14066 State Road 38 E · Noblesville, IN 46060

$250,000

3 bd · 2.0 ba · 1,798 sqft · SingleFamily public records · 74 Days on market

Built 1900 0.31 ac lot $139/sqft · 5% above area Est $237k · 5% over

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Why this score? — see what drove the C+ 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 +25.8/30.0
• DSCR +8.6/10.0
• 1% rule +5.7/10.0
• Schools +5.3/10.0
• ARV discount +5.1/15.0
• Livability +4.3/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Wow! Move-in ready, HSE Schools, NO HOA! 3+ Car Garage! This 3BR/2BA home offers comfort, space, and a fantastic location! The spacious Great Room has soaring 9-ft ceilings and hardwood floors that continue to the Open Kitchen where you'll find maple cabinets. 2 bedrooms have new carpet! Major updates new water heater (2022), and new water softener (2022). The septic system was recently pumped in 2025 for added peace of mind. Outside, you'll find a rare 3-car detached garage offering plenty of room for vehicles, storage, or a workshop. Located just 2 miles from Hamilton Town Center, you'll enjoy quick access to shopping, dining, and entertainment. Don't miss this opportunity!

Key facts

• New water softener
• New water heater
• 3 car garage

Tags

• NO HOA
• 3 CAR GARAGE
• OPEN KITCHEN
• MAPLE CABINETS
• NEW WATER HEATER
• NEW WATER SOFTENER

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $604 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $235k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.2% 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; 2 comparable units currently listed for rent nearby; solid renter incomes; 4,661 units permitted in Hamilton County in 2024 (1,528 in 5+ unit buildings).
• This rent runs 35% of the median local income ($92k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.

Negotiation context

• It's been on market 74 days — a 6% lower offer ($235k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 21y ago; this cycle's ask has dropped $25k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $110k; list at $250k implies a 127% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $235,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 74 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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: 1.07% ✓
• Cap rate: 9.19%
• Cash-on-cash: 10.36%
• DSCR: 1.46
• GRM: 7.8

CMA / ARV

• ARV (median comp): $237,229
• List price: $250,000
• Delta: 5.38%
• Verdict: FAIR
• Comps: 5 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -2.0%
• Equity multiple: 0.92×
• Total profit: $-5,345
• Equity at exit: $37,276

10-year hold

• IRR: 6.4%
• Equity multiple: 1.45×
• Total profit: $31,630
• Equity at exit: $21,615

Cash invested: $70,000 (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: 7.8×

Monthly cashflow live

• Estimated rent: $2,672 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$91 /mo · $1,096/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$561
• Net cashflow: $604

Break-even live

Break-even rent $1,907

Max offer price $250,000

Occupancy floor 72%

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15732 Showdown Rd Noblesville, IN	4.0	3.0	2334	$3,100	$1.33	20d	1	1.35mi
15732 Showdown Rd Noblesville, IN	4.0	3.0	2334	$3,100	$1.33	17d	1	1.35mi

Listing history 16 events

1. 2026-05-19
   status Pending 684-char remark

   Show marketing remark (684 chars)

   Wow! Move-in ready, HSE Schools, NO HOA! 3+ Car Garage! This 3BR/2BA home offers comfort, space, and a fantastic location! The spacious Great Room has soaring 9-ft ceilings and hardwood floors that continue to the Open Kitchen where you'll find maple cabinets. 2 bedrooms have new carpet! Major updates new water heater (2022), and new water softener (2022). The septic system was recently pumped in 2025 for added peace of mind. Outside, you'll find a rare 3-car detached garage offering plenty of room for vehicles, storage, or a workshop. Located just 2 miles from Hamilton Town Center, you'll enjoy quick access to shopping, dining, and entertainment. Don't miss this opportunity!

2. 2026-05-06
   price $250,000 684-char remark

   Show marketing remark (684 chars)

   Wow! Move-in ready, HSE Schools, NO HOA! 3+ Car Garage! This 3BR/2BA home offers comfort, space, and a fantastic location! The spacious Great Room has soaring 9-ft ceilings and hardwood floors that continue to the Open Kitchen where you'll find maple cabinets. 2 bedrooms have new carpet! Major updates new water heater (2022), and new water softener (2022). The septic system was recently pumped in 2025 for added peace of mind. Outside, you'll find a rare 3-car detached garage offering plenty of room for vehicles, storage, or a workshop. Located just 2 miles from Hamilton Town Center, you'll enjoy quick access to shopping, dining, and entertainment. Don't miss this opportunity!

3. 2026-04-07
   price $270,000 684-char remark

   Show marketing remark (684 chars)

   Wow! Move-in ready, HSE Schools, NO HOA! 3+ Car Garage! This 3BR/2BA home offers comfort, space, and a fantastic location! The spacious Great Room has soaring 9-ft ceilings and hardwood floors that continue to the Open Kitchen where you'll find maple cabinets. 2 bedrooms have new carpet! Major updates new water heater (2022), and new water softener (2022). The septic system was recently pumped in 2025 for added peace of mind. Outside, you'll find a rare 3-car detached garage offering plenty of room for vehicles, storage, or a workshop. Located just 2 miles from Hamilton Town Center, you'll enjoy quick access to shopping, dining, and entertainment. Don't miss this opportunity!

4. 2026-03-13
   status Active 684-char remark

   Show marketing remark (684 chars)

   Wow! Move-in ready, HSE Schools, NO HOA! 3+ Car Garage! This 3BR/2BA home offers comfort, space, and a fantastic location! The spacious Great Room has soaring 9-ft ceilings and hardwood floors that continue to the Open Kitchen where you'll find maple cabinets. 2 bedrooms have new carpet! Major updates new water heater (2022), and new water softener (2022). The septic system was recently pumped in 2025 for added peace of mind. Outside, you'll find a rare 3-car detached garage offering plenty of room for vehicles, storage, or a workshop. Located just 2 miles from Hamilton Town Center, you'll enjoy quick access to shopping, dining, and entertainment. Don't miss this opportunity!

5. 2026-03-11
   status Pending 684-char remark

   Show marketing remark (684 chars)

   Wow! Move-in ready, HSE Schools, NO HOA! 3+ Car Garage! This 3BR/2BA home offers comfort, space, and a fantastic location! The spacious Great Room has soaring 9-ft ceilings and hardwood floors that continue to the Open Kitchen where you'll find maple cabinets. 2 bedrooms have new carpet! Major updates new water heater (2022), and new water softener (2022). The septic system was recently pumped in 2025 for added peace of mind. Outside, you'll find a rare 3-car detached garage offering plenty of room for vehicles, storage, or a workshop. Located just 2 miles from Hamilton Town Center, you'll enjoy quick access to shopping, dining, and entertainment. Don't miss this opportunity!

6. 2026-03-05
   listed $275,000 Active 684-char remark

   Show marketing remark (684 chars)

   Wow! Move-in ready, HSE Schools, NO HOA! 3+ Car Garage! This 3BR/2BA home offers comfort, space, and a fantastic location! The spacious Great Room has soaring 9-ft ceilings and hardwood floors that continue to the Open Kitchen where you'll find maple cabinets. 2 bedrooms have new carpet! Major updates new water heater (2022), and new water softener (2022). The septic system was recently pumped in 2025 for added peace of mind. Outside, you'll find a rare 3-car detached garage offering plenty of room for vehicles, storage, or a workshop. Located just 2 miles from Hamilton Town Center, you'll enjoy quick access to shopping, dining, and entertainment. Don't miss this opportunity!

7. 2010-11-08
   historical 279-char remark

   Show marketing remark (279 chars)

   Completely remodeled in 2009 3BR 2BA home. New roof '09, new ceramic tile in mud room, BAs, and kitchen, new 42in maple cabinets, 9ft ceiling in GR new carpet, and much more! 3 car detached garage. Move in ready! 2 miles from Hamilton Towne Center. Hamilton Southeastern Schools.

8. 2010-11-05
   soldstatus $110,000 279-char remark

   Show marketing remark (279 chars)

   Completely remodeled in 2009 3BR 2BA home. New roof '09, new ceramic tile in mud room, BAs, and kitchen, new 42in maple cabinets, 9ft ceiling in GR new carpet, and much more! 3 car detached garage. Move in ready! 2 miles from Hamilton Towne Center. Hamilton Southeastern Schools.

9. 2010-02-05
   listed $115,000 279-char remark

   Show marketing remark (279 chars)

   Completely remodeled in 2009 3BR 2BA home. New roof '09, new ceramic tile in mud room, BAs, and kitchen, new 42in maple cabinets, 9ft ceiling in GR new carpet, and much more! 3 car detached garage. Move in ready! 2 miles from Hamilton Towne Center. Hamilton Southeastern Schools.

10. 2009-01-16
    historical
11. 2008-09-02
    soldstatus $58,000
12. 2008-06-06
    listed $64,900
13. 2006-02-24
    soldstatus $55,000
14. 2006-01-12
    historical
15. 2005-12-15
    listed $62,500
16. 2005-06-20
    listed $67,500

ⓘ 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: $1,096 · $91/mo
• Projected year-2 tax: $1,611 · $134/mo
• Expected delta: +$514/yr (+$43/mo · 46.9%)

ⓘ 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 ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,061
• − Mortgage interest: −$14,004
• − Property taxes: −$1,096
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,565
• − Management: −$2,565
• − Depreciation: −$7,273
• Taxable income: $3,308
• Est. tax owed @ 24.0%: −$794
• After-tax cash flow: $6,455/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

• 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

+270.4% since first listed

16 events — show timeline

• 2026-05-19 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-06 Price Changed $250,000 MIBOR as Distributed by MLS Grid
• 2026-04-07 Price Changed $270,000 MIBOR as Distributed by MLS Grid
• 2026-03-13 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-11 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-05 Listed $275,000 MIBOR as Distributed by MLS Grid
• 2010-11-08 Listing Removed — MIBOR as Distributed by MLS Grid
• 2010-11-05 Sold (MLS) $110,000 MIBOR as Distributed by MLS Grid
• 2010-02-05 Listed $115,000 MIBOR as Distributed by MLS Grid
• 2009-01-16 Listing Removed — MIBOR as Distributed by MLS Grid
• 2008-09-02 Sold (MLS) $58,000 MIBOR as Distributed by MLS Grid
• 2008-06-06 Listed $64,900 MIBOR as Distributed by MLS Grid
• 2006-02-24 Sold (MLS) $55,000 MIBOR as Distributed by MLS Grid
• 2006-01-12 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-12-15 Listed $62,500 MIBOR as Distributed by MLS Grid
• 2005-06-20 Listed $67,500 MIBOR as Distributed by MLS Grid

Property tax history

-4.1%/yr

Latest (2025): $1,096 · -11.6% YoY. Source: county tax records.