504 Carol Dr · Greenwood, IN 46143

$150,000

3 bd · 1.0 ba · 864 sqft · SingleFamily public records · 3 Days on market

Built 1958 7,187 sqft lot Est $161k · 7% under

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Why this score? — see what drove the C+ 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 +24.8/30.0
• ARV discount +10.5/15.0
• DSCR +8.0/10.0
• 1% rule +5.4/10.0
• Schools +4.0/10.0
• Livability +3.7/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great starter 3 BR/1 BA home with a newer 1 car detached gar. Updates include: 200 amp service, newer kitchen cabinets & counter tops, newer vanity & counter tops in main hall bath, 16x22 1 car garage (All updates done in 2010). Newer 6 panel doors, windows, bathroom w/ceramic around tub. Appliances include: dishwasher, garbage disposal, O/R elec, refrigerator, stack washer/dryer. Lg backyard w/mature trees. Convenient to Greenwood, Indy & airports. This home just needs some "TLC".

Key facts

• Vinyl windows
• Tiled backsplash
• Double closets

Tags

• FORMAL LIVING ROOM
• EAT-IN KITCHEN
• TILED BACKSPLASH
• DOUBLE CLOSETS
• SPACIOUS BEDROOMS
• VINYL WINDOWS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $317 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Cap rate 8.8% vs local median 4.5% in Greenwood — 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 (#91 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, health & safety F.
• Greenwood Community School Corporation (suburban): math 41% / reading 52% proficiency, ranked #88 of 301 in IN (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+1.9%/yr); 79 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,133 units permitted in Johnson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Johnson County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 17y 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 $74k; list at $150k implies a 104% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $150,000

Questions for the listing agent

1. Built in 1958 — 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 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?
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 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: 1.04% ✓
• Cap rate: 8.83%
• Cash-on-cash: 9.06%
• DSCR: 1.40
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $160,704
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
504 Carol Dr	0.00mi	3/1.0	864 (0%)	1mo	$155,000	$179	99
476 Carol Dr	0.17mi	3/1.0	888 (+3%)	1mo	$132,000	$149	87
464 Carol Dr	0.24mi	3/1.0	888 (+3%)	4mo	$132,000	$149	81
484 Carol Dr	0.12mi	3/1.0	960 (+11%)	6mo	$143,000	$149	71
527 Northgate Dr	0.15mi	2/1.0 (-1)	960 (+11%)	2mo	$190,000	$198	68
455 Southgate Dr	0.30mi	3/1.0	960 (+11%)	4mo	$179,000	$186	64
412 N Meridian St	0.10mi	2/1.0 (-1)	768 (-11%)	10mo	$200,000	$260	64
141 N Meridian St	0.42mi	2/1.0 (-1)	802 (-7%)	0mo	$132,000	$165	63
133 Marcy Ln	0.20mi	3/1.0	990 (+15%)	4mo	$199,900	$202	63
440 Park Dr	0.39mi	3/1.0	960 (+11%)	0mo	$200,000	$208	63
71 E Main St	0.68mi	2/1.0 (-1)	842 (-2%)	8mo	$172,000	$204	52
446 Sayre Dr	0.60mi	3/1.0	988 (+14%)	2mo	$150,000	$152	46

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 · 1.95% rent growth · sell at horizon

5-year hold

• IRR: -3.7%
• Equity multiple: 0.86×
• Total profit: $-5,782
• Equity at exit: $22,365

10-year hold

• IRR: 4.8%
• Equity multiple: 1.34×
• Total profit: $14,226
• Equity at exit: $12,969

Cash invested: $42,000 (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 46143

• Rents YoY: 1.9%
• Active inventory: 79
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,558 high
• Mortgage (P&I): −$787
• Tax from tax record: −$64 /mo · $772/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$327
• Net cashflow: $317

Break-even live

Break-even rent $1,156

Max offer price $150,000

Occupancy floor 75%

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
464 Carol Dr Greenwood, IN	3.0	1.0	888	$1,550	$1.75	43d	1	0.22mi
88 Keran Manor Ct Greenwood, IN	2.0	1.0	945	$1,450	$1.53	43d	1	0.27mi
968 Greenwood Trl W Greenwood, IN	2.0	2.0	1088	$1,475	$1.36	12d	1	0.55mi
14 Greenwood Trl N Greenwood, IN	2.0	1.5	1088	$1,275	$1.17	14d	1	0.62mi
1039 N Paz Dr Greenwood, IN	1.0–2.0	1.0	800	$1,193	$1.49	1d	8	0.73mi
601 Wood Dale Ter Greenwood, IN	2.0	1.5	960	$1,174	$1.22	44d	1	0.75mi
600 Wooddale Ter Apt 07 Greenwood, IN	2.0	1.0	750	$999	$1.33	23d	1	0.77mi
600 Wood Dale Ter Greenwood, IN	2.0	1.0	750	$999	$1.33	43d	1	0.77mi
501 E Main St Greenwood, IN	2.0	1.0	968	$1,395	$1.44	43d	1	0.78mi
628 Wooddale Ter Unit 1007 Greenwood, IN	2.0	1.5	1013	$1,104	$1.09	43d	1	0.81mi
1043 Mikes Way Greenwood, IN	3.0	2.0	1090	$1,650	$1.51	43d	1	0.82mi
622 Wood Dale Ter Greenwood, IN	1.0–2.0	1.0–1.5	947	$1,104	$1.17	23d	3	0.82mi
745 Wood Dale Ter Greenwood, IN	1.0–3.0	1.0–1.5	1032	$1,659	$1.61	3d	10	0.91mi
714 Connors Dr Greenwood, IN	1.0–2.0	1.0	750	$1,254	$1.67	1d	15	1.03mi
3503 Pleasant Lake Dr Indianapolis, IN	3.0	1.0	1064	$1,615	$1.52	12d	1	1.15mi
370 Homestead Ave Greenwood, IN	1.0–3.0	1.0–2.0	1135	$2,275	$2.00	1d	26	1.19mi
8960 S Keystone Ave Indianapolis, IN	1.0–2.0	1.0	881	$1,270	$1.44	1d	7	1.24mi
8631 Pleasant Creek Ct Indianapolis, IN	3.0	2.0	1120	$1,706	$1.52	7d	1	1.25mi
4545 Scarlet Oak Way Indianapolis, IN	1.0–3.0	1.0–2.0	1101	$2,061	$1.87	1d	16	1.26mi
800 Kings Mill Rd Greenwood, IN	2.0	1.0–2.0	701	$1,358	$1.94	1d	52	1.29mi
3546 Valley Lake Dr Indianapolis, IN	3.0	1.0	984	$1,645	$1.67	4d	1	1.32mi
902 Wallington Cir Greenwood, IN	1.0–3.0	1.0–1.5	899	$1,673	$1.86	2d	21	1.40mi
921 Parliament Pl Greenwood, IN	1.0–3.0	1.0–2.0	994	$1,525	$1.53	2d	30	1.47mi

Listing history 12 events

1. 2026-04-23
   status Pending
2. 2026-04-19
   listed $150,000 Active
3. 2014-08-08
   historical 509-char remark

   Show marketing remark (509 chars)

   Great starter 3 BR/1 BA home with a newer 1 car detached gar. Updates include: 200 amp service, newer kitchen cabinets & counter tops, newer vanity & counter tops in main hall bath, 16x22 1 car garage (All updates done in 2010). Newer 6 panel doors, windows, bathroom w/ceramic around tub. Appliances include: dishwasher, garbage disposal, O/R elec, refrigerator, stack washer/dryer. Lg backyard w/mature trees. Convenient to Greenwood, Indy & airports. This home just needs some "TLC".

4. 2014-07-25
   soldstatus $73,700 509-char remark

   Show marketing remark (509 chars)

   Great starter 3 BR/1 BA home with a newer 1 car detached gar. Updates include: 200 amp service, newer kitchen cabinets & counter tops, newer vanity & counter tops in main hall bath, 16x22 1 car garage (All updates done in 2010). Newer 6 panel doors, windows, bathroom w/ceramic around tub. Appliances include: dishwasher, garbage disposal, O/R elec, refrigerator, stack washer/dryer. Lg backyard w/mature trees. Convenient to Greenwood, Indy & airports. This home just needs some "TLC".

5. 2014-05-17
   listed $74,500 509-char remark

   Show marketing remark (509 chars)

   Great starter 3 BR/1 BA home with a newer 1 car detached gar. Updates include: 200 amp service, newer kitchen cabinets & counter tops, newer vanity & counter tops in main hall bath, 16x22 1 car garage (All updates done in 2010). Newer 6 panel doors, windows, bathroom w/ceramic around tub. Appliances include: dishwasher, garbage disposal, O/R elec, refrigerator, stack washer/dryer. Lg backyard w/mature trees. Convenient to Greenwood, Indy & airports. This home just needs some "TLC".

6. 2011-05-18
   historical
7. 2011-04-22
   listed $74,900
8. 2011-01-27
   soldstatus $65,000
9. 2011-01-26
   historical
10. 2010-05-25
    listed $78,900
11. 2009-08-24
    historical
12. 2009-02-23
    listed $74,900

ⓘ 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: $772 · $64/mo
• Projected year-2 tax: $1,023 · $85/mo
• Expected delta: +$252/yr (+$21/mo · 32.6%)

ⓘ 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 ≥101°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,693
• − Mortgage interest: −$8,402
• − Property taxes: −$772
• − Insurance: −$750
• − Repairs & maintenance: −$1,495
• − Management: −$1,495
• − Depreciation: −$4,364
• Taxable income: $1,415
• Est. tax owed @ 24.0%: −$340
• After-tax cash flow: $3,467/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: Greenwood Community School Corporation
• NCES district ID: 1804110
• Math proficiency: 41% ▼ -12.00%
• Reading proficiency: 52% ▼ -7.00%
• Median HH income: $48,589
• Composite: 39.71/100
• National rank: #3902
• State rank: #88 of 301 in IN

Livability — Greenwood

• Score: 73/100
• State rank: #91
• US rank: #5255

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Greenwood, IN
• County: Johnson County · 154,261 people
• City population: 96,151
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 61,803
• Household income: $91,496
• Rent vs Own: 31.8% rent · 68.2% own
• Severe rent burden: 1513.0

Population outlook (Johnson County) Hauer SSP2

• Today (2025): 170,080 people
• By 2030: 179,983 · +5.8%
• By 2040: 198,580 · +16.8%
• By 2050: 214,661 · +26.2%
• By 2075: 247,990 · +45.8%
• By 2100: 257,821 · +51.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Asian 8% Black 5% Two or more races 5% Hispanic / Latino 5%
• Common ancestry: Slovak 3% Romanian 2% Lithuanian 1%
• Foreign-born: 8% · Canada, Jamaica
• Languages at home: 88% English-only · Other Indo-European 6% Spanish 3% Other Asian/Pacific 1%

Political lean MEDSL · Johnson

• 2024 margin: Solid R (+34.3) · D 32.0% · R 66.3% · Other 1.7%
• 2008→2024 swing: -8.9pp toward R · 2008: -25.5pp · 2024: -34.3pp
• All cycles: 2024: R+34.3 2020: R+34.1 2016: R+42.5 2012: R+38.5 2008: R+25.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -206.72%
• Current HPI: 204.3161
• Rent YoY: ▲ 1.95%
• 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

+100.3% since first listed

12 events — show timeline

• 2026-04-23 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-19 Listed $150,000 MIBOR as Distributed by MLS Grid
• 2014-08-08 Listing Removed — MIBOR as Distributed by MLS Grid
• 2014-07-25 Sold (MLS) $73,700 MIBOR as Distributed by MLS Grid
• 2014-05-17 Listed $74,500 MIBOR as Distributed by MLS Grid
• 2011-05-18 Listing Removed — MIBOR as Distributed by MLS Grid
• 2011-04-22 Listed $74,900 MIBOR as Distributed by MLS Grid
• 2011-01-27 Sold (Public Records) $65,000 Public Records
• 2011-01-26 Listing Removed — MIBOR as Distributed by MLS Grid
• 2010-05-25 Listed $78,900 MIBOR as Distributed by MLS Grid
• 2009-08-24 Listing Removed — MIBOR as Distributed by MLS Grid
• 2009-02-23 Listed $74,900 MIBOR as Distributed by MLS Grid

Property tax history

-3.4%/yr

Latest (2024): $772 · -1.0% YoY. Source: county tax records.