9152 Wadsworth Ct

Fishers, IN 46037

$279,000D

3 bd · 2.5 ba · 1,648 sqft · Built 1999 · Condo · Pending · 35 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,341/mo
• Mortgage (P&I): −$1,463
• Tax + insurance: −$465
• HOA: −$279
• Vac / Maint / Mgmt: −$492
• Net cashflow: $-358/mo
• Annual: $-4,292/yr
• Cap rate: 4.75%
• Cash-on-cash: -5.49%
• DSCR: 0.76
• 1% rule: 0.84%
• Cash to close: $78,120

Investor read

• This is a 3-bed/2.5-bath condo listed at $279k. Condition is rated good.
• At list price, monthly cash flow is $-358 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $227k (18.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $234k (16.1% below list).
• It's been on market 35 days — a 3% lower offer ($271k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $227k (18.6% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#11 in IN, #898 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, employment 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.
• Zoned schools: Lantern Road Elementary School (math 75% / reading 59%, grade B+, #55 of 994 statewide, top 6%, 524 students, 14% FRL); Riverside Junior High (math 42% / reading 56%, grade C-, #53 of 330 statewide, top 16%, 895 students, 25% FRL); Hamilton Southeastern Hs (math 66% / reading 85%, grade A-, #7 of 369 statewide, top 2%, 3,450 students, 15% FRL).
• Market conditions: Rents rising fast (+6.7%/yr); 329 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals leasing fast (median 6d 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).
• Hamilton County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 14y 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.
• Cap rate 4.8% vs local median 3.6% in Fishers — 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.

Questions for listing agent

• 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?
• It's been on market 35 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.