271 Bear Story Ct · Greenfield, IN 46140

$230,000

3 bd · 2.0 ba · 1,244 sqft · SingleFamily public records · 1 Days on market

Built 1992 0.31 ac lot Est $226k · at est.

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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).

• Cash flow +13.2/30.0
• ARV discount +6.8/15.0
• DSCR +4.0/10.0
• Schools +4.0/10.0
• 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

Immaculate well kept home in an established neighborhood at a price that is still affordable. The sellers have replaced the roof in 2016, water heater in 2016, disposal in 2016, dishwasher 2016 and furnace and A/C 2016. Refrigerator 2016. This home is a must to see. The backyard deck can accommodate a large party or give you room to stretch out and enjoy the outdoors. All of this sits on 3 tenths of an acre. Don't let this one pass by.

Key facts

• Wrap-around kitchen
• Raised breakfast bar
• Open green yard

Tags

• MASSIVE WOODEN DECK
• CENTRAL GREAT ROOM
• VAULTED CEILINGS
• WRAP-AROUND KITCHEN
• RAISED BREAKFAST BAR
• OPEN GREEN YARD

Property features AI

Exterior

• Parking: Attached 2-car garage (about 400 sq ft)
• Utilities: Public water; Municipal sewer
• Home design: Single-family residence; One-story
• Construction: Vinyl with brick exterior; Crawl space foundation
• Exterior features: Approximately 0.31-acre lot (1/4–1/2 acre)

Interior

• Kitchen: Electric cooktop; Electric oven; Range hood; Microhood; Dishwasher; Garbage disposal; Refrigerator; Water softener (owned)
• Bedrooms: 3 bedrooms on the main level
• Bathrooms: 2 full bathrooms (both on main level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Attic access; Vaulted ceilings; Eat-in kitchen
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $230k.

Deal economics

• At list price, monthly cash flow is $-4 ($-45/yr) — negative.
• To cash-flow at today's rent, offer at most $229k (0.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $185k (19.7% below list).
• Recommended offer: $185k (19.7% below list) — sets the bar for 1% rule.
• Cap rate 6.3% 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+; 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; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 4d 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 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 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 $138k; list at $230k implies a 66% gain — meaningful room to come down on a strong offer.

Recommended offer $184,796 (19.7% 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. 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. 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?
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 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: 6.27%
• Cash-on-cash: -0.07%
• DSCR: 1.00
• GRM: 10.4

CMA / ARV

• ARV (on-the-fly): $226,408
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
63 Longfellow Ln	0.15mi	3/2.0	1,294 (+4%)	1mo	$259,900	$201	85
378 Longfellow Ct	0.26mi	3/2.0	1,220 (-2%)	7mo	$252,000	$207	79
849 Center St	0.26mi	3/2.0	1,200 (-4%)	4mo	$230,000	$192	79
261 Punkin Ct	0.17mi	3/2.0	1,207 (-3%)	12mo	$220,000	$182	77
818 Center St	0.30mi	3/2.0	1,332 (+7%)	1mo	$255,000	$191	73
1188 Orphant Annie Dr	0.18mi	3/2.0	1,365 (+10%)	3mo	$250,000	$183	73
716 S State St	0.36mi	2/1.0 (-1)	1,248 (+0%)	1mo	$175,000	$140	72
517 W Pierson St	0.66mi	3/2.0	1,260 (+1%)	9mo	$204,999	$163	60
103 W Osage St	0.66mi	2/2.0 (-1)	1,248 (+0%)	8mo	$158,000	$127	57
104 Forest Ave	0.60mi	3/1.0	1,353 (+9%)	7mo	$195,000	$144	47
419 W Osage St	0.67mi	3/2.0	1,400 (+12%)	7mo	$162,000	$116	42
11 W Osage St	0.68mi	2/1.0 (-1)	1,321 (+6%)	11mo	$179,614	$136	40

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: -16.6%
• Equity multiple: 0.41×
• Total profit: $-37,782
• Equity at exit: $34,294

10-year hold

• IRR: -8.6%
• Equity multiple: 0.47×
• Total profit: $-34,322
• Equity at exit: $19,886

Cash invested: $64,400 (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: 10.4×

Monthly cashflow live

• Estimated rent: $1,848 high
• Mortgage (P&I): −$1,206
• Tax from tax record: −$162 /mo · $1,940/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$388
• Net cashflow: $-4

Break-even live

Break-even rent $1,853

Max offer price $229,334

Occupancy floor 95%

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
713 Cattail Dr Greenfield, IN	3.0	2.0	1498	$2,045	$1.37	2d	1	0.39mi
968 Lotus Dr Greenfield, IN	3.0–5.0	2.0–3.0	2049	$2,045	$1.00	1d	8	0.65mi
821 W 7th St Greenfield, IN	2.0	2.0	1234	$1,700	$1.38	23d	1	1.25mi
220 Walker St Greenfield, IN	3.0	1.0	1101	$1,400	$1.27	4d	1	1.29mi
432 Baldwin St Greenfield, IN	2.0	1.0	788	$1,425	$1.81	23d	1	1.30mi
550 Wood St Greenfield, IN	2.0	1.0	1162	$1,200	$1.03	3d	1	1.34mi
1027 E Fourth St Greenfield, IN	3.0	2.0	1430	$1,700	$1.19	23d	1	1.46mi

Listing history 2 events

1. 2026-06-17
   remarks 699-char remark
2. 2026-06-17
   listed $230,000 Active 1 DOM

ⓘ 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: $1,940 · $162/mo
• Projected year-2 tax: $1,948 · $162/mo
• Expected delta: +$7/yr (+$1/mo · 0.4%)

ⓘ 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 ≥101°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: $22,176
• − Mortgage interest: −$12,884
• − Property taxes: −$1,940
• − Insurance: −$1,150
• − Repairs & maintenance: −$1,774
• − Management: −$1,774
• − Depreciation: −$6,691
• Taxable loss: −$4,037
• Est. tax savings @ 24.0%: +$969
• After-tax cash flow: $924/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

+101.8% since first listed

10 events — show timeline

• 2026-06-17 Listed $230,000 MIBOR as Distributed by MLS Grid
• 2018-08-06 Sold (MLS) $138,500 MIBOR as Distributed by MLS Grid
• 2018-07-09 Pending — MIBOR as Distributed by MLS Grid
• 2018-07-05 Listed $138,500 MIBOR as Distributed by MLS Grid
• 2016-02-29 Sold (MLS) $119,000 MIBOR as Distributed by MLS Grid
• 2016-01-16 Pending — MIBOR as Distributed by MLS Grid
• 2015-10-30 Relisted — MIBOR as Distributed by MLS Grid
• 2015-10-30 Price Changed $119,000 MIBOR as Distributed by MLS Grid
• 2015-10-21 Pending — MIBOR as Distributed by MLS Grid
• 2015-10-19 Listed $114,000 MIBOR as Distributed by MLS Grid

Property tax history

+7.8%/yr

Latest (2025): $1,940 · -7.4% YoY. Source: county tax records.