146 Shelton Dr · Avon, IN 46123

$205,000

3 bd · 1.0 ba · 1,048 sqft · SingleFamily public records · 76 Days on market

Built 1983 0.28 ac lot $196/sqft · 15% below area Est $241k · 15% under

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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 +19.0/30.0
• ARV discount +14.3/15.0
• DSCR +6.0/10.0
• Schools +4.7/10.0
• 1% rule +4.5/10.0
• 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

Investor Opportunity in Avon! This 3-bedroom, 2-bath ranch offers a solid layout with a spacious living room and an oversized eat-in kitchen ready for your vision. With just a touch of TLC, this property has strong potential to shine as a comfortable home or rental. The generous yard, framed by a tree line, provides added privacy and outdoor appeal. Enjoy a highly convenient location with prime shopping and dining just a short walk away, including popular spots like Ugly Crab, Walmart, Cooper's Hawk, Costco, and more-making everyday living easy and appealing for future occupants. Convenient location adds to its long-term value and desirability. Bring your ideas and unlock the possibilities!

Key facts

• Generous yard
• Outdoor appeal
• Spacious living room

Tags

• SPACIOUS LIVING ROOM
• OVERSIZED EAT-IN KITCHEN
• GENEROUS YARD
• HIGHLY CONVENIENT LOCATION
• PRIME SHOPPING AND DINING
• OUTDOOR APPEAL

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $205k.

Deal economics

• At list price, monthly cash flow is $213 ($3k/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 $195k (5.0% below list).
• Recommended offer: $193k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.5% 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.
• Market conditions: Rents rising (+3.0%/yr); 380 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 76 days — a 6% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 19y ago 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.
• Current owner paid $175k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $192,700 (6.0% below list)

Questions for the listing agent

1. It's been on market 76 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.95% ✗
• Cap rate: 7.54%
• Cash-on-cash: 4.45%
• DSCR: 1.20
• GRM: 8.8

CMA / ARV

• ARV (median comp): $241,405
• List price: $205,000
• Delta: -15.08%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9716 Schrier Dr	0.12mi	3/1.0	914 (-13%)	16mo	$220,000	$241	60

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 · 2.98% rent growth · sell at horizon

5-year hold

• IRR: -9.4%
• Equity multiple: 0.66×
• Total profit: $-19,726
• Equity at exit: $30,566

10-year hold

• IRR: 0.0%
• Equity multiple: 1.00×
• Total profit: $14
• Equity at exit: $17,725

Cash invested: $57,400 (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: 380
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,948 high
• Mortgage (P&I): −$1,075
• Tax from tax record: −$165 /mo · $1,985/yr
• Insurance: −$85
• HOA: −$0
• Vacancy / Maint / Mgmt: −$409
• Net cashflow: $213

Break-even live

Break-even rent $1,678

Max offer price $205,000

Occupancy floor 84%

Sensitivity live

Price	-10% $329	-5% $271	+0% $213	+5% $155	+10% $97
Rent	-10% $59	-5% $136	+0% $213	+5% $290	+10% $367
Rate	-1.0pp $316	-0.5pp $265	base $213	+0.5pp $160	+1.0pp $106

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: $51,250
• Closing costs: $6,150
• Reserves months: —
• Total cash needed: —

Rent comps 13 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	24d	1	0.66mi
539 Sun Ridge Blvd Avon, IN	3.0	2.0	1222	$1,800	$1.47	22d	1	0.68mi
9661 Trail Dr Avon, IN	3.0	2.0	1444	$1,925	$1.33	18d	1	0.72mi
10272 Steeplechase Dr Avon, IN	1.0–3.0	1.0–2.0	940	$1,905	$2.03	2d	42	0.74mi
9762 Trail Dr Avon, IN	3.0	2.0	1212	$1,901	$1.57	2d	1	0.77mi
556 Dylan Dr Avon, IN	2.0	2.0	1238	$1,875	$1.51	24d	1	0.82mi
567 Dylan Dr Unit 556 Avon, IN	2.0	2.0	1238	$1,875	$1.51	24d	1	0.88mi
129 Satori Pkwy Avon, IN	1.0–2.0	1.0–2.0	992	$1,840	$1.85	44d	18	1.02mi
129 Satori Pkwy Avon, IN	1.0–2.0	1.0–2.0	993	$1,840	$1.85	3d	30	1.02mi
10531 Kings Row Dr Avon, IN	1.0–3.0	1.0–2.0	1080	$1,933	$1.79	2d	11	1.03mi
781 Hollowood Ln Avon, IN	3.0	2.0	1370	$1,800	$1.31	44d	1	1.04mi
8335 Eagles Nest Dr Avon, IN	3.0	2.0	1410	$1,830	$1.30	24d	1	1.34mi
10435 Cox Pl Indianapolis, IN	1.0–2.0	1.0–2.0	999	$1,625	$1.63	44d	1	1.36mi

Listing history 32 events

1. 2026-06-18
   days on market $205,000 Active 76 DOM
2. 2026-06-17
   days on market $205,000 Active 75 DOM
3. 2026-06-16
   days on market $205,000 Active 74 DOM
4. 2026-06-15
   days on market $205,000 Active 73 DOM
5. 2026-06-13
   days on market $205,000 Active 71 DOM
6. 2026-06-13
   days on market $205,000 Active 70 DOM
7. 2026-06-09
   days on market $205,000 Active 67 DOM
8. 2026-06-08
   days on market $205,000 Active 66 DOM
9. 2026-06-07
   days on market $205,000 Active 65 DOM
10. 2026-06-03
    days on market $205,000 Active 61 DOM
11. 2026-06-02
    days on market $205,000 Active 60 DOM
12. 2026-06-01
    days on market $205,000 Active 59 DOM
13. 2026-05-31
    days on market $205,000 Active 58 DOM
14. 2026-05-18
    price $205,000 711-char remark

    Show marketing remark (711 chars)

    Investor Opportunity in Avon! This 3-bedroom, 2-bath ranch offers a solid layout with a spacious living room and an oversized eat-in kitchen ready for your vision. With just a touch of TLC, this property has strong potential to shine as a comfortable home or rental. The generous yard, framed by a tree line, provides added privacy and outdoor appeal. Enjoy a highly convenient location with prime shopping and dining just a short walk away, including popular spots like Ugly Crab, Walmart, Cooper's Hawk, Costco, and more-making everyday living easy and appealing for future occupants. Convenient location adds to its long-term value and desirability. Bring your ideas and unlock the possibilities!

15. 2026-04-30
    price $212,500 711-char remark

    Show marketing remark (711 chars)

    Investor Opportunity in Avon! This 3-bedroom, 2-bath ranch offers a solid layout with a spacious living room and an oversized eat-in kitchen ready for your vision. With just a touch of TLC, this property has strong potential to shine as a comfortable home or rental. The generous yard, framed by a tree line, provides added privacy and outdoor appeal. Enjoy a highly convenient location with prime shopping and dining just a short walk away, including popular spots like Ugly Crab, Walmart, Cooper's Hawk, Costco, and more-making everyday living easy and appealing for future occupants. Convenient location adds to its long-term value and desirability. Bring your ideas and unlock the possibilities!

16. 2026-04-03
    price $217,500 711-char remark

    Show marketing remark (711 chars)

    Investor Opportunity in Avon! This 3-bedroom, 2-bath ranch offers a solid layout with a spacious living room and an oversized eat-in kitchen ready for your vision. With just a touch of TLC, this property has strong potential to shine as a comfortable home or rental. The generous yard, framed by a tree line, provides added privacy and outdoor appeal. Enjoy a highly convenient location with prime shopping and dining just a short walk away, including popular spots like Ugly Crab, Walmart, Cooper's Hawk, Costco, and more-making everyday living easy and appealing for future occupants. Convenient location adds to its long-term value and desirability. Bring your ideas and unlock the possibilities!

17. 2026-03-27
    listed $200,000 Active 711-char remark

    Show marketing remark (711 chars)

    Investor Opportunity in Avon! This 3-bedroom, 2-bath ranch offers a solid layout with a spacious living room and an oversized eat-in kitchen ready for your vision. With just a touch of TLC, this property has strong potential to shine as a comfortable home or rental. The generous yard, framed by a tree line, provides added privacy and outdoor appeal. Enjoy a highly convenient location with prime shopping and dining just a short walk away, including popular spots like Ugly Crab, Walmart, Cooper's Hawk, Costco, and more-making everyday living easy and appealing for future occupants. Convenient location adds to its long-term value and desirability. Bring your ideas and unlock the possibilities!

18. 2022-11-18
    soldstatus $174,900 Closed 154-char remark

    Show marketing remark (154 chars)

    Ranch home conveniently located in Avon offers 3 bedroom, 1 bath, living room and oversized eat-in kitchen. Generous size yard with tree line for privacy.

19. 2022-10-28
    status Pending 154-char remark

    Show marketing remark (154 chars)

    Ranch home conveniently located in Avon offers 3 bedroom, 1 bath, living room and oversized eat-in kitchen. Generous size yard with tree line for privacy.

20. 2022-10-18
    listed $174,900 Active 154-char remark

    Show marketing remark (154 chars)

    Ranch home conveniently located in Avon offers 3 bedroom, 1 bath, living room and oversized eat-in kitchen. Generous size yard with tree line for privacy.

21. 2022-10-03
    historical
22. 2022-09-29
    price $174,900
23. 2022-09-22
    price $179,900
24. 2022-09-08
    listed $189,900 Active
25. 2011-11-30
    historical
26. 2010-11-09
    listed $200,000
27. 2010-11-01
    historical
28. 2009-10-13
    listed $200,000
29. 2009-08-31
    historical
30. 2008-09-19
    listed $200,000
31. 2008-08-19
    historical
32. 2007-09-04
    listed $200,000

ⓘ 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: $1,985 · $165/mo
• Projected year-2 tax: $1,985 · $165/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 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: $23,373
• − Mortgage interest: −$11,483
• − Property taxes: −$1,985
• − Insurance: −$1,025
• − Repairs & maintenance: −$1,870
• − Management: −$1,870
• − Depreciation: −$5,964
• Taxable loss: −$823
• Est. tax savings @ 24.0%: +$198
• After-tax cash flow: $2,752/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

+2.5% since first listed

19 events — show timeline

• 2026-05-18 Price Changed $205,000 MIBOR as Distributed by MLS Grid
• 2026-04-30 Price Changed $212,500 MIBOR as Distributed by MLS Grid
• 2026-04-03 Price Changed $217,500 MIBOR as Distributed by MLS Grid
• 2026-03-27 Listed $200,000 MIBOR as Distributed by MLS Grid
• 2022-11-18 Sold (MLS) $174,900 MIBOR as Distributed by MLS Grid
• 2022-10-28 Pending — MIBOR as Distributed by MLS Grid
• 2022-10-18 Listed $174,900 MIBOR as Distributed by MLS Grid
• 2022-10-03 Listing Removed — MIBOR as Distributed by MLS Grid
• 2022-09-29 Price Changed $174,900 MIBOR as Distributed by MLS Grid
• 2022-09-22 Price Changed $179,900 MIBOR as Distributed by MLS Grid
• 2022-09-08 Listed $189,900 MIBOR as Distributed by MLS Grid
• 2011-11-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2010-11-09 Listed $200,000 MIBOR as Distributed by MLS Grid
• 2010-11-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2009-10-13 Listed $200,000 MIBOR as Distributed by MLS Grid
• 2009-08-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2008-09-19 Listed $200,000 MIBOR as Distributed by MLS Grid
• 2008-08-19 Listing Removed — MIBOR as Distributed by MLS Grid
• 2007-09-04 Listed $200,000 MIBOR as Distributed by MLS Grid

Property tax history

+6.7%/yr

Latest (2025): $1,985 · +11.4% YoY. Source: county tax records.