108 E Berry St · Greencastle, IN 46135

$120,000

2 bd · 1.0 ba · 984 sqft · SingleFamily public records · 34 Days on market

Built 1900 5,271 sqft lot $122/sqft · at area comps Est $175k · 31% 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 +26.4/30.0
• ARV discount +15.0/15.0
• DSCR +9.0/10.0
• 1% rule +5.8/10.0
• Livability +3.7/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This property has great potential to flip or use as a rental, the living room, dining room and potential 2 bedrooms have the original hardwood floors. The air conditioner was replaced in the last 2 years, the lot is large and very beautiful. There is off string parking also. Property is being sold "as is".

Key facts

• Fenced in area
• New back deck
• New kitchen cabinets

Tags

• NEW KITCHEN CABINETS
• NEW WHIRLPOOL APPLIANCES
• NEW BACK DECK
• FENCED IN AREA
• DETACHED GARAGE

Property features AI

Exterior

• Parking: Detached garage (1 car); Gravel driveway
• Utilities: Public water; Municipal sewer; Electricity connected; Natural gas connected; Cable available
• Home design: Single family residence; One story
• Construction: Block foundation; Shingle siding
• Exterior features: Deck; Storage shed; Has view; <1/4 acre lot

Interior

• Kitchen: Dishwasher; Microwave; Gas oven; Refrigerator; Eat-in kitchen
• Bedrooms: 2 bedrooms (both on main level)
• Flooring: Hardwood floors
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Built-in features; Hardwood floors; Eat-in kitchen; Walk-in closet(s); Finished basement
• Laundry & utility: Dedicated laundry room; Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $314 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $116k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 4.3% in Greencastle — 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 (#108 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools C-, employment C-, amenities F.
• Greencastle Community School Corporation (town): math 38% / reading 42% proficiency, ranked #145 of 301 in IN (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 97 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 166 units permitted in Putnam County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Putnam County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 26y ago; this cycle's ask has dropped $40k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $80k; list at $120k implies a 50% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $116,400 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.08% ✓
• Cap rate: 9.43%
• Cash-on-cash: 11.22%
• DSCR: 1.50
• GRM: 7.7

CMA / ARV

• ARV (median comp): $174,518
• List price: $120,000
• Delta: -31.24%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7 Beveridge St	0.25mi	2/1.0	1,012 (+3%)	0mo	$130,000	$128	83
510 Ohio St	0.33mi	3/1.5 (+1)	1,012 (+3%)	4mo	$175,000	$173	70
405 E Berry St	0.20mi	3/1.0 (+1)	1,092 (+11%)	8mo	$175,000	$160	61
114 W Berry St	0.29mi	3/1.5 (+1)	1,012 (+3%)	20mo	$180,000	$178	58
108 Woodhaven Dr	0.74mi	2/2.0	960 (-2%)	2mo	$190,000	$198	56
8 W Seminary St	0.64mi	2/2.0	983 (-0%)	15mo	$120,000	$122	54
512 Maple Ave	0.43mi	3/1.0 (+1)	1,074 (+9%)	13mo	$110,000	$102	48
301 S Jackson St	0.64mi	2/1.0	1,096 (+11%)	15mo	$141,000	$129	39
303 S Jackson St	0.63mi	2/1.0	1,122 (+14%)	15mo	$195,000	$174	35
128 Woodhaven Dr	0.72mi	3/2.0 (+1)	1,052 (+7%)	20mo	$202,000	$192	29

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 0.4%
• Equity multiple: 1.02×
• Total profit: $505
• Equity at exit: $17,892

10-year hold

• IRR: 10.0%
• Equity multiple: 1.77×
• Total profit: $25,985
• Equity at exit: $10,375

Cash invested: $33,600 (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 46135

• Home prices YoY: -20.8%
• Active inventory: 97
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,300 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$34 /mo · $404/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$273
• Net cashflow: $314

Break-even live

Break-even rent $902

Max offer price $120,000

Occupancy floor 71%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1054 Avenue E St Greencastle, IN	2.0	2.0	1003	$1,300	$1.30	7d	1	1.46mi

Listing history 12 events

1. 2026-06-03
   status $120,000 Pending 34 DOM
2. 2026-06-02
   days on market $120,000 Active 34 DOM
3. 2026-06-01
   days on market $120,000 Active 33 DOM
4. 2026-05-31
   days on market $120,000 Active 32 DOM
5. 2026-05-31
   pricedays on market $120,000 Active 31 DOM
6. 2026-05-11
   price $150,000 566-char remark
7. 2026-04-29
   listed $160,000 Active 566-char remark
8. 2024-07-24
   soldstatus $79,900 Closed 317-char remark

   Show marketing remark (317 chars)

   This property has great potential to flip or use as a rental, the living room, dining room and potential 2 bedrooms have the original hardwood floors. The air conditioner was replaced in the last 2 years, the lot is large and very beautiful. There is off string parking also. Property is being sold &quot;as is&quot;.

9. 2024-07-16
   status Pending 317-char remark

   Show marketing remark (317 chars)

   This property has great potential to flip or use as a rental, the living room, dining room and potential 2 bedrooms have the original hardwood floors. The air conditioner was replaced in the last 2 years, the lot is large and very beautiful. There is off string parking also. Property is being sold &quot;as is&quot;.

10. 2024-07-15
    listed $79,900 Active 317-char remark

    Show marketing remark (317 chars)

    This property has great potential to flip or use as a rental, the living room, dining room and potential 2 bedrooms have the original hardwood floors. The air conditioner was replaced in the last 2 years, the lot is large and very beautiful. There is off string parking also. Property is being sold &quot;as is&quot;.

11. 2000-04-24
    soldstatus $55,000

    Show marketing remark (168 chars)

    CUTE OLDER HOME. 5 ROOMS, DINING ROOM, LIVING ROOM, KITCHEN AND 2 BR. RECENT ROOF, FURNACE &amp; CENTRAL AIR. SOME APPLIANCES &amp; MINI BARN INCLUDED. DRYER INCLUDED.

12. 2000-03-17
    listed $60,000

    Show marketing remark (168 chars)

    CUTE OLDER HOME. 5 ROOMS, DINING ROOM, LIVING ROOM, KITCHEN AND 2 BR. RECENT ROOF, FURNACE &amp; CENTRAL AIR. SOME APPLIANCES &amp; MINI BARN INCLUDED. DRYER INCLUDED.

ⓘ 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: $404 · $34/mo
• Projected year-2 tax: $712 · $59/mo
• Expected delta: +$308/yr (+$26/mo · 76.3%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥103°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: $15,600
• − Mortgage interest: −$6,722
• − Property taxes: −$404
• − Insurance: −$600
• − Repairs & maintenance: −$1,248
• − Management: −$1,248
• − Depreciation: −$3,491
• Taxable income: $1,887
• Est. tax owed @ 24.0%: −$453
• After-tax cash flow: $3,316/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: Greencastle Community School Corporation
• NCES district ID: 1803990
• Math proficiency: 38% ▼ -5.00%
• Reading proficiency: 42% ▼ -6.00%
• Median HH income: $46,694
• Composite: 34.17/100
• National rank: #5276
• State rank: #145 of 301 in IN

Livability — Greencastle

• Score: 73/100
• State rank: #108
• US rank: #5665

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Greencastle, IN
• Population (ZIP): 19,639

Population outlook (Putnam County) Hauer SSP2

• Today (2025): 37,226 people
• By 2030: 36,723 · -1.4%
• By 2040: 35,407 · -4.9%
• By 2050: 34,177 · -8.2%
• By 2075: 32,038 · -13.9%
• By 2100: 28,380 · -23.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Black 6% Two or more races 4% Hispanic / Latino 3% Asian 2%
• Common ancestry: Italian 2% Slovak 2% Lithuanian 1%
• Foreign-born: 4% · China, Canada
• Languages at home: 96% English-only · Spanish 1% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Putnam

• 2024 margin: Solid R (+52.0) · D 23.1% · R 75.1% · Other 1.8%
• 2008→2024 swing: -40.0pp toward R · 2008: -12.0pp · 2024: -52.0pp
• All cycles: 2024: R+52.0 2020: R+50.2 2016: R+49.6 2012: R+32.6 2008: R+12.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -58.66%
• Current HPI: 222.8815
• Rent YoY: —
• Metro: —
• 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

+100.0% since first listed

9 events — show timeline

• 2026-06-02 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-30 Price Changed $120,000 MIBOR as Distributed by MLS Grid
• 2026-05-11 Price Changed $150,000 MIBOR as Distributed by MLS Grid
• 2026-04-29 Listed $160,000 MIBOR as Distributed by MLS Grid
• 2024-07-24 Sold (MLS) $79,900 MIBOR as Distributed by MLS Grid
• 2024-07-16 Pending — MIBOR as Distributed by MLS Grid
• 2024-07-15 Listed $79,900 MIBOR as Distributed by MLS Grid
• 2000-04-24 Sold (MLS) $55,000 MIBOR as Distributed by MLS Grid
• 2000-03-17 Listed $60,000 MIBOR as Distributed by MLS Grid

Property tax history

-6.9%/yr

Latest (2024): $404 · -65.0% YoY. Source: county tax records.