394 Gondola Run · Greenfield, IN 46140

$235,000

3 bd · 2.0 ba · 977 sqft · SingleFamily public records · 37 Days on market

Built 2018 10,324 sqft lot Est $204k · 15% over $33/mo HOA · 2% of rent

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Why this score? — see what drove the F 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 +12.1/30.0
• Schools +4.0/10.0
• Livability +3.7/5.0
• DSCR +3.6/10.0
• Rent growth +3.2/5.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0
• ARV discount +0.7/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

New Build 3-bedrooms 2-full baths. 1200 sq ft.

Key facts

• Extra storage
• Quarter acre lot
• Finished garage

Tags

• LOW PROFILE WALK-IN SHOWER
• QUARTER ACRE LOT
• FINISHED GARAGE
• EXTRA STORAGE
• ACCESS TO A POOL
• PLAYGROUND

Property features AI

Finance

• Other: Lot size approximately 0.24 acres; Low maintenance lifestyle: No
• HOA & community: Homeowners association with annual fee; HOA fee $400 annually; HOA includes entrance common areas and park/playground; Community amenities include playground and pool; HOA governed by covenants and restrictions

Exterior

• Parking: Attached garage; 2-car garage
• Security: Security system (owned)
• Utilities: Public water; Municipal sewer connected; 200+ amp electrical service; Cable available; Electricity connected; Natural gas connected; Sewer connected; Water connected
• Home design: Single family residence; One level (single-story); Mandatory-fee ownership
• Construction: Vinyl siding; Slab foundation; Built by Arbor Homes
• Exterior features: Curbs and street lights; Small trees (under 20 ft); Wedge-shaped lot

Interior

• Kitchen: Electric oven; Dishwasher; Refrigerator; Disposal
• Bedrooms: Primary bedroom with walk-in closet; Three bedrooms on the main level
• Bathrooms: Two full bathrooms; Primary bathroom with full shower stall
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Water softener (owned); Disposal; Water heater; Security system (owned)
• Laundry & utility: Washer and dryer included; Laundry room with full connections

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $235k.

Deal economics

• At list price, monthly cash flow is $-53 ($-642/yr) — negative.
• To cash-flow at today's rent, offer at most $226k (4.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $182k (22.7% below list).
• Recommended offer: $182k (22.7% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 4.7% in Greenfield — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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+; 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.
• Zoned schools: Jb Stephens Elementary School (math 57% / reading 47%, grade C-, #237 of 994 statewide, top 26%, 561 students, 43% FRL); Greenfield Central Junior High Sch (math 38% / reading 42%, grade F, #120 of 330 statewide, top 37%, 675 students, 45% FRL); Greenfield-Central High School (math 37% / reading 65%, grade D+, #115 of 369 statewide, top 31%, 1,462 students, 35% FRL).
• Market conditions: Rents rising (+2.9%/yr); 481 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 0d 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 37 days — a 3% lower offer ($228k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y 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 $135k; list at $235k implies a 74% gain — meaningful room to come down on a strong offer.

Recommended offer $181,553 (22.7% 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 37 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 0.77% ✗
• Cap rate: 6.02%
• Cash-on-cash: -0.98%
• DSCR: 0.96
• GRM: 10.8

CMA / ARV

• ARV (on-the-fly): $204,193
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1652 Sweetwater Ln	0.49mi	2/2.0 (-1)	1,022 (+5%)	10mo	$200,000	$196	56
685 Gondola Run	0.33mi	3/2.0	1,058 (+8%)	21mo	$212,500	$201	53
1616 Sweetwater Ln	0.52mi	3/2.0	1,110 (+14%)	1mo	$235,000	$212	52
319 Brookstone Dr	0.55mi	3/2.0	1,110 (+14%)	2mo	$237,500	$214	50
1647 Sweetwater Ln	0.49mi	3/2.0	1,110 (+14%)	6mo	$229,900	$207	49
1696 Carlton Dr	0.45mi	3/2.0	1,110 (+14%)	13mo	$236,000	$213	45
1683 Sweetwater Ln	0.46mi	3/2.0	1,110 (+14%)	13mo	$232,000	$209	45

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: -18.1%
• Equity multiple: 0.37×
• Total profit: $-41,762
• Equity at exit: $35,039

10-year hold

• IRR: -10.6%
• Equity multiple: 0.36×
• Total profit: $-41,877
• Equity at exit: $20,319

Cash invested: $65,800 (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: 10.8×

Monthly cashflow live

• Estimated rent: $1,816 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$124 /mo · $1,494/yr
• Insurance: −$98
• HOA: −$33
• Vacancy / Maint / Mgmt: −$381
• Net cashflow: $-53

Break-even live

Break-even rent $1,883

Max offer price $225,552

Occupancy floor 98%

Sensitivity live

Price	-10% $80	-5% $13	+0% $-53	+5% $-120	+10% $-187
Rent	-10% $-197	-5% $-125	+0% $-53	+5% $18	+10% $90
Rate	-1.0pp $65	-0.5pp $6	base $-53	+0.5pp $-114	+1.0pp $-176

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
685 Gondola Run Greenfield, IN	3.0	2.0	1058	$1,750	$1.65	0d	1	0.31mi
502 Ginny Trce Greenfield, IN	1.0–3.0	1.0–2.5	978	$1,934	$1.98	0d	23	0.69mi
210 Flagstone Dr Greenfield, IN	1.0–3.0	1.0–2.5	1084	$1,786	$1.65	0d	16	0.82mi
917 E McKenzie Rd Greenfield, IN	1.0–2.0	1.0–1.5	918	$1,199	$1.31	0d	4	1.34mi
432 Baldwin St Greenfield, IN	2.0	1.0	788	$1,425	$1.81	25d	1	1.49mi

HOA detail

• Monthly dues: $33 · $396/yr

Listing history 8 events

1. 2026-06-01
   status $235,000 Pending 37 DOM
2. 2026-05-31
   days on market $235,000 Active 37 DOM
3. 2026-03-03
   listed $235,000 Active
4. 2018-10-29
   soldstatus $135,000 Sold 46-char remark

   Show marketing remark (46 chars)

   New Build 3-bedrooms 2-full baths. 1200 sq ft.

5. 2018-09-20
   status Pending 46-char remark

   Show marketing remark (46 chars)

   New Build 3-bedrooms 2-full baths. 1200 sq ft.

6. 2018-09-20
   status Active 46-char remark

   Show marketing remark (46 chars)

   New Build 3-bedrooms 2-full baths. 1200 sq ft.

7. 2018-05-12
   status Pending 46-char remark

   Show marketing remark (46 chars)

   New Build 3-bedrooms 2-full baths. 1200 sq ft.

8. 2018-05-11
   listed $145,000 Active 46-char remark

   Show marketing remark (46 chars)

   New Build 3-bedrooms 2-full baths. 1200 sq ft.

ⓘ 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: $1,494 · $124/mo
• Projected year-2 tax: $1,746 · $145/mo
• Expected delta: +$252/yr (+$21/mo · 16.9%)

ⓘ 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 3/10 Moderate 7 d/yr ≥102°F today · 18 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: $21,786
• − Mortgage interest: −$13,164
• − Property taxes: −$1,494
• − Insurance: −$1,175
• − Repairs & maintenance: −$1,743
• − Management: −$1,743
• − HOA: −$396
• − Depreciation: −$6,836
• Taxable loss: −$4,764
• Est. tax savings @ 24.0%: +$1,143
• After-tax cash flow: $502/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

+62.1% since first listed

6 events — show timeline

• 2026-03-03 Listed $235,000 MIBOR as Distributed by MLS Grid
• 2018-10-29 Sold (MLS) $135,000 MIBOR as Distributed by MLS Grid
• 2018-09-20 Pending — MIBOR as Distributed by MLS Grid
• 2018-09-20 Relisted — MIBOR as Distributed by MLS Grid
• 2018-05-12 Pending — MIBOR as Distributed by MLS Grid
• 2018-05-11 Listed $145,000 MIBOR as Distributed by MLS Grid

Property tax history

+125.7%/yr

Latest (2025): $1,494 · -10.7% YoY. Source: county tax records.