10518 Misty Cove Ln

Fishers, IN 46040

$539,000F

3 bd · 2.5 ba · 3,350 sqft · Built 2010 · SingleFamily · Active · 94 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,003/mo
• Mortgage (P&I): −$2,827
• Tax + insurance: −$620
• HOA: −$64
• Vac / Maint / Mgmt: −$421
• Net cashflow: $-1,928/mo
• Annual: $-23,141/yr
• Cap rate: 2.00%
• Cash-on-cash: -15.33%
• DSCR: 0.32
• 1% rule: 0.37%
• Cash to close: $150,920

Investor read

• This is a 3-bed/2.5-bath single-family listed at $539k.
• At list price, monthly cash flow is $-2k ($-23k/yr) — negative.
• To cash-flow at today's rent, offer at most $198k (63.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $200k (62.8% below list).
• It's been on market 94 days — a 9% lower offer ($490k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $198k (63.2% below list) — sets the bar for cash-flow.
• 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.
• 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: 306 active listings in the ZIP; 4,661 units permitted in Hamilton County in 2024 (1,528 in 5+ unit buildings).
• Hamilton County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.

Questions for listing agent

• 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?
• It's been on market 94 days. Have you received any prior offers? Is the seller open to a 63% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.