815 W Sheridan St · Greensburg, IN 47240

$214,900

4 bd · 1.0 ba · 1,352 sqft · SingleFamily public records · 3 Days on market

Built 1967 6,400 sqft lot Est $201k · 7% over

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +4.5/15.0
• 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

Discover this corner lot property at 815 W Sheridan ST, GREENSBURG, IN. Built in 1967, this 1352 square foot single-family residence is ready for you to move in and begin your next chapter. The heart of this home, the kitchen, is thoughtfully designed with a peninsula, offering both functionality and a welcoming space for family meals. This bungalow-style residence offers two comfortable bedrooms and two full bathrooms, all within its single-story layout on a generous 6400 square foot lot. The large 13x22 family room at the back of the house could also be used as a 3rd bathroom. The house has new flooring, updated kitchen with updated appliances. Metal roof installed 5 years ago. Photos sho

Key facts

• 6,400 sq ft lot
• Garage
• Built 1967

Property features AI

Finance

• Other: Corner city lot (approximately 0.15 acre)

Exterior

• Security: Smoke detector(s)
• Utilities: Public water; Municipal sewer connection; 200+ amp electric service; Electricity connected
• Home design: Single-family residence; Updated/remodeled condition; One level
• Construction: Vinyl siding; Crawl space foundation
• Exterior features: Covered patio

Interior

• Kitchen: Microwave; Electric oven; Refrigerator
• Bedrooms: 2 bedrooms on the main level; Primary bedroom with walk-in closet
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Electric forced-air heating; Window cooling unit(s)
• Interior features: Walk-in closet(s); Painted woodwork
• Laundry & utility: Main-level laundry; Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $215k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $215k).
• Cap rate 13.6% 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-, amenities F, commute 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.
• Zoned schools: Greensburg Elementary (math 60% / reading 47%, grade C, #225 of 994 statewide, top 23%, 1,037 students, 55% FRL); Greensburg Community High School (math 27% / reading 67%, grade D-, #143 of 369 statewide, top 44%, 671 students, 44% FRL).
• Market conditions: 157 active listings in the ZIP; 2 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 $60k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $214,900

Questions for the listing agent

1. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 1.53% ✓
• Cap rate: 13.58%
• Cash-on-cash: 26.03%
• DSCR: 2.16
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $201,448
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
633 W Sheridan St	0.17mi	3/1.0 (-1)	1,249 (-8%)	5mo	$112,000	$90	70
216 N Amrhein Dr	0.31mi	3/1.5 (-1)	1,352 (0%)	13mo	$199,900	$148	67
409 N Amrhein Dr	0.24mi	3/2.0 (-1)	1,362 (+1%)	14mo	$180,000	$132	67
402 W Washington St	0.50mi	3/1.0 (-1)	1,328 (-2%)	2mo	$170,000	$128	67
214 N Amrhein Dr	0.33mi	3/1.5 (-1)	1,404 (+4%)	6mo	$217,000	$155	66
328 N Carver St	0.33mi	3/2.0 (-1)	1,340 (-1%)	11mo	$200,000	$149	65
408 N Carver St	0.31mi	3/1.0 (-1)	1,174 (-13%)	0mo	$61,500	$52	58
513 W North St	0.40mi	3/2.0 (-1)	1,500 (+11%)	7mo	$230,000	$153	48
210 W 5th St	0.63mi	4/2.0	1,492 (+10%)	2mo	$228,000	$153	47
304 W Shortridge Dr	0.51mi	3/1.0 (-1)	1,475 (+9%)	13mo	$195,000	$132	45
434 W Main St	0.52mi	3/1.0 (-1)	1,216 (-10%)	14mo	$185,000	$152	43
820 N Broadway St	0.67mi	3/1.5 (-1)	1,472 (+9%)	6mo	$224,000	$152	42

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: 19.7%
• Equity multiple: 1.80×
• Total profit: $48,242
• Equity at exit: $32,042

10-year hold

• IRR: 28.0%
• Equity multiple: 3.47×
• Total profit: $148,786
• Equity at exit: $18,581

Cash invested: $60,172 (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: 157
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $3,295 medium
• Mortgage (P&I): −$1,127
• Tax from tax record: −$81 /mo · $973/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$692
• Net cashflow: $1,305

Break-even live

Break-even rent $1,642

Max offer price $214,900

Occupancy floor 55%

Sensitivity live

Price	-10% $1,427	-5% $1,366	+0% $1,305	+5% $1,244	+10% $1,184
Rent	-10% $1,045	-5% $1,175	+0% $1,305	+5% $1,435	+10% $1,566
Rate	-1.0pp $1,413	-0.5pp $1,360	base $1,305	+0.5pp $1,250	+1.0pp $1,193

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: $53,725
• Closing costs: $6,447
• Reserves months: —
• Total cash needed: —

Rent comps 2 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	13d	1	0.37mi
1651 W Kole Dr Unit A Greensburg, IN	3.0	2.0	1075	$1,350	$1.26	24d	1	0.97mi

Listing history 2 events

1. 2026-05-11
   status Pending
2. 2026-05-08
   listed $214,900 Active

ⓘ 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: $973 · $81/mo
• Projected year-2 tax: $1,400 · $117/mo
• Expected delta: +$427/yr (+$36/mo · 43.9%)

ⓘ 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 4/10 Moderate 7 d/yr ≥102°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: $39,536
• − Mortgage interest: −$12,038
• − Property taxes: −$973
• − Insurance: −$1,074
• − Repairs & maintenance: −$3,163
• − Management: −$3,163
• − Depreciation: −$6,252
• Taxable income: $12,874
• Est. tax owed @ 24.0%: −$3,090
• After-tax cash flow: $12,573/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

2 events — show timeline

• 2026-05-11 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-08 Listed $214,900 MIBOR as Distributed by MLS Grid

Property tax history

+8.5%/yr

Latest (2023): $973 · +2.6% YoY. Source: county tax records.