Item Status Summaries to Reflect Subitems' Status

Currently, when there is a status column for items, the overall task will display a visual summary of it. I would love for there to be the same feature displayed on the items themselves that reflects status of the subitems.

I have read similar posts here, and cannot find the “property list” referenced in them to save my life.

Can it be automated where if the subitem has a status column the parent item automatically reflects it like the tasks do? And if there are no subitems, the item’s status can then just be manually input?