6992 W 650 N · McCordsville, IN 46055

$239,900

2 bd · 1.0 ba · 1,192 sqft · SingleFamily public records · 8 Days on market

Built 1950 1.00 ac lot Est $259k · 7% under

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Why this score? — see what drove the C- 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 +18.7/30.0
• ARV discount +10.8/15.0
• DSCR +5.9/10.0
• Schools +4.1/10.0
• Rent growth +3.8/5.0
• 1% rule +3.7/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great location and hard to find one acre lot under $100k! So much potential with the high ceilings, original stained woodwork, and hardwood floors under the carpet. Kitchen appliances and washer/dryer included. Recent high efficiency furnace. Charming front porch, low maintenance vinyl siding, updated roof, and gutters. Large 2 car detached garage and old mini barn for extra storage space. Right down the street from shopping, restaurants, and the new Meijers! Mount Vernon Schools!

Key facts

• Back utility room
• 10 foot ceilings
• Detached garage

Tags

• 1 ACRE OF BEAUTIFUL FLAT LAND
• 10 FOOT CEILINGS
• SEPARATE LIVING SPACES
• BACK UTILITY ROOM
• DETACHED GARAGE
• MINUTES FROM MCCORD SQUARE

Property features AI

Exterior

• Parking: Detached 2-car garage with service door
• Utilities: Private water; Septic system; Cable available; Water connected
• Home design: Single-family residence; One level
• Construction: Vinyl siding; Crawl space foundation
• Exterior features: Covered porch/patio; Mini barn; Corner lot; 1 acre lot

Interior

• Kitchen: Electric oven; Refrigerator
• Bedrooms: 2 bedrooms on the main level (14x11 and 14x12)
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: High ceilings; Stained woodwork; Smoke alarm
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $240k.

Deal economics

• At list price, monthly cash flow is $237 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $208k (13.2% below list).
• Recommended offer: $208k (13.2% below list) — sets the bar for 1% rule.
• Cap rate 7.5% 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.
• Market conditions: Rents rising fast (+5.2%/yr); 422 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $7k 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

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 9y 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 $94k; list at $240k implies a 157% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $208,344 (13.2% below list)

Questions for the listing agent

1. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 7.48%
• Cash-on-cash: 4.23%
• DSCR: 1.19
• GRM: 9.6

CMA / ARV

• ARV (on-the-fly): $258,664
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6815 W Odessa Way	0.31mi	3/2.0 (+1)	1,249 (+5%)	0mo	$205,000	$164	68
6899 N Karnes Dr	0.40mi	3/2.0 (+1)	1,245 (+4%)	8mo	$270,000	$217	58
6884 N Laredo Dr	0.47mi	3/2.0 (+1)	1,272 (+7%)	3mo	$283,900	$223	56
6847 W Odessa Way	0.29mi	3/2.0 (+1)	1,358 (+14%)	7mo	$265,000	$195	49
6915 Laredo Dr	0.51mi	3/2.0 (+1)	1,275 (+7%)	16mo	$277,500	$218	42
6605 W Odessa Way	0.49mi	3/2.0 (+1)	1,370 (+15%)	1mo	$259,700	$190	42

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: -7.6%
• Equity multiple: 0.71×
• Total profit: $-19,258
• Equity at exit: $35,770

10-year hold

• IRR: 4.2%
• Equity multiple: 1.33×
• Total profit: $22,174
• Equity at exit: $20,742

Cash invested: $67,172 (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 46055

• Home prices YoY: -20.1%
• Rents YoY: 5.2%
• Active inventory: 422
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $2,083 high
• Mortgage (P&I): −$1,258
• Tax from tax record: −$51 /mo · $616/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$438
• Net cashflow: $237

Break-even live

Break-even rent $1,784

Max offer price $239,900

Occupancy floor 84%

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7357 N Gateway Crossing Blvd McCordsville, IN	1.0–2.0	1.0–1.5	882	$1,830	$2.07	24d	4	0.96mi
7298 N Kensington Way Unit 6311-213 McCordsville, IN	2.0	2.0	1109	$2,050	$1.85	2d	1	1.03mi
7298 N Kensington Way Unit 6338-102 McCordsville, IN	1.0	1.0	828	$1,675	$2.02	3d	1	1.03mi
N Kensington Way McCordsville, IN	1.0–2.0	1.0–2.0	968	$2,375	$2.45	20d	6	1.15mi
5871 Broadacre Dr McCordsville, IN	1.0–3.0	1.0–2.0	978	$1,767	$1.81	3d	150	1.15mi

Listing history 6 events

1. 2026-05-18
   listed $239,900 Active
2. 2017-02-28
   soldstatus $93,500 Sold 485-char remark

   Show marketing remark (485 chars)

   Great location and hard to find one acre lot under $100k! So much potential with the high ceilings, original stained woodwork, and hardwood floors under the carpet. Kitchen appliances and washer/dryer included. Recent high efficiency furnace. Charming front porch, low maintenance vinyl siding, updated roof, and gutters. Large 2 car detached garage and old mini barn for extra storage space. Right down the street from shopping, restaurants, and the new Meijers! Mount Vernon Schools!

3. 2017-02-16
   status Pending 485-char remark

   Show marketing remark (485 chars)

   Great location and hard to find one acre lot under $100k! So much potential with the high ceilings, original stained woodwork, and hardwood floors under the carpet. Kitchen appliances and washer/dryer included. Recent high efficiency furnace. Charming front porch, low maintenance vinyl siding, updated roof, and gutters. Large 2 car detached garage and old mini barn for extra storage space. Right down the street from shopping, restaurants, and the new Meijers! Mount Vernon Schools!

4. 2017-01-30
   historical Active with Contingency 485-char remark

   Show marketing remark (485 chars)

   Great location and hard to find one acre lot under $100k! So much potential with the high ceilings, original stained woodwork, and hardwood floors under the carpet. Kitchen appliances and washer/dryer included. Recent high efficiency furnace. Charming front porch, low maintenance vinyl siding, updated roof, and gutters. Large 2 car detached garage and old mini barn for extra storage space. Right down the street from shopping, restaurants, and the new Meijers! Mount Vernon Schools!

5. 2017-01-27
   listed $95,000 Active 485-char remark

   Show marketing remark (485 chars)

   Great location and hard to find one acre lot under $100k! So much potential with the high ceilings, original stained woodwork, and hardwood floors under the carpet. Kitchen appliances and washer/dryer included. Recent high efficiency furnace. Charming front porch, low maintenance vinyl siding, updated roof, and gutters. Large 2 car detached garage and old mini barn for extra storage space. Right down the street from shopping, restaurants, and the new Meijers! Mount Vernon Schools!

6. 2004-07-08
   soldstatus $82,000

ⓘ 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: $616 · $51/mo
• Projected year-2 tax: $1,327 · $111/mo
• Expected delta: +$712/yr (+$59/mo · 115.6%)

ⓘ 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 · 17 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: $25,001
• − Mortgage interest: −$13,438
• − Property taxes: −$616
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,000
• − Management: −$2,000
• − Depreciation: −$6,979
• Taxable loss: −$1,231
• Est. tax savings @ 24.0%: +$296
• After-tax cash flow: $3,134/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: 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

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 · 59,521 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: 58.0

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%

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%

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

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

+192.6% since first listed

6 events — show timeline

• 2026-05-18 Listed $239,900 MIBOR as Distributed by MLS Grid
• 2017-02-28 Sold (MLS) $93,500 MIBOR as Distributed by MLS Grid
• 2017-02-16 Pending — MIBOR as Distributed by MLS Grid
• 2017-01-30 Contingent — MIBOR as Distributed by MLS Grid
• 2017-01-27 Listed $95,000 MIBOR as Distributed by MLS Grid
• 2004-07-08 Sold (Public Records) $82,000 Public Records

Property tax history

-1.6%/yr

Latest (2018): $616 · -4.5% YoY. Source: county tax records.