4830 Waterline St · McCordsville, IN 46055

$458,000

5 bd · 3.0 ba · 3,102 sqft · SingleFamily · 77 Days on market

Built 2025 Good condition 0.28 ac lot 3-car garage $148/sqft · 12% below area Est $521k · 12% under $58/mo HOA · 2% of rent ↓ 11% 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).

• ARV discount +13.0/15.0
• Cash flow +7.6/30.0
• Schools +4.9/10.0
• Condition / age +4.0/5.0
• Rent growth +3.8/5.0
• Livability +3.5/5.0
• 1% rule +2.4/10.0
• DSCR +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks

Presenting a newly constructed single-family residence at 4830 Waterline ST, MCCORDSVILLE, IN, USA, completed in 2025. Ideally situated in McCordsville just minutes from Fishers, Haven Ponds offers convenient access to I69 and I70 for an easy commute to downtown Indianapolis, along with nearby shopping, dining, and everyday essentials at Hamilton Town Center and surrounding retail. This thoughtfully designed two-story home features a bright, open-concept main level where the kitchen, cafe, and great room flow seamlessly together, creating an inviting and functional living space.

Key facts

• 0.28 acre lot
• 3 garage spots
• Built 2025

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath single-family listed at $458k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-559 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $377k (17.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $337k (26.4% below list).
• Recommended offer: $337k (26.4% below list) — sets the bar for 1% rule.
• Cap rate 4.8% vs local median 3.9% in McCordsville — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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); 580 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 40d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 1,091 units permitted in Hancock County in 2024 (0 in 5+ unit buildings).
• This rent runs 36% of the median local income ($114k/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 $3k of loan paydown is wiped out by about $14k 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 77 days — a 6% lower offer ($431k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $37k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $337,240 (26.4% 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 77 days. Have you received any prior offers? Is the seller open to a 26% 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: 0.74% ✗
• Cap rate: 4.83%
• Cash-on-cash: -5.23%
• DSCR: 0.77
• GRM: 11.3

CMA / ARV

• ARV (median comp): $521,367
• List price: $458,000
• Delta: -12.15%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9801 Forest Ridge Ln	0.09mi	5/3.5	3,113 (+0%)	2mo	$496,995	$160	92
4913 Waterline St	0.10mi	4/3.5 (-1)	3,159 (+2%)	4mo	$519,990	$165	82
9647 Brook Meadow Dr	0.58mi	5/3.0	3,120 (+1%)	3mo	$414,000	$133	69
15143 Gallop Ln	0.72mi	5/3.0	3,150 (+2%)	2mo	$510,000	$162	62
9690 Highview Ln	0.62mi	4/2.5 (-1)	3,092 (-0%)	4mo	$507,500	$164	60
9800 Ridgecrest Ln	0.45mi	5/3.5	3,344 (+8%)	7mo	$405,000	$121	58
9986 Gallop Ln	0.53mi	4/2.5 (-1)	2,955 (-5%)	4mo	$495,000	$168	58
4119 Murray Dr	0.73mi	5/3.5	2,994 (-4%)	5mo	$455,000	$152	54
15154 Blue Ribbon Blvd	0.70mi	4/2.5 (-1)	3,387 (+9%)	1mo	$546,000	$161	44
9892 Slater Dr	0.72mi	5/3.0	2,727 (-12%)	4mo	$444,990	$163	43
4105 Murray Dr	0.74mi	5/3.0	2,739 (-12%)	5mo	$425,000	$155	42
9712 N Port Dr	0.73mi	5/3.5	3,487 (+12%)	3mo	$484,000	$139	40

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: -22.7%
• Equity multiple: 0.20×
• Total profit: $-102,171
• Equity at exit: $68,289

10-year hold

• IRR: -12.3%
• Equity multiple: 0.20×
• Total profit: $-102,027
• Equity at exit: $39,599

Cash invested: $128,240 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 37 active · 18 under contract
• Months of supply: 10.1 mo (10%/mo absorbed)
• Median asking: $449,990 ($150/sqft)
• Median days on market: 70 d
• This list price: 51% of active listings are priced below it
• ARV vs active asking: +12.1% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 46055

• Home prices YoY: -20.1%
• Rents YoY: 5.2%
• Active inventory: 580
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $3,372 high
• Mortgage (P&I): −$2,402
• Tax est. 1.5%: −$572 /mo · $6,870/yr
• Insurance: −$191
• HOA: −$58
• Vacancy / Maint / Mgmt: −$708
• Net cashflow: $-559

Break-even live

Break-even rent $4,080

Max offer price $377,121

Occupancy floor —

Sensitivity live

Price	-10% $-242	-5% $-401	+0% $-559	+5% $-717	+10% $-875
Rent	-10% $-825	-5% $-692	+0% $-559	+5% $-426	+10% $-293
Rate	-1.0pp $-328	-0.5pp $-442	base $-559	+0.5pp $-678	+1.0pp $-798

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: $114,500
• Closing costs: $13,740
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10264 Normandy Way Fishers, IN	4.0	4.5	4401	$3,900	$0.89	40d	1	0.83mi
16123 Sedalia Dr Fishers, IN	4.0	2.5	2782	$3,400	$1.22	0d	1	1.26mi
16161 Lavina Ln Fishers, IN	5.0	3.0	2427	$2,950	$1.22	0d	1	1.28mi
8775 N Springview Dr McCordsville, IN	4.0	2.5	3062	$2,316	$0.76	88d	1	1.42mi
8728 N Springview Dr McCordsville, IN	4.0	2.5	2271	$2,346	$1.03	67d	1	1.47mi

Property features AI

Finance

• Other: Property classified as residential with mandatory fee ownershipLot approximately 0.28 acres (1/4–1/2 acre)
• HOA & community: Homeowners association with an annual fee of $700

Exterior

• Parking: Attached 3-car garage
• Utilities: Public waterMunicipal sewer connected
• Home design: Single-family residenceTwo levelsNew construction
• Construction: Vinyl siding with brick accentsSlab foundationBuilt by Silverthrone
• Exterior features: Covered patio/porch

Interior

• Kitchen: DishwasherGas ovenRange hoodDisposal
• Bedrooms: Primary bedroom with walk-in closetFive bedrooms total (one on main level, four on upper level)
• Bathrooms: Three full bathrooms totalPrimary bathroom has tub and separate shower
• Heating & cooling: Forced air heatingCentral air conditioning
• Interior features: Attic accessPantryWalk-in closets
• Laundry & utility: Upper-level laundry room (9x7)

HOA detail $58/mo · $696/yr

• Likely covers: water

Listing history 50 events

1. 2026-09-24
   days on market $458,000 Active 77 DOM
2. 2026-09-23
   days on market $458,000 Active 76 DOM
3. 2026-09-22
   days on market $458,000 Active 75 DOM
4. 2026-09-21
   days on market $458,000 Active 74 DOM
5. 2026-09-20
   days on market $458,000 Active 73 DOM
6. 2026-09-19
   days on market $458,000 Active 72 DOM
7. 2026-09-18
   days on market $458,000 Active 71 DOM
8. 2026-09-17
   days on market $458,000 Active 70 DOM
9. 2026-09-16
   days on market $458,000 Active 69 DOM
10. 2026-09-15
    days on market $458,000 Active 68 DOM
11. 2026-09-14
    days on market $458,000 Active 67 DOM
12. 2026-09-13
    days on market $458,000 Active 66 DOM
13. 2026-09-12
    days on market $458,000 Active 65 DOM
14. 2026-09-11
    days on market $458,000 Active 64 DOM
15. 2026-09-05
    days on market $458,000 Active 58 DOM
16. 2026-09-04
    days on market $458,000 Active 57 DOM
17. 2026-09-03
    days on market $458,000 Active 56 DOM
18. 2026-08-31
    days on market $458,000 Active 53 DOM
19. 2026-08-30
    days on market $458,000 Active 52 DOM
20. 2026-08-29
    days on market $458,000 Active 51 DOM
21. 2026-08-28
    days on market $458,000 Active 50 DOM
22. 2026-08-27
    days on market $458,000 Active 49 DOM
23. 2026-08-26
    days on market $458,000 Active 48 DOM
24. 2026-08-25
    days on market $458,000 Active 47 DOM
25. 2026-08-24
    days on market $458,000 Active 46 DOM
26. 2026-08-23
    days on market $458,000 Active 45 DOM
27. 2026-08-22
    days on market $458,000 Active 44 DOM
28. 2026-08-21
    pricedays on market $458,000 Active 43 DOM
29. 2026-08-20
    days on market $465,000 Active 42 DOM
30. 2026-08-19
    days on market $465,000 Active 41 DOM
31. 2026-08-18
    days on market $465,000 Active 40 DOM
32. 2026-08-17
    days on market $465,000 Active 39 DOM
33. 2026-08-16
    days on market $465,000 Active 38 DOM
34. 2026-08-15
    days on market $465,000 Active 37 DOM
35. 2026-08-14
    days on market $465,000 Active 36 DOM
36. 2026-08-13
    days on market $465,000 Active 35 DOM
37. 2026-08-12
    days on market $465,000 Active 34 DOM
38. 2026-08-11
    days on market $465,000 Active 33 DOM
39. 2026-08-10
    days on market $465,000 Active 32 DOM
40. 2026-08-09
    days on market $465,000 Active 31 DOM
41. 2026-08-08
    days on market $465,000 Active 30 DOM
42. 2026-08-07
    days on market $465,000 Active 29 DOM
43. 2026-08-06
    days on market $465,000 Active 28 DOM
44. 2026-08-05
    days on market $465,000 Active 27 DOM
45. 2026-08-04
    days on market $465,000 Active 26 DOM
46. 2026-08-03
    days on market $465,000 Active 25 DOM
47. 2026-07-31
    days on market $465,000 Active 22 DOM
48. 2026-07-30
    days on market $465,000 Active 21 DOM
49. 2026-07-30
    days on market $465,000 Active 20 DOM
50. 2026-07-28
    pricedays on market $465,000 Active 19 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $40,469
• − Mortgage interest: −$25,655
• − Property taxes: −$6,870
• − Insurance: −$2,290
• − Repairs & maintenance: −$3,238
• − Management: −$3,238
• − HOA: −$696
• − Depreciation: −$13,324
• Taxable loss: −$14,841
• Est. tax savings @ 24.0%: +$3,562
• After-tax cash flow: $-3,145/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.

Condition & rehab AI · 12 photos

Good 80/100 None rehab

This newly built home offers a modern and well-maintained interior with a good condition exterior. It is ready for immediate occupancy and can be further enhanced with minor updates to increase its value.

Value-add opportunities

• Both Painting exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both Landscaping and curb appeal improvements — Enhances curb appeal and can attract more buyers/renters. ↑
• Resale Kitchen appliances and cabinetry upgrades — Modernizes the kitchen and adds value for potential buyers. ↑
• Resale Bathroom fixtures and tile upgrades — Modernizes bathrooms and adds value for potential buyers. ↑
• Both Flooring upgrades (e.g., hardwood or tile) — Enhances interior aesthetics and can increase both resale and rental value. ↑
• Both HVAC system maintenance or upgrade — Ensures comfort and energy efficiency, attracting buyers/renters. ↑
• Both Landscaping and curb appeal improvements — Enhances curb appeal and can attract more buyers/renters. ↑

F Composite school gradezoned avg 48/100

Zoned Schools

Elementary Fortville Elementary School D IN #314/994 Nat'l #14,249/41,679 Middle Mt Vernon Middle School F IN #108/330 Nat'l #5,602/14,009 High Mt Vernon High School C IN #73/369 Nat'l #4,311/17,239

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

C Composite livability gradescore 69/100

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 · 77,820 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: 7% of renters

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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%

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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%

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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

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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

Property features AI

Finance

• Other: Property classified as residential with mandatory fee ownershipLot approximately 0.28 acres (1/4–1/2 acre)
• HOA & community: Homeowners association with an annual fee of $700

Exterior

• Parking: Attached 3-car garage
• Utilities: Public waterMunicipal sewer connected
• Home design: Single-family residenceTwo levelsNew construction
• Construction: Vinyl siding with brick accentsSlab foundationBuilt by Silverthrone
• Exterior features: Covered patio/porch

Interior

• Kitchen: DishwasherGas ovenRange hoodDisposal
• Bedrooms: Primary bedroom with walk-in closetFive bedrooms total (one on main level, four on upper level)
• Bathrooms: Three full bathrooms totalPrimary bathroom has tub and separate shower
• Heating & cooling: Forced air heatingCentral air conditioning
• Interior features: Attic accessPantryWalk-in closets
• Laundry & utility: Upper-level laundry room (9x7)

Price history

-11.2% since first listed

7 events — show timeline

• 2026-06-04 Price Changed $475,000 MIBOR as Distributed by MLS Grid
• 2026-05-12 Price Changed $485,000 MIBOR as Distributed by MLS Grid
• 2026-04-27 Listed $495,000 MIBOR as Distributed by MLS Grid
• 2026-04-24 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-03-27 Price Changed $495,000 MIBOR as Distributed by MLS Grid
• 2026-03-06 Price Changed $515,000 MIBOR as Distributed by MLS Grid
• 2026-02-10 Listed $535,000 MIBOR as Distributed by MLS Grid