11321 Romeo Pl · Fishers, IN 46040

$649,900

3 bd · 3.5 ba · 3,208 sqft · SingleFamily public records · 22 Days on market

Built 2005 0.55 ac lot $203/sqft · 40% above area Est $628k · at est. $42/mo HOA · 2% of rent ↓ 2% since listing

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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 +5.9/15.0
• Schools +5.3/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Cash flow +1.2/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Absolutely gorgeous 5 bed and 4 and half bath home in the popular Woods at Geist Overlook neighborhood. Very unique opportunity to own a large, well cared for family home that sits on over half an acre with a private wooded backyard. Welcoming front porch opens into a beautiful two story entry with wood floors leading to the kitchen and family room. Spacious updated kitchen with center isle, granite counters, 42" cabinets, stainless steel appliances, pantry, and a dedicated desk area. Additional closed door office area on the main floor for a private work at home space. Primary bedroom boasts a vaulted ceiling, walkin closet, and sizable spa like bathroom with garden tub and seperate s

Key facts

• Shaded stone patio
• Finished basement
• Updated kitchen

Tags

• PRIVATE WOODED BACKYARD
• UPDATED KITCHEN
• CLOSED DOOR OFFICE AREA
• FINISHED BASEMENT
• SHADED STONE PATIO
• EXPANSIVE SCREENED PORCH

Property features AI

Finance

• HOA & community: Has HOA with annual fee (includes entrance/common maintenance, insurance, snow removal); HOA disclosures: covenants and restrictions

Exterior

• Parking: Attached 3-car garage with finished interior and automatic door opener
• Security: Smoke detectors
• Utilities: Public water; Municipal sewer connected; 200+ amp electrical service; Natural gas connected; Cable connected; Solid waste service available
• Home design: Single family residence; Updated/remodeled condition; Two levels; Faces west; Mandatory fee ownership
• Construction: Brick, cement siding and wood exterior; Concrete perimeter foundation; Built by Ryland Homes
• Exterior features: Covered patio and deck; Screened porch; Fire pit; Sprinkler system; Irrigation equipment; No fence; Mature trees and wooded lot; Curbs, sidewalks, street lights, storm sewer

Interior

• Kitchen: Dishwasher; Gas oven; Microwave; Refrigerator; Garbage disposal
• Bedrooms: Five bedrooms on the upper level; Primary bedroom with walk-in closet
• Flooring: Hardwood floors
• Bathrooms: Four full bathrooms; One half bathroom; Primary bathroom with double sinks, full tub and separate shower
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Attic access with pull-down stairs; Built-in features; Kitchen island; Hardwood floors; Eat-in kitchen; Pantry; Smart thermostat; Wet bar; Woodwork stained/painted; Jack-and-jill bath
• Laundry & utility: Main-level laundry with sink; Washer and dryer included; Water softener (owned); Gas water heater; Sump pump

What this means for you Summary

Snapshot

• This is a 3-bed/3.5-bath single-family listed at $650k.

Deal economics

• At list price, monthly cash flow is $-3k ($-32k/yr) — negative.
• To cash-flow at today's rent, offer at most $185k (71.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $197k (69.7% below list).
• Recommended offer: $185k (71.5% below list) — sets the bar for cash-flow.
• Cap rate 1.4% 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: Thorpe Creek Elementary (math 69% / reading 59%, grade B, #91 of 994 statewide, top 9%, 628 students, 10% FRL); Hamilton Se Int And Jr High Sch (math 50% / reading 60%, grade B-, #26 of 330 statewide, top 8%, 1,269 students, 13% FRL); Hamilton Southeastern Hs (math 66% / reading 85%, grade A-, #7 of 369 statewide, top 2%, 3,450 students, 15% FRL) — zoned schools at 13% FRL track the district average.
• Market conditions: 307 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 $19k 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 22 days — a 2% lower offer ($640k) is reasonable based on typical stale-listing flexibility.

Recommended offer $184,926 (71.5% 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. 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: 0.30% ✗
• Cap rate: 1.43%
• Cash-on-cash: -17.36%
• DSCR: 0.23
• GRM: 27.5

CMA / ARV

• ARV (median comp): $627,779
• List price: $649,900
• Delta: 3.52%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11341 Romeo Pl	0.03mi	3/3.0	3,450 (+8%)	0mo	$599,900	$174	84
11789 Langham Crescent Ct	0.63mi	4/2.5 (+1)	3,238 (+1%)	13mo	$485,000	$150	49
11875 Sloane Muse	0.69mi	4/3.0 (+1)	3,142 (-2%)	15mo	$449,900	$143	45
14459 Stanley Ter	0.69mi	4/3.5 (+1)	3,584 (+12%)	2mo	$522,000	$146	42
11891 Gatwick View Dr	0.65mi	3/2.5	3,106 (-3%)	23mo	$355,000	$114	41
15100 Coverbrook Ln	0.70mi	4/3.5 (+1)	2,844 (-11%)	3mo	$547,222	$192	41
11750 Gatwick View Dr	0.60mi	4/3.5 (+1)	3,436 (+7%)	18mo	$485,000	$141	41
15088 Keel Rd	0.30mi	4/4.0 (+1)	3,685 (+15%)	20mo	$585,000	$159	37

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: -50.9%
• Equity multiple: -0.50×
• Total profit: $-273,108
• Equity at exit: $96,902

10-year hold

• IRR: —
• Equity multiple: -1.50×
• Total profit: $-454,313
• Equity at exit: $56,191

Cash invested: $181,972 (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 46040

• Home prices YoY: -24.4%
• Active inventory: 307
• Price-to-rent: 27.5×

Monthly cashflow live

• Estimated rent: $1,972 medium
• Mortgage (P&I): −$3,408
• Tax from tax record: −$469 /mo · $5,630/yr
• Insurance: −$271
• HOA: −$42
• Vacancy / Maint / Mgmt: −$414
• Net cashflow: $-2,632

Break-even live

Break-even rent $5,304

Max offer price $184,926

Occupancy floor —

Sensitivity live

Price	-10% $-2,264	-5% $-2,448	+0% $-2,632	+5% $-2,816	+10% $-3,000
Rent	-10% $-2,788	-5% $-2,710	+0% $-2,632	+5% $-2,554	+10% $-2,476
Rate	-1.0pp $-2,305	-0.5pp $-2,467	base $-2,632	+0.5pp $-2,801	+1.0pp $-2,972

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: $162,475
• Closing costs: $19,497
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $42 · $504/yr

Listing history 2 events

1. 2026-05-15
   status Pending 1550-char remark
2. 2026-04-23
   listed $649,900 Active 1550-char remark

ⓘ 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: $5,630 · $469/mo
• Projected year-2 tax: $5,630 · $469/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: $23,666
• − Mortgage interest: −$36,405
• − Property taxes: −$5,630
• − Insurance: −$3,250
• − Repairs & maintenance: −$1,893
• − Management: −$1,893
• − HOA: −$504
• − Depreciation: −$18,906
• Taxable loss: −$44,815
• Est. tax savings @ 24.0%: +$10,756
• After-tax cash flow: $-20,830/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

-1.7% since first listed

3 events — show timeline

• 2026-06-08 Sold (MLS) $639,000 MIBOR as Distributed by MLS Grid
• 2026-05-15 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-23 Listed $649,900 MIBOR as Distributed by MLS Grid

Property tax history

+4.6%/yr

Latest (2025): $5,630 · -3.0% YoY. Source: county tax records.