9733 Windy Ln #100 · Fishers, IN 46037

$299,900

3 bd · 2.0 ba · 1,527 sqft · Condo public records · 48 Days on market

Built 2016 $196/sqft · 15% above area Est $304k · at est. $280/mo HOA · 11% of rent

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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 +9.1/30.0
• ARV discount +8.1/15.0
• Schools +5.3/10.0
• Rent growth +4.2/5.0
• Livability +4.2/5.0
• 1% rule +3.3/10.0
• DSCR +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

CUSTOM BUILT TO BUYERS SELECTIONS! All features, upgrades and options included! Community provides low maint living at a convenient location in Fishers! HPR offers a variety of elegant finishes and designer plumbing & light fixtures. Ranch style living. Open floor plan, 2 bedrooms and loft, lots of windows. Kitchen w/ Bosch SS appliances, custom cabinets and granite tops. Custom showers. Attached 2 car finished, extended garage. Beautiful hardwood floors throughout.

Key facts

• Gated community
• 20-ft ceilings
• End-unit condo

Tags

• END-UNIT CONDO
• GATED COMMUNITY
• OPEN FLOORPLAN
• HARDWOOD FLOORS
• GREAT ROOM
• 20-FT CEILINGS

Property features AI

Finance

• Other: Association indicates 'Mandatory Fee' and 'Horizontal Property Regime'; Common walls: end unit with no one below and no one above
• HOA & community: HOA with monthly fee of $280; HOA covers sewer, insurance, lawn care, grounds and structure maintenance, management, snow removal and trash; Community amenities include gated entry, landscaping, maintenance services, and management; Covenants and restrictions apply

Exterior

• Parking: Attached 2-car garage with finished interior and garage door opener
• Security: Smoke detector(s)
• Utilities: Public water; Municipal sewer connected; 200+ amp electrical service; Cable available; electricity, natural gas, sewer and water connected
• Home design: Residential condominium (attached, end unit with 1 common wall); Horizontal condo type with private entry and ground-level access; One level plus loft; Faces west; Low-maintenance lifestyle
• Construction: Brick and vinyl siding exterior; Slab foundation
• Exterior features: Covered patio; Patio; Curbs, sidewalks, storm sewer, street lights; Mature trees; No fence

Interior

• Kitchen: Gas oven; Microwave with hood; Dishwasher; Disposal; Refrigerator; Pantry
• Bedrooms: Primary bedroom with walk-in closet; Two bedrooms on the main level; Loft on upper level (additional living/bed area)
• Flooring: Hardwood floors
• Bathrooms: Two full bathrooms; Primary bathroom features double sinks, full shower stall, and suite layout
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Attic access; Cathedral ceilings; Handicap accessible interior with 36-inch wide hallway and accessible doors; Hardwood floors; Pantry; Smart thermostat; Painted woodwork; Laundry in unit; One fireplace with gas log in the great room
• Laundry & utility: Washer/dryer connections (laundry connections provided); Gas water heater; Owned water softener

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $300k.

Deal economics

• At list price, monthly cash flow is $-228 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $260k (13.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $249k (16.8% below list).
• Recommended offer: $249k (16.8% below list) — sets the bar for 1% rule.
• Cap rate 5.4% 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.

Location & tenants

• 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: Fishers Elementary School (math 62% / reading 52%, grade C+, #172 of 994 statewide, top 18%, 443 students, 26% 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); 322 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals leasing fast (median 3d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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 48 days — a 3% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 11y 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 $197k; list at $300k implies a 53% gain — meaningful room to come down on a strong offer.

Recommended offer $249,434 (16.8% 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 48 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.83% ✗
• Cap rate: 5.38%
• Cash-on-cash: -3.26%
• DSCR: 0.86
• GRM: 10.0

CMA / ARV

• ARV (median comp): $304,146
• List price: $299,900
• Delta: -1.40%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.71% rent growth · sell at horizon

5-year hold

• IRR: -17.4%
• Equity multiple: 0.36×
• Total profit: $-53,336
• Equity at exit: $44,716

10-year hold

• IRR: -3.3%
• Equity multiple: 0.74×
• Total profit: $-21,885
• Equity at exit: $25,930

Cash invested: $83,972 (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 46037

• Home prices YoY: -18.6%
• Rents YoY: 6.7%
• Active inventory: 322
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $2,494 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$221 /mo · $2,649/yr
• Insurance: −$125
• HOA: −$280
• Vacancy / Maint / Mgmt: −$524
• Net cashflow: $-228

Break-even live

Break-even rent $2,783

Max offer price $259,648

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11504 Grassy Ct Fishers, IN	2.0	2.0	1950	$2,200	$1.13	3d	1	0.09mi
11504 Grassy Ct Fishers, IN	3.0	2.0	1950	$2,150	$1.10	43d	1	0.09mi
9735 Junction Sta Fishers, IN	3.0	2.5	1520	$3,000	$1.97	43d	1	0.11mi
11547 Yard St Fishers, IN	2.0	1.0–2.0	938	$2,150	$2.29	2d	13	0.21mi
11547 Yard St Fishers, IN	3.0	1.0–2.0	1106	$2,640	$2.39	43d	17	0.21mi
11255 Slate Stone Dr Fishers, IN	1.0–4.0	1.0–3.5	1707	$3,064	$1.80	1d	31	0.21mi
11723 Watermark Way Fishers, IN	1.0–2.0	1.0–2.0	980	$1,846	$1.88	2d	10	0.50mi
8918 Birch St Fishers, IN	3.0	2.0	2160	$1,850	$0.86	23d	1	0.67mi
11150 Lantern Rd Unit 1228663P Fishers, IN	2.0	2.0	1173	$3,542	$3.02	43d	1	0.84mi
11110 Lantern Rd Fishers, IN	1.0–2.0	1.0–2.0	1024	$1,889	$1.84	2d	14	0.87mi
8800 North St Fishers, IN	1.0–2.0	1.0–2.0	924	$3,126	$3.38	1d	17	0.89mi
8700 E 116th St Fishers, IN	2.0	1.0–2.5	1033	$2,691	$2.60	1d	36	0.94mi
11229 Spring Blossom Ln Fishers, IN	3.0	2.0	1284	$2,295	$1.79	43d	1	0.98mi
12347 Windsor Dr Fishers, IN	1.0–3.0	1.0–2.0	1033	$2,299	$2.23	1d	13	1.06mi
8594 E 116th St Fishers, IN	1.0–3.0	1.0–3.0	1522	$4,065	$2.67	1d	12	1.06mi
11437 Enclave Blvd Unit 1 Fishers, IN	2.0	2.0	1220	$1,650	$1.35	43d	1	1.07mi
8439 Manship Dr Fishers, IN	4.0	2.0	1429	$2,325	$1.63	7d	1	1.14mi
10950 Lantern Woods Blvd Fishers, IN	1.0–3.0	1.0–2.0	988	$1,963	$1.99	1d	39	1.18mi
11757 Garden Cir E Fishers, IN	1.0–2.0	1.0–2.0	955	$1,690	$1.77	1d	8	1.20mi
11212 Boston Way Fishers, IN	3.0	2.0	1244	$2,345	$1.89	43d	1	1.25mi
10510 Kings Way Rd Fishers, IN	2.0	1.0–2.0	649	$2,021	$3.11	1d	27	1.26mi
10031 E 126th St Fishers, IN	4.0	2.0	1974	$2,100	$1.06	43d	1	1.36mi
8800 Bradwell Pl Fishers, IN	1.0–2.0	1.0–2.0	1041	$1,939	$1.86	2d	22	1.37mi
8681 Edison Plaza DR Fishers, IN	1.0–2.0	1.0–2.0	1027	$1,999	$1.95	2d	6	1.40mi
10732 Bella Vista Dr Fishers, IN	1.0–3.0	1.0–2.0	978	$1,973	$2.02	1d	17	1.43mi

HOA detail condo

• Monthly dues: $280 · $3,360/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-18
   days on market $299,900 Active 48 DOM
2. 2026-06-17
   days on market $299,900 Active 47 DOM
3. 2026-06-16
   days on market $299,900 Active 46 DOM
4. 2026-06-15
   days on market $299,900 Active 45 DOM
5. 2026-06-13
   days on market $299,900 Active 43 DOM
6. 2026-06-09
   days on market $299,900 Active 39 DOM
7. 2026-06-08
   days on market $299,900 Active 38 DOM
8. 2026-06-07
   days on market $299,900 Active 37 DOM
9. 2026-06-03
   days on market $299,900 Active 33 DOM
10. 2026-06-02
    days on market $299,900 Active 32 DOM
11. 2026-06-01
    days on market $299,900 Active 31 DOM
12. 2026-05-31
    days on market $299,900 Active 30 DOM
13. 2026-05-01
    listed $299,900 Active 1365-char remark
14. 2026-04-27
    historical
15. 2026-04-10
    price $299,900
16. 2026-03-20
    price $309,900
17. 2026-01-30
    price $319,900
18. 2026-01-05
    listed $325,000 Active
19. 2016-05-14
    listed $188,900

    Show marketing remark (474 chars)

    CUSTOM BUILT TO BUYERS SELECTIONS! All features, upgrades and options included! Community provides low maint living at a convenient location in Fishers! HPR offers a variety of elegant finishes and designer plumbing & light fixtures. Ranch style living. Open floor plan, 2 bedrooms and loft, lots of windows. Kitchen w/ Bosch SS appliances, custom cabinets and granite tops. Custom showers. Attached 2 car finished, extended garage. Beautiful hardwood floors throughout.

20. 2016-05-12
    soldstatus $196,584

    Show marketing remark (474 chars)

    CUSTOM BUILT TO BUYERS SELECTIONS! All features, upgrades and options included! Community provides low maint living at a convenient location in Fishers! HPR offers a variety of elegant finishes and designer plumbing & light fixtures. Ranch style living. Open floor plan, 2 bedrooms and loft, lots of windows. Kitchen w/ Bosch SS appliances, custom cabinets and granite tops. Custom showers. Attached 2 car finished, extended garage. Beautiful hardwood floors throughout.

21. 2016-03-01
    historical

    Show marketing remark (474 chars)

    CUSTOM BUILT TO BUYERS SELECTIONS! All features, upgrades and options included! Community provides low maint living at a convenient location in Fishers! HPR offers a variety of elegant finishes and designer plumbing & light fixtures. Ranch style living. Open floor plan, 2 bedrooms and loft, lots of windows. Kitchen w/ Bosch SS appliances, custom cabinets and granite tops. Custom showers. Attached 2 car finished, extended garage. Beautiful hardwood floors throughout.

22. 2016-01-31
    historical
23. 2015-12-10
    listed $185,000 Active

ⓘ 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: $2,649 · $221/mo
• Projected year-2 tax: $2,649 · $221/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 4/10 Moderate 7 d/yr ≥101°F today · 18 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,932
• − Mortgage interest: −$16,799
• − Property taxes: −$2,649
• − Insurance: −$1,500
• − Repairs & maintenance: −$2,395
• − Management: −$2,395
• − HOA: −$3,360
• − Depreciation: −$8,724
• Taxable loss: −$7,889
• Est. tax savings @ 24.0%: +$1,893
• After-tax cash flow: $-841/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
• County: Hamilton County · 337,479 people
• City population: 92,467
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 48,713
• Household income: $141,810
• Rent vs Own: 20.3% rent · 79.7% own
• Severe rent burden: 738.0

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 (79%)
• Race & ethnicity: White 79% Asian 10% Two or more races 5% Hispanic / Latino 3% Black 3%
• Common ancestry: Romanian 2% Slovak 2% Iranian 1%
• Foreign-born: 10% · Canada, China, South Korea
• Languages at home: 87% English-only · Other Indo-European 4% Other Asian/Pacific 4% Spanish 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: ▼ -48.93%
• Current HPI: 213.5424
• Rent YoY: ▲ 6.71%
• 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

+62.1% since first listed

11 events — show timeline

• 2026-05-01 Listed $299,900 MIBOR as Distributed by MLS Grid
• 2026-04-27 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-04-10 Price Changed $299,900 MIBOR as Distributed by MLS Grid
• 2026-03-20 Price Changed $309,900 MIBOR as Distributed by MLS Grid
• 2026-01-30 Price Changed $319,900 MIBOR as Distributed by MLS Grid
• 2026-01-05 Listed $325,000 MIBOR as Distributed by MLS Grid
• 2016-05-14 Listed $188,900 MIBOR as Distributed by MLS Grid
• 2016-05-12 Sold (MLS) $196,584 MIBOR as Distributed by MLS Grid
• 2016-03-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2016-01-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2015-12-10 Listed $185,000 MIBOR as Distributed by MLS Grid

Property tax history

+3.3%/yr

Latest (2025): $2,649 · -1.9% YoY. Source: county tax records.