9440 Enclave Dr Unit A · Avon, IN 46123

$189,900

2 bd · 1.5 ba · 1,286 sqft · Condo public records · 127 Days on market

Built 1999 $148/sqft · 9% below area Est $203k · 6% under $200/mo HOA · 11% 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).

• Cash flow +15.8/30.0
• ARV discount +10.3/15.0
• DSCR +4.9/10.0
• 1% rule +4.8/10.0
• Schools +4.7/10.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 9440 Enclave Dr, a cozy and well kept 2 bedroom, 1.5 bath condo that's all about convenience and easy living. Built in 1999, this home is perfect if you're looking to simplify without sacrificing location. You're just minutes away from shopping, restaurants, and everyday essentials, plus quick highway access that makes getting around town or commuting a breeze. The layout is functional and comfortable with spacious bedrooms and a half bath that's perfect for guests. Whether you're a first time buyer, looking to downsize, or searching for a solid investment, this one checks all the boxes. Low maintenance living in a prime Avon location sounds like a win to me! Make sure you stop by and check it out!

Key facts

• $200 HOA
• 2 garage spots
• Built 1999

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $190k.

Deal economics

• At list price, monthly cash flow is $87 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $187k (1.7% below list).
• Recommended offer: $167k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.8% vs local median 3.8% in Avon — 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 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: Maple Elementary School (math 67% / reading 52%, grade B-, #128 of 994 statewide, top 15%, 714 students, 54% FRL); Avon Middle School North (math 45% / reading 55%, grade C, #48 of 330 statewide, top 15%, 854 students, 42% FRL); Avon High School (math 44% / reading 76%, grade C+, #46 of 369 statewide, top 13%, 3,348 students, 38% FRL) — zoned schools average 45% FRL vs 20% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.0%/yr); 383 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $1k of loan paydown is wiped out by about $6k 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 127 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 26y ago; this cycle's ask has dropped $15k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $93k; list at $190k implies a 104% gain — meaningful room to come down on a strong offer.

Recommended offer $167,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 127 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
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 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: 0.98% ✗
• Cap rate: 6.84%
• Cash-on-cash: 1.96%
• DSCR: 1.09
• GRM: 8.5

CMA / ARV

• ARV (median comp): $202,566
• List price: $189,900
• Delta: -6.25%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -13.2%
• Equity multiple: 0.53×
• Total profit: $-25,209
• Equity at exit: $28,315

10-year hold

• IRR: -4.2%
• Equity multiple: 0.72×
• Total profit: $-14,687
• Equity at exit: $16,419

Cash invested: $53,172 (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: 8.5×

Monthly cashflow live

• Estimated rent: $1,866 high
• Mortgage (P&I): −$996
• Tax from tax record: −$113 /mo · $1,351/yr
• Insurance: −$79
• HOA: −$200
• Vacancy / Maint / Mgmt: −$392
• Net cashflow: $87

Break-even live

Break-even rent $1,756

Max offer price $189,900

Occupancy floor 90%

Sensitivity live

Price	-10% $194	-5% $141	+0% $87	+5% $33	+10% $-21
Rent	-10% $-61	-5% $13	+0% $87	+5% $160	+10% $234
Rate	-1.0pp $182	-0.5pp $135	base $87	+0.5pp $38	+1.0pp $-12

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
481 Villa Meadow Dr Avon, IN	3.0	2.0	1300	$1,900	$1.46	26d	1	0.18mi
9661 Trail Dr Avon, IN	3.0	2.0	1444	$1,925	$1.33	20d	1	0.27mi
345 Angelina Way Avon, IN	3.0	2.0	1744	$2,149	$1.23	46d	1	0.32mi
9762 Trail Dr Avon, IN	3.0	2.0	1212	$1,846	$1.52	1d	1	0.35mi
556 Dylan Dr Avon, IN	2.0	2.0	1238	$1,875	$1.51	26d	1	0.43mi
556 Dylan Dr Avon, IN	2.0	2.0	1238	$1,800	$1.45	1d	1	0.43mi
567 Dylan Dr Unit 556 Avon, IN	2.0	2.0	1238	$1,800	$1.45	1d	1	0.49mi
9692 Stonewall Ln Avon, IN	3.0	2.0	1505	$2,150	$1.43	18d	1	0.60mi
10272 Steeplechase Dr Avon, IN	1.0–3.0	1.0–2.0	940	$1,562	$1.66	0d	40	0.61mi
781 Hollowood Ln Avon, IN	3.0	2.0	1370	$1,800	$1.31	46d	1	0.63mi
129 Satori Pkwy Avon, IN	1.0–2.0	1.0–2.0	992	$1,840	$1.85	46d	18	0.87mi
129 Satori Pkwy Avon, IN	1.0–2.0	1.0–2.0	992	$1,840	$1.85	1d	31	0.87mi
539 Sun Ridge Blvd Avon, IN	3.0	2.0	1222	$1,800	$1.47	24d	1	1.06mi
10435 Cox Pl Indianapolis, IN	1.0–2.0	1.0–2.0	999	$1,625	$1.63	46d	1	1.06mi
8335 Eagles Nest Dr Avon, IN	3.0	2.0	1410	$1,830	$1.30	26d	1	1.10mi
10428 Kensington Way Indianapolis, IN	3.0	2.0	1501	$1,929	$1.29	1d	1	1.31mi
10531 Kings Row Dr Avon, IN	1.0–3.0	1.0–2.0	1080	$1,650	$1.53	1d	10	1.34mi
994 Countryside Crossing Way Avon, IN	3.0	2.0	1598	$2,364	$1.48	1d	1	1.35mi
10341 Buckshire Ln Indianapolis, IN	3.0	2.0	1257	$1,779	$1.42	46d	1	1.41mi

HOA detail condo

• Monthly dues: $200 · $2,400/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-13
   statusdays on market $189,900 Pending 127 DOM
2. 2026-06-13
   pricedays on market $189,900 Active 126 DOM
3. 2026-06-09
   days on market $195,000 Active 123 DOM
4. 2026-06-08
   days on market $195,000 Active 122 DOM
5. 2026-06-07
   days on market $195,000 Active 121 DOM
6. 2026-06-03
   days on market $195,000 Active 117 DOM
7. 2026-06-02
   days on market $195,000 Active 116 DOM
8. 2026-06-01
   days on market $195,000 Active 115 DOM
9. 2026-05-31
   days on market $195,000 Active 114 DOM
10. 2026-04-02
    price $197,400 718-char remark

    Show marketing remark (718 chars)

    Welcome to 9440 Enclave Dr, a cozy and well kept 2 bedroom, 1.5 bath condo that's all about convenience and easy living. Built in 1999, this home is perfect if you're looking to simplify without sacrificing location. You're just minutes away from shopping, restaurants, and everyday essentials, plus quick highway access that makes getting around town or commuting a breeze. The layout is functional and comfortable with spacious bedrooms and a half bath that's perfect for guests. Whether you're a first time buyer, looking to downsize, or searching for a solid investment, this one checks all the boxes. Low maintenance living in a prime Avon location sounds like a win to me! Make sure you stop by and check it out!

11. 2026-03-09
    price $199,900 718-char remark

    Show marketing remark (718 chars)

    Welcome to 9440 Enclave Dr, a cozy and well kept 2 bedroom, 1.5 bath condo that's all about convenience and easy living. Built in 1999, this home is perfect if you're looking to simplify without sacrificing location. You're just minutes away from shopping, restaurants, and everyday essentials, plus quick highway access that makes getting around town or commuting a breeze. The layout is functional and comfortable with spacious bedrooms and a half bath that's perfect for guests. Whether you're a first time buyer, looking to downsize, or searching for a solid investment, this one checks all the boxes. Low maintenance living in a prime Avon location sounds like a win to me! Make sure you stop by and check it out!

12. 2026-02-06
    listed $205,000 Active 718-char remark

    Show marketing remark (718 chars)

    Welcome to 9440 Enclave Dr, a cozy and well kept 2 bedroom, 1.5 bath condo that's all about convenience and easy living. Built in 1999, this home is perfect if you're looking to simplify without sacrificing location. You're just minutes away from shopping, restaurants, and everyday essentials, plus quick highway access that makes getting around town or commuting a breeze. The layout is functional and comfortable with spacious bedrooms and a half bath that's perfect for guests. Whether you're a first time buyer, looking to downsize, or searching for a solid investment, this one checks all the boxes. Low maintenance living in a prime Avon location sounds like a win to me! Make sure you stop by and check it out!

13. 2001-11-12
    soldstatus $93,000 440-char remark

    Show marketing remark (440 chars)

    ENJOY EQUITY BUILD-UP WITHOUT HOUSE CARE! NEARLY NEW END UNIT READY AND WAITING FOR YOU TO MOVE INTO AT CLOSING!! IN THIS COMPUTER AGE-THE LOFT PROVIDES A WELL-LIT CONVENIENT AREA! SPACIOUS MASTER BEDROOM W/WALK-IN CLOS ET! LIGHT-BRIGHT-AIRY-NEUTRAL COLORS-NO DECORATING TO UNDO-READY FOR YOUR OWN TOUCHES! FINISHED GARAGE HAS NOT BEEN USED AS A GARAGE! GAS FRPLC. TO COZY UP TO ON COLD WINTER NIGHTS! PLENTY OF STORAGE! COME SEE! COME BUY!

14. 2001-05-31
    listed $99,900 440-char remark

    Show marketing remark (440 chars)

    ENJOY EQUITY BUILD-UP WITHOUT HOUSE CARE! NEARLY NEW END UNIT READY AND WAITING FOR YOU TO MOVE INTO AT CLOSING!! IN THIS COMPUTER AGE-THE LOFT PROVIDES A WELL-LIT CONVENIENT AREA! SPACIOUS MASTER BEDROOM W/WALK-IN CLOS ET! LIGHT-BRIGHT-AIRY-NEUTRAL COLORS-NO DECORATING TO UNDO-READY FOR YOUR OWN TOUCHES! FINISHED GARAGE HAS NOT BEEN USED AS A GARAGE! GAS FRPLC. TO COZY UP TO ON COLD WINTER NIGHTS! PLENTY OF STORAGE! COME SEE! COME BUY!

15. 2001-05-20
    historical
16. 2000-11-21
    listed $104,250

ⓘ 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: $1,351 · $113/mo
• Projected year-2 tax: $1,482 · $124/mo
• Expected delta: +$132/yr (+$11/mo · 9.8%)

ⓘ 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 ≥102°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,395
• − Mortgage interest: −$10,637
• − Property taxes: −$1,351
• − Insurance: −$950
• − Repairs & maintenance: −$1,792
• − Management: −$1,792
• − HOA: −$2,400
• − Depreciation: −$5,524
• Taxable loss: −$2,050
• Est. tax savings @ 24.0%: +$492
• After-tax cash flow: $1,533/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

+89.4% since first listed

7 events — show timeline

• 2026-04-02 Price Changed $197,400 MIBOR as Distributed by MLS Grid
• 2026-03-09 Price Changed $199,900 MIBOR as Distributed by MLS Grid
• 2026-02-06 Listed $205,000 MIBOR as Distributed by MLS Grid
• 2001-11-12 Sold (MLS) $93,000 MIBOR as Distributed by MLS Grid
• 2001-05-31 Listed $99,900 MIBOR as Distributed by MLS Grid
• 2001-05-20 Listing Removed — MIBOR as Distributed by MLS Grid
• 2000-11-21 Listed $104,250 MIBOR as Distributed by MLS Grid

Property tax history

+6.2%/yr

Latest (2025): $1,351 · +14.7% YoY. Source: county tax records.