14505 Baldwin Ln · Carmel, IN 46032

$443,000

3 bd · 2.5 ba · 2,632 sqft · SingleFamily public records · 100 Days on market

Built 2000 6,970 sqft lot $168/sqft · 14% above area Est $455k · at est. $33/mo HOA · 1% of rent

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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 +8.7/15.0
• Cash flow +7.7/30.0
• Schools +6.4/10.0
• Livability +4.2/5.0
• Rent growth +4.1/5.0
• Condition / age +2.5/5.0
• 1% rule +1.9/10.0
• DSCR +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Turnkey ready in the highly sought-after Brookstone Park subdivision of Carmel! This stunning home features 4 beds | 2.5 baths with Primary en-suite on the main level! Recently painted inside and out, this home features new LVP flooring throughout main living areas, stairs, & bedrooms. Stainless appliances, 42" cabinets, island, and new quartz counter tops in kitchen! Large sun-room off the main living area that includes wall mounted fireplace and leads to a large concrete patio with built-in fire pit! New lighting, plumbing fixtures, and mirrors in bathrooms. Formal living room and dining room make this home great for entertaining. Huge 19x15 bonus room upstairs that could be an additional bedroom! Located on Carmel's NW side, you will be close to Grand Park, Clay Terrace, Zionsville, and Westfield for shopping and restaurants. New Lifetime Fitness is just minutes away. Roof replaced in 2021 and water heater replaced in 2022, water softener included. This home is move-in ready, bring your pickiest buyers!

Key facts

• Stainless appliances
• Primary ensuite
• New lvp flooring

Tags

• BROOKSTONE PARK SUBDIVISION
• PRIMARY ENSUITE
• NEW LVP FLOORING
• STAINLESS APPLIANCES
• 42 CABINETS
• ISLAND

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $443k.

Deal economics

• At list price, monthly cash flow is $-504 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $354k (20.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $304k (31.4% below list).
• Recommended offer: $304k (31.4% below list) — sets the bar for 1% rule.
• Cap rate 4.9% 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: Rents rising fast (+6.5%/yr); 340 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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 $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 100 days — a 9% lower offer ($403k) is reasonable based on typical stale-listing flexibility.
• 7 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.

Recommended offer $303,812 (31.4% 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 100 days. Have you received any prior offers? Is the seller open to a 31% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.69% ✗
• Cap rate: 4.93%
• Cash-on-cash: -4.87%
• DSCR: 0.78
• GRM: 12.2

CMA / ARV

• ARV (median comp): $455,341
• List price: $443,000
• Delta: -2.71%
• 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
1361 Midway Ct	0.10mi	4/2.5 (+1)	2,606 (-1%)	1mo	$402,000	$154	88
14530 Baldwin Ln	0.09mi	3/2.5	2,916 (+11%)	1mo	$390,000	$134	77
14501 Baldwin Ln	0.01mi	3/2.5	2,941 (+12%)	5mo	$390,000	$133	76
1446 Esprit Dr	0.27mi	4/2.5 (+1)	2,916 (+11%)	0mo	$605,000	$207	64
1457 Farmhouse Dr	0.55mi	4/2.5 (+1)	2,736 (+4%)	1mo	$575,000	$210	62
14135 Nicholas Dr	0.25mi	4/2.5 (+1)	2,916 (+11%)	6mo	$450,000	$154	61
1332 Mayfield Ct	0.51mi	3/2.0	2,808 (+7%)	8mo	$490,000	$175	57
1626 Esprit Dr	0.50mi	4/2.5 (+1)	2,866 (+9%)	0mo	$601,000	$210	56
14995 Pollard Dr	0.64mi	3/2.5	2,443 (-7%)	3mo	$575,000	$235	56
14554 Ballantrae Cir	0.56mi	3/3.5	2,873 (+9%)	2mo	$770,000	$268	53
14547 Ballantrae Cir	0.59mi	2/2.5 (-1)	2,319 (-12%)	2mo	$760,000	$328	46
1346 Annapolis Dr	0.63mi	4/3.0 (+1)	2,990 (+14%)	3mo	$440,000	$147	39

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: -21.0%
• Equity multiple: 0.25×
• Total profit: $-92,940
• Equity at exit: $66,053

10-year hold

• IRR: -8.4%
• Equity multiple: 0.40×
• Total profit: $-74,071
• Equity at exit: $38,303

Cash invested: $124,040 (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 46032

• Rents YoY: 6.5%
• Active inventory: 340
• Price-to-rent: 12.2×

Monthly cashflow live

• Estimated rent: $3,038 medium
• Mortgage (P&I): −$2,323
• Tax from tax record: −$363 /mo · $4,357/yr
• Insurance: −$185
• HOA: −$33
• Vacancy / Maint / Mgmt: −$638
• Net cashflow: $-504

Break-even live

Break-even rent $3,676

Max offer price $354,020

Occupancy floor —

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: $110,750
• Closing costs: $13,290
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14502 Baldwin Ln Carmel, IN	4.0	2.5	2381	$3,600	$1.51	1d	1	0.05mi
1361 Midway Ct Carmel, IN	4.0	2.5	2606	$3,250	$1.25	16d	1	0.08mi
14518 Brecon Ln Carmel, IN	3.0	2.5	1980	$2,695	$1.36	43d	1	0.67mi
15139 Derby Ct Carmel, IN	4.0	2.5	3410	$3,400	$1.00	43d	1	1.36mi

HOA detail

• Monthly dues: $33 · $396/yr
• Likely covers: water

Listing history 17 events

1. 2026-05-08
   price $443,000 1031-char remark

   Show marketing remark (1031 chars)

   Turnkey ready in the highly sought-after Brookstone Park subdivision of Carmel! This stunning home features 4 beds | 2.5 baths with Primary en-suite on the main level! Recently painted inside and out, this home features new LVP flooring throughout main living areas, stairs, & bedrooms. Stainless appliances, 42" cabinets, island, and new quartz counter tops in kitchen! Large sun-room off the main living area that includes wall mounted fireplace and leads to a large concrete patio with built-in fire pit! New lighting, plumbing fixtures, and mirrors in bathrooms. Formal living room and dining room make this home great for entertaining. Huge 19x15 bonus room upstairs that could be an additional bedroom! Located on Carmel's NW side, you will be close to Grand Park, Clay Terrace, Zionsville, and Westfield for shopping and restaurants. New Lifetime Fitness is just minutes away. Roof replaced in 2021 and water heater replaced in 2022, water softener included. This home is move-in ready, bring your pickiest buyers!

2. 2026-04-02
   price $445,000 1031-char remark

   Show marketing remark (1031 chars)

   Turnkey ready in the highly sought-after Brookstone Park subdivision of Carmel! This stunning home features 4 beds | 2.5 baths with Primary en-suite on the main level! Recently painted inside and out, this home features new LVP flooring throughout main living areas, stairs, & bedrooms. Stainless appliances, 42" cabinets, island, and new quartz counter tops in kitchen! Large sun-room off the main living area that includes wall mounted fireplace and leads to a large concrete patio with built-in fire pit! New lighting, plumbing fixtures, and mirrors in bathrooms. Formal living room and dining room make this home great for entertaining. Huge 19x15 bonus room upstairs that could be an additional bedroom! Located on Carmel's NW side, you will be close to Grand Park, Clay Terrace, Zionsville, and Westfield for shopping and restaurants. New Lifetime Fitness is just minutes away. Roof replaced in 2021 and water heater replaced in 2022, water softener included. This home is move-in ready, bring your pickiest buyers!

3. 2026-02-18
   status Active 1031-char remark

   Show marketing remark (1031 chars)

   Turnkey ready in the highly sought-after Brookstone Park subdivision of Carmel! This stunning home features 4 beds | 2.5 baths with Primary en-suite on the main level! Recently painted inside and out, this home features new LVP flooring throughout main living areas, stairs, & bedrooms. Stainless appliances, 42" cabinets, island, and new quartz counter tops in kitchen! Large sun-room off the main living area that includes wall mounted fireplace and leads to a large concrete patio with built-in fire pit! New lighting, plumbing fixtures, and mirrors in bathrooms. Formal living room and dining room make this home great for entertaining. Huge 19x15 bonus room upstairs that could be an additional bedroom! Located on Carmel's NW side, you will be close to Grand Park, Clay Terrace, Zionsville, and Westfield for shopping and restaurants. New Lifetime Fitness is just minutes away. Roof replaced in 2021 and water heater replaced in 2022, water softener included. This home is move-in ready, bring your pickiest buyers!

4. 2026-01-28
   status Pending 1031-char remark

   Show marketing remark (1031 chars)

   Turnkey ready in the highly sought-after Brookstone Park subdivision of Carmel! This stunning home features 4 beds | 2.5 baths with Primary en-suite on the main level! Recently painted inside and out, this home features new LVP flooring throughout main living areas, stairs, & bedrooms. Stainless appliances, 42" cabinets, island, and new quartz counter tops in kitchen! Large sun-room off the main living area that includes wall mounted fireplace and leads to a large concrete patio with built-in fire pit! New lighting, plumbing fixtures, and mirrors in bathrooms. Formal living room and dining room make this home great for entertaining. Huge 19x15 bonus room upstairs that could be an additional bedroom! Located on Carmel's NW side, you will be close to Grand Park, Clay Terrace, Zionsville, and Westfield for shopping and restaurants. New Lifetime Fitness is just minutes away. Roof replaced in 2021 and water heater replaced in 2022, water softener included. This home is move-in ready, bring your pickiest buyers!

5. 2026-01-22
   listed $449,999 Active 1031-char remark

   Show marketing remark (1031 chars)

   Turnkey ready in the highly sought-after Brookstone Park subdivision of Carmel! This stunning home features 4 beds | 2.5 baths with Primary en-suite on the main level! Recently painted inside and out, this home features new LVP flooring throughout main living areas, stairs, & bedrooms. Stainless appliances, 42" cabinets, island, and new quartz counter tops in kitchen! Large sun-room off the main living area that includes wall mounted fireplace and leads to a large concrete patio with built-in fire pit! New lighting, plumbing fixtures, and mirrors in bathrooms. Formal living room and dining room make this home great for entertaining. Huge 19x15 bonus room upstairs that could be an additional bedroom! Located on Carmel's NW side, you will be close to Grand Park, Clay Terrace, Zionsville, and Westfield for shopping and restaurants. New Lifetime Fitness is just minutes away. Roof replaced in 2021 and water heater replaced in 2022, water softener included. This home is move-in ready, bring your pickiest buyers!

6. 2021-12-08
   soldstatus $395,000 Closed 636-char remark

   Show marketing remark (636 chars)

   Located on Carmel's NW side, you will be close to Clay Terrace/Zionsville/Westfield for shopping and restaurants. You will have easy access to all that Carmel offers and Westfield's Grand Park. This 4 BR home with a large loft and main floor master is ready to move in with fresh paint and all appliances included. Greet your guests at the front door where you will see your formal living and dining area. You will enjoy entertaining in the kitchen/breakfast area with a new attached sunroom that includes an electric fireplace and an outdoor living space with a firepit. Roof/ 2019, Water Heater, 2019, Water Softener 2021, HVAC 2012.

7. 2021-10-18
   status Pending 636-char remark

   Show marketing remark (636 chars)

   Located on Carmel's NW side, you will be close to Clay Terrace/Zionsville/Westfield for shopping and restaurants. You will have easy access to all that Carmel offers and Westfield's Grand Park. This 4 BR home with a large loft and main floor master is ready to move in with fresh paint and all appliances included. Greet your guests at the front door where you will see your formal living and dining area. You will enjoy entertaining in the kitchen/breakfast area with a new attached sunroom that includes an electric fireplace and an outdoor living space with a firepit. Roof/ 2019, Water Heater, 2019, Water Softener 2021, HVAC 2012.

8. 2021-10-15
   listed $400,000 Active 636-char remark

   Show marketing remark (636 chars)

   Located on Carmel's NW side, you will be close to Clay Terrace/Zionsville/Westfield for shopping and restaurants. You will have easy access to all that Carmel offers and Westfield's Grand Park. This 4 BR home with a large loft and main floor master is ready to move in with fresh paint and all appliances included. Greet your guests at the front door where you will see your formal living and dining area. You will enjoy entertaining in the kitchen/breakfast area with a new attached sunroom that includes an electric fireplace and an outdoor living space with a firepit. Roof/ 2019, Water Heater, 2019, Water Softener 2021, HVAC 2012.

9. 2013-12-27
   historical
10. 2013-12-26
    soldstatus $220,000
11. 2013-11-04
    listed $225,000
12. 2004-09-27
    soldstatus $214,500
13. 2004-05-21
    listed $210,000
14. 2004-05-20
    historical
15. 2003-10-22
    listed $220,000
16. 2001-11-18
    historical
17. 2001-05-18
    listed $227,750

ⓘ 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: $4,357 · $363/mo
• Projected year-2 tax: $4,357 · $363/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $36,457
• − Mortgage interest: −$24,815
• − Property taxes: −$4,357
• − Insurance: −$2,215
• − Repairs & maintenance: −$2,917
• − Management: −$2,917
• − HOA: −$396
• − Depreciation: −$12,887
• Taxable loss: −$14,046
• Est. tax savings @ 24.0%: +$3,371
• After-tax cash flow: $-2,673/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): 51,515
• Household income: $132,085
• Rent vs Own: 33.5% rent · 66.5% own
• Severe rent burden: 1216.0

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 (77%)
• Race & ethnicity: White 77% Asian 10% Two or more races 6% Hispanic / Latino 5% Black 4%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Romanian 4% Lithuanian 3% Slovak 2%
• Foreign-born: 13% · Canada, China, South Korea
• Languages at home: 85% English-only · Other Indo-European 4% Spanish 3% Chinese 2%

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

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

+94.5% since first listed

17 events — show timeline

• 2026-05-08 Price Changed $443,000 MIBOR as Distributed by MLS Grid
• 2026-04-02 Price Changed $445,000 MIBOR as Distributed by MLS Grid
• 2026-02-18 Relisted — MIBOR as Distributed by MLS Grid
• 2026-01-28 Pending — MIBOR as Distributed by MLS Grid
• 2026-01-22 Listed $449,999 MIBOR as Distributed by MLS Grid
• 2021-12-08 Sold (MLS) $395,000 MIBOR as Distributed by MLS Grid
• 2021-10-18 Pending — MIBOR as Distributed by MLS Grid
• 2021-10-15 Listed $400,000 MIBOR as Distributed by MLS Grid
• 2013-12-27 Listing Removed — MIBOR as Distributed by MLS Grid
• 2013-12-26 Sold (MLS) $220,000 MIBOR as Distributed by MLS Grid
• 2013-11-04 Listed $225,000 MIBOR as Distributed by MLS Grid
• 2004-09-27 Sold (MLS) $214,500 MIBOR as Distributed by MLS Grid
• 2004-05-21 Listed $210,000 MIBOR as Distributed by MLS Grid
• 2004-05-20 Listing Removed — MIBOR as Distributed by MLS Grid
• 2003-10-22 Listed $220,000 MIBOR as Distributed by MLS Grid
• 2001-11-18 Listing Removed — MIBOR as Distributed by MLS Grid
• 2001-05-18 Listed $227,750 MIBOR as Distributed by MLS Grid

Property tax history

+7.4%/yr

Latest (2025): $4,357 · -0.5% YoY. Source: county tax records.