13166 N Becks Grove Dr

Indianapolis city (balance), IN 46113

$230,000C-

3 bd · 2.0 ba · 1,323 sqft · Built 2002 · SingleFamily · Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,055/mo
• Mortgage (P&I): −$1,206
• Tax + insurance: −$153
• HOA: −$33
• Vac / Maint / Mgmt: −$432
• Net cashflow: $231/mo
• Annual: $2,775/yr
• Cap rate: 7.50%
• Cash-on-cash: 4.31%
• DSCR: 1.19
• 1% rule: 0.89%
• Cash to close: $64,400

Investor read

• This is a 3-bed/2.0-bath single-family listed at $230k.
• At list price, monthly cash flow is $231 ($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 $206k (10.6% below list).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $206k (10.6% below list) — sets the bar for 1% rule.
• 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.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• 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.
• Zoned schools: Mooresville High School (math 43% / reading 74%, grade C, #60 of 369 statewide, top 16%, 1,404 students, 39% FRL).
• Zoned-school proficiency averages 58% at this address vs 42% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Mooresville Consolidated School Corporation average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+2.9%/yr); 63 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 330 units permitted in Morgan County in 2024 (0 in 5+ unit buildings).
• Morgan County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 sale attempts since 22y 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 $98k; list at $230k implies a 135% gain — meaningful room to come down on a strong offer.
• Cap rate 7.5% vs local median 4.4% in Indianapolis city (balance) — 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.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.