7426 Broadview Ln

McCordsville, IN 46055

$324,990F

3 bd · 2.5 ba · 2,171 sqft · Built 2026 · Land · Pending · 153 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,430/mo
• Mortgage (P&I): −$1,704
• Tax + insurance: −$542
• HOA: −$230
• Vac / Maint / Mgmt: −$510
• Net cashflow: $-556/mo
• Annual: $-6,677/yr
• Cap rate: 4.24%
• Cash-on-cash: -7.34%
• DSCR: 0.67
• 1% rule: 0.75%
• Cash to close: $90,997

Investor read

• This is a 3-bed/2.5-bath land listed at $325k.
• At list price, monthly cash flow is $-556 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $244k (24.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $243k (25.2% below list).
• It's been on market 153 days — a 12% lower offer ($286k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $243k (25.2% 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 $10k of value loss. Plan a longer hold.
• 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.
• Market conditions: Rents rising fast (+5.2%/yr); 422 active listings in the ZIP; 11 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).
• Hancock County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Questions for listing agent

• 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?
• It's been on market 153 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.