Ashford Plan · Carmel, IN 46032

$163,000

1 bd · 1.0 ba · 950 sqft · Townhouse · 290 Days on market

55+ age-restricted Fair condition

---

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 +11.0/30.0
• ARV discount +7.5/15.0
• Schools +6.8/10.0
• Livability +4.2/5.0
• Rent growth +4.1/5.0
• 1% rule +3.5/10.0
• DSCR +3.1/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Whether you are working or retired, the Village Cooperative of Westfield is a hassle-free home ownership option for active adults (62+). You simply won't find a better value anywhere in the area with all the amenities. It offers a carefree lifestyle that lets you enjoy more of what you love in a safe and secure community of peers. The homes range in size from approximately 900 sq. ft. to over 1,800 sq. ft. of one-level living space within in a three-story building built over secure underground parking. Standard features of this living community include a community and club areas, hobby shop, reading areas, guest suite, garden plots, while-you're-away services, underground heated parking with a car wash bay-all wrapped up in a fully secure building. The homes are equipped with all appliances including a washer and dryer, in-home storage, walk-in closets and individually controlled HVAC systems. The Village Cooperative is a community of like-minded adults who want to live near other people their age, but not in assisted living or rental housing. It offers maintenance-free living in a vibrant environment with many unique amenities that are suited for both working and retired residents.

Key facts

• Car wash bay
• Guest suite
• Garden plots

Tags

• ONE-LEVEL LIVING SPACE
• GUEST SUITE
• GARDEN PLOTS
• UNDERGROUND HEATED PARKING
• CAR WASH BAY
• FULLY SECURE BUILDING

🏗️ New construction. The $163,000 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $228,719.

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath townhouse listed at $163k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-327 ($-4k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $159k (2.6% below list).
• Recommended offer: $143k (12.0% below list) — sets the bar for market timing.
• Cap rate 4.6% vs local median 2.9% 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: crime A+, amenities A+, employment 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.
• Zoned schools: Carmel Middle School (math 46% / reading 61%, grade C+, #32 of 330 statewide, top 10%, 1,064 students, 20% FRL); Carmel High School (math 77% / reading 90%, grade A, #3 of 369 statewide, top 1%, 5,192 students, 13% FRL).
• Market conditions: Rents rising fast (+6.5%/yr); 670 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 4,661 units permitted in Hamilton County in 2024 (1,528 in 5+ unit buildings).
• This rent is only 14% of the median local income ($132k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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 290 days — a 12% lower offer ($143k) is reasonable based on typical stale-listing flexibility.

Recommended offer $143,440 (12.0% 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 290 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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: 0.69% ✗
• Cap rate: 4.58%
• Cash-on-cash: -6.13%
• DSCR: 0.73
• GRM: 12.0

CMA / ARV

• ARV (median comp): $228,719
• List price: $163,000
• Delta: -28.73%
• 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
11725 Lenox #104	0.43mi	2/2.0 (+1)	1,072 (+13%)	1mo	$226,000	$211	48
11750 Glenbrook Ct Unit 103A	0.39mi	2/2.0 (+1)	1,072 (+13%)	4mo	$238,500	$222	48
12544 Timber Creek Dr #2	0.43mi	2/2.0 (+1)	1,073 (+13%)	3mo	$210,000	$196	47
12517 Timber Creek Dr Unit 4	0.48mi	2/2.0 (+1)	1,070 (+13%)	4mo	$265,000	$248	45
946 Lenox Ln Unit 207	0.54mi	2/2.0 (+1)	1,072 (+13%)	0mo	$231,000	$215	44
12519 Timber Creek Dr #6	0.47mi	2/2.0 (+1)	1,070 (+13%)	5mo	$200,000	$187	44
12555 Timber Creek Dr Unit 8	0.49mi	2/2.0 (+1)	1,071 (+13%)	4mo	$218,000	$204	44
12517 Timber Creek Dr #2	0.48mi	2/2.0 (+1)	1,070 (+13%)	5mo	$255,000	$238	44
12559 Timber Creek Dr #5	0.50mi	2/2.0 (+1)	1,071 (+13%)	5mo	$234,000	$218	43
962 Lenox Ln #101	0.55mi	2/2.0 (+1)	1,072 (+13%)	2mo	$209,000	$195	42
947 Wickham Ct #208	0.51mi	2/2.0 (+1)	1,072 (+13%)	6mo	$254,000	$237	41
12598 Tennyson Ln #101	0.73mi	2/2.0 (+1)	1,083 (+14%)	3mo	$225,000	$208	31

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: -23.1%
• Equity multiple: 0.19×
• Total profit: $-52,130
• Equity at exit: $34,103

10-year hold

• IRR: -10.5%
• Equity multiple: 0.27×
• Total profit: $-46,843
• Equity at exit: $19,775

Cash invested: $64,041 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 10 active · 13 under contract
• Months of supply: 4.3 mo (23%/mo absorbed)
• Median asking: $219,500 ($205/sqft)
• Median days on market: 83 d
• This list price: 10% of active listings are priced below it
• ARV vs active asking: +17.6% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 46032

• Rents YoY: 6.5%
• Active inventory: 670
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,587 high
• Mortgage (P&I): −$1,199
• Tax est. 1.5%: −$286 /mo · $3,431/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$333
• Net cashflow: $-327

Break-even live

Break-even rent $2,001

Max offer price $181,406

Occupancy floor —

Sensitivity live

Price	-10% $-169	-5% $-248	+0% $-327	+5% $-406	+10% $-485
Rent	-10% $-452	-5% $-390	+0% $-327	+5% $-264	+10% $-202
Rate	-1.0pp $-212	-0.5pp $-269	base $-327	+0.5pp $-386	+1.0pp $-447

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: $57,180
• Closing costs: $6,862
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
300 Providence Blvd Carmel, IN	1.0–2.0	1.0–2.0	819	$1,296	$1.58	0d	24	0.33mi
12415 N Pennsylvania St Carmel, IN	1.0–2.0	1.0–2.0	819	$1,409	$1.72	0d	5	0.41mi
12484 Breaklines St Carmel, IN	1.0–3.0	1.0–2.0	1032	$1,447	$1.40	0d	15	0.45mi
947 Wickham Ct #206 Carmel, IN	2.0	2.0	1072	$1,650	$1.54	144d	1	0.49mi
760 Walkabout Cir E Carmel, IN	3.0	2.0	650	$1,626	$2.50	0d	12	0.65mi
675 Beacon St Carmel, IN	1.0–2.0	1.0–2.0	943	$1,586	$1.68	0d	21	0.70mi
1025 W Main St Carmel, IN	1.0–3.0	1.0–2.0	1151	$1,832	$1.59	10d	1	0.73mi
1111 W Main St Carmel, IN	1.0–2.0	1.0–2.0	935	$1,407	$1.50	0d	8	0.73mi
35 Rosewalk Cir Carmel, IN	1.0–2.0	1.0–2.0	678	$1,369	$2.02	0d	3	0.76mi
833 W Main St Carmel, IN	1.0–2.0	1.0–2.0	1304	$1,685	$1.29	148d	23	0.80mi
833 W Main St Apt 307 Carmel, IN	1.0	1.0	910	$1,700	$1.87	43d	1	0.80mi
833 W Main St Apt 303 Carmel, IN	1.0	1.0	910	$1,700	$1.87	44d	1	0.80mi
833 W Main St #310 Carmel, IN	1.0	1.0	910	$1,735	$1.91	85d	1	0.80mi
833 W Main St Apt 410 Carmel, IN	1.0	1.0	910	$1,785	$1.96	133d	1	0.80mi
833 W Main St Apt 409 Carmel, IN	1.0	1.0	910	$1,785	$1.96	85d	1	0.80mi
833 W Main St #204 Carmel, IN	1.0	1.0	910	$1,685	$1.85	85d	1	0.80mi
833 W Main St Apt 203 Carmel, IN	1.0	1.0	910	$1,650	$1.81	44d	1	0.80mi
833 W Main St Carmel, IN	1.0–2.0	1.0–2.0	1304	$1,650	$1.27	10d	17	0.80mi
770 3rd Ave SW Carmel, IN	1.0–3.0	1.0–2.5	1458	$1,775	$1.22	2d	11	0.83mi
301 American Way N Carmel, IN	1.0–3.0	1.0–2.0	1167	$1,650	$1.41	123d	1	0.87mi
301 American Way N Carmel, IN	1.0–3.0	1.0–2.0	1229	$1,708	$1.39	2d	8	0.87mi
13111 Old Meridian St Carmel, IN	3.0	1.0–2.0	1073	$2,045	$1.90	0d	40	0.87mi
881 3rd Ave SW Carmel, IN	2.0	1.0–2.5	1010	$1,814	$1.80	10d	5	0.91mi
400 Industrial Dr Carmel, IN	1.0–2.0	1.0–2.0	1030	$1,910	$1.85	0d	52	0.98mi
880 Monon Green Blvd Carmel, IN	3.0	1.0–2.0	1044	$2,028	$1.94	184d	5	1.00mi
880 Monon Green Blvd Carmel, IN	2.0	1.0–2.0	818	$2,028	$2.48	10d	2	1.00mi
750 Veterans Way Carmel, IN	1.0–3.0	1.0–2.5	1144	$1,800	$1.57	115d	1	1.05mi
530 W Main St Carmel, IN	2.0	1.0–1.5	875	$1,412	$1.61	10d	1	1.09mi
591 Monon Blvd Carmel, IN	1.0	1.0	351	$1,593	$4.54	0d	4	1.09mi
1225 Veterans Way Carmel, IN	1.0–2.0	1.0–2.0	967	$1,596	$1.65	0d	14	1.10mi
720 S Rangeline Rd Carmel, IN	1.0–2.0	1.0–2.0	1090	$1,570	$1.44	116d	1	1.12mi
350 Monon Blvd Carmel, IN	1.0–3.0	1.0–2.5	1150	$1,814	$1.58	0d	13	1.13mi
60 Knoll Ct Carmel, IN	2.0	1.0	712	$1,284	$1.80	0d	17	1.14mi
13415 Highpointe Blvd Carmel, IN	1.0–2.0	1.0–2.0	794	$1,347	$1.70	0d	9	1.15mi
408 W Main St #408 Carmel, IN	1.0	1.0	910	$1,785	$1.96	148d	1	1.16mi
111 W Main St Carmel, IN	1.0–2.0	1.0–2.0	1042	$1,449	$1.39	7d	5	1.27mi
231 Lark Dr #3 Carmel, IN	2.0	1.0	925	$1,195	$1.29	125d	1	1.28mi
231 Lark Dr #3 Carmel, IN	2.0	1.0	925	$1,195	$1.29	142d	1	1.28mi
110 W Main St Carmel, IN	1.0–2.0	1.0–2.0	1021	$1,908	$1.87	0d	6	1.29mi
1685 E 116th St Carmel, IN	2.0	1.0–2.0	886	$1,744	$1.97	0d	17	1.33mi

Listing history 50 events

1. 2026-11-08
   days on market $163,000 Active 290 DOM
2. 2026-11-07
   days on market $163,000 Active 289 DOM
3. 2026-11-06
   days on market $163,000 Active 288 DOM
4. 2026-11-05
   days on market $163,000 Active 287 DOM
5. 2026-11-04
   days on market $163,000 Active 286 DOM
6. 2026-11-02
   days on market $163,000 Active 284 DOM
7. 2026-11-01
   days on market $163,000 Active 283 DOM
8. 2026-10-31
   days on market $163,000 Active 282 DOM
9. 2026-10-30
   days on market $163,000 Active 281 DOM
10. 2026-10-29
    days on market $163,000 Active 280 DOM
11. 2026-10-28
    days on market $163,000 Active 279 DOM
12. 2026-10-27
    days on market $163,000 Active 278 DOM
13. 2026-10-26
    days on market $163,000 Active 277 DOM
14. 2026-10-25
    days on market $163,000 Active 276 DOM
15. 2026-10-24
    days on market $163,000 Active 275 DOM
16. 2026-10-23
    days on market $163,000 Active 274 DOM
17. 2026-10-22
    days on market $163,000 Active 273 DOM
18. 2026-10-21
    days on market $163,000 Active 272 DOM
19. 2026-10-20
    days on market $163,000 Active 271 DOM
20. 2026-10-19
    days on market $163,000 Active 270 DOM
21. 2026-10-18
    days on market $163,000 Active 269 DOM
22. 2026-10-17
    days on market $163,000 Active 268 DOM
23. 2026-10-16
    days on market $163,000 Active 267 DOM
24. 2026-10-15
    days on market $163,000 Active 266 DOM
25. 2026-10-14
    days on market $163,000 Active 265 DOM
26. 2026-10-13
    days on market $163,000 Active 264 DOM
27. 2026-10-12
    days on market $163,000 Active 263 DOM
28. 2026-10-11
    days on market $163,000 Active 262 DOM
29. 2026-10-10
    days on market $163,000 Active 261 DOM
30. 2026-10-09
    days on market $163,000 Active 260 DOM
31. 2026-10-08
    days on market $163,000 Active 259 DOM
32. 2026-10-07
    days on market $163,000 Active 258 DOM
33. 2026-10-06
    days on market $163,000 Active 257 DOM
34. 2026-10-05
    days on market $163,000 Active 256 DOM
35. 2026-10-04
    days on market $163,000 Active 255 DOM
36. 2026-10-04
    days on market $163,000 Active 254 DOM
37. 2026-10-02
    days on market $163,000 Active 253 DOM
38. 2026-10-01
    days on market $163,000 Active 252 DOM
39. 2026-09-30
    days on market $163,000 Active 251 DOM
40. 2026-09-29
    days on market $163,000 Active 250 DOM
41. 2026-09-28
    days on market $163,000 Active 249 DOM
42. 2026-09-27
    days on market $163,000 Active 248 DOM
43. 2026-09-25
    days on market $163,000 Active 246 DOM
44. 2026-09-24
    days on market $163,000 Active 245 DOM
45. 2026-09-23
    days on market $163,000 Active 244 DOM
46. 2026-09-22
    days on market $163,000 Active 243 DOM
47. 2026-09-21
    days on market $163,000 Active 242 DOM
48. 2026-09-20
    days on market $163,000 Active 241 DOM
49. 2026-09-19
    days on market $163,000 Active 240 DOM
50. 2026-09-18
    days on market $163,000 Active 239 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $19,043
• − Mortgage interest: −$12,812
• − Property taxes: −$3,431
• − Insurance: −$1,144
• − Repairs & maintenance: −$1,523
• − Management: −$1,523
• − Depreciation: −$6,654
• Taxable loss: −$8,044
• Est. tax savings @ 24.0%: +$1,931
• After-tax cash flow: $-1,993/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.

Condition & rehab AI · 1 photo

Fair 45/100 Cosmetic rehab Est. rehab $4,750–$14,250 screening

The Ashford unit is in fair condition with minor cosmetic updates needed to enhance its resale and rental value.

Value-add opportunities

• Both Painting the interior and exterior — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Updating the kitchen and bathroom fixtures — Modern fixtures improve functionality and appeal ↑
• Both Landscaping the front yard — A well-maintained front yard enhances curb appeal and property value ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

C Composite school gradezoned avg 68/100

Zoned Schools

Elementary Carmel Elementary School B+ IN #49/994 Nat'l #4,204/41,679 Middle Carmel Middle School C+ IN #32/330 Nat'l #2,785/14,009 High Carmel High School A IN #3/369 Nat'l #817/17,239

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

A Composite livability gradescore 84/100

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 · 381,938 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: 12% of renters

---

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%
• 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

1 event — show timeline

• 2026-01-22 Listed $163,000 Zillow