9440 Enclave Dr Unit A

Avon, IN 46123

$189,900D+

2 bd · 1.5 ba · 1,286 sqft · Built 1999 · Condo · Pending · 127 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,866/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$192
• HOA: −$200
• Vac / Maint / Mgmt: −$392
• Net cashflow: $87/mo
• Annual: $1,041/yr
• Cap rate: 6.84%
• Cash-on-cash: 1.96%
• DSCR: 1.09
• 1% rule: 0.98%
• Cash to close: $53,172

Investor read

• This is a 2-bed/1.5-bath condo listed at $190k.
• 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).
• It's been on market 127 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $167k (12.0% below list) — sets the bar for market timing.
• 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.
• 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).
• Hendricks County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.

Questions for listing agent

• 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?
• 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?
• 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.