223 N Jackson St · Greensburg, IN 47240

$139,020

2 bd · 2.0 ba · 1,570 sqft · MultiFamily public records · 26 Days on market

Built 1905 2,080 sqft lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.8/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Easy Maintenance exterior duplex in the heart of Historic Greensburg, or would be a nice restored single family house. 2 blocks from the Square. Sidewalks & Street lights. Across from the bank parking lot. Walk to churches, schools, shopping. Lot size is 26 x 80. Currently landlord pays all utilities. Utility averages: Duke Electric 232/m; Vectren Gas 110/m; Water-sewer-trash 90/m & 71/m Water/sewer & Electric are metered for each unit.

Key facts

• Covered front porch
• 2,080 sq ft lot
• Built 1905

Tags

• HISTORIC DOWNTOWN SQUARE
• COVERED FRONT PORCH
• VINYL EXTERIOR SIDING
• SEPARATELY METERED UTILITIES
• INCOME PRODUCING PROPERTY

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Municipal sewer connected; Electricity connected (100 amp service); Natural gas connected
• Home design: Single family residence; Two levels; Faces east; Fixer condition
• Construction: Vinyl siding; Rock foundation
• Exterior features: Covered porch or patio; Sidewalks; Street lights

Interior

• Kitchen: Refrigerator; Gas oven
• Bedrooms: Two bedrooms total (one on the main level, one on the upper level)
• Bathrooms: Two full bathrooms (one on the main level, one on the upper level)
• Heating & cooling: Natural gas heating; Window air conditioning units
• Interior features: Painted woodwork; Family room on second story; Has a view
• Laundry & utility: Laundry in unit; Washer/dryer connections available

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $139k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $139k).
• Recommended offer: $137k (1.5% below list) — sets the bar for market timing.
• Cap rate 21.7% 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-, amenities F, commute 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.
• Zoned schools: Greensburg Elementary (math 60% / reading 47%, grade C, #225 of 994 statewide, top 23%, 1,037 students, 55% FRL); Greensburg Community High School (math 27% / reading 67%, grade D-, #143 of 369 statewide, top 44%, 671 students, 44% FRL).
• Market conditions: 155 active listings in the ZIP; 2 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 $961 of loan paydown is wiped out by about $4k 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 $39k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($137k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 14y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $82k; list at $139k implies a 70% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $136,934 (1.5% below list)

Questions for the listing agent

1. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.45% ✓
• Cap rate: 21.71%
• Cash-on-cash: 55.08%
• DSCR: 3.45
• GRM: 3.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 53.3%
• Equity multiple: 3.34×
• Total profit: $91,278
• Equity at exit: $20,728

10-year hold

• IRR: 58.5%
• Equity multiple: 6.81×
• Total profit: $226,067
• Equity at exit: $12,020

Cash invested: $38,926 (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: 155
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $3,402 medium
• Mortgage (P&I): −$729
• Tax from tax record: −$114 /mo · $1,372/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$715
• Net cashflow: $1,787

Break-even live

Break-even rent $1,141

Max offer price $139,020

Occupancy floor 42%

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: $34,755
• Closing costs: $4,171
• Reserves months: —
• Total cash needed: —

Rent comps 2 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	12d	1	0.57mi
2303 N Broadway St Greensburg, IN	2.0	2.0	1100	$1,399	$1.27	23d	1	1.40mi

Listing history 25 events

1. 2026-06-18
   days on market $139,020 Active 26 DOM
2. 2026-06-17
   days on market $139,020 Active 25 DOM
3. 2026-06-16
   days on market $139,020 Active 24 DOM
4. 2026-06-15
   days on market $139,020 Active 23 DOM
5. 2026-06-13
   days on market $139,020 Active 21 DOM
6. 2026-06-12
   days on market $139,020 Active 20 DOM
7. 2026-06-09
   days on market $139,020 Active 17 DOM
8. 2026-06-08
   days on market $139,020 Active 16 DOM
9. 2026-06-07
   days on market $139,020 Active 15 DOM
10. 2026-06-05
    days on market $139,020 Active 13 DOM
11. 2026-06-04
    days on market $139,020 Active 11 DOM
12. 2026-06-02
    days on market $139,020 Active 10 DOM
13. 2026-06-01
    days on market $139,020 Active 9 DOM
14. 2026-05-31
    days on market $139,020 Active 8 DOM
15. 2026-05-31
    days on market $139,020 Active 7 DOM
16. 2026-05-23
    listed $139,020 Active
17. 2023-03-30
    soldstatus $82,000 Closed 460-char remark

    Show marketing remark (460 chars)

    Easy Maintenance exterior duplex in the heart of Historic Greensburg, or would be a nice restored single family house. 2 blocks from the Square. Sidewalks & Street lights. Across from the bank parking lot. Walk to churches, schools, shopping. Lot size is 26 x 80. Currently landlord pays all utilities. Utility averages: Duke Electric 232/m; Vectren Gas 110/m; Water-sewer-trash 90/m & 71/m Water/sewer & Electric are metered for each unit.

18. 2023-03-03
    status Pending 460-char remark

    Show marketing remark (460 chars)

    Easy Maintenance exterior duplex in the heart of Historic Greensburg, or would be a nice restored single family house. 2 blocks from the Square. Sidewalks & Street lights. Across from the bank parking lot. Walk to churches, schools, shopping. Lot size is 26 x 80. Currently landlord pays all utilities. Utility averages: Duke Electric 232/m; Vectren Gas 110/m; Water-sewer-trash 90/m & 71/m Water/sewer & Electric are metered for each unit.

19. 2022-10-03
    status Active 460-char remark

    Show marketing remark (460 chars)

    Easy Maintenance exterior duplex in the heart of Historic Greensburg, or would be a nice restored single family house. 2 blocks from the Square. Sidewalks & Street lights. Across from the bank parking lot. Walk to churches, schools, shopping. Lot size is 26 x 80. Currently landlord pays all utilities. Utility averages: Duke Electric 232/m; Vectren Gas 110/m; Water-sewer-trash 90/m & 71/m Water/sewer & Electric are metered for each unit.

20. 2022-08-05
    status Pending 460-char remark

    Show marketing remark (460 chars)

    Easy Maintenance exterior duplex in the heart of Historic Greensburg, or would be a nice restored single family house. 2 blocks from the Square. Sidewalks & Street lights. Across from the bank parking lot. Walk to churches, schools, shopping. Lot size is 26 x 80. Currently landlord pays all utilities. Utility averages: Duke Electric 232/m; Vectren Gas 110/m; Water-sewer-trash 90/m & 71/m Water/sewer & Electric are metered for each unit.

21. 2022-06-23
    status Active 460-char remark

    Show marketing remark (460 chars)

    Easy Maintenance exterior duplex in the heart of Historic Greensburg, or would be a nice restored single family house. 2 blocks from the Square. Sidewalks & Street lights. Across from the bank parking lot. Walk to churches, schools, shopping. Lot size is 26 x 80. Currently landlord pays all utilities. Utility averages: Duke Electric 232/m; Vectren Gas 110/m; Water-sewer-trash 90/m & 71/m Water/sewer & Electric are metered for each unit.

22. 2022-05-18
    status Pending 460-char remark

    Show marketing remark (460 chars)

    Easy Maintenance exterior duplex in the heart of Historic Greensburg, or would be a nice restored single family house. 2 blocks from the Square. Sidewalks & Street lights. Across from the bank parking lot. Walk to churches, schools, shopping. Lot size is 26 x 80. Currently landlord pays all utilities. Utility averages: Duke Electric 232/m; Vectren Gas 110/m; Water-sewer-trash 90/m & 71/m Water/sewer & Electric are metered for each unit.

23. 2022-04-07
    listed $89,000 Active 460-char remark

    Show marketing remark (460 chars)

    Easy Maintenance exterior duplex in the heart of Historic Greensburg, or would be a nice restored single family house. 2 blocks from the Square. Sidewalks & Street lights. Across from the bank parking lot. Walk to churches, schools, shopping. Lot size is 26 x 80. Currently landlord pays all utilities. Utility averages: Duke Electric 232/m; Vectren Gas 110/m; Water-sewer-trash 90/m & 71/m Water/sewer & Electric are metered for each unit.

24. 2013-03-15
    historical
25. 2012-09-14
    listed $51,900

ⓘ 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: $1,372 · $114/mo
• Projected year-2 tax: $1,372 · $114/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥102°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,829
• − Mortgage interest: −$7,787
• − Property taxes: −$1,372
• − Insurance: −$695
• − Repairs & maintenance: −$3,266
• − Management: −$3,266
• − Depreciation: −$4,044
• Taxable income: $20,398
• Est. tax owed @ 24.0%: −$4,895
• After-tax cash flow: $16,544/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: 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

+167.9% since first listed

10 events — show timeline

• 2026-05-23 Listed $139,020 MIBOR as Distributed by MLS Grid
• 2023-03-30 Sold (MLS) $82,000 MIBOR as Distributed by MLS Grid
• 2023-03-03 Pending — MIBOR as Distributed by MLS Grid
• 2022-10-03 Relisted — MIBOR as Distributed by MLS Grid
• 2022-08-05 Pending — MIBOR as Distributed by MLS Grid
• 2022-06-23 Relisted — MIBOR as Distributed by MLS Grid
• 2022-05-18 Pending — MIBOR as Distributed by MLS Grid
• 2022-04-07 Listed $89,000 MIBOR as Distributed by MLS Grid
• 2013-03-15 Listing Removed — MIBOR as Distributed by MLS Grid
• 2012-09-14 Listed $51,900 MIBOR as Distributed by MLS Grid

Property tax history

+0.9%/yr

Latest (2023): $1,372 · +8.7% YoY. Source: county tax records.