I felt like checking a little bit more so I ran a proper background check on her and was shocked to find that she has multiple felonies including jail time.

Check this link, Indy SFR Proforma, for my attempt at a proforma on a random SF property in Indy.

Deduct NEW property taxes after you buyDeduct home insurance costsDeduct maintenance percentage, typically 10%Deduct vacancy+tenant nonperformance percentage(we recommend 5% for Class A, 10% Class B, 20% Class C, good luck with Class D)Deduct whatever dollar/percentage of cashflow you wantNow, what you have left over is the amount for debt service.Enter it into a mortgage calculator, with current interest rate for an investment property, to determine your maximum mortgage amount.Divide the mortgage amount by either 75% or 80%, depending on the required down payment percentage - this is your tentative price to offer.If the property needs repairs, you'll want to deduct 110%-120% of the estimated repairs from this amount.Be sure to also research the ARV and make sure it's 10-20% higher than your tentative purchase price.As long as the ARV checks out, this is the purchase price to offer.It is probably significantly below the asking price.

I checked the city's website and the plots fall into their "Low Density Neighborhood" district.

This generally keeps people in check.  

I'll check with Premium Mortgage.

Let me know if it'd be helpful to check out the full analysis.

Check local Facebook groups and connect with local investors who use PM.3.

@John FriendasCan you check the county assessor? 

@Eddie Lozada check out Rent to Retirement.