406 N Ireland St

Greensburg, IN 47240

$315,000B-

2 bd · 1.0 ba · 1,506 sqft · Built 2026 · SingleFamily · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,105/mo
• Mortgage (P&I): −$1,137
• Tax + insurance: −$177
• HOA: −$0
• Vac / Maint / Mgmt: −$652
• Net cashflow: $1,139/mo
• Annual: $13,669/yr
• Cap rate: 12.60%
• Cash-on-cash: 22.51%
• DSCR: 2.00
• 1% rule: 1.43%
• Cash to close: $60,722

Investor read

• This is a 2-bed/1.0-bath single-family listed at $315k.
• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $311k (1.4% below list).
• It's been on market 20 days — a 2% lower offer ($310k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $310k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• 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 High School (math 27% / reading 67%, grade D-, #143 of 369 statewide, top 44%, 671 students, 44% FRL).
• Market conditions: 157 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 66 units permitted in Decatur County in 2024 (0 in 5+ unit buildings).
• Decatur County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 5 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 $130k; list at $315k implies a 142% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $61k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 12.6% 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.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.