104 E North St · Greenfield, IN 46140

$120,000

5 bd · 1.0 ba · 2,440 sqft · MultiFamily public records · 98 Days on market

Built 1900 4,368 sqft lot ↓ 25% since listing

---

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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.0/10.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• 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

Discover a unique income-producing opportunity in the growing community of Greenfield. Originally built as a single-family residence, this property has been thoughtfully converted into a two-unit duplex, offering flexibility for investors, house-flippers, or buyers looking to create value through updates and improvements. Unit A, the larger of the two units, is currently tenant occupied. Unit B, the smaller unit, has seen recent improvements and offers additional potential with light finishing touches. One of the units would benefit from cleaning and updates, presenting a great opportunity for the next owner to transform the space into their own vision-truly a canvas of possibilities. Situa

Key facts

• Two unit duplex
• Convenient access
• Recent improvements

Tags

• INCOME PRODUCING OPPORTUNITY
• TWO UNIT DUPLEX
• RECENT IMPROVEMENTS
• QUIET RESIDENTIAL AREA
• CONVENIENT ACCESS
• HIGHLY REGARDED SCHOOLS

Property features AI

Finance

• Financial info: Two units total; Owner pays taxes and trash collection (and other owner-paid items); Reported gross income: 0; Reported expenses: 0; Rents listed as 0 (monthly) for both units

Exterior

• Parking: On-street parking; Other parking
• Security: Smoke detector(s)
• Utilities: Municipal water; Municipal stormwater connected; Solid waste: no
• Home design: Residential income property; Duplex; Two stories
• Construction: Block foundation
• Exterior features: Shingle roof; Access road

Interior

• Kitchen: Eat-in kitchen (Unit 1); Unit kitchens listed as not equipped (Unit 1 and Unit 2)
• Bedrooms: One unit is 2-bedroom (two levels); One unit is 3-bedroom (two levels)
• Heating & cooling: Forced air heating; Natural gas fuel; Central air conditioning
• Interior features: Basement; Smoke detectors; Low-maintenance lifestyle
• Laundry & utility: Laundry connections provided in units; Utilities for units include central air, natural gas fuel, and forced air heat

What this means for you Summary

Snapshot

• This is a 5-bed/1.0-bath multifamily listed at $120k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $120k).
• Recommended offer: $109k (9.0% below list) — sets the bar for market timing.
• Cap rate 20.8% 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: Harris Elementary School (math 57% / reading 37%, grade D-, #325 of 994 statewide, top 36%, 280 students, 57% FRL); Greenfield-Central High School (math 37% / reading 65%, grade D+, #115 of 369 statewide, top 31%, 1,462 students, 35% FRL) — zoned schools average 46% FRL vs 29% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• 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 12d 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 44% 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 $830 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 $34k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 98 days — a 9% lower offer ($109k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; flood insurance adds $314/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $109,200 (9.0% below list)

Questions for the listing agent

1. It's been on market 98 days. Have you received any prior offers? Is the seller open to a 9% 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. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 2.56% ✓
• Cap rate: 20.84%
• Cash-on-cash: 51.96%
• DSCR: 3.31
• GRM: 3.3

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: 37.2%
• Equity multiple: 2.58×
• Total profit: $53,187
• Equity at exit: $17,892

10-year hold

• IRR: 43.8%
• Equity multiple: 5.16×
• Total profit: $139,706
• 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 46140

• Rents YoY: 2.9%
• Active inventory: 481
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $3,071 high
• Mortgage (P&I): −$629
• Tax from tax record: −$292 /mo · $3,504/yr
• Insurance: −$50
• Flood insurance flood zone: −$314 /mo · $3,765/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$645
• Net cashflow: $1,141

Break-even live

Break-even rent $1,627

Max offer price $120,000

Occupancy floor 58%

Sensitivity live

Price	-10% $1,209	-5% $1,175	+0% $1,141	+5% $1,107	+10% $1,073
Rent	-10% $898	-5% $1,020	+0% $1,141	+5% $1,262	+10% $1,384
Rate	-1.0pp $1,202	-0.5pp $1,172	base $1,141	+0.5pp $1,110	+1.0pp $1,078

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,072
Total (2 units)			$3,071

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 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	0.84mi
876 Marsh Aster Dr Greenfield, IN	4.0	2.0	1771	$2,245	$1.27	11d	1	0.97mi
968 Lotus Dr Greenfield, IN	3.0–5.0	2.0–3.0	2049	$2,445	$1.19	2d	8	1.00mi

Listing history 21 events

1. 2026-06-21
   days on market $120,000 Active 98 DOM
2. 2026-06-18
   days on market $120,000 Active 95 DOM
3. 2026-06-17
   days on market $120,000 Active 94 DOM
4. 2026-06-16
   days on market $120,000 Active 93 DOM
5. 2026-06-15
   days on market $120,000 Active 92 DOM
6. 2026-06-13
   days on market $120,000 Active 90 DOM
7. 2026-06-13
   days on market $120,000 Active 89 DOM
8. 2026-06-09
   days on market $120,000 Active 86 DOM
9. 2026-06-08
   days on market $120,000 Active 85 DOM
10. 2026-06-07
    days on market $120,000 Active 84 DOM
11. 2026-06-05
    days on market $120,000 Active 81 DOM
12. 2026-06-03
    days on market $120,000 Active 80 DOM
13. 2026-06-02
    days on market $120,000 Active 79 DOM
14. 2026-06-01
    days on market $120,000 Active 78 DOM
15. 2026-05-31
    days on market $120,000 Active 77 DOM
16. 2026-04-23
    price $120,000
17. 2026-04-08
    price $130,000
18. 2026-03-15
    listed $140,000 Active
19. 2025-11-18
    historical
20. 2025-10-10
    price $150,000
21. 2025-02-10
    listed $160,000 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: $3,504 · $292/mo
• Projected year-2 tax: $3,504 · $292/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone A · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 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: $36,852
• − Mortgage interest: −$6,722
• − Property taxes: −$3,504
• − Insurance: −$4,365
• − Repairs & maintenance: −$2,948
• − Management: −$2,948
• − Depreciation: −$3,491
• Taxable income: $12,874
• Est. tax owed @ 24.0%: −$3,090
• After-tax cash flow: $10,603/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

-25.0% since first listed

6 events — show timeline

• 2026-04-23 Price Changed $120,000 MIBOR as Distributed by MLS Grid
• 2026-04-08 Price Changed $130,000 MIBOR as Distributed by MLS Grid
• 2026-03-15 Listed $140,000 MIBOR as Distributed by MLS Grid
• 2025-11-18 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-10-10 Price Changed $150,000 MIBOR as Distributed by MLS Grid
• 2025-02-10 Listed $160,000 MIBOR as Distributed by MLS Grid

Property tax history

+4.9%/yr

Latest (2025): $3,504 · -2.6% YoY. Source: county tax records.