6047 Southbay Dr · Fishers, IN 46250

$187,000

2 bd · 2.5 ba · 992 sqft · Condo public records · 73 Days on market

Built 1985 $189/sqft · 6% below area Est $200k · 6% under $210/mo HOA · 13% 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 +10.4/15.0
• Cash flow +8.0/30.0
• Schools +5.3/10.0
• Livability +4.2/5.0
• 1% rule +3.9/10.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• DSCR +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Step inside this thoughtfully updated residence and discover a layout designed for both style and functionality. Freshly installed luxury vinyl plank flooring runs throughout the main level, giving the home a modern, low-maintenance appeal. The kitchen has been thoughtfully refreshed with a brand new appliance set and a breakfast bar that opens into a light-filled dining and living area, creating a warm and inviting space for both daily living and entertaining. From the living room, step outside to enjoy your private fenced backyard with a patio-perfect for relaxing in the evenings, gardening, or hosting friends on summer nights. An updated half bath on the main floor adds convenience for guests and gatherings. Upstairs, you'll find two generous bedroom suites, each designed with comfort and privacy in mind. Both include large closets and full bathrooms, with one suite offering a sleek shower and the other a soaking tub, providing options for different preferences. The separation of the suites makes the home ideal for roommates, families, or hosting long-term guests. The condo also features a fully finished attached garage, offering not just secure parking but also additional storage space. With its thoughtful layout, move-in ready updates, and a location that puts you minutes from shopping, dining, parks, and is located with the HSE School district. This home is a rare combination of style, comfort, and everyday convenience.

Key facts

• Updated half bath
• Large closets
• Full bathrooms

Tags

• LUXURY VINYL PLANK FLOORING
• BRAND NEW APPLIANCE SET
• PRIVATE FENCED BACKYARD
• UPDATED HALF BATH
• LARGE CLOSETS
• FULL BATHROOMS

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath condo listed at $187k.

Deal economics

• At list price, monthly cash flow is $-192 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $159k (14.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $166k (11.3% below list).
• Recommended offer: $159k (14.8% below list) — sets the bar for cash-flow.
• Cap rate 5.1% vs local median 3.6% in Fishers — 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 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: Rents rising (+3.2%/yr); 10 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $1k of loan paydown is wiped out by about $6k 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 73 days — a 6% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 21y 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.

Recommended offer $159,236 (14.8% 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 73 days. Have you received any prior offers? Is the seller open to a 15% 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. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.89% ✗
• Cap rate: 5.06%
• Cash-on-cash: -4.40%
• DSCR: 0.80
• GRM: 9.4

CMA / ARV

• ARV (median comp): $199,932
• List price: $187,000
• Delta: -6.47%
• Verdict: FAIR
• Comps: 8 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.23% rent growth · sell at horizon

5-year hold

• IRR: -23.3%
• Equity multiple: 0.20×
• Total profit: $-41,984
• Equity at exit: $27,882

10-year hold

• IRR: -17.1%
• Equity multiple: 0.04×
• Total profit: $-50,082
• Equity at exit: $16,168

Cash invested: $52,360 (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 46250

• Rents YoY: 3.2%
• Active inventory: 10
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,659 medium
• Mortgage (P&I): −$981
• Tax est. 1.5%: −$234 /mo · $2,805/yr
• Insurance: −$78
• HOA: −$210
• Vacancy / Maint / Mgmt: −$348
• Net cashflow: $-192

Break-even live

Break-even rent $1,902

Max offer price $159,236

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: $46,750
• Closing costs: $5,610
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5705 Apex Dr Castleton, IN	3.0	1.0–2.0	1055	$2,016	$1.91	2d	24	0.31mi
10190 Allisonville Rd Fishers, IN	1.0–2.0	1.0–2.0	903	$1,379	$1.53	2d	49	0.70mi
4690 Haven Point Blvd Carmel, IN	1.0–3.0	1.0–2.0	953	$1,486	$1.56	2d	15	1.46mi

HOA detail condo

• Monthly dues: $210 · $2,520/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-18
   days on market $187,000 Active 73 DOM
2. 2026-06-17
   days on market $187,000 Active 72 DOM
3. 2026-06-16
   days on market $187,000 Active 71 DOM
4. 2026-06-15
   days on market $187,000 Active 70 DOM
5. 2026-06-13
   days on market $187,000 Active 68 DOM
6. 2026-06-09
   days on market $187,000 Active 64 DOM
7. 2026-06-08
   days on market $187,000 Active 63 DOM
8. 2026-06-08
   price $187,000 Active 62 DOM
9. 2026-06-07
   days on market $189,500 Active 62 DOM
10. 2026-06-03
    days on market $189,500 Active 58 DOM
11. 2026-06-02
    days on market $189,500 Active 57 DOM
12. 2026-06-01
    days on market $189,500 Active 56 DOM
13. 2026-05-31
    days on market $189,500 Active 55 DOM
14. 2026-04-06
    listed $189,500 Active 1455-char remark

    Show marketing remark (1455 chars)

    Step inside this thoughtfully updated residence and discover a layout designed for both style and functionality. Freshly installed luxury vinyl plank flooring runs throughout the main level, giving the home a modern, low-maintenance appeal. The kitchen has been thoughtfully refreshed with a brand new appliance set and a breakfast bar that opens into a light-filled dining and living area, creating a warm and inviting space for both daily living and entertaining. From the living room, step outside to enjoy your private fenced backyard with a patio-perfect for relaxing in the evenings, gardening, or hosting friends on summer nights. An updated half bath on the main floor adds convenience for guests and gatherings. Upstairs, you'll find two generous bedroom suites, each designed with comfort and privacy in mind. Both include large closets and full bathrooms, with one suite offering a sleek shower and the other a soaking tub, providing options for different preferences. The separation of the suites makes the home ideal for roommates, families, or hosting long-term guests. The condo also features a fully finished attached garage, offering not just secure parking but also additional storage space. With its thoughtful layout, move-in ready updates, and a location that puts you minutes from shopping, dining, parks, and is located with the HSE School district. This home is a rare combination of style, comfort, and everyday convenience.

15. 2025-12-31
    historical
16. 2025-08-30
    listed $190,000 Active
17. 2006-04-06
    historical
18. 2005-10-06
    listed $89,900

ⓘ 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 · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,905
• − Mortgage interest: −$10,475
• − Property taxes: −$2,805
• − Insurance: −$935
• − Repairs & maintenance: −$1,592
• − Management: −$1,592
• − HOA: −$2,520
• − Depreciation: −$5,440
• Taxable loss: −$5,454
• Est. tax savings @ 24.0%: +$1,309
• After-tax cash flow: $-993/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
• County: Marion County · 998,460 people
• City population: 92,467
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 18,147
• Household income: $67,328
• Rent vs Own: 58.2% rent · 41.8% own
• Severe rent burden: 957.0

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: Majority White (65%)
• Race & ethnicity: White 65% Black 19% Hispanic / Latino 10% Two or more races 8% Asian 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 3% Romanian 2% Lithuanian 2%
• Foreign-born: 4% · Canada, Vietnam
• Languages at home: 91% English-only · Spanish 6% Other Asian/Pacific 1% Other Indo-European 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: ▼ -204.88%
• Current HPI: 211.5564
• Rent YoY: ▲ 3.23%
• 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

+110.8% since first listed

5 events — show timeline

• 2026-04-06 Listed $189,500 MIBOR as Distributed by MLS Grid
• 2025-12-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-08-30 Listed $190,000 MIBOR as Distributed by MLS Grid
• 2006-04-06 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-10-06 Listed $89,900 MIBOR as Distributed by MLS Grid

Property tax history

-3.5%/yr

Latest (2025): $62 · +2.0% YoY. Source: county tax records.