11361 Romeo Pl · Fishers, IN 46040

$579,000

3 bd · 3.5 ba · 3,762 sqft · SingleFamily public records · 15 Days on market

Built 2004 0.31 ac lot Est $549k · 5% over

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Why this score? — see what drove the F 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).

• Schools +5.3/10.0
• ARV discount +5.1/15.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Cash flow +1.9/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious and beautifully designed 5-bedroom, 3.5-bath traditional home offering nearly 3,900 sq ft of living space! Built in 2004, this two-story home features a desirable layout with 4 bedrooms on the upper level, an additional bedroom in the basement, and a 3-car attached garage. The brick and vinyl exterior provides lasting curb appeal, while the generous living areas offer plenty of room for entertaining, working from home, or accommodating a growing family. Don't miss the opportunity to own this exceptional home with space for everyone!

Key facts

• 0.31 acre lot
• 3 garage spots
• Built 2004

Property features AI

Finance

• Other: Approximately 2,895 sq ft living area (3,897 total building area); Finished lower level space

Exterior

• Parking: Attached 3-car garage (approximately 746 sq ft)
• Utilities: Public water; Municipal sewer connected; Solid waste service available
• Home design: Single family residence; Two levels
• Construction: Brick and vinyl siding exterior; Full block foundation
• Exterior features: Approximately 0.31 acre lot (about 1/4–1/2 acre)

Interior

• Kitchen: Dishwasher; Microwave; Electric oven; Refrigerator
• Bedrooms: Four bedrooms on the upper level; One bedroom in the basement
• Bathrooms: Three full bathrooms; One half bathroom (main level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Woodwork stained or painted; Living room fireplace

What this means for you Summary

Snapshot

• This is a 3-bed/3.5-bath single-family listed at $579k.

Deal economics

• At list price, monthly cash flow is $-2k ($-26k/yr) — negative.
• To cash-flow at today's rent, offer at most $197k (66.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $196k (66.1% below list).
• Recommended offer: $196k (66.1% below list) — sets the bar for 1% rule.
• Cap rate 1.8% vs local median 3.6% in Fishers — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 83/100 on livability (#11 in IN, #898 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, amenities A+; Watch: commute F.
• Hamilton Southeastern Schools (suburban): math 57% / reading 59% proficiency, ranked #14 of 301 in IN (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 10% free/reduced lunch — higher-income household profile.
• Market conditions: 303 active listings in the ZIP; 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 $4k of loan paydown is wiped out by about $17k 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 15 days — a 2% lower offer ($570k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $196,307 (66.1% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 0.34% ✗
• Cap rate: 1.81%
• Cash-on-cash: -16.00%
• DSCR: 0.29
• GRM: 24.6

CMA / ARV

• ARV (on-the-fly): $549,252
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11341 Romeo Pl	0.02mi	3/3.0	3,450 (-8%)	0mo	$599,900	$174	83
14846 Starboard Rd	0.15mi	4/3.5 (+1)	3,816 (+1%)	6mo	$560,000	$147	80
15097 Newburyport Dr	0.35mi	3/4.0	3,848 (+2%)	22mo	$560,000	$146	59
15088 Keel Rd	0.31mi	4/4.0 (+1)	3,685 (-2%)	20mo	$585,000	$159	58
14459 Stanley Ter	0.65mi	4/3.5 (+1)	3,584 (-5%)	2mo	$522,000	$146	56
14211 Monarchy Ln	0.68mi	4/3.5 (+1)	3,909 (+4%)	2mo	$580,000	$148	55
14870 Starboard Rd	0.15mi	4/2.5 (+1)	4,288 (+14%)	15mo	$560,000	$131	49
14611 Cuchara Ct	0.31mi	4/2.5 (+1)	4,080 (+8%)	21mo	$535,000	$131	45
11750 Gatwick View Dr	0.57mi	4/3.5 (+1)	3,436 (-9%)	17mo	$485,000	$141	40
11763 Moate Dr	0.74mi	3/2.0	4,072 (+8%)	19mo	$424,000	$104	30
11789 Langham Crescent Ct	0.60mi	4/2.5 (+1)	3,238 (-14%)	13mo	$485,000	$150	29
11820 Monarchy Ln	0.74mi	4/2.5 (+1)	4,003 (+6%)	23mo	$440,000	$110	27

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -47.6%
• Equity multiple: -0.43×
• Total profit: $-231,670
• Equity at exit: $86,331

10-year hold

• IRR: -91.4%
• Equity multiple: -1.34×
• Total profit: $-379,644
• Equity at exit: $50,061

Cash invested: $162,120 (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 46040

• Home prices YoY: -24.4%
• Active inventory: 303
• Price-to-rent: 24.6×

Monthly cashflow live

• Estimated rent: $1,963 medium
• Mortgage (P&I): −$3,036
• Tax from tax record: −$435 /mo · $5,223/yr
• Insurance: −$241
• HOA: −$0
• Vacancy / Maint / Mgmt: −$412
• Net cashflow: $-2,162

Break-even live

Break-even rent $4,700

Max offer price $197,072

Occupancy floor —

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: $144,750
• Closing costs: $17,370
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-18
   days on market $579,000 Active 15 DOM
2. 2026-06-17
   days on market $579,000 Active 14 DOM
3. 2026-06-16
   days on market $579,000 Active 13 DOM
4. 2026-06-15
   days on market $579,000 Active 12 DOM
5. 2026-06-13
   pricedays on market $579,000 Active 10 DOM
6. 2026-06-09
   days on market $589,000 Active 6 DOM
7. 2026-06-08
   days on market $589,000 Active 5 DOM
8. 2026-06-07
   remarks 547-char remark
9. 2026-06-07
   listed $589,000 Active 4 DOM

ⓘ 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: $5,223 · $435/mo
• Projected year-2 tax: $5,223 · $435/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 ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,557
• − Mortgage interest: −$32,433
• − Property taxes: −$5,223
• − Insurance: −$2,895
• − Repairs & maintenance: −$1,885
• − Management: −$1,885
• − Depreciation: −$16,844
• Taxable loss: −$37,607
• Est. tax savings @ 24.0%: +$9,026
• After-tax cash flow: $-16,918/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: Hamilton Southeastern Schools
• NCES district ID: 1810650
• Math proficiency: 57% ▼ -11.00%
• Reading proficiency: 59% ▼ -7.00%
• Median HH income: $87,726
• Composite: 53.02/100
• National rank: #1520
• State rank: #14 of 301 in IN

Livability — Fishers

• Score: 83/100
• State rank: #11
• US rank: #898

Category grades

Amenities A+ Commute F Cost of living B Crime A+ Employment A+ Housing A+ Health & safety B+ User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fishers, IN
• City population: 92,467
• Population (ZIP): 17,891

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 (83%)
• Race & ethnicity: White 83% Black 6% Two or more races 4% Asian 4% Hispanic / Latino 2%
• Common ancestry: Lithuanian 5% Romanian 2% Portuguese 2%
• Foreign-born: 5% · Canada
• Languages at home: 94% English-only · Other Indo-European 3% Arabic 1% Spanish 1%

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: ▼ -71.54%
• Current HPI: 221.8703
• Rent YoY: —
• Metro: —
• 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

+0.0% since first listed

2 events — show timeline

• 2026-06-03 Listed $589,000 IRMLS
• 2026-06-03 Listed $589,000 MIBOR as Distributed by MLS Grid

Property tax history

+4.4%/yr

Latest (2025): $5,223 · -3.7% YoY. Source: county tax records.