Quote from @Khon Kounbandith: The house was in good condition. 

Look at recently sold properties in the same neighborhood that match the size, condition, and style your property will have post-rehab.

Low or no down, seller financing and low or no interest with a balloon payment later is the holy grail (location, building condition, market also matter but it sounds like you have all that).

My go-to response is always: Do you have a Move-In Inspection to document the home's condition beforehand?

Appreciation, maintenance, neighborhood, eviction rate, proximity, condition, etc.

Indy’s rental market is generally strong, but vacancy times depend on location, property condition, and pricing.

I base my rents on the condition of the unit and the competition. 

I'm currently corresponding with my property manager to gather information of the condition of the property as well as discuss our next course of action. 

Pretend to be a renter and shop the competition.

wild. 8. if you dont want to close in an LLC, you can still close in your personal name. 9. there are lenders with competitive rates if long term rents are greater than 1.1 of debt on the property (PITIA). however, there are also lenders who will allow you to do 80% cash out refinances with DSCR if DSCR ratio is 1.0. there are lenders that allow you to buy real estate at 20% down EVEN IF DSCR ratio is only 0.8. which means the rents are less than the debt on the property.