10518 Misty Cove Ln · Fishers, IN 46040

$539,000

3 bd · 2.5 ba · 3,350 sqft · SingleFamily public records · 91 Days on market

Built 2010 0.34 ac lot $161/sqft · 5% below area Est $772k · 30% under $64/mo HOA · 3% of rent

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Why this score? — see what drove the F 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 +15.0/15.0
• Schools +5.3/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Cash flow +2.3/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

The spacious Fishers home with a finished basement you've been looking for! This Villages of Geist home has a covered porch, 4 bedrooms, 2 full bathrooms, 2 half bathrooms and a 3-car garage. The elegant two-story entryway and formal dining room warmly invite you into the open concept living space. There is a large kitchen/breakfast area ready for gatherings and a two-story family room with a cozy fireplace. The office and mudroom are toward the garage. All bedrooms and the laundry room (washer/dryer included) are on the top floor. The primary suite has vaulted ceilings, two separate vanities, a garden tub, water closet and a walk-in closet. You will enjoy plenty of storage space throughout the home with 3 of the 4 bedrooms featuring walk-in closets. The fully finished basement has a luxurious bar, built-in entertainment system, a half bathroom and LVP floors. Your entertainment space extends outdoors with the large deck and large yard. Newer items include the furnace, A/C unit, roof, water heater and refrigerator. You are minutes from beloved Daniel's Vineyard, Geist Reservoir, many popular restaurants and a short drive from I-69. Low quarterly HOA fee and located in the Hamilton Southeastern School district. Don't miss this move-in-ready home, with showings available daily!

Key facts

• Covered porch
• Finished basement
• Cozy fireplace

Tags

• FINISHED BASEMENT
• COVERED PORCH
• OPEN CONCEPT LIVING SPACE
• LARGE KITCHEN BREAKFAST AREA
• TWO STORY FAMILY ROOM
• COZY FIREPLACE

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $539k.

Deal economics

• At list price, monthly cash flow is $-2k ($-23k/yr) — negative.
• To cash-flow at today's rent, offer at most $200k (62.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $202k (62.6% below list).
• Recommended offer: $200k (62.9% below list) — sets the bar for cash-flow.
• Cap rate 2.0% vs local median 3.6% in Fishers — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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: 303 active listings in the ZIP; 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 $4k of loan paydown is wiped out by about $16k 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 91 days — a 9% lower offer ($490k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 16y ago; this cycle's ask has dropped $56k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $280k; list at $539k implies a 92% gain — meaningful room to come down on a strong offer.

Recommended offer $200,009 (62.9% 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 91 days. Have you received any prior offers? Is the seller open to a 63% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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?
8. 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.
9. 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.
10. 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: 0.37% ✗
• Cap rate: 2.02%
• Cash-on-cash: -15.26%
• DSCR: 0.32
• GRM: 22.3

CMA / ARV

• ARV (median comp): $771,656
• List price: $539,000
• Delta: -30.15%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10591 Misty Cove Ln	0.08mi	4/3.0 (+1)	3,287 (-2%)	1mo	$725,000	$221	85
9896 Timberwood Ln	0.68mi	4/2.5 (+1)	3,335 (-0%)	7mo	$570,000	$171	56
14494 Christie Ann Dr	0.12mi	4/3.5 (+1)	3,782 (+13%)	9mo	$679,525	$180	56
10297 Anees Ln	0.48mi	3/3.5	3,560 (+6%)	12mo	$850,000	$239	53
9787 Clay Brook Dr	0.73mi	4/3.5 (+1)	3,184 (-5%)	17mo	$420,000	$132	34

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: -45.8%
• Equity multiple: -0.39×
• Total profit: $-209,661
• Equity at exit: $80,367

10-year hold

• IRR: -85.0%
• Equity multiple: -1.26×
• Total profit: $-340,356
• Equity at exit: $46,603

Cash invested: $150,920 (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: 303
• Price-to-rent: 22.3×

Monthly cashflow live

• Estimated rent: $2,015 medium
• Mortgage (P&I): −$2,827
• Tax from tax record: −$396 /mo · $4,749/yr
• Insurance: −$225
• HOA: −$64
• Vacancy / Maint / Mgmt: −$423
• Net cashflow: $-1,919

Break-even live

Break-even rent $4,444

Max offer price $200,009

Occupancy floor —

Sensitivity live

Price	-10% $-1,614	-5% $-1,766	+0% $-1,919	+5% $-2,072	+10% $-2,224
Rent	-10% $-2,078	-5% $-1,999	+0% $-1,919	+5% $-1,839	+10% $-1,760
Rate	-1.0pp $-1,648	-0.5pp $-1,782	base $-1,919	+0.5pp $-2,059	+1.0pp $-2,201

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: $134,750
• Closing costs: $16,170
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $64 · $768/yr
• Likely covers: water

Listing history 21 events

1. 2026-06-18
   days on market $539,000 Active 91 DOM
2. 2026-06-17
   days on market $539,000 Active 90 DOM
3. 2026-06-16
   days on market $539,000 Active 89 DOM
4. 2026-06-15
   days on market $539,000 Active 88 DOM
5. 2026-06-13
   days on market $539,000 Active 86 DOM
6. 2026-06-09
   days on market $539,000 Active 82 DOM
7. 2026-06-08
   days on market $539,000 Active 81 DOM
8. 2026-06-07
   days on market $539,000 Active 80 DOM
9. 2026-06-03
   days on market $539,000 Active 76 DOM
10. 2026-06-02
    days on market $539,000 Active 75 DOM
11. 2026-06-01
    days on market $539,000 Active 74 DOM
12. 2026-05-31
    days on market $539,000 Active 73 DOM
13. 2026-05-07
    price $559,000 1297-char remark

    Show marketing remark (1297 chars)

    The spacious Fishers home with a finished basement you've been looking for! This Villages of Geist home has a covered porch, 4 bedrooms, 2 full bathrooms, 2 half bathrooms and a 3-car garage. The elegant two-story entryway and formal dining room warmly invite you into the open concept living space. There is a large kitchen/breakfast area ready for gatherings and a two-story family room with a cozy fireplace. The office and mudroom are toward the garage. All bedrooms and the laundry room (washer/dryer included) are on the top floor. The primary suite has vaulted ceilings, two separate vanities, a garden tub, water closet and a walk-in closet. You will enjoy plenty of storage space throughout the home with 3 of the 4 bedrooms featuring walk-in closets. The fully finished basement has a luxurious bar, built-in entertainment system, a half bathroom and LVP floors. Your entertainment space extends outdoors with the large deck and large yard. Newer items include the furnace, A/C unit, roof, water heater and refrigerator. You are minutes from beloved Daniel's Vineyard, Geist Reservoir, many popular restaurants and a short drive from I-69. Low quarterly HOA fee and located in the Hamilton Southeastern School district. Don't miss this move-in-ready home, with showings available daily!

14. 2026-04-04
    price $575,000 1297-char remark

    Show marketing remark (1297 chars)

    The spacious Fishers home with a finished basement you've been looking for! This Villages of Geist home has a covered porch, 4 bedrooms, 2 full bathrooms, 2 half bathrooms and a 3-car garage. The elegant two-story entryway and formal dining room warmly invite you into the open concept living space. There is a large kitchen/breakfast area ready for gatherings and a two-story family room with a cozy fireplace. The office and mudroom are toward the garage. All bedrooms and the laundry room (washer/dryer included) are on the top floor. The primary suite has vaulted ceilings, two separate vanities, a garden tub, water closet and a walk-in closet. You will enjoy plenty of storage space throughout the home with 3 of the 4 bedrooms featuring walk-in closets. The fully finished basement has a luxurious bar, built-in entertainment system, a half bathroom and LVP floors. Your entertainment space extends outdoors with the large deck and large yard. Newer items include the furnace, A/C unit, roof, water heater and refrigerator. You are minutes from beloved Daniel's Vineyard, Geist Reservoir, many popular restaurants and a short drive from I-69. Low quarterly HOA fee and located in the Hamilton Southeastern School district. Don't miss this move-in-ready home, with showings available daily!

15. 2026-03-19
    listed $595,000 Active 1297-char remark

    Show marketing remark (1297 chars)

    The spacious Fishers home with a finished basement you've been looking for! This Villages of Geist home has a covered porch, 4 bedrooms, 2 full bathrooms, 2 half bathrooms and a 3-car garage. The elegant two-story entryway and formal dining room warmly invite you into the open concept living space. There is a large kitchen/breakfast area ready for gatherings and a two-story family room with a cozy fireplace. The office and mudroom are toward the garage. All bedrooms and the laundry room (washer/dryer included) are on the top floor. The primary suite has vaulted ceilings, two separate vanities, a garden tub, water closet and a walk-in closet. You will enjoy plenty of storage space throughout the home with 3 of the 4 bedrooms featuring walk-in closets. The fully finished basement has a luxurious bar, built-in entertainment system, a half bathroom and LVP floors. Your entertainment space extends outdoors with the large deck and large yard. Newer items include the furnace, A/C unit, roof, water heater and refrigerator. You are minutes from beloved Daniel's Vineyard, Geist Reservoir, many popular restaurants and a short drive from I-69. Low quarterly HOA fee and located in the Hamilton Southeastern School district. Don't miss this move-in-ready home, with showings available daily!

16. 2014-04-14
    historical 485-char remark

    Show marketing remark (485 chars)

    A beautiful newer home located on a cul-de-sac boasting cleanliness with spacious rooms and basement waiting to be finished to your taste. An open floorplan featuring a larger kitchen with tons of cabinets, counters and island opening up to the spacious breakfast room & two story family room. Master has vaulted ceiling, large walk-in closet & master bath features his/hers sinks, garden tub and separate shower. Secondary bedrooms are nice sized. Large deck for entertaining.

17. 2014-04-14
    soldstatus $280,500 485-char remark

    Show marketing remark (485 chars)

    A beautiful newer home located on a cul-de-sac boasting cleanliness with spacious rooms and basement waiting to be finished to your taste. An open floorplan featuring a larger kitchen with tons of cabinets, counters and island opening up to the spacious breakfast room & two story family room. Master has vaulted ceiling, large walk-in closet & master bath features his/hers sinks, garden tub and separate shower. Secondary bedrooms are nice sized. Large deck for entertaining.

18. 2014-02-24
    listed $282,500 485-char remark

    Show marketing remark (485 chars)

    A beautiful newer home located on a cul-de-sac boasting cleanliness with spacious rooms and basement waiting to be finished to your taste. An open floorplan featuring a larger kitchen with tons of cabinets, counters and island opening up to the spacious breakfast room & two story family room. Master has vaulted ceiling, large walk-in closet & master bath features his/hers sinks, garden tub and separate shower. Secondary bedrooms are nice sized. Large deck for entertaining.

19. 2011-05-06
    historical
20. 2011-05-05
    soldstatus $265,000
21. 2010-08-08
    listed $265,000

ⓘ 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: $4,749 · $396/mo
• Projected year-2 tax: $4,749 · $396/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 0% 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: $24,182
• − Mortgage interest: −$30,192
• − Property taxes: −$4,749
• − Insurance: −$2,695
• − Repairs & maintenance: −$1,935
• − Management: −$1,935
• − HOA: −$768
• − Depreciation: −$15,680
• Taxable loss: −$33,772
• Est. tax savings @ 24.0%: +$8,105
• After-tax cash flow: $-14,922/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

+110.9% since first listed

9 events — show timeline

• 2026-05-07 Price Changed $559,000 MIBOR as Distributed by MLS Grid
• 2026-04-04 Price Changed $575,000 MIBOR as Distributed by MLS Grid
• 2026-03-19 Listed $595,000 MIBOR as Distributed by MLS Grid
• 2014-04-14 Listing Removed — MIBOR as Distributed by MLS Grid
• 2014-04-14 Sold (MLS) $280,500 MIBOR as Distributed by MLS Grid
• 2014-02-24 Listed $282,500 MIBOR as Distributed by MLS Grid
• 2011-05-06 Listing Removed — MIBOR as Distributed by MLS Grid
• 2011-05-05 Sold (MLS) $265,000 MIBOR as Distributed by MLS Grid
• 2010-08-08 Listed $265,000 MIBOR as Distributed by MLS Grid

Property tax history

+4.6%/yr

Latest (2025): $4,749 · +4.8% YoY. Source: county tax records.