16858 Cimarron Pass · Noblesville, IN 46060

$325,000

3 bd · 3.0 ba · 1,742 sqft · MultiFamily public records · 35 Days on market

Built 2003 6,534 sqft lot $126/mo HOA · 6% 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 +7.5/15.0
• Cash flow +6.4/30.0
• Schools +5.3/10.0
• Livability +4.3/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• 1% rule +1.4/10.0
• DSCR +0.7/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Nestled within a desirable residential area, the attractive property at 16858 Cimarron PASS, NOBLESVILLE, IN, USA, presents an opportunity for exceptional living. This single family residence, built in 2003, is maintained in great condition, offering a thoughtfully designed environment for its occupants. Upon entering, the living room immediately captivates with its impressive high ceiling and vaulted ceiling, creating an expansive and airy atmosphere. A welcoming fireplace provides a comforting focal point, perfect for moments of relaxation and quiet contemplation. The heart of the dwelling, the kitchen, is equipped with elegant stone countertops and a stylish backsplash, offering a sophisticated space for culinary endeavors. A practical kitchen peninsula and a convenient kitchen bar provide versatile areas for preparing meals and enjoying casual gatherings. Comprising three well-appointed bedrooms and three full bathrooms, the dwelling ensures comfort and privacy for all. One of the bedrooms features the added luxury of an ensuite bathroom, providing a private sanctuary. Among the well-appointed bathrooms, one boasts a contemporary tiled walk in shower, promising a refreshing experience. Beyond the interior, the property extends its charm outdoors with a delightful porch, inviting moments of repose. A spacious patio and a dedicated outdoor dining area offer perfect settings for alfresco enjoyment. The serene ambiance is further enhanced by a pleasing water view, creating a tranquil backdrop for daily life. This attractive property, with its thoughtful features and appealing setting, offers an exceptional opportunity to embrace a refined way of living. Your low monthly HOA fee includes lawn care, snow removal, clubhouse with workout area, walking trails, large swimming pool, tennis/pickleball court, basketball court, and nature areas.

Key facts

• High ceiling
• Stone countertops
• Vaulted ceiling

Tags

• HIGH CEILING
• VAULTED CEILING
• WELCOMING FIREPLACE
• STONE COUNTERTOPS
• STYLISH BACKSPLASH
• KITCHEN PENINSULA

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath multifamily listed at $325k.

Deal economics

• At list price, monthly cash flow is $-566 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $225k (30.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $210k (35.5% below list).
• Recommended offer: $210k (35.5% below list) — sets the bar for 1% rule.
• Cap rate 4.2% vs local median 3.2% in Noblesville — 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 86/100 on livability (#3 in IN, #446 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, cost of living 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: Rents rising (+1.8%/yr); 451 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 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 $10k 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 35 days — a 3% lower offer ($315k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 23y 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.
• Current owner paid $178k; list at $325k implies a 83% gain — meaningful room to come down on a strong offer.

Recommended offer $209,548 (35.5% 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 35 days. Have you received any prior offers? Is the seller open to a 36% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.64% ✗
• Cap rate: 4.20%
• Cash-on-cash: -7.46%
• DSCR: 0.67
• GRM: 12.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.79% rent growth · sell at horizon

5-year hold

• IRR: -30.6%
• Equity multiple: -0.00×
• Total profit: $-91,189
• Equity at exit: $48,459

10-year hold

• IRR: -39.5%
• Equity multiple: -0.49×
• Total profit: $-135,817
• Equity at exit: $28,100

Cash invested: $91,000 (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 46060

• Rents YoY: 1.8%
• Active inventory: 451
• Price-to-rent: 12.9×

Monthly cashflow live

• Estimated rent: $2,095 high
• Mortgage (P&I): −$1,704
• Tax from tax record: −$255 /mo · $3,063/yr
• Insurance: −$135
• HOA: −$126
• Vacancy / Maint / Mgmt: −$440
• Net cashflow: $-566

Break-even live

Break-even rent $2,811

Max offer price $225,093

Occupancy floor —

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
17408 Ferris St Noblesville, IN	1.0–3.0	1.0–2.0	984	$1,989	$2.02	2d	22	1.32mi
15563 Dusty Trl Noblesville, IN	4.0	2.5	1992	$2,016	$1.01	12d	1	1.32mi
11960 Locus Ln Noblesville, IN	3.0	2.5	1500	$1,965	$1.31	2d	1	1.36mi
15472 Fawn Meadow Dr Noblesville, IN	3.0	2.5	1952	$1,991	$1.02	2d	1	1.42mi
15385 Dry Creek Rd Noblesville, IN	4.0	2.5	2000	$2,200	$1.10	23d	1	1.50mi

HOA detail

• Monthly dues: $126 · $1,512/yr
• Likely covers: waterlandscapingsnow removalpool

Listing history 7 events

1. 2026-05-06
   status Pending 1873-char remark

   Show marketing remark (1873 chars)

   Nestled within a desirable residential area, the attractive property at 16858 Cimarron PASS, NOBLESVILLE, IN, USA, presents an opportunity for exceptional living. This single family residence, built in 2003, is maintained in great condition, offering a thoughtfully designed environment for its occupants. Upon entering, the living room immediately captivates with its impressive high ceiling and vaulted ceiling, creating an expansive and airy atmosphere. A welcoming fireplace provides a comforting focal point, perfect for moments of relaxation and quiet contemplation. The heart of the dwelling, the kitchen, is equipped with elegant stone countertops and a stylish backsplash, offering a sophisticated space for culinary endeavors. A practical kitchen peninsula and a convenient kitchen bar provide versatile areas for preparing meals and enjoying casual gatherings. Comprising three well-appointed bedrooms and three full bathrooms, the dwelling ensures comfort and privacy for all. One of the bedrooms features the added luxury of an ensuite bathroom, providing a private sanctuary. Among the well-appointed bathrooms, one boasts a contemporary tiled walk in shower, promising a refreshing experience. Beyond the interior, the property extends its charm outdoors with a delightful porch, inviting moments of repose. A spacious patio and a dedicated outdoor dining area offer perfect settings for alfresco enjoyment. The serene ambiance is further enhanced by a pleasing water view, creating a tranquil backdrop for daily life. This attractive property, with its thoughtful features and appealing setting, offers an exceptional opportunity to embrace a refined way of living. Your low monthly HOA fee includes lawn care, snow removal, clubhouse with workout area, walking trails, large swimming pool, tennis/pickleball court, basketball court, and nature areas.

2. 2026-04-01
   listed $325,000 Active 1873-char remark

   Show marketing remark (1873 chars)

   Nestled within a desirable residential area, the attractive property at 16858 Cimarron PASS, NOBLESVILLE, IN, USA, presents an opportunity for exceptional living. This single family residence, built in 2003, is maintained in great condition, offering a thoughtfully designed environment for its occupants. Upon entering, the living room immediately captivates with its impressive high ceiling and vaulted ceiling, creating an expansive and airy atmosphere. A welcoming fireplace provides a comforting focal point, perfect for moments of relaxation and quiet contemplation. The heart of the dwelling, the kitchen, is equipped with elegant stone countertops and a stylish backsplash, offering a sophisticated space for culinary endeavors. A practical kitchen peninsula and a convenient kitchen bar provide versatile areas for preparing meals and enjoying casual gatherings. Comprising three well-appointed bedrooms and three full bathrooms, the dwelling ensures comfort and privacy for all. One of the bedrooms features the added luxury of an ensuite bathroom, providing a private sanctuary. Among the well-appointed bathrooms, one boasts a contemporary tiled walk in shower, promising a refreshing experience. Beyond the interior, the property extends its charm outdoors with a delightful porch, inviting moments of repose. A spacious patio and a dedicated outdoor dining area offer perfect settings for alfresco enjoyment. The serene ambiance is further enhanced by a pleasing water view, creating a tranquil backdrop for daily life. This attractive property, with its thoughtful features and appealing setting, offers an exceptional opportunity to embrace a refined way of living. Your low monthly HOA fee includes lawn care, snow removal, clubhouse with workout area, walking trails, large swimming pool, tennis/pickleball court, basketball court, and nature areas.

3. 2014-06-20
   historical 471-char remark

   Show marketing remark (471 chars)

   Like-new, never lived in low-maintenance brick Ranch + Loft in desirable Stony Creek. 3bd, 2 full bath on lower level; upstairs loft w/ full bath & unfinished storage, could be 4th Bd. HUGE vaulted Great Rm, 2-sided FP shared w/ Bonus/Sun Room. Great Rm/Dining area, recessed can lights & ample storage. Finished garage, covered porch. Pond views, peaceful community w/ pool house & swimming pool. Close to Hamilton Town Center. Hamilton Southeastern Schools.

4. 2014-06-18
   soldstatus $177,700 471-char remark

   Show marketing remark (471 chars)

   Like-new, never lived in low-maintenance brick Ranch + Loft in desirable Stony Creek. 3bd, 2 full bath on lower level; upstairs loft w/ full bath & unfinished storage, could be 4th Bd. HUGE vaulted Great Rm, 2-sided FP shared w/ Bonus/Sun Room. Great Rm/Dining area, recessed can lights & ample storage. Finished garage, covered porch. Pond views, peaceful community w/ pool house & swimming pool. Close to Hamilton Town Center. Hamilton Southeastern Schools.

5. 2014-04-17
   listed $182,500 471-char remark

   Show marketing remark (471 chars)

   Like-new, never lived in low-maintenance brick Ranch + Loft in desirable Stony Creek. 3bd, 2 full bath on lower level; upstairs loft w/ full bath & unfinished storage, could be 4th Bd. HUGE vaulted Great Rm, 2-sided FP shared w/ Bonus/Sun Room. Great Rm/Dining area, recessed can lights & ample storage. Finished garage, covered porch. Pond views, peaceful community w/ pool house & swimming pool. Close to Hamilton Town Center. Hamilton Southeastern Schools.

6. 2003-12-29
   soldstatus $178,555
7. 2003-12-29
   listed $155,225

ⓘ 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: $3,063 · $255/mo
• Projected year-2 tax: $3,063 · $255/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 4/10 Moderate 7 d/yr ≥101°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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,146
• − Mortgage interest: −$18,205
• − Property taxes: −$3,063
• − Insurance: −$1,625
• − Repairs & maintenance: −$2,012
• − Management: −$2,012
• − HOA: −$1,512
• − Depreciation: −$9,455
• Taxable loss: −$12,737
• Est. tax savings @ 24.0%: +$3,057
• After-tax cash flow: $-3,730/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 — Noblesville

• Score: 86/100
• State rank: #3
• US rank: #446

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Noblesville, IN
• County: Hamilton County · 337,479 people
• City population: 88,670
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 47,610
• Household income: $91,918
• Rent vs Own: 31.2% rent · 68.8% own
• Severe rent burden: 641.0

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 (81%)
• Race & ethnicity: White 81% Hispanic / Latino 7% Two or more races 6% Black 6% Asian 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Romanian 3% Slovak 2% Italian 2%
• Foreign-born: 7% · Canada
• Languages at home: 91% English-only · Spanish 5% Other Indo-European 2% French/Haitian/Cajun 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: ▼ -165.86%
• Current HPI: 234.6658
• Rent YoY: ▲ 1.79%
• 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

+82.0% since first listed

7 events — show timeline

• 2026-05-06 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-01 Listed $325,000 MIBOR as Distributed by MLS Grid
• 2014-06-20 Listing Removed — MIBOR as Distributed by MLS Grid
• 2014-06-18 Sold (MLS) $177,700 MIBOR as Distributed by MLS Grid
• 2014-04-17 Listed $182,500 MIBOR as Distributed by MLS Grid
• 2003-12-29 Listed $155,225 MIBOR as Distributed by MLS Grid
• 2003-12-29 Sold (MLS) $178,555 MIBOR as Distributed by MLS Grid

Property tax history

-0.4%/yr

Latest (2025): $3,063 · -9.3% YoY. Source: county tax records.