6143 Mill Hill Way Unit 320-402 · McCordsville, IN 46055

$274,990

3 bd · 2.5 ba · 1,582 sqft · Townhouse · 23 Days on market

Built 2026 Excellent condition Garage $174/sqft · 14% below area Est $319k · 14% under $230/mo HOA · 10% 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).

• ARV discount +13.7/15.0
• Cash flow +8.4/30.0
• Condition / age +5.0/5.0
• Schools +4.8/10.0
• Rent growth +3.8/5.0
• 1% rule +3.7/10.0
• Livability +3.5/5.0
• DSCR +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks

New construction by Fischer Homes in the beautiful Hampton Walk community, This condo design offers 3 bedrooms 2 full baths, and 1 half baths. The main level showcases an open-concept layout where spacious kitchens with large pantry storage connect flexible dining areas to light-filled family rooms. The upper level provides private retreats with an owner's suite featuring an walk in shower, plus two additional bedrooms, and a full bath, and a conveniently located laundry room. This home combines smart vertical design with thoughtful customization options, creating modern functionality with versatile living spaces tailored to your lifestyle.

Key facts

• Large pantry storage
• Private retreats
• Walk in shower

Tags

• OPEN-CONCEPT LAYOUT
• LARGE PANTRY STORAGE
• FLEXIBLE DINING AREAS
• LIGHT-FILLED FAMILY ROOMS
• PRIVATE RETREATS
• WALK IN SHOWER

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath townhouse listed at $275k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-245 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $240k (12.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $239k (13.2% below list).
• Recommended offer: $239k (13.2% below list) — sets the bar for 1% rule.
• Cap rate 5.2% vs local median 3.9% in McCordsville — 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 69/100 on livability (#181 in IN) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Mt Vernon Community School Corporation (rural): math 43% / reading 48% proficiency, ranked #70 of 301 in IN (top 23%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Mccordsville Elementary School (math 54% / reading 38%, grade D-, #357 of 994 statewide, top 37%, 673 students, 25% FRL); Mt Vernon Middle School (math 37% / reading 46%, grade F, #108 of 330 statewide, top 34%, 1,070 students, 31% FRL); Mt Vernon High School (math 41% / reading 71%, grade C, #73 of 369 statewide, top 20%, 1,431 students, 27% FRL).
• Market conditions: Rents rising fast (+5.2%/yr); 580 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals lingering (median 68d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 54% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 1,091 units permitted in Hancock County in 2024 (0 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 $8k of value loss. Plan a longer hold.
• Hancock County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($271k) is reasonable based on typical stale-listing flexibility.

Recommended offer $238,713 (13.2% 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 B-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: 0.87% ✗
• Cap rate: 5.23%
• Cash-on-cash: -3.81%
• DSCR: 0.83
• GRM: 9.6

CMA / ARV

• ARV (median comp): $318,834
• List price: $274,990
• Delta: -13.75%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7061 N Lyndhurst Xing	0.35mi	3/2.0	1,540 (-3%)	2mo	$282,000	$183	76
6147 Mill Hill Way	0.01mi	3/2.5	1,856 (+17%)	2mo	$294,990	$159	73
6617 Laredo Dr	0.98mi	3/2.0	1,602 (+1%)	2mo	$295,000	$184	60
6178 N Woodhaven Dr	1.30mi	3/2.0	1,625 (+3%)	1mo	$304,900	$188	57
6297 N Woodhaven Dr	1.26mi	3/2.0	1,628 (+3%)	2mo	$313,000	$192	57
5661 Arcade Blvd	0.57mi	3/2.5	1,900 (+20%)	2mo	$359,999	$189	47
6867 N Abilene Way	0.61mi	3/2.0	1,371 (-13%)	1mo	$285,000	$208	46
5541 Woods Pointe Dr	1.19mi	3/2.0	1,392 (-12%)	1mo	$305,000	$219	42
6735 W Odessa Way	0.83mi	3/2.0	1,391 (-12%)	2mo	$285,000	$205	42
6599 Dunkirk Dr	0.91mi	3/2.0	1,788 (+13%)	1mo	$332,500	$186	40
6647 W Longview Dr	0.70mi	3/2.0	1,300 (-18%)	0mo	$270,000	$208	40
6992 W 650 N	1.20mi	2/1.0 (-1)	1,192 (-25%)	1mo	$225,000	$189	28

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 · 5.18% rent growth · sell at horizon

5-year hold

• IRR: -19.9%
• Equity multiple: 0.29×
• Total profit: $-54,609
• Equity at exit: $41,002

10-year hold

• IRR: -8.2%
• Equity multiple: 0.43×
• Total profit: $-43,935
• Equity at exit: $23,776

Cash invested: $76,997 (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 →

Active competition Active MLS

• For sale now: 6 active · 2 under contract
• Median asking: $290,494 ($176/sqft)
• Median days on market: 41 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +14.2% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 46055

• Home prices YoY: -20.1%
• Rents YoY: 5.2%
• Active inventory: 580
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $2,387 high
• Mortgage (P&I): −$1,442
• Tax est. 1.5%: −$344 /mo · $4,125/yr
• Insurance: −$115
• HOA: −$230
• Vacancy / Maint / Mgmt: −$501
• Net cashflow: $-245

Break-even live

Break-even rent $2,697

Max offer price $239,602

Occupancy floor —

Sensitivity live

Price	-10% $-55	-5% $-150	+0% $-245	+5% $-340	+10% $-435
Rent	-10% $-433	-5% $-339	+0% $-245	+5% $-150	+10% $-56
Rate	-1.0pp $-106	-0.5pp $-175	base $-245	+0.5pp $-316	+1.0pp $-388

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: $68,748
• Closing costs: $8,250
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7457 N Kensington Way McCordsville, IN	1.0–3.0	1.0–2.0	1074	$2,192	$2.04	2d	9	0.16mi
N Kensington Way McCordsville, IN	1.0–2.0	1.0–2.0	968	$2,125	$2.19	9d	6	0.16mi
5811 Main St McCordsville, IN	1.0–2.0	1.0–2.0	926	$2,160	$2.33	6d	21	0.45mi
5790 Arcade Blvd McCordsville, IN	3.0	2.5	2021	$2,200	$1.09	88d	1	0.50mi
6660 W Denton Dr McCordsville, IN	3.0	2.0	1228	$1,950	$1.59	9d	1	0.63mi
7044 N Mesquite Ct McCordsville, IN	3.0	2.0	2073	$1,911	$0.92	94d	1	0.64mi
6770 W Denton Dr McCordsville, IN	4.0	2.5	2105	$2,245	$1.07	9d	1	0.70mi
6771 W Denton Dr McCordsville, IN	3.0	2.0	1245	$1,785	$1.43	67d	1	0.71mi
6584 Willow Way McCordsville, IN	4.0	2.5	1948	$2,275	$1.17	0d	1	0.99mi
6887 Nottingham Ln McCordsville, IN	3.0	2.0	1600	$2,250	$1.41	83d	1	1.01mi
6571 Willow Way McCordsville, IN	4.0	2.5	1948	$2,590	$1.33	83d	1	1.02mi
6654 Willow Way McCordsville, IN	3.0–4.0	2.0–2.5	1810	$2,185	$1.21	0d	10	1.02mi
12523 Doe Ln Indianapolis, IN	4.0	2.5	2232	$2,150	$0.96	6d	1	1.06mi
6233 Sycamore Dr McCordsville, IN	4.0	2.5	1948	$2,635	$1.35	7d	1	1.12mi
6290 Cypress Ct McCordsville, IN	3.0	2.0	1673	$2,500	$1.49	58d	1	1.14mi
6267 Cypress Ct McCordsville, IN	3.0	2.0	1673	$2,500	$1.49	97d	1	1.14mi
6254 Cypress Ct McCordsville, IN	3.0	2.0	1673	$2,290	$1.37	9d	1	1.17mi
6077 W Jamison Dr McCordsville, IN	4.0	2.5	1951	$2,499	$1.28	83d	1	1.24mi
6756 Redwood Dr McCordsville, IN	4.0	2.5	1948	$2,510	$1.29	94d	1	1.25mi
6226 Redwood Dr McCordsville, IN	3.0	2.0	1673	$2,485	$1.49	9d	1	1.27mi
5510 Wood Spring Ln McCordsville, IN	3.0	2.5	2009	$2,091	$1.04	117d	1	1.27mi
7427 Cobblestone West Dr Indianapolis, IN	3.0	2.0	1704	$1,861	$1.09	88d	1	1.28mi
6665 W Clary Trce McCordsville, IN	4.0	2.5	1948	$2,645	$1.36	83d	1	1.29mi
6055 W Brickell Ln McCordsville, IN	3.0	2.0	1827	$2,211	$1.21	112d	1	1.34mi
12647 Gunnison Dr Unit NA Indianapolis, IN	3.0	2.5	2242	$2,300	$1.03	119d	1	1.38mi
5871 Broadacre Dr McCordsville, IN	1.0–3.0	1.0–2.0	978	$2,056	$2.10	0d	106	1.49mi

Property features AI

Finance

• HOA & community: HOA with monthly management feeMonthly association fee of $230Covenants & restrictions

Exterior

• Parking: Attached concrete garageOne garage space
• Security: Smoke detector(s)
• Utilities: Public waterMunicipal sewer
• Home design: Attached townhouseNew constructionTwo levelsEntry on main level
• Construction: Cement siding and stone exteriorSlab foundationDrywall construction stageBuilt by Fischer Homes
• Exterior features: PatioPorch

Interior

• Kitchen: Electric cooktopDishwasherMicrowave with hoodGarbage disposalKitchen islandBreakfast bar
• Bedrooms: Three upstairs bedroomsPrimary bedroom with walk-in closet
• Bathrooms: Two full bathroomsOne half bathroomPrimary bathroom with double sinks and a full shower stall
• Heating & cooling: Forced air heating (natural gas)Central air conditioning
• Interior features: Breakfast barKitchen islandWalk-in closet(s)Smoke detector(s)
• Laundry & utility: Laundry on upper levelElectric water heater

Listing history 18 events

1. 2026-07-10
   days on market $274,990 Active 23 DOM
2. 2026-07-09
   days on market $274,990 Active 22 DOM
3. 2026-07-07
   days on market $274,990 Active 20 DOM
4. 2026-07-06
   days on market $274,990 Active 19 DOM
5. 2026-07-05
   days on market $274,990 Active 18 DOM
6. 2026-07-03
   days on market $274,990 Active 16 DOM
7. 2026-07-02
   days on market $274,990 Active 15 DOM
8. 2026-07-01
   days on market $274,990 Active 14 DOM
9. 2026-06-30
   days on market $274,990 Active 13 DOM
10. 2026-06-29
    days on market $274,990 Active 12 DOM
11. 2026-06-28
    days on market $274,990 Active 11 DOM
12. 2026-06-27
    days on market $274,990 Active 10 DOM
13. 2026-06-26
    days on market $274,990 Active 9 DOM
14. 2026-06-25
    days on market $274,990 Active 7 DOM
15. 2026-06-22
    days on market $274,990 Active 5 DOM
16. 2026-06-21
    days on market $274,990 Active 4 DOM
17. 2026-06-17
    remarks 699-char remark
18. 2026-06-17
    listed $274,990 Active 1 DOM

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

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 · 16 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: $28,646
• − Mortgage interest: −$15,404
• − Property taxes: −$4,125
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,292
• − Management: −$2,292
• − HOA: −$2,760
• − Depreciation: −$8,000
• Taxable loss: −$7,601
• Est. tax savings @ 24.0%: +$1,824
• After-tax cash flow: $-1,111/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 · 1 photo

Excellent 100/100 None rehab

This new construction townhouse is in excellent condition with no visible repairs or maintenance needed. It offers a high ROI with updates that can significantly enhance its resale and rental value.

Value-add opportunities

• Both Painting exterior and interior — Enhances curb appeal and interior aesthetics ↑
• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Both New flooring in high-traffic areas — Improves appearance and reduces maintenance ↑
• Both New kitchen appliances — Modernizes the kitchen and adds value ↑
• Both New bathroom fixtures — Enhances functionality and adds value ↑

F Composite school gradezoned avg 48/100

Zoned Schools

Elementary Mccordsville Elementary School D- IN #357/994 Nat'l #15,585/41,679 Middle Mt Vernon Middle School F IN #108/330 Nat'l #5,602/14,009 High Mt Vernon High School C IN #73/369 Nat'l #4,311/17,239

Schools (NCES district)

• District: Mt Vernon Community School Corporation
• NCES district ID: 1807260
• Math proficiency: 43% ▼ -12.00%
• Reading proficiency: 48% ▼ -7.00%
• Median HH income: $73,671
• Composite: 41.3/100
• National rank: #3514
• State rank: #70 of 301 in IN

C Composite livability gradescore 69/100

Livability — McCordsville

• Score: 69/100
• State rank: #181
• US rank: #8388

Category grades

Amenities F Commute F Cost of living A+ Crime B+ Employment A+ Housing A+ Health & safety F User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: McCordsville, IN
• County: Hancock County · 77,820 people
• City population: 16,010
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 16,010
• Household income: $113,784
• Rent vs Own: 17.7% rent · 82.3% own
• Severe rent burden: 7% of renters

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Population outlook (Hancock County) Hauer SSP2

• Today (2025): 77,820 people
• By 2030: 79,914 · +2.7%
• By 2040: 82,734 · +6.3%
• By 2050: 83,348 · +7.1%
• By 2075: 82,439 · +5.9%
• By 2100: 74,181 · -4.7%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Black 13% Two or more races 6% Hispanic / Latino 4% Asian 1%
• Common ancestry: Lithuanian 3% Italian 3% Romanian 3%
• Foreign-born: 4% · Canada, Vietnam, Jamaica
• Languages at home: 94% English-only · Spanish 4%

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Political lean MEDSL · Hancock

• 2024 margin: Solid R (+33.7) · D 32.2% · R 65.9% · Other 1.9%
• 2008→2024 swing: -4.1pp toward R · 2008: -29.6pp · 2024: -33.7pp
• All cycles: 2024: R+33.7 2020: R+37.5 2016: R+44.8 2012: R+41.0 2008: R+29.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -52.35%
• Current HPI: 207.9764
• Rent YoY: ▲ 5.18%
• Metro: Indianapolis-Carmel-Anderson, IN
• State GDP YoY: ▲ 2.90%
• F500 in state: 18

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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

Property features AI

Finance

• HOA & community: HOA with monthly management feeMonthly association fee of $230Covenants & restrictions

Exterior

• Parking: Attached concrete garageOne garage space
• Security: Smoke detector(s)
• Utilities: Public waterMunicipal sewer
• Home design: Attached townhouseNew constructionTwo levelsEntry on main level
• Construction: Cement siding and stone exteriorSlab foundationDrywall construction stageBuilt by Fischer Homes
• Exterior features: PatioPorch

Interior

• Kitchen: Electric cooktopDishwasherMicrowave with hoodGarbage disposalKitchen islandBreakfast bar
• Bedrooms: Three upstairs bedroomsPrimary bedroom with walk-in closet
• Bathrooms: Two full bathroomsOne half bathroomPrimary bathroom with double sinks and a full shower stall
• Heating & cooling: Forced air heating (natural gas)Central air conditioning
• Interior features: Breakfast barKitchen islandWalk-in closet(s)Smoke detector(s)
• Laundry & utility: Laundry on upper levelElectric water heater

Price history

2 events — show timeline

• 2026-07-10 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-06-17 Listed $274,990 MIBOR as Distributed by MLS Grid