built-in desk area or coffee bar. The dining area flows seamlessly from the kitchen, creating a natural space for gathering, entertaining, or simply enjoying everyday moments. The primary suite offers a comfortable private retreat with a walk-in closet and a full en-suite bathroom featuring ample counter space. A well-placed laundry room just off the garage entry adds everyday convenience and practicality. Enjoy the quiet, well-maintained surroundings of Oxford Park, complete with beautifully kept grounds and open green spaces that provide a sense of calm and community. This is more than just a home; it's a place to settle in, unwind, and truly enjoy where you live.

15. 2026-04-13
    listed $260,000 Active 1564-char remark

    Show marketing remark (1564 chars)

    Welcome home to this beautifully maintained condominium in the peaceful community of Oxford Park, where comfort, light, and low-maintenance living come together effortlessly. This inviting open-concept layout features soaring vaulted ceilings and an abundance of windows, filling the home with natural light and creating a bright, uplifting atmosphere you'll love coming home to each day. The spacious sunroom is a true highlight. Surrounded by windows and bathed in sunlight, it offers the perfect space for a home office, reading nook, or quiet retreat. A convenient door leads directly to the patio, making outdoor dining, morning coffee, and evening grilling feel easy and enjoyable. The kitchen is thoughtfully designed for both function and flexibility, featuring generous storage, a brand-new refrigerator, new garbage disposal, island-style countertops, and a versatile built-in desk area or coffee bar. The dining area flows seamlessly from the kitchen, creating a natural space for gathering, entertaining, or simply enjoying everyday moments. The primary suite offers a comfortable private retreat with a walk-in closet and a full en-suite bathroom featuring ample counter space. A well-placed laundry room just off the garage entry adds everyday convenience and practicality. Enjoy the quiet, well-maintained surroundings of Oxford Park, complete with beautifully kept grounds and open green spaces that provide a sense of calm and community. This is more than just a home; it's a place to settle in, unwind, and truly enjoy where you live.

ⓘ 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: $1,773 · $148/mo
• Projected year-2 tax: $1,821 · $152/mo
• Expected delta: +$49/yr (+$4/mo · 2.7%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,845
• − Mortgage interest: −$12,323
• − Property taxes: −$1,773
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,668
• − Management: −$1,668
• − HOA: −$3,192
• − Depreciation: −$6,400
• Taxable loss: −$7,278
• Est. tax savings @ 24.0%: +$1,747
• After-tax cash flow: $-1,695/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: Avon Community School Corporation
• NCES district ID: 1800270
• Math proficiency: 51% ▼ -8.00%
• Reading proficiency: 53% ▼ -8.00%
• Median HH income: $75,987
• Composite: 46.93/100
• National rank: #2362
• State rank: #32 of 301 in IN

Livability — Avon

• Score: 74/100
• State rank: #75
• US rank: #4686

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Hendricks County · 143,373 people
• City population: 43,353
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 43,353
• Household income: $103,485
• Rent vs Own: 19.6% rent · 80.4% own
• Severe rent burden: 529.0

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: Predominantly White (74%)
• Race & ethnicity: White 74% Black 12% Hispanic / Latino 7% Two or more races 6% Asian 4%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Slovak 3% Romanian 2% Italian 1%
• Foreign-born: 6% · Canada, South Korea
• Languages at home: 92% English-only · Spanish 4% Other Indo-European 2%

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: ▼ -55.05%
• Current HPI: 203.9226
• Rent YoY: ▲ 2.98%
• 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

-5.8% since first listed

3 events — show timeline

• 2026-04-28 Price Changed $245,000 MIBOR as Distributed by MLS Grid
• 2026-04-22 Price Changed $250,000 MIBOR as Distributed by MLS Grid
• 2026-04-13 Listed $260,000 MIBOR as Distributed by MLS Grid

Property tax history

+2.5%/yr

Latest (2025): $1,773 · +2.0% YoY. Source: county tax records.