5671 N Burlington Dr · McCordsville, IN 46055

$285,000

4 bd · 2.0 ba · 1,858 sqft · SingleFamily public records · 3 Days on market

Built 2001 6,882 sqft lot Est $268k · 7% over $26/mo HOA · 1% 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).

• Cash flow +17.8/30.0
• DSCR +5.6/10.0
• ARV discount +4.6/15.0
• 1% rule +4.3/10.0
• 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

Don't miss this well-maintained 1858 SqFt Ranch! This is the largest ranch floor plan in the community! Vaulted ceiling in the living room, kitchen & dining room. New stainless steel appliances that all stay! You will love the center island & more cabinets than you will know what to do with! Large laundry room/pantry! The living room is wired for stereo surround sound!! Irrigation system!! You will love the huge covered back patio pavilion that is wired with lights and a ceiling fan. You will never want to go inside!! The master suite features a huge bedroom & updated master bath with double sinks, walk-in shower & walk-in closet. The garage is finished & has a utility sink. New furnace & A/C in 2015, water heater in 2013, roof in 2017

Key facts

• Large center island
• Updated kitchen
• Covered back patio

Tags

• UPDATED KITCHEN
• LARGE CENTER ISLAND
• OVERSIZED PANTRY
• COVERED BACK PATIO
• 6-STATION IRRIGATION SYSTEM
• LOW-MAINTENANCE LANDSCAPING

Property features AI

Finance

• HOA & community: Homeowners association with annual fee; Annual association fee of $315; HOA covers maintenance, nature area, park/playground, and management; Association governed by covenants & restrictions

Exterior

• Parking: Attached 2-car garage (finished); Guest street parking
• Security: Smoke alarm
• Utilities: Public water; Municipal sewer connection; Cable available; Solid waste service
• Home design: Single-family residence; One level
• Construction: Vinyl with brick and brick exterior; Slab foundation
• Exterior features: Covered patio/porch; Sprinkler system; Curbs and sidewalks

Interior

• Kitchen: Dishwasher; Gas oven; Microwave (including microwave-hood); Refrigerator; Garbage disposal; Kitchen island; Pantry; Eat-in kitchen
• Bedrooms: Primary bedroom with walk-in closet; Three bedrooms on main level
• Bathrooms: Two full bathrooms; Primary bathroom with double sinks and a full shower stall
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Attic access; Vaulted ceilings; Walk-in closet(s); Eat-in kitchen; Kitchen island; Pantry
• Laundry & utility: Main level laundry room; Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $285k.

Deal economics

• At list price, monthly cash flow is $236 ($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 $264k (7.4% below list).
• Recommended offer: $264k (7.4% below list) — sets the bar for 1% rule.
• Cap rate 7.3% 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.
• Zoned schools: Mt Comfort Elementary School (math 43% / reading 40%, grade F, #478 of 994 statewide, top 49%, 650 students, 39% FRL); Mt Vernon High School (math 41% / reading 71%, grade C, #73 of 369 statewide, top 20%, 1,431 students, 27% FRL) — zoned schools average 33% FRL vs 18% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.2%/yr); 422 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 8d 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 $9k 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 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 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 $263,789 (7.4% 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. 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?
5. 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.
6. 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.
7. 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: 0.93% ✗
• Cap rate: 7.29%
• Cash-on-cash: 3.55%
• DSCR: 1.16
• GRM: 9.0

CMA / ARV

• ARV (on-the-fly): $267,552
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6775 W Stansbury Blvd	0.08mi	5/2.5 (+1)	2,035 (+10%)	1mo	$290,000	$143	72
6837 W Burlington Dr	0.17mi	3/2.5 (-1)	1,818 (-2%)	12mo	$279,500	$154	72
6768 W Philadelphia Dr	0.10mi	3/2.5 (-1)	2,035 (+10%)	2mo	$259,900	$128	71
5729 N Jefferson Dr	0.20mi	3/2.5 (-1)	2,040 (+10%)	1mo	$250,000	$123	66
6844 W Philadelphia Dr	0.16mi	3/2.5 (-1)	2,035 (+10%)	4mo	$265,000	$130	66
6125 N Cedarwood Dr	0.49mi	3/2.0 (-1)	1,876 (+1%)	8mo	$354,500	$189	64
6854 W Philadelphia Dr	0.17mi	3/2.5 (-1)	2,035 (+10%)	7mo	$293,000	$144	63
6510 W 600 N	0.34mi	3/2.5 (-1)	1,789 (-4%)	9mo	$350,000	$196	63
6889 W Dover Pl	0.28mi	3/2.5 (-1)	2,035 (+10%)	2mo	$297,500	$146	62
5670 Terracotta Trce	0.42mi	3/2.0 (-1)	1,801 (-3%)	11mo	$350,000	$194	61
6880 W Kingston Dr	0.34mi	3/2.5 (-1)	2,035 (+10%)	3mo	$283,900	$140	59
6824 W Philadelphia Dr	0.14mi	3/2.5 (-1)	2,063 (+11%)	11mo	$278,000	$135	59

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: -8.4%
• Equity multiple: 0.68×
• Total profit: $-25,275
• Equity at exit: $42,494

10-year hold

• IRR: 3.6%
• Equity multiple: 1.28×
• Total profit: $22,568
• Equity at exit: $24,642

Cash invested: $79,800 (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: 9.0×

Monthly cashflow live

• Estimated rent: $2,638 high
• Mortgage (P&I): −$1,495
• Tax from tax record: −$209 /mo · $2,504/yr
• Insurance: −$119
• HOA: −$26
• Vacancy / Maint / Mgmt: −$554
• Net cashflow: $236

Break-even live

Break-even rent $2,339

Max offer price $285,000

Occupancy floor 86%

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: $71,250
• Closing costs: $8,550
• Reserves months: —
• Total cash needed: —

Rent comps 8 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	23d	1	0.12mi
5702 N Jefferson Dr McCordsville, IN	3.0	2.5	2093	$2,086	$1.00	7d	1	0.17mi
5871 Broadacre Dr McCordsville, IN	1.0–3.0	1.0–2.0	978	$2,285	$2.34	2d	150	0.57mi
6267 Cypress Ct McCordsville, IN	3.0	2.0	1673	$2,500	$1.49	2d	1	0.63mi
6654 Willow Way McCordsville, IN	3.0–4.0	2.0–2.5	1810	$2,590	$1.43	1d	10	0.81mi
12030 Bearsdale Dr Indianapolis, IN	3.0	2.5	1560	$2,025	$1.30	23d	1	1.36mi
5510 Wood Spring Ln McCordsville, IN	3.0	2.5	2009	$2,091	$1.04	21d	1	1.39mi
7044 N Mesquite Ct McCordsville, IN	3.0	2.0	2073	$1,991	$0.96	7d	1	1.39mi

HOA detail

• Monthly dues: $26 · $312/yr
• Likely covers: water

Listing history 10 events

1. 2026-05-19
   listed $285,000 Active
2. 2021-10-22
   soldstatus $255,000 Closed 770-char remark

   Show marketing remark (770 chars)

   Don't miss this well-maintained 1858 SqFt Ranch! This is the largest ranch floor plan in the community! Vaulted ceiling in the living room, kitchen & dining room. New stainless steel appliances that all stay! You will love the center island & more cabinets than you will know what to do with! Large laundry room/pantry! The living room is wired for stereo surround sound!! Irrigation system!! You will love the huge covered back patio pavilion that is wired with lights and a ceiling fan. You will never want to go inside!! The master suite features a huge bedroom & updated master bath with double sinks, walk-in shower & walk-in closet. The garage is finished & has a utility sink. New furnace & A/C in 2015, water heater in 2013, roof in 2017

3. 2021-09-26
   status Pending 770-char remark

   Show marketing remark (770 chars)

   Don't miss this well-maintained 1858 SqFt Ranch! This is the largest ranch floor plan in the community! Vaulted ceiling in the living room, kitchen & dining room. New stainless steel appliances that all stay! You will love the center island & more cabinets than you will know what to do with! Large laundry room/pantry! The living room is wired for stereo surround sound!! Irrigation system!! You will love the huge covered back patio pavilion that is wired with lights and a ceiling fan. You will never want to go inside!! The master suite features a huge bedroom & updated master bath with double sinks, walk-in shower & walk-in closet. The garage is finished & has a utility sink. New furnace & A/C in 2015, water heater in 2013, roof in 2017

4. 2021-09-24
   listed $239,500 Active 770-char remark

   Show marketing remark (770 chars)

   Don't miss this well-maintained 1858 SqFt Ranch! This is the largest ranch floor plan in the community! Vaulted ceiling in the living room, kitchen & dining room. New stainless steel appliances that all stay! You will love the center island & more cabinets than you will know what to do with! Large laundry room/pantry! The living room is wired for stereo surround sound!! Irrigation system!! You will love the huge covered back patio pavilion that is wired with lights and a ceiling fan. You will never want to go inside!! The master suite features a huge bedroom & updated master bath with double sinks, walk-in shower & walk-in closet. The garage is finished & has a utility sink. New furnace & A/C in 2015, water heater in 2013, roof in 2017

5. 2016-12-29
   soldstatus $137,000 Sold 520-char remark

   Show marketing remark (520 chars)

   Meticulously maintained 3BR 2BA ranch home. Vaulted ceiling in living room & kitchen. Kit. w/gas range, center island & abundance of cabs. Custom touches on home inc. stereo surround sound wired living room walls, irrigation system, built-in cabs in laundry rm. Master suite feat. bath w/dbl sinks, walk in shower & WIC. Good sized 2nd & 3rd bdrms! Garage w/upgraded lighting & utility sink. 2015 new furnace mount flow through humidifier, 2013 water heater. Lovely patio & perfect sized yard!

6. 2016-12-19
   status Pending 520-char remark

   Show marketing remark (520 chars)

   Meticulously maintained 3BR 2BA ranch home. Vaulted ceiling in living room & kitchen. Kit. w/gas range, center island & abundance of cabs. Custom touches on home inc. stereo surround sound wired living room walls, irrigation system, built-in cabs in laundry rm. Master suite feat. bath w/dbl sinks, walk in shower & WIC. Good sized 2nd & 3rd bdrms! Garage w/upgraded lighting & utility sink. 2015 new furnace mount flow through humidifier, 2013 water heater. Lovely patio & perfect sized yard!

7. 2016-12-06
   historical Active with Contingency 520-char remark

   Show marketing remark (520 chars)

   Meticulously maintained 3BR 2BA ranch home. Vaulted ceiling in living room & kitchen. Kit. w/gas range, center island & abundance of cabs. Custom touches on home inc. stereo surround sound wired living room walls, irrigation system, built-in cabs in laundry rm. Master suite feat. bath w/dbl sinks, walk in shower & WIC. Good sized 2nd & 3rd bdrms! Garage w/upgraded lighting & utility sink. 2015 new furnace mount flow through humidifier, 2013 water heater. Lovely patio & perfect sized yard!

8. 2016-10-10
   listed $143,900 Active 520-char remark

   Show marketing remark (520 chars)

   Meticulously maintained 3BR 2BA ranch home. Vaulted ceiling in living room & kitchen. Kit. w/gas range, center island & abundance of cabs. Custom touches on home inc. stereo surround sound wired living room walls, irrigation system, built-in cabs in laundry rm. Master suite feat. bath w/dbl sinks, walk in shower & WIC. Good sized 2nd & 3rd bdrms! Garage w/upgraded lighting & utility sink. 2015 new furnace mount flow through humidifier, 2013 water heater. Lovely patio & perfect sized yard!

9. 2002-01-18
   soldstatus $142,634
10. 2001-11-14
    soldstatus $25,000

ⓘ 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: $2,504 · $209/mo
• Projected year-2 tax: $2,504 · $209/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 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 · 18 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: $31,655
• − Mortgage interest: −$15,964
• − Property taxes: −$2,504
• − Insurance: −$1,425
• − Repairs & maintenance: −$2,532
• − Management: −$2,532
• − HOA: −$312
• − Depreciation: −$8,291
• Taxable loss: −$1,906
• Est. tax savings @ 24.0%: +$457
• After-tax cash flow: $3,289/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

• 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

+1040.0% since first listed

10 events — show timeline

• 2026-05-19 Listed $285,000 MIBOR as Distributed by MLS Grid
• 2021-10-22 Sold (MLS) $255,000 MIBOR as Distributed by MLS Grid
• 2021-09-26 Pending — MIBOR as Distributed by MLS Grid
• 2021-09-24 Listed $239,500 MIBOR as Distributed by MLS Grid
• 2016-12-29 Sold (MLS) $137,000 MIBOR as Distributed by MLS Grid
• 2016-12-19 Pending — MIBOR as Distributed by MLS Grid
• 2016-12-06 Contingent — MIBOR as Distributed by MLS Grid
• 2016-10-10 Listed $143,900 MIBOR as Distributed by MLS Grid
• 2002-01-18 Sold (Public Records) $142,634 Public Records
• 2001-11-14 Sold (Public Records) $25,000 Public Records

Property tax history

+6.6%/yr

Latest (2025): $2,504 · -11.7% YoY. Source: county tax records.