38 Fountain Lake Dr · Greenfield, IN 46140

$179,900

3 bd · 2.0 ba · 1,456 sqft · Manufactured public records · 3 Days on market

Built 1994 0.26 ac lot Est $195k · 8% under $25/mo HOA · 1% of rent

---

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 +22.1/30.0
• ARV discount +11.0/15.0
• DSCR +7.1/10.0
• 1% rule +4.8/10.0
• Schools +4.0/10.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Totally updated and move-in ready. 3 Bedroom, 2 Bath fully fenced in Backyard. 40x16 bumper to bumper garage with plenty of workspace. Above ground pool.

Key facts

• Covered porch
• Covered breezeway
• Attached garage

Tags

• SPLIT FLOOR PLAN
• COVERED BREEZEWAY
• ATTACHED GARAGE
• FENCED BACKYARD
• COVERED PORCH
• OPEN FIELD

Property features AI

Finance

• Other: Property is residential (manufactured) with mandatory fee ownership type; GPS-friendly directions
• HOA & community: HOA with a $25 monthly fee; HOA covers entrance/common area maintenance, snow removal, and sewer

Exterior

• Parking: Attached garage with keyless entry (2-car, approximately 640 sq ft)
• Security: Security system; Smoke detectors; Carbon monoxide detectors
• Utilities: Private water source; Community sewer; Cable available; Water connected; Sump pump
• Home design: Manufactured home; One level
• Construction: Vinyl siding; Block foundation
• Exterior features: Covered patio/breeze way; Mini barn; Full yard fencing; Mature trees; Street lights

Interior

• Kitchen: Dishwasher; Microwave; Electric oven; Range hood; Electric water heater; Water softener (owned)
• Bedrooms: 3 bedrooms on the main level; Primary bedroom with walk-in closet
• Flooring: Luxury vinyl plank flooring in kitchen and dining areas
• Bathrooms: 2 full bathrooms on the main level; Primary bath with full shower stall and double sinks
• Heating & cooling: Heat pump heating; Electric heating; Heat pump cooling
• Interior features: Vaulted ceilings; Eat-in kitchen; Pantry; Smart thermostat; Wood-burning fireplace (1)
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $180k.

Deal economics

• At list price, monthly cash flow is $288 ($3k/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 $176k (2.3% below list).
• Recommended offer: $176k (2.3% below list) — sets the bar for 1% rule.
• Cap rate 8.2% 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; 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 $1k of loan paydown is wiped out by about $5k 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

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 25y 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 $127k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $175,771 (2.3% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.98% ✗
• Cap rate: 8.22%
• Cash-on-cash: 6.86%
• DSCR: 1.31
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $195,104
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
14 Fountain Lake Dr	0.11mi	3/2.0	1,344 (-8%)	12mo	$180,000	$134	72
93 Fountain Lake Dr	0.24mi	3/2.0	1,344 (-8%)	14mo	$170,000	$126	64

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: -5.9%
• Equity multiple: 0.78×
• Total profit: $-11,071
• Equity at exit: $26,824

10-year hold

• IRR: 3.5%
• Equity multiple: 1.26×
• Total profit: $12,876
• Equity at exit: $15,554

Cash invested: $50,372 (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: 8.5×

Monthly cashflow live

• Estimated rent: $1,758 medium
• Mortgage (P&I): −$943
• Tax from tax record: −$57 /mo · $685/yr
• Insurance: −$75
• HOA: −$25
• Vacancy / Maint / Mgmt: −$369
• Net cashflow: $288

Break-even live

Break-even rent $1,393

Max offer price $179,900

Occupancy floor 79%

Sensitivity live

Price	-10% $390	-5% $339	+0% $288	+5% $237	+10% $186
Rent	-10% $149	-5% $219	+0% $288	+5% $358	+10% $427
Rate	-1.0pp $379	-0.5pp $334	base $288	+0.5pp $242	+1.0pp $194

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $25 · $300/yr
• Likely covers: pool

Listing history 14 events

1. 2026-05-15
   status Pending
2. 2026-05-12
   listed $179,900 Active
3. 2020-04-10
   soldstatus $127,000 Sold 153-char remark

   Show marketing remark (153 chars)

   Totally updated and move-in ready. 3 Bedroom, 2 Bath fully fenced in Backyard. 40x16 bumper to bumper garage with plenty of workspace. Above ground pool.

4. 2020-03-02
   status Pending 153-char remark

   Show marketing remark (153 chars)

   Totally updated and move-in ready. 3 Bedroom, 2 Bath fully fenced in Backyard. 40x16 bumper to bumper garage with plenty of workspace. Above ground pool.

5. 2020-02-28
   listed $125,000 Active 153-char remark

   Show marketing remark (153 chars)

   Totally updated and move-in ready. 3 Bedroom, 2 Bath fully fenced in Backyard. 40x16 bumper to bumper garage with plenty of workspace. Above ground pool.

6. 2013-06-25
   historical 336-char remark

   Show marketing remark (336 chars)

   With a little TLC this home will be move in ready, Offers fantastic floorplan, Great room with fireplace, dream kitchen with soo many cabinets and counterspace, master bedroom with walk in closet. Enclosed front porch plus breezeway from utility room to garage. Community access to lake for fishing, golf course nearby. Immed possession

7. 2013-06-21
   soldstatus $21,000 336-char remark

   Show marketing remark (336 chars)

   With a little TLC this home will be move in ready, Offers fantastic floorplan, Great room with fireplace, dream kitchen with soo many cabinets and counterspace, master bedroom with walk in closet. Enclosed front porch plus breezeway from utility room to garage. Community access to lake for fishing, golf course nearby. Immed possession

8. 2013-02-28
   listed $21,000 336-char remark

   Show marketing remark (336 chars)

   With a little TLC this home will be move in ready, Offers fantastic floorplan, Great room with fireplace, dream kitchen with soo many cabinets and counterspace, master bedroom with walk in closet. Enclosed front porch plus breezeway from utility room to garage. Community access to lake for fishing, golf course nearby. Immed possession

9. 2009-02-02
   soldstatus $22,470
10. 2007-05-31
    soldstatus $81,900
11. 2002-08-13
    listed $81,900
12. 2001-03-01
    soldstatus $70,900
13. 2001-02-28
    soldstatus $72,900
14. 2001-01-29
    listed $72,900

ⓘ 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: $685 · $57/mo
• Projected year-2 tax: $1,107 · $92/mo
• Expected delta: +$422/yr (+$35/mo · 61.7%)

ⓘ 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 · 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: $21,093
• − Mortgage interest: −$10,077
• − Property taxes: −$685
• − Insurance: −$900
• − Repairs & maintenance: −$1,687
• − Management: −$1,687
• − HOA: −$300
• − Depreciation: −$5,233
• Taxable income: $523
• Est. tax owed @ 24.0%: −$126
• After-tax cash flow: $3,332/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

• 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

+146.8% since first listed

14 events — show timeline

• 2026-05-15 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-12 Listed $179,900 MIBOR as Distributed by MLS Grid
• 2020-04-10 Sold (MLS) $127,000 MIBOR as Distributed by MLS Grid
• 2020-03-02 Pending — MIBOR as Distributed by MLS Grid
• 2020-02-28 Listed $125,000 MIBOR as Distributed by MLS Grid
• 2013-06-25 Listing Removed — MIBOR as Distributed by MLS Grid
• 2013-06-21 Sold (MLS) $21,000 MIBOR as Distributed by MLS Grid
• 2013-02-28 Listed $21,000 MIBOR as Distributed by MLS Grid
• 2009-02-02 Sold (Public Records) $22,470 Public Records
• 2007-05-31 Sold (MLS) $81,900 MIBOR as Distributed by MLS Grid
• 2002-08-13 Listed $81,900 MIBOR as Distributed by MLS Grid
• 2001-03-01 Sold (Public Records) $70,900 Public Records
• 2001-02-28 Sold (MLS) $72,900 MIBOR as Distributed by MLS Grid
• 2001-01-29 Listed $72,900 MIBOR as Distributed by MLS Grid

Property tax history

+6.7%/yr

Latest (2025): $685 · -6.2% YoY. Source: county tax records.