Spruce Plan

Greenfield, IN 46140

$296,995F

4 bd · 2.5 ba · 2,343 sqft · Built — · SingleFamily · Active · 161 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,281/mo
• Mortgage (P&I): −$1,754
• Tax + insurance: −$558
• HOA: −$0
• Vac / Maint / Mgmt: −$479
• Net cashflow: $-509/mo
• Annual: $-6,114/yr
• Cap rate: 4.47%
• Cash-on-cash: -6.53%
• DSCR: 0.71
• 1% rule: 0.68%
• Cash to close: $93,665

Investor read

• This is a 4-bed/2.5-bath single-family listed at $297k. Condition is rated good.
• 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).
• It's been on market 161 days — a 12% lower offer ($261k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $228k (23.2% below list) — sets the bar for 1% rule.
• 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.
• 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 7d 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).
• Hancock County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• This rent runs 33% of the median local income ($83k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.