9845 Worthington Blvd · Fishers, IN 46038

$255,900

3 bd · 2.5 ba · 1,594 sqft · Condo public records · 2 Days on market

Built 2000 $100/mo HOA · 5% 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 +11.5/30.0
• ARV discount +7.5/15.0
• Schools +5.3/10.0
• Livability +4.2/5.0
• DSCR +3.4/10.0
• 1% rule +3.1/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Affordable 3 bedroom, 2 .5 bath home in Fishers. Great value! Great investment property. Condo-style living in a free standing home with snow removal (to your front & garage door), trash removal & front lawn & landscaping included. Highly rated schools. New road expansions make this home very convenient. View it today, submit an offer soon, don't miss out.

Key facts

• Walk-in closet
• Open floorplan
• Built-in cabinets

Tags

• VAULTED CEILINGS
• OPEN FLOORPLAN
• UPDATED KITCHEN
• PLANT SHELVES
• BUILT-IN CABINETS
• WALK-IN CLOSET

Property features AI

Finance

• HOA & community: HOA with monthly fee (approximately $100); HOA covers entrance/common areas, insurance, lawn care, maintenance, management, snow removal and trash; Covenants and restrictions apply; No shared/common walls

Exterior

• Parking: Attached 2-car garage; Finished garage with storage; Garage door opener; Concrete parking
• Security: Security system; Smoke alarm
• Utilities: Public water; Municipal sewer connection; Electricity connected
• Home design: Residential condominium; Free-standing/co-op style; Updated/remodeled condition; Two levels
• Construction: Brick and vinyl siding exterior; Slab foundation; Built by Arbor Homes
• Exterior features: Deck; Full privacy fence; Small trees and sidewalks on lot; On waterfront (pond)

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Electric oven; Refrigerator
• Bedrooms: Three upper bedrooms; Primary bedroom with walk-in closet
• Flooring: Two floors
• Bathrooms: Two full bathrooms; One half bathroom; Primary bathroom with tub, separate shower and suite layout
• Heating & cooling: Electric forced-air heating; Central air conditioning
• Interior features: Built-in features; Vaulted ceilings; Stained/painted woodwork
• Laundry & utility: Main-level laundry; Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $256k.

Deal economics

• At list price, monthly cash flow is $-84 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $241k (5.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $208k (18.8% below list).
• Recommended offer: $208k (18.8% below list) — sets the bar for 1% rule.
• Cap rate 5.9% 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: Harrison Parkway Elementary School (math 56% / reading 52%, grade C, #221 of 994 statewide, top 22%, 584 students, 35% FRL); Fishers Junior High School (math 44% / reading 54%, grade C-, #53 of 330 statewide, top 16%, 863 students, 28% FRL); Fishers High School (math 64% / reading 82%, grade B+, #8 of 369 statewide, top 2%, 3,674 students, 22% FRL) — zoned schools average 28% FRL vs 10% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.3%/yr); 248 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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 $8k 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 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 22y 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 $114k; list at $256k implies a 124% gain — meaningful room to come down on a strong offer.

Recommended offer $207,821 (18.8% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.81% ✗
• Cap rate: 5.90%
• Cash-on-cash: -1.41%
• DSCR: 0.94
• GRM: 10.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.27% rent growth · sell at horizon

5-year hold

• IRR: -20.5%
• Equity multiple: 0.30×
• Total profit: $-50,389
• Equity at exit: $38,156

10-year hold

• IRR: -18.0%
• Equity multiple: 0.09×
• Total profit: $-64,866
• Equity at exit: $22,126

Cash invested: $71,652 (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 46038

• Home prices YoY: -14.2%
• Rents YoY: 1.3%
• Active inventory: 248
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $2,078 high
• Mortgage (P&I): −$1,342
• Tax from tax record: −$178 /mo · $2,130/yr
• Insurance: −$107
• HOA: −$100
• Vacancy / Maint / Mgmt: −$436
• Net cashflow: $-84

Break-even live

Break-even rent $2,185

Max offer price $241,003

Occupancy floor 99%

Sensitivity live

Price	-10% $61	-5% $-12	+0% $-84	+5% $-157	+10% $-229
Rent	-10% $-249	-5% $-166	+0% $-84	+5% $-2	+10% $80
Rate	-1.0pp $45	-0.5pp $-19	base $-84	+0.5pp $-151	+1.0pp $-218

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: $63,975
• Closing costs: $7,677
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9833 Worthington Blvd Fishers, IN	3.0	2.5	1495	$2,025	$1.35	4d	1	0.04mi
14326 Shooting Star Dr Noblesville, IN	2.0	2.5	1746	$1,850	$1.06	0d	1	0.17mi
9652 Wild Iris Dr Noblesville, IN	3.0	2.5	1676	$2,100	$1.25	4d	1	0.23mi
9660 Angelica Dr Noblesville, IN	3.0	2.5	1746	$2,095	$1.20	45d	1	0.25mi
14337 Weeping Cherry Dr Fishers, IN	3.0	2.5	1880	$2,200	$1.17	0d	1	0.27mi
10154 Holly Berry Cir Fishers, IN	3.0	2.0	1549	$2,225	$1.44	25d	1	0.29mi
14260 Bald Eagle Dr Noblesville, IN	1.0–2.0	1.0–2.0	1031	$1,829	$1.77	0d	13	0.35mi
13791 Old Oak Dr Fishers, IN	1.0–3.0	1.0–2.0	1123	$1,965	$1.75	0d	9	0.66mi
15001 Creekstone Way Noblesville, IN	1.0–2.0	1.0–2.0	962	$2,208	$2.30	0d	34	0.85mi
15001 Creekstone Way Noblesville, IN	1.0–3.0	1.0–2.0	1102	$2,394	$2.17	21d	17	0.85mi
15001 Noblesville, IN	1.0–3.0	1.0–2.0	1102	$2,394	$2.17	13d	1	0.85mi
13968 Wakefield Pl Fishers, IN	4.0	2.5	1674	$2,250	$1.34	45d	1	0.93mi
9588 Ambleside Dr Fishers, IN	3.0	1.0–2.0	1017	$2,024	$1.99	0d	34	1.17mi
10686 Trailwood Dr Fishers, IN	3.0	2.5	1640	$2,300	$1.40	25d	1	1.22mi
10152 Golden Dr Noblesville, IN	4.0	2.5	1946	$1,999	$1.03	9d	1	1.31mi
10856 Trailwood Dr Fishers, IN	4.0	2.5	1700	$2,400	$1.41	25d	1	1.38mi
15201 Flats Dr Noblesville, IN	1.0–3.0	1.0–2.0	1079	$1,825	$1.69	0d	52	1.43mi
12848 Patrick Ct Fishers, IN	3.0	2.0	1569	$2,350	$1.50	45d	1	1.44mi

HOA detail condo

• Monthly dues: $100 · $1,200/yr
• Likely covers: trashlandscapingsnow removal
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-05-06
   status Pending
2. 2026-05-04
   listed $255,900 Active
3. 2008-04-23
   soldstatus $114,000 374-char remark

   Show marketing remark (374 chars)

   Affordable 3 bedroom, 2 .5 bath home in Fishers. Great value! Great investment property. Condo-style living in a free standing home with snow removal (to your front & garage door), trash removal & front lawn & landscaping included. Highly rated schools. New road expansions make this home very convenient. View it today, submit an offer soon, don't miss out.

4. 2007-10-18
   listed $112,000 374-char remark

   Show marketing remark (374 chars)

   Affordable 3 bedroom, 2 .5 bath home in Fishers. Great value! Great investment property. Condo-style living in a free standing home with snow removal (to your front & garage door), trash removal & front lawn & landscaping included. Highly rated schools. New road expansions make this home very convenient. View it today, submit an offer soon, don't miss out.

5. 2005-06-03
   historical
6. 2005-05-31
   soldstatus $112,000
7. 2005-01-06
   listed $112,500
8. 2004-12-06
   listed $119,900

ⓘ 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: $2,130 · $178/mo
• Projected year-2 tax: $2,153 · $179/mo
• Expected delta: +$22/yr (+$2/mo · 1.1%)

ⓘ 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 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: $24,939
• − Mortgage interest: −$14,334
• − Property taxes: −$2,130
• − Insurance: −$1,280
• − Repairs & maintenance: −$1,995
• − Management: −$1,995
• − HOA: −$1,200
• − Depreciation: −$7,444
• Taxable loss: −$5,440
• Est. tax savings @ 24.0%: +$1,306
• After-tax cash flow: $294/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): 43,754
• Household income: $106,886
• Rent vs Own: 29.9% rent · 70.1% own
• Severe rent burden: 925.0

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 6% Black 6% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Romanian 3% Italian 2% Lithuanian 2%
• Foreign-born: 10% · Canada, China, South Korea
• Languages at home: 88% English-only · Other Indo-European 3% Spanish 3% Arabic 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: ▼ -39.52%
• Current HPI: 238.7602
• Rent YoY: ▲ 1.27%
• 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

+113.4% since first listed

8 events — show timeline

• 2026-05-06 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-04 Listed $255,900 MIBOR as Distributed by MLS Grid
• 2008-04-23 Sold (MLS) $114,000 MIBOR as Distributed by MLS Grid
• 2007-10-18 Listed $112,000 MIBOR as Distributed by MLS Grid
• 2005-06-03 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-05-31 Sold (MLS) $112,000 MIBOR as Distributed by MLS Grid
• 2005-01-06 Listed $112,500 MIBOR as Distributed by MLS Grid
• 2004-12-06 Listed $119,900 MIBOR as Distributed by MLS Grid

Property tax history

+8.2%/yr

Latest (2025): $2,130 · -3.3% YoY. Source: county tax records.