640 Indigo Ct · Greenfield, IN 46140

$235,000

3 bd · 2.0 ba · 1,550 sqft · SingleFamily public records · 7 Days on market

Built 2004 7,362 sqft lot Est $273k · 14% under $16/mo HOA · 1% of rent

---

Why this score? — see what drove the D+ 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).

• ARV discount +13.7/15.0
• Cash flow +13.1/30.0
• Schools +4.0/10.0
• DSCR +3.9/10.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• 1% rule +3.0/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Listed for appraisal and comp purposes only.

Key facts

• Cul-de-sac location
• Cozy fireplace
• Open-concept layout

Tags

• OPEN-CONCEPT LAYOUT
• COZY FIREPLACE
• PRIVACY-FENCED BACKYARD
• CUL-DE-SAC LOCATION

Property features AI

Finance

• Other: Lot under 1/4 acre (approximately 0.17 acre)
• HOA & community: Has HOA; HOA fees $197 annually; HOA governed by covenants and rules/regulations

Exterior

• Parking: Attached 2-car garage with garage door opener
• Utilities: Public water; Municipal sewer connection; 200+ amp electric service; Cable available
• Home design: Single-family residence; One story
• Construction: Vinyl siding; Slab foundation
• Exterior features: Covered patio; Patio; Full privacy fence with gate; Located on a cul-de-sac; Sidewalks; Street lights; Storm sewer; Small trees (under 20 ft)

Interior

• Kitchen: Dishwasher; Disposal; Microwave with hood; Electric oven; Refrigerator; Pantry
• Bedrooms: Three bedrooms on the main level; Primary bedroom with walk-in closet
• Bathrooms: Two full bathrooms; Primary bathroom has a tub with shower
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Attic access; Pantry; Utility room; Covered patio
• Laundry & utility: Main-level laundry

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 $-9 ($-108/yr) — negative.
• To cash-flow at today's rent, offer at most $233k (0.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $187k (20.4% below list).
• Recommended offer: $187k (20.4% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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: 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; 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 $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

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 11y 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 $180k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $186,962 (20.4% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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 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: 0.80% ✗
• Cap rate: 6.25%
• Cash-on-cash: -0.16%
• DSCR: 0.99
• GRM: 10.5

CMA / ARV

• ARV (on-the-fly): $272,800
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
873 Streamside Dr	0.21mi	3/2.0	1,537 (-1%)	3mo	$252,900	$165	86
937 Springside Ct	0.32mi	3/2.0	1,577 (+2%)	2mo	$255,000	$162	81
560 Runnymede Ct	0.14mi	3/2.0	1,363 (-12%)	1mo	$235,000	$172	73
692 Mozart Dr	0.32mi	3/2.0	1,455 (-6%)	3mo	$257,000	$177	72
401 Haywood Dr	0.46mi	3/3.0	1,618 (+4%)	0mo	$295,000	$182	67
512 Montezuma Express Dr	0.48mi	3/2.0	1,658 (+7%)	1mo	$292,000	$176	65
426 Mozart Dr	0.39mi	3/2.0	1,679 (+8%)	5mo	$270,000	$161	64
367 Brookstone Dr	0.43mi	3/2.0	1,422 (-8%)	3mo	$265,000	$186	64
497 Haywood Dr	0.42mi	3/2.0	1,390 (-10%)	1mo	$274,900	$198	62
1476 Lavender Dr	0.47mi	3/2.0	1,771 (+14%)	1mo	$265,000	$150	54
2395 Silver Spoon Dr	0.55mi	3/2.0	1,354 (-13%)	0mo	$269,900	$199	53
1421 Lavender Dr	0.49mi	3/2.0	1,775 (+14%)	3mo	$249,900	$141	51

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: -16.7%
• Equity multiple: 0.41×
• Total profit: $-38,935
• Equity at exit: $35,039

10-year hold

• IRR: -8.8%
• Equity multiple: 0.46×
• Total profit: $-35,795
• 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: 10.5×

Monthly cashflow live

• Estimated rent: $1,870 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$140 /mo · $1,677/yr
• Insurance: −$98
• HOA: −$16
• Vacancy / Maint / Mgmt: −$393
• Net cashflow: $-9

Break-even live

Break-even rent $1,881

Max offer price $233,411

Occupancy floor 95%

Sensitivity live

Price	-10% $124	-5% $58	+0% $-9	+5% $-76	+10% $-142
Rent	-10% $-157	-5% $-83	+0% $-9	+5% $65	+10% $139
Rate	-1.0pp $109	-0.5pp $51	base $-9	+0.5pp $-70	+1.0pp $-132

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 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
859 Runnymede Dr Greenfield, IN	3.0	2.5	2125	$2,000	$0.94	0d	1	0.20mi
685 Gondola Run Greenfield, IN	3.0	2.0	1058	$1,750	$1.65	0d	1	0.27mi
1904 Breakwater Dr Greenfield, IN	3.0	2.5	1997	$1,810	$0.91	22d	1	0.39mi
502 Ginny Trce Greenfield, IN	1.0–3.0	1.0–2.5	978	$1,934	$1.98	0d	23	0.47mi
975 Geronimo Dr Greenfield, IN	4.0	2.0	2051	$2,295	$1.12	12d	1	0.65mi
210 Flagstone Dr Greenfield, IN	1.0–3.0	1.0–2.5	1084	$1,786	$1.65	0d	16	0.68mi
1014 E Seventh St Greenfield, IN	3.0	1.0	1192	$1,400	$1.17	6d	1	0.86mi
1027 E Fourth St Greenfield, IN	3.0	2.0	1430	$1,700	$1.19	25d	1	0.89mi
917 E McKenzie Rd Greenfield, IN	1.0–2.0	1.0–1.5	918	$1,199	$1.31	0d	4	0.98mi
550 Wood St Greenfield, IN	2.0	1.0	1162	$1,200	$1.03	6d	1	1.35mi
1854 Cascades Dr Greenfield, IN	4.0	3.0	2200	$2,095	$0.95	6d	1	1.38mi

HOA detail

• Monthly dues: $16 · $192/yr

Listing history 9 events

1. 2026-05-18
   listed $235,000 Active
2. 2021-03-12
   soldstatus $180,000 44-char remark

   Show marketing remark (44 chars)

   Listed for appraisal and comp purposes only.

3. 2021-03-12
   listed $180,000 44-char remark

   Show marketing remark (44 chars)

   Listed for appraisal and comp purposes only.

4. 2015-03-10
   status Pending 281-char remark

   Show marketing remark (281 chars)

   Cute 3 bedroom 2 bath home in Indigo Springs. Interior has spacious living room, formal dining room, and open kitchen. Master bedroom has a private bath. The rear yard is spacious and fully fenced. The home is on a cul de sac. Needs a great owner to restore it to its former charm.

5. 2015-03-10
   soldstatus $94,000 Sold 281-char remark

   Show marketing remark (281 chars)

   Cute 3 bedroom 2 bath home in Indigo Springs. Interior has spacious living room, formal dining room, and open kitchen. Master bedroom has a private bath. The rear yard is spacious and fully fenced. The home is on a cul de sac. Needs a great owner to restore it to its former charm.

6. 2015-03-07
   status Pending 281-char remark

   Show marketing remark (281 chars)

   Cute 3 bedroom 2 bath home in Indigo Springs. Interior has spacious living room, formal dining room, and open kitchen. Master bedroom has a private bath. The rear yard is spacious and fully fenced. The home is on a cul de sac. Needs a great owner to restore it to its former charm.

7. 2015-01-23
   status Pending 281-char remark

   Show marketing remark (281 chars)

   Cute 3 bedroom 2 bath home in Indigo Springs. Interior has spacious living room, formal dining room, and open kitchen. Master bedroom has a private bath. The rear yard is spacious and fully fenced. The home is on a cul de sac. Needs a great owner to restore it to its former charm.

8. 2015-01-02
   listed $103,000 Active 281-char remark

   Show marketing remark (281 chars)

   Cute 3 bedroom 2 bath home in Indigo Springs. Interior has spacious living room, formal dining room, and open kitchen. Master bedroom has a private bath. The rear yard is spacious and fully fenced. The home is on a cul de sac. Needs a great owner to restore it to its former charm.

9. 2004-11-10
   soldstatus $120,400

ⓘ 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: $1,677 · $140/mo
• Projected year-2 tax: $1,837 · $153/mo
• Expected delta: +$160/yr (+$13/mo · 9.6%)

ⓘ 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 3/10 Moderate 7 d/yr ≥102°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 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,435
• − Mortgage interest: −$13,164
• − Property taxes: −$1,677
• − Insurance: −$1,175
• − Repairs & maintenance: −$1,795
• − Management: −$1,795
• − HOA: −$192
• − Depreciation: −$6,836
• Taxable loss: −$4,198
• Est. tax savings @ 24.0%: +$1,007
• After-tax cash flow: $900/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

+95.2% since first listed

9 events — show timeline

• 2026-05-18 Listed $235,000 MIBOR as Distributed by MLS Grid
• 2021-03-12 Listed $180,000 MIBOR as Distributed by MLS Grid
• 2021-03-12 Sold (MLS) $180,000 MIBOR as Distributed by MLS Grid
• 2015-03-10 Pending — MIBOR as Distributed by MLS Grid
• 2015-03-10 Sold (MLS) $94,000 MIBOR as Distributed by MLS Grid
• 2015-03-07 Pending — MIBOR as Distributed by MLS Grid
• 2015-01-23 Pending — MIBOR as Distributed by MLS Grid
• 2015-01-02 Listed $103,000 MIBOR as Distributed by MLS Grid
• 2004-11-10 Sold (Public Records) $120,400 Public Records

Property tax history

+5.7%/yr

Latest (2025): $1,677 · -8.3% YoY. Source: county tax records.