15139 Farrington Way · Fishers, IN 46037

$305,806

3 bd · 2.5 ba · 1,727 sqft · Land · 139 Days on market

Built 2025 2,304 sqft lot $177/sqft · at area comps Est $315k · at est. $170/mo HOA · 7% of rent ↓ 5% since listing

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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 +9.0/30.0
• ARV discount +8.9/15.0
• Schools +5.3/10.0
• Rent growth +4.2/5.0
• Livability +4.2/5.0
• 1% rule +3.5/10.0
• DSCR +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

The Townhomes Collection features new townhome designs coming soon to the Abbott Commons master-planned community in Fishers, IN. Homeowners will enjoy a wide array of future amenities, including a swimming pool with a convenient pool house, a playground, and winding trails. Situated in the top-rated Hamilton Southeastern School Corporation, the area offers a family-friendly atmosphere with diverse attractions. Residents can attend year-round concerts and seasonal festivities at the Nickel Plate District Amphitheater. For outdoor enthusiasts, Geist Waterfront Park offers a beach, pirate-themed playground, picnic areas and a watercraft launch. This two-story townhome-style condo makes smart use of the available space. The open living area is on the first floor and includes a kitchen, family room and dining area with a covered patio attached. Upstairs are three bedrooms, including the owner's suite, as well as a versatile loft and laundry room. *Photos/Tour of model may show features not selected in home.

Key facts

• Winding trails
• Swimming pool
• Pool house

Tags

• SWIMMING POOL
• POOL HOUSE
• PLAYGROUND
• WINDING TRAILS
• GEIST WATERFRONT PARK
• WATERCRAFT LAUNCH

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath land listed at $306k.

Deal economics

• At list price, monthly cash flow is $-241 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $271k (11.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $259k (15.5% below list).
• Recommended offer: $259k (15.5% below list) — sets the bar for 1% rule.
• Cap rate 5.3% 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: 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: Rents rising fast (+6.7%/yr); 322 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 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 139 days — a 12% lower offer ($269k) is reasonable based on typical stale-listing flexibility.

Recommended offer $258,519 (15.5% 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 139 days. Have you received any prior offers? Is the seller open to a 15% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 0.85% ✗
• Cap rate: 5.35%
• Cash-on-cash: -3.38%
• DSCR: 0.85
• GRM: 9.9

CMA / ARV

• ARV (median comp): $315,292
• List price: $305,806
• Delta: -3.01%
• 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: -17.5%
• Equity multiple: 0.36×
• Total profit: $-54,753
• Equity at exit: $45,597

10-year hold

• IRR: -3.4%
• Equity multiple: 0.74×
• Total profit: $-22,527
• Equity at exit: $26,441

Cash invested: $85,626 (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: 9.9×

Monthly cashflow live

• Estimated rent: $2,585 high
• Mortgage (P&I): −$1,604
• Tax est. 1.5%: −$382 /mo · $4,587/yr
• Insurance: −$127
• HOA: −$170
• Vacancy / Maint / Mgmt: −$543
• Net cashflow: $-241

Break-even live

Break-even rent $2,890

Max offer price $270,926

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: $76,452
• Closing costs: $9,174
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15246 Swallow Falls Way Fishers, IN	3.0	2.5	1727	$2,525	$1.46	10d	1	0.07mi
15254 Swallow Falls Way Fishers, IN	3.0	2.5	1814	$2,500	$1.38	44d	1	0.08mi
15274 Farrington Way Fishers, IN	4.0	2.5	1990	$3,125	$1.57	18d	1	0.09mi
14081 Tenbury Way Fishers, IN	3.0	2.5	1909	$2,200	$1.15	44d	1	1.02mi
16041 Marsala Dr Fishers, IN	2.0	2.0	1453	$2,000	$1.38	2d	1	1.42mi
12687 White Chapel Cir Fishers, IN	3.0	2.5	1540	$1,900	$1.23	44d	1	1.45mi
14047 Wimbleton Way Fishers, IN	3.0	2.5	1540	$1,950	$1.27	18d	1	1.48mi
12721 Tamworth Dr Fishers, IN	3.0	2.5	1540	$2,100	$1.36	11d	1	1.49mi

HOA detail

• Monthly dues: $170 · $2,040/yr
• Likely covers: waterpool

Listing history 7 events

1. 2026-05-18
   status Pending 1019-char remark

   Show marketing remark (1019 chars)

   The Townhomes Collection features new townhome designs coming soon to the Abbott Commons master-planned community in Fishers, IN. Homeowners will enjoy a wide array of future amenities, including a swimming pool with a convenient pool house, a playground, and winding trails. Situated in the top-rated Hamilton Southeastern School Corporation, the area offers a family-friendly atmosphere with diverse attractions. Residents can attend year-round concerts and seasonal festivities at the Nickel Plate District Amphitheater. For outdoor enthusiasts, Geist Waterfront Park offers a beach, pirate-themed playground, picnic areas and a watercraft launch. This two-story townhome-style condo makes smart use of the available space. The open living area is on the first floor and includes a kitchen, family room and dining area with a covered patio attached. Upstairs are three bedrooms, including the owner's suite, as well as a versatile loft and laundry room. *Photos/Tour of model may show features not selected in home.

2. 2026-05-12
   price $305,806 1019-char remark

   Show marketing remark (1019 chars)

   The Townhomes Collection features new townhome designs coming soon to the Abbott Commons master-planned community in Fishers, IN. Homeowners will enjoy a wide array of future amenities, including a swimming pool with a convenient pool house, a playground, and winding trails. Situated in the top-rated Hamilton Southeastern School Corporation, the area offers a family-friendly atmosphere with diverse attractions. Residents can attend year-round concerts and seasonal festivities at the Nickel Plate District Amphitheater. For outdoor enthusiasts, Geist Waterfront Park offers a beach, pirate-themed playground, picnic areas and a watercraft launch. This two-story townhome-style condo makes smart use of the available space. The open living area is on the first floor and includes a kitchen, family room and dining area with a covered patio attached. Upstairs are three bedrooms, including the owner's suite, as well as a versatile loft and laundry room. *Photos/Tour of model may show features not selected in home.

3. 2026-05-05
   price $308,806 1019-char remark

   Show marketing remark (1019 chars)

   The Townhomes Collection features new townhome designs coming soon to the Abbott Commons master-planned community in Fishers, IN. Homeowners will enjoy a wide array of future amenities, including a swimming pool with a convenient pool house, a playground, and winding trails. Situated in the top-rated Hamilton Southeastern School Corporation, the area offers a family-friendly atmosphere with diverse attractions. Residents can attend year-round concerts and seasonal festivities at the Nickel Plate District Amphitheater. For outdoor enthusiasts, Geist Waterfront Park offers a beach, pirate-themed playground, picnic areas and a watercraft launch. This two-story townhome-style condo makes smart use of the available space. The open living area is on the first floor and includes a kitchen, family room and dining area with a covered patio attached. Upstairs are three bedrooms, including the owner's suite, as well as a versatile loft and laundry room. *Photos/Tour of model may show features not selected in home.

4. 2026-04-22
   price $313,990 1019-char remark

   Show marketing remark (1019 chars)

   The Townhomes Collection features new townhome designs coming soon to the Abbott Commons master-planned community in Fishers, IN. Homeowners will enjoy a wide array of future amenities, including a swimming pool with a convenient pool house, a playground, and winding trails. Situated in the top-rated Hamilton Southeastern School Corporation, the area offers a family-friendly atmosphere with diverse attractions. Residents can attend year-round concerts and seasonal festivities at the Nickel Plate District Amphitheater. For outdoor enthusiasts, Geist Waterfront Park offers a beach, pirate-themed playground, picnic areas and a watercraft launch. This two-story townhome-style condo makes smart use of the available space. The open living area is on the first floor and includes a kitchen, family room and dining area with a covered patio attached. Upstairs are three bedrooms, including the owner's suite, as well as a versatile loft and laundry room. *Photos/Tour of model may show features not selected in home.

5. 2026-03-31
   price $321,690 1019-char remark

   Show marketing remark (1019 chars)

   The Townhomes Collection features new townhome designs coming soon to the Abbott Commons master-planned community in Fishers, IN. Homeowners will enjoy a wide array of future amenities, including a swimming pool with a convenient pool house, a playground, and winding trails. Situated in the top-rated Hamilton Southeastern School Corporation, the area offers a family-friendly atmosphere with diverse attractions. Residents can attend year-round concerts and seasonal festivities at the Nickel Plate District Amphitheater. For outdoor enthusiasts, Geist Waterfront Park offers a beach, pirate-themed playground, picnic areas and a watercraft launch. This two-story townhome-style condo makes smart use of the available space. The open living area is on the first floor and includes a kitchen, family room and dining area with a covered patio attached. Upstairs are three bedrooms, including the owner's suite, as well as a versatile loft and laundry room. *Photos/Tour of model may show features not selected in home.

6. 2026-01-13
   price $319,279 1019-char remark

   Show marketing remark (1019 chars)

   The Townhomes Collection features new townhome designs coming soon to the Abbott Commons master-planned community in Fishers, IN. Homeowners will enjoy a wide array of future amenities, including a swimming pool with a convenient pool house, a playground, and winding trails. Situated in the top-rated Hamilton Southeastern School Corporation, the area offers a family-friendly atmosphere with diverse attractions. Residents can attend year-round concerts and seasonal festivities at the Nickel Plate District Amphitheater. For outdoor enthusiasts, Geist Waterfront Park offers a beach, pirate-themed playground, picnic areas and a watercraft launch. This two-story townhome-style condo makes smart use of the available space. The open living area is on the first floor and includes a kitchen, family room and dining area with a covered patio attached. Upstairs are three bedrooms, including the owner's suite, as well as a versatile loft and laundry room. *Photos/Tour of model may show features not selected in home.

7. 2025-12-30
   listed $323,279 Active 1019-char remark

   Show marketing remark (1019 chars)

   The Townhomes Collection features new townhome designs coming soon to the Abbott Commons master-planned community in Fishers, IN. Homeowners will enjoy a wide array of future amenities, including a swimming pool with a convenient pool house, a playground, and winding trails. Situated in the top-rated Hamilton Southeastern School Corporation, the area offers a family-friendly atmosphere with diverse attractions. Residents can attend year-round concerts and seasonal festivities at the Nickel Plate District Amphitheater. For outdoor enthusiasts, Geist Waterfront Park offers a beach, pirate-themed playground, picnic areas and a watercraft launch. This two-story townhome-style condo makes smart use of the available space. The open living area is on the first floor and includes a kitchen, family room and dining area with a covered patio attached. Upstairs are three bedrooms, including the owner's suite, as well as a versatile loft and laundry room. *Photos/Tour of model may show features not selected in home.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $31,022
• − Mortgage interest: −$17,130
• − Property taxes: −$4,587
• − Insurance: −$1,529
• − Repairs & maintenance: −$2,482
• − Management: −$2,482
• − HOA: −$2,040
• − Depreciation: −$8,896
• Taxable loss: −$8,123
• Est. tax savings @ 24.0%: +$1,950
• After-tax cash flow: $-943/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

-5.4% since first listed

7 events — show timeline

• 2026-05-18 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-12 Price Changed $305,806 MIBOR as Distributed by MLS Grid
• 2026-05-05 Price Changed $308,806 MIBOR as Distributed by MLS Grid
• 2026-04-22 Price Changed $313,990 MIBOR as Distributed by MLS Grid
• 2026-03-31 Price Changed $321,690 MIBOR as Distributed by MLS Grid
• 2026-01-13 Price Changed $319,279 MIBOR as Distributed by MLS Grid
• 2025-12-30 Listed $323,279 MIBOR as Distributed by MLS Grid