10514 Stonegate Dr · Fishers, IN 46040

$635,000

3 bd · 3.5 ba · 3,974 sqft · SingleFamily public records · 12 Days on market

Built 2004 0.29 ac lot Est $616k · at est. $39/mo HOA · 2% 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 +6.1/15.0
• Schools +5.3/10.0
• Livability +4.2/5.0
• Cash flow +3.0/30.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Why build when you can move right into this home of Great Quality and Custom Style! This home offers a 3 Car Garage, a beautiful Covered Front Porch, Main Level Master Bedroom, and a Gourmet Kitchen equipped with Granite Counter Tops, Marble Back Splash with High End Stainless Steel Appliances, and more! The Main Level Hand Scraped Hardwood Floors, Spectacular Finished Lower Level with Linear Fireplace and Wet Bar are just a few of the custom features offered! The outdoor living space with built-in gas grill, gas burning fire pit & upgraded landscaping provides a wonderful transition from the indoors to your outdoor retreat! You Must See!

Key facts

• Invisible fence
• Hidden safe
• Alarm system

Tags

• FULLY FINISHED BASEMENT
• CUSTOM BUILT-IN WET BAR
• HIDDEN SAFE
• FULL IRRIGATION SYSTEM
• ALARM SYSTEM
• INVISIBLE FENCE

What this means for you Summary

Snapshot

• This is a 3-bed/3.5-bath single-family listed at $635k.

Deal economics

• At list price, monthly cash flow is $-2k ($-25k/yr) — negative.
• To cash-flow at today's rent, offer at most $270k (57.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $259k (59.2% below list).
• Recommended offer: $259k (59.2% below list) — sets the bar for 1% rule.
• Cap rate 2.4% vs local median 3.6% in Fishers — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 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.
• Zoned-school proficiency averages 74% at this address vs 58% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Hamilton Southeastern Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 303 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $4k of loan paydown is wiped out by about $19k 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 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• Current owner paid $421k; list at $635k implies a 51% gain — meaningful room to come down on a strong offer.

Recommended offer $259,100 (59.2% 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: 0.41% ✗
• Cap rate: 2.39%
• Cash-on-cash: -13.95%
• DSCR: 0.38
• GRM: 20.4

CMA / ARV

• ARV (on-the-fly): $615,970
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10514 Stonegate Dr	0.00mi	4/3.5 (+1)	4,228 (+6%)	1mo	$630,000	$149	84
10580 Saddlestone Dr	0.09mi	4/3.5 (+1)	4,325 (+9%)	13mo	$635,000	$147	66
10238 Wicklow Ct	0.37mi	4/3.5 (+1)	4,287 (+8%)	6mo	$670,000	$156	60
13836 Fieldcrest Dr	0.58mi	4/3.5 (+1)	3,961 (-0%)	10mo	$615,000	$155	59
14494 Christie Ann Dr	0.53mi	4/3.5 (+1)	3,782 (-5%)	9mo	$679,525	$180	55
13875 Ambria Dr	0.50mi	4/3.5 (+1)	4,230 (+6%)	13mo	$632,000	$149	50
14359 Misty Cove Ln	0.45mi	4/3.0 (+1)	4,532 (+14%)	4mo	$635,000	$140	45
14691 Thor Run Dr	0.72mi	4/4.5 (+1)	4,386 (+10%)	4mo	$745,000	$170	37
14707 Thor Run Dr	0.74mi	4/4.0 (+1)	4,312 (+8%)	12mo	$695,000	$161	34

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -42.7%
• Equity multiple: -0.32×
• Total profit: $-234,665
• Equity at exit: $94,681

10-year hold

• IRR: -74.2%
• Equity multiple: -1.11×
• Total profit: $-374,373
• Equity at exit: $54,903

Cash invested: $177,800 (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: 303
• Price-to-rent: 20.4×

Monthly cashflow live

• Estimated rent: $2,591 medium
• Mortgage (P&I): −$3,330
• Tax from tax record: −$480 /mo · $5,762/yr
• Insurance: −$265
• HOA: −$39
• Vacancy / Maint / Mgmt: −$544
• Net cashflow: $-2,067

Break-even live

Break-even rent $5,207

Max offer price $269,885

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: $158,750
• Closing costs: $19,050
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11263 Hearthstone Dr Fishers, IN	4.0	3.0	3056	$2,591	$0.85	12d	1	1.39mi

HOA detail

• Monthly dues: $39 · $468/yr
• Likely covers: gaslandscaping

Listing history 7 events

1. 2026-04-27
   status Pending
2. 2026-04-13
   listed $635,000 Active
3. 2017-11-13
   soldstatus $421,000 Sold 650-char remark

   Show marketing remark (650 chars)

   Why build when you can move right into this home of Great Quality and Custom Style! This home offers a 3 Car Garage, a beautiful Covered Front Porch, Main Level Master Bedroom, and a Gourmet Kitchen equipped with Granite Counter Tops, Marble Back Splash with High End Stainless Steel Appliances, and more! The Main Level Hand Scraped Hardwood Floors, Spectacular Finished Lower Level with Linear Fireplace and Wet Bar are just a few of the custom features offered! The outdoor living space with built-in gas grill, gas burning fire pit & upgraded landscaping provides a wonderful transition from the indoors to your outdoor retreat! You Must See!

4. 2017-10-17
   status Pending 650-char remark

   Show marketing remark (650 chars)

   Why build when you can move right into this home of Great Quality and Custom Style! This home offers a 3 Car Garage, a beautiful Covered Front Porch, Main Level Master Bedroom, and a Gourmet Kitchen equipped with Granite Counter Tops, Marble Back Splash with High End Stainless Steel Appliances, and more! The Main Level Hand Scraped Hardwood Floors, Spectacular Finished Lower Level with Linear Fireplace and Wet Bar are just a few of the custom features offered! The outdoor living space with built-in gas grill, gas burning fire pit & upgraded landscaping provides a wonderful transition from the indoors to your outdoor retreat! You Must See!

5. 2017-10-12
   listed $419,000 Active 650-char remark

   Show marketing remark (650 chars)

   Why build when you can move right into this home of Great Quality and Custom Style! This home offers a 3 Car Garage, a beautiful Covered Front Porch, Main Level Master Bedroom, and a Gourmet Kitchen equipped with Granite Counter Tops, Marble Back Splash with High End Stainless Steel Appliances, and more! The Main Level Hand Scraped Hardwood Floors, Spectacular Finished Lower Level with Linear Fireplace and Wet Bar are just a few of the custom features offered! The outdoor living space with built-in gas grill, gas burning fire pit & upgraded landscaping provides a wonderful transition from the indoors to your outdoor retreat! You Must See!

6. 2005-11-23
   soldstatus $303,000 456-char remark

   Show marketing remark (456 chars)

   Popular Wyngate flrpln w/side load gar has great curb appeal & dynamite layout! 9' ceilings on entire 1st flr + 13' ceilings in GR - spacious! Private Master retreat w/vaulted ceiling on main level. Kit & morning room w ill delight the cook in your family & are open to the GR. Main floor den/study. Ready to finish basement w/rough-in for full bath & wet bar! Seller providing a 1 year AON home warranty. New carpet being installed in BRs!

7. 2005-06-08
   listed $319,900 456-char remark

   Show marketing remark (456 chars)

   Popular Wyngate flrpln w/side load gar has great curb appeal & dynamite layout! 9' ceilings on entire 1st flr + 13' ceilings in GR - spacious! Private Master retreat w/vaulted ceiling on main level. Kit & morning room w ill delight the cook in your family & are open to the GR. Main floor den/study. Ready to finish basement w/rough-in for full bath & wet bar! Seller providing a 1 year AON home warranty. New carpet being installed in BRs!

ⓘ 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: $5,762 · $480/mo
• Projected year-2 tax: $5,762 · $480/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 3/10 Moderate 7 d/yr ≥100°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 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,092
• − Mortgage interest: −$35,570
• − Property taxes: −$5,762
• − Insurance: −$3,175
• − Repairs & maintenance: −$2,487
• − Management: −$2,487
• − HOA: −$468
• − Depreciation: −$18,473
• Taxable loss: −$37,330
• Est. tax savings @ 24.0%: +$8,959
• After-tax cash flow: $-15,843/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
• 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

+98.5% since first listed

7 events — show timeline

• 2026-04-27 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-13 Listed $635,000 MIBOR as Distributed by MLS Grid
• 2017-11-13 Sold (MLS) $421,000 MIBOR as Distributed by MLS Grid
• 2017-10-17 Pending — MIBOR as Distributed by MLS Grid
• 2017-10-12 Listed $419,000 MIBOR as Distributed by MLS Grid
• 2005-11-23 Sold (MLS) $303,000 MIBOR as Distributed by MLS Grid
• 2005-06-08 Listed $319,900 MIBOR as Distributed by MLS Grid

Property tax history

+6.2%/yr

Latest (2025): $5,762 · -3.3% YoY. Source: county tax records.