401 - 405 W Osage St · Greenfield, IN 46140

$249,900

6 bd · 6.0 ba · 1,844 sqft · MultiFamily · 6 Days on market

Built 1985 Average condition 7,013 sqft lot

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• ARV discount +7.5/15.0
• Schools +4.0/10.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• Condition / age +2.8/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

This brick duplex is ready for your investment portfolio. Each unit consists of a living room, eat in kitchen with range and fridge, utility room with washer/dryer hook ups, 2 bedrooms and a full bath. Each unit has an attached 1 car garage and a concrete patio out back. Tenants pay own water, sewer, gas, and electric. Owner does lawn care, trash, and stormwater. Both units are on month to month agreements and have long term tenants. Roof is about 5 years old. Unit 401 New furnace/AC in Jun 2026. Units are mirror image. Living room: 14x14 Eat In Kitchen: 13x13 Laundry: 12x05 Bed 1: 15x11 Bed 2: 12x10 Furnaces and water heaters are gas. Current rents are at $750 per m

Key facts

• New furnace
• Utility room
• Brick duplex

Tags

• BRICK DUPLEX
• EAT IN KITCHEN
• UTILITY ROOM
• CONCRETE PATIO
• NEW FURNACE
• NEW AC

Property features AI

Finance

• Other: Current use classified as apartment (<20 units)
• Financial info: Designed as a 2-unit property; Gross income reported: 18000 (annual); Expenses reported: 8850 (annual); Owner pays insurance, lawncare, taxes, sewer, trash collection, water; Typical rent example for one unit: $750 monthly

Exterior

• Parking: Attached 2-car garage; Unit parking includes 1-car garage designation
• Security: Smoke detector(s)
• Utilities: Municipal storm connected; Water service; Separate sewer meters; Separate gas meters; Trash collection (owner pays); Sewer (owner pays); Water (owner pays)
• Home design: Duplex (residential income property); One story; Property faces North
• Construction: Brick construction; Crawl space foundation; Asphalt roof
• Exterior features: Corner lot; Street access with street cuts; No fence; Asphalt roof

Interior

• Kitchen: Kitchens present in each unit
• Bedrooms: 2-bedroom units (each unit is single-level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Smoke detectors installed; Crawl space foundation
• Laundry & utility: Main level laundry; Separate gas meters

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/?-bath units multifamily listed at $250k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $406/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $250k).
• Cap rate 12.1% 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+, schools B; 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.
• Market conditions: Rents rising (+2.9%/yr); 481 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,091 units permitted in Hancock County in 2024 (0 in 5+ unit buildings).
• At $3,728/mo this rent would consume 54% of the median local household income ($83k/yr) (locally 795% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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.
• At projected returns (-3.0% appreciation + 2.9% rent growth), your $70k cash investment doubles in ~6 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

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $249,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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. 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.
6. 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.
7. 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: 1.49% ✓
• Cap rate: 12.14%
• Cash-on-cash: 20.89%
• DSCR: 1.93
• GRM: 5.6

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: 13.2%
• Equity multiple: 1.52×
• Total profit: $36,695
• Equity at exit: $37,261

10-year hold

• IRR: 21.9%
• Equity multiple: 2.86×
• Total profit: $130,241
• Equity at exit: $21,607

Cash invested: $69,972 (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: 16.8×

Monthly cashflow live

• Estimated rent: $3,728 medium
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,748/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$783
• Net cashflow: $1,218

Break-even live

Break-even rent $2,186

Max offer price $249,900

Occupancy floor 62%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	—	$3,729
Total (3 units)			$3,728

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
683 Horsetail Dr Greenfield, IN	5.0	3.0	2600	$2,379	$0.92	14d	1	0.38mi
968 Lotus Dr Greenfield, IN	3.0–5.0	2.0–3.0	2049	$2,445	$1.19	1d	8	0.53mi

Listing history 6 events

1. 2026-06-15
   status $249,900 Pending 6 DOM
2. 2026-06-15
   days on market $249,900 Active 6 DOM
3. 2026-06-13
   days on market $249,900 Active 4 DOM
4. 2026-06-13
   days on market $249,900 Active 3 DOM
5. 2026-06-10
   remarks 699-char remark
6. 2026-06-10
   listed $249,900 Active 1 DOM

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 70% 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: $44,736
• − Mortgage interest: −$13,998
• − Property taxes: −$3,748
• − Insurance: −$1,250
• − Repairs & maintenance: −$3,579
• − Management: −$3,579
• − Depreciation: −$7,270
• Taxable income: $11,312
• Est. tax owed @ 24.0%: −$2,715
• After-tax cash flow: $11,902/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.

Condition & rehab AI · 3 photos

Average 55/100 Moderate rehab

This brick duplex requires moderate repairs to its exterior and roof, with potential for significant value increase through painting and roof replacement.

Repairs flagged

• Moderate Brick exterior — Weathered and needs repainting
• Moderate Roof — Aged and may need replacement

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Replace roof — Extends life and improves value
• Both Update interior paint — Fresh paint improves aesthetics and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Brick exterior · Weathered and needs repainting	Moderate	$3,000–15,000
Roof · Aged and may need replacement	Moderate	$3,000–15,000
Total estimated repair cost · 2 items		$6,000–30,000

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Replace roof — Extends life and improves value ↑
• Both Update interior paint — Fresh paint improves aesthetics and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

• 2026-06-08 Listed $249,900 MIBOR as Distributed by MLS Grid