3598 N State Road 9

Greenfield, IN 46140

$219,900D

3 bd · 2.0 ba · 1,536 sqft · Built 1978 · SingleFamily · Active · 194 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,740/mo
• Mortgage (P&I): −$1,153
• Tax + insurance: −$225
• HOA: −$0
• Vac / Maint / Mgmt: −$365
• Net cashflow: $-4/mo
• Annual: $-46/yr
• Cap rate: 6.27%
• Cash-on-cash: -0.07%
• DSCR: 1.00
• 1% rule: 0.79%
• Cash to close: $61,572

Investor read

• This is a 3-bed/2.0-bath single-family listed at $220k.
• 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).
• It's been on market 194 days — a 12% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $174k (20.9% below list) — sets the bar for 1% rule.
• 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.
• 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).
• Hancock County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 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.
• 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.

Questions for listing agent

• 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?
• 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?
• Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.