5376 Collett Dr E · Mooresville, IN 46113

$259,900

3 bd · 2.0 ba · 1,248 sqft · SingleFamily public records · 4 Days on market

Built 1993 0.27 ac lot Est $237k · 10% over

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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 +14.2/30.0
• DSCR +4.3/10.0
• Schools +3.7/10.0
• Livability +3.5/5.0
• ARV discount +3.2/15.0
• Rent growth +3.2/5.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Looking is free, buying is easy! This 3BR, 2BA home with 2-car attached garage is waiting for you to move in. It has new carpet & fresh paint. The appliances stay in this nice sized kitchen with large pantry. You'll lov e the his & her closets in the master suite. See this one today!

Key facts

• 0.27 acre lot
• 2 garage spots
• Built 1993

Property features AI

Finance

• Other: Approximately 0.27-acre lot (about 1/4–1/2 acre)

Exterior

• Parking: Attached garage with 2 spaces
• Utilities: Public water; Municipal sewer connected; 200+ amp electrical service with circuit breakers; Cable available; Sewer and water connected; Solid waste service available
• Home design: Single-family residence; One level
• Construction: Vinyl with brick exterior; Crawl space foundation
• Exterior features: Covered patio/porch; Deck; Fire pit; Storage shed; Full privacy fence

Interior

• Kitchen: Electric oven; Dishwasher; Disposal; Refrigerator; Pantry
• Bedrooms: Three bedrooms on the main level
• Bathrooms: Two full bathrooms; Primary bathroom has a full shower stall
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Attic access with pull-down stairs; Pantry
• Laundry & utility: Washer and dryer included; Electric water heater; Water softener (owned)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $260k.

Deal economics

• At list price, monthly cash flow is $44 ($531/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 $201k (22.7% below list).
• Recommended offer: $201k (22.7% below list) — sets the bar for 1% rule.
• Cap rate 6.5% 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: amenities F, commute F, health & safety 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.
• Zoned schools: Neil Armstrong Elementary School (math 44% / reading 41%, grade F, #425 of 994 statewide, top 44%, 537 students, 55% FRL); Paul Hadley Middle School (math 31% / reading 38%, grade F, #167 of 330 statewide, top 52%, 687 students, 47% FRL); Mooresville High School (math 43% / reading 74%, grade C, #60 of 369 statewide, top 16%, 1,404 students, 39% FRL).
• Market conditions: Rents rising (+2.9%/yr); 67 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 330 units permitted in Morgan 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 $8k 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 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 20y 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 $114k; list at $260k implies a 127% gain — meaningful room to come down on a strong offer.

Recommended offer $200,796 (22.7% 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. 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?
4. 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.
5. 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.
6. 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: 0.77% ✗
• Cap rate: 6.50%
• Cash-on-cash: 0.73%
• DSCR: 1.03
• GRM: 10.8

CMA / ARV

• ARV (on-the-fly): $237,120
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5645 E Donald Ct	0.27mi	3/2.0	1,240 (-1%)	4mo	$221,000	$178	83
5650 E Donald Ct	0.28mi	3/2.0	1,240 (-1%)	6mo	$235,000	$190	81
12901 N Collett Way	0.11mi	3/2.0	1,296 (+4%)	10mo	$265,500	$205	80
5380 Collett Dr E	0.02mi	3/1.0	1,172 (-6%)	10mo	$200,000	$171	76
12905 N Bridgett Dr	0.30mi	3/2.0	1,300 (+4%)	7mo	$240,000	$185	74
12865 N John Charles Ct N	0.37mi	3/2.0	1,249 (+0%)	18mo	$220,000	$176	67
5580 E Donald Ct	0.20mi	3/2.0	1,371 (+10%)	9mo	$289,000	$211	66
12830 Meagan Dr N	0.47mi	3/2.0	1,253 (+0%)	16mo	$238,500	$190	64
5357 Collett Dr E	0.08mi	3/1.0	1,108 (-11%)	13mo	$241,100	$218	62
5414 Collett Dr E	0.05mi	4/1.0 (+1)	1,060 (-15%)	6mo	$225,000	$212	59
12825 Meagan Dr N	0.49mi	3/2.0	1,209 (-3%)	19mo	$239,000	$198	56
1009 Honeysuckle Dr	0.66mi	3/2.0	1,379 (+10%)	0mo	$250,000	$181	51

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: -15.3%
• Equity multiple: 0.45×
• Total profit: $-39,666
• Equity at exit: $38,752

10-year hold

• IRR: -7.0%
• Equity multiple: 0.55×
• Total profit: $-32,415
• Equity at exit: $22,471

Cash invested: $72,772 (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: 67
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $2,008 medium
• Mortgage (P&I): −$1,363
• Tax from tax record: −$71 /mo · $850/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$422
• Net cashflow: $44

Break-even live

Break-even rent $1,952

Max offer price $259,900

Occupancy floor 93%

Sensitivity live

Price	-10% $191	-5% $118	+0% $44	+5% $-29	+10% $-103
Rent	-10% $-114	-5% $-35	+0% $44	+5% $124	+10% $203
Rate	-1.0pp $175	-0.5pp $110	base $44	+0.5pp $-23	+1.0pp $-92

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: $64,975
• Closing costs: $7,797
• Reserves months: —
• Total cash needed: —

Rent comps 3 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	6d	1	0.98mi
10893 Glenayr Dr Camby, IN	3.0	2.0	1171	$1,659	$1.42	12d	1	1.14mi
8396 Gunnoah Way E Camby, IN	1.0–2.0	1.0–2.0	929	$1,840	$1.98	0d	18	1.46mi

Listing history 3 events

1. 2026-05-23
   listed $259,900 Active
2. 2006-08-11
   soldstatus $114,500 292-char remark

   Show marketing remark (292 chars)

   Looking is free, buying is easy! This 3BR, 2BA home with 2-car attached garage is waiting for you to move in. It has new carpet & fresh paint. The appliances stay in this nice sized kitchen with large pantry. You'll lov e the his & her closets in the master suite. See this one today!

3. 2006-07-14
   listed $114,900 292-char remark

   Show marketing remark (292 chars)

   Looking is free, buying is easy! This 3BR, 2BA home with 2-car attached garage is waiting for you to move in. It has new carpet & fresh paint. The appliances stay in this nice sized kitchen with large pantry. You'll lov e the his & her closets in the master suite. See this one today!

ⓘ 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: $850 · $71/mo
• Projected year-2 tax: $1,529 · $127/mo
• Expected delta: +$680/yr (+$57/mo · 80.0%)

ⓘ 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 4/10 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: $24,096
• − Mortgage interest: −$14,558
• − Property taxes: −$850
• − Insurance: −$1,300
• − Repairs & maintenance: −$1,928
• − Management: −$1,928
• − Depreciation: −$7,561
• Taxable loss: −$4,028
• Est. tax savings @ 24.0%: +$967
• After-tax cash flow: $1,498/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

+126.2% since first listed

3 events — show timeline

• 2026-05-23 Listed $259,900 MIBOR as Distributed by MLS Grid
• 2006-08-11 Sold (MLS) $114,500 MIBOR as Distributed by MLS Grid
• 2006-07-14 Listed $114,900 MIBOR as Distributed by MLS Grid

Property tax history

-3.6%/yr

Latest (2025): $850 · -7.6% YoY. Source: county tax records.