5809 Terracotta Trce · McCordsville, IN 46055

$349,500

4 bd · 2.5 ba · 2,490 sqft · SingleFamily public records · 279 Days on market

Built 2022 6,229 sqft lot Est $374k · 6% under $38/mo HOA · 1% of rent ↓ 9% since listing

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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).

• Cash flow +10.7/30.0
• ARV discount +10.4/15.0
• Schools +4.1/10.0
• Rent growth +3.8/5.0
• Livability +3.5/5.0
• DSCR +3.1/10.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Back on the market, through no fault of the sellers. Welcome to the highly sought-after Meadows of Sagebrook neighborhood in McCordsville! Built in 2022, this beautifully maintained two-story home offers 2,490 square feet of thoughtfully designed living space with modern finishes throughout. The exterior showcases a classic combination of brick and vinyl siding, complemented by a well-kept lawn and stained wooden privacy fence for added appeal. Inside, you'll find 4 spacious bedrooms-all located upstairs-2.5 baths, and a versatile floor plan that perfectly blends function and comfort. The main level features an inviting open-concept layout with new luxury vinyl plank flooring throughout, a

Key facts

• Light-filled sunroom
• 6,229 sq ft lot
• 2 garage spots

Tags

• LUXURY VINYL PLANK FLOORING
• DEDICATED OFFICE SPACE
• LIGHT-FILLED SUNROOM
• FULLY FENCED BACKYARD
• STAINED WOODEN PRIVACY FENCE
• SPACIOUS CONCRETE PATIO

Property features AI

Finance

• Other: Mandatory fee ownership interest
• HOA & community: Homeowners association with covenants and restrictions; HOA fee $450 annually

Exterior

• Parking: Attached garage; 2-car garage (approx. 440 sq ft)
• Utilities: Public water; Municipal sewer
• Home design: Single-family residence; Two levels
• Construction: Brick and vinyl siding exterior; Slab foundation
• Exterior features: Less than 1/4 acre lot; Sun room

Interior

• Kitchen: Electric oven; Microwave; Refrigerator; Kitchen island; Pantry
• Bedrooms: Four upstairs bedrooms; Primary bedroom with walk-in closet
• Bathrooms: Two full bathrooms; One half bathroom; Primary bath with double sinks and separate tub and shower
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Kitchen island; Pantry; Sun room; Office; Loft
• Laundry & utility: Main-level laundry; Washer; Dryer; Water softener (owned)

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $350k.

Deal economics

• At list price, monthly cash flow is $-167 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $320k (8.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $269k (23.1% below list).
• Recommended offer: $269k (23.1% below list) — sets the bar for 1% rule.
• Cap rate 5.7% 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: Mt Comfort Elementary School (math 43% / reading 40%, grade F, #478 of 994 statewide, top 49%, 650 students, 39% 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; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 4d 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 $10k 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 279 days — a 12% lower offer ($308k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask is 12844% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Recommended offer $268,802 (23.1% 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. It's been on market 279 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.77% ✗
• Cap rate: 5.72%
• Cash-on-cash: -2.05%
• DSCR: 0.91
• GRM: 10.8

CMA / ARV

• ARV (on-the-fly): $373,500
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5809 Terracotta Trce	0.00mi	4/2.5	2,490 (0%)	1mo	$349,500	$140	99
5636 Cherrywood Ln	0.17mi	4/2.5	2,332 (-6%)	8mo	$360,000	$154	75
5794 Cherrywood Ln	0.03mi	4/2.5	2,199 (-12%)	5mo	$330,000	$150	75
5844 Cherrywood Ln	0.05mi	4/2.5	2,172 (-13%)	3mo	$330,000	$152	74
6179 N Cedarwood Dr	0.40mi	3/2.5 (-1)	2,452 (-2%)	1mo	$350,000	$143	73
6911 W Rosewood Dr	0.47mi	4/2.5	2,442 (-2%)	4mo	$405,000	$166	72
5762 N Jamestown Dr	0.49mi	4/2.5	2,519 (+1%)	6mo	$286,500	$114	70
6905 W Wintergreen Ct	0.63mi	4/2.5	2,400 (-4%)	2mo	$359,000	$150	63
6199 N Caraway Dr	0.39mi	3/2.5 (-1)	2,576 (+4%)	12mo	$375,000	$146	61
5636 N Peppereel Way	0.20mi	4/2.5	2,842 (+14%)	8mo	$325,000	$114	61
6361 N Cedarwood Dr	0.57mi	4/2.5	2,296 (-8%)	4mo	$342,000	$149	57
6180 N Rosewood Dr	0.38mi	4/2.5	2,156 (-13%)	12mo	$336,500	$156	50

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: -17.4%
• Equity multiple: 0.37×
• Total profit: $-61,304
• Equity at exit: $52,112

10-year hold

• IRR: -6.0%
• Equity multiple: 0.58×
• Total profit: $-41,404
• Equity at exit: $30,218

Cash invested: $97,860 (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: 10.8×

Monthly cashflow live

• Estimated rent: $2,688 high
• Mortgage (P&I): −$1,833
• Tax from tax record: −$274 /mo · $3,293/yr
• Insurance: −$146
• HOA: −$38
• Vacancy / Maint / Mgmt: −$564
• Net cashflow: $-167

Break-even live

Break-even rent $2,900

Max offer price $319,940

Occupancy floor —

Sensitivity live

Price	-10% $31	-5% $-68	+0% $-167	+5% $-266	+10% $-365
Rent	-10% $-380	-5% $-274	+0% $-167	+5% $-61	+10% $45
Rate	-1.0pp $9	-0.5pp $-78	base $-167	+0.5pp $-258	+1.0pp $-350

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: $87,375
• Closing costs: $10,485
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6641 W Jamestown Dr McCordsville, IN	4.0	2.5	2035	$2,195	$1.08	25d	1	0.42mi
6756 Redwood Dr McCordsville, IN	4.0	2.5	1948	$2,510	$1.29	0d	1	0.48mi
5702 N Jefferson Dr McCordsville, IN	3.0	2.5	2093	$2,016	$0.96	0d	1	0.53mi
6267 Cypress Ct McCordsville, IN	3.0	2.0	1673	$2,500	$1.49	4d	1	0.61mi
6654 Willow Way McCordsville, IN	3.0–4.0	2.0–2.5	1810	$2,590	$1.43	3d	10	0.71mi
7044 N Mesquite Ct McCordsville, IN	3.0	2.0	2073	$1,911	$0.92	0d	1	1.25mi
5731 Congressional Pl Indianapolis, IN	3.0	2.5	1745	$1,925	$1.10	19d	1	1.49mi

HOA detail

• Monthly dues: $38 · $456/yr

Listing history 17 events

1. 2026-04-20
   status Pending
2. 2026-04-14
   price $349,500
3. 2026-04-07
   status Active
4. 2026-03-19
   status Pending
5. 2026-03-03
   price $355,000
6. 2026-02-09
   price $361,500
7. 2025-12-30
   price $362,500
8. 2025-11-05
   price $365,000
9. 2025-10-09
   price $372,500
10. 2025-09-26
    historical $2,700
11. 2025-09-25
    listed $2,700
12. 2025-09-24
    historical $2,700
13. 2025-09-13
    price $2,700
14. 2025-09-03
    price $375,000
15. 2025-08-16
    listed $2,750
16. 2025-08-14
    price $380,000
17. 2025-06-26
    listed $385,000 Active

ⓘ 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: $3,293 · $274/mo
• Projected year-2 tax: $3,293 · $274/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $32,256
• − Mortgage interest: −$19,577
• − Property taxes: −$3,293
• − Insurance: −$1,748
• − Repairs & maintenance: −$2,580
• − Management: −$2,580
• − HOA: −$456
• − Depreciation: −$10,167
• Taxable loss: −$8,146
• Est. tax savings @ 24.0%: +$1,955
• After-tax cash flow: $-53/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

-9.2% since first listed

17 events — show timeline

• 2026-04-20 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-14 Price Changed $349,500 MIBOR as Distributed by MLS Grid
• 2026-04-07 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-19 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-03 Price Changed $355,000 MIBOR as Distributed by MLS Grid
• 2026-02-09 Price Changed $361,500 MIBOR as Distributed by MLS Grid
• 2025-12-30 Price Changed $362,500 MIBOR as Distributed by MLS Grid
• 2025-11-05 Price Changed $365,000 MIBOR as Distributed by MLS Grid
• 2025-10-09 Price Changed $372,500 MIBOR as Distributed by MLS Grid
• 2025-09-26 Rental Removed $2,700 BUILDIUM
• 2025-09-25 Listed for Rent $2,700 BUILDIUM
• 2025-09-24 Rental Removed $2,700 MIBOR
• 2025-09-13 Price Changed $2,700 MIBOR
• 2025-09-03 Price Changed $375,000 MIBOR as Distributed by MLS Grid
• 2025-08-16 Listed for Rent $2,750 MIBOR
• 2025-08-14 Price Changed $380,000 MIBOR as Distributed by MLS Grid
• 2025-06-26 Listed $385,000 MIBOR as Distributed by MLS Grid

Property tax history

+480.7%/yr

Latest (2025): $3,293 · -2.8% YoY. Source: county tax records.