10263 Normandy Way · Fishers, IN 46040

$799,900

4 bd · 5.5 ba · 5,713 sqft · SingleFamily public records · 2 Days on market

Built 2011 0.33 ac lot Est $868k · 8% under $73/mo HOA · 1% 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 +11.3/30.0
• ARV discount +11.0/15.0
• Schools +5.3/10.0
• Livability +4.2/5.0
• DSCR +3.3/10.0
• 1% rule +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Luxury with Room to Spare! This showplace home has over 6000 Sq ft of living space including bedrooms and full baths on three levels. The gourmet kitchen boasts double ovens, large island with seating, breakfast bar with seating and butler's pantry or coffee bar. Formal dining room, breakfast room, 2 story living room, great room with gleaming floors and guest room+full bath complete the main floor. Upstairs the Expansive Primary bedroom features a massive Walk-in closet and ensuite with soaker tub, walk in shower, dual vanities. Two more bedrooms share Jack N Jill full bath with double sinks. Bedroom 4 and another full bath complete the upper level. The Newly Finished Basement has a large rec room, Exercise Room and Bedroom with full bath as well as two unfinished storage rooms. Visit today!

Key facts

• Formal dining room
• Kitchen
• Sunroom

Tags

• SITTING ROOM
• FORMAL DINING ROOM
• GREAT ROOM
• KITCHEN
• BREAKFAST AREA
• SUNROOM

What this means for you Summary

Snapshot

• This is a 4-bed/5.5-bath single-family listed at $800k.

Deal economics

• At list price, monthly cash flow is $-298 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $747k (6.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $627k (21.6% below list).
• Recommended offer: $627k (21.6% below list) — sets the bar for 1% rule.
• Cap rate 5.8% 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: Geist Elementary School (math 78% / reading 69%, grade A, #23 of 994 statewide, top 3%, 707 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 14% FRL track the district average.
• Zoned-school proficiency averages 74% at this address vs 58% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Hamilton Southeastern Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 306 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 9d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $6k of loan paydown is wiped out by about $24k 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.
• 7 sale attempts since 16y 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.

Recommended offer $627,427 (21.6% 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. 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: 0.78% ✗
• Cap rate: 5.85%
• Cash-on-cash: -1.60%
• DSCR: 0.93
• GRM: 10.6

CMA / ARV

• ARV (on-the-fly): $868,376
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10297 Timberland Dr	0.31mi	5/4.5 (+1)	5,967 (+4%)	6mo	$990,000	$166	64
10671 Geist Ridge Ct	0.38mi	4/4.0	5,430 (-5%)	6mo	$975,000	$180	64
14893 Edgebrook Dr	0.26mi	4/3.5	5,114 (-10%)	1mo	$775,000	$152	62
10759 Giselle Way	0.67mi	5/4.5 (+1)	5,755 (+1%)	1mo	$920,000	$160	58
10138 Backstretch Row	0.30mi	5/4.5 (+1)	6,504 (+14%)	5mo	$810,000	$125	50
14983 Cantor Chase Xing	0.41mi	4/3.0	5,070 (-11%)	2mo	$650,000	$128	50
14575 Geist Ridge Dr	0.45mi	4/4.0	6,526 (+14%)	1mo	$1,095,000	$168	49
14478 Brookfield Dr	0.41mi	4/4.0	5,005 (-12%)	7mo	$740,000	$148	48
14395 Brooks Edge Ln	0.38mi	5/4.5 (+1)	6,483 (+14%)	6mo	$1,040,000	$160	46
10555 Serra Vista Pt	0.66mi	5/4.5 (+1)	6,253 (+10%)	5mo	$721,000	$115	40
10214 Wicklow Ct	0.72mi	4/3.5	5,004 (-12%)	2mo	$710,000	$142	36
9944 Timberwood Ln	0.75mi	5/3.5 (+1)	5,014 (-12%)	6mo	$699,000	$139	26

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: -18.9%
• Equity multiple: 0.34×
• Total profit: $-148,655
• Equity at exit: $119,268

10-year hold

• IRR: -11.5%
• Equity multiple: 0.31×
• Total profit: $-154,163
• Equity at exit: $69,161

Cash invested: $223,972 (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: 306
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $6,274 medium
• Mortgage (P&I): −$4,195
• Tax from tax record: −$653 /mo · $7,840/yr
• Insurance: −$333
• HOA: −$73
• Vacancy / Maint / Mgmt: −$1,318
• Net cashflow: $-298

Break-even live

Break-even rent $6,651

Max offer price $747,302

Occupancy floor 100%

Sensitivity live

Price	-10% $155	-5% $-71	+0% $-298	+5% $-524	+10% $-751
Rent	-10% $-793	-5% $-546	+0% $-298	+5% $-50	+10% $198
Rate	-1.0pp $105	-0.5pp $-94	base $-298	+0.5pp $-505	+1.0pp $-716

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: $199,975
• Closing costs: $23,997
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10057 Backstretch Row Unit NA Fortville, IN	5.0	5.0	5541	$4,499	$0.81	2d	1	0.30mi
10599 Geist View Dr Fishers, IN	5.0	4.5	5119	$7,500	$1.47	8d	1	1.08mi
10599 Geist View Dr Fishers, IN	5.0	4.5	5119	$11,900	$2.32	44d	1	1.08mi

HOA detail

• Monthly dues: $73 · $876/yr

Listing history 24 events

1. 2026-04-18
   status Pending
2. 2026-04-16
   listed $799,900 Active
3. 2024-05-31
   soldstatus $777,500 Closed 803-char remark

   Show marketing remark (803 chars)

   Luxury with Room to Spare! This showplace home has over 6000 Sq ft of living space including bedrooms and full baths on three levels. The gourmet kitchen boasts double ovens, large island with seating, breakfast bar with seating and butler's pantry or coffee bar. Formal dining room, breakfast room, 2 story living room, great room with gleaming floors and guest room+full bath complete the main floor. Upstairs the Expansive Primary bedroom features a massive Walk-in closet and ensuite with soaker tub, walk in shower, dual vanities. Two more bedrooms share Jack N Jill full bath with double sinks. Bedroom 4 and another full bath complete the upper level. The Newly Finished Basement has a large rec room, Exercise Room and Bedroom with full bath as well as two unfinished storage rooms. Visit today!

4. 2024-05-05
   status Pending 803-char remark

   Show marketing remark (803 chars)

   Luxury with Room to Spare! This showplace home has over 6000 Sq ft of living space including bedrooms and full baths on three levels. The gourmet kitchen boasts double ovens, large island with seating, breakfast bar with seating and butler's pantry or coffee bar. Formal dining room, breakfast room, 2 story living room, great room with gleaming floors and guest room+full bath complete the main floor. Upstairs the Expansive Primary bedroom features a massive Walk-in closet and ensuite with soaker tub, walk in shower, dual vanities. Two more bedrooms share Jack N Jill full bath with double sinks. Bedroom 4 and another full bath complete the upper level. The Newly Finished Basement has a large rec room, Exercise Room and Bedroom with full bath as well as two unfinished storage rooms. Visit today!

5. 2024-05-01
   price $799,900 803-char remark

   Show marketing remark (803 chars)

   Luxury with Room to Spare! This showplace home has over 6000 Sq ft of living space including bedrooms and full baths on three levels. The gourmet kitchen boasts double ovens, large island with seating, breakfast bar with seating and butler's pantry or coffee bar. Formal dining room, breakfast room, 2 story living room, great room with gleaming floors and guest room+full bath complete the main floor. Upstairs the Expansive Primary bedroom features a massive Walk-in closet and ensuite with soaker tub, walk in shower, dual vanities. Two more bedrooms share Jack N Jill full bath with double sinks. Bedroom 4 and another full bath complete the upper level. The Newly Finished Basement has a large rec room, Exercise Room and Bedroom with full bath as well as two unfinished storage rooms. Visit today!

6. 2024-03-15
   listed $819,000 Active 803-char remark

   Show marketing remark (803 chars)

   Luxury with Room to Spare! This showplace home has over 6000 Sq ft of living space including bedrooms and full baths on three levels. The gourmet kitchen boasts double ovens, large island with seating, breakfast bar with seating and butler's pantry or coffee bar. Formal dining room, breakfast room, 2 story living room, great room with gleaming floors and guest room+full bath complete the main floor. Upstairs the Expansive Primary bedroom features a massive Walk-in closet and ensuite with soaker tub, walk in shower, dual vanities. Two more bedrooms share Jack N Jill full bath with double sinks. Bedroom 4 and another full bath complete the upper level. The Newly Finished Basement has a large rec room, Exercise Room and Bedroom with full bath as well as two unfinished storage rooms. Visit today!

7. 2019-04-15
   soldstatus $460,000 Sold 768-char remark

   Show marketing remark (768 chars)

   Absolutely stunning Pulte home located just a stone's throw away from Geist Lake! This gorgeous home will take your breath away as it welcomes you to grand 20ft ceilings in the entry, hardwood flooring & an abundance of natural light. Chefs kitchen features granite counter-tops, large island & Butlers pantry. Cozy family room complete with granite surround fireplace! Lovely Sunroom overlooks the well landscaped backyard. You'll love hosting in the formal living & dining room! Five spacious bedrooms including a luxurious master suite complete with a Shower & Garden Tub. 1st floor bedroom boasts a handicap accessible full bathroom. Spacious basement with ready rough-ins for a wet bar & bathroom. Set up a time now to view this gorgeous home!

8. 2019-02-21
   status Pending 768-char remark

   Show marketing remark (768 chars)

   Absolutely stunning Pulte home located just a stone's throw away from Geist Lake! This gorgeous home will take your breath away as it welcomes you to grand 20ft ceilings in the entry, hardwood flooring & an abundance of natural light. Chefs kitchen features granite counter-tops, large island & Butlers pantry. Cozy family room complete with granite surround fireplace! Lovely Sunroom overlooks the well landscaped backyard. You'll love hosting in the formal living & dining room! Five spacious bedrooms including a luxurious master suite complete with a Shower & Garden Tub. 1st floor bedroom boasts a handicap accessible full bathroom. Spacious basement with ready rough-ins for a wet bar & bathroom. Set up a time now to view this gorgeous home!

9. 2019-01-09
   listed $450,000 Active 768-char remark

   Show marketing remark (768 chars)

   Absolutely stunning Pulte home located just a stone's throw away from Geist Lake! This gorgeous home will take your breath away as it welcomes you to grand 20ft ceilings in the entry, hardwood flooring & an abundance of natural light. Chefs kitchen features granite counter-tops, large island & Butlers pantry. Cozy family room complete with granite surround fireplace! Lovely Sunroom overlooks the well landscaped backyard. You'll love hosting in the formal living & dining room! Five spacious bedrooms including a luxurious master suite complete with a Shower & Garden Tub. 1st floor bedroom boasts a handicap accessible full bathroom. Spacious basement with ready rough-ins for a wet bar & bathroom. Set up a time now to view this gorgeous home!

10. 2019-01-02
    historical
11. 2018-11-01
    status Active
12. 2018-10-31
    historical
13. 2018-10-25
    price $449,000
14. 2018-09-26
    price $455,500
15. 2018-08-20
    price $469,500
16. 2018-08-06
    price $479,000
17. 2018-07-29
    price $484,500
18. 2018-07-17
    price $487,000
19. 2018-06-28
    listed $489,000 Active
20. 2011-09-03
    historical
21. 2011-08-15
    soldstatus $410,565
22. 2011-04-04
    listed $450,000
23. 2011-01-01
    historical
24. 2010-07-19
    listed $415,700

ⓘ 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: $7,840 · $653/mo
• Projected year-2 tax: $7,840 · $653/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 ≥100°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 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $75,291
• − Mortgage interest: −$44,807
• − Property taxes: −$7,840
• − Insurance: −$4,000
• − Repairs & maintenance: −$6,023
• − Management: −$6,023
• − HOA: −$876
• − Depreciation: −$23,270
• Taxable loss: −$17,548
• Est. tax savings @ 24.0%: +$4,211
• After-tax cash flow: $639/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

+92.4% since first listed

24 events — show timeline

• 2026-04-18 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-16 Listed $799,900 MIBOR as Distributed by MLS Grid
• 2024-05-31 Sold (MLS) $777,500 MIBOR as Distributed by MLS Grid
• 2024-05-05 Pending — MIBOR as Distributed by MLS Grid
• 2024-05-01 Price Changed $799,900 MIBOR as Distributed by MLS Grid
• 2024-03-15 Listed $819,000 MIBOR as Distributed by MLS Grid
• 2019-04-15 Sold (MLS) $460,000 MIBOR as Distributed by MLS Grid
• 2019-02-21 Pending — MIBOR as Distributed by MLS Grid
• 2019-01-09 Listed $450,000 MIBOR as Distributed by MLS Grid
• 2019-01-02 Listing Removed — MIBOR as Distributed by MLS Grid
• 2018-11-01 Relisted — MIBOR as Distributed by MLS Grid
• 2018-10-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2018-10-25 Price Changed $449,000 MIBOR as Distributed by MLS Grid
• 2018-09-26 Price Changed $455,500 MIBOR as Distributed by MLS Grid
• 2018-08-20 Price Changed $469,500 MIBOR as Distributed by MLS Grid
• 2018-08-06 Price Changed $479,000 MIBOR as Distributed by MLS Grid
• 2018-07-29 Price Changed $484,500 MIBOR as Distributed by MLS Grid
• 2018-07-17 Price Changed $487,000 MIBOR as Distributed by MLS Grid
• 2018-06-28 Listed $489,000 MIBOR as Distributed by MLS Grid
• 2011-09-03 Listing Removed — MIBOR as Distributed by MLS Grid
• 2011-08-15 Sold (MLS) $410,565 MIBOR as Distributed by MLS Grid
• 2011-04-04 Listed $450,000 MIBOR as Distributed by MLS Grid
• 2011-01-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2010-07-19 Listed $415,700 MIBOR as Distributed by MLS Grid

Property tax history

+5.3%/yr

Latest (2025): $7,840 · +20.8% YoY. Source: county tax records.