2062 Pheasant Grove Dr · Danville, IN 46122

$279,000

3 bd · 2.0 ba · 1,338 sqft · SingleFamily · 23 Days on market

Built 2026 $209/sqft · 13% below area Est $322k · 13% under $63/mo HOA · 3% 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 +13.5/15.0
• Cash flow +8.1/30.0
• Schools +4.8/10.0
• Livability +3.2/5.0
• 1% rule +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks

Pick your finishes and move into your new home this fall at Pheasant Grove, the only community of all detached ranch homes in Danville. This Grand Bahama home provides comfortable, main-level living without sacrificing the space you need. Featuring 3 bedrooms, 2 full baths and and attached garage The owner's suite includes an oversized walk-in shower, dual vanities and a walk-in closet. The light-filled main living area opens to the kitchen with upgraded granite countertops and eat-at island. Enjoy durable luxury vinyl plank flooring and exterior finishes like Hardie Plank siding and stone water table. A rear patio is also included for your outdoor living. Schedule a visit today to learn mo

Key facts

• Eat-at island
• Main level living
• Dual vanities

Tags

• MAIN LEVEL LIVING
• OVERSIZED WALK-IN SHOWER
• DUAL VANITIES
• WALK-IN CLOSET
• UPGRADED GRANITE COUNTERTOPS
• EAT-AT ISLAND

Property features AI

Finance

• Other: List price: 279000
• HOA & community: Association fee of 63 (period not specified)

Exterior

• Parking: 2 parking spaces
• Utilities: Central air
• Home design: Spec home (Grand Bahama plan); Active listing
• Exterior features: Address: 2062 Pheasant Grove Dr, Danville, IN 46122

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning
• Interior features: Living area approximately 1338 (as provided)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $279k.

Deal economics

• At list price, monthly cash flow is $-274 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $239k (14.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $217k (22.1% below list).
• Recommended offer: $217k (22.1% below list) — sets the bar for 1% rule.
• Cap rate 5.1% vs local median 4.1% in Danville — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 65/100 on livability (#325 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• Danville Community School Corporation (suburban): math 52% / reading 57% proficiency, ranked #27 of 301 in IN (top 9%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: North Elementary School (650 students, 38% FRL); Danville Middle School (math 53% / reading 58%, grade B-, #24 of 330 statewide, top 7%, 805 students, 34% FRL); Danville Community High School (math 42% / reading 67%, grade C-, #79 of 369 statewide, top 26%, 788 students, 27% FRL).
• Market conditions: 199 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,294 units permitted in Hendricks County in 2024 (18 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.
• Hendricks County population projected at +35% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($275k) is reasonable based on typical stale-listing flexibility.

Recommended offer $217,390 (22.1% 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 B-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: 5.12%
• Cash-on-cash: -4.20%
• DSCR: 0.81
• GRM: 10.7

CMA / ARV

• ARV (median comp): $322,064
• List price: $279,000
• Delta: -13.37%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1779 Whisperwood Trl	0.49mi	3/2.0	1,435 (+7%)	3mo	$272,000	$190	63
1521 Woodside Dr	0.60mi	3/2.0	1,400 (+5%)	9mo	$260,000	$186	57
1896 Windsor Ln	0.45mi	3/2.0	1,514 (+13%)	1mo	$282,000	$186	56
569 Meadow Dr	0.72mi	3/2.0	1,352 (+1%)	11mo	$252,500	$187	56
547 Meadow Dr	0.75mi	3/2.0	1,270 (-5%)	3mo	$250,000	$197	54
2160 Gambel Ln	0.32mi	3/2.0	1,503 (+12%)	14mo	$330,000	$220	53
59 Millet Ct	0.68mi	3/2.0	1,272 (-5%)	11mo	$276,000	$217	51
269 Heritage Dr	0.70mi	3/1.5	1,316 (-2%)	14mo	$255,317	$194	51
1882 Chatham Pl	0.51mi	3/2.5	1,525 (+14%)	1mo	$280,000	$184	50
2170 Warbler St	0.42mi	3/2.0	1,503 (+12%)	13mo	$330,000	$220	49
1281 Sherwood Dr	0.72mi	3/2.0	1,472 (+10%)	7mo	$262,000	$178	44
450 Heritage Dr	0.75mi	3/2.0	1,475 (+10%)	15mo	$275,000	$186	36

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: -23.4%
• Equity multiple: 0.20×
• Total profit: $-62,572
• Equity at exit: $41,600

10-year hold

• IRR: -18.0%
• Equity multiple: 0.02×
• Total profit: $-76,645
• Equity at exit: $24,123

Cash invested: $78,120 (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 46122

• Home prices YoY: -32.1%
• Active inventory: 199
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $2,174 medium
• Mortgage (P&I): −$1,463
• Tax est. 1.5%: −$349 /mo · $4,185/yr
• Insurance: −$116
• HOA: −$63
• Vacancy / Maint / Mgmt: −$457
• Net cashflow: $-274

Break-even live

Break-even rent $2,520

Max offer price $239,392

Occupancy floor —

Sensitivity live

Price	-10% $-81	-5% $-177	+0% $-274	+5% $-370	+10% $-467
Rent	-10% $-445	-5% $-360	+0% $-274	+5% $-188	+10% $-102
Rate	-1.0pp $-133	-0.5pp $-203	base $-274	+0.5pp $-346	+1.0pp $-420

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: $69,750
• Closing costs: $8,370
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
204 Myers Rd Danville, IN	3.0	2.0	1627	$1,889	$1.16	46d	1	0.91mi
281 Canal West Cir Danville, IN	2.0	2.0	1294	$1,812	$1.40	0d	5	1.27mi

HOA detail

• Monthly dues: $63 · $756/yr
• Likely covers: water

Listing history 26 events

1. 2026-06-21
   days on market $279,000 Active 23 DOM
2. 2026-06-18
   days on market $279,000 Active 20 DOM
3. 2026-06-17
   days on market $279,000 Active 19 DOM
4. 2026-06-16
   days on market $279,000 Active 18 DOM
5. 2026-06-15
   days on market $279,000 Active 17 DOM
6. 2026-06-13
   days on market $279,000 Active 15 DOM
7. 2026-06-13
   days on market $279,000 Active 14 DOM
8. 2026-06-09
   days on market $279,000 Active 11 DOM
9. 2026-06-08
   days on market $279,000 Active 10 DOM
10. 2026-06-07
    days on market $279,000 Active 9 DOM
11. 2026-06-03
    days on market $279,000 Active 5 DOM
12. 2026-06-02
    days on market $279,000 Active 4 DOM
13. 2026-06-01
    days on market $279,000 Active 3 DOM
14. 2026-05-31
    days on market $279,000 Active 2 DOM
15. 2026-03-31
    price $286,805 772-char remark
16. 2026-02-26
    historical
17. 2026-02-13
    listed $324,990 Active
18. 2026-02-09
    historical
19. 2026-02-09
    historical
20. 2026-01-23
    listed $284,990 Active 772-char remark
21. 2026-01-13
    listed $284,990 Active
22. 2025-12-29
    listed $274,990 Active
23. 2025-12-23
    listed $299,990 Active
24. 2025-11-04
    soldstatus $349,990 Closed
25. 2025-09-18
    status Pending
26. 2025-09-18
    listed $349,990 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,087
• − Mortgage interest: −$15,628
• − Property taxes: −$4,185
• − Insurance: −$1,395
• − Repairs & maintenance: −$2,087
• − Management: −$2,087
• − HOA: −$756
• − Depreciation: −$8,116
• Taxable loss: −$8,168
• Est. tax savings @ 24.0%: +$1,960
• After-tax cash flow: $-1,324/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: Danville Community School Corporation
• NCES district ID: 1802550
• Math proficiency: 52% ▼ -10.00%
• Reading proficiency: 57% ▼ -6.00%
• Median HH income: $64,913
• Composite: 47.93/100
• National rank: #2208
• State rank: #27 of 301 in IN

Livability — Danville

• Score: 65/100
• State rank: #325
• US rank: #12689

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Danville, IN
• County: Hendricks County · 143,373 people
• City population: 16,974
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 16,974
• Household income: $99,531
• Rent vs Own: 20.7% rent · 79.3% own
• Severe rent burden: 234.0

Population outlook (Hendricks County) Hauer SSP2

• Today (2025): 187,418 people
• By 2030: 201,494 · +7.5%
• By 2040: 228,487 · +21.9%
• By 2050: 253,068 · +35.0%
• By 2075: 308,920 · +64.8%
• By 2100: 336,510 · +79.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 2% Black 2% Two or more races 2%
• Common ancestry: Slovak 2% Romanian 2% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Hendricks

• 2024 margin: Strong R (+21.5) · D 38.4% · R 59.9% · Other 1.7%
• 2008→2024 swing: +1.9pp toward D · 2008: -23.4pp · 2024: -21.5pp
• All cycles: 2024: R+21.5 2020: R+23.9 2016: R+34.2 2012: R+34.9 2008: R+23.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -105.58%
• Current HPI: 222.8401
• Rent YoY: —
• 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