5401 W Stream Dr · McCordsville, IN 46055

$575,000

5 bd · 4.5 ba · 3,578 sqft · SingleFamily public records · 7 Days on market

Built 2021 10,411 sqft lot $120/mo HOA · 2% of rent

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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 +22.8/30.0
• ARV discount +7.5/15.0
• DSCR +7.3/10.0
• 1% rule +5.7/10.0
• Schools +4.1/10.0
• Rent growth +3.8/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

The Spencer two-story home offers an ideal solution for multi-generational living with a Next Gen® suite featuring a living room, kitchenette and bedroom located on the first floor. In the main part of the home are the Great Room, kitchen and dining room, which share a wide-open floorplan. The second floor is occupied by four bedrooms, including the owner’s suite, and a spacious loft.

Key facts

• 0.24 acre lot
• 3 garage spots
• Built 2021

🏗️ New construction. The $575,000 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $533,122.

What this means for you Summary

Snapshot

• This is a 5-bed/4.5-bath single-family listed at $575k.

Deal economics

• At list price, monthly cash flow is $931 ($11k/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 $570k (0.8% below list).
• Recommended offer: $570k (0.8% below list) — sets the bar for 1% rule.
• Cap rate 8.4% vs local median 3.8% 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); 425 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 9d 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).
• At $5,703/mo this rent would consume 60% of the median local household income ($114k/yr) (locally 58% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k 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.
• At projected returns (-3.0% appreciation + 5.2% rent growth), your $149k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 5y 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 $475k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $570,349 (0.8% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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: 1.07% ✓
• Cap rate: 8.39%
• Cash-on-cash: 7.48%
• DSCR: 1.33
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $533,122
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5401 W Stream Dr	0.00mi	5/4.5	3,690 (+3%)	0mo	$565,000	$153	94
9712 N Port Dr	0.16mi	5/3.5	3,487 (-2%)	0mo	$484,000	$139	84
9800 Ridgecrest Ln	0.14mi	5/3.5	3,344 (-6%)	4mo	$405,000	$121	75
5234 Pelion Pl	0.56mi	5/4.5	3,792 (+6%)	0mo	$572,000	$151	64
9799 Creekside Cir	0.62mi	5/3.5	3,577 (-0%)	4mo	$521,965	$146	63
9091 Drakeswood Ave	0.65mi	5/4.5	3,716 (+4%)	1mo	$555,500	$149	63
9148 Rockville Pl	0.59mi	5/4.5	3,726 (+4%)	6mo	$435,000	$117	61
4813 Rosie Blvd	0.60mi	5/3.5	3,744 (+5%)	1mo	$599,995	$160	59
9690 Highview Ln	0.15mi	4/2.5 (-1)	3,092 (-14%)	1mo	$507,500	$164	56
5047 Summerton St	0.73mi	5/4.5	3,726 (+4%)	4mo	$490,000	$132	56
5181 Golden Grove Dr	0.60mi	5/3.5	3,320 (-7%)	6mo	$485,000	$146	51
4913 Waterline St	0.52mi	4/3.5 (-1)	3,159 (-12%)	1mo	$519,990	$165	47

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: -2.5%
• Equity multiple: 0.90×
• Total profit: $-14,307
• Equity at exit: $79,490

10-year hold

• IRR: 9.4%
• Equity multiple: 1.80×
• Total profit: $118,796
• Equity at exit: $46,095

Cash invested: $149,274 (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: 425
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $5,703 medium
• Mortgage (P&I): −$2,796
• Tax from tax record: −$437 /mo · $5,245/yr
• Insurance: −$222
• HOA: −$120
• Vacancy / Maint / Mgmt: −$1,198
• Net cashflow: $931

Break-even live

Break-even rent $4,525

Max offer price $533,122

Occupancy floor 79%

Sensitivity live

Price	-10% $1,233	-5% $1,082	+0% $931	+5% $780	+10% $629
Rent	-10% $480	-5% $705	+0% $931	+5% $1,156	+10% $1,381
Rate	-1.0pp $1,199	-0.5pp $1,066	base $931	+0.5pp $793	+1.0pp $652

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: $133,280
• Closing costs: $15,994
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8775 N Springview Dr McCordsville, IN	4.0	2.5	3062	$2,376	$0.78	0d	1	1.00mi
10599 Geist View Dr Fishers, IN	5.0	4.5	5119	$7,500	$1.47	9d	1	1.35mi
10599 Geist View Dr Fishers, IN	5.0	4.5	5119	$11,900	$2.32	45d	1	1.35mi

HOA detail

• Monthly dues: $120 · $1,440/yr

Listing history 5 events

1. 2026-03-26
   status Pending
2. 2026-03-13
   listed $575,000 Active
3. 2022-04-21
   soldstatus $475,125 Closed 397-char remark

   Show marketing remark (397 chars)

   The Spencer two-story home offers an ideal solution for multi-generational living with a Next Gen® suite featuring a living room, kitchenette and bedroom located on the first floor. In the main part of the home are the Great Room, kitchen and dining room, which share a wide-open floorplan. The second floor is occupied by four bedrooms, including the owner’s suite, and a spacious loft.

4. 2021-10-18
   status Pending 397-char remark

   Show marketing remark (397 chars)

   The Spencer two-story home offers an ideal solution for multi-generational living with a Next Gen® suite featuring a living room, kitchenette and bedroom located on the first floor. In the main part of the home are the Great Room, kitchen and dining room, which share a wide-open floorplan. The second floor is occupied by four bedrooms, including the owner’s suite, and a spacious loft.

5. 2021-10-08
   listed $475,125 Active 397-char remark

   Show marketing remark (397 chars)

   The Spencer two-story home offers an ideal solution for multi-generational living with a Next Gen® suite featuring a living room, kitchenette and bedroom located on the first floor. In the main part of the home are the Great Room, kitchen and dining room, which share a wide-open floorplan. The second floor is occupied by four bedrooms, including the owner’s suite, and a spacious loft.

ⓘ 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: $5,245 · $437/mo
• Projected year-2 tax: $5,245 · $437/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 10% 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: $68,442
• − Mortgage interest: −$29,863
• − Property taxes: −$5,245
• − Insurance: −$2,666
• − Repairs & maintenance: −$5,475
• − Management: −$5,475
• − HOA: −$1,440
• − Depreciation: −$15,509
• Taxable income: $2,768
• Est. tax owed @ 24.0%: −$664
• After-tax cash flow: $10,505/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

+21.0% since first listed

5 events — show timeline

• 2026-03-26 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-13 Listed $575,000 MIBOR as Distributed by MLS Grid
• 2022-04-21 Sold (MLS) $475,125 MIBOR as Distributed by MLS Grid
• 2021-10-18 Pending — MIBOR as Distributed by MLS Grid
• 2021-10-08 Listed $475,125 MIBOR as Distributed by MLS Grid

Property tax history

+255.1%/yr

Latest (2025): $5,245 · -5.9% YoY. Source: county tax records.