15581 Meith St · Fishers, IN 46040

$210,000

3 bd · 1.0 ba · 1,152 sqft · SingleFamily public records · 21 Days on market

Built 1952 6,970 sqft lot $182/sqft · 33% below area Est $315k · 33% under

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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 +17.4/30.0
• ARV discount +15.0/15.0
• DSCR +5.4/10.0
• Schools +5.3/10.0
• 1% rule +4.2/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming waterfront home with 3 bedrooms and 1 bath. Recently renovated kitchen, updated bathroom, new tile floor throughout. Enjoy sitting outside on the porch, hanging out by the fire pit, or kayaking in the water. Hamilton Southeastern Schools. Make yourself right at home because you wont want to leave.

Key facts

• Wide back deck
• Private dock
• Chef's kitchen

Tags

• WATERFRONT COTTAGE
• PRIVATE DOCK
• CHEF'S KITCHEN
• SUN-SOAKED DINING NOOK
• GAZEBO-COVERED FRONT PORCH
• WIDE BACK DECK

Property features AI

Exterior

• Parking: Carport
• Utilities: Private water; Septic system; 200+ amp electric service
• Home design: Single-family residence; One story
• Construction: Vinyl siding; Block foundation
• Exterior features: Patio; Storage shed; Waterfront lot with a view

Interior

• Kitchen: Dishwasher; Range/oven (electric); Microwave with hood; Refrigerator
• Bedrooms: Three bedrooms on the main level (sizes include 14x10, 10x9, 10x9)
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Walk-in closet(s); Masonry fireplace in the living room
• Laundry & utility: Water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $210k.

Deal economics

• At list price, monthly cash flow is $-269 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $162k (22.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $193k (8.0% below list).
• Recommended offer: $162k (22.6% below list) — sets the bar for cash-flow.
• Cap rate 7.2% 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: Geist Elementary School (math 78% / reading 69%, grade A, #23 of 994 statewide, top 3%, 707 students, 13% FRL); Hamilton Se Int And Jr High Sch (math 50% / reading 60%, grade B-, #26 of 330 statewide, top 8%, 1,269 students, 13% FRL); Hamilton Southeastern Hs (math 66% / reading 85%, grade A-, #7 of 369 statewide, top 2%, 3,450 students, 15% FRL) — zoned schools at 14% FRL track the district average.
• Market conditions: 307 active listings in the ZIP; 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 21 days — a 2% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• 15 sale attempts since 23y ago; this cycle's ask has dropped $19k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $137k; list at $210k implies a 53% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $162,446 (22.6% 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. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 0.92% ✗
• Cap rate: 7.19%
• Cash-on-cash: 3.21%
• DSCR: 1.14
• GRM: 9.1

CMA / ARV

• ARV (median comp): $315,381
• List price: $210,000
• Delta: -33.41%
• Verdict: UNDERPRICED
• Comps: 20 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -25.5%
• Equity multiple: 0.13×
• Total profit: $-50,933
• Equity at exit: $31,312

10-year hold

• IRR: -21.4%
• Equity multiple: -0.11×
• Total profit: $-65,449
• Equity at exit: $18,157

Cash invested: $58,800 (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 46040

• Home prices YoY: -24.4%
• Active inventory: 307
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,933 medium
• Mortgage (P&I): −$1,101
• Tax from tax record: −$181 /mo · $2,171/yr
• Insurance: −$88
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$406
• Net cashflow: $-269

Break-even live

Break-even rent $2,274

Max offer price $162,446

Occupancy floor —

Sensitivity live

Price	-10% $-150	-5% $-210	+0% $-269	+5% $-329	+10% $-388
Rent	-10% $-422	-5% $-346	+0% $-269	+5% $-193	+10% $-116
Rate	-1.0pp $-163	-0.5pp $-216	base $-269	+0.5pp $-324	+1.0pp $-379

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: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

Listing history 41 events

1. 2026-06-13
   pricedays on market $210,000 Pending 21 DOM
2. 2026-06-03
   statusdays on market $219,000 Pending 19 DOM
3. 2026-06-02
   days on market $219,000 Active 18 DOM
4. 2026-06-01
   days on market $219,000 Active 17 DOM
5. 2026-05-31
   days on market $219,000 Active 16 DOM
6. 2026-05-15
   historical
7. 2026-05-15
   listed $229,000 Active 1901-char remark
8. 2026-05-07
   price $239,000
9. 2026-04-30
   listed $250,000 Active
10. 2019-12-30
    soldstatus $137,000 Sold

    Show marketing remark (309 chars)

    Charming waterfront home with 3 bedrooms and 1 bath. Recently renovated kitchen, updated bathroom, new tile floor throughout. Enjoy sitting outside on the porch, hanging out by the fire pit, or kayaking in the water. Hamilton Southeastern Schools. Make yourself right at home because you wont want to leave.

11. 2019-11-25
    status Pending

    Show marketing remark (309 chars)

    Charming waterfront home with 3 bedrooms and 1 bath. Recently renovated kitchen, updated bathroom, new tile floor throughout. Enjoy sitting outside on the porch, hanging out by the fire pit, or kayaking in the water. Hamilton Southeastern Schools. Make yourself right at home because you wont want to leave.

12. 2019-11-22
    price $139,999

    Show marketing remark (309 chars)

    Charming waterfront home with 3 bedrooms and 1 bath. Recently renovated kitchen, updated bathroom, new tile floor throughout. Enjoy sitting outside on the porch, hanging out by the fire pit, or kayaking in the water. Hamilton Southeastern Schools. Make yourself right at home because you wont want to leave.

13. 2019-11-21
    price $140,000

    Show marketing remark (309 chars)

    Charming waterfront home with 3 bedrooms and 1 bath. Recently renovated kitchen, updated bathroom, new tile floor throughout. Enjoy sitting outside on the porch, hanging out by the fire pit, or kayaking in the water. Hamilton Southeastern Schools. Make yourself right at home because you wont want to leave.

14. 2019-11-09
    price $144,900

    Show marketing remark (309 chars)

    Charming waterfront home with 3 bedrooms and 1 bath. Recently renovated kitchen, updated bathroom, new tile floor throughout. Enjoy sitting outside on the porch, hanging out by the fire pit, or kayaking in the water. Hamilton Southeastern Schools. Make yourself right at home because you wont want to leave.

15. 2019-10-24
    price $149,000

    Show marketing remark (309 chars)

    Charming waterfront home with 3 bedrooms and 1 bath. Recently renovated kitchen, updated bathroom, new tile floor throughout. Enjoy sitting outside on the porch, hanging out by the fire pit, or kayaking in the water. Hamilton Southeastern Schools. Make yourself right at home because you wont want to leave.

16. 2019-10-24
    status Active

    Show marketing remark (309 chars)

    Charming waterfront home with 3 bedrooms and 1 bath. Recently renovated kitchen, updated bathroom, new tile floor throughout. Enjoy sitting outside on the porch, hanging out by the fire pit, or kayaking in the water. Hamilton Southeastern Schools. Make yourself right at home because you wont want to leave.

17. 2019-08-15
    status Pending

    Show marketing remark (309 chars)

    Charming waterfront home with 3 bedrooms and 1 bath. Recently renovated kitchen, updated bathroom, new tile floor throughout. Enjoy sitting outside on the porch, hanging out by the fire pit, or kayaking in the water. Hamilton Southeastern Schools. Make yourself right at home because you wont want to leave.

18. 2019-08-09
    listed $154,900 Active

    Show marketing remark (309 chars)

    Charming waterfront home with 3 bedrooms and 1 bath. Recently renovated kitchen, updated bathroom, new tile floor throughout. Enjoy sitting outside on the porch, hanging out by the fire pit, or kayaking in the water. Hamilton Southeastern Schools. Make yourself right at home because you wont want to leave.

19. 2018-02-09
    soldstatus $119,900 Sold
20. 2018-01-26
    status Pending
21. 2018-01-20
    status Active
22. 2017-12-08
    status Pending
23. 2017-11-29
    listed $119,900 Active
24. 2014-10-21
    historical
25. 2014-06-23
    listed $79,900
26. 2014-02-28
    historical
27. 2013-08-27
    listed $119,000
28. 2012-07-30
    historical
29. 2012-07-27
    soldstatus $40,000
30. 2012-06-25
    listed $40,000
31. 2009-09-09
    historical
32. 2009-09-08
    soldstatus $65,000
33. 2009-05-26
    listed $70,000
34. 2009-05-01
    historical
35. 2008-05-21
    listed $84,900
36. 2007-12-13
    historical
37. 2007-06-13
    listed $95,900
38. 2007-04-08
    historical
39. 2006-10-09
    listed $98,900
40. 2004-02-23
    soldstatus $62,000
41. 2003-10-24
    listed $69,750

ⓘ 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: $2,171 · $181/mo
• Projected year-2 tax: $2,171 · $181/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 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 17 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,195
• − Mortgage interest: −$11,763
• − Property taxes: −$2,171
• − Insurance: −$6,169
• − Repairs & maintenance: −$1,856
• − Management: −$1,856
• − Depreciation: −$6,109
• Taxable loss: −$6,728
• Est. tax savings @ 24.0%: +$1,615
• After-tax cash flow: $-1,616/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

• City population: 92,467
• Population (ZIP): 17,891

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 (83%)
• Race & ethnicity: White 83% Black 6% Two or more races 4% Asian 4% Hispanic / Latino 2%
• Common ancestry: Lithuanian 5% Romanian 2% Portuguese 2%
• Foreign-born: 5% · Canada
• Languages at home: 94% English-only · Other Indo-European 3% Arabic 1% Spanish 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: ▼ -71.54%
• Current HPI: 221.8703
• Rent YoY: —
• Metro: —
• 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

+201.1% since first listed

41 events — show timeline

• 2026-06-12 Pending — MIBOR as Distributed by MLS Grid
• 2026-06-10 Price Changed $210,000 MIBOR as Distributed by MLS Grid
• 2026-06-10 Relisted — MIBOR as Distributed by MLS Grid
• 2026-06-03 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-28 Price Changed $219,000 MIBOR as Distributed by MLS Grid
• 2026-05-15 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-05-15 Listed $229,000 MIBOR as Distributed by MLS Grid
• 2026-05-07 Price Changed $239,000 MIBOR as Distributed by MLS Grid
• 2026-04-30 Listed $250,000 MIBOR as Distributed by MLS Grid
• 2019-12-30 Sold (MLS) $137,000 MIBOR as Distributed by MLS Grid
• 2019-11-25 Pending — MIBOR as Distributed by MLS Grid
• 2019-11-22 Price Changed $139,999 MIBOR as Distributed by MLS Grid
• 2019-11-21 Price Changed $140,000 MIBOR as Distributed by MLS Grid
• 2019-11-09 Price Changed $144,900 MIBOR as Distributed by MLS Grid
• 2019-10-24 Price Changed $149,000 MIBOR as Distributed by MLS Grid
• 2019-10-24 Relisted — MIBOR as Distributed by MLS Grid
• 2019-08-15 Pending — MIBOR as Distributed by MLS Grid
• 2019-08-09 Listed $154,900 MIBOR as Distributed by MLS Grid
• 2018-02-09 Sold (MLS) $119,900 MIBOR as Distributed by MLS Grid
• 2018-01-26 Pending — MIBOR as Distributed by MLS Grid
• 2018-01-20 Relisted — MIBOR as Distributed by MLS Grid
• 2017-12-08 Pending — MIBOR as Distributed by MLS Grid
• 2017-11-29 Listed $119,900 MIBOR as Distributed by MLS Grid
• 2014-10-21 Listing Removed — MIBOR as Distributed by MLS Grid
• 2014-06-23 Listed $79,900 MIBOR as Distributed by MLS Grid
• 2014-02-28 Listing Removed — MIBOR as Distributed by MLS Grid
• 2013-08-27 Listed $119,000 MIBOR as Distributed by MLS Grid
• 2012-07-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2012-07-27 Sold (MLS) $40,000 MIBOR as Distributed by MLS Grid
• 2012-06-25 Listed $40,000 MIBOR as Distributed by MLS Grid
• 2009-09-09 Listing Removed — MIBOR as Distributed by MLS Grid
• 2009-09-08 Sold (MLS) $65,000 MIBOR as Distributed by MLS Grid
• 2009-05-26 Listed $70,000 MIBOR as Distributed by MLS Grid
• 2009-05-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2008-05-21 Listed $84,900 MIBOR as Distributed by MLS Grid
• 2007-12-13 Listing Removed — MIBOR as Distributed by MLS Grid
• 2007-06-13 Listed $95,900 MIBOR as Distributed by MLS Grid
• 2007-04-08 Listing Removed — MIBOR as Distributed by MLS Grid
• 2006-10-09 Listed $98,900 MIBOR as Distributed by MLS Grid
• 2004-02-23 Sold (MLS) $62,000 MIBOR as Distributed by MLS Grid
• 2003-10-24 Listed $69,750 MIBOR as Distributed by MLS Grid

Property tax history

+13.2%/yr

Latest (2025): $2,171 · +22.2% YoY. Source: county tax records.