6160 E 116th St · Carmel, IN 46038

$275,500

3 bd · 1.5 ba · 1,092 sqft · SingleFamily public records · 136 Days on market

Built 1960 0.64 ac lot $252/sqft · 19% below area Est $342k · 19% under

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.3/10.0
• Livability +4.2/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Here is your chance to live in the heart of Fishers with NO HOA!! So many possibilities with this 3 bedroom ranch that is situated on over a half acre lot! Brand new A/C and furnace! Big ticket items are done! Great opportunity to add your finishing touches and make it your own!

Key facts

• Large eat in kitchen
• Great location
• Inviting living room

Tags

• OVER A HALF ACRE
• MATURE TREES
• LARGE EAT IN KITCHEN
• INVITING LIVING ROOM
• GREAT LOCATION

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $276k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $276k).
• Recommended offer: $242k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.8% vs local median 2.7% in Carmel — 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 84/100 on livability (#7 in IN, #726 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: New Britton Elementary School (math 70% / reading 59%, grade B, #78 of 994 statewide, top 9%, 624 students, 27% FRL); Riverside Junior High (math 42% / reading 56%, grade C-, #53 of 330 statewide, top 16%, 895 students, 25% FRL); Fishers High School (math 64% / reading 82%, grade B+, #8 of 369 statewide, top 2%, 3,674 students, 22% FRL).
• Market conditions: Rents rising (+1.3%/yr); 248 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 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.
• At projected returns (-3.0% appreciation + 1.3% rent growth), your $77k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 136 days — a 12% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 25y ago; this cycle's ask has dropped $24k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $95k; list at $276k implies a 190% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $242,440 (12.0% below list)

Questions for the listing agent

1. It's been on market 136 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.76% ✓
• Cap rate: 15.80%
• Cash-on-cash: 33.94%
• DSCR: 2.51
• GRM: 4.7

CMA / ARV

• ARV (median comp): $341,631
• List price: $275,500
• Delta: -19.36%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6811 Wild Cherry Dr	0.67mi	3/2.0	1,229 (+12%)	3mo	$310,000	$252	43
6751 Wild Cherry Dr	0.60mi	3/2.0	1,200 (+10%)	14mo	$282,500	$235	42
6838 Cherry Laurel Ln	0.69mi	3/2.0	1,200 (+10%)	10mo	$316,000	$263	41
11560 Cherry Blossom West Dr	0.57mi	3/2.0	1,200 (+10%)	17mo	$298,500	$249	41
11518 Cherry Blossom Dr W	0.56mi	3/2.0	1,253 (+15%)	11mo	$320,000	$255	38
11462 Cherry Blossom Dr W	0.57mi	3/2.0	1,214 (+11%)	24mo	$325,000	$268	33
6890 Wild Cherry Dr	0.73mi	3/2.0	1,200 (+10%)	24mo	$289,900	$242	28
6892 Cherry Blossom E Dr E	0.73mi	3/2.0	1,244 (+14%)	20mo	$310,000	$249	24

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 · 1.27% rent growth · sell at horizon

5-year hold

• IRR: 19.3%
• Equity multiple: 1.77×
• Total profit: $59,049
• Equity at exit: $41,078

10-year hold

• IRR: 26.3%
• Equity multiple: 3.12×
• Total profit: $163,232
• Equity at exit: $23,820

Cash invested: $77,140 (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: 4.7×

Monthly cashflow live

• Estimated rent: $4,849 medium
• Mortgage (P&I): −$1,445
• Tax from tax record: −$89 /mo · $1,071/yr
• Insurance: −$115
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,018
• Net cashflow: $1,756

Break-even live

Break-even rent $2,627

Max offer price $275,500

Occupancy floor 59%

Sensitivity live

Price	-10% $1,911	-5% $1,834	+0% $1,756	+5% $1,678	+10% $1,600
Rent	-10% $1,372	-5% $1,564	+0% $1,756	+5% $1,947	+10% $2,139
Rate	-1.0pp $1,894	-0.5pp $1,826	base $1,756	+0.5pp $1,684	+1.0pp $1,612

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: $68,875
• Closing costs: $8,265
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6220 Wahpihani Dr Unit 1536667P Fishers, IN	2.0	2.0	1496	$7,340	$4.91	16d	1	0.11mi
11389 Songbird Ln Fishers, IN	3.0	2.0	1212	$2,200	$1.82	45d	1	0.57mi
10190 Allisonville Rd Fishers, IN	1.0–2.0	1.0–2.0	903	$1,379	$1.53	0d	46	1.44mi

Listing history 33 events

1. 2026-06-21
   days on market $275,500 Active 136 DOM
2. 2026-06-18
   days on market $275,500 Active 133 DOM
3. 2026-06-17
   days on market $275,500 Active 132 DOM
4. 2026-06-16
   days on market $275,500 Active 131 DOM
5. 2026-06-15
   days on market $275,500 Active 130 DOM
6. 2026-06-13
   days on market $275,500 Active 128 DOM
7. 2026-06-09
   days on market $275,500 Active 124 DOM
8. 2026-06-08
   pricedays on market $275,500 Active 123 DOM
9. 2026-06-07
   days on market $299,900 Active 122 DOM
10. 2026-06-03
    days on market $299,900 Active 118 DOM
11. 2026-06-02
    days on market $299,900 Active 117 DOM
12. 2026-06-01
    days on market $299,900 Active 116 DOM
13. 2026-05-31
    days on market $299,900 Active 115 DOM
14. 2026-04-25
    status Active 279-char remark

    Show marketing remark (279 chars)

    Here is your chance to live in the heart of Fishers with NO HOA!! So many possibilities with this 3 bedroom ranch that is situated on over a half acre lot! Brand new A/C and furnace! Big ticket items are done! Great opportunity to add your finishing touches and make it your own!

15. 2026-04-24
    historical 279-char remark

    Show marketing remark (279 chars)

    Here is your chance to live in the heart of Fishers with NO HOA!! So many possibilities with this 3 bedroom ranch that is situated on over a half acre lot! Brand new A/C and furnace! Big ticket items are done! Great opportunity to add your finishing touches and make it your own!

16. 2026-04-21
    status Active 279-char remark

    Show marketing remark (279 chars)

    Here is your chance to live in the heart of Fishers with NO HOA!! So many possibilities with this 3 bedroom ranch that is situated on over a half acre lot! Brand new A/C and furnace! Big ticket items are done! Great opportunity to add your finishing touches and make it your own!

17. 2026-04-18
    historical 279-char remark

    Show marketing remark (279 chars)

    Here is your chance to live in the heart of Fishers with NO HOA!! So many possibilities with this 3 bedroom ranch that is situated on over a half acre lot! Brand new A/C and furnace! Big ticket items are done! Great opportunity to add your finishing touches and make it your own!

18. 2026-04-17
    status Active 279-char remark

    Show marketing remark (279 chars)

    Here is your chance to live in the heart of Fishers with NO HOA!! So many possibilities with this 3 bedroom ranch that is situated on over a half acre lot! Brand new A/C and furnace! Big ticket items are done! Great opportunity to add your finishing touches and make it your own!

19. 2026-02-06
    historical 279-char remark

    Show marketing remark (279 chars)

    Here is your chance to live in the heart of Fishers with NO HOA!! So many possibilities with this 3 bedroom ranch that is situated on over a half acre lot! Brand new A/C and furnace! Big ticket items are done! Great opportunity to add your finishing touches and make it your own!

20. 2025-11-24
    listed $299,900 Active 279-char remark

    Show marketing remark (279 chars)

    Here is your chance to live in the heart of Fishers with NO HOA!! So many possibilities with this 3 bedroom ranch that is situated on over a half acre lot! Brand new A/C and furnace! Big ticket items are done! Great opportunity to add your finishing touches and make it your own!

21. 2016-07-29
    soldstatus $95,000 Sold 206-char remark

    Show marketing remark (206 chars)

    Great opportunity for quick equity or return on your investment. All the tough stuff has been taken care of already. Newer roof, A/C, furnace & windows. Ready for your final touches to make it your own!

22. 2016-04-05
    price $91,000 206-char remark

    Show marketing remark (206 chars)

    Great opportunity for quick equity or return on your investment. All the tough stuff has been taken care of already. Newer roof, A/C, furnace & windows. Ready for your final touches to make it your own!

23. 2015-10-23
    status Pending 206-char remark

    Show marketing remark (206 chars)

    Great opportunity for quick equity or return on your investment. All the tough stuff has been taken care of already. Newer roof, A/C, furnace & windows. Ready for your final touches to make it your own!

24. 2015-09-25
    price $99,500 206-char remark

    Show marketing remark (206 chars)

    Great opportunity for quick equity or return on your investment. All the tough stuff has been taken care of already. Newer roof, A/C, furnace & windows. Ready for your final touches to make it your own!

25. 2015-06-12
    listed $105,000 Active 206-char remark

    Show marketing remark (206 chars)

    Great opportunity for quick equity or return on your investment. All the tough stuff has been taken care of already. Newer roof, A/C, furnace & windows. Ready for your final touches to make it your own!

26. 2006-08-31
    soldstatus $104,000
27. 2006-04-30
    listed $107,900
28. 2004-06-15
    historical
29. 2003-12-19
    listed $109,900
30. 2002-01-04
    soldstatus $83,000
31. 2001-09-12
    listed $86,900
32. 2001-07-29
    historical
33. 2001-01-31
    listed $94,900

ⓘ 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: $1,071 · $89/mo
• Projected year-2 tax: $1,706 · $142/mo
• Expected delta: +$635/yr (+$53/mo · 59.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% 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 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $58,190
• − Mortgage interest: −$15,432
• − Property taxes: −$1,071
• − Insurance: −$6,496
• − Repairs & maintenance: −$4,655
• − Management: −$4,655
• − Depreciation: −$8,015
• Taxable income: $17,866
• Est. tax owed @ 24.0%: −$4,288
• After-tax cash flow: $16,779/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 — Carmel

• Score: 84/100
• State rank: #7
• US rank: #726

Category grades

Amenities A+ Commute F Cost of living C Crime A+ Employment A+ Housing A+ Health & safety B+ User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Hamilton County · 337,479 people
• City population: 99,910
• 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

+216.0% since first listed

20 events — show timeline

• 2026-04-25 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-24 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-04-21 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-18 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-04-17 Relisted — MIBOR as Distributed by MLS Grid
• 2026-02-06 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-11-24 Listed $299,900 MIBOR as Distributed by MLS Grid
• 2016-07-29 Sold (MLS) $95,000 MIBOR as Distributed by MLS Grid
• 2016-04-05 Price Changed $91,000 MIBOR as Distributed by MLS Grid
• 2015-10-23 Pending — MIBOR as Distributed by MLS Grid
• 2015-09-25 Price Changed $99,500 MIBOR as Distributed by MLS Grid
• 2015-06-12 Listed $105,000 MIBOR as Distributed by MLS Grid
• 2006-08-31 Sold (MLS) $104,000 MIBOR as Distributed by MLS Grid
• 2006-04-30 Listed $107,900 MIBOR as Distributed by MLS Grid
• 2004-06-15 Listing Removed — MIBOR as Distributed by MLS Grid
• 2003-12-19 Listed $109,900 MIBOR as Distributed by MLS Grid
• 2002-01-04 Sold (MLS) $83,000 MIBOR as Distributed by MLS Grid
• 2001-09-12 Listed $86,900 MIBOR as Distributed by MLS Grid
• 2001-07-29 Listing Removed — MIBOR as Distributed by MLS Grid
• 2001-01-31 Listed $94,900 MIBOR as Distributed by MLS Grid

Property tax history

+4.7%/yr

Latest (2025): $1,071 · -8.5% YoY. Source: county tax records.