5855 W Port Dr · McCordsville, IN 46055

$330,000

3 bd · 2.0 ba · 2,028 sqft · SingleFamily public records · 3 Days on market

Built 2004 8,407 sqft lot Est $406k · 19% under $48/mo HOA · 2% 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).

• ARV discount +15.0/15.0
• Cash flow +13.2/30.0
• Schools +4.1/10.0
• DSCR +4.0/10.0
• Rent growth +3.8/5.0
• Livability +3.5/5.0
• 1% rule +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

NEW HOME READY NOW!!SPACIOUS AND AIRY. THIS RANCH HAS MANY UPGRADES. OPEN KITCHEN AND NOOK THAT OVERLOOKS AN OVERSIZED GREATROOM. BEAUTIFUL SUNROOM HAS CATHEDRAL CEILINGS AND MANY WINDOWS OVERLOOKING A LARGE POND!

Key facts

• 8,407 sq ft lot
• 2 garage spots
• Built 2004

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $330k.

Deal economics

• At list price, monthly cash flow is $-3 ($-36/yr) — negative.
• To cash-flow at today's rent, offer at most $329k (0.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $273k (17.2% below list).
• Recommended offer: $273k (17.2% below list) — sets the bar for 1% rule.
• Cap rate 6.3% 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: 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); 425 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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 $182k; list at $330k implies a 81% gain — meaningful room to come down on a strong offer.

Recommended offer $273,202 (17.2% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.83% ✗
• Cap rate: 6.28%
• Cash-on-cash: -0.04%
• DSCR: 1.00
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $405,600
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5855 W Port Dr	0.00mi	3/2.0	2,028 (0%)	1mo	$331,000	$163	99
9302 N Bayland Dr	0.20mi	3/2.0	2,005 (-1%)	1mo	$365,000	$182	88
5346 Devonshire Way	0.45mi	3/2.0	2,096 (+3%)	1mo	$419,000	$200	73
5248 Devonshire Way	0.51mi	3/2.0	2,092 (+3%)	2mo	$428,000	$205	69
9332 Devonshire Way	0.41mi	3/3.0	2,203 (+9%)	1mo	$423,435	$192	61
5322 Devonshire Way	0.45mi	3/2.0	1,800 (-11%)	1mo	$359,995	$200	59
5310 Devonshire Way	0.45mi	3/2.0	1,800 (-11%)	1mo	$362,315	$201	59
5370 Devonshire Way	0.45mi	3/3.0	2,237 (+10%)	1mo	$440,000	$197	57
9343 Harston St	0.51mi	3/2.0	2,237 (+10%)	3mo	$450,125	$201	57
5409 Foster Pl	0.49mi	3/3.0	2,225 (+10%)	1mo	$435,500	$196	56
5358 Devonshire Way	0.64mi	3/3.0	2,225 (+10%)	1mo	$435,000	$196	49
8969 Lowell St	0.69mi	3/2.0	1,793 (-12%)	2mo	$360,000	$201	47

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: -14.1%
• Equity multiple: 0.49×
• Total profit: $-47,575
• Equity at exit: $49,204

10-year hold

• IRR: -2.3%
• Equity multiple: 0.83×
• Total profit: $-15,534
• Equity at exit: $28,532

Cash invested: $92,400 (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: 10.1×

Monthly cashflow live

• Estimated rent: $2,732 medium
• Mortgage (P&I): −$1,731
• Tax from tax record: −$245 /mo · $2,943/yr
• Insurance: −$138
• HOA: −$48
• Vacancy / Maint / Mgmt: −$574
• Net cashflow: $-3

Break-even live

Break-even rent $2,736

Max offer price $329,468

Occupancy floor 95%

Sensitivity live

Price	-10% $184	-5% $90	+0% $-3	+5% $-96	+10% $-190
Rent	-10% $-219	-5% $-111	+0% $-3	+5% $105	+10% $213
Rate	-1.0pp $163	-0.5pp $81	base $-3	+0.5pp $-89	+1.0pp $-176

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: $82,500
• Closing costs: $9,900
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6055 W Brickell Ln McCordsville, IN	3.0	2.0	1827	$2,211	$1.21	18d	1	0.77mi
6077 W Jamison Dr McCordsville, IN	4.0	2.5	1951	$2,569	$1.32	6d	1	0.87mi

HOA detail

• Monthly dues: $48 · $576/yr

Listing history 5 events

1. 2026-04-20
   status Pending
2. 2026-04-17
   listed $330,000 Active
3. 2005-03-25
   soldstatus $182,500 213-char remark

   Show marketing remark (213 chars)

   NEW HOME READY NOW!!SPACIOUS AND AIRY. THIS RANCH HAS MANY UPGRADES. OPEN KITCHEN AND NOOK THAT OVERLOOKS AN OVERSIZED GREATROOM. BEAUTIFUL SUNROOM HAS CATHEDRAL CEILINGS AND MANY WINDOWS OVERLOOKING A LARGE POND!

4. 2004-08-27
   listed $192,880 213-char remark

   Show marketing remark (213 chars)

   NEW HOME READY NOW!!SPACIOUS AND AIRY. THIS RANCH HAS MANY UPGRADES. OPEN KITCHEN AND NOOK THAT OVERLOOKS AN OVERSIZED GREATROOM. BEAUTIFUL SUNROOM HAS CATHEDRAL CEILINGS AND MANY WINDOWS OVERLOOKING A LARGE POND!

5. 2004-05-10
   soldstatus $37,500

ⓘ 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: $2,943 · $245/mo
• Projected year-2 tax: $2,943 · $245/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: $32,784
• − Mortgage interest: −$18,485
• − Property taxes: −$2,943
• − Insurance: −$1,650
• − Repairs & maintenance: −$2,623
• − Management: −$2,623
• − HOA: −$576
• − Depreciation: −$9,600
• Taxable loss: −$5,715
• Est. tax savings @ 24.0%: +$1,372
• After-tax cash flow: $1,336/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

+780.0% since first listed

5 events — show timeline

• 2026-04-20 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-17 Listed $330,000 MIBOR as Distributed by MLS Grid
• 2005-03-25 Sold (MLS) $182,500 MIBOR as Distributed by MLS Grid
• 2004-08-27 Listed $192,880 MIBOR as Distributed by MLS Grid
• 2004-05-10 Sold (Public Records) $37,500 Public Records

Property tax history

+4.5%/yr

Latest (2025): $2,943 · -9.9% YoY. Source: county tax records.