RentalCalcs Editorial · indiana-2026-10-19-v1 · Reviewed 2026-10-19

Indiana: evidence to offer worksheet

Free property worksheet. Entries remain in this browser page and are not submitted or saved. Print or save your completed worksheet before closing. The worked example is hypothetical, not a property quote or market forecast.

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1. Match the evidence

The two Windmill figures differ by 89 basis points because the marketed income changes, not because the property sold at two prices. Never average them with the marketplace reference. A useful bid starts with the rent roll, actual collections and buyer expenses; the regional asking evidence is a question to investigate, not a valuation conclusion.

2. Complete the local document checks

Carmel, Westfield and Hamilton County: growth can attract its own competition

Build a monthly lease-expiration and competitor-opening calendar. Compare total lease consideration, parking and utility charges; do not compare only the advertised monthly face rent. Obtain a lender quote using the same vacancy and concession treatment.

McCordsville–Fortville: a small denominator makes timing decisive

Ask each competitor for available units, move-in dates and total incentives. Carry a slower lease-up through debt service, utilities and turnover costs. Require a downside that survives the supply arriving during the subject’s refinance.

West Indianapolis and Brownsburg: reconcile one marketed yield before generalizing

Obtain the operating statement, unit-by-unit leases and receipts, permits for added units, invoices and a condition report. Resolve the conflicting occupancy figures with dated evidence. Recalculate the cap at the actual offer price.

Fort Wayne, South Bend and Evansville: leave the cap open

Request at least two locally matched sale-income reconciliations and lender sizing for the actual use. Build turnover by month where the tenancy is seasonal; verify management depth and realistic marketing time.

3. Reconcile the buyer budget

Worked example · annual dollars except acquisition amounts
ItemExample
Purchase price$1,800,000
Scheduled annual rent$288,000
Collection / concession / vacancy loss-$23,040
Effective income$264,960
taxes$28,000
insurance$16,000
utilities$16,000
maintenance$44,000
management$17,000
administration$8,960
Recurring expense total$129,960
NOI before debt and reserve$135,000
Annual debt service$77,053
Annual replacement reserve$12,000
Cash after debt and reserve$45,947
Down payment + closing + initial work$984,000

Loan $990,000 at an assumed 6.75% for 30 years, monthly amortization. Going-in cap 7.50%; DSCR 1.75× before reserve, 1.60× after reserve; cash-on-cash 4.67%. Cash basis excludes an initial reserve deposit; add any lender-required deposit. No loan quote is implied.

4. Test the exit and invalidate the thesis

Value = annual NOI ÷ (cap percent ÷ 100). Keep cumulative NOI change separate from annual rent growth. A simple value comparison excludes debt payoff, sale costs, income tax and interim cash flows.

Separate advertised income

Record in-place and projected NOI in different columns; explain every adjustment.

Map competing delivery dates

Put Carmel and eastern-suburb openings beside the subject’s renewal months.

Price the financeable income

Deduct buyer recurring costs, then test reserves, leverage and a wider exit.

Evidence ledger