1809 Buildable Plan · Greensburg, IN 47240

$271,900

3 bd · 2.0 ba · 1,809 sqft · SingleFamily · 498 Days on market

Fair condition $150/sqft · 16% above area Est $235k · 16% over $8/mo HOA

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• Schools +3.8/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• ARV discount +0.5/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

The 1809 is a thoughtfully designed ranch-style home featuring 3 bedrooms and 2 bathrooms. Step through the front door into a welcoming living room that sets the tone for cozy gatherings and relaxed evenings. Just beyond, the kitchen and breakfast room offer a bright and cheerful space for everyday meals, seamlessly connecting to the spacious family room-ideal for entertaining or unwinding. All three bedrooms are conveniently located off the family room, creating a private wing for rest and relaxation. The primary suite features a well-appointed bath with a spacious walk-in closet, while two additional bedrooms share a full hall bath. Looking to enhance your living space? Choose the optional sunroom to bring in natural light and create a peaceful nook for reading, plants, or morning coffee. This ranch home offers the perfect balance of open living and personal comfort-all on one easy-to-navigate level. Want a home that feels like you? Pick from a range of exterior styles to boost its charm and select upgrades that match your lifestyle and priorities. * Elevation options vary in each community *

Key facts

• 2 parking spots
• Listed 497 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $272k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $272k).
• Recommended offer: $239k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.9% vs local median 5.9% in Greensburg — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 69/100 on livability (#200 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: employment C-, schools D+, amenities F.
• Greensburg Community Schools (town): math 38% / reading 51% proficiency, ranked #102 of 301 in IN (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 157 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 66 units permitted in Decatur County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Decatur County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $76k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 498 days — a 12% lower offer ($239k) is reasonable based on typical stale-listing flexibility.

Recommended offer $239,272 (12.0% below list)

Questions for the listing agent

1. It's been on market 498 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.47% ✓
• Cap rate: 11.89%
• Cash-on-cash: 20.00%
• DSCR: 1.89
• GRM: 5.7

CMA / ARV

• ARV (median comp): $235,278
• List price: $271,900
• Delta: 15.57%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1673 W Integrity St	0.27mi	3/2.0	1,680 (-7%)	11mo	$253,000	$151	66
1679 W Democracy St	0.31mi	4/2.0 (+1)	1,660 (-8%)	3mo	$245,000	$148	64
1306 W Daniel Dr	0.54mi	3/2.5	1,800 (-0%)	10mo	$305,000	$169	64
1626 N Nieman Dr	0.48mi	4/2.5 (+1)	1,874 (+4%)	9mo	$294,000	$157	57
1904 N Oakmont Ave	0.60mi	3/2.0	1,644 (-9%)	1mo	$295,000	$179	56
911 W 11th St	0.64mi	3/2.0	1,951 (+8%)	11mo	$207,700	$106	48
1650 W Kole Dr	0.12mi	4/2.5 (+1)	2,064 (+14%)	23mo	$250,000	$121	45
1822 N Oakmont Ave	0.59mi	3/2.5	1,624 (-10%)	12mo	$315,000	$194	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 12.2%
• Equity multiple: 1.48×
• Total profit: $36,830
• Equity at exit: $40,541

10-year hold

• IRR: 21.1%
• Equity multiple: 2.79×
• Total profit: $136,409
• Equity at exit: $23,509

Cash invested: $76,132 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Indiana: 90 Strongly Landlord-Friendly · R+11
• County: — inherits STATE
• City: — inherits STATE

10-day pay-or-quit; landlord-favorable; preempted.

Methodology + full state rankings →

ZIP-level market 47240

• Home prices YoY: -25.0%
• Active inventory: 157
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $3,995 medium
• Mortgage (P&I): −$1,426
• Tax est. 1.5%: −$340 /mo · $4,078/yr
• Insurance: −$113
• HOA: −$8
• Vacancy / Maint / Mgmt: −$839
• Net cashflow: $1,269

Break-even live

Break-even rent $2,389

Max offer price $271,900

Occupancy floor 63%

Sensitivity live

Price	-10% $1,457	-5% $1,363	+0% $1,269	+5% $1,175	+10% $1,081
Rent	-10% $953	-5% $1,111	+0% $1,269	+5% $1,427	+10% $1,585
Rate	-1.0pp $1,406	-0.5pp $1,338	base $1,269	+0.5pp $1,199	+1.0pp $1,127

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $67,975
• Closing costs: $8,157
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1011 N Anderson St Greensburg, IN	3.0	2.5	1620	$3,995	$2.47	13d	1	1.03mi

HOA detail

• Monthly dues: $8 · $96/yr

Listing history 20 events

1. 2026-06-21
   days on market $271,900 Active 498 DOM
2. 2026-06-18
   days on market $271,900 Active 496 DOM
3. 2026-06-17
   days on market $271,900 Active 495 DOM
4. 2026-06-16
   days on market $271,900 Active 494 DOM
5. 2026-06-15
   days on market $271,900 Active 493 DOM
6. 2026-06-13
   days on market $271,900 Active 491 DOM
7. 2026-06-12
   days on market $271,900 Active 490 DOM
8. 2026-06-09
   days on market $271,900 Active 487 DOM
9. 2026-06-08
   days on market $271,900 Active 486 DOM
10. 2026-06-07
    days on market $271,900 Active 485 DOM
11. 2026-06-05
    days on market $271,900 Active 483 DOM
12. 2026-06-04
    days on market $271,900 Active 481 DOM
13. 2026-06-02
    days on market $271,900 Active 480 DOM
14. 2026-06-01
    days on market $271,900 Active 479 DOM
15. 2026-05-31
    days on market $271,900 Active 478 DOM
16. 2026-05-31
    days on market $271,900 Active 477 DOM
17. 2026-01-03
    price $271,900 1111-char remark

    Show marketing remark (1111 chars)

    The 1809 is a thoughtfully designed ranch-style home featuring 3 bedrooms and 2 bathrooms. Step through the front door into a welcoming living room that sets the tone for cozy gatherings and relaxed evenings. Just beyond, the kitchen and breakfast room offer a bright and cheerful space for everyday meals, seamlessly connecting to the spacious family room-ideal for entertaining or unwinding. All three bedrooms are conveniently located off the family room, creating a private wing for rest and relaxation. The primary suite features a well-appointed bath with a spacious walk-in closet, while two additional bedrooms share a full hall bath. Looking to enhance your living space? Choose the optional sunroom to bring in natural light and create a peaceful nook for reading, plants, or morning coffee. This ranch home offers the perfect balance of open living and personal comfort-all on one easy-to-navigate level. Want a home that feels like you? Pick from a range of exterior styles to boost its charm and select upgrades that match your lifestyle and priorities. * Elevation options vary in each community *

18. 2025-08-31
    price $269,900 1111-char remark

    Show marketing remark (1111 chars)

    The 1809 is a thoughtfully designed ranch-style home featuring 3 bedrooms and 2 bathrooms. Step through the front door into a welcoming living room that sets the tone for cozy gatherings and relaxed evenings. Just beyond, the kitchen and breakfast room offer a bright and cheerful space for everyday meals, seamlessly connecting to the spacious family room-ideal for entertaining or unwinding. All three bedrooms are conveniently located off the family room, creating a private wing for rest and relaxation. The primary suite features a well-appointed bath with a spacious walk-in closet, while two additional bedrooms share a full hall bath. Looking to enhance your living space? Choose the optional sunroom to bring in natural light and create a peaceful nook for reading, plants, or morning coffee. This ranch home offers the perfect balance of open living and personal comfort-all on one easy-to-navigate level. Want a home that feels like you? Pick from a range of exterior styles to boost its charm and select upgrades that match your lifestyle and priorities. * Elevation options vary in each community *

19. 2025-07-01
    price $266,400 1111-char remark

    Show marketing remark (1111 chars)

    The 1809 is a thoughtfully designed ranch-style home featuring 3 bedrooms and 2 bathrooms. Step through the front door into a welcoming living room that sets the tone for cozy gatherings and relaxed evenings. Just beyond, the kitchen and breakfast room offer a bright and cheerful space for everyday meals, seamlessly connecting to the spacious family room-ideal for entertaining or unwinding. All three bedrooms are conveniently located off the family room, creating a private wing for rest and relaxation. The primary suite features a well-appointed bath with a spacious walk-in closet, while two additional bedrooms share a full hall bath. Looking to enhance your living space? Choose the optional sunroom to bring in natural light and create a peaceful nook for reading, plants, or morning coffee. This ranch home offers the perfect balance of open living and personal comfort-all on one easy-to-navigate level. Want a home that feels like you? Pick from a range of exterior styles to boost its charm and select upgrades that match your lifestyle and priorities. * Elevation options vary in each community *

20. 2025-02-08
    listed $263,900 Active 1111-char remark

    Show marketing remark (1111 chars)

    The 1809 is a thoughtfully designed ranch-style home featuring 3 bedrooms and 2 bathrooms. Step through the front door into a welcoming living room that sets the tone for cozy gatherings and relaxed evenings. Just beyond, the kitchen and breakfast room offer a bright and cheerful space for everyday meals, seamlessly connecting to the spacious family room-ideal for entertaining or unwinding. All three bedrooms are conveniently located off the family room, creating a private wing for rest and relaxation. The primary suite features a well-appointed bath with a spacious walk-in closet, while two additional bedrooms share a full hall bath. Looking to enhance your living space? Choose the optional sunroom to bring in natural light and create a peaceful nook for reading, plants, or morning coffee. This ranch home offers the perfect balance of open living and personal comfort-all on one easy-to-navigate level. Want a home that feels like you? Pick from a range of exterior styles to boost its charm and select upgrades that match your lifestyle and priorities. * Elevation options vary in each community *

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $47,940
• − Mortgage interest: −$15,231
• − Property taxes: −$4,078
• − Insurance: −$1,360
• − Repairs & maintenance: −$3,835
• − Management: −$3,835
• − HOA: −$96
• − Depreciation: −$7,910
• Taxable income: $11,595
• Est. tax owed @ 24.0%: −$2,783
• After-tax cash flow: $12,445/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 1 photo

Fair 45/100 Moderate rehab

The 1809 buildable plan requires significant repairs and updates to bring it up to a fair condition. Focus on painting, flooring, and HVAC services to improve its resale and rental value.

Repairs flagged

• Major Kitchen — No photos of the kitchen
• Major Bathrooms — No photos of the bathrooms
• Major Exterior — No photos of the exterior
• Major Flooring — No photos of the flooring
• Major Interior walls/paint — No photos of the interior walls/paint
• Major Windows — No photos of the windows
• Major Foundation/structure — No photos of the foundation/structure
• Major HVAC/mechanicals — No photos of the HVAC/mechanicals
• Major Landscaping/curb appeal — No photos of the landscaping/curb appeal

Value-add opportunities

• Resale Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Resale Replace flooring — New flooring improves the home's appearance and functionality
• Rental Service HVAC — A well-maintained HVAC system ensures comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen · No photos of the kitchen	Major	$15,000–50,000
Bathrooms · No photos of the bathrooms	Major	$15,000–50,000
Exterior · No photos of the exterior	Major	$15,000–50,000
Flooring · No photos of the flooring	Major	$15,000–50,000
Interior walls/paint · No photos of the interior walls/paint	Major	$15,000–50,000
Windows · No photos of the windows	Major	$15,000–50,000
Foundation/structure · No photos of the foundation/structure	Major	$15,000–50,000
HVAC/mechanicals · No photos of the HVAC/mechanicals	Major	$15,000–50,000
Landscaping/curb appeal · No photos of the landscaping/curb appeal	Major	$15,000–50,000
Total estimated repair cost · 9 items		$135,000–450,000

Value-add ROI direction

• Resale Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Resale Replace flooring — New flooring improves the home's appearance and functionality ↑
• Rental Service HVAC — A well-maintained HVAC system ensures comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Greensburg Community Schools
• NCES district ID: 1804080
• Math proficiency: 38% ▼ -7.00%
• Reading proficiency: 51% ▼ -2.00%
• Median HH income: $47,723
• Composite: 37.96/100
• National rank: #4301
• State rank: #102 of 301 in IN

Livability — Greensburg

• Score: 69/100
• State rank: #200
• US rank: #8922

Category grades

Amenities F Commute F Cost of living A+ Crime B+ Employment C- Housing A+ Health & safety F User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Greensburg, IN
• Population (ZIP): 21,514

Population outlook (Decatur County) Hauer SSP2

• Today (2025): 27,709 people
• By 2030: 28,278 · +2.1%
• By 2040: 29,195 · +5.4%
• By 2050: 29,512 · +6.5%
• By 2075: 29,835 · +7.7%
• By 2100: 27,192 · -1.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Slovak 2% Serbian 1% Romanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Decatur

• 2024 margin: Solid R (+58.5) · D 19.9% · R 78.4% · Other 1.8%
• 2008→2024 swing: -34.1pp toward R · 2008: -24.4pp · 2024: -58.5pp
• All cycles: 2024: R+58.5 2020: R+58.1 2016: R+57.4 2012: R+40.5 2008: R+24.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -70.13%
• Current HPI: 210.3591
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.90%
• F500 in state: 18

Industry mix (Fortune 500 HQ in IN)

Industry	F500 HQs	Revenue
▸Industrial Machinery	2	$37B
▸Healthcare	1	$177B
▸Pharmaceuticals	1	$45B
▸Metals / Steel	1	$18B
▸Agriculture	1	$17B
▸Packaging	1	$12B

Price history

+3.0% since first listed

4 events — show timeline

• 2026-01-03 Price Changed $271,900 Zillow
• 2025-08-31 Price Changed $269,900 Zillow
• 2025-07-01 Price Changed $266,400 Zillow
• 2025-02-08 Listed $263,900 Zillow