3921 N 200 W

Greenfield, IN 46140

$140,000C

2 bd · 1.0 ba · 960 sqft · Built 1958 · SingleFamily · Active · 66 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,398/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$106
• HOA: −$0
• Vac / Maint / Mgmt: −$294
• Net cashflow: $264/mo
• Annual: $3,174/yr
• Cap rate: 8.56%
• Cash-on-cash: 8.10%
• DSCR: 1.36
• 1% rule: 1.00%
• Cash to close: $39,200

Investor read

• This is a 2-bed/1.0-bath single-family listed at $140k.
• At list price, monthly cash flow is $264 ($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 $140k (0.1% below list).
• It's been on market 66 days — a 6% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $132k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k 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: Eden Elementary School (math 84% / reading 54%, grade A-, #40 of 994 statewide, top 5%, 160 students, 24% FRL); Greenfield-Central High School (math 37% / reading 65%, grade D+, #115 of 369 statewide, top 31%, 1,462 students, 35% FRL) — zoned schools at 30% FRL track the district average.
• Zoned-school proficiency averages 60% at this address vs 46% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Greenfield-Central Community Schools average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• 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).
• Hancock County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts 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 $65k; list at $140k implies a 115% gain — meaningful room to come down on a strong offer.
• Cap rate 8.6% vs local median 4.4% 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.

Questions for listing agent

• It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.
• 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.