500 W Payton St #4 · Greentown, IN 46936

$52,500

3 bd · 2.0 ba · 1,056 sqft · Manufactured · 303 Days on market

Built 2024

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.8/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

* THIS IS A RESALE LISTING * You'll love living in this 3 bedroom, 2 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as a clubhouse, community events, a picnic area / pavilion / grill, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

Key facts

• Picnic area
• Clubhouse
• Modern bathroom

Tags

• PREMIUM ENTRY DOORS
• MODERN BATHROOM
• BRAND NAME APPLIANCES
• CLUBHOUSE
• PICNIC AREA

Property features AI

Finance

• Other: Active listing
• Financial info: List price $52,500

Exterior

• Utilities: Natural gas; Central air
• Home design: Spec-built plan 91241; Single-level (entry level not specified)
• Exterior features: Living area of 1056

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 2 total bathrooms
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: 2 bathrooms

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $52k.

Deal economics

• At list price, monthly cash flow is $789 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $52k).
• Recommended offer: $46k (12.0% below list) — sets the bar for market timing.
• Cap rate 24.3% vs local median 6.0% in Greentown — 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 67/100 on livability (#243 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, amenities F, commute F.
• Eastern Howard School Corporation (town): math 40% / reading 47% proficiency, ranked #100 of 301 in IN (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 30 active listings in the ZIP; 194 units permitted in Howard County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $363 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Howard County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 303 days — a 12% lower offer ($46k) is reasonable based on typical stale-listing flexibility.

Recommended offer $46,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 303 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 2.78% ✓
• Cap rate: 24.33%
• Cash-on-cash: 64.43%
• DSCR: 3.87
• GRM: 3.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 63.5%
• Equity multiple: 3.84×
• Total profit: $41,782
• Equity at exit: $7,828

10-year hold

• IRR: 68.0%
• Equity multiple: 7.88×
• Total profit: $101,199
• Equity at exit: $4,539

Cash invested: $14,700 (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 46936

• Home prices YoY: -24.1%
• Active inventory: 30
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $1,458 medium
• Mortgage (P&I): −$275
• Tax est. 1.5%: −$66 /mo · $788/yr
• Insurance: −$22
• HOA: −$0
• Vacancy / Maint / Mgmt: −$306
• Net cashflow: $789

Break-even live

Break-even rent $459

Max offer price $52,500

Occupancy floor 41%

Sensitivity live

Price	-10% $826	-5% $807	+0% $789	+5% $771	+10% $753
Rent	-10% $674	-5% $732	+0% $789	+5% $847	+10% $904
Rate	-1.0pp $816	-0.5pp $803	base $789	+0.5pp $776	+1.0pp $762

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: $13,125
• Closing costs: $1,575
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-19
   days on market $52,500 Active 303 DOM
2. 2026-06-18
   days on market $52,500 Active 302 DOM
3. 2026-06-17
   days on market $52,500 Active 301 DOM
4. 2026-06-16
   days on market $52,500 Active 300 DOM
5. 2026-06-15
   days on market $52,500 Active 299 DOM
6. 2026-06-14
   days on market $52,500 Active 297 DOM
7. 2026-06-13
   remarks 415-char remark
8. 2026-06-13
   listed $52,500 Active 296 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $17,500
• − Mortgage interest: −$2,941
• − Property taxes: −$788
• − Insurance: −$262
• − Repairs & maintenance: −$1,400
• − Management: −$1,400
• − Depreciation: −$1,527
• Taxable income: $9,182
• Est. tax owed @ 24.0%: −$2,204
• After-tax cash flow: $7,267/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: Eastern Howard School Corporation
• NCES district ID: 1803150
• Math proficiency: 40% ▼ -6.00%
• Reading proficiency: 47% ▼ -2.00%
• Median HH income: $58,636
• Composite: 38.2/100
• National rank: #4255
• State rank: #100 of 301 in IN

Livability — Greentown

• Score: 67/100
• State rank: #243
• US rank: #10353

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Greentown, IN
• Population (ZIP): 5,956

Population outlook (Howard County) Hauer SSP2

• Today (2025): 81,522 people
• By 2030: 80,104 · -1.7%
• By 2040: 76,708 · -5.9%
• By 2050: 72,880 · -10.6%
• By 2075: 64,016 · -21.5%
• By 2100: 51,705 · -36.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 4% Two or more races 3% Black 1%
• Common ancestry: Italian 3% Portuguese 2% Slovak 1%
• Foreign-born: 1%

Political lean MEDSL · Howard

• 2024 margin: Solid R (+35.3) · D 31.4% · R 66.7% · Other 1.8%
• 2008→2024 swing: -29.1pp toward R · 2008: -6.2pp · 2024: -35.3pp
• All cycles: 2024: R+35.3 2020: R+32.4 2016: R+33.9 2012: R+14.3 2008: R+6.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -66.91%
• Current HPI: 211.2334
• 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