Spruce Plan · Greenfield, IN 46140

$296,995

4 bd · 2.5 ba · 2,343 sqft · SingleFamily · 161 Days on market

Good condition

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Cash flow +6.9/30.0
• Schools +4.5/10.0
• Condition / age +4.0/5.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• 1% rule +1.8/10.0
• DSCR +1.1/10.0
• Appreciation +0.0/10.0

Listing remarks

As you step through the large open foyer of the Spruce, you will quickly understand why this has become Arbor's top selling floorplan. With plenty of options, this floorplan allows you to experience flexibility without the price tag. With the versatility to become a 3, 4 or even 5 bedroom home - you can really transform the Spruce into your ideal home based on your needs and lifestyle. Not only do these features make the Spruce our top seller, but the open concept kitchen and living space creates the perfect area for entertaining your family and friends during any holiday or event!

Key facts

• 2 parking spots
• Listed 160 days

🏗️ New construction. The $296,995 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $334,518.

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $297k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-509 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $261k (12.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $228k (23.2% below list).
• Recommended offer: $228k (23.2% below list) — sets the bar for 1% rule.

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: Weston Elementary School (math 57% / reading 32%, grade F, #379 of 994 statewide, top 41%, 327 students, 44% FRL); Greenfield Central Junior High Sch (math 38% / reading 42%, grade F, #120 of 330 statewide, top 37%, 675 students, 45% FRL); 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); 734 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,091 units permitted in Hancock County in 2024 (0 in 5+ unit buildings).
• This rent runs 33% of the median local income ($83k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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 161 days — a 12% lower offer ($261k) is reasonable based on typical stale-listing flexibility.

Recommended offer $228,137 (23.2% 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 161 days. Have you received any prior offers? Is the seller open to a 23% 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 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: 0.68% ✗
• Cap rate: 4.47%
• Cash-on-cash: -6.53%
• DSCR: 0.71
• GRM: 12.2

CMA / ARV

• ARV (median comp): $334,518
• List price: $296,995
• Delta: -11.22%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
702 N Windswept Rd	0.09mi	4/3.0	2,377 (+2%)	14mo	$339,000	$143	80
926 W 100 N	0.13mi	3/2.0 (-1)	2,500 (+7%)	10mo	$699,900	$280	67
379 Antioch St	0.58mi	4/2.5	2,176 (-7%)	12mo	$343,995	$158	51
294 Rambling Rd	0.74mi	4/2.5	2,331 (-0%)	17mo	$311,000	$133	51
361 Antioch	0.59mi	4/2.5	2,463 (+5%)	24mo	$321,882	$131	44
276 Oakswept Way	0.74mi	4/2.5	2,176 (-7%)	12mo	$322,689	$148	44
333 N Windswept Rd	0.61mi	3/2.0 (-1)	2,154 (-8%)	14mo	$345,000	$160	40
278 Heartwood	0.69mi	3/2.0 (-1)	2,242 (-4%)	17mo	$265,000	$118	39

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: -27.7%
• Equity multiple: 0.07×
• Total profit: $-86,897
• Equity at exit: $49,878

10-year hold

• IRR: -26.5%
• Equity multiple: -0.26×
• Total profit: $-118,440
• Equity at exit: $28,923

Cash invested: $93,665 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 15 active · 8 under contract
• Months of supply: 12.9 mo (8%/mo absorbed)
• Median asking: $294,995 ($144/sqft)
• Median days on market: 161 d
• This list price: 60% of active listings are priced below it
• ARV vs active asking: -1.0% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 46140

• Rents YoY: 2.9%
• Active inventory: 734
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $2,281 high
• Mortgage (P&I): −$1,754
• Tax est. 1.5%: −$418 /mo · $5,018/yr
• Insurance: −$139
• HOA: −$0
• Vacancy / Maint / Mgmt: −$479
• Net cashflow: $-509

Break-even live

Break-even rent $2,926

Max offer price $260,793

Occupancy floor —

Sensitivity live

Price	-10% $-278	-5% $-394	+0% $-509	+5% $-625	+10% $-741
Rent	-10% $-690	-5% $-600	+0% $-509	+5% $-419	+10% $-329
Rate	-1.0pp $-341	-0.5pp $-424	base $-509	+0.5pp $-596	+1.0pp $-684

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: $83,630
• Closing costs: $10,036
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
238 Heartwood Hl Greenfield, IN	5.0	3.0	3024	$2,349	$0.78	93d	1	0.71mi
224 Rolling Ridge Dr Greenfield, IN	3.0	2.0	1580	$1,901	$1.20	56d	1	0.74mi
176 Heartwood Hl Greenfield, IN	4.0	2.5	2295	$2,329	$1.01	56d	1	0.79mi
1961 Downey Ln Greenfield, IN	5.0	3.0	2646	$2,350	$0.89	6d	1	1.05mi
671 Springdale Ln Greenfield, IN	4.0	2.5	2459	$2,036	$0.83	0d	1	1.15mi
1810 Downey Ln Greenfield, IN	5.0	3.0	2600	$2,469	$0.95	0d	1	1.16mi
1912 Founders Dr Greenfield, IN	3.0	2.5	2226	$1,976	$0.89	4d	1	1.24mi

Property features AI

Finance

• Financial info: List price $296,995

Exterior

• Parking: 2 parking spaces
• Utilities: Has heatingHas cooling
• Home design: Single-family plan (Spruce)
• Exterior features: Living area approximately 2,343

Interior

• Bedrooms: 4 bedrooms
• Bathrooms: 2 full bathrooms1 half bathroom
• Heating & cooling: Heat pump heatingCentral air conditioning
• Interior features: Plan named SpruceActive new construction plan

Listing history 50 events

1. 2026-09-24
   days on market $296,995 Active 161 DOM
2. 2026-09-23
   days on market $296,995 Active 160 DOM
3. 2026-09-22
   days on market $296,995 Active 159 DOM
4. 2026-09-21
   days on market $296,995 Active 158 DOM
5. 2026-09-20
   days on market $296,995 Active 157 DOM
6. 2026-09-19
   days on market $296,995 Active 156 DOM
7. 2026-09-18
   days on market $296,995 Active 155 DOM
8. 2026-09-17
   days on market $296,995 Active 154 DOM
9. 2026-09-16
   days on market $296,995 Active 153 DOM
10. 2026-09-15
    days on market $296,995 Active 152 DOM
11. 2026-09-14
    days on market $296,995 Active 151 DOM
12. 2026-09-13
    days on market $296,995 Active 150 DOM
13. 2026-09-12
    days on market $296,995 Active 149 DOM
14. 2026-09-11
    days on market $296,995 Active 148 DOM
15. 2026-09-05
    days on market $296,995 Active 142 DOM
16. 2026-09-04
    days on market $296,995 Active 141 DOM
17. 2026-09-03
    days on market $296,995 Active 140 DOM
18. 2026-08-31
    days on market $296,995 Active 137 DOM
19. 2026-08-30
    days on market $296,995 Active 136 DOM
20. 2026-08-29
    days on market $296,995 Active 135 DOM
21. 2026-08-28
    days on market $296,995 Active 134 DOM
22. 2026-08-27
    days on market $296,995 Active 133 DOM
23. 2026-08-25
    days on market $296,995 Active 131 DOM
24. 2026-08-24
    days on market $296,995 Active 130 DOM
25. 2026-08-23
    days on market $296,995 Active 129 DOM
26. 2026-08-22
    days on market $296,995 Active 128 DOM
27. 2026-08-21
    days on market $296,995 Active 127 DOM
28. 2026-08-20
    days on market $296,995 Active 126 DOM
29. 2026-08-19
    days on market $296,995 Active 125 DOM
30. 2026-08-18
    days on market $296,995 Active 124 DOM
31. 2026-08-17
    days on market $296,995 Active 123 DOM
32. 2026-08-16
    days on market $296,995 Active 122 DOM
33. 2026-08-15
    days on market $296,995 Active 121 DOM
34. 2026-08-14
    days on market $296,995 Active 120 DOM
35. 2026-08-13
    days on market $296,995 Active 119 DOM
36. 2026-08-12
    days on market $296,995 Active 118 DOM
37. 2026-08-11
    days on market $296,995 Active 117 DOM
38. 2026-08-10
    days on market $296,995 Active 116 DOM
39. 2026-08-09
    days on market $296,995 Active 115 DOM
40. 2026-08-08
    days on market $296,995 Active 114 DOM
41. 2026-08-07
    days on market $296,995 Active 113 DOM
42. 2026-08-06
    days on market $296,995 Active 112 DOM
43. 2026-08-05
    days on market $296,995 Active 111 DOM
44. 2026-08-04
    days on market $296,995 Active 110 DOM
45. 2026-08-03
    days on market $296,995 Active 109 DOM
46. 2026-07-31
    days on market $296,995 Active 106 DOM
47. 2026-07-30
    days on market $296,995 Active 105 DOM
48. 2026-07-30
    days on market $296,995 Active 104 DOM
49. 2026-07-28
    days on market $296,995 Active 103 DOM
50. 2026-07-26
    days on market $296,995 Active 101 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 · 18 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: $27,376
• − Mortgage interest: −$18,738
• − Property taxes: −$5,018
• − Insurance: −$1,673
• − Repairs & maintenance: −$2,190
• − Management: −$2,190
• − Depreciation: −$9,731
• Taxable loss: −$12,164
• Est. tax savings @ 24.0%: +$2,919
• After-tax cash flow: $-3,195/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab Est. rehab $11,715–$35,145 screening

This home is in good condition with a good condition score of 80. It has a cosmetic rehab level and is move-in ready. The highest-ROI updates that would raise its resale or rental value include painting the exterior, landscaping improvements, and updating the kitchen and bathrooms.

Value-add opportunities

• Both Painting the exterior — Fresh paint can enhance curb appeal and property value. ↑
• Both Landscaping improvements — Enhanced landscaping can improve curb appeal and attract more potential buyers/tenants. ↑
• Resale Kitchen appliances — Upgrading to more modern or energy-efficient appliances can increase the home's appeal to buyers. ↑
• Resale Bathroom fixtures — Upgrading to more modern or energy-efficient fixtures can increase the home's appeal to buyers. ↑
• Resale Flooring in bathrooms — Upgrading to more durable or stylish flooring can increase the home's appeal to buyers. ↑
• Resale Painting interior walls — Fresh paint can make the interior look more inviting and modern to potential buyers. ↑
• Rental HVAC system maintenance — A well-maintained HVAC system can attract more tenants and reduce maintenance costs. ↑
• Both Landscaping and curb appeal — A well-maintained and attractive exterior can increase the home's curb appeal and attract more potential buyers/tenants. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 45/100

Zoned Schools

Elementary Weston Elementary School F IN #379/994 Nat'l #16,061/41,679 Middle Greenfield Central Junior High Sch F IN #120/330 Nat'l #6,005/14,009 High Greenfield-Central High School D+ IN #115/369 Nat'l #5,320/17,239

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

B Composite livability gradescore 73/100

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 · 77,820 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: 7% of renters

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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%

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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%

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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

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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

Property features AI

Finance

• Financial info: List price $296,995

Exterior

• Parking: 2 parking spaces
• Utilities: Has heatingHas cooling
• Home design: Single-family plan (Spruce)
• Exterior features: Living area approximately 2,343

Interior

• Bedrooms: 4 bedrooms
• Bathrooms: 2 full bathrooms1 half bathroom
• Heating & cooling: Heat pump heatingCentral air conditioning
• Interior features: Plan named SpruceActive new construction plan