211 Faulkner Ct #207 · Carmel, IN 46032

$225,000

4 bd · 2.0 ba · 1,603 sqft · Condo public records · 47 Days on market

Built 1998 $140/sqft · 11% below area Est $254k · 11% under $465/mo HOA · 19% of rent

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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 +14.8/30.0
• ARV discount +12.7/15.0
• Schools +6.4/10.0
• 1% rule +6.2/10.0
• DSCR +4.5/10.0
• 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

Immaculate condition! Fabulous location! Largest floor plan - 1549 sq ft 'attached garage' makes this the most desirable unit! 3rd bdrm is the den/library*Great rm has cathedral ceilings, gas logs in frpl! Huge master b drm has 2 walk-in closets! Customized kitchen has extra cabinet*All appliances included! Freshly painted! Upper end unit w/intercom. Great for privacy & security! Water, sewer & trash removal incl in monthly fee. Garage #32-Parking Space #35

Key facts

• Covered deck
• Updated condo
• New flooring

Tags

• UPDATED CONDO
• COVERED DECK
• NEW FLOORING
• GREAT LOCATION

Property features AI

Finance

• Other: Lot smaller than 1/4 acre (approximately 0.15 acres); Mandatory fee ownership interest
• HOA & community: Homeowners association with monthly fee; HOA amenities include pool and clubhouse; HOA covers entrance common, insurance, lawn care, maintenance, management, snow removal, trash, and in-unit laundry connection

Exterior

• Parking: Attached garage with garage door opener; Asphalt driveway; 1-car garage
• Utilities: Public water; Municipal sewer; Cable connected; Natural gas connected
• Home design: Residential condominium; Attached end unit; Horizontal condo, upper level unit; One level
• Construction: Brick exterior; Slab foundation
• Exterior features: Covered deck; Storage shed

Interior

• Kitchen: Electric cooktop; Electric oven; Range hood; Dishwasher; Garbage disposal; Refrigerator
• Bedrooms: Primary suite with walk-in closet and bedroom split; 2 bedrooms on main level
• Flooring: Hardwood floors
• Bathrooms: 2 full bathrooms; Primary bathroom with full shower stall
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Cathedral ceilings; Hardwood floors; Walk-in closet(s); Painted wood trim; Breakfast bar; Eat-in kitchen; Pantry; Intercom; Smoke alarm
• Laundry & utility: Laundry room on main level; Gas water heater; Humidifier

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath condo listed at $225k.

Deal economics

• At list price, monthly cash flow is $62 ($749/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Recommended offer: $218k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.6% 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); 346 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 12d 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 $2k of loan paydown is wiped out by about $7k 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 47 days — a 3% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 25y ago; this cycle's ask has dropped $20k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $114k; list at $225k implies a 97% gain — meaningful room to come down on a strong offer.

Recommended offer $218,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.12% ✓
• Cap rate: 6.63%
• Cash-on-cash: 1.19%
• DSCR: 1.05
• GRM: 7.5

CMA / ARV

• ARV (median comp): $254,122
• List price: $225,000
• Delta: -11.46%
• Verdict: UNDERPRICED
• Comps: 17 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -9.6%
• Equity multiple: 0.63×
• Total profit: $-23,149
• Equity at exit: $33,548

10-year hold

• IRR: 4.7%
• Equity multiple: 1.41×
• Total profit: $26,021
• Equity at exit: $19,454

Cash invested: $63,000 (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: 346
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $2,512 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$183 /mo · $2,198/yr
• Insurance: −$94
• HOA: −$465
• Vacancy / Maint / Mgmt: −$527
• Net cashflow: $62

Break-even live

Break-even rent $2,433

Max offer price $225,000

Occupancy floor 93%

Sensitivity live

Price	-10% $190	-5% $126	+0% $62	+5% $-1	+10% $-65
Rent	-10% $-136	-5% $-37	+0% $62	+5% $162	+10% $261
Rate	-1.0pp $176	-0.5pp $120	base $62	+0.5pp $4	+1.0pp $-55

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12484 Breaklines St Carmel, IN	1.0–3.0	1.0–2.0	1045	$2,044	$1.96	2d	19	1.22mi
1059 Timber Creek Dr Carmel, IN	3.0	2.0	1379	$1,850	$1.34	44d	1	1.26mi
20 Wilson Dr Carmel, IN	3.0	2.5	1728	$3,000	$1.74	11d	1	1.27mi
11405 Central Dr W Carmel, IN	4.0	2.0	1408	$2,600	$1.85	2d	1	1.28mi
11325 Spring Mill Rd Carmel, IN	1.0–3.0	1.0–2.0	1043	$2,903	$2.78	2d	23	1.42mi
12656 Crescent Dr Carmel, IN	3.0	2.5	1711	$2,290	$1.34	44d	1	1.43mi

HOA detail condo

• Monthly dues: $465 · $5,580/yr
• Likely covers: watersewertrashgassecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-21
   days on market $225,000 Active 47 DOM
2. 2026-06-18
   days on market $225,000 Active 44 DOM
3. 2026-06-17
   days on market $225,000 Active 43 DOM
4. 2026-06-16
   days on market $225,000 Active 42 DOM
5. 2026-06-15
   price $225,000 Active 41 DOM
6. 2026-06-15
   days on market $245,000 Active 41 DOM
7. 2026-06-13
   days on market $245,000 Active 39 DOM
8. 2026-06-13
   days on market $245,000 Active 38 DOM
9. 2026-06-09
   days on market $245,000 Active 35 DOM
10. 2026-06-08
    days on market $245,000 Active 34 DOM
11. 2026-06-07
    days on market $245,000 Active 33 DOM
12. 2026-06-05
    days on market $245,000 Active 30 DOM
13. 2026-06-03
    days on market $245,000 Active 29 DOM
14. 2026-06-02
    days on market $245,000 Active 28 DOM
15. 2026-06-01
    days on market $245,000 Active 27 DOM
16. 2026-05-31
    days on market $245,000 Active 26 DOM
17. 2026-05-05
    listed $245,000 Active 184-char remark
18. 2003-08-18
    soldstatus $114,000 469-char remark

    Show marketing remark (469 chars)

    Immaculate condition! Fabulous location! Largest floor plan - 1549 sq ft 'attached garage' makes this the most desirable unit! 3rd bdrm is the den/library*Great rm has cathedral ceilings, gas logs in frpl! Huge master b drm has 2 walk-in closets! Customized kitchen has extra cabinet*All appliances included! Freshly painted! Upper end unit w/intercom. Great for privacy & security! Water, sewer & trash removal incl in monthly fee. Garage #32-Parking Space #35

19. 2003-01-17
    listed $118,900 469-char remark

    Show marketing remark (469 chars)

    Immaculate condition! Fabulous location! Largest floor plan - 1549 sq ft 'attached garage' makes this the most desirable unit! 3rd bdrm is the den/library*Great rm has cathedral ceilings, gas logs in frpl! Huge master b drm has 2 walk-in closets! Customized kitchen has extra cabinet*All appliances included! Freshly painted! Upper end unit w/intercom. Great for privacy & security! Water, sewer & trash removal incl in monthly fee. Garage #32-Parking Space #35

20. 2002-02-06
    historical
21. 2001-12-27
    soldstatus $113,000
22. 2001-11-09
    listed $113,500
23. 2001-08-06
    listed $114,900

ⓘ 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: $2,198 · $183/mo
• Projected year-2 tax: $2,198 · $183/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 6 d/yr ≥101°F today · 14 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: $30,140
• − Mortgage interest: −$12,603
• − Property taxes: −$2,198
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,411
• − Management: −$2,411
• − HOA: −$5,580
• − Depreciation: −$6,545
• Taxable loss: −$2,734
• Est. tax savings @ 24.0%: +$656
• After-tax cash flow: $1,405/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

+95.8% since first listed

8 events — show timeline

• 2026-06-15 Price Changed $225,000 MIBOR as Distributed by MLS Grid
• 2026-05-05 Listed $245,000 MIBOR as Distributed by MLS Grid
• 2003-08-18 Sold (MLS) $114,000 MIBOR as Distributed by MLS Grid
• 2003-01-17 Listed $118,900 MIBOR as Distributed by MLS Grid
• 2002-02-06 Listing Removed — MIBOR as Distributed by MLS Grid
• 2001-12-27 Sold (MLS) $113,000 MIBOR as Distributed by MLS Grid
• 2001-11-09 Listed $113,500 MIBOR as Distributed by MLS Grid
• 2001-08-06 Listed $114,900 MIBOR as Distributed by MLS Grid

Property tax history

+10.7%/yr

Latest (2025): $2,198 · +18.5% YoY. Source: county tax records.