5140 Baltustrol Dr

Avon, IN 46123

$220,000D

2 bd · 2.0 ba · 1,516 sqft · Built 2005 · Condo · Active · 62 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,737/mo
• Mortgage (P&I): −$1,154
• Tax + insurance: −$239
• HOA: −$266
• Vac / Maint / Mgmt: −$365
• Net cashflow: $-287/mo
• Annual: $-3,441/yr
• Cap rate: 4.73%
• Cash-on-cash: -5.59%
• DSCR: 0.75
• 1% rule: 0.79%
• Cash to close: $61,600

Investor read

• This is a 2-bed/2.0-bath condo listed at $220k.
• 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).
• It's been on market 62 days — a 6% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $169k (23.0% below list) — sets the bar for cash-flow.
• 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.
• 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).
• Hendricks County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.

Questions for listing agent

• 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?
• 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?