507 S Pennsylvania St · Greenfield, IN 46140

$150,000

4 bd · 2.0 ba · 2,198 sqft · MultiFamily · 243 Days on market

Built 1900 6,098 sqft lot Est $132k · 14% over ↓ 6% since listing

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.0/10.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• ARV discount +1.3/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Discover a remarkable investment opportunity in the heart of Greenfield, Indiana, at 507-509 S Pennsylvania St. This inviting home is poised for your finishing touches, setting the stage for a lucrative cash-flowing property. Unit 509 offers an impressive layout with 3 spacious bedrooms, 1 bathroom, and a versatile loft currently used as a 4th bedroom. You'll also find a living room, a kitchen/breakfast area, and an enclosed porch equipped with washer/dryer hookups. Currently, this unit is generating a steady income of $1,200 per month, with a lease in place until August 2026. While the kitchen floor needs some repairs and both the kitchen and bathroom could use a modern update, the potenti

Key facts

• New water heaters
• Washer dryer hookups
• Enclosed porch

Tags

• INVESTMENT OPPORTUNITY
• ENCLOSED PORCH
• WASHER DRYER HOOKUPS
• NEW ROOF
• NEW FURNACES
• NEW WATER HEATERS

Property features AI

Finance

• Other: Property currently used for residential income; Lot approximately 0.14 acres (<1/4 acre)
• Financial info: Gross potential income reported as $20,400 annually; Operating expenses reported as $0

Exterior

• Parking: On-street parking
• Utilities: Municipal solid waste service; Separate gas meter
• Home design: Duplex residential income property; Two-story building
• Construction: Vinyl siding construction
• Exterior features: Shingle roof; Asphalt road access with street cuts

Interior

• Kitchen: Unit 1 kitchen approximately 10x8; Unit 2 kitchen approximately 8x10
• Bedrooms: One unit is a 3-bedroom (2 levels); One unit is a 1-bedroom (single level)
• Interior features: Forced air heating; Window air conditioning units; Separate gas meter for building
• Laundry & utility: Laundry connections in units

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 18.1% 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; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,091 units permitted in Hancock County in 2024 (0 in 5+ unit buildings).
• At $3,174/mo this rent would consume 46% of the median local household income ($83k/yr) (locally 795% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 2.9% rent growth), your $42k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 243 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $132,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 243 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.12% ✓
• Cap rate: 18.06%
• Cash-on-cash: 42.02%
• DSCR: 2.87
• GRM: 3.9

CMA / ARV

• ARV (on-the-fly): $131,880
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
515 E Main St	0.54mi	3/2.0 (-1)	2,098 (-4%)	14mo	$125,000	$60	51

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: 38.6%
• Equity multiple: 2.64×
• Total profit: $69,037
• Equity at exit: $22,365

10-year hold

• IRR: 45.0%
• Equity multiple: 5.27×
• Total profit: $179,371
• Equity at exit: $12,969

Cash invested: $42,000 (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: 6.9×

Monthly cashflow live

• Estimated rent: $3,174 high
• Mortgage (P&I): −$787
• Tax est. 1.5%: −$188 /mo · $2,250/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$667
• Net cashflow: $1,471

Break-even live

Break-even rent $1,312

Max offer price $150,000

Occupancy floor 49%

Sensitivity live

Price	-10% $1,575	-5% $1,523	+0% $1,471	+5% $1,419	+10% $1,367
Rent	-10% $1,220	-5% $1,345	+0% $1,471	+5% $1,596	+10% $1,722
Rate	-1.0pp $1,546	-0.5pp $1,509	base $1,471	+0.5pp $1,432	+1.0pp $1,392

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,808
1× unit	1	1	$1,366
Total (2 units)			$3,174

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
713 Cattail Dr Greenfield, IN	3.0	2.0	1498	$2,045	$1.37	4d	1	0.38mi
683 Horsetail Dr Greenfield, IN	5.0	3.0	2600	$2,379	$0.92	15d	1	0.50mi
876 Marsh Aster Dr Greenfield, IN	4.0	2.0	1771	$2,245	$1.27	11d	1	0.61mi
968 Lotus Dr Greenfield, IN	3.0–5.0	2.0–3.0	2049	$2,245	$1.10	2d	8	0.66mi
1027 E Fourth St Greenfield, IN	3.0	2.0	1430	$1,700	$1.19	24d	1	1.09mi

Listing history 18 events

1. 2026-06-17
   status $150,000 Pending 243 DOM
2. 2026-06-17
   days on market $150,000 Active 243 DOM
3. 2026-06-16
   days on market $150,000 Active 242 DOM
4. 2026-06-15
   days on market $150,000 Active 241 DOM
5. 2026-06-13
   days on market $150,000 Active 239 DOM
6. 2026-06-13
   days on market $150,000 Active 238 DOM
7. 2026-06-09
   days on market $150,000 Active 235 DOM
8. 2026-06-08
   days on market $150,000 Active 234 DOM
9. 2026-06-07
   days on market $150,000 Active 233 DOM
10. 2026-06-05
    days on market $150,000 Active 230 DOM
11. 2026-06-03
    days on market $150,000 Active 229 DOM
12. 2026-06-02
    days on market $150,000 Active 228 DOM
13. 2026-06-01
    days on market $150,000 Active 227 DOM
14. 2026-05-31
    days on market $150,000 Active 226 DOM
15. 2026-05-01
    price $150,000
16. 2026-01-13
    status Active
17. 2026-01-10
    status Pending
18. 2025-10-13
    listed $160,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $38,088
• − Mortgage interest: −$8,402
• − Property taxes: −$2,250
• − Insurance: −$750
• − Repairs & maintenance: −$3,047
• − Management: −$3,047
• − Depreciation: −$4,364
• Taxable income: $16,228
• Est. tax owed @ 24.0%: −$3,895
• After-tax cash flow: $13,755/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

• Census place: Greenfield, IN
• 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

-6.2% since first listed

4 events — show timeline

• 2026-05-01 Price Changed $150,000 MIBOR as Distributed by MLS Grid
• 2026-01-13 Relisted — MIBOR as Distributed by MLS Grid
• 2026-01-10 Pending — MIBOR as Distributed by MLS Grid
• 2025-10-13 Listed $160,000 MIBOR as Distributed by MLS Grid