5381 Collett Dr E · Mooresville, IN 46113

$225,000

3 bd · 1.0 ba · 1,034 sqft · SingleFamily public records · 13 Days on market

Built 1992 0.26 ac lot Est $210k · 7% over

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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 +21.7/30.0
• DSCR +6.9/10.0
• 1% rule +4.5/10.0
• ARV discount +4.3/15.0
• Schools +3.7/10.0
• Livability +3.5/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Cute starter ranch home that has been freshly painted throughout. Brand new carpet in the bedrooms. New sump pump installed. Relax on the deck in your backyard with no one behind you. Quickly get to Heartland Crossing shopping, Mooresville or up to 465 to get around the city. Make your appointment today!

Key facts

• Quiet backyard
• 0.26 acre lot
• Garage

Tags

• COLLETT MEADOWS NEIGHBORHOOD
• QUIET BACKYARD
• PRIVATE AND OPEN SPACE
• CONVENIENT ACCESS TO SHOPPING
• MAJOR COMMUTER ROUTES

Property features AI

Finance

• HOA & community: Not a low-maintenance lifestyle community

Exterior

• Parking: Attached garage (1 car, ~286 sq ft)
• Utilities: Public water; Municipal sewer connected; No solid waste service listed
• Home design: Single family residence; One level
• Construction: Vinyl siding; Block foundation
• Exterior features: Approximately 0.27 acre lot (about 1/4–1/2 acre); GPS-friendly directions

Interior

• Kitchen: Electric cooktop; Dishwasher; Refrigerator
• Bedrooms: 3 bedrooms on the main level (approx. 11x12; 11x9; 9x9)
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Eat-in kitchen; 5 total rooms (all on the main level)
• Laundry & utility: No accessibility features listed

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $346 ($4k/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 $214k (4.8% below list).
• Recommended offer: $214k (4.8% below list) — sets the bar for 1% rule.
• Cap rate 8.1% vs local median 3.5% in Mooresville — 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 (#201 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: schools D+, amenities F, commute F.
• Mooresville Consolidated School Corporation (suburban): math 41% / reading 43% proficiency, ranked #111 of 301 in IN (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.9%/yr); 63 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 330 units permitted in Morgan County in 2024 (0 in 5+ unit buildings).
• This rent runs 30% of the median local income ($84k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• Morgan County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 10y 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.

Recommended offer $214,155 (4.8% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
3. 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.
4. 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.
5. 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: 0.95% ✗
• Cap rate: 8.14%
• Cash-on-cash: 6.59%
• DSCR: 1.29
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $209,902
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5414 Collett Dr E	0.06mi	4/1.0 (+1)	1,060 (+2%)	6mo	$225,000	$212	83
5357 Collett Dr E	0.10mi	3/1.0	1,108 (+7%)	13mo	$241,100	$218	72
5380 Collett Dr E	0.03mi	3/1.0	1,172 (+13%)	10mo	$200,000	$171	68
5625 E Donald Ct	0.28mi	3/1.0	1,112 (+8%)	21mo	$218,000	$196	57
119 Karrington Blvd	0.74mi	3/2.0	1,075 (+4%)	14mo	$218,500	$203	43

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 · 2.88% rent growth · sell at horizon

5-year hold

• IRR: -6.3%
• Equity multiple: 0.77×
• Total profit: $-14,781
• Equity at exit: $33,548

10-year hold

• IRR: 3.1%
• Equity multiple: 1.22×
• Total profit: $14,051
• Equity at exit: $19,454

Cash invested: $63,000 (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 46113

• Home prices YoY: -13.0%
• Rents YoY: 2.9%
• Active inventory: 63
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $2,142 medium
• Mortgage (P&I): −$1,180
• Tax from tax record: −$72 /mo · $867/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$450
• Net cashflow: $346

Break-even live

Break-even rent $1,704

Max offer price $225,000

Occupancy floor 79%

Sensitivity live

Price	-10% $473	-5% $410	+0% $346	+5% $282	+10% $219
Rent	-10% $177	-5% $261	+0% $346	+5% $431	+10% $515
Rate	-1.0pp $459	-0.5pp $403	base $346	+0.5pp $288	+1.0pp $228

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
13147 N Becks Grove Ct Camby, IN	3.0	2.0	1440	$1,885	$1.31	5d	1	1.05mi
10893 Glenayr Dr Camby, IN	3.0	2.0	1171	$1,659	$1.42	11d	1	1.20mi

Listing history 10 events

1. 2026-06-18
   days on market $225,000 Active 13 DOM
2. 2026-06-17
   days on market $225,000 Active 12 DOM
3. 2026-06-16
   days on market $225,000 Active 11 DOM
4. 2026-06-15
   days on market $225,000 Active 10 DOM
5. 2026-06-13
   days on market $225,000 Active 8 DOM
6. 2026-06-13
   pricedays on market $225,000 Active 7 DOM
7. 2026-06-09
   days on market $230,000 Active 4 DOM
8. 2026-06-08
   days on market $230,000 Active 3 DOM
9. 2026-06-07
   remarks 699-char remark
10. 2026-06-07
    listed $230,000 Active 2 DOM

ⓘ 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: $867 · $72/mo
• Projected year-2 tax: $1,390 · $116/mo
• Expected delta: +$523/yr (+$44/mo · 60.3%)

ⓘ 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 ≥102°F today · 19 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,699
• − Mortgage interest: −$12,603
• − Property taxes: −$867
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,056
• − Management: −$2,056
• − Depreciation: −$6,545
• Taxable income: $446
• Est. tax owed @ 24.0%: −$107
• After-tax cash flow: $4,044/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: Mooresville Consolidated School Corporation
• NCES district ID: 1807140
• Math proficiency: 41% ▼ -11.00%
• Reading proficiency: 43% ▼ -9.00%
• Median HH income: $59,316
• Composite: 37.04/100
• National rank: #4511
• State rank: #111 of 301 in IN

Livability — Mooresville

• Score: 69/100
• State rank: #201
• US rank: #8947

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Marion County · 998,460 people
• City population: 24,622
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 17,192
• Household income: $84,463
• Rent vs Own: 25.2% rent · 74.8% own
• Severe rent burden: 201.0

Population outlook (Morgan County) Hauer SSP2

• Today (2025): 71,081 people
• By 2030: 71,178 · +0.1%
• By 2040: 69,907 · -1.7%
• By 2050: 66,455 · -6.5%
• By 2075: 57,291 · -19.4%
• By 2100: 43,782 · -38.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Black 16% Two or more races 7% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Hispanic 5% Lithuanian 3% Slovak 2%
• Foreign-born: 10% · Canada
• Languages at home: 88% English-only · Spanish 5% French/Haitian/Cajun 5%

Political lean MEDSL · Morgan

• 2024 margin: Solid R (+54.3) · D 22.0% · R 76.3% · Other 1.7%
• 2008→2024 swing: -27.3pp toward R · 2008: -27.1pp · 2024: -54.3pp
• All cycles: 2024: R+54.3 2020: R+54.6 2016: R+56.6 2012: R+41.1 2008: R+27.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -33.73%
• Current HPI: 225.185
• Rent YoY: ▲ 2.88%
• 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

+119.0% since first listed

12 events — show timeline

• 2026-06-05 Listed $230,000 MIBOR as Distributed by MLS Grid
• 2022-07-26 Sold (MLS) $199,900 MIBOR as Distributed by MLS Grid
• 2022-06-23 Pending — MIBOR as Distributed by MLS Grid
• 2022-06-08 Listed $199,900 MIBOR as Distributed by MLS Grid
• 2019-04-19 Sold (MLS) $128,000 MIBOR as Distributed by MLS Grid
• 2019-03-22 Pending — MIBOR as Distributed by MLS Grid
• 2019-03-07 Relisted — MIBOR as Distributed by MLS Grid
• 2019-02-15 Pending — MIBOR as Distributed by MLS Grid
• 2019-02-04 Listed $133,000 MIBOR as Distributed by MLS Grid
• 2016-08-12 Sold (MLS) $104,000 MIBOR as Distributed by MLS Grid
• 2016-07-12 Pending — MIBOR as Distributed by MLS Grid
• 2016-06-29 Listed $104,999 MIBOR as Distributed by MLS Grid

Property tax history

-1.8%/yr

Latest (2025): $867 · +11.5% YoY. Source: county tax records.