Roxbury Plan · Fishers, IN 46037

$320,995

3 bd · 2.5 ba · 1,793 sqft · Townhouse · 188 Days on market

Good condition ↓ 6% since listing

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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 +11.0/30.0
• ARV discount +7.5/15.0
• Schools +5.3/10.0
• Rent growth +4.2/5.0
• Livability +4.2/5.0
• Condition / age +4.0/5.0
• 1% rule +3.2/10.0
• DSCR +3.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This two-story townhome-style condo is ideal for those who need space and flexibility. On the first floor is the open living area with a kitchen, Great Room and nook, plus a convenient flex space in the back of the home. Upstairs are three bedrooms, including the owner's suite, as well as a laundry room and a loft, which can be used as a living area or home office.

Key facts

• Flex space
• Laundry room
• Loft

Tags

• OPEN LIVING AREA
• FLEX SPACE
• OWNER'S SUITE
• LAUNDRY ROOM
• LOFT

🏗️ New construction. The $320,995 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $318,515.

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath townhouse listed at $321k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-133 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $299k (6.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $262k (18.4% below list).
• Recommended offer: $262k (18.4% below list) — sets the bar for 1% rule.
• Cap rate 5.8% 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 fast (+6.7%/yr); 322 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 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 $10k 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 188 days — a 12% lower offer ($282k) is reasonable based on typical stale-listing flexibility.

Recommended offer $261,841 (18.4% 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 188 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
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 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. 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?
7. 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.
8. 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.
9. 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: 0.82% ✗
• Cap rate: 5.79%
• Cash-on-cash: -1.78%
• DSCR: 0.92
• GRM: 10.1

CMA / ARV

• ARV (median comp): $318,515
• List price: $320,995
• Delta: 0.78%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15142 Swallow Falls Way	0.21mi	3/2.5	1,793 (0%)	1mo	$314,450	$175	90
15147 Farrington Way	0.20mi	3/2.5	1,793 (0%)	2mo	$309,990	$173	89
15131 Farrington Way	0.21mi	3/2.5	1,793 (0%)	3mo	$309,000	$172	88
15163 Farrington Way	0.19mi	3/2.5	1,814 (+1%)	3mo	$310,000	$171	86
15139 Farrington Way	0.20mi	3/2.5	1,727 (-4%)	0mo	$302,000	$175	84
15183 Swallow Falls Way	0.18mi	3/2.5	1,814 (+1%)	7mo	$329,000	$181	84
15167 Swallow Falls Way	0.19mi	3/2.5	1,814 (+1%)	7mo	$322,000	$178	83
15155 Farrington Way	0.20mi	3/2.5	1,706 (-5%)	1mo	$309,995	$182	82
15127 Swallow Falls Way	0.22mi	3/2.5	1,706 (-5%)	2mo	$318,000	$186	80
15175 Swallow Falls Way	0.19mi	3/2.5	1,706 (-5%)	4mo	$307,995	$181	80
15198 Swallow Falls Way	0.18mi	3/2.5	1,727 (-4%)	7mo	$314,000	$182	80
15210 Farrington Way	0.17mi	3/2.5	1,727 (-4%)	7mo	$329,000	$191	80

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: -15.2%
• Equity multiple: 0.44×
• Total profit: $-49,883
• Equity at exit: $47,492

10-year hold

• IRR: -1.3%
• Equity multiple: 0.90×
• Total profit: $-9,248
• Equity at exit: $27,539

Cash invested: $89,184 (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: 322
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $2,618 high
• Mortgage (P&I): −$1,670
• Tax est. 1.5%: −$398 /mo · $4,778/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$550
• Net cashflow: $-133

Break-even live

Break-even rent $2,786

Max offer price $299,322

Occupancy floor —

Sensitivity live

Price	-10% $87	-5% $-23	+0% $-133	+5% $-243	+10% $-353
Rent	-10% $-339	-5% $-236	+0% $-133	+5% $-29	+10% $74
Rate	-1.0pp $28	-0.5pp $-52	base $-133	+0.5pp $-215	+1.0pp $-299

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: $79,629
• Closing costs: $9,555
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15274 Farrington Way Fishers, IN	4.0	2.5	1990	$3,125	$1.57	18d	1	0.15mi
15254 Swallow Falls Way Fishers, IN	3.0	2.5	1814	$2,500	$1.38	44d	1	0.16mi
15246 Swallow Falls Way Fishers, IN	3.0	2.5	1727	$2,525	$1.46	11d	1	0.16mi
15905 Tharp Woods Dr Fishers, IN	4.0	3.0	2442	$2,850	$1.17	12d	1	0.77mi
14081 Tenbury Way Fishers, IN	3.0	2.5	1909	$2,200	$1.15	44d	1	1.20mi
16041 Marsala Dr Fishers, IN	2.0	2.0	1453	$2,000	$1.38	2d	1	1.22mi

Listing history 15 events

1. 2026-06-18
   days on market $320,995 Active 188 DOM
2. 2026-06-17
   days on market $320,995 Active 187 DOM
3. 2026-06-16
   days on market $320,995 Active 186 DOM
4. 2026-06-15
   days on market $320,995 Active 185 DOM
5. 2026-06-13
   days on market $320,995 Active 183 DOM
6. 2026-06-09
   days on market $320,995 Active 179 DOM
7. 2026-06-08
   days on market $320,995 Active 178 DOM
8. 2026-06-07
   days on market $320,995 Active 177 DOM
9. 2026-06-03
   days on market $320,995 Active 173 DOM
10. 2026-06-02
    days on market $320,995 Active 172 DOM
11. 2026-06-01
    days on market $320,995 Active 171 DOM
12. 2026-05-31
    days on market $320,995 Active 170 DOM
13. 2026-02-13
    price $319,995 367-char remark

    Show marketing remark (367 chars)

    This two-story townhome-style condo is ideal for those who need space and flexibility. On the first floor is the open living area with a kitchen, Great Room and nook, plus a convenient flex space in the back of the home. Upstairs are three bedrooms, including the owner's suite, as well as a laundry room and a loft, which can be used as a living area or home office.

14. 2026-01-13
    price $341,995 367-char remark

    Show marketing remark (367 chars)

    This two-story townhome-style condo is ideal for those who need space and flexibility. On the first floor is the open living area with a kitchen, Great Room and nook, plus a convenient flex space in the back of the home. Upstairs are three bedrooms, including the owner's suite, as well as a laundry room and a loft, which can be used as a living area or home office.

15. 2025-12-12
    listed $339,995 Active 367-char remark

    Show marketing remark (367 chars)

    This two-story townhome-style condo is ideal for those who need space and flexibility. On the first floor is the open living area with a kitchen, Great Room and nook, plus a convenient flex space in the back of the home. Upstairs are three bedrooms, including the owner's suite, as well as a laundry room and a loft, which can be used as a living area or home office.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $31,421
• − Mortgage interest: −$17,842
• − Property taxes: −$4,778
• − Insurance: −$1,593
• − Repairs & maintenance: −$2,514
• − Management: −$2,514
• − Depreciation: −$9,266
• Taxable loss: −$7,084
• Est. tax savings @ 24.0%: +$1,700
• After-tax cash flow: $109/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.

Condition & rehab AI · 6 photos

Good 80/100 None rehab

This well-maintained townhouse is in good condition with modern finishes and a good layout. It has potential for minor updates to enhance its curb appeal and interior aesthetics, making it an attractive option for both resale and rental.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance the home's curb appeal and interior aesthetics.
• Both Landscaping improvements — Enhanced landscaping can increase both resale and rental value.
• Both Adding smart home features — Smart home features can improve convenience and attract tech-savvy buyers/renters.
• Both Upgrading the kitchen appliances — Modern appliances can make the kitchen more functional and appealing to potential buyers/renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint can enhance the home's curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Enhanced landscaping can increase both resale and rental value. ↑
• Both Adding smart home features — Smart home features can improve convenience and attract tech-savvy buyers/renters. ↑
• Both Upgrading the kitchen appliances — Modern appliances can make the kitchen more functional and appealing to potential buyers/renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

• 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

-5.9% since first listed

3 events — show timeline

• 2026-02-13 Price Changed $319,995 Zillow
• 2026-01-13 Price Changed $341,995 Zillow
• 2025-12-12 Listed $339,995 Zillow