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55 Palomino Ct
Zionsville, IN

55 Palomino Ct

$399,900
3 bd • 3 ba • 3,434 sf

This analysis was generated by artificial intelligence on 1/25/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

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AI Property Analysis

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List Price

$399,900

Price/Sq.Ft

$116

Year Built

1990

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

This 3,434 sqft home at $116.45/sqft is competitively priced, especially considering the median income of $145,774 in Zionsville. The property has numerous appealing features, including a vaulted ceiling, skylights, and an updated fireplace. The kitchen has newer appliances, and the laundry/mudroom is a convenient addition. The master bedroom has a vaulted ceiling, double sinks, and a walk-in closet. The loft can easily be converted into a fourth bedroom. The recent upgrades, including the HVAC system, front windows, and garage door, add significant value. The new roof, gutters, and skylights slated for installation are a major plus. The location in Hunt Club Village is highly desirable, with trail access to downtown Zionsville, making it walkable and bikeable to shops, restaurants, and parks. The home’s flood risk is minimal at 1/10.

The Bad

While the home boasts several upgrades, the interior finishes are somewhat dated. The carpet in the living areas and bedrooms, along with the vinyl flooring in the kitchen and laundry, are not the latest styles. The kitchen, while functional, could benefit from cosmetic updates. The property is located in Zionsville, which has relatively high property taxes compared to surrounding areas. The home has been on the market for one day, but the listing price has increased by 25% since it last sold in 2021, so it may be priced at the upper end of the market.

The Ugly

The total cost of ownership, including mortgage, insurance ($1440 annually), and HOA fees (amount not specified), will be significant due to the high property taxes in Zionsville. While the new roof is a major improvement, the age of the home (built in 1990) means there could be potential major system replacements in the next 10-15 years. The property’s price increase of 25% in the last few years may indicate a potential for overpricing in the current market. The reliance on carpet in many living areas is not ideal for some buyers and could require replacement. The moderate air quality risk (3/10) may be a concern for some buyers with respiratory issues. The lack of specific information about the HOA fees and what they cover is also concerning.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is best suited for families or individuals seeking a spacious home in a desirable, walkable neighborhood with good schools. The 3-bedroom layout, with a potential 4th bedroom in the loft, is ideal for growing families. The proximity to downtown Zionsville shops, restaurants, and parks, combined with the trail access, suits active lifestyles. The recent upgrades and planned roof replacement appeal to buyers looking for a move-in-ready home with minimal immediate maintenance concerns. With a median income of $145,774 in Zionsville, this home is well within reach for many local buyers.

Not For

This property is not ideal for buyers seeking a single-level home, as the loft and some bedrooms are on the second floor. Buyers wanting a large lot may find this property's wooded lot adequate but not expansive. Those needing a fully updated home may want to budget for additional upgrades to the carpet, vinyl flooring, and kitchen aesthetics. Buyers on a tight budget may need to consider the higher property taxes in Zionsville. Investors seeking a turnkey rental property may not find this an ideal investment due to the current market conditions.
Demographics
Area Median Income

$145,774

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Risk Assessment

Climate Risks

airMODERATE

2 bad air quality days per year

heatMODERATE

7 extreme heat days per year

98th percentile: 102°F

windMINOR

Insurance: Recommended

floodMINIMAL

FEMA Zone: X_UNSHADED

Insurance: Optional

fireMINIMAL

Insurance: Optional

Risk Analysis

The primary risks include the potential for higher property taxes and the need to update some interior finishes. The HOA fees, while not excessive, should be carefully reviewed for any potential increases. The age of the appliances and flooring may require replacement in the next 5-10 years. Although the new roof is slated to be installed, confirming the warranty and contractor details are advisable. The moderate air quality risk should be considered by buyers with respiratory sensitivities. The relatively high median income in Zionsville suggests that the property is priced appropriately for the market. The property's historical price fluctuations could indicate some volatility in pricing, which could be a risk for short-term investors.
Insurance
Annual Cost

$1,440

$120 per month

Financials

Monthly Costs
Market Rent (3 bed)

$2,050

Get a detailed rental estimate on Zillow®
HOA Fee

$28

Price History

Property Taxes

$6,367
2023 Tax Assessment
62.5%from previous year
Assessed Value$346,300
Tax Rate1.84%

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$640,667

60.2% above list price

Median Price

$675,000

Based on 6 recent sales

Price per Sq.Ft

$185

Comparable Properties

140 N 1st Street, Zionsville, IN 46077
Price: $670,000
Sq.Ft: 3,484
Beds/Baths: 4/3
$/Sq.Ft:
$19265.1%
Sale Date: 9/18/2024
29 Sorrel Court, Zionsville, IN 46077
Price: $300,000
Sq.Ft: 2,793
Beds/Baths: 2/2
$/Sq.Ft:
$1077.8%
Sale Date: 12/4/2024
105 Wakefield Way, Zionsville, IN 46077
Price: $675,000
Sq.Ft: 3,280
Beds/Baths: 3/4
$/Sq.Ft:
$20676.7%
Sale Date: 8/6/2024
9311 Deer Ridge Drive, Zionsville, IN 46077
Price: $895,000
Sq.Ft: 3,998
Beds/Baths: 4/4
$/Sq.Ft:
$22492.2%
Sale Date: 9/5/2024
697 Morningside Court, Zionsville, IN 46077
Price: $604,000
Sq.Ft: 2,901
Beds/Baths: 4/4
$/Sq.Ft:
$20878.8%
Sale Date: 8/15/2024
5915 Weldra Drive, Zionsville, IN 46077
Price: $700,000
Sq.Ft: 4,016
Beds/Baths: 4/4
$/Sq.Ft:
$17449.7%
Sale Date: 8/17/2024

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