1647 Sweetwater Ln · Greenfield, IN 46140

$232,500

3 bd · 2.0 ba · 1,110 sqft · SingleFamily public records · 16 Days on market

Built 2001 7,187 sqft lot Est $210k · 11% over $15/mo HOA · 1% of rent

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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 +12.7/30.0
• Schools +4.0/10.0
• DSCR +3.8/10.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• 1% rule +2.7/10.0
• ARV discount +2.6/15.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 3-Bedroom Ranch in Sweetwater Farms of Greenfield! Welcome to this well-maintained single-family ranch offering nearly 1,200 sq. ft. of comfortable living space. A spacious foyer sets the tone as you enter, leading to an eat-in kitchen with bright white cabinetry, solid-surface countertops, and ample prep space-all overlooking the living room that leads to the back yard area. The living room features stylish LVP flooring and a ceiling fan, creating a welcoming spot to relax or entertain. The primary suite includes a walk-in closet, neutral paint, LVP flooring, and an ensuite bath with a full tub/shower combo. Two additional bedrooms and a second full bath provide flexibility for family, guests, or a home office. Additional highlights include a dedicated laundry room, a two-car attached garage, and a backyard ready for your personal touch-perfect for outdoor gatherings or gardening. Located in desirable Sweetwater Farms, this home combines comfort, convenience, and value. Schedule a showing today to experience all it has to offer!

Key facts

• 7,187 sq ft lot
• 2 garage spots
• Built 2001

Property features AI

Finance

• HOA & community: Homeowners association with a $15 monthly fee

Exterior

• Parking: Attached 2-car garage
• Utilities: Public water; Municipal sewer connected; 200+ amp electrical service; Electricity, natural gas, and water connected; Solid waste service available
• Home design: Single family residence; One level
• Construction: Vinyl siding; Slab foundation
• Exterior features: No fence; Less than 1/4 acre lot

Interior

• Kitchen: Electric oven; Micro hood; Dishwasher; Garbage disposal; Refrigerator
• Bedrooms: Three bedrooms on the main level; Primary bedroom with walk-in closet
• Bathrooms: Two full bathrooms; Primary bathroom with tub and shower
• Heating & cooling: Natural gas heating (high efficiency, 90%+ AFUE); Central air conditioning
• Interior features: Walk-in closet(s)
• Laundry & utility: Main-level laundry room; Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $232k.

Deal economics

• At list price, monthly cash flow is $-26 ($-318/yr) — negative.
• To cash-flow at today's rent, offer at most $228k (2.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $179k (22.8% below list).
• Recommended offer: $179k (22.8% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 4.7% in Greenfield — 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 (#88 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F.
• Greenfield-Central Community Schools (other): math 47% / reading 45% proficiency, ranked #83 of 301 in IN (top 28%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Greenfield-Central High School (math 37% / reading 65%, grade D+, #115 of 369 statewide, top 31%, 1,462 students, 35% FRL).
• Market conditions: Rents rising (+2.9%/yr); 481 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,091 units permitted in Hancock 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.
• Hancock County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($229k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 5y 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 $179,491 (22.8% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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?
6. 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.
7. 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.
8. 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: 0.77% ✗
• Cap rate: 6.16%
• Cash-on-cash: -0.49%
• DSCR: 0.98
• GRM: 10.8

CMA / ARV

• ARV (on-the-fly): $209,790
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1616 Sweetwater Ln	0.04mi	3/2.0	1,110 (0%)	1mo	$235,000	$212	98
1647 Sweetwater Ln	0.00mi	3/2.0	1,110 (0%)	6mo	$229,900	$207	95
319 Brookstone Dr	0.09mi	3/2.0	1,110 (0%)	2mo	$237,500	$214	94
1625 Willowview Ln	0.06mi	3/2.0	1,236 (+11%)	5mo	$215,000	$174	74
1214 E Third St	0.45mi	3/1.0	1,080 (-3%)	0mo	$125,000	$116	70
1525 Carlton Dr	0.13mi	3/2.0	1,250 (+13%)	4mo	$215,000	$172	70
1629 Carlton Dr	0.11mi	3/2.0	1,250 (+13%)	9mo	$235,900	$189	66
765 Indigo Ct	0.38mi	3/2.0	1,224 (+10%)	3mo	$224,000	$183	62
587 Gondola Run	0.55mi	3/2.0	1,236 (+11%)	1mo	$254,400	$206	55
2024 Bailey Cir	0.47mi	3/2.0	1,264 (+14%)	1mo	$239,000	$189	54
1912 Breakwater Dr	0.64mi	3/2.0	1,195 (+8%)	9mo	$229,500	$192	50
1083 E South St	0.68mi	3/1.0	1,008 (-9%)	1mo	$95,000	$94	48

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 · 2.88% rent growth · sell at horizon

5-year hold

• IRR: -17.3%
• Equity multiple: 0.39×
• Total profit: $-39,652
• Equity at exit: $34,667

10-year hold

• IRR: -9.5%
• Equity multiple: 0.42×
• Total profit: $-37,883
• Equity at exit: $20,102

Cash invested: $65,100 (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 46140

• Rents YoY: 2.9%
• Active inventory: 481
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $1,795 high
• Mortgage (P&I): −$1,219
• Tax from tax record: −$113 /mo · $1,360/yr
• Insurance: −$97
• HOA: −$15
• Vacancy / Maint / Mgmt: −$377
• Net cashflow: $-26

Break-even live

Break-even rent $1,828

Max offer price $227,819

Occupancy floor 96%

Sensitivity live

Price	-10% $105	-5% $39	+0% $-26	+5% $-92	+10% $-158
Rent	-10% $-168	-5% $-97	+0% $-26	+5% $44	+10% $115
Rate	-1.0pp $91	-0.5pp $33	base $-26	+0.5pp $-87	+1.0pp $-148

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: $58,125
• Closing costs: $6,975
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
210 Flagstone Dr Greenfield, IN	1.0–3.0	1.0–2.5	1084	$2,254	$2.08	3d	17	0.35mi
1027 E Fourth St Greenfield, IN	3.0	2.0	1430	$1,700	$1.19	25d	1	0.57mi
685 Gondola Run Greenfield, IN	3.0	2.0	1058	$1,750	$1.65	3d	1	0.59mi
1014 E Seventh St Greenfield, IN	3.0	1.0	1192	$1,400	$1.17	5d	1	0.60mi
917 E McKenzie Rd Greenfield, IN	1.0–2.0	1.0–1.5	918	$1,199	$1.31	3d	4	0.86mi
432 Baldwin St Greenfield, IN	2.0	1.0	788	$1,425	$1.81	25d	1	0.96mi
550 Wood St Greenfield, IN	2.0	1.0	1162	$1,200	$1.03	5d	1	1.08mi
220 Walker St Greenfield, IN	3.0	1.0	1101	$1,400	$1.27	5d	1	1.24mi

HOA detail

• Monthly dues: $15 · $180/yr
• Likely covers: water

Listing history 11 events

1. 2026-06-21
   days on market $232,500 Active 16 DOM
2. 2026-06-18
   days on market $232,500 Active 13 DOM
3. 2026-06-17
   days on market $232,500 Active 12 DOM
4. 2026-06-16
   days on market $232,500 Active 11 DOM
5. 2026-06-15
   days on market $232,500 Active 10 DOM
6. 2026-06-13
   days on market $232,500 Active 8 DOM
7. 2026-06-13
   pricedays on market $232,500 Active 7 DOM
8. 2026-06-09
   days on market $234,900 Active 4 DOM
9. 2026-06-08
   days on market $234,900 Active 3 DOM
10. 2026-06-07
    remarks 699-char remark
11. 2026-06-07
    listed $234,900 Active 2 DOM

ⓘ 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: $1,360 · $113/mo
• Projected year-2 tax: $1,668 · $139/mo
• Expected delta: +$308/yr (+$26/mo · 22.6%)

ⓘ 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 3/10 Moderate 7 d/yr ≥102°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 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,539
• − Mortgage interest: −$13,024
• − Property taxes: −$1,360
• − Insurance: −$1,162
• − Repairs & maintenance: −$1,723
• − Management: −$1,723
• − HOA: −$180
• − Depreciation: −$6,764
• Taxable loss: −$4,397
• Est. tax savings @ 24.0%: +$1,055
• After-tax cash flow: $737/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: Greenfield-Central Community Schools
• NCES district ID: 1804050
• Math proficiency: 47% ▼ -12.00%
• Reading proficiency: 45% ▼ -11.00%
• Median HH income: $55,533
• Composite: 40.01/100
• National rank: #3827
• State rank: #83 of 301 in IN

Livability — Greenfield

• Score: 73/100
• State rank: #88
• US rank: #5094

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Greenfield, IN
• County: Hancock County · 59,521 people
• City population: 43,511
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 43,511
• Household income: $83,056
• Rent vs Own: 26.1% rent · 73.9% own
• Severe rent burden: 795.0

Population outlook (Hancock County) Hauer SSP2

• Today (2025): 77,820 people
• By 2030: 79,914 · +2.7%
• By 2040: 82,734 · +6.3%
• By 2050: 83,348 · +7.1%
• By 2075: 82,439 · +5.9%
• By 2100: 74,181 · -4.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 5% Hispanic / Latino 3% Black 1%
• Common ancestry: Italian 3% Lithuanian 3% Slovak 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Hancock

• 2024 margin: Solid R (+33.7) · D 32.2% · R 65.9% · Other 1.9%
• 2008→2024 swing: -4.1pp toward R · 2008: -29.6pp · 2024: -33.7pp
• All cycles: 2024: R+33.7 2020: R+37.5 2016: R+44.8 2012: R+41.0 2008: R+29.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -131.67%
• Current HPI: 225.0367
• Rent YoY: ▲ 2.88%
• 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

+38.3% since first listed

15 events — show timeline

• 2026-06-05 Listed $234,900 MIBOR as Distributed by MLS Grid
• 2025-12-12 Sold (MLS) $229,900 MIBOR as Distributed by MLS Grid
• 2025-10-02 Pending — MIBOR as Distributed by MLS Grid
• 2025-09-30 Listed $229,900 MIBOR as Distributed by MLS Grid
• 2025-09-27 Rental Removed $1,600 TENANTTURNER2
• 2025-08-26 Price Changed $1,600 TENANTTURNER2
• 2025-06-21 Listed for Rent $1,650 TENANTTURNER2
• 2022-02-19 Price Changed $1,450 RENT.
• 2021-12-01 Sold (MLS) $180,000 MIBOR as Distributed by MLS Grid
• 2021-12-01 Sold (MLS) $180,000 RRELMS
• 2021-12-01 Sold (MLS) $180,000 IRMLS
• 2021-10-14 Pending — MIBOR as Distributed by MLS Grid
• 2021-10-11 Listed $169,900 MIBOR as Distributed by MLS Grid
• 2021-10-11 Listed $169,900 RRELMS
• 2021-10-11 Listed $169,900 IRMLS

Property tax history

+7.5%/yr

Latest (2025): $1,360 · -75.7% YoY. Source: county tax records.