14466 Baldwin Ln · Carmel, IN 46032

$399,900

3 bd · 2.5 ba · 2,244 sqft · SingleFamily public records · 119 Days on market

Built 2000 6,098 sqft lot $178/sqft · 17% below area Est $485k · 17% under $63/mo HOA · 2% 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 +15.0/15.0
• Cash flow +10.4/30.0
• Schools +6.4/10.0
• Livability +4.2/5.0
• Rent growth +4.1/5.0
• DSCR +3.0/10.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nestled in the sought-after Brookstone Park subdivision of Carmel, this stunning home boasts 4 bedrooms, 2 1/2 bath with a huge bonus room. The main level has an office, dining room, and large family room with a cozy fireplace that has gas logs. The kitchen and laundry room are also on the main floor .Kitchen features sleek quartz countertops, and stainless appliances. Upstairs, the thoughtful split floor plan offers a serene master suite with a generous walk-in closet, luxurious quartz vanity, and separate shower and tub. There are 3 other bedrooms, hall bath, and a large bonus room that could be a playroom, extra bedroom , or another retreat for the children .Outside in the back it is ideal for grilling and relaxing or the children playing in the yard . It overlooks a common area as well so there is nice privacy . This home is surrounded by walking/biking paths and a very convenient location .

Key facts

• Huge bonus room
• Quartz countertops
• Walk-in closet

Tags

• HUGE BONUS ROOM
• COZY FIREPLACE
• QUARTZ COUNTERTOPS
• STAINLESS APPLIANCES
• SERENE MASTER SUITE
• WALK-IN CLOSET

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $400k.

Deal economics

• At list price, monthly cash flow is $-215 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $362k (9.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $300k (25.0% below list).
• Recommended offer: $300k (25.0% below list) — sets the bar for 1% rule.
• Cap rate 5.6% 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; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $12k 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 119 days — a 9% lower offer ($364k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 26y 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 $300,094 (25.0% 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 119 days. Have you received any prior offers? Is the seller open to a 25% 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: 0.75% ✗
• Cap rate: 5.65%
• Cash-on-cash: -2.31%
• DSCR: 0.90
• GRM: 11.1

CMA / ARV

• ARV (median comp): $484,660
• List price: $399,900
• Delta: -17.49%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1343 Hinault Way	0.10mi	3/2.5	2,038 (-9%)	0mo	$385,000	$189	80
1307 Trescott Dr	0.44mi	3/2.0	2,187 (-2%)	1mo	$400,000	$183	72
1444 Waterleaf Dr	0.62mi	3/2.5	2,259 (+1%)	12mo	$495,000	$219	60
14547 Ballantrae Cir	0.60mi	2/2.5 (-1)	2,319 (+3%)	2mo	$760,000	$328	60
14524 Bedford Falls Dr	0.35mi	3/2.0	2,058 (-8%)	13mo	$580,000	$282	57
15062 Rutherford Dr	0.74mi	4/2.5 (+1)	2,199 (-2%)	2mo	$395,000	$180	56
14910 Mayfield Dr	0.55mi	3/2.0	2,114 (-6%)	15mo	$490,000	$232	51
15009 Montclair Dr	0.73mi	4/2.5 (+1)	2,142 (-4%)	4mo	$400,000	$187	50
14995 Pollard Dr	0.74mi	3/2.5	2,443 (+9%)	3mo	$575,000	$235	49
1047 Belvedere Pl	0.70mi	4/2.5 (+1)	2,312 (+3%)	16mo	$412,700	$179	44
1614 Waterleaf Dr	0.66mi	3/2.5	2,503 (+12%)	10mo	$507,500	$203	42
15037 Rutherford Dr	0.70mi	4/2.0 (+1)	2,018 (-10%)	13mo	$449,000	$222	33

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: -16.6%
• Equity multiple: 0.39×
• Total profit: $-67,747
• Equity at exit: $59,626

10-year hold

• IRR: -3.4%
• Equity multiple: 0.74×
• Total profit: $-29,140
• Equity at exit: $34,576

Cash invested: $111,972 (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: 11.1×

Monthly cashflow live

• Estimated rent: $3,001 high
• Mortgage (P&I): −$2,097
• Tax from tax record: −$259 /mo · $3,114/yr
• Insurance: −$167
• HOA: −$63
• Vacancy / Maint / Mgmt: −$630
• Net cashflow: $-215

Break-even live

Break-even rent $3,274

Max offer price $361,835

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: $99,975
• Closing costs: $11,997
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14502 Baldwin Ln Carmel, IN	4.0	2.5	2381	$3,600	$1.51	2d	1	0.10mi
1361 Midway Ct Carmel, IN	4.0	2.5	2606	$3,250	$1.25	16d	1	0.12mi
14518 Brecon Ln Carmel, IN	3.0	2.5	1980	$2,695	$1.36	44d	1	0.68mi
1659 Dewey Dr Westfield, IN	2.0	2.0	1748	$2,650	$1.52	2d	1	0.82mi
14637 Handel Dr Carmel, IN	1.0–3.0	1.0–2.0	1128	$2,043	$1.81	2d	50	1.11mi

HOA detail

• Monthly dues: $63 · $756/yr
• Likely covers: gas

Listing history 31 events

1. 2026-06-18
   days on market $399,900 Active 119 DOM
2. 2026-06-17
   days on market $399,900 Active 118 DOM
3. 2026-06-16
   days on market $399,900 Active 117 DOM
4. 2026-06-15
   days on market $399,900 Active 116 DOM
5. 2026-06-13
   days on market $399,900 Active 114 DOM
6. 2026-06-13
   days on market $399,900 Active 113 DOM
7. 2026-06-09
   days on market $399,900 Active 110 DOM
8. 2026-06-08
   days on market $399,900 Active 109 DOM
9. 2026-06-07
   days on market $399,900 Active 108 DOM
10. 2026-06-05
    days on market $399,900 Active 105 DOM
11. 2026-06-03
    days on market $399,900 Active 104 DOM
12. 2026-06-02
    days on market $399,900 Active 103 DOM
13. 2026-06-01
    days on market $399,900 Active 102 DOM
14. 2026-05-31
    days on market $399,900 Active 101 DOM
15. 2026-04-13
    price $409,900 913-char remark

    Show marketing remark (913 chars)

    Nestled in the sought-after Brookstone Park subdivision of Carmel, this stunning home boasts 4 bedrooms, 2 1/2 bath with a huge bonus room. The main level has an office, dining room, and large family room with a cozy fireplace that has gas logs. The kitchen and laundry room are also on the main floor .Kitchen features sleek quartz countertops, and stainless appliances. Upstairs, the thoughtful split floor plan offers a serene master suite with a generous walk-in closet, luxurious quartz vanity, and separate shower and tub. There are 3 other bedrooms, hall bath, and a large bonus room that could be a playroom, extra bedroom , or another retreat for the children .Outside in the back it is ideal for grilling and relaxing or the children playing in the yard . It overlooks a common area as well so there is nice privacy . This home is surrounded by walking/biking paths and a very convenient location .

16. 2026-03-19
    price $414,900 913-char remark

    Show marketing remark (913 chars)

    Nestled in the sought-after Brookstone Park subdivision of Carmel, this stunning home boasts 4 bedrooms, 2 1/2 bath with a huge bonus room. The main level has an office, dining room, and large family room with a cozy fireplace that has gas logs. The kitchen and laundry room are also on the main floor .Kitchen features sleek quartz countertops, and stainless appliances. Upstairs, the thoughtful split floor plan offers a serene master suite with a generous walk-in closet, luxurious quartz vanity, and separate shower and tub. There are 3 other bedrooms, hall bath, and a large bonus room that could be a playroom, extra bedroom , or another retreat for the children .Outside in the back it is ideal for grilling and relaxing or the children playing in the yard . It overlooks a common area as well so there is nice privacy . This home is surrounded by walking/biking paths and a very convenient location .

17. 2026-02-19
    listed $419,900 Active 913-char remark

    Show marketing remark (913 chars)

    Nestled in the sought-after Brookstone Park subdivision of Carmel, this stunning home boasts 4 bedrooms, 2 1/2 bath with a huge bonus room. The main level has an office, dining room, and large family room with a cozy fireplace that has gas logs. The kitchen and laundry room are also on the main floor .Kitchen features sleek quartz countertops, and stainless appliances. Upstairs, the thoughtful split floor plan offers a serene master suite with a generous walk-in closet, luxurious quartz vanity, and separate shower and tub. There are 3 other bedrooms, hall bath, and a large bonus room that could be a playroom, extra bedroom , or another retreat for the children .Outside in the back it is ideal for grilling and relaxing or the children playing in the yard . It overlooks a common area as well so there is nice privacy . This home is surrounded by walking/biking paths and a very convenient location .

18. 2022-04-26
    soldstatus $380,000 Closed 421-char remark

    Show marketing remark (421 chars)

    Great location in Carmel! Neutral and move in ready! All appliances stay including washer and dryer. 4 bedrooms plus bonus room upstairs. Well maintained and several big items have been replaced such as HVAC, water heater, roof, siding and gutters. Surrounded by walking/biking paths. Back yard backs up to green space creating more privacy. Property did not have exemptions. Taxes will go down when new owner files.

19. 2022-03-28
    status Pending 421-char remark

    Show marketing remark (421 chars)

    Great location in Carmel! Neutral and move in ready! All appliances stay including washer and dryer. 4 bedrooms plus bonus room upstairs. Well maintained and several big items have been replaced such as HVAC, water heater, roof, siding and gutters. Surrounded by walking/biking paths. Back yard backs up to green space creating more privacy. Property did not have exemptions. Taxes will go down when new owner files.

20. 2022-03-24
    listed $359,900 Active 421-char remark

    Show marketing remark (421 chars)

    Great location in Carmel! Neutral and move in ready! All appliances stay including washer and dryer. 4 bedrooms plus bonus room upstairs. Well maintained and several big items have been replaced such as HVAC, water heater, roof, siding and gutters. Surrounded by walking/biking paths. Back yard backs up to green space creating more privacy. Property did not have exemptions. Taxes will go down when new owner files.

21. 2011-08-04
    historical
22. 2011-08-04
    soldstatus $182,500
23. 2011-06-24
    listed $184,900
24. 2007-12-21
    soldstatus $191,900
25. 2007-09-13
    listed $199,000
26. 2003-03-03
    soldstatus $169,000
27. 2003-02-06
    listed $179,900
28. 2002-12-22
    historical
29. 2002-07-22
    listed $189,900
30. 2001-10-12
    historical
31. 2000-12-14
    listed $189,900

ⓘ 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: $3,114 · $259/mo
• Projected year-2 tax: $3,256 · $271/mo
• Expected delta: +$143/yr (+$12/mo · 4.6%)

ⓘ 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 6 d/yr ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $36,011
• − Mortgage interest: −$22,401
• − Property taxes: −$3,114
• − Insurance: −$2,000
• − Repairs & maintenance: −$2,881
• − Management: −$2,881
• − HOA: −$756
• − Depreciation: −$11,633
• Taxable loss: −$9,654
• Est. tax savings @ 24.0%: +$2,317
• After-tax cash flow: $-269/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

+115.9% since first listed

17 events — show timeline

• 2026-04-13 Price Changed $409,900 MIBOR as Distributed by MLS Grid
• 2026-03-19 Price Changed $414,900 MIBOR as Distributed by MLS Grid
• 2026-02-19 Listed $419,900 MIBOR as Distributed by MLS Grid
• 2022-04-26 Sold (MLS) $380,000 MIBOR as Distributed by MLS Grid
• 2022-03-28 Pending — MIBOR as Distributed by MLS Grid
• 2022-03-24 Listed $359,900 MIBOR as Distributed by MLS Grid
• 2011-08-04 Listing Removed — MIBOR as Distributed by MLS Grid
• 2011-08-04 Sold (MLS) $182,500 MIBOR as Distributed by MLS Grid
• 2011-06-24 Listed $184,900 MIBOR as Distributed by MLS Grid
• 2007-12-21 Sold (MLS) $191,900 MIBOR as Distributed by MLS Grid
• 2007-09-13 Listed $199,000 MIBOR as Distributed by MLS Grid
• 2003-03-03 Sold (MLS) $169,000 MIBOR as Distributed by MLS Grid
• 2003-02-06 Listed $179,900 MIBOR as Distributed by MLS Grid
• 2002-12-22 Listing Removed — MIBOR as Distributed by MLS Grid
• 2002-07-22 Listed $189,900 MIBOR as Distributed by MLS Grid
• 2001-10-12 Listing Removed — MIBOR as Distributed by MLS Grid
• 2000-12-14 Listed $189,900 MIBOR as Distributed by MLS Grid

Property tax history

-0.7%/yr

Latest (2025): $3,114 · -2.2% YoY. Source: county tax records.