239 Walnut St · Greenfield, IN 46140

$130,000

3 bd · 1.0 ba · 1,338 sqft · SingleFamily public records · 6 Days on market

Built 1900 5,140 sqft lot Est $213k · 39% under

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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 +29.7/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• 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

Listing remarks

Located in the Heart of Greenfield's near North Side this Adorable 1900 Bungalow Style home is ready for new owners and a new chapter. The same owners since 1965 lovingly cared for the property but it could use cosmetics and updating. Enjoy a Covered Front Porch, Living Room, 4 Bedrooms, 1 Bath, Large Kitchen with Laundry Connections and adjoining Dining area. To the Rear is a fully Picket Fenced Yard, Wrap Around Wood Deck, Storage Shed, pleasant Landscaping and Mature Trees. There is a driveway with adequate parking. The Gas Furnace is 1 year old. The only appliance is a Gas Range/Oven.

Key facts

• Covered front porch
• Picket fenced yard
• Storage shed

Tags

• COVERED FRONT PORCH
• PICKET FENCED YARD
• WRAP AROUND WOOD DECK
• STORAGE SHED
• MATURE TREES

Property features AI

Exterior

• Parking: Alley access; Gravel parking
• Utilities: Public water; Municipal sewer connected; No solid waste service listed
• Home design: Single-family residence; One level
• Construction: Vinyl siding; Brick foundation
• Exterior features: Covered patio/porch; Deck; Storage shed; Mature trees; Curbs, sidewalks and street lights; Not in a subdivision

Interior

• Kitchen: Gas oven
• Bedrooms: 4 bedrooms on the main level
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Laundry in unit; Gas oven
• Laundry & utility: Laundry in unit

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $475 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Cap rate 10.7% vs local median 4.7% 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; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 6d 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 $899 of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 2.9% rent growth), your $36k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

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

Recommended offer $130,000

Questions for the listing agent

1. Built in 1900 — 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: 1.34% ✓
• Cap rate: 10.67%
• Cash-on-cash: 15.64%
• DSCR: 1.70
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $212,742
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
239 Walnut St	0.00mi	4/1.0 (+1)	1,338 (0%)	0mo	$130,000	$97	95
3809 N State Road 9	0.22mi	3/1.5	1,404 (+5%)	8mo	$225,000	$160	73
610 Chestnut Ln	0.35mi	3/1.0	1,260 (-6%)	6mo	$209,900	$167	69
17 Center St	0.25mi	3/1.0	1,476 (+10%)	4mo	$184,000	$125	68
104 Forest Ave	0.53mi	3/1.0	1,353 (+1%)	8mo	$195,000	$144	67
811 N Noble St	0.54mi	3/1.0	1,351 (+1%)	8mo	$215,000	$159	67
857 Walnut St	0.44mi	3/2.0	1,317 (-2%)	8mo	$233,000	$177	66
419 W Osage St	0.37mi	3/2.0	1,400 (+5%)	7mo	$162,000	$116	65
103 W Osage St	0.37mi	2/2.0 (-1)	1,248 (-7%)	8mo	$158,000	$127	56
716 S State St	0.72mi	2/1.0 (-1)	1,248 (-7%)	1mo	$175,000	$140	49
603 Grandison Rd	0.67mi	3/1.5	1,225 (-8%)	8mo	$200,000	$163	46
378 Longfellow Ct	0.74mi	3/2.0	1,220 (-9%)	7mo	$252,000	$207	41

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: 6.3%
• Equity multiple: 1.25×
• Total profit: $8,974
• Equity at exit: $19,383

10-year hold

• IRR: 15.6%
• Equity multiple: 2.26×
• Total profit: $45,980
• Equity at exit: $11,240

Cash invested: $36,400 (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: 6.2×

Monthly cashflow live

• Estimated rent: $1,738 high
• Mortgage (P&I): −$682
• Tax est. 1.5%: −$162 /mo · $1,950/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$365
• Net cashflow: $475

Break-even live

Break-even rent $1,137

Max offer price $130,000

Occupancy floor 68%

Sensitivity live

Price	-10% $564	-5% $519	+0% $475	+5% $430	+10% $385
Rent	-10% $337	-5% $406	+0% $475	+5% $543	+10% $612
Rate	-1.0pp $540	-0.5pp $508	base $475	+0.5pp $441	+1.0pp $407

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
220 Walker St Greenfield, IN	3.0	1.0	1101	$1,400	$1.27	5d	1	0.43mi
821 W 7th St Greenfield, IN	2.0	2.0	1234	$1,700	$1.38	25d	1	0.44mi
550 Wood St Greenfield, IN	2.0	1.0	1162	$1,200	$1.03	5d	1	0.56mi
713 Cattail Dr Greenfield, IN	3.0	2.0	1498	$2,045	$1.37	4d	1	0.71mi
876 Marsh Aster Dr Greenfield, IN	4.0	2.0	1771	$2,245	$1.27	11d	1	0.85mi
968 Lotus Dr Greenfield, IN	3.0–5.0	2.0–3.0	2049	$2,045	$1.00	3d	8	0.85mi
1027 E Fourth St Greenfield, IN	3.0	2.0	1430	$1,700	$1.19	25d	1	1.00mi
1014 E Seventh St Greenfield, IN	3.0	1.0	1192	$1,400	$1.17	5d	1	1.03mi
1439 Coachlite Dr Unit Coachlite Greenfield, IN	3.0	1.5	1147	$1,495	$1.30	25d	1	1.15mi
917 E McKenzie Rd Greenfield, IN	1.0–2.0	1.0–1.5	918	$1,199	$1.31	3d	4	1.23mi
210 Flagstone Dr Greenfield, IN	1.0–3.0	1.0–2.5	1084	$2,254	$2.08	3d	17	1.27mi

Listing history 1 events

1. 2026-05-19
   listed $130,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $20,855
• − Mortgage interest: −$7,282
• − Property taxes: −$1,950
• − Insurance: −$650
• − Repairs & maintenance: −$1,668
• − Management: −$1,668
• − Depreciation: −$3,782
• Taxable income: $3,854
• Est. tax owed @ 24.0%: −$925
• After-tax cash flow: $4,769/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

1 event — show timeline

• 2026-05-19 Listed $130,000 MIBOR as Distributed by MLS Grid

Property tax history

+0.6%/yr

Latest (2025): $102 · +2.0% YoY. Source: county tax records.