10929 E 400 South · Greentown, IN 46936

$159,900

3 bd · 1.5 ba · 1,268 sqft · SingleFamily public records · 6 Days on market

Built 1965 1.97 ac lot Est $162k · at est.

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Why this score? — see what drove the C- 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 +20.8/30.0
• ARV discount +8.2/15.0
• DSCR +6.6/10.0
• 1% rule +4.7/10.0
• 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 MLS

Looking for land and a peaceful setting in Eastern Schools? This 3BR/1.5BA brick ranch is located in Phlox and nestled on 2 acres. Step inside to the inviting living room that boasts a gorgeous bay window and hardwood flooring. It opens up to the dining room and flows into the kitchen. Follow the hallway to all of the bedrooms that also have original hardwood floors. The backyard contains a newly added deck ('20) and nice wooden privacy fence ('17). Other updates include: water heater ('16), electrical panel ('16) and well pump ('18). Gravel has already been brought in and is all ready for a pole barn, detached garage or whatever you choose! Nothing left to do but call this place home!

Key facts

• Open floor plan
• Attached garage
• Backyard setup

Tags

• 2 BEAUTIFUL ACRES
• OPEN FLOOR PLAN
• BACKYARD SETUP
• DECK
• PRIVACY FENCE
• ATTACHED GARAGE

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $219 ($3k/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 $155k (3.0% below list).
• Recommended offer: $155k (3.0% below list) — sets the bar for 1% rule.
• Cap rate 7.9% 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: amenities F, commute F, health & safety D-.
• 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.
• Zoned schools: Eastern Elementary School (math 50% / reading 39%, grade F, #379 of 994 statewide, top 41%, 770 students, 45% FRL); Eastern Middle School (math 30% / reading 44%, grade F, #152 of 330 statewide, top 47%, 397 students, 48% FRL); Eastern High School (math 42% / reading 82%, grade B-, #41 of 369 statewide, top 12%, 467 students, 42% FRL) — zoned schools average 45% FRL vs 24% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 29 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 $1k of loan paydown is wiped out by about $5k 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.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 12y 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.

Recommended offer $155,097 (3.0% below list)

Questions for the listing agent

1. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 0.97% ✗
• Cap rate: 7.93%
• Cash-on-cash: 5.86%
• DSCR: 1.26
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $162,304
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10929 E 400 South	0.00mi	3/1.5	1,268 (0%)	1mo	$159,900	$126	99
10955 E 400 South	0.05mi	3/1.5	1,440 (+14%)	4mo	$185,000	$128	72

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: -7.3%
• Equity multiple: 0.73×
• Total profit: $-12,022
• Equity at exit: $23,842

10-year hold

• IRR: 2.3%
• Equity multiple: 1.16×
• Total profit: $7,312
• Equity at exit: $13,825

Cash invested: $44,772 (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: 29
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,551 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$101 /mo · $1,218/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$326
• Net cashflow: $219

Break-even live

Break-even rent $1,274

Max offer price $159,900

Occupancy floor 81%

Sensitivity live

Price	-10% $309	-5% $264	+0% $219	+5% $173	+10% $128
Rent	-10% $96	-5% $157	+0% $219	+5% $280	+10% $341
Rate	-1.0pp $299	-0.5pp $259	base $219	+0.5pp $177	+1.0pp $135

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-04-20
   status Pending
2. 2026-04-14
   listed $159,900 Active
3. 2021-03-29
   soldstatus $140,000 695-char remark

   Show marketing remark (695 chars)

   Looking for land and a peaceful setting in Eastern Schools? This 3BR/1.5BA brick ranch is located in Phlox and nestled on 2 acres. Step inside to the inviting living room that boasts a gorgeous bay window and hardwood flooring. It opens up to the dining room and flows into the kitchen. Follow the hallway to all of the bedrooms that also have original hardwood floors. The backyard contains a newly added deck ('20) and nice wooden privacy fence ('17). Other updates include: water heater ('16), electrical panel ('16) and well pump ('18). Gravel has already been brought in and is all ready for a pole barn, detached garage or whatever you choose! Nothing left to do but call this place home!

4. 2021-02-18
   listed $140,000 695-char remark

   Show marketing remark (695 chars)

   Looking for land and a peaceful setting in Eastern Schools? This 3BR/1.5BA brick ranch is located in Phlox and nestled on 2 acres. Step inside to the inviting living room that boasts a gorgeous bay window and hardwood flooring. It opens up to the dining room and flows into the kitchen. Follow the hallway to all of the bedrooms that also have original hardwood floors. The backyard contains a newly added deck ('20) and nice wooden privacy fence ('17). Other updates include: water heater ('16), electrical panel ('16) and well pump ('18). Gravel has already been brought in and is all ready for a pole barn, detached garage or whatever you choose! Nothing left to do but call this place home!

5. 2016-09-15
   soldstatus $104,900
6. 2016-06-25
   listed $104,900
7. 2014-08-12
   listed $110,000

ⓘ 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: $1,218 · $101/mo
• Projected year-2 tax: $1,288 · $107/mo
• Expected delta: +$71/yr (+$6/mo · 5.8%)

ⓘ 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,612
• − Mortgage interest: −$8,957
• − Property taxes: −$1,218
• − Insurance: −$800
• − Repairs & maintenance: −$1,489
• − Management: −$1,489
• − Depreciation: −$4,652
• Taxable income: $8
• Est. tax owed @ 24.0%: −$2
• After-tax cash flow: $2,622/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

• 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

Price history

+45.4% since first listed

7 events — show timeline

• 2026-04-20 Pending — IRMLS
• 2026-04-14 Listed $159,900 IRMLS
• 2021-03-29 Sold (MLS) $140,000 IRMLS
• 2021-02-18 Listed $140,000 IRMLS
• 2016-09-15 Sold (MLS) $104,900 IRMLS
• 2016-06-25 Listed $104,900 IRMLS
• 2014-08-12 Listed $110,000 IRMLS

Property tax history

-3.0%/yr

Latest (2024): $1,218 · +6.3% YoY. Source: county tax records.