15118 Swallow Falls Way · Fishers, IN 46037

$310,540

3 bd · 2.5 ba · 1,706 sqft · Townhouse · 76 Days on market

Built 2026 Excellent condition 2-car garage ↓ 4% 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 +8.1/30.0
• ARV discount +7.5/15.0
• Schools +6.5/10.0
• Condition / age +4.8/5.0
• Rent growth +4.2/5.0
• Livability +4.2/5.0
• 1% rule +2.5/10.0
• DSCR +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

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.

Key facts

• Laundry room
• Open living area
• Covered patio

Tags

• OPEN LIVING AREA
• COVERED PATIO
• VERSATILE LOFT
• LAUNDRY ROOM

🏗️ New construction. The $310,540 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $315,744.

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath townhouse listed at $311k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-309 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $271k (12.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $237k (23.6% below list).
• Recommended offer: $237k (23.6% below list) — sets the bar for 1% rule.
• Cap rate 5.1% 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: 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: Rents rising fast (+6.7%/yr); 586 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals lingering (median 77d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 92% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 76 days — a 6% lower offer ($292k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $237,139 (23.6% 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 76 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 0.75% ✗
• Cap rate: 5.12%
• Cash-on-cash: -4.19%
• DSCR: 0.81
• GRM: 11.1

CMA / ARV

• ARV (median comp): $315,744
• List price: $310,540
• Delta: -1.65%
• 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
15127 Swallow Falls Way	0.02mi	3/2.5	1,706 (0%)	5mo	$318,000	$186	95
15155 Farrington Way	0.04mi	3/2.5	1,706 (0%)	4mo	$309,995	$182	95
15139 Farrington Way	0.04mi	3/2.5	1,727 (+1%)	3mo	$302,000	$175	94
15175 Swallow Falls Way	0.04mi	3/2.5	1,706 (0%)	7mo	$307,995	$181	92
15126 Swallow Falls Way	0.00mi	3/2.5	1,793 (+5%)	3mo	$316,495	$177	89
15086 Swallow Falls Way	0.03mi	3/2.5	1,793 (+5%)	3mo	$309,000	$172	88
15142 Swallow Falls Way	0.01mi	3/2.5	1,793 (+5%)	4mo	$314,450	$175	88
15198 Swallow Falls Way	0.05mi	3/2.5	1,727 (+1%)	10mo	$314,000	$182	87
15147 Farrington Way	0.04mi	3/2.5	1,793 (+5%)	5mo	$309,990	$173	86
15054 Swallow Falls Way	0.05mi	3/2.5	1,814 (+6%)	2mo	$315,000	$174	85
15131 Farrington Way	0.03mi	3/2.5	1,793 (+5%)	6mo	$309,000	$172	85
15163 Farrington Way	0.05mi	3/2.5	1,814 (+6%)	6mo	$310,000	$171	82

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: -19.3%
• Equity multiple: 0.30×
• Total profit: $-61,604
• Equity at exit: $47,078

10-year hold

• IRR: -5.8%
• Equity multiple: 0.57×
• Total profit: $-38,140
• Equity at exit: $27,300

Cash invested: $88,408 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 21 active · 8 under contract
• Months of supply: 12.6 mo (8%/mo absorbed)
• Median asking: $322,500 ($179/sqft)
• Median days on market: 55 d
• This list price: 19% of active listings are priced below it
• ARV vs active asking: +3.3% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 46037

• Home prices YoY: -18.6%
• Rents YoY: 6.7%
• Active inventory: 586
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $2,371 high
• Mortgage (P&I): −$1,656
• Tax est. 1.5%: −$395 /mo · $4,736/yr
• Insurance: −$132
• HOA: −$0
• Vacancy / Maint / Mgmt: −$498
• Net cashflow: $-309

Break-even live

Break-even rent $2,762

Max offer price $271,084

Occupancy floor —

Sensitivity live

Price	-10% $-90	-5% $-200	+0% $-309	+5% $-418	+10% $-527
Rent	-10% $-496	-5% $-402	+0% $-309	+5% $-215	+10% $-121
Rate	-1.0pp $-150	-0.5pp $-228	base $-309	+0.5pp $-390	+1.0pp $-474

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: $78,936
• Closing costs: $9,472
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15246 Swallow Falls Way Fishers, IN	3.0	2.5	1727	$2,350	$1.36	78d	1	0.11mi
15254 Swallow Falls Way Fishers, IN	3.0	2.5	1814	$2,500	$1.38	139d	1	0.11mi
15243 Farrington Way Fishers, IN	3.0	2.5	1846	$2,295	$1.24	64d	1	0.13mi
15274 Farrington Way Fishers, IN	4.0	2.5	1990	$2,925	$1.47	75d	1	0.16mi
15588 E 136th St Fishers, IN	3.0	1.5	1250	$1,795	$1.44	88d	1	0.65mi
15588 E 136th St Fishers, IN	3.0	1.5	1250	$1,795	$1.44	83d	1	0.65mi
15588 E 136th St Fishers, IN	3.0	1.5	1250	$1,795	$1.44	87d	1	0.65mi
15588 E 136th St Fishers, IN	3.0	1.5	1250	$1,795	$1.44	85d	1	0.65mi
14245 Bay Willow Dr Fishers, IN	3.0	2.5	1909	$2,275	$1.19	40d	1	0.86mi
14158 Bay Willow Dr Fishers, IN	3.0	2.5	2096	$2,295	$1.09	40d	1	0.88mi
14177 Tenbury Way Fishers, IN	3.0	2.5	2009	$2,500	$1.24	93d	1	0.89mi
14177 Tenbury Way Fishers, IN	3.0	2.5	2009	$2,400	$1.19	77d	1	0.89mi
13533 Dewpoint Ln Fishers, IN	3.0	2.5	1906	$2,200	$1.15	5d	1	0.90mi
14081 Tenbury Way Fishers, IN	3.0	2.5	1909	$2,200	$1.15	139d	1	0.94mi
16043 Meadow Frost Ct Fishers, IN	3.0	2.5	2243	$2,850	$1.27	56d	1	1.03mi
14010 Avalon East Dr Fishers, IN	4.0	2.5	2122	$2,600	$1.23	40d	1	1.32mi
12687 White Chapel Cir Fishers, IN	3.0	2.5	1540	$1,900	$1.23	139d	1	1.36mi
14065 Wimbleton Way Fishers, IN	3.0	2.5	1458	$1,950	$1.34	75d	1	1.39mi
14047 Wimbleton Way Fishers, IN	3.0	2.5	1540	$1,875	$1.22	40d	1	1.40mi
12721 Tamworth Dr Fishers, IN	3.0	2.5	1540	$2,100	$1.36	107d	1	1.40mi
16041 Marsala Dr Fishers, IN	2.0	2.0	1453	$2,000	$1.38	69d	1	1.42mi
16041 Marsala Dr Fishers, IN	2.0	2.0	1453	$2,000	$1.38	77d	1	1.42mi
13975 Wimbleton Way Fishers, IN	3.0	2.5	1540	$1,950	$1.27	7d	1	1.43mi
13888 Willesden Cir Fishers, IN	2.0	1.5	2030	$1,795	$0.88	78d	1	1.45mi
13519 134th St Fishers, IN	3.0	2.5	2073	$2,550	$1.23	60d	1	1.48mi

Property features AI

Finance

• Other: Ownership interest includes mandatory fee
• Financial info: Association fee listed (quarterly)
• HOA & community: Homeowners association with covenants and restrictionsQuarterly HOA fee (includes entrance/common areas, walking trails, park and playground)Community amenities: trails, park, playground, pool

Exterior

• Parking: Attached 2-car garage with concrete drive and garage door openerKeyless entry for garage
• Security: Smart lock(s)
• Utilities: Public waterMunicipal sewer connectedNo solid waste service listed
• Home design: Attached townhouseNew construction by Lennar HomesTwo levelsSlab foundation
• Construction: Brick and cement siding exteriorCompleted construction
• Exterior features: Covered patio/porchLot less than 1/4 acre

Interior

• Kitchen: DishwasherDisposalMicrowave with hoodGas ovenRefrigerator
• Bedrooms: Three upper bedroomsPrimary bedroom with walk-in closet
• Flooring: Luxury vinyl plank in kitchen, dining room and great room
• Bathrooms: Two full bathroomsOne half bathroomPrimary bathroom with full shower stall and double sinks
• Heating & cooling: Natural gas heating (high efficiency 90%+ AFUE)Central air conditioning
• Interior features: Attic accessKitchen islandPantrySmart thermostatWalk-in closetsSmart lock(s)Smoke alarm
• Laundry & utility: No specific laundry details provided

Listing history 31 events

1. 2026-07-07
   days on market $310,540 Active 76 DOM
2. 2026-07-06
   pricedays on marketlisting id $310,540 Active 75 DOM
3. 2026-07-06
   days on market $309,145 Active 66 DOM
4. 2026-07-05
   days on market $309,145 Active 65 DOM
5. 2026-07-03
   days on market $309,145 Active 63 DOM
6. 2026-07-02
   days on market $309,145 Active 62 DOM
7. 2026-07-01
   days on market $309,145 Active 61 DOM
8. 2026-06-30
   price $309,145 Active 60 DOM
9. 2026-06-30
   days on market $308,145 Active 60 DOM
10. 2026-06-29
    days on market $308,145 Active 59 DOM
11. 2026-06-28
    days on market $308,145 Active 58 DOM
12. 2026-06-27
    days on market $308,145 Active 57 DOM
13. 2026-06-26
    pricedays on market $308,145 Active 56 DOM
14. 2026-06-22
    days on market $313,495 Active 52 DOM
15. 2026-06-21
    days on market $313,495 Active 51 DOM
16. 2026-06-18
    days on market $313,495 Active 48 DOM
17. 2026-06-17
    pricedays on market $313,495 Active 47 DOM
18. 2026-06-16
    days on market $314,495 Active 46 DOM

    Show marketing remark (305 chars)

    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.

19. 2026-06-15
    days on market $314,495 Active 45 DOM
20. 2026-06-13
    days on market $314,495 Active 43 DOM
21. 2026-06-10
    price $314,495 Active 39 DOM
22. 2026-06-09
    days on market $319,645 Active 39 DOM

    Show marketing remark (305 chars)

    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.

23. 2026-06-08
    days on market $319,645 Active 38 DOM
24. 2026-06-07
    days on market $319,645 Active 37 DOM
25. 2026-06-03
    days on market $319,645 Active 33 DOM
26. 2026-06-02
    pricedays on market $319,645 Active 32 DOM

    Show marketing remark (305 chars)

    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.

27. 2026-06-01
    days on market $320,645 Active 31 DOM
28. 2026-05-31
    days on market $320,645 Active 30 DOM
29. 2026-05-01
    listed $323,495 Active 1018-char remark
30. 2026-04-28
    price $324,890 305-char remark

    Show marketing remark (305 chars)

    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.

31. 2026-04-22
    listed $326,390 Active 305-char remark

    Show marketing remark (305 chars)

    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.

ⓘ 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: $28,457
• − Mortgage interest: −$17,687
• − Property taxes: −$4,736
• − Insurance: −$1,579
• − Repairs & maintenance: −$2,277
• − Management: −$2,277
• − Depreciation: −$9,185
• Taxable loss: −$9,283
• Est. tax savings @ 24.0%: +$2,228
• After-tax cash flow: $-1,476/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.

Condition & rehab AI · 13 photos

Excellent 95/100 None rehab

This two-story townhome is in excellent condition with modern finishes and a well-maintained exterior. It is move-in ready and would benefit from minor exterior painting and landscaping improvements to further enhance its appeal.

Value-add opportunities

• Resale Painting the exterior siding — Fresh paint can enhance curb appeal and property value ↑
• Resale Landscaping improvements — Well-maintained landscaping can attract more buyers ↑
• Both Adding smart home features — Smart home features can increase both resale and rental value ↑

C Composite school gradezoned avg 65/100

Zoned Schools

Elementary Thorpe Creek Elementary B IN #91/994 Nat'l #5,798/41,679 Middle Hamilton Se Int And Jr High Sch B- IN #26/330 Nat'l #2,482/14,009 High Hamilton Southeastern Hs A- IN #7/369 Nat'l #1,527/17,239

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

A Composite livability gradescore 83/100

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 · 381,938 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: 4% of renters

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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%

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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%

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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

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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

Property features AI

Finance

• Other: Ownership interest includes mandatory fee
• Financial info: Association fee listed (quarterly)
• HOA & community: Homeowners association with covenants and restrictionsQuarterly HOA fee (includes entrance/common areas, walking trails, park and playground)Community amenities: trails, park, playground, pool

Exterior

• Parking: Attached 2-car garage with concrete drive and garage door openerKeyless entry for garage
• Security: Smart lock(s)
• Utilities: Public waterMunicipal sewer connectedNo solid waste service listed
• Home design: Attached townhouseNew construction by Lennar HomesTwo levelsSlab foundation
• Construction: Brick and cement siding exteriorCompleted construction
• Exterior features: Covered patio/porchLot less than 1/4 acre

Interior

• Kitchen: DishwasherDisposalMicrowave with hoodGas ovenRefrigerator
• Bedrooms: Three upper bedroomsPrimary bedroom with walk-in closet
• Flooring: Luxury vinyl plank in kitchen, dining room and great room
• Bathrooms: Two full bathroomsOne half bathroomPrimary bathroom with full shower stall and double sinks
• Heating & cooling: Natural gas heating (high efficiency 90%+ AFUE)Central air conditioning
• Interior features: Attic accessKitchen islandPantrySmart thermostatWalk-in closetsSmart lock(s)Smoke alarm
• Laundry & utility: No specific laundry details provided

Price history

-3.5% since first listed

14 events — show timeline

• 2026-06-16 Price Changed $314,890 Zillow
• 2026-06-16 Price Changed $313,495 MIBOR as Distributed by MLS Grid
• 2026-06-09 Price Changed $314,495 MIBOR as Distributed by MLS Grid
• 2026-06-09 Price Changed $315,890 Zillow
• 2026-06-02 Price Changed $319,645 MIBOR as Distributed by MLS Grid
• 2026-06-02 Price Changed $321,040 Zillow
• 2026-05-27 Price Changed $322,040 Zillow
• 2026-05-27 Price Changed $320,645 MIBOR as Distributed by MLS Grid
• 2026-05-22 Price Changed $324,040 Zillow
• 2026-05-19 Price Changed $323,040 Zillow
• 2026-05-19 Price Changed $321,645 MIBOR as Distributed by MLS Grid
• 2026-05-01 Listed $323,495 MIBOR as Distributed by MLS Grid
• 2026-04-28 Price Changed $324,890 Zillow
• 2026-04-22 Listed $326,390 Zillow