9847 Virginia Pine Dr · Fishers, IN 46040

$589,900

3 bd · 4.5 ba · 3,766 sqft · SingleFamily public records · 3 Days on market

Built 2022 0.34 ac lot $54/mo HOA · 3% of rent

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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).

• ARV discount +7.5/15.0
• Schools +5.3/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Cash flow +2.0/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this beautifully crafted home built in 2022 in the highly sought out Fishers. Offering the perfect blend of modern design, space, and functionality. This 5 bedrooms, 4.5 bathrooms, and 3,766 square feet home is designed to accommodate both everyday living and effortless entertaining. Step inside to find durable and stylish luxury vinyl plank flooring flowing throughout the main living areas, complemented by an open-concept layout filled with natural light. The sunroom provides a bright and inviting space to relax, while the spacious living and dining areas connect seamlessly to the heart of the home. The gourmet kitchen offers stainless steel appliances, quartz counter top, white

Key facts

• 0.34 acre lot
• 3 garage spots
• Community pool

Property features AI

Finance

• Other: Lot approximately 0.34 acres (1/4–1/2 acre); Mandatory fee / other (see remarks for ownership interest details)
• HOA & community: Homeowners association (semi-annual fee; fee includes common entrance, grounds maintenance, insurance, nature areas, parks/playgrounds, pool, walking trails and resident manager); Association amenities include pool, playground, pond, park, trails, jogging path and maintained grounds; HOA disclosures include covenants & restrictions, rental restrictions, rules & regulations, and transfer fee

Exterior

• Parking: Attached 3-car garage with garage door opener; Guest street parking
• Security: Smoke detectors; Smart locks
• Utilities: Public water; Municipal sewer connected; Electricity connected (200+ amp service); Natural gas connected; Solid waste service
• Home design: Single-family residence, new construction; Two levels
• Construction: Brick and cement siding exterior; Slab foundation; Built by Lennar
• Exterior features: Covered patio/porch; Smart lights; Smart locks; Corner lot with curbs and sidewalks; Street lights and storm sewer; Suburban setting; access features noted

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Oven (gas oven); Range hood; Refrigerator; Water purifier
• Bedrooms: Five bedrooms total (one main-level bedroom; four upper-level bedrooms); Primary suite includes sitting area and walk-in closet (see remarks)
• Bathrooms: Four full bathrooms; One half bathroom; Primary bathroom with full shower stall (suite)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Kitchen island; In-law arrangement; Eat-in kitchen; Pantry; Smart thermostat; Storage; Walk-in closets; Gas-started fireplace in the great room
• Laundry & utility: Upper-level laundry; Water heater; Owned water softener

🏗️ New construction. The $589,900 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $508,410.

What this means for you Summary

Snapshot

• This is a 3-bed/4.5-bath single-family listed at $590k.

Deal economics

• At list price, monthly cash flow is $-2k ($-23k/yr) — negative.
• To cash-flow at today's rent, offer at most $177k (70.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $196k (66.8% below list).
• Recommended offer: $177k (70.1% below list) — sets the bar for cash-flow.
• Cap rate 1.9% 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: 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: Southeastern Elementary School (math 68% / reading 50%, grade B-, #151 of 994 statewide, top 16%, 820 students, 8% FRL); Hamilton Southeastern Hs (math 66% / reading 85%, grade A-, #7 of 369 statewide, top 2%, 3,450 students, 15% FRL) — zoned schools at 12% FRL track the district average.
• Market conditions: 306 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 $15k 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

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $176,608 (70.1% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.39% ✗
• Cap rate: 1.86%
• Cash-on-cash: -15.83%
• DSCR: 0.30
• GRM: 21.6

CMA / ARV

• ARV (on-the-fly): $508,410
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9822 Tampico Chase	0.10mi	4/2.5 (+1)	3,730 (-1%)	7mo	$459,000	$123	75
16152 Sedalia Dr	0.17mi	4/3.0 (+1)	3,367 (-11%)	1mo	$569,900	$169	62
10274 Cloverbank Dr	0.48mi	4/2.5 (+1)	3,912 (+4%)	8mo	$537,245	$137	52
15958 Oakhurst Ln	0.38mi	4/2.5 (+1)	3,930 (+4%)	12mo	$550,000	$140	52
15993 Oakhurst Ln	0.34mi	4/2.5 (+1)	3,896 (+4%)	17mo	$525,000	$135	51
16379 Newberry Way	0.70mi	4/2.5 (+1)	4,012 (+6%)	1mo	$544,500	$136	42
10166 Ranford Blvd	0.65mi	4/2.5 (+1)	4,110 (+9%)	4mo	$500,000	$122	38
10221 Cloverbank Dr	0.41mi	4/2.5 (+1)	4,243 (+13%)	23mo	$543,000	$128	28
10372 Grimshaw Dr	0.72mi	4/3.5 (+1)	4,210 (+12%)	18mo	$565,000	$134	22
16494 Bigstone Dr	0.74mi	4/2.5 (+1)	4,218 (+12%)	22mo	$550,000	$130	15

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: -47.1%
• Equity multiple: -0.42×
• Total profit: $-202,036
• Equity at exit: $75,806

10-year hold

• IRR: -89.4%
• Equity multiple: -1.32×
• Total profit: $-330,067
• Equity at exit: $43,958

Cash invested: $142,355 (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: 306
• Price-to-rent: 25.1×

Monthly cashflow live

• Estimated rent: $1,959 medium
• Mortgage (P&I): −$2,666
• Tax from tax record: −$494 /mo · $5,928/yr
• Insurance: −$212
• HOA: −$54
• Vacancy / Maint / Mgmt: −$411
• Net cashflow: $-1,878

Break-even live

Break-even rent $4,337

Max offer price $176,608

Occupancy floor —

Sensitivity live

Price	-10% $-1,590	-5% $-1,734	+0% $-1,878	+5% $-2,022	+10% $-2,166
Rent	-10% $-2,033	-5% $-1,956	+0% $-1,878	+5% $-1,801	+10% $-1,723
Rate	-1.0pp $-1,622	-0.5pp $-1,749	base $-1,878	+0.5pp $-2,010	+1.0pp $-2,144

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: $127,102
• Closing costs: $15,252
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $54 · $648/yr

Listing history 2 events

1. 2026-05-12
   status Pending
2. 2026-05-08
   listed $589,900 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: $5,928 · $494/mo
• Projected year-2 tax: $5,928 · $494/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 · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,510
• − Mortgage interest: −$28,479
• − Property taxes: −$5,928
• − Insurance: −$2,542
• − Repairs & maintenance: −$1,881
• − Management: −$1,881
• − HOA: −$648
• − Depreciation: −$14,790
• Taxable loss: −$32,639
• Est. tax savings @ 24.0%: +$7,833
• After-tax cash flow: $-14,706/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

2 events — show timeline

• 2026-05-12 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-08 Listed $589,900 MIBOR as Distributed by MLS Grid

Property tax history

+126.7%/yr

Latest (2025): $5,928 · +2.8% YoY. Source: county tax records.