13504 Forest Glade Dr · Fishers, IN 46037

$425,000

3 bd · 2.5 ba · 2,690 sqft · SingleFamily public records · 10 Days on market

Built 2016 0.26 ac lot $158/sqft · 10% below area Est $471k · 10% under $65/mo HOA · 2% 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).

• ARV discount +11.9/15.0
• Cash flow +7.1/30.0
• Schools +5.3/10.0
• Rent growth +4.2/5.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• 1% rule +1.4/10.0
• DSCR +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Listed and sold.

Key facts

• Kitchen bar
• Expansive kitchen
• Private office

Tags

• EXPANSIVE KITCHEN
• LARGE ISLAND
• SHAKER CABINETS
• KITCHEN BAR
• PRIVATE OFFICE
• THOUGHTFULLY DESIGNED MUDROOM

Property features AI

Finance

• HOA & community: Homeowners association with a mandatory fee; HOA fee $195 quarterly (association fee includes homeowners association)

Exterior

• Parking: Attached 2-car garage (542 sq ft)
• Utilities: Public water; Municipal sewer connected
• Home design: Single family residence; Two levels
• Construction: Brick and cement siding exterior; Slab foundation; Built by Pulte
• Exterior features: Patio

Interior

• Kitchen: Dishwasher; Microwave; Gas oven; Refrigerator
• Bedrooms: 4 bedrooms on the upper level; Primary bedroom with walk-in closet
• Bathrooms: 2 full bathrooms (both on the upper level); 1 half bathroom on the main level; Primary bathroom with double sinks and a full shower stall
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Attic access; High ceilings; Kitchen island; Eat-in kitchen; Walk-in closets; 10 total rooms (5 main level, 5 upper level)

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $425k.

Deal economics

• At list price, monthly cash flow is $-605 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $318k (25.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $273k (35.8% below list).
• Recommended offer: $273k (35.8% below list) — sets the bar for 1% rule.
• Cap rate 4.6% vs local median 3.6% in Fishers — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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); 329 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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 $3k of loan paydown is wiped out by about $13k 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 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 10y 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 $255k; list at $425k implies a 67% gain — meaningful room to come down on a strong offer.

Recommended offer $272,987 (35.8% 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. 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: 0.64% ✗
• Cap rate: 4.59%
• Cash-on-cash: -6.10%
• DSCR: 0.73
• GRM: 13.0

CMA / ARV

• ARV (median comp): $470,609
• List price: $425,000
• Delta: -9.69%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
13673 Ruskin Ln	0.30mi	3/2.5	2,596 (-4%)	2mo	$478,000	$184	79
13664 Mint Rd	0.28mi	4/3.5 (+1)	2,784 (+4%)	1mo	$505,000	$181	72
13661 Ruskin Ln	0.29mi	4/3.5 (+1)	2,784 (+4%)	2mo	$480,000	$172	70
16091 Meadow Frost Ct	0.36mi	3/2.5	2,422 (-10%)	1mo	$520,500	$215	66
15083 Mancroft Dr	0.47mi	4/2.5 (+1)	2,932 (+9%)	1mo	$570,000	$194	57
15491 Alperton Rd	0.33mi	4/3.0 (+1)	2,329 (-13%)	1mo	$405,000	$174	55
12972 Corydon Dr	0.53mi	3/2.5	2,377 (-12%)	2mo	$414,000	$174	54
15467 Alperton Rd	0.35mi	4/3.0 (+1)	2,329 (-13%)	2mo	$395,000	$170	53
15475 Alperton Rd	0.34mi	4/3.0 (+1)	2,329 (-13%)	4mo	$399,000	$171	52
15443 Alperton Rd	0.37mi	4/3.0 (+1)	2,329 (-13%)	4mo	$399,995	$172	50
12930 Gilmour Dr	0.57mi	4/2.5 (+1)	2,390 (-11%)	3mo	$420,000	$176	47
16091 Loire Valley Dr	0.62mi	2/2.5 (-1)	2,430 (-10%)	5mo	$535,000	$220	46

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 · 6.71% rent growth · sell at horizon

5-year hold

• IRR: -23.1%
• Equity multiple: 0.19×
• Total profit: $-96,874
• Equity at exit: $63,369

10-year hold

• IRR: -10.6%
• Equity multiple: 0.27×
• Total profit: $-87,395
• Equity at exit: $36,746

Cash invested: $119,000 (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: 329
• Price-to-rent: 13.0×

Monthly cashflow live

• Estimated rent: $2,730 medium
• Mortgage (P&I): −$2,229
• Tax from tax record: −$290 /mo · $3,485/yr
• Insurance: −$177
• HOA: −$65
• Vacancy / Maint / Mgmt: −$573
• Net cashflow: $-605

Break-even live

Break-even rent $3,495

Max offer price $318,192

Occupancy floor —

Sensitivity live

Price	-10% $-364	-5% $-484	+0% $-605	+5% $-725	+10% $-845
Rent	-10% $-820	-5% $-712	+0% $-605	+5% $-497	+10% $-389
Rate	-1.0pp $-391	-0.5pp $-497	base $-605	+0.5pp $-715	+1.0pp $-827

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: $106,250
• Closing costs: $12,750
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15905 Tharp Woods Dr Fishers, IN	4.0	3.0	2442	$2,850	$1.17	13d	1	0.31mi
15254 Swallow Falls Way Fishers, IN	3.0	2.5	1814	$2,500	$1.38	44d	1	0.60mi
15274 Farrington Way Fishers, IN	4.0	2.5	1990	$3,125	$1.57	18d	1	0.61mi

HOA detail

• Monthly dues: $65 · $780/yr

Listing history 7 events

1. 2026-05-16
   status Pending 2000-char remark
2. 2026-05-06
   listed $425,000 Active 2000-char remark
3. 2025-11-15
   historical
4. 2025-10-17
   price $450,000
5. 2025-08-07
   listed $459,995 Active
6. 2016-10-28
   listed $255,249 Active

   Show marketing remark (16 chars)

   Listed and sold.

7. 2016-10-28
   soldstatus $255,249 Sold

   Show marketing remark (16 chars)

   Listed and sold.

ⓘ 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: $3,485 · $290/mo
• Projected year-2 tax: $3,549 · $296/mo
• Expected delta: +$64/yr (+$5/mo · 1.8%)

ⓘ 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: $32,758
• − Mortgage interest: −$23,807
• − Property taxes: −$3,485
• − Insurance: −$2,125
• − Repairs & maintenance: −$2,621
• − Management: −$2,621
• − HOA: −$780
• − Depreciation: −$12,364
• Taxable loss: −$15,043
• Est. tax savings @ 24.0%: +$3,610
• After-tax cash flow: $-3,645/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

+66.5% since first listed

7 events — show timeline

• 2026-05-16 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-06 Listed $425,000 MIBOR as Distributed by MLS Grid
• 2025-11-15 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-10-17 Price Changed $450,000 MIBOR as Distributed by MLS Grid
• 2025-08-07 Listed $459,995 MIBOR as Distributed by MLS Grid
• 2016-10-28 Listed $255,249 MIBOR as Distributed by MLS Grid
• 2016-10-28 Sold (MLS) $255,249 MIBOR as Distributed by MLS Grid

Property tax history

+66.7%/yr

Latest (2025): $3,485 · -7.5% YoY. Source: county tax records.