5271 N State Road 9 · Greenfield, IN 46140

$199,900

4 bd · 2.0 ba · 2,684 sqft · SingleFamily public records · 50 Days on market

Built 1900 0.86 ac lot Est $330k · 39% under

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Why this score? — see what drove the B 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 +27.1/30.0
• ARV discount +15.0/15.0
• DSCR +9.4/10.0
• 1% rule +6.7/10.0
• Schools +4.0/10.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

RECENT UPDATES HAVE BEEN MADE TO THIS HOME!! Come enjoy the amble space but with a good price. Create a beautiful outdoor entertainment space on the 0.86 acre lot. Travel with ease with quick access to I-70.

Key facts

• Newer ac
• Multiple fireplaces
• Private well

Tags

• DETACHED 2-CAR GARAGE
• WORKSHOP BARN STORAGE
• PRIVATE WELL
• MULTIPLE FIREPLACES
• COVERED PORCH AREAS
• NEWER AC

Property features AI

Exterior

• Parking: Detached oversized garage; 2 garage spaces
• Utilities: Well water; Septic sewer
• Home design: Two-story home; Built in 1900
• Construction: Has basement (unfinished)
• Exterior features: Neighborhood view; Unfinished basement

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: Primary bedroom; Bedroom 2; Bedroom 3; Bedroom 4
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Open floor plan; Bonus room; Loft; Family room with fireplace; Living room; Dining room
• Laundry & utility: Washer hookup on main level; Electric dryer hookup on main level

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $563 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $194k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.7% vs local median 4.4% in Greenfield — 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 73/100 on livability (#88 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools B; Watch: amenities F, commute F.
• Greenfield-Central Community Schools (other): math 47% / reading 45% proficiency, ranked #83 of 301 in IN (top 28%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.9%/yr); 481 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,091 units permitted in Hancock County in 2024 (0 in 5+ unit buildings).
• This rent runs 34% of the median local income ($83k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Hancock County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 2.9% rent growth), your $56k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 26y ago; this cycle's ask has dropped $25k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $143k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $193,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. 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.
6. 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.
7. 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: 1.17% ✓
• Cap rate: 9.67%
• Cash-on-cash: 12.08%
• DSCR: 1.54
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $330,132
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
273 Riley Rae Way	0.27mi	5/3.0 (+1)	2,736 (+2%)	1mo	$370,000	$135	75
32 Douglas St	0.30mi	3/2.5 (-1)	2,730 (+2%)	6mo	$345,000	$126	71
321 N State St	0.19mi	3/2.0 (-1)	2,560 (-5%)	13mo	$314,950	$123	68
529 S State St	0.43mi	4/2.0	2,428 (-10%)	4mo	$190,000	$78	61
603 N Swope St	0.47mi	4/2.0	2,360 (-12%)	4mo	$307,000	$130	55
265 Riley Rae Way	0.27mi	5/3.5 (+1)	3,054 (+14%)	1mo	$385,000	$126	53
522 Pratt St	0.49mi	3/1.5 (-1)	2,776 (+3%)	17mo	$258,000	$93	50
450 Sedgewick Dr	0.56mi	4/2.5	2,306 (-14%)	1mo	$302,000	$131	47
633 N East St	0.45mi	3/2.0 (-1)	2,376 (-12%)	10mo	$160,000	$67	46
410 E North St	0.25mi	3/2.5 (-1)	2,282 (-15%)	12mo	$275,000	$121	46
538 N East St	0.37mi	3/1.5 (-1)	2,325 (-13%)	10mo	$214,200	$92	45
535 Reed Ct	0.65mi	4/2.5	3,084 (+15%)	16mo	$315,000	$102	30

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 · 2.88% rent growth · sell at horizon

5-year hold

• IRR: 1.5%
• Equity multiple: 1.06×
• Total profit: $3,181
• Equity at exit: $29,806

10-year hold

• IRR: 11.0%
• Equity multiple: 1.85×
• Total profit: $47,724
• Equity at exit: $17,284

Cash invested: $55,972 (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 46140

• Rents YoY: 2.9%
• Active inventory: 481
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $2,346 medium
• Mortgage (P&I): −$1,048
• Tax from tax record: −$159 /mo · $1,905/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$493
• Net cashflow: $563

Break-even live

Break-even rent $1,633

Max offer price $199,900

Occupancy floor 71%

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
683 Horsetail Dr Greenfield, IN	5.0	3.0	2600	$2,379	$0.92	14d	1	0.80mi
876 Marsh Aster Dr Greenfield, IN	4.0	2.0	1771	$2,245	$1.27	10d	1	0.93mi
968 Lotus Dr Greenfield, IN	3.0–5.0	2.0–3.0	2049	$2,245	$1.10	1d	8	0.96mi

Listing history 31 events

1. 2026-06-18
   days on market $199,900 Active 50 DOM
2. 2026-06-17
   days on market $199,900 Active 49 DOM
3. 2026-06-16
   days on market $199,900 Active 48 DOM
4. 2026-06-15
   days on market $199,900 Active 47 DOM
5. 2026-06-13
   days on market $199,900 Active 45 DOM
6. 2026-06-13
   days on market $199,900 Active 44 DOM
7. 2026-06-09
   days on market $199,900 Active 41 DOM
8. 2026-06-08
   days on market $199,900 Active 40 DOM
9. 2026-06-07
   days on market $199,900 Active 39 DOM
10. 2026-06-05
    days on market $199,900 Active 36 DOM
11. 2026-06-03
    statusdays on market $199,900 Active 35 DOM
12. 2026-05-20
    status Pending
13. 2026-05-04
    price $199,900
14. 2026-04-16
    listed $225,000 Active
15. 2018-06-29
    soldstatus $143,000 Sold 207-char remark

    Show marketing remark (207 chars)

    RECENT UPDATES HAVE BEEN MADE TO THIS HOME!! Come enjoy the amble space but with a good price. Create a beautiful outdoor entertainment space on the 0.86 acre lot. Travel with ease with quick access to I-70.

16. 2018-05-18
    status Pending 207-char remark

    Show marketing remark (207 chars)

    RECENT UPDATES HAVE BEEN MADE TO THIS HOME!! Come enjoy the amble space but with a good price. Create a beautiful outdoor entertainment space on the 0.86 acre lot. Travel with ease with quick access to I-70.

17. 2018-05-18
    price $149,900 207-char remark

    Show marketing remark (207 chars)

    RECENT UPDATES HAVE BEEN MADE TO THIS HOME!! Come enjoy the amble space but with a good price. Create a beautiful outdoor entertainment space on the 0.86 acre lot. Travel with ease with quick access to I-70.

18. 2018-04-25
    listed $160,000 Active 207-char remark

    Show marketing remark (207 chars)

    RECENT UPDATES HAVE BEEN MADE TO THIS HOME!! Come enjoy the amble space but with a good price. Create a beautiful outdoor entertainment space on the 0.86 acre lot. Travel with ease with quick access to I-70.

19. 2017-12-07
    historical
20. 2017-10-23
    price $169,900
21. 2017-08-02
    price $175,000
22. 2017-07-12
    price $186,900
23. 2017-06-23
    price $199,900
24. 2017-06-17
    listed $215,000 Active
25. 2004-09-17
    soldstatus $69,270
26. 2004-07-23
    listed $53,900
27. 2001-09-18
    historical
28. 2001-06-20
    listed $124,900
29. 2000-12-11
    soldstatus $100,000
30. 2000-08-22
    historical
31. 2000-02-27
    listed $129,900

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

Tax reassessment forecast IN · Partial reset (capped growth)

• Current annual tax: $1,905 · $159/mo
• Projected year-2 tax: $1,905 · $159/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $28,157
• − Mortgage interest: −$11,198
• − Property taxes: −$1,905
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,253
• − Management: −$2,253
• − Depreciation: −$5,815
• Taxable income: $3,734
• Est. tax owed @ 24.0%: −$896
• After-tax cash flow: $5,863/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.

Schools (NCES district)

• District: Greenfield-Central Community Schools
• NCES district ID: 1804050
• Math proficiency: 47% ▼ -12.00%
• Reading proficiency: 45% ▼ -11.00%
• Median HH income: $55,533
• Composite: 40.01/100
• National rank: #3827
• State rank: #83 of 301 in IN

Livability — Greenfield

• Score: 73/100
• State rank: #88
• US rank: #5094

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Greenfield, IN
• County: Hancock County · 59,521 people
• City population: 43,511
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 43,511
• Household income: $83,056
• Rent vs Own: 26.1% rent · 73.9% own
• Severe rent burden: 795.0

Population outlook (Hancock County) Hauer SSP2

• Today (2025): 77,820 people
• By 2030: 79,914 · +2.7%
• By 2040: 82,734 · +6.3%
• By 2050: 83,348 · +7.1%
• By 2075: 82,439 · +5.9%
• By 2100: 74,181 · -4.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 5% Hispanic / Latino 3% Black 1%
• Common ancestry: Italian 3% Lithuanian 3% Slovak 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Hancock

• 2024 margin: Solid R (+33.7) · D 32.2% · R 65.9% · Other 1.9%
• 2008→2024 swing: -4.1pp toward R · 2008: -29.6pp · 2024: -33.7pp
• All cycles: 2024: R+33.7 2020: R+37.5 2016: R+44.8 2012: R+41.0 2008: R+29.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -131.67%
• Current HPI: 225.0367
• Rent YoY: ▲ 2.88%
• Metro: Indianapolis-Carmel-Anderson, IN
• 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

+53.9% since first listed

20 events — show timeline

• 2026-05-20 Pending — NIRA MLS as Distributed by MLS Grid
• 2026-05-04 Price Changed $199,900 NIRA MLS as Distributed by MLS Grid
• 2026-04-16 Listed $225,000 NIRA MLS as Distributed by MLS Grid
• 2018-06-29 Sold (MLS) $143,000 MIBOR as Distributed by MLS Grid
• 2018-05-18 Pending — MIBOR as Distributed by MLS Grid
• 2018-05-18 Price Changed $149,900 MIBOR as Distributed by MLS Grid
• 2018-04-25 Listed $160,000 MIBOR as Distributed by MLS Grid
• 2017-12-07 Listing Removed — MIBOR as Distributed by MLS Grid
• 2017-10-23 Price Changed $169,900 MIBOR as Distributed by MLS Grid
• 2017-08-02 Price Changed $175,000 MIBOR as Distributed by MLS Grid
• 2017-07-12 Price Changed $186,900 MIBOR as Distributed by MLS Grid
• 2017-06-23 Price Changed $199,900 MIBOR as Distributed by MLS Grid
• 2017-06-17 Listed $215,000 MIBOR as Distributed by MLS Grid
• 2004-09-17 Sold (MLS) $69,270 MIBOR as Distributed by MLS Grid
• 2004-07-23 Listed $53,900 MIBOR as Distributed by MLS Grid
• 2001-09-18 Listing Removed — MIBOR as Distributed by MLS Grid
• 2001-06-20 Listed $124,900 MIBOR as Distributed by MLS Grid
• 2000-12-11 Sold (Public Records) $100,000 Public Records
• 2000-08-22 Listing Removed — MIBOR as Distributed by MLS Grid
• 2000-02-27 Listed $129,900 MIBOR as Distributed by MLS Grid

Property tax history

+6.1%/yr

Latest (2025): $1,905 · +0.5% YoY. Source: county tax records.