So I got waitlisted into IU Bloomington and am waiting to hear back from them. What are my chances of getting accepted into there my gpa is a 3.1, SAT score is a 1190 and have taken 10 AP classes.
I would say they are high. Your stats are much better than a lot of people at IU, and there is an 80% acceptance rate. IU is a safe school for a lot of kids, so they probably applied just for the sake of having a backup. Chances are a lot of those kids will turn down their admission and you will get their spot.
IMO you cannot count on getting into any college from the wait-list. Move forward and deposit at an affordable school that has admitted you. If you get into IU down the road consider it a bonus