3598 N State Road 9 · Greenfield, IN 46140

$219,900

3 bd · 2.0 ba · 1,536 sqft · SingleFamily public records · 194 Days on market

Built 1978 0.56 ac lot Est $217k · at est.

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Why this score? — see what drove the D 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 +13.2/30.0
• ARV discount +6.8/15.0
• DSCR +4.0/10.0
• Schools +4.0/10.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• 1% rule +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great 3 bedroom 2 bath house in popular Cranberry addition. 2 car attached garage. Big privacy fenced backyard.

Key facts

• Private outdoor area
• Fenced backyard
• Fireplace

Tags

• FENCED BACKYARD
• FIREPLACE
• PRIVATE OUTDOOR AREA

Property features AI

Finance

• Other: Property type listed as residential

Exterior

• Parking: Attached concrete garage with 2 parking spaces
• Utilities: Septic system; Private water supply; Cable available; Natural gas available
• Home design: Single-family residence; One level
• Construction: Brick construction; Slab foundation
• Exterior features: Patio; Porch; Privacy fence; Corner lot with mature trees; Exterior is handicap accessible; Property has a view

Interior

• Kitchen: Electric oven; Dishwasher; Garbage disposal
• Bedrooms: 3 bedrooms on the main level; Primary bedroom with walk-in closet
• Bathrooms: 2 full bathrooms on the main level; Primary bathroom with full shower stall
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Breakfast bar; Painted woodwork; Living room designated as formal; Laundry located in the garage; Wood-burning masonry fireplace in the living room; Smoke alarm
• Laundry & utility: Electric water heater; Laundry in garage

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $220k.

Deal economics

• At list price, monthly cash flow is $-4 ($-46/yr) — negative.
• To cash-flow at today's rent, offer at most $219k (0.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $174k (20.9% below list).
• Recommended offer: $174k (20.9% below list) — sets the bar for 1% rule.
• Cap rate 6.3% 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; 12 comparable units currently listed for rent nearby; rentals leasing fast (median 5d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• It's been on market 194 days — a 12% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 13 sale attempts since 24y ago; this cycle's ask has dropped $30k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $174,024 (20.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 194 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
3. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.79% ✗
• Cap rate: 6.27%
• Cash-on-cash: -0.07%
• DSCR: 1.00
• GRM: 10.5

CMA / ARV

• ARV (on-the-fly): $216,576
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3904 N State Road 9	0.00mi	3/1.5	1,635 (+6%)	3mo	$250,000	$153	85
3809 N State Road 9	0.00mi	3/1.5	1,404 (-9%)	7mo	$225,000	$160	78
238 Walnut St	0.23mi	3/2.0	1,637 (+7%)	6mo	$230,000	$141	73
328 Grant St	0.27mi	2/1.0 (-1)	1,574 (+2%)	8mo	$221,000	$140	68
17 Center St	0.40mi	3/1.0	1,476 (-4%)	4mo	$184,000	$125	67
419 W Osage St	0.42mi	3/2.0	1,400 (-9%)	7mo	$162,000	$116	59
239 Walnut St	0.22mi	4/1.0 (+1)	1,338 (-13%)	0mo	$130,000	$97	59
104 Forest Ave	0.36mi	3/1.0	1,353 (-12%)	7mo	$195,000	$144	53
217 Tague St	0.46mi	4/2.0 (+1)	1,753 (+14%)	5mo	$225,000	$128	46
530 S State St	0.42mi	2/1.0 (-1)	1,728 (+12%)	7mo	$182,000	$105	45
857 Walnut St	0.65mi	3/2.0	1,317 (-14%)	8mo	$233,000	$177	39
811 N Noble St	0.69mi	3/1.0	1,351 (-12%)	8mo	$215,000	$159	37

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: -16.6%
• Equity multiple: 0.41×
• Total profit: $-36,146
• Equity at exit: $32,788

10-year hold

• IRR: -8.6%
• Equity multiple: 0.47×
• Total profit: $-32,893
• Equity at exit: $19,013

Cash invested: $61,572 (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: 10.5×

Monthly cashflow live

• Estimated rent: $1,740 high
• Mortgage (P&I): −$1,153
• Tax from tax record: −$134 /mo · $1,606/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$365
• Net cashflow: $-4

Break-even live

Break-even rent $1,745

Max offer price $219,227

Occupancy floor 95%

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
220 Walker St Greenfield, IN	3.0	1.0	1101	$1,400	$1.27	4d	1	0.38mi
550 Wood St Greenfield, IN	2.0	1.0	1162	$1,200	$1.03	4d	1	0.46mi
22 Wilson St Greenfield, IN	2.0	1.0	2200	$925	$0.42	3d	1	0.47mi
821 W 7th St Greenfield, IN	2.0	2.0	1234	$1,700	$1.38	23d	1	0.66mi
713 Cattail Dr Greenfield, IN	3.0	2.0	1498	$2,045	$1.37	3d	1	0.74mi
1027 E Fourth St Greenfield, IN	3.0	2.0	1430	$1,700	$1.19	23d	1	0.80mi
1014 E Seventh St Greenfield, IN	3.0	1.0	1192	$1,400	$1.17	4d	1	0.87mi
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	$2,045	$1.00	1d	8	0.96mi
210 Flagstone Dr Greenfield, IN	1.0–3.0	1.0–2.5	1084	$2,254	$2.08	1d	17	1.06mi
917 E McKenzie Rd Greenfield, IN	1.0–2.0	1.0–1.5	918	$1,199	$1.31	1d	4	1.14mi
1439 Coachlite Dr Unit Coachlite Greenfield, IN	3.0	1.5	1147	$1,495	$1.30	23d	1	1.24mi

Listing history 50 events

1. 2026-06-18
   days on market $219,900 Active 194 DOM
2. 2026-06-17
   days on market $219,900 Active 193 DOM
3. 2026-06-16
   days on market $219,900 Active 192 DOM
4. 2026-06-15
   days on market $219,900 Active 191 DOM
5. 2026-06-13
   days on market $219,900 Active 189 DOM
6. 2026-06-13
   days on market $219,900 Active 188 DOM
7. 2026-06-09
   days on market $219,900 Active 185 DOM
8. 2026-06-08
   days on market $219,900 Active 184 DOM
9. 2026-06-07
   days on market $219,900 Active 183 DOM
10. 2026-06-05
    days on market $219,900 Active 180 DOM
11. 2026-06-03
    days on market $219,900 Active 179 DOM
12. 2026-06-02
    days on market $219,900 Active 178 DOM
13. 2026-06-01
    days on market $219,900 Active 177 DOM
14. 2026-05-31
    days on market $219,900 Active 176 DOM
15. 2026-03-06
    price $219,900
16. 2026-02-16
    status Active
17. 2026-01-12
    status Pending
18. 2025-12-12
    price $224,900
19. 2025-12-03
    status Active
20. 2025-10-22
    status Pending
21. 2025-10-15
    status Active
22. 2025-08-25
    status Pending
23. 2025-08-14
    price $239,900
24. 2025-08-08
    price $244,900
25. 2025-07-31
    listed $249,900 Active
26. 2023-12-05
    soldstatus $240,000 Closed 111-char remark

    Show marketing remark (111 chars)

    Great 3 bedroom 2 bath house in popular Cranberry addition. 2 car attached garage. Big privacy fenced backyard.

27. 2023-11-03
    status Pending 111-char remark

    Show marketing remark (111 chars)

    Great 3 bedroom 2 bath house in popular Cranberry addition. 2 car attached garage. Big privacy fenced backyard.

28. 2023-10-31
    price $250,000 111-char remark

    Show marketing remark (111 chars)

    Great 3 bedroom 2 bath house in popular Cranberry addition. 2 car attached garage. Big privacy fenced backyard.

29. 2023-10-07
    listed $255,000 Active 111-char remark

    Show marketing remark (111 chars)

    Great 3 bedroom 2 bath house in popular Cranberry addition. 2 car attached garage. Big privacy fenced backyard.

30. 2022-10-27
    historical
31. 2022-08-09
    price $255,000
32. 2022-06-28
    price $259,977
33. 2022-05-17
    price $264,977
34. 2022-05-10
    status Active
35. 2022-05-01
    status Pending
36. 2022-04-27
    listed $269,977 Active
37. 2021-10-27
    soldstatus $245,000 Closed
38. 2021-10-27
    historical
39. 2021-08-11
    listed $239,977
40. 2017-11-07
    soldstatus $118,500 Sold
41. 2017-10-12
    status Pending
42. 2017-10-03
    status Active
43. 2017-09-21
    status Pending
44. 2017-08-02
    price $139,900
45. 2017-07-10
    listed $144,900 Active
46. 2013-11-06
    historical
47. 2013-11-06
    soldstatus $88,000
48. 2013-05-02
    listed $95,000
49. 2006-06-12
    historical
50. 2005-12-13
    listed $149,500

ⓘ 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: $1,606 · $134/mo
• Projected year-2 tax: $1,737 · $145/mo
• Expected delta: +$132/yr (+$11/mo · 8.2%)

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

Taxation est. · year 1

• Rental income: $20,883
• − Mortgage interest: −$12,318
• − Property taxes: −$1,606
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,671
• − Management: −$1,671
• − Depreciation: −$6,397
• Taxable loss: −$3,878
• Est. tax savings @ 24.0%: +$931
• After-tax cash flow: $885/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

+83.4% since first listed

38 events — show timeline

• 2026-03-06 Price Changed $219,900 MIBOR as Distributed by MLS Grid
• 2026-02-16 Relisted — MIBOR as Distributed by MLS Grid
• 2026-01-12 Pending — MIBOR as Distributed by MLS Grid
• 2025-12-12 Price Changed $224,900 MIBOR as Distributed by MLS Grid
• 2025-12-03 Relisted — MIBOR as Distributed by MLS Grid
• 2025-10-22 Pending — MIBOR as Distributed by MLS Grid
• 2025-10-15 Relisted — MIBOR as Distributed by MLS Grid
• 2025-08-25 Pending — MIBOR as Distributed by MLS Grid
• 2025-08-14 Price Changed $239,900 MIBOR as Distributed by MLS Grid
• 2025-08-08 Price Changed $244,900 MIBOR as Distributed by MLS Grid
• 2025-07-31 Listed $249,900 MIBOR as Distributed by MLS Grid
• 2023-12-05 Sold (MLS) $240,000 MIBOR as Distributed by MLS Grid
• 2023-11-03 Pending — MIBOR as Distributed by MLS Grid
• 2023-10-31 Price Changed $250,000 MIBOR as Distributed by MLS Grid
• 2023-10-07 Listed $255,000 MIBOR as Distributed by MLS Grid
• 2022-10-27 Listing Removed — MIBOR as Distributed by MLS Grid
• 2022-08-09 Price Changed $255,000 MIBOR as Distributed by MLS Grid
• 2022-06-28 Price Changed $259,977 MIBOR as Distributed by MLS Grid
• 2022-05-17 Price Changed $264,977 MIBOR as Distributed by MLS Grid
• 2022-05-10 Relisted — MIBOR as Distributed by MLS Grid
• 2022-05-01 Pending — MIBOR as Distributed by MLS Grid
• 2022-04-27 Listed $269,977 MIBOR as Distributed by MLS Grid
• 2021-10-27 Listing Removed — MIBOR as Distributed by MLS Grid
• 2021-10-27 Sold (MLS) $245,000 MIBOR as Distributed by MLS Grid
• 2021-08-11 Listed $239,977 MIBOR as Distributed by MLS Grid
• 2017-11-07 Sold (MLS) $118,500 MIBOR as Distributed by MLS Grid
• 2017-10-12 Pending — MIBOR as Distributed by MLS Grid
• 2017-10-03 Relisted — MIBOR as Distributed by MLS Grid
• 2017-09-21 Pending — MIBOR as Distributed by MLS Grid
• 2017-08-02 Price Changed $139,900 MIBOR as Distributed by MLS Grid
• 2017-07-10 Listed $144,900 MIBOR as Distributed by MLS Grid
• 2013-11-06 Listing Removed — MIBOR as Distributed by MLS Grid
• 2013-11-06 Sold (MLS) $88,000 MIBOR as Distributed by MLS Grid
• 2013-05-02 Listed $95,000 MIBOR as Distributed by MLS Grid
• 2006-06-12 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-12-13 Listed $149,500 MIBOR as Distributed by MLS Grid
• 2003-03-22 Listing Removed — MIBOR as Distributed by MLS Grid
• 2002-09-25 Listed $119,900 MIBOR as Distributed by MLS Grid

Property tax history

+6.4%/yr

Latest (2025): $1,606 · -6.1% YoY. Source: county tax records.