815 E Washington St · Greensburg, IN 47240

$189,000

3 bd · 1.0 ba · 1,968 sqft · SingleFamily public records · 59 Days on market

Built 1885 6,400 sqft lot $96/sqft · 15% below area Est $222k · 15% under

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +14.1/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +3.8/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

3 bedroom, 1 bath home located right in the heart of Greensburg. Located within walking distance to the schools and downtown Greensburg, this home is filled with character! Large primary bedroom on the main level! Storage shed and ample off-street parking located in the back. All this plus nearly 2000 sq ft of space, you definitely do not want to miss out!

Key facts

• Storage shed
• 6,400 sq ft lot
• Built 1885

Tags

• WALKING DISTANCE TO SCHOOLS
• WALKING DISTANCE TO DOWNTOWN
• STORAGE SHED
• AMPLE OFF-STREET PARKING

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $189k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $189k).
• Recommended offer: $183k (3.0% below list) — sets the bar for market timing.
• Cap rate 19.0% vs local median 5.9% in Greensburg — 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 69/100 on livability (#200 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: employment C-, schools D+, amenities F.
• Greensburg Community Schools (town): math 38% / reading 51% proficiency, ranked #102 of 301 in IN (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 155 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 66 units permitted in Decatur 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.
• Decatur County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $53k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($183k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 8y 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 $128k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1885 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $183,330 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1885 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 2.11% ✓
• Cap rate: 18.98%
• Cash-on-cash: 45.30%
• DSCR: 3.02
• GRM: 3.9

CMA / ARV

• ARV (median comp): $221,612
• List price: $189,000
• Delta: -14.72%
• 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
125 S Vine St	0.24mi	4/1.0 (+1)	1,804 (-8%)	3mo	$31,000	$17	68
505 N Edward Dr	0.31mi	3/2.0	2,028 (+3%)	11mo	$280,000	$138	68
323 E Walnut St	0.51mi	2/1.0 (-1)	1,991 (+1%)	4mo	$185,000	$93	66
607 N Davidson St	0.35mi	3/1.0	1,788 (-9%)	6mo	$202,000	$113	64
311 E Central Ave	0.46mi	3/2.0	1,808 (-8%)	1mo	$185,000	$102	60
432 E Walnut St	0.43mi	3/2.0	2,114 (+7%)	9mo	$360,000	$170	56
703 E Kessler Blvd	0.42mi	4/2.5 (+1)	1,896 (-4%)	16mo	$315,000	$166	50
550 N Angie Dr	0.67mi	3/2.0	1,881 (-4%)	16mo	$295,000	$157	44
440 E Montgomery Rd	0.64mi	3/2.0	1,744 (-11%)	8mo	$300,000	$172	41
915 S Maureen Rd	0.68mi	3/1.5	1,812 (-8%)	15mo	$235,000	$130	40
1033 E Tara Rd	0.61mi	3/2.0	1,718 (-13%)	10mo	$335,000	$195	38
426 N Franklin St	0.56mi	3/2.5	2,224 (+13%)	10mo	$239,900	$108	38

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 42.4%
• Equity multiple: 2.83×
• Total profit: $96,586
• Equity at exit: $28,181

10-year hold

• IRR: 48.5%
• Equity multiple: 5.68×
• Total profit: $247,827
• Equity at exit: $16,341

Cash invested: $52,920 (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 47240

• Home prices YoY: -25.0%
• Active inventory: 155
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $3,995 medium
• Mortgage (P&I): −$991
• Tax from tax record: −$88 /mo · $1,060/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$839
• Net cashflow: $1,998

Break-even live

Break-even rent $1,466

Max offer price $189,000

Occupancy floor 45%

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1011 N Anderson St Greensburg, IN	3.0	2.5	1620	$3,995	$2.47	12d	1	1.12mi

Listing history 31 events

1. 2026-06-18
   days on market $189,000 Active 59 DOM
2. 2026-06-17
   days on market $189,000 Active 58 DOM
3. 2026-06-16
   days on market $189,000 Active 57 DOM
4. 2026-06-15
   days on market $189,000 Active 56 DOM
5. 2026-06-13
   days on market $189,000 Active 54 DOM
6. 2026-06-12
   days on market $189,000 Active 53 DOM
7. 2026-06-09
   days on market $189,000 Active 50 DOM
8. 2026-06-08
   days on market $189,000 Active 49 DOM
9. 2026-06-07
   days on market $189,000 Active 48 DOM
10. 2026-06-05
    days on market $189,000 Active 46 DOM
11. 2026-06-04
    days on market $189,000 Active 44 DOM
12. 2026-06-02
    days on market $189,000 Active 43 DOM
13. 2026-06-01
    price $189,000 Active 42 DOM
14. 2026-06-01
    days on market $195,000 Active 42 DOM
15. 2026-05-31
    days on market $195,000 Active 41 DOM
16. 2026-05-31
    days on market $195,000 Active 40 DOM
17. 2026-04-20
    listed $195,000 Active 358-char remark

    Show marketing remark (358 chars)

    3 bedroom, 1 bath home located right in the heart of Greensburg. Located within walking distance to the schools and downtown Greensburg, this home is filled with character! Large primary bedroom on the main level! Storage shed and ample off-street parking located in the back. All this plus nearly 2000 sq ft of space, you definitely do not want to miss out!

18. 2020-12-02
    soldstatus $127,500 Closed 144-char remark

    Show marketing remark (144 chars)

    From Downtown Greensburg head east on Main Street / Hwy 46. Turn Left on Warren Street. Turn right on Washington and home will be on the right.

19. 2020-11-24
    status Pending 144-char remark

    Show marketing remark (144 chars)

    From Downtown Greensburg head east on Main Street / Hwy 46. Turn Left on Warren Street. Turn right on Washington and home will be on the right.

20. 2020-10-22
    status Pending 144-char remark

    Show marketing remark (144 chars)

    From Downtown Greensburg head east on Main Street / Hwy 46. Turn Left on Warren Street. Turn right on Washington and home will be on the right.

21. 2020-10-20
    listed $124,500 Active 144-char remark

    Show marketing remark (144 chars)

    From Downtown Greensburg head east on Main Street / Hwy 46. Turn Left on Warren Street. Turn right on Washington and home will be on the right.

22. 2018-09-19
    soldstatus $89,900 Sold
23. 2018-09-19
    soldstatus $89,900
24. 2018-08-20
    status Pending
25. 2018-07-25
    status Active
26. 2018-07-09
    status Pending
27. 2018-06-07
    price $99,900
28. 2018-06-04
    price $104,900
29. 2018-05-16
    price $109,900
30. 2018-04-27
    listed $114,900 Active
31. 2018-04-26
    listed $99,900

ⓘ 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: $1,060 · $88/mo
• Projected year-2 tax: $1,333 · $111/mo
• Expected delta: +$273/yr (+$23/mo · 25.8%)

ⓘ 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 ≥100°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: $47,940
• − Mortgage interest: −$10,587
• − Property taxes: −$1,060
• − Insurance: −$945
• − Repairs & maintenance: −$3,835
• − Management: −$3,835
• − Depreciation: −$5,498
• Taxable income: $22,179
• Est. tax owed @ 24.0%: −$5,323
• After-tax cash flow: $18,651/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: Greensburg Community Schools
• NCES district ID: 1804080
• Math proficiency: 38% ▼ -7.00%
• Reading proficiency: 51% ▼ -2.00%
• Median HH income: $47,723
• Composite: 37.96/100
• National rank: #4301
• State rank: #102 of 301 in IN

Livability — Greensburg

• Score: 69/100
• State rank: #200
• US rank: #8922

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Greensburg, IN
• Population (ZIP): 21,514

Population outlook (Decatur County) Hauer SSP2

• Today (2025): 27,709 people
• By 2030: 28,278 · +2.1%
• By 2040: 29,195 · +5.4%
• By 2050: 29,512 · +6.5%
• By 2075: 29,835 · +7.7%
• By 2100: 27,192 · -1.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Slovak 2% Serbian 1% Romanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Decatur

• 2024 margin: Solid R (+58.5) · D 19.9% · R 78.4% · Other 1.8%
• 2008→2024 swing: -34.1pp toward R · 2008: -24.4pp · 2024: -58.5pp
• All cycles: 2024: R+58.5 2020: R+58.1 2016: R+57.4 2012: R+40.5 2008: R+24.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -70.13%
• Current HPI: 210.3591
• Rent YoY: —
• Metro: —
• 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

+95.2% since first listed

15 events — show timeline

• 2026-04-20 Listed $195,000 MIBOR as Distributed by MLS Grid
• 2020-12-02 Sold (MLS) $127,500 MIBOR as Distributed by MLS Grid
• 2020-11-24 Pending — MIBOR as Distributed by MLS Grid
• 2020-10-22 Pending — MIBOR as Distributed by MLS Grid
• 2020-10-20 Listed $124,500 MIBOR as Distributed by MLS Grid
• 2018-09-19 Sold (MLS) $89,900 SEIBR
• 2018-09-19 Sold (MLS) $89,900 MIBOR as Distributed by MLS Grid
• 2018-08-20 Pending — MIBOR as Distributed by MLS Grid
• 2018-07-25 Relisted — MIBOR as Distributed by MLS Grid
• 2018-07-09 Pending — MIBOR as Distributed by MLS Grid
• 2018-06-07 Price Changed $99,900 MIBOR as Distributed by MLS Grid
• 2018-06-04 Price Changed $104,900 MIBOR as Distributed by MLS Grid
• 2018-05-16 Price Changed $109,900 MIBOR as Distributed by MLS Grid
• 2018-04-27 Listed $114,900 MIBOR as Distributed by MLS Grid
• 2018-04-26 Listed $99,900 SEIBR

Property tax history

+9.5%/yr

Latest (2023): $1,060 · +0.3% YoY. Source: county tax records.