13985 Royalwood Dr · Fishers, IN 46037

$509,900

3 bd · 2.5 ba · 3,576 sqft · SingleFamily public records · 10 Days on market

Built 1999 0.33 ac lot Est $511k · at est. $42/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 +7.6/15.0
• Schools +5.3/10.0
• Rent growth +4.2/5.0
• Livability +4.2/5.0
• Cash flow +4.1/30.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Beautifully updated home in the heart of Fishers! This 4-bedroom, 2.5-bath home with a finished basement offers a spacious layout and thoughtful upgrades throughout. A large two-story foyer welcomes you inside, while fresh paint throughout, all-new carpet, and luxury vinyl flooring create a bright, modern feel. The main level features a private office with French doors and built-in bookshelves, along with a comfortable living space perfect for relaxing or entertaining. The fully updated custom kitchen is a standout feature, offering stainless steel appliances and a seamless flow into the great room with soaring 10-foot ceilings and a cozy gas fireplace. Step outside to the patio overlooking

Key facts

• Custom kitchen
• Private office
• Primary bathroom

Tags

• UPDATED HOME
• FINISHED BASEMENT
• PRIVATE OFFICE
• CUSTOM KITCHEN
• FULLY FENCED BACKYARD
• PRIMARY BATHROOM

Property features AI

Finance

• Other: Lot about 0.33 acre
• HOA & community: HOA with quarterly fee (approximately $125); HOA includes entrance/common area, insurance, nature area, park/playground; Association amenities: insurance, park, playground, pool; HOA governed by covenants & restrictions

Exterior

• Parking: Attached garage with keyless entry and service door; 2 garage spaces (garage approx. 735 sq ft)
• Utilities: Public water; Municipal sewer connected
• Home design: Single family residence; Updated/remodeled condition; Two levels
• Construction: Vinyl with brick exterior; Concrete perimeter foundation
• Exterior features: Covered patio; Patio; Full yard fence; Sidewalks; Mature trees

Interior

• Kitchen: Dishwasher; Gas oven; Range hood; Refrigerator; Disposal
• Bedrooms: 4 upstairs bedrooms; Office on main level
• Flooring: Luxury vinyl plank
• Bathrooms: 2 full bathrooms (upper); 1 half bathroom (main)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Breakfast bar; Built-in features; Pantry; Walk-in closet(s); Painted woodwork
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $510k.

Deal economics

• At list price, monthly cash flow is $-1k ($-17k/yr) — negative.
• To cash-flow at today's rent, offer at most $264k (48.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $240k (53.0% below list).
• Recommended offer: $240k (53.0% below list) — sets the bar for 1% rule.

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: Fall Creek Elementary School (math 81% / reading 63%, grade A-, #31 of 994 statewide, top 3%, 475 students, 12% FRL); Fall Creek Junior High (math 50% / reading 64%, grade B, #21 of 330 statewide, top 6%, 1,002 students, 14% 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: Rents rising fast (+6.7%/yr); 329 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $4k of loan paydown is wiped out by about $15k 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 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 10 sale attempts since 24y 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 $313k; list at $510k implies a 63% gain — meaningful room to come down on a strong offer.

Recommended offer $239,582 (53.0% 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: 0.47% ✗
• Cap rate: 3.01%
• Cash-on-cash: -11.72%
• DSCR: 0.48
• GRM: 17.7

CMA / ARV

• ARV (on-the-fly): $511,368
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
13985 Royalwood Dr	0.00mi	4/2.5 (+1)	3,920 (+10%)	1mo	$515,000	$131	78
14098 Stonewood Pl	0.36mi	4/3.0 (+1)	3,735 (+4%)	2mo	$431,000	$115	68
14459 Stanley Ter	0.51mi	4/3.5 (+1)	3,584 (+0%)	2mo	$522,000	$146	66
14211 Monarchy Ln	0.21mi	4/3.5 (+1)	3,909 (+9%)	2mo	$580,000	$148	64
11750 Gatwick View Dr	0.40mi	4/3.5 (+1)	3,436 (-4%)	18mo	$485,000	$141	51
11789 Langham Crescent Ct	0.37mi	4/2.5 (+1)	3,238 (-10%)	13mo	$485,000	$150	51
13495 Millen Dr	0.61mi	4/3.5 (+1)	3,576 (0%)	17mo	$570,000	$159	48
14446 Chapelwood Ln	0.58mi	4/3.5 (+1)	3,258 (-9%)	1mo	$430,000	$132	48
11875 Sloane Muse	0.42mi	4/3.0 (+1)	3,142 (-12%)	15mo	$449,900	$143	40
12035 Gatwick View Dr	0.63mi	4/2.5 (+1)	3,852 (+8%)	16mo	$465,500	$121	39
12034 Gatwick View Dr	0.61mi	4/2.5 (+1)	3,116 (-13%)	9mo	$436,000	$140	38
12178 Eddington Pl	0.66mi	4/3.5 (+1)	3,228 (-10%)	16mo	$465,000	$144	31

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: -34.4%
• Equity multiple: -0.14×
• Total profit: $-162,243
• Equity at exit: $76,028

10-year hold

• IRR: -28.7%
• Equity multiple: -0.51×
• Total profit: $-214,959
• Equity at exit: $44,087

Cash invested: $142,772 (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: 17.7×

Monthly cashflow live

• Estimated rent: $2,396 medium
• Mortgage (P&I): −$2,674
• Tax from tax record: −$358 /mo · $4,299/yr
• Insurance: −$212
• HOA: −$42
• Vacancy / Maint / Mgmt: −$503
• Net cashflow: $-1,394

Break-even live

Break-even rent $4,160

Max offer price $263,645

Occupancy floor —

Sensitivity live

Price	-10% $-1,105	-5% $-1,250	+0% $-1,394	+5% $-1,538	+10% $-1,683
Rent	-10% $-1,583	-5% $-1,489	+0% $-1,394	+5% $-1,299	+10% $-1,205
Rate	-1.0pp $-1,137	-0.5pp $-1,264	base $-1,394	+0.5pp $-1,526	+1.0pp $-1,661

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: $127,475
• Closing costs: $15,297
• 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	14d	1	1.22mi

HOA detail

• Monthly dues: $42 · $504/yr
• Likely covers: gas

Listing history 28 events

1. 2026-04-30
   status Pending
2. 2026-04-30
   price $509,900
3. 2026-04-24
   status Active
4. 2026-04-07
   status Pending
5. 2026-04-03
   listed $519,900 Active
6. 2026-01-27
   price $429,900
7. 2026-01-09
   price $439,900
8. 2025-12-26
   price $449,900
9. 2025-12-26
   price $449,900
10. 2025-12-11
    price $462,900
11. 2025-12-05
    price $462,900
12. 2025-11-19
    status Active
13. 2025-11-11
    listed $474,900 Active
14. 2019-06-04
    soldstatus $313,000
15. 2019-05-29
    soldstatus $313,000 Sold
16. 2019-04-12
    status Pending
17. 2019-03-15
    listed $315,000 Active
18. 2013-08-18
    historical
19. 2013-08-09
    soldstatus $244,900
20. 2013-07-15
    listed $244,900
21. 2004-02-27
    soldstatus $229,500
22. 2003-12-05
    listed $229,900
23. 2002-11-26
    soldstatus $212,500
24. 2002-08-08
    listed $212,500
25. 2002-08-07
    historical
26. 2002-08-07
    historical
27. 2002-05-16
    listed $224,901
28. 2002-03-12
    listed $234,900

ⓘ 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: $4,299 · $358/mo
• Projected year-2 tax: $4,317 · $360/mo
• Expected delta: +$17/yr (+$1/mo · 0.4%)

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

Taxation est. · year 1

• Rental income: $28,750
• − Mortgage interest: −$28,562
• − Property taxes: −$4,299
• − Insurance: −$2,550
• − Repairs & maintenance: −$2,300
• − Management: −$2,300
• − HOA: −$504
• − Depreciation: −$14,833
• Taxable loss: −$26,599
• Est. tax savings @ 24.0%: +$6,384
• After-tax cash flow: $-10,344/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

+117.1% since first listed

28 events — show timeline

• 2026-04-30 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-30 Price Changed $509,900 MIBOR as Distributed by MLS Grid
• 2026-04-24 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-07 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-03 Listed $519,900 MIBOR as Distributed by MLS Grid
• 2026-01-27 Price Changed $429,900 IRMLS
• 2026-01-09 Price Changed $439,900 IRMLS
• 2025-12-26 Price Changed $449,900 RRELMS
• 2025-12-26 Price Changed $449,900 IRMLS
• 2025-12-11 Price Changed $462,900 RRELMS
• 2025-12-05 Price Changed $462,900 IRMLS
• 2025-11-19 Relisted — IRMLS
• 2025-11-11 Listed $474,900 IRMLS
• 2019-06-04 Sold (Public Records) $313,000 Public Records
• 2019-05-29 Sold (MLS) $313,000 MIBOR as Distributed by MLS Grid
• 2019-04-12 Pending — MIBOR as Distributed by MLS Grid
• 2019-03-15 Listed $315,000 MIBOR as Distributed by MLS Grid
• 2013-08-18 Listing Removed — MIBOR as Distributed by MLS Grid
• 2013-08-09 Sold (MLS) $244,900 MIBOR as Distributed by MLS Grid
• 2013-07-15 Listed $244,900 MIBOR as Distributed by MLS Grid
• 2004-02-27 Sold (MLS) $229,500 MIBOR as Distributed by MLS Grid
• 2003-12-05 Listed $229,900 MIBOR as Distributed by MLS Grid
• 2002-11-26 Sold (MLS) $212,500 MIBOR as Distributed by MLS Grid
• 2002-08-08 Listed $212,500 MIBOR as Distributed by MLS Grid
• 2002-08-07 Listing Removed — MIBOR as Distributed by MLS Grid
• 2002-08-07 Listing Removed — MIBOR as Distributed by MLS Grid
• 2002-05-16 Listed $224,901 MIBOR as Distributed by MLS Grid
• 2002-03-12 Listed $234,900 MIBOR as Distributed by MLS Grid

Property tax history

+5.5%/yr

Latest (2025): $4,299 · -7.9% YoY. Source: county tax records.