614 E Main St · Greenfield, IN 46140

$220,000

5 bd · 2.5 ba · 2,616 sqft · MultiFamily public records · 129 Days on market

Built 1900 7,754 sqft lot ↓ 2% since listing

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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 +26.3/30.0
• DSCR +8.9/10.0
• ARV discount +7.5/15.0
• 1% rule +6.2/10.0
• Schools +4.0/10.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• 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

Step into timeless character and endless possibility with this spacious 5-bedroom historic home offering over 2,600 square feet in the heart of Greenfield. Built in 1900, this home showcases the historic charm, generously sized rooms, multiple living spaces, and a layout that invites both everyday living and entertaining. The main level features a primary bedroom with an updated bathroom. Upstairs, you'll find four additional bedrooms and a convenient laundry room, providing flexibility for growing households or guests. Relax on the covered front porch, enjoy the privacy of the fully fenced backyard, and take advantage of the detached two-car garage. Ideally located near schools, downtown s

Key facts

• Covered front porch
• Historic home
• Updated bathroom

Tags

• HISTORIC HOME
• COVERED FRONT PORCH
• FULLY FENCED BACKYARD
• DETACHED TWO-CAR GARAGE
• MULTIPLE LIVING SPACES
• UPDATED BATHROOM

Property features AI

Exterior

• Parking: Detached 2-car garage (approximately 540 sq ft)
• Utilities: Public water; Municipal sewer connected; Electricity connected; Natural gas connected
• Home design: Single-family residence; Two levels
• Construction: Vinyl siding; Slab foundation
• Exterior features: Covered patio/porch; Privacy fenced yard; Lot under 1/4 acre

Interior

• Kitchen: Electric oven; Dishwasher; Garbage disposal; Refrigerator
• Bedrooms: Five bedrooms total — four upstairs and one on the main level
• Bathrooms: Two full bathrooms; One half bathroom; Primary bathroom has a full shower stall
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Attic access; Covered patio/porch; Privacy fence; Laundry in unit
• Laundry & utility: Washer and dryer included; Laundry room located on the upper level; Gas water heater

What this means for you Summary

Snapshot

• This is a 5-bed/2.5-bath multifamily listed at $220k.

Deal economics

• At list price, monthly cash flow is $567 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $220k).
• Recommended offer: $194k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.4% 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+; 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: 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; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 11d 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).
• This rent runs 36% of the median local income ($83k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 129 days — a 12% lower offer ($194k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $193,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 129 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
7. 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.
8. 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: 1.12% ✓
• Cap rate: 9.38%
• Cash-on-cash: 11.04%
• DSCR: 1.49
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.88% rent growth · sell at horizon

5-year hold

• IRR: 0.0%
• Equity multiple: 1.00×
• Total profit: $92
• Equity at exit: $32,803

10-year hold

• IRR: 9.6%
• Equity multiple: 1.73×
• Total profit: $45,143
• Equity at exit: $19,022

Cash invested: $61,600 (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: 7.4×

Monthly cashflow live

• Estimated rent: $2,474 medium
• Mortgage (P&I): −$1,154
• Tax from tax record: −$142 /mo · $1,710/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$520
• Net cashflow: $567

Break-even live

Break-even rent $1,757

Max offer price $220,000

Occupancy floor 72%

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
683 Horsetail Dr Greenfield, IN	5.0	3.0	2600	$2,379	$0.92	15d	1	1.10mi
876 Marsh Aster Dr Greenfield, IN	4.0	2.0	1771	$2,245	$1.27	11d	1	1.23mi
968 Lotus Dr Greenfield, IN	3.0–5.0	2.0–3.0	2049	$2,445	$1.19	2d	8	1.27mi

Listing history 14 events

1. 2026-06-15
   status $220,000 Pending 129 DOM
2. 2026-06-15
   days on market $220,000 Active 129 DOM
3. 2026-06-13
   days on market $220,000 Active 127 DOM
4. 2026-06-13
   days on market $220,000 Active 126 DOM
5. 2026-06-09
   days on market $220,000 Active 123 DOM
6. 2026-06-08
   days on market $220,000 Active 122 DOM
7. 2026-06-07
   days on market $220,000 Active 121 DOM
8. 2026-06-05
   days on market $220,000 Active 118 DOM
9. 2026-06-03
   days on market $220,000 Active 117 DOM
10. 2026-06-02
    days on market $220,000 Active 116 DOM
11. 2026-06-01
    days on market $220,000 Active 115 DOM
12. 2026-05-31
    days on market $220,000 Active 114 DOM
13. 2026-03-25
    price $220,000
14. 2026-02-06
    listed $225,000 Active

ⓘ 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: $1,710 · $142/mo
• Projected year-2 tax: $1,790 · $149/mo
• Expected delta: +$80/yr (+$7/mo · 4.7%)

ⓘ 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 (shaded) · 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: $29,687
• − Mortgage interest: −$12,323
• − Property taxes: −$1,710
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,375
• − Management: −$2,375
• − Depreciation: −$6,400
• Taxable income: $3,404
• Est. tax owed @ 24.0%: −$817
• After-tax cash flow: $5,982/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

-2.2% since first listed

2 events — show timeline

• 2026-03-25 Price Changed $220,000 MIBOR as Distributed by MLS Grid
• 2026-02-06 Listed $225,000 MIBOR as Distributed by MLS Grid

Property tax history

-3.0%/yr

Latest (2025): $1,710 · -11.9% YoY. Source: county tax records.