421 W Broadway St · Greenwood, IN 46142

$190,000

3 bd · 2.0 ba · 1,280 sqft · SingleFamily public records · 33 Days on market

Built 1952 8,233 sqft lot $148/sqft · 21% below area Est $241k · 21% under

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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 +15.5/30.0
• ARV discount +15.0/15.0
• DSCR +4.8/10.0
• Schools +4.0/10.0
• Livability +3.7/5.0
• 1% rule +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great opportunity to own in a growing area near downtown Greenwood where many homes are being updated and revitalized. This property offers the perfect chance to add your personal touch, create value, and make it truly your own. The home features 3 bedrooms with a functional layout that provides flexibility for a variety of living arrangements. Whether you are looking for a primary residence or an investment opportunity, this home has solid potential in an area seeing continued improvement and pride of ownership. Step outside to enjoy a fenced backyard-ideal for pets, entertaining, or simply relaxing. A 2-car detached garage provides ample room for parking, storage, or even a workshop setup. Located just minutes from downtown Greenwood, you will appreciate the easy access to local shops, restaurants, 4 parks, and everyday amenities. Convenient access to major roadways makes commuting simple while still enjoying the charm of an established neighborhood. Whether you are a buyer looking to customize your next home or an investor seeking opportunity in an improving area, this property is full of potential and ready for its next chapter.

Key facts

• Fenced backyard
• Detached garage
• 8,233 sq ft lot

Tags

• FENCED BACKYARD
• DETACHED GARAGE
• EASY ACCESS TO LOCAL SHOPS
• ESTABLISHED NEIGHBORHOOD

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $75 ($898/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 $158k (16.9% below list).
• Recommended offer: $158k (16.9% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 4.5% in Greenwood — 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 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: V O Isom Central Elem School (math 42% / reading 37%, grade F, #500 of 994 statewide, top 53%, 361 students, 70% 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) — zoned schools average 56% FRL vs 38% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-0.1%/yr); 61 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $1k of loan paydown is wiped out by about $6k 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 33 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 26y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $157,909 (16.9% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
2. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.83% ✗
• Cap rate: 6.77%
• Cash-on-cash: 1.69%
• DSCR: 1.08
• GRM: 10.0

CMA / ARV

• ARV (median comp): $241,465
• List price: $190,000
• Delta: -21.31%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
520 Woodland Pl	0.25mi	3/1.5	1,242 (-3%)	2mo	$230,000	$185	80
51 N Brewer St	0.31mi	3/2.0	1,176 (-8%)	1mo	$235,000	$200	71
608 Horton St	0.64mi	3/2.0	1,307 (+2%)	2mo	$265,000	$203	65
351 N Smart St	0.45mi	3/1.0	1,248 (-2%)	8mo	$199,000	$159	64
235 N Meridian St	0.45mi	3/1.0	1,176 (-8%)	1mo	$155,000	$132	61
300 Sunset Blvd	0.60mi	3/2.0	1,372 (+7%)	3mo	$265,000	$193	58
143 Howard Rd	0.66mi	3/1.5	1,308 (+2%)	9mo	$254,900	$195	56
290 Polk Manor Dr	0.67mi	3/2.0	1,332 (+4%)	8mo	$251,000	$188	56
374 Redbud Pl	0.54mi	3/2.0	1,386 (+8%)	9mo	$239,900	$173	54
420 Glenn Dr	0.46mi	2/1.0 (-1)	1,176 (-8%)	10mo	$235,000	$200	48
103 Bentwood Dr	0.74mi	4/1.5 (+1)	1,254 (-2%)	11mo	$209,000	$167	46
394 Polk Village Rd	0.71mi	3/2.0	1,133 (-12%)	7mo	$225,000	$199	42

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -16.7%
• Equity multiple: 0.42×
• Total profit: $-30,714
• Equity at exit: $28,330

10-year hold

• IRR: -14.5%
• Equity multiple: 0.27×
• Total profit: $-38,748
• Equity at exit: $16,428

Cash invested: $53,200 (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 46142

• Rents YoY: -0.1%
• Active inventory: 61
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $1,579 high
• Mortgage (P&I): −$996
• Tax from tax record: −$97 /mo · $1,166/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$332
• Net cashflow: $75

Break-even live

Break-even rent $1,484

Max offer price $190,000

Occupancy floor 90%

Sensitivity live

Price	-10% $182	-5% $129	+0% $75	+5% $21	+10% $-33
Rent	-10% $-50	-5% $12	+0% $75	+5% $137	+10% $200
Rate	-1.0pp $170	-0.5pp $123	base $75	+0.5pp $26	+1.0pp $-25

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
464 Carol Dr Greenwood, IN	3.0	1.0	888	$1,550	$1.75	45d	1	0.57mi
614 Park Madison Dr Greenwood, IN	2.0	2.0	1150	$1,250	$1.09	12d	1	0.61mi
601 Wood Dale Ter Greenwood, IN	2.0	1.5	960	$1,174	$1.22	46d	1	0.68mi
628 Wooddale Ter Unit 1007 Greenwood, IN	2.0	1.5	1013	$1,104	$1.09	45d	1	0.75mi
622 Wood Dale Ter Greenwood, IN	1.0–2.0	1.0–1.5	947	$1,104	$1.17	25d	3	0.76mi
501 E Main St Greenwood, IN	2.0	1.0	968	$1,395	$1.44	45d	1	0.82mi
902 Wallington Cir Greenwood, IN	1.0–3.0	1.0–1.5	899	$1,687	$1.88	0d	23	0.84mi
88 Keran Manor Ct Greenwood, IN	2.0	1.0	945	$1,450	$1.53	45d	1	0.87mi
745 Wood Dale Ter Greenwood, IN	1.0–2.0	1.0–1.5	818	$1,397	$1.71	0d	9	0.92mi
1146 Freemont Ln Greenwood, IN	3.0	2.5	1742	$2,035	$1.17	0d	1	0.99mi
1225 Freemont Ln Greenwood, IN	3.0	2.5	1304	$1,750	$1.34	12d	1	1.06mi
968 Greenwood Trl W Greenwood, IN	2.0	2.0	1088	$1,475	$1.36	14d	1	1.10mi
1284 Edgewater Dr Greenwood, IN	3.0	2.5	1304	$1,781	$1.37	25d	1	1.11mi
1285 Kenwood Dr Greenwood, IN	3.0	2.5	1470	$1,755	$1.19	25d	1	1.12mi
714 Connors Dr Greenwood, IN	1.0–2.0	1.0	750	$1,254	$1.67	3d	15	1.13mi
49 Trails End Unit 1 Greenwood, IN	2.0	1.5	1088	$1,450	$1.33	0d	1	1.13mi
757 Cypress S Greenwood, IN	3.0	2.0	1474	$1,900	$1.29	45d	1	1.17mi
1318 Crescent Dr Greenwood, IN	3.0	2.5	1747	$1,600	$0.92	25d	1	1.21mi
14 Greenwood Trl N Greenwood, IN	2.0	1.5	1088	$1,275	$1.17	16d	1	1.21mi
1335 Millridge Dr Greenwood, IN	3.0	2.0	1119	$1,715	$1.53	5d	1	1.27mi
1039 N Paz Dr Greenwood, IN	1.0–3.0	1.0–2.0	925	$1,434	$1.55	0d	9	1.28mi
800 Kings Mill Rd Greenwood, IN	2.0	1.0–2.0	701	$1,347	$1.92	0d	50	1.28mi
1570 Countryside Dr Greenwood, IN	1.0–3.0	1.0–2.5	946	$1,740	$1.84	22d	1	1.29mi
1043 Mikes Way Greenwood, IN	3.0	2.0	1090	$1,650	$1.51	45d	1	1.49mi

Listing history 18 events

1. 2026-05-04
   price $190,000 1151-char remark

   Show marketing remark (1151 chars)

   Great opportunity to own in a growing area near downtown Greenwood where many homes are being updated and revitalized. This property offers the perfect chance to add your personal touch, create value, and make it truly your own. The home features 3 bedrooms with a functional layout that provides flexibility for a variety of living arrangements. Whether you are looking for a primary residence or an investment opportunity, this home has solid potential in an area seeing continued improvement and pride of ownership. Step outside to enjoy a fenced backyard-ideal for pets, entertaining, or simply relaxing. A 2-car detached garage provides ample room for parking, storage, or even a workshop setup. Located just minutes from downtown Greenwood, you will appreciate the easy access to local shops, restaurants, 4 parks, and everyday amenities. Convenient access to major roadways makes commuting simple while still enjoying the charm of an established neighborhood. Whether you are a buyer looking to customize your next home or an investor seeking opportunity in an improving area, this property is full of potential and ready for its next chapter.

2. 2026-04-30
   status Active 1151-char remark

   Show marketing remark (1151 chars)

   Great opportunity to own in a growing area near downtown Greenwood where many homes are being updated and revitalized. This property offers the perfect chance to add your personal touch, create value, and make it truly your own. The home features 3 bedrooms with a functional layout that provides flexibility for a variety of living arrangements. Whether you are looking for a primary residence or an investment opportunity, this home has solid potential in an area seeing continued improvement and pride of ownership. Step outside to enjoy a fenced backyard-ideal for pets, entertaining, or simply relaxing. A 2-car detached garage provides ample room for parking, storage, or even a workshop setup. Located just minutes from downtown Greenwood, you will appreciate the easy access to local shops, restaurants, 4 parks, and everyday amenities. Convenient access to major roadways makes commuting simple while still enjoying the charm of an established neighborhood. Whether you are a buyer looking to customize your next home or an investor seeking opportunity in an improving area, this property is full of potential and ready for its next chapter.

3. 2026-04-19
   status Pending 1151-char remark

   Show marketing remark (1151 chars)

   Great opportunity to own in a growing area near downtown Greenwood where many homes are being updated and revitalized. This property offers the perfect chance to add your personal touch, create value, and make it truly your own. The home features 3 bedrooms with a functional layout that provides flexibility for a variety of living arrangements. Whether you are looking for a primary residence or an investment opportunity, this home has solid potential in an area seeing continued improvement and pride of ownership. Step outside to enjoy a fenced backyard-ideal for pets, entertaining, or simply relaxing. A 2-car detached garage provides ample room for parking, storage, or even a workshop setup. Located just minutes from downtown Greenwood, you will appreciate the easy access to local shops, restaurants, 4 parks, and everyday amenities. Convenient access to major roadways makes commuting simple while still enjoying the charm of an established neighborhood. Whether you are a buyer looking to customize your next home or an investor seeking opportunity in an improving area, this property is full of potential and ready for its next chapter.

4. 2026-04-06
   listed $200,000 Active 1151-char remark

   Show marketing remark (1151 chars)

   Great opportunity to own in a growing area near downtown Greenwood where many homes are being updated and revitalized. This property offers the perfect chance to add your personal touch, create value, and make it truly your own. The home features 3 bedrooms with a functional layout that provides flexibility for a variety of living arrangements. Whether you are looking for a primary residence or an investment opportunity, this home has solid potential in an area seeing continued improvement and pride of ownership. Step outside to enjoy a fenced backyard-ideal for pets, entertaining, or simply relaxing. A 2-car detached garage provides ample room for parking, storage, or even a workshop setup. Located just minutes from downtown Greenwood, you will appreciate the easy access to local shops, restaurants, 4 parks, and everyday amenities. Convenient access to major roadways makes commuting simple while still enjoying the charm of an established neighborhood. Whether you are a buyer looking to customize your next home or an investor seeking opportunity in an improving area, this property is full of potential and ready for its next chapter.

5. 2006-03-15
   historical
6. 2005-08-16
   listed $84,900
7. 2005-08-10
   historical
8. 2005-02-16
   listed $84,900
9. 2004-05-12
   historical
10. 2003-12-15
    listed $92,900
11. 2002-07-13
    historical
12. 2002-01-16
    listed $92,900
13. 2001-12-31
    historical
14. 2001-07-12
    historical
15. 2001-06-01
    listed $94,900
16. 2001-01-18
    listed $89,900
17. 2000-12-31
    historical
18. 2000-03-20
    listed $92,900

ⓘ 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: $1,166 · $97/mo
• Projected year-2 tax: $1,390 · $116/mo
• Expected delta: +$225/yr (+$19/mo · 19.3%)

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

Taxation est. · year 1

• Rental income: $18,949
• − Mortgage interest: −$10,643
• − Property taxes: −$1,166
• − Insurance: −$950
• − Repairs & maintenance: −$1,516
• − Management: −$1,516
• − Depreciation: −$5,527
• Taxable loss: −$2,369
• Est. tax savings @ 24.0%: +$568
• After-tax cash flow: $1,466/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): 34,348
• Household income: $89,001
• Rent vs Own: 29.4% rent · 70.6% own
• Severe rent burden: 482.0

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 (83%)
• Race & ethnicity: White 83% Asian 6% Hispanic / Latino 5% Two or more races 4% Black 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Slovak 3% Italian 2% Romanian 2%
• Foreign-born: 6% · Canada, Philippines
• Languages at home: 91% English-only · Spanish 3% Other Asian/Pacific 3% Other Indo-European 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: ▼ -222.62%
• Current HPI: 210.7473
• Rent YoY: ▼ -0.15%
• 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

+104.5% since first listed

18 events — show timeline

• 2026-05-04 Price Changed $190,000 MIBOR as Distributed by MLS Grid
• 2026-04-30 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-19 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-06 Listed $200,000 MIBOR as Distributed by MLS Grid
• 2006-03-15 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-08-16 Listed $84,900 MIBOR as Distributed by MLS Grid
• 2005-08-10 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-02-16 Listed $84,900 MIBOR as Distributed by MLS Grid
• 2004-05-12 Listing Removed — MIBOR as Distributed by MLS Grid
• 2003-12-15 Listed $92,900 MIBOR as Distributed by MLS Grid
• 2002-07-13 Listing Removed — MIBOR as Distributed by MLS Grid
• 2002-01-16 Listed $92,900 MIBOR as Distributed by MLS Grid
• 2001-12-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2001-07-12 Listing Removed — MIBOR as Distributed by MLS Grid
• 2001-06-01 Listed $94,900 MIBOR as Distributed by MLS Grid
• 2001-01-18 Listed $89,900 MIBOR as Distributed by MLS Grid
• 2000-12-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2000-03-20 Listed $92,900 MIBOR as Distributed by MLS Grid

Property tax history

-1.9%/yr

Latest (2024): $1,166 · +26.3% YoY. Source: county tax records.