At the submitted square footage you provided, that $2M seems wildly out of whack.

As those prices fluctuate, there is a builders somewhere putting his feet up waiting to see a market turn more active because the last thing he wants to do is start paying crews to build houses, that could drop in value while he's halfway through the build process and losing equity halfway into the project.

Based on the tenor of your posts, I've got to ask - do you have your primary residence squared away?

We are eight hours away from our property visiting family for Christmas and got a call that our rental has 3 feet of water in the basement.

Indianapolis and surrounding areas often offer strong rental demand and reasonable property prices, so you’re definitely looking in the right place.For neighborhoods in Indianapolis, I’d suggest checking out areas like Fountain Square, Bates-Hendricks, and Irvington.

My last eviction taught me its easier to work with a problem tenant getting them out versus forcing them out with their feet dragging.

Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice.

For example, this can be adding square footage, adding an extra unit, or adding a pool in a STR market/luxury market.  

I just want to soak up as much knowledge as possible and get my feet wet as soon as the right deal presents itself. 

It might be that this couple that owns the house is just getting their feet wet with having someone else managing the property and they want to get comfortable with your management style as being what they want.