507 S Michigan Ave · Greensburg, IN 47240

$315,000

4 bd · 2.0 ba · 1,632 sqft · SingleFamily public records · 62 Days on market

Built 1880 0.42 ac lot $193/sqft · 90% above area Est $337k · 7% 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 +30.0/30.0
• ARV discount +10.5/15.0
• DSCR +10.0/10.0
• 1% rule +7.7/10.0
• Schools +3.8/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Rare 4 bedroom / 2 bath home sitting on nearly an acre of land. This home has beautiful Birch custom cabinets in a Pleak designed kitchen. You have newly sanded and refinished hardwood floors, professionally cleaned carpets, new professional interior paint and a family room on lower level. The septic was new in 2014. There is a peaceful back yard with Koorman Shed, mature trees and room to play.

Key facts

• Hardwood flooring
• Delightful porch
• Generous island

Tags

• STAINLESS STEEL APPLIANCES
• GENEROUS ISLAND
• HARDWOOD FLOORING
• LUXURIOUS SOAKING TUB
• DELIGHTFUL PORCH

Property features AI

Exterior

• Parking: Gravel parking; no garage listed
• Security: Smoke alarm
• Utilities: Public water; Septic system
• Home design: Single-family residence; Tri-level design; Additional parcels included
• Construction: Vinyl siding; Block foundation; Finished daylight basement with walk-out access
• Exterior features: Covered patio/porch; Storage shed; Mature trees and wooded lot

Interior

• Kitchen: Dishwasher; Gas oven; Microwave with hood
• Bedrooms: Four bedrooms total — two on the main level, two on the upper level, plus one bedroom in the basement
• Flooring: Hardwood floors
• Bathrooms: Two full bathrooms (one on the main level, one on the upper level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Hardwood floors; Stained/painted woodwork; Kitchen island; Smoke alarm
• Laundry & utility: Laundry located in the basement; Electric water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $315k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $315k).
• Recommended offer: $296k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.3% vs local median 5.9% in Greensburg — 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 69/100 on livability (#200 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: employment C-, amenities F, commute F.
• Greensburg Community Schools (town): math 38% / reading 51% proficiency, ranked #102 of 301 in IN (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Greensburg Elementary (math 60% / reading 47%, grade C, #225 of 994 statewide, top 23%, 1,037 students, 55% FRL); Greensburg Community Jr High (math 24% / reading 49%, grade F, #156 of 330 statewide, top 48%, 441 students, 48% FRL); Greensburg Community High School (math 27% / reading 67%, grade D-, #143 of 369 statewide, top 44%, 671 students, 44% FRL).
• Market conditions: 158 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 66 units permitted in Decatur 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 $9k of value loss. Plan a longer hold.
• Decatur County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $88k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($296k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 17y 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 $160k; list at $315k implies a 97% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $296,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.27% ✓
• Cap rate: 11.25%
• Cash-on-cash: 17.71%
• DSCR: 1.79
• GRM: 6.6

CMA / ARV

• ARV (median comp): $337,343
• List price: $315,000
• Delta: -6.62%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
125 S Vine St	0.29mi	4/1.0	1,804 (+10%)	3mo	$31,000	$17	62
1037 E Lakeshore Dr	0.41mi	3/2.0 (-1)	1,512 (-7%)	3mo	$281,000	$186	61
1033 E Tara Rd	0.37mi	3/2.0 (-1)	1,718 (+5%)	10mo	$335,000	$195	60
912 E Hendricks St	0.69mi	3/2.0 (-1)	1,652 (+1%)	1mo	$300,000	$182	60
1129 E Tara Rd	0.57mi	3/1.5 (-1)	1,580 (-3%)	7mo	$225,000	$142	56
937 E Hendricks St	0.61mi	3/2.0 (-1)	1,512 (-7%)	2mo	$323,000	$214	53
1037 E Tara Rd	0.38mi	3/2.0 (-1)	1,468 (-10%)	9mo	$255,000	$174	53
311 E Central Ave	0.64mi	3/2.0 (-1)	1,808 (+11%)	1mo	$185,000	$102	46
1114 S Maureen Rd	0.58mi	4/2.5	1,802 (+10%)	10mo	$260,000	$144	45
327 W Bryant St	0.74mi	3/1.0 (-1)	1,709 (+5%)	7mo	$200,000	$117	43
1123 E Tara Rd	0.55mi	3/2.0 (-1)	1,394 (-15%)	2mo	$270,000	$194	43
420 N East St	0.68mi	3/2.0 (-1)	1,477 (-10%)	10mo	$212,000	$144	39

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: 9.2%
• Equity multiple: 1.36×
• Total profit: $31,735
• Equity at exit: $46,968

10-year hold

• IRR: 18.3%
• Equity multiple: 2.52×
• Total profit: $133,843
• Equity at exit: $27,235

Cash invested: $88,200 (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 47240

• Home prices YoY: -25.0%
• Active inventory: 158
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $3,995 medium
• Mortgage (P&I): −$1,652
• Tax from tax record: −$71 /mo · $852/yr
• Insurance: −$131
• HOA: −$0
• Vacancy / Maint / Mgmt: −$839
• Net cashflow: $1,302

Break-even live

Break-even rent $2,347

Max offer price $315,000

Occupancy floor 62%

Sensitivity live

Price	-10% $1,480	-5% $1,391	+0% $1,302	+5% $1,213	+10% $1,124
Rent	-10% $986	-5% $1,144	+0% $1,302	+5% $1,460	+10% $1,617
Rate	-1.0pp $1,461	-0.5pp $1,382	base $1,302	+0.5pp $1,220	+1.0pp $1,137

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: $78,750
• Closing costs: $9,450
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1011 N Anderson St Greensburg, IN	3.0	2.5	1620	$3,995	$2.47	14d	1	1.31mi

Listing history 26 events

1. 2026-06-22
   days on market $315,000 Active 62 DOM
2. 2026-06-21
   days on market $315,000 Active 61 DOM
3. 2026-06-21
   days on market $315,000 Active 60 DOM
4. 2026-06-18
   days on market $315,000 Active 58 DOM
5. 2026-06-17
   days on market $315,000 Active 57 DOM
6. 2026-06-16
   days on market $315,000 Active 56 DOM
7. 2026-06-15
   days on market $315,000 Active 55 DOM
8. 2026-06-13
   days on market $315,000 Active 53 DOM
9. 2026-06-12
   days on market $315,000 Active 52 DOM
10. 2026-06-09
    days on market $315,000 Active 49 DOM
11. 2026-06-08
    days on market $315,000 Active 48 DOM
12. 2026-06-07
    days on market $315,000 Active 47 DOM
13. 2026-06-05
    days on market $315,000 Active 45 DOM
14. 2026-06-04
    days on market $315,000 Active 43 DOM
15. 2026-06-02
    days on market $315,000 Active 42 DOM
16. 2026-06-01
    days on market $315,000 Active 41 DOM
17. 2026-05-31
    days on market $315,000 Active 40 DOM
18. 2026-05-31
    days on market $315,000 Active 39 DOM
19. 2026-04-21
    listed $325,000 Active 1150-char remark
20. 2018-10-01
    soldstatus $159,900 Sold 402-char remark

    Show marketing remark (402 chars)

    Rare 4 bedroom / 2 bath home sitting on nearly an acre of land. This home has beautiful Birch custom cabinets in a Pleak designed kitchen. You have newly sanded and refinished hardwood floors, professionally cleaned carpets, new professional interior paint and a family room on lower level. The septic was new in 2014. There is a peaceful back yard with Koorman Shed, mature trees and room to play.

21. 2018-08-15
    status Pending 402-char remark

    Show marketing remark (402 chars)

    Rare 4 bedroom / 2 bath home sitting on nearly an acre of land. This home has beautiful Birch custom cabinets in a Pleak designed kitchen. You have newly sanded and refinished hardwood floors, professionally cleaned carpets, new professional interior paint and a family room on lower level. The septic was new in 2014. There is a peaceful back yard with Koorman Shed, mature trees and room to play.

22. 2018-08-07
    listed $159,900 Active 402-char remark

    Show marketing remark (402 chars)

    Rare 4 bedroom / 2 bath home sitting on nearly an acre of land. This home has beautiful Birch custom cabinets in a Pleak designed kitchen. You have newly sanded and refinished hardwood floors, professionally cleaned carpets, new professional interior paint and a family room on lower level. The septic was new in 2014. There is a peaceful back yard with Koorman Shed, mature trees and room to play.

23. 2014-12-01
    historical
24. 2014-11-07
    listed $137,000
25. 2011-03-03
    historical
26. 2009-10-12
    listed $129,900

ⓘ 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: $852 · $71/mo
• Projected year-2 tax: $1,765 · $147/mo
• Expected delta: +$913/yr (+$76/mo · 107.1%)

ⓘ 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 ≥100°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: $47,940
• − Mortgage interest: −$17,645
• − Property taxes: −$852
• − Insurance: −$1,575
• − Repairs & maintenance: −$3,835
• − Management: −$3,835
• − Depreciation: −$9,164
• Taxable income: $11,034
• Est. tax owed @ 24.0%: −$2,648
• After-tax cash flow: $12,974/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: Greensburg Community Schools
• NCES district ID: 1804080
• Math proficiency: 38% ▼ -7.00%
• Reading proficiency: 51% ▼ -2.00%
• Median HH income: $47,723
• Composite: 37.96/100
• National rank: #4301
• State rank: #102 of 301 in IN

Livability — Greensburg

• Score: 69/100
• State rank: #200
• US rank: #8922

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Greensburg, IN
• Population (ZIP): 21,514

Population outlook (Decatur County) Hauer SSP2

• Today (2025): 27,709 people
• By 2030: 28,278 · +2.1%
• By 2040: 29,195 · +5.4%
• By 2050: 29,512 · +6.5%
• By 2075: 29,835 · +7.7%
• By 2100: 27,192 · -1.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Slovak 2% Serbian 1% Romanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Decatur

• 2024 margin: Solid R (+58.5) · D 19.9% · R 78.4% · Other 1.8%
• 2008→2024 swing: -34.1pp toward R · 2008: -24.4pp · 2024: -58.5pp
• All cycles: 2024: R+58.5 2020: R+58.1 2016: R+57.4 2012: R+40.5 2008: R+24.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -70.13%
• Current HPI: 210.3591
• 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

+142.5% since first listed

10 events — show timeline

• 2026-05-29 Price Changed $315,000 MIBOR as Distributed by MLS Grid
• 2026-05-27 Price Changed $319,900 MIBOR as Distributed by MLS Grid
• 2026-04-21 Listed $325,000 MIBOR as Distributed by MLS Grid
• 2018-10-01 Sold (MLS) $159,900 MIBOR as Distributed by MLS Grid
• 2018-08-15 Pending — MIBOR as Distributed by MLS Grid
• 2018-08-07 Listed $159,900 MIBOR as Distributed by MLS Grid
• 2014-12-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2014-11-07 Listed $137,000 MIBOR as Distributed by MLS Grid
• 2011-03-03 Listing Removed — MIBOR as Distributed by MLS Grid
• 2009-10-12 Listed $129,900 MIBOR as Distributed by MLS Grid

Property tax history

+5.7%/yr

Latest (2023): $852 · +26.0% YoY. Source: county tax records.