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 +8.3/30.0
• Condition / age +5.0/5.0
• Schools +4.8/10.0
• Rent growth +3.8/5.0
• 1% rule +3.6/10.0
• Livability +3.5/5.0
• DSCR +2.2/10.0
• 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 $-252 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $238k (13.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $238k (13.6% below list).
• Recommended offer: $238k (13.6% below list) — sets the bar for 1% rule.
• Cap rate 5.2% vs local median 4.0% 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); 656 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% 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 $237,717 (13.6% 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. 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: 0.86% ✗
• Cap rate: 5.19%
• Cash-on-cash: -3.93%
• DSCR: 0.82
• 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
6146 Parsonage Pl Unit 330-402	0.07mi	3/2.5	1,582 (0%)	0mo	$259,990	$164	96
6145 Mill Hill Way Unit 320-401	0.14mi	3/2.5	1,582 (0%)	1mo	$258,990	$164	93
6141 Mill Hill Way Unit 320-401	0.04mi	3/2.5	1,856 (+17%)	1mo	$289,000	$156	72
6148 Parsonage Pl Unit 330-401	0.07mi	3/2.5	1,856 (+17%)	1mo	$299,990	$162	71
7093 Maidstone Cv	0.27mi	3/2.0	1,791 (+13%)	1mo	$424,809	$237	63
6178 N Woodhaven Dr	1.30mi	3/2.0	1,625 (+3%)	3mo	$304,900	$188	56
5577 Arcade Blvd	0.57mi	3/2.5	1,900 (+20%)	0mo	$384,999	$203	48
6867 N Abilene Way	0.61mi	3/2.0	1,371 (-13%)	3mo	$285,000	$208	45
7401 Peristyle Ln	0.69mi	3/2.5	1,900 (+20%)	1mo	$364,099	$192	42
6599 Dunkirk Dr	0.91mi	3/2.0	1,788 (+13%)	3mo	$332,500	$186	39
6647 W Longview Dr	0.70mi	3/2.0	1,300 (-18%)	2mo	$270,000	$208	39
6992 W 650 N	1.20mi	2/1.0 (-1)	1,192 (-25%)	2mo	$225,000	$189	27

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: -20.1%
• Equity multiple: 0.28×
• Total profit: $-55,132
• Equity at exit: $41,002

10-year hold

• IRR: -8.5%
• Equity multiple: 0.41×
• Total profit: $-45,131
• 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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 9 active · 7 under contract
• Months of supply: 13.5 mo (7%/mo absorbed)
• Median asking: $289,990 ($179/sqft)
• Median days on market: 55 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +12.8% 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: 656
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $2,377 high
• Mortgage (P&I): −$1,442
• Tax est. 1.5%: −$344 /mo · $4,125/yr
• Insurance: −$115
• HOA: −$230
• Vacancy / Maint / Mgmt: −$499
• Net cashflow: $-252

Break-even live

Break-even rent $2,697

Max offer price $238,464

Occupancy floor —

Sensitivity live

Price	-10% $-62	-5% $-157	+0% $-252	+5% $-347	+10% $-442
Rent	-10% $-440	-5% $-346	+0% $-252	+5% $-159	+10% $-65
Rate	-1.0pp $-114	-0.5pp $-182	base $-252	+0.5pp $-324	+1.0pp $-396

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 35 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7457 N Kensington Way McCordsville, IN	1.0–3.0	1.0–2.0	1081	$2,072	$1.92	0d	11	0.16mi
N Kensington Way McCordsville, IN	1.0–2.0	1.0–2.0	968	$2,125	$2.19	10d	6	0.16mi
5811 Main St McCordsville, IN	1.0–2.0	1.0–2.0	926	$2,160	$2.33	10d	41	0.45mi
5790 Arcade Blvd McCordsville, IN	3.0	2.5	2021	$2,200	$1.09	134d	1	0.50mi
6660 W Denton Dr McCordsville, IN	3.0	2.0	1228	$1,950	$1.59	55d	1	0.63mi
7044 N Mesquite Ct McCordsville, IN	3.0	2.0	2073	$1,911	$0.92	139d	1	0.64mi
6658 W Longview Dr McCordsville, IN	3.0	2.5	1472	$2,027	$1.38	2d	1	0.67mi
6770 W Denton Dr McCordsville, IN	4.0	2.5	2105	$2,162	$1.03	21d	1	0.70mi
6771 W Denton Dr McCordsville, IN	3.0	2.0	1245	$1,785	$1.43	112d	1	0.71mi
6635 W Odessa Way McCordsville, IN	3.0	2.5	1660	$2,100	$1.27	37d	1	0.75mi
6863 W Odessa Way McCordsville, IN	3.0	2.5	1794	$1,745	$0.97	41d	1	0.92mi
6542 Willow Way McCordsville, IN	4.0	2.5	1948	$2,610	$1.34	2d	1	0.98mi
6584 Willow Way McCordsville, IN	4.0	2.5	1948	$2,275	$1.17	10d	1	0.99mi
6887 Nottingham Ln McCordsville, IN	3.0	2.0	1600	$2,250	$1.41	129d	1	1.01mi
6571 Willow Way McCordsville, IN	4.0	2.5	1948	$2,590	$1.33	129d	1	1.02mi
6654 Willow Way McCordsville, IN	3.0–4.0	2.0–2.5	1810	$2,195	$1.21	0d	10	1.02mi
12523 Doe Ln Indianapolis, IN	4.0	2.5	2232	$2,105	$0.94	45d	1	1.06mi
7951 Alamosa Ln Indianapolis, IN	4.0	2.5	1855	$2,097	$1.13	7d	1	1.08mi
6290 Cypress Ct McCordsville, IN	3.0	2.0	1673	$2,500	$1.49	103d	1	1.14mi
6267 Cypress Ct McCordsville, IN	3.0	2.0	1673	$2,500	$1.49	143d	1	1.14mi
6254 Cypress Ct McCordsville, IN	3.0	2.0	1673	$2,290	$1.37	55d	1	1.17mi
6496 Magnolia Dr McCordsville, IN	4.0	2.5	1948	$2,560	$1.31	10d	1	1.18mi
6595 Magnolia Dr McCordsville, IN	3.0	2.0	1673	$2,570	$1.54	2d	1	1.22mi
6233 Sycamore Dr McCordsville, IN	4.0	2.5	1948	$2,635	$1.35	10d	1	1.23mi
6077 W Jamison Dr McCordsville, IN	4.0	2.5	1951	$2,499	$1.28	129d	1	1.24mi
6673 Redwood Dr McCordsville, IN	4.0	2.5	1948	$2,590	$1.33	2d	1	1.24mi
6756 Redwood Dr McCordsville, IN	4.0	2.5	1948	$2,510	$1.29	139d	1	1.25mi
6177 Sycamore Dr McCordsville, IN	3.0	2.0	1673	$2,195	$1.31	2d	1	1.27mi
6226 Redwood Dr McCordsville, IN	3.0	2.0	1673	$2,485	$1.49	55d	1	1.27mi
5510 Wood Spring Ln McCordsville, IN	3.0	2.5	2009	$2,091	$1.04	162d	1	1.27mi
7427 Cobblestone West Dr Indianapolis, IN	3.0	2.0	1704	$1,861	$1.09	134d	1	1.28mi
6665 W Clary Trce McCordsville, IN	4.0	2.5	1948	$2,645	$1.36	128d	1	1.29mi
6055 W Brickell Ln McCordsville, IN	3.0	2.0	1827	$2,211	$1.21	157d	1	1.34mi
12647 Gunnison Dr Unit NA Indianapolis, IN	3.0	2.5	2242	$2,300	$1.03	164d	1	1.38mi
5871 Broadacre Dr McCordsville, IN	1.0–3.0	1.0–2.0	978	$2,265	$2.32	10d	90	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: $28,526
• − Mortgage interest: −$15,404
• − Property taxes: −$4,125
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,282
• − Management: −$2,282
• − HOA: −$2,760
• − Depreciation: −$8,000
• Taxable loss: −$7,701
• Est. tax savings @ 24.0%: +$1,848
• After-tax cash flow: $-1,181/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%
• 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