586 Hunters Dr Apt D · Carmel, IN 46032

$194,900

3 bd · 1.0 ba · 1,156 sqft · Condo public records · 156 Days on market

Built 1974 $316/mo HOA · 13% of rent ↓ 5% since listing

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Why this score? — see what drove the C 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).

• Cash flow +19.1/30.0
• ARV discount +7.5/15.0
• 1% rule +7.4/10.0
• Schools +6.4/10.0
• DSCR +6.0/10.0
• Livability +4.2/5.0
• Rent growth +4.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Turn-key 2BR condo in the highly desirable Hunters Glen community, located in the heart of Carmel. This second-floor unit offers a perfect blend of comfort, convenience, and modern upgrades-just steps from Carmel Drive amenities, shopping, dining, and medical facilities. The home features smart-home capabilities and updated infrastructure, including integrated security, energy-efficient lighting, strong whole-home Wi-Fi coverage, and wired internet to most rooms-ideal for remote work and modern living. Major mechanical updates include a new gas furnace/HVAC system and hot water heater, along with energy-saving window film and instant hot water functionality. The flexible second bedroom/office includes a cozy gas-log fireplace and two closets, making it ideal for a home office or guest space. The primary bedroom features a walk-in closet, and large picture windows throughout provide abundant natural light. The eat-in kitchen offers ample cabinet space and a convenient laundry closet. Community amenities include valet trash service, a designated carport, clubhouse, swimming pool, continuous sidewalks, and additional storage. HOA fees cover water, sewer, and trash. Rental cap has been met; unit is not currently eligible for rental. Move-in ready and ideally located-this Carmel condo checks all the boxes.

Key facts

• Rheem gas furnace
• Designated carport
• $316 HOA

Tags

• HUNTERS GLEN COMMUNITY
• ENERGY EFFICIENT LED LIGHTING
• RHEEM GAS FURNACE
• SMART RECIRCULATING PUMP
• VALET GARBAGE SERVICE
• DESIGNATED CARPORT

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath condo listed at $195k.

Deal economics

• At list price, monthly cash flow is $206 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $195k).
• Recommended offer: $172k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.6% 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; 27 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 $1k of loan paydown is wiped out by about $6k 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.
• At projected returns (-3.0% appreciation + 6.5% rent growth), your $55k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 156 days — a 12% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $171,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 156 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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 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: 1.24% ✓
• Cap rate: 7.56%
• Cash-on-cash: 4.52%
• DSCR: 1.20
• GRM: 6.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.47% rent growth · sell at horizon

5-year hold

• IRR: -4.4%
• Equity multiple: 0.83×
• Total profit: $-9,461
• Equity at exit: $29,060

10-year hold

• IRR: 9.6%
• Equity multiple: 1.88×
• Total profit: $48,293
• Equity at exit: $16,851

Cash invested: $54,572 (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: 6.7×

Monthly cashflow live

• Estimated rent: $2,425 high
• Mortgage (P&I): −$1,022
• Tax from tax record: −$290 /mo · $3,485/yr
• Insurance: −$81
• HOA: −$316
• Vacancy / Maint / Mgmt: −$509
• Net cashflow: $206

Break-even live

Break-even rent $2,164

Max offer price $194,900

Occupancy floor 87%

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: $48,725
• Closing costs: $5,847
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1825 Jefferson Dr W Carmel, IN	1.0–3.0	1.0–2.5	1350	$2,570	$1.90	1d	24	0.32mi
1225 Veterans Way Carmel, IN	1.0–2.0	1.0–2.0	1006	$2,483	$2.47	1d	10	0.44mi
945 Mohawk Hills Dr Carmel, IN	1.0–3.0	1.0–2.5	1210	$1,947	$1.61	1d	33	0.50mi
1685 E 116th St Carmel, IN	2.0	1.0–2.0	892	$2,475	$2.77	1d	28	0.55mi
880 Monon Green Blvd Carmel, IN	3.0	1.0–2.0	1044	$3,235	$3.10	43d	5	0.64mi
720 S Rangeline Rd Carmel, IN	1.0–2.0	1.0–2.0	1090	$3,345	$3.07	1d	1	0.66mi
750 Veterans Way Carmel, IN	1.0–3.0	1.0–2.5	1144	$4,282	$3.74	1d	1	0.69mi
881 3rd Ave SW Carmel, IN	1.0–2.0	1.0–2.0	1135	$1,999	$1.76	1d	2	0.71mi
301 American Way N Carmel, IN	1.0–3.0	1.0–2.0	1167	$2,980	$2.55	1d	1	0.77mi
358 Dartmouth St Carmel, IN	2.0	2.0	1188	$2,095	$1.76	3d	1	0.88mi
591 Monon Blvd Carmel, IN	3.0	1.0–2.0	791	$2,951	$3.73	1d	24	0.93mi
675 Beacon St Carmel, IN	1.0–2.0	1.0–2.0	991	$2,395	$2.42	1d	18	0.94mi
110 Bryn Mawr Ln Unit 220-06 Carmel, IN	2.0	2.0	876	$1,499	$1.71	1d	1	1.09mi
110 Bryn Mawr Ln Unit 221-08 Carmel, IN	2.0	1.5	876	$1,499	$1.71	1d	1	1.09mi
110 Bryn Mawr Ln Unit 221-03 Carmel, IN	2.0	1.5	876	$1,499	$1.71	20d	1	1.09mi
110 Bryn Mawr Ln Unit T-203 Carmel, IN	3.0	1.5	1280	$2,199	$1.72	7d	1	1.10mi
110 Bryn Mawr Ln Unit 220-03 Carmel, IN	2.0	2.0	876	$1,429	$1.63	1d	1	1.10mi
1059 Timber Creek Dr Carmel, IN	3.0	2.0	1379	$1,850	$1.34	43d	1	1.10mi
12484 Breaklines St Carmel, IN	1.0–3.0	1.0–2.0	1045	$2,044	$1.96	1d	19	1.10mi
221 E Main St Carmel, IN	1.0–3.0	1.0–2.0	1010	$2,099	$2.08	1d	8	1.11mi
400 Industrial Dr Carmel, IN	1.0–2.0	1.0–2.5	1175	$3,570	$3.04	1d	59	1.13mi
947 Wickham Ct #206 Carmel, IN	2.0	2.0	1072	$1,650	$1.54	3d	1	1.18mi
110 W Main St Carmel, IN	1.0–3.0	1.0–3.0	1095	$3,868	$3.53	1d	16	1.25mi
25 Florence St Carmel, IN	2.0	2.5	1338	$2,249	$1.68	10d	1	1.27mi
760 Walkabout Cir E Carmel, IN	2.0	2.0	569	$2,224	$3.91	1d	24	1.29mi
530 W Main St Carmel, IN	2.0	1.0–1.5	875	$1,412	$1.61	1d	1	1.36mi
231 Lark Dr #3 Carmel, IN	2.0	1.0	925	$1,195	$1.29	1d	1	1.45mi

HOA detail condo

• Monthly dues: $316 · $3,792/yr
• Likely covers: watersewertrashgasinternetpoolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-06-01
   days on market $194,900 Active 156 DOM
2. 2026-05-31
   days on market $194,900 Active 155 DOM
3. 2026-03-30
   status Active 1328-char remark

   Show marketing remark (1328 chars)

   Turn-key 2BR condo in the highly desirable Hunters Glen community, located in the heart of Carmel. This second-floor unit offers a perfect blend of comfort, convenience, and modern upgrades-just steps from Carmel Drive amenities, shopping, dining, and medical facilities. The home features smart-home capabilities and updated infrastructure, including integrated security, energy-efficient lighting, strong whole-home Wi-Fi coverage, and wired internet to most rooms-ideal for remote work and modern living. Major mechanical updates include a new gas furnace/HVAC system and hot water heater, along with energy-saving window film and instant hot water functionality. The flexible second bedroom/office includes a cozy gas-log fireplace and two closets, making it ideal for a home office or guest space. The primary bedroom features a walk-in closet, and large picture windows throughout provide abundant natural light. The eat-in kitchen offers ample cabinet space and a convenient laundry closet. Community amenities include valet trash service, a designated carport, clubhouse, swimming pool, continuous sidewalks, and additional storage. HOA fees cover water, sewer, and trash. Rental cap has been met; unit is not currently eligible for rental. Move-in ready and ideally located-this Carmel condo checks all the boxes.

4. 2026-03-02
   price $194,900 1328-char remark

   Show marketing remark (1328 chars)

   Turn-key 2BR condo in the highly desirable Hunters Glen community, located in the heart of Carmel. This second-floor unit offers a perfect blend of comfort, convenience, and modern upgrades-just steps from Carmel Drive amenities, shopping, dining, and medical facilities. The home features smart-home capabilities and updated infrastructure, including integrated security, energy-efficient lighting, strong whole-home Wi-Fi coverage, and wired internet to most rooms-ideal for remote work and modern living. Major mechanical updates include a new gas furnace/HVAC system and hot water heater, along with energy-saving window film and instant hot water functionality. The flexible second bedroom/office includes a cozy gas-log fireplace and two closets, making it ideal for a home office or guest space. The primary bedroom features a walk-in closet, and large picture windows throughout provide abundant natural light. The eat-in kitchen offers ample cabinet space and a convenient laundry closet. Community amenities include valet trash service, a designated carport, clubhouse, swimming pool, continuous sidewalks, and additional storage. HOA fees cover water, sewer, and trash. Rental cap has been met; unit is not currently eligible for rental. Move-in ready and ideally located-this Carmel condo checks all the boxes.

5. 2026-02-28
   historical 1328-char remark

   Show marketing remark (1328 chars)

   Turn-key 2BR condo in the highly desirable Hunters Glen community, located in the heart of Carmel. This second-floor unit offers a perfect blend of comfort, convenience, and modern upgrades-just steps from Carmel Drive amenities, shopping, dining, and medical facilities. The home features smart-home capabilities and updated infrastructure, including integrated security, energy-efficient lighting, strong whole-home Wi-Fi coverage, and wired internet to most rooms-ideal for remote work and modern living. Major mechanical updates include a new gas furnace/HVAC system and hot water heater, along with energy-saving window film and instant hot water functionality. The flexible second bedroom/office includes a cozy gas-log fireplace and two closets, making it ideal for a home office or guest space. The primary bedroom features a walk-in closet, and large picture windows throughout provide abundant natural light. The eat-in kitchen offers ample cabinet space and a convenient laundry closet. Community amenities include valet trash service, a designated carport, clubhouse, swimming pool, continuous sidewalks, and additional storage. HOA fees cover water, sewer, and trash. Rental cap has been met; unit is not currently eligible for rental. Move-in ready and ideally located-this Carmel condo checks all the boxes.

6. 2025-11-20
   listed $204,900 Active 1328-char remark

   Show marketing remark (1328 chars)

   Turn-key 2BR condo in the highly desirable Hunters Glen community, located in the heart of Carmel. This second-floor unit offers a perfect blend of comfort, convenience, and modern upgrades-just steps from Carmel Drive amenities, shopping, dining, and medical facilities. The home features smart-home capabilities and updated infrastructure, including integrated security, energy-efficient lighting, strong whole-home Wi-Fi coverage, and wired internet to most rooms-ideal for remote work and modern living. Major mechanical updates include a new gas furnace/HVAC system and hot water heater, along with energy-saving window film and instant hot water functionality. The flexible second bedroom/office includes a cozy gas-log fireplace and two closets, making it ideal for a home office or guest space. The primary bedroom features a walk-in closet, and large picture windows throughout provide abundant natural light. The eat-in kitchen offers ample cabinet space and a convenient laundry closet. Community amenities include valet trash service, a designated carport, clubhouse, swimming pool, continuous sidewalks, and additional storage. HOA fees cover water, sewer, and trash. Rental cap has been met; unit is not currently eligible for rental. Move-in ready and ideally located-this Carmel condo checks all the boxes.

ⓘ 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: $3,485 · $290/mo
• Projected year-2 tax: $3,485 · $290/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 4/10 Moderate 7 d/yr ≥101°F today · 18 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 · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,094
• − Mortgage interest: −$10,917
• − Property taxes: −$3,485
• − Insurance: −$974
• − Repairs & maintenance: −$2,328
• − Management: −$2,328
• − HOA: −$3,792
• − Depreciation: −$5,670
• Taxable loss: −$399
• Est. tax savings @ 24.0%: +$96
• After-tax cash flow: $2,564/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

-4.9% since first listed

4 events — show timeline

• 2026-03-30 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-02 Price Changed $194,900 MIBOR as Distributed by MLS Grid
• 2026-02-28 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-11-20 Listed $204,900 MIBOR as Distributed by MLS Grid

Property tax history

+7.4%/yr

Latest (2025): $3,485 · -6.9% YoY. Source: county tax records.