A long-ish workaround that made it appear more normal:

1. select that image and temporarily change the text wrapping from "through" to "in line with text." Then back to "through." That, with your sample doc, did work for me for the bullet, but not the tab space after the bullet.

For that, I had to:

2. Highlight just the text that is to the right of the image. With your ruler showing, eyeball where you think the text should start in inches (or cm) and then go to your paragraph settings, and make your "hanging indent" that measurement. For me, with your example, I went with 4.3 inches.

The problem is, those settings will apply to the entire bulleted paragraph, so if the text extends past the image, you can't split the hanging indent up.

The simplest solution I found was just moving the image to align with the right margin instead of the left, and the text will wrap accordingly.

I'm sure you know, but I'm seeing two different line spacings on your sample page. The text above the bullet area is 1.08, and the bulleted portion is 1.5.