Been seeing a lot of newer Indy investors get tripped up by pro forma rent on listings, so here’s a quick field tip I use before I’ll even underwrite a deal. If the rent number isn’t supported by comps, the deal isn’t real at least not yet.

Quick case from this week.
A listing was pitching $1,450/mo on a 3/1 in a near-west pocket. Looks great on paper. But when we pulled real comps, most true like-for-like rentals were landing closer to $1,250–$1,325 unless you had the right finishes + central HVAC + laundry + good parking. Once we underwrote it at $1,295 instead of $1,450, the "cash flows all day" deal turned into "tight DSCR and thin cash-on-cash."

My simple rent comp checklist

1. Pull 3–5 CLOSED rental comps within 0.75–1 mile from the last 6–12 months
2. Match beds/baths first, then sq ft (+/- 15%), then amenities
3. Ignore active rents unless you confirm they actually leased at that number
4. If Section 8 is the plan, verify current payment standard + utility responsibility

If you want, drop a deal address or a listing link and the expected rent, and I’ll tell you in 2 minutes whether the rent is real, aggressive, or fantasy—and what would have to be true for it to hit that number.