This is Phaninc Exchangethe first in a series investigating the impact on Indianapolis homeowners and renters of corporations that buy up large numbers of homes and convert them into rentals.

First-time homebuyers Michael Wathen and his fiance thought they’d found their future home in a spacious brick three-bedroom bungalow in Decatur Township, Indiana. They’d fallen in love. She was moving from Cincinnati. He lived with his parents, saving for two years to afford a hefty down payment for their dream.

Then, like thousands of other Indianapolis families, they were outbid by a real estate investment company that bought their dream home for 5% more than the listing price of $170,000. Now, what could have been their first home as a married couple is being rented out by Progress Residential, one of Indianapolis’ largest companies that rent houses.