10877 Washington Bay Dr · Fishers, IN 46037

$309,900

3 bd · 2.5 ba · 1,325 sqft · SingleFamily public records · 6 Days on market

Built 1994 7,405 sqft lot Est $302k · at est. $23/mo HOA · 1% 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).

• Cash flow +12.2/30.0
• ARV discount +6.3/15.0
• Schools +5.3/10.0
• Rent growth +4.2/5.0
• Livability +4.2/5.0
• DSCR +3.6/10.0
• 1% rule +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

WOW! MOVE - RIGHT- INTO THIS UPDATED BRIGHT & OPEN HOME IN ONE OF FISHERS' MOST DESIRED LOCATIONS! ALL NEW: TANKLESS WATER HEATER, HEATED CERAMIC TILE FLOOR IN MASTER BATH, COMPLETELY UPDATED KITCHEN INCLUDING FLOOR AND COUNTERS, HOME AUTOMATED LIGHTING SYSTEM. FULL WHITE PICKET FENCE, GAS FIREPLACE, VAULTED CEILINGS & ALL APPLIANCES. ENJOY THE PRIVATE SETTING W/POND VIEW & HUGE SIDE YARD WITH NO NEIGHBOR NEXT DOOR. DON'T MISS OUT ON THIS WONDERFUL HOME! IT WILL NOT LAST!

Key facts

• Recent updates
• Updated kitchen
• Spacious garage

Tags

• PRIVATE WATER VIEWS
• UPDATED KITCHEN
• HUGE WALK IN CLOSET
• SPACIOUS GARAGE
• RECENT UPDATES
• WALKING AND BIKING AREAS

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $310k.

Deal economics

• At list price, monthly cash flow is $-64 ($-766/yr) — negative.
• To cash-flow at today's rent, offer at most $299k (3.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $244k (21.1% below list).
• Recommended offer: $244k (21.1% below list) — sets the bar for 1% rule.
• Cap rate 6.0% 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: crime A+, amenities A+, employment 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.
• Zoned schools: Lantern Road Elementary School (math 75% / reading 59%, grade B+, #55 of 994 statewide, top 6%, 524 students, 14% FRL); Riverside Junior High (math 42% / reading 56%, grade C-, #53 of 330 statewide, top 16%, 895 students, 25% FRL); Hamilton Southeastern Hs (math 66% / reading 85%, grade A-, #7 of 369 statewide, top 2%, 3,450 students, 15% FRL).
• Market conditions: Rents rising fast (+6.7%/yr); 329 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 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 $9k 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

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 25y 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 $134k; list at $310k implies a 130% gain — meaningful room to come down on a strong offer.

Recommended offer $244,384 (21.1% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 0.79% ✗
• Cap rate: 6.05%
• Cash-on-cash: -0.88%
• DSCR: 0.96
• GRM: 10.6

CMA / ARV

• ARV (on-the-fly): $302,100
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10877 Washington Bay Dr	0.00mi	2/2.5 (-1)	1,325 (0%)	1mo	$302,500	$228	94
10880 Washington Bay Dr	0.03mi	3/2.0	1,334 (+1%)	9mo	$319,000	$239	88
10864 Washington Bay Dr	0.06mi	2/2.0 (-1)	1,356 (+2%)	2mo	$315,000	$232	84
9304 Maryland Ct	0.13mi	2/2.0 (-1)	1,348 (+2%)	4mo	$297,000	$220	80
10872 Washington Bay Dr	0.04mi	2/2.0 (-1)	1,272 (-4%)	8mo	$292,500	$230	78
10695 Kyle Ct	0.18mi	3/2.0	1,294 (-2%)	16mo	$305,000	$236	73
10820 Washington Bay Dr	0.13mi	2/2.0 (-1)	1,424 (+8%)	13mo	$315,000	$221	64
9776 Overcrest Dr	0.46mi	3/2.0	1,366 (+3%)	10mo	$309,900	$227	63
10656 Adam Ct	0.33mi	3/2.0	1,246 (-6%)	14mo	$328,000	$263	61
10832 Washington Bay Dr	0.16mi	2/2.5 (-1)	1,487 (+12%)	10mo	$315,000	$212	59
9667 Overcrest Dr	0.45mi	3/2.0	1,415 (+7%)	15mo	$315,000	$223	54
8838 Moll Dr	0.69mi	3/1.5	1,368 (+3%)	17mo	$298,000	$218	44

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 · 6.71% rent growth · sell at horizon

5-year hold

• IRR: -14.0%
• Equity multiple: 0.48×
• Total profit: $-44,877
• Equity at exit: $46,207

10-year hold

• IRR: -0.4%
• Equity multiple: 0.97×
• Total profit: $-2,621
• Equity at exit: $26,794

Cash invested: $86,772 (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 46037

• Home prices YoY: -18.6%
• Rents YoY: 6.7%
• Active inventory: 329
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $2,444 high
• Mortgage (P&I): −$1,625
• Tax from tax record: −$217 /mo · $2,607/yr
• Insurance: −$129
• HOA: −$23
• Vacancy / Maint / Mgmt: −$513
• Net cashflow: $-64

Break-even live

Break-even rent $2,525

Max offer price $298,616

Occupancy floor 98%

Sensitivity live

Price	-10% $112	-5% $24	+0% $-64	+5% $-152	+10% $-239
Rent	-10% $-257	-5% $-160	+0% $-64	+5% $33	+10% $129
Rate	-1.0pp $92	-0.5pp $15	base $-64	+0.5pp $-144	+1.0pp $-226

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: $77,475
• Closing costs: $9,297
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11255 Slate Stone Dr Fishers, IN	1.0–4.0	1.0–3.5	1707	$3,068	$1.80	0d	32	0.41mi
11110 Lantern Rd Fishers, IN	1.0–2.0	1.0–2.0	1024	$1,889	$1.84	0d	14	0.63mi
11150 Lantern Rd Unit 1228663P Fishers, IN	2.0	2.0	1173	$3,542	$3.02	45d	1	0.66mi
10510 Kings Way Rd Fishers, IN	2.0	1.0–2.0	649	$1,983	$3.06	0d	26	0.71mi
9735 Junction Sta Fishers, IN	3.0	2.5	1520	$3,000	$1.97	45d	1	0.71mi
11547 Yard St Fishers, IN	2.0	1.0–2.0	922	$2,150	$2.33	0d	15	0.76mi
11547 Yard St Fishers, IN	3.0	1.0–2.0	1106	$2,640	$2.39	45d	17	0.76mi
8800 Bradwell Pl Fishers, IN	1.0–2.0	1.0–2.0	1041	$1,869	$1.80	0d	20	0.76mi
10950 Lantern Woods Blvd Fishers, IN	1.0–3.0	1.0–2.0	988	$1,945	$1.97	0d	36	0.83mi
11229 Spring Blossom Ln Fishers, IN	3.0	2.0	1284	$2,295	$1.79	45d	1	0.86mi
8439 Manship Dr Fishers, IN	4.0	2.0	1429	$2,325	$1.63	9d	1	0.89mi
11437 Enclave Blvd Unit 1 Fishers, IN	2.0	2.0	1220	$1,650	$1.35	45d	1	0.99mi
10732 Bella Vista Dr Fishers, IN	1.0–3.0	1.0–2.0	978	$1,973	$2.02	0d	17	1.02mi
11212 Boston Way Fishers, IN	3.0	2.0	1244	$2,345	$1.89	45d	1	1.05mi
8700 E 116th St Fishers, IN	2.0	1.0–2.5	1033	$2,691	$2.60	0d	37	1.07mi
8800 North St Fishers, IN	1.0–2.0	1.0–2.0	924	$2,167	$2.34	0d	18	1.11mi
11723 Watermark Way Fishers, IN	1.0–2.0	1.0–2.0	980	$1,771	$1.81	0d	10	1.11mi
8594 E 116th St Fishers, IN	1.0–3.0	1.0–3.0	1522	$4,065	$2.67	0d	14	1.16mi
11757 Garden Cir E Fishers, IN	1.0–2.0	1.0–2.0	955	$1,690	$1.77	3d	8	1.33mi
10272 Lakeland Dr Fishers, IN	3.0	2.0	1350	$2,250	$1.67	5d	1	1.49mi
7717 Cambridge Dr Fishers, IN	3.0	2.5	1584	$2,100	$1.33	16d	1	1.50mi

HOA detail

• Monthly dues: $23 · $276/yr
• Likely covers: watergas

Listing history 9 events

1. 2026-03-31
   status Pending
2. 2026-03-25
   listed $309,900 Active
3. 2012-04-30
   historical 490-char remark

   Show marketing remark (490 chars)

   WOW! MOVE - RIGHT- INTO THIS UPDATED BRIGHT & OPEN HOME IN ONE OF FISHERS' MOST DESIRED LOCATIONS! ALL NEW: TANKLESS WATER HEATER, HEATED CERAMIC TILE FLOOR IN MASTER BATH, COMPLETELY UPDATED KITCHEN INCLUDING FLOOR AND COUNTERS, HOME AUTOMATED LIGHTING SYSTEM. FULL WHITE PICKET FENCE, GAS FIREPLACE, VAULTED CEILINGS & ALL APPLIANCES. ENJOY THE PRIVATE SETTING W/POND VIEW & HUGE SIDE YARD WITH NO NEIGHBOR NEXT DOOR. DON'T MISS OUT ON THIS WONDERFUL HOME! IT WILL NOT LAST!

4. 2012-04-27
   soldstatus $134,500 490-char remark

   Show marketing remark (490 chars)

   WOW! MOVE - RIGHT- INTO THIS UPDATED BRIGHT & OPEN HOME IN ONE OF FISHERS' MOST DESIRED LOCATIONS! ALL NEW: TANKLESS WATER HEATER, HEATED CERAMIC TILE FLOOR IN MASTER BATH, COMPLETELY UPDATED KITCHEN INCLUDING FLOOR AND COUNTERS, HOME AUTOMATED LIGHTING SYSTEM. FULL WHITE PICKET FENCE, GAS FIREPLACE, VAULTED CEILINGS & ALL APPLIANCES. ENJOY THE PRIVATE SETTING W/POND VIEW & HUGE SIDE YARD WITH NO NEIGHBOR NEXT DOOR. DON'T MISS OUT ON THIS WONDERFUL HOME! IT WILL NOT LAST!

5. 2012-02-28
   listed $142,000 490-char remark

   Show marketing remark (490 chars)

   WOW! MOVE - RIGHT- INTO THIS UPDATED BRIGHT & OPEN HOME IN ONE OF FISHERS' MOST DESIRED LOCATIONS! ALL NEW: TANKLESS WATER HEATER, HEATED CERAMIC TILE FLOOR IN MASTER BATH, COMPLETELY UPDATED KITCHEN INCLUDING FLOOR AND COUNTERS, HOME AUTOMATED LIGHTING SYSTEM. FULL WHITE PICKET FENCE, GAS FIREPLACE, VAULTED CEILINGS & ALL APPLIANCES. ENJOY THE PRIVATE SETTING W/POND VIEW & HUGE SIDE YARD WITH NO NEIGHBOR NEXT DOOR. DON'T MISS OUT ON THIS WONDERFUL HOME! IT WILL NOT LAST!

6. 2008-01-04
   soldstatus $129,900 454-char remark

   Show marketing remark (454 chars)

   WOW! MOVE RIGHT INTO THIS ALL UPDATED BRIGHT & AIRY HOME IN ONE OF FISHERS' MOST DESIRED LOCATIONS! ALL NEW EXT. & INT. PAINT, NEW CARPET, NEWLY INSTALLED WHITE PICKET FENCE, GAS FIREPLACE, VAULTED CEILINGS & ALL APPLIANCES. OPEN FLOOR PLAN + PRIVATE SETTING W/POND VIEW & HUGE SIDE YARD WITH NO NEIGHBOR NEXT DOOR. ENJOY THIS EASY COMMUTE, ENJOY LIVING IN A NEIGHBORHOOD W/MUCH LARGER AND EXPENSIVE HOMES. DON'T MISS! HOME WARRANTY, TOO.

7. 2007-12-04
   listed $129,900 454-char remark

   Show marketing remark (454 chars)

   WOW! MOVE RIGHT INTO THIS ALL UPDATED BRIGHT & AIRY HOME IN ONE OF FISHERS' MOST DESIRED LOCATIONS! ALL NEW EXT. & INT. PAINT, NEW CARPET, NEWLY INSTALLED WHITE PICKET FENCE, GAS FIREPLACE, VAULTED CEILINGS & ALL APPLIANCES. OPEN FLOOR PLAN + PRIVATE SETTING W/POND VIEW & HUGE SIDE YARD WITH NO NEIGHBOR NEXT DOOR. ENJOY THIS EASY COMMUTE, ENJOY LIVING IN A NEIGHBORHOOD W/MUCH LARGER AND EXPENSIVE HOMES. DON'T MISS! HOME WARRANTY, TOO.

8. 2001-04-26
   soldstatus $121,000
9. 2001-02-06
   listed $122,900

ⓘ 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: $2,607 · $217/mo
• Projected year-2 tax: $2,620 · $218/mo
• Expected delta: +$14/yr (+$1/mo · 0.5%)

ⓘ 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,326
• − Mortgage interest: −$17,359
• − Property taxes: −$2,607
• − Insurance: −$1,550
• − Repairs & maintenance: −$2,346
• − Management: −$2,346
• − HOA: −$276
• − Depreciation: −$9,015
• Taxable loss: −$6,173
• Est. tax savings @ 24.0%: +$1,481
• After-tax cash flow: $715/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: Hamilton County · 337,479 people
• City population: 92,467
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 48,713
• Household income: $141,810
• Rent vs Own: 20.3% rent · 79.7% own
• Severe rent burden: 738.0

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 (79%)
• Race & ethnicity: White 79% Asian 10% Two or more races 5% Hispanic / Latino 3% Black 3%
• Common ancestry: Romanian 2% Slovak 2% Iranian 1%
• Foreign-born: 10% · Canada, China, South Korea
• Languages at home: 87% English-only · Other Indo-European 4% Other Asian/Pacific 4% Spanish 2%

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: ▼ -48.93%
• Current HPI: 213.5424
• Rent YoY: ▲ 6.71%
• 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

+152.2% since first listed

9 events — show timeline

• 2026-03-31 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-25 Listed $309,900 MIBOR as Distributed by MLS Grid
• 2012-04-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2012-04-27 Sold (MLS) $134,500 MIBOR as Distributed by MLS Grid
• 2012-02-28 Listed $142,000 MIBOR as Distributed by MLS Grid
• 2008-01-04 Sold (MLS) $129,900 MIBOR as Distributed by MLS Grid
• 2007-12-04 Listed $129,900 MIBOR as Distributed by MLS Grid
• 2001-04-26 Sold (MLS) $121,000 MIBOR as Distributed by MLS Grid
• 2001-02-06 Listed $122,900 MIBOR as Distributed by MLS Grid

Property tax history

+7.2%/yr

Latest (2025): $2,607 · -9.5% YoY. Source: county tax records.