751 Cottage Ln · Greenwood, IN 46143

$225,000

2 bd · 2.0 ba · 1,035 sqft · MultiFamily public records · 66 Days on market

Built 1996 6,578 sqft lot $217/sqft · 8% below area Est $245k · 8% under

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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 +11.3/30.0
• ARV discount +11.2/15.0
• Schools +4.0/10.0
• Livability +3.7/5.0
• DSCR +3.3/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Ideally situated in Greenwood near shopping, dining and everyday conveniences, this centrally located home combines comfort, convenience, and easy living. Featuring 2 bedrooms and 2 full baths, this home offers a comfortable and practical layout suited for a variety of lifestyles. The primary suite includes a walk-in closet and a private bath with the second bedroom and full bath to offer great flexibility for guests or a home office. All kitchen appliances are updated and included! Unwind in the screened-in porch perfect for enjoying fresh air in a peaceful, covered setting. This home is move in ready. NEW ROOF IN APRIL 2026, NEW SHOWER INSTALLED IN PRIMARY BATH IN APRIL 2026, SCREENED-IN PORCH FRESHLY PAINTED, WOOD TRIM AROUND SOME WINDOW'S REPLACED.

Key facts

• 6,578 sq ft lot
• 2 garage spots
• Built 1996

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $-82 ($-987/yr) — negative.
• To cash-flow at today's rent, offer at most $210k (6.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $167k (25.6% below list).
• Recommended offer: $167k (25.6% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 4.5% in Greenwood — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 73/100 on livability (#91 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, health & safety F.
• Greenwood Community School Corporation (suburban): math 41% / reading 52% proficiency, ranked #88 of 301 in IN (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Southwest Elementary School (math 46% / reading 41%, grade F, #411 of 994 statewide, top 42%, 543 students, 54% FRL); Greenwood Middle School (math 36% / reading 52%, grade D, #87 of 330 statewide, top 27%, 948 students, 53% FRL); Greenwood Community High Sch (math 37% / reading 79%, grade C, #62 of 369 statewide, top 17%, 1,175 students, 43% FRL).
• Market conditions: Rents rising (+1.9%/yr); 80 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,133 units permitted in Johnson 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.
• Johnson County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 19y 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 $100k; list at $225k implies a 125% gain — meaningful room to come down on a strong offer.

Recommended offer $167,476 (25.6% 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. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
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 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?
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.74% ✗
• Cap rate: 5.85%
• Cash-on-cash: -1.57%
• DSCR: 0.93
• GRM: 11.2

CMA / ARV

• ARV (median comp): $245,000
• List price: $225,000
• Delta: -8.16%
• Verdict: FAIR
• Comps: 3 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.95% rent growth · sell at horizon

5-year hold

• IRR: -20.0%
• Equity multiple: 0.31×
• Total profit: $-43,514
• Equity at exit: $33,548

10-year hold

• IRR: -15.2%
• Equity multiple: 0.18×
• Total profit: $-51,940
• Equity at exit: $19,454

Cash invested: $63,000 (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 46143

• Rents YoY: 1.9%
• Active inventory: 80
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $1,675 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$132 /mo · $1,579/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$352
• Net cashflow: $-82

Break-even live

Break-even rent $1,779

Max offer price $210,476

Occupancy floor 100%

Sensitivity live

Price	-10% $45	-5% $-19	+0% $-82	+5% $-146	+10% $-210
Rent	-10% $-215	-5% $-148	+0% $-82	+5% $-16	+10% $50
Rate	-1.0pp $31	-0.5pp $-25	base $-82	+0.5pp $-141	+1.0pp $-200

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1284 Edgewater Dr Greenwood, IN	3.0	2.5	1304	$1,781	$1.37	25d	1	0.22mi
757 Cypress S Greenwood, IN	3.0	2.0	1474	$1,900	$1.29	45d	1	0.30mi
1335 Millridge Dr Greenwood, IN	3.0	2.0	1119	$1,715	$1.53	6d	1	0.42mi
1225 Freemont Ln Greenwood, IN	3.0	2.5	1304	$1,750	$1.34	12d	1	0.44mi
1285 Kenwood Dr Greenwood, IN	3.0	2.5	1470	$1,755	$1.19	25d	1	0.55mi
1748 Long Lake Dr Greenwood, IN	3.0	2.0	1431	$1,809	$1.26	16d	1	0.55mi
902 Wallington Cir Greenwood, IN	1.0–3.0	1.0–1.5	899	$1,422	$1.58	0d	23	0.59mi
1570 Countryside Dr Greenwood, IN	1.0–3.0	1.0–2.5	946	$1,358	$1.43	22d	1	0.62mi
651 Day Break Dr Greenwood, IN	3.0	2.0	1100	$1,799	$1.64	9d	1	0.62mi
171 1/2 W Broadway St Greenwood, IN	1.0	1.0	900	$1,375	$1.53	25d	1	1.29mi
171 1/2 W Broadway St Greenwood, IN	1.0	1.0	900	$1,375	$1.53	0d	1	1.29mi
20 Village Crossing Dr S Greenwood, IN	2.0–4.0	2.0	1103	$1,435	$1.30	4d	10	1.35mi

Listing history 6 events

1. 2026-05-18
   status Pending 772-char remark

   Show marketing remark (772 chars)

   Ideally situated in Greenwood near shopping, dining and everyday conveniences, this centrally located home combines comfort, convenience, and easy living. Featuring 2 bedrooms and 2 full baths, this home offers a comfortable and practical layout suited for a variety of lifestyles. The primary suite includes a walk-in closet and a private bath with the second bedroom and full bath to offer great flexibility for guests or a home office. All kitchen appliances are updated and included! Unwind in the screened-in porch perfect for enjoying fresh air in a peaceful, covered setting. This home is move in ready. NEW ROOF IN APRIL 2026, NEW SHOWER INSTALLED IN PRIMARY BATH IN APRIL 2026, SCREENED-IN PORCH FRESHLY PAINTED, WOOD TRIM AROUND SOME WINDOW'S REPLACED.

2. 2026-03-13
   listed $225,000 Active 772-char remark

   Show marketing remark (772 chars)

   Ideally situated in Greenwood near shopping, dining and everyday conveniences, this centrally located home combines comfort, convenience, and easy living. Featuring 2 bedrooms and 2 full baths, this home offers a comfortable and practical layout suited for a variety of lifestyles. The primary suite includes a walk-in closet and a private bath with the second bedroom and full bath to offer great flexibility for guests or a home office. All kitchen appliances are updated and included! Unwind in the screened-in porch perfect for enjoying fresh air in a peaceful, covered setting. This home is move in ready. NEW ROOF IN APRIL 2026, NEW SHOWER INSTALLED IN PRIMARY BATH IN APRIL 2026, SCREENED-IN PORCH FRESHLY PAINTED, WOOD TRIM AROUND SOME WINDOW'S REPLACED.

3. 2008-07-29
   soldstatus $100,000 164-char remark

   Show marketing remark (164 chars)

   Super 2 bedroom 2 bath home in Clearbrook Village. Best neighbors you could ever ask for in this garden community home. All appliances stay. Home warranty included.

4. 2008-06-09
   listed $115,000 164-char remark

   Show marketing remark (164 chars)

   Super 2 bedroom 2 bath home in Clearbrook Village. Best neighbors you could ever ask for in this garden community home. All appliances stay. Home warranty included.

5. 2008-05-30
   historical
6. 2007-10-04
   listed $119,850

ⓘ 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: $1,579 · $132/mo
• Projected year-2 tax: $1,746 · $145/mo
• Expected delta: +$167/yr (+$14/mo · 10.6%)

ⓘ 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 4/10 Moderate 7 d/yr ≥101°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 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,097
• − Mortgage interest: −$12,603
• − Property taxes: −$1,579
• − Insurance: −$1,125
• − Repairs & maintenance: −$1,608
• − Management: −$1,608
• − Depreciation: −$6,545
• Taxable loss: −$4,972
• Est. tax savings @ 24.0%: +$1,193
• After-tax cash flow: $207/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: Greenwood Community School Corporation
• NCES district ID: 1804110
• Math proficiency: 41% ▼ -12.00%
• Reading proficiency: 52% ▼ -7.00%
• Median HH income: $48,589
• Composite: 39.71/100
• National rank: #3902
• State rank: #88 of 301 in IN

Livability — Greenwood

• Score: 73/100
• State rank: #91
• US rank: #5255

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Greenwood, IN
• County: Johnson County · 154,261 people
• City population: 96,151
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 61,803
• Household income: $91,496
• Rent vs Own: 31.8% rent · 68.2% own
• Severe rent burden: 1513.0

Population outlook (Johnson County) Hauer SSP2

• Today (2025): 170,080 people
• By 2030: 179,983 · +5.8%
• By 2040: 198,580 · +16.8%
• By 2050: 214,661 · +26.2%
• By 2075: 247,990 · +45.8%
• By 2100: 257,821 · +51.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Asian 8% Black 5% Two or more races 5% Hispanic / Latino 5%
• Common ancestry: Slovak 3% Romanian 2% Lithuanian 1%
• Foreign-born: 8% · Canada, Jamaica
• Languages at home: 88% English-only · Other Indo-European 6% Spanish 3% Other Asian/Pacific 1%

Political lean MEDSL · Johnson

• 2024 margin: Solid R (+34.3) · D 32.0% · R 66.3% · Other 1.7%
• 2008→2024 swing: -8.9pp toward R · 2008: -25.5pp · 2024: -34.3pp
• All cycles: 2024: R+34.3 2020: R+34.1 2016: R+42.5 2012: R+38.5 2008: R+25.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -206.72%
• Current HPI: 204.3161
• Rent YoY: ▲ 1.95%
• 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

+87.7% since first listed

6 events — show timeline

• 2026-05-18 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-13 Listed $225,000 MIBOR as Distributed by MLS Grid
• 2008-07-29 Sold (MLS) $100,000 MIBOR as Distributed by MLS Grid
• 2008-06-09 Listed $115,000 MIBOR as Distributed by MLS Grid
• 2008-05-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2007-10-04 Listed $119,850 MIBOR as Distributed by MLS Grid

Property tax history

+7.1%/yr

Latest (2024): $1,579 · +14.1% YoY. Source: county tax records.