320 Elmead Ct Apt 2002 · Greenwood, IN 46142

$104,900

2 bd · 1.0 ba · 988 sqft · Condo public records · 114 Days on market

Built 1968 $106/sqft · 11% below area Est $118k · 11% under $325/mo HOA · 25% of rent

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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 +16.6/30.0
• ARV discount +12.3/15.0
• 1% rule +7.5/10.0
• DSCR +5.2/10.0
• Schools +4.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This one has lots of updates. New carpet and pad. New vinyl plank flooring in the kitchen and bathroom. All new kitchen cabinets, counters, sink, disposal and dishwasher. The stove and refrigerator will stay. Bath has a new sink, faucet and countertop. A/C has been serviced. New dimmable hallway light. This one has a private carport area. There is a coin operated washer/dryer and a large mop sink in the basement that owners have access to. Also in the basement are individual lockers for each unit.

Key facts

• New carpet
• New kitchen cabinets
• New kitchen counters

Tags

• NEW CARPET
• NEW VINYL PLANK FLOORING
• NEW KITCHEN CABINETS
• NEW KITCHEN COUNTERS
• NEW KITCHEN SINK
• NEW KITCHEN DISPOSAL

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $105k.

Deal economics

• At list price, monthly cash flow is $64 ($771/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• Recommended offer: $95k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.0% vs local median 4.5% in Greenwood — 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 (#91 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, health & safety F.
• Greenwood Community School Corporation (suburban): math 41% / reading 52% proficiency, ranked #88 of 301 in IN (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-0.1%/yr); 60 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,133 units permitted in Johnson County in 2024 (0 in 5+ unit buildings).
• This rent is only 18% of the median local income ($89k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $725 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Johnson County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 114 days — a 9% lower offer ($95k) is reasonable based on typical stale-listing flexibility.
• 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.

Risks & watch-outs

• Watch-outs: HOA is 25% of rent.

Recommended offer $95,459 (9.0% below list)

Questions for the listing agent

1. It's been on market 114 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.25% ✓
• Cap rate: 7.03%
• Cash-on-cash: 2.62%
• DSCR: 1.12
• GRM: 6.6

CMA / ARV

• ARV (median comp): $117,506
• List price: $104,900
• Delta: -10.73%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -16.5%
• Equity multiple: 0.44×
• Total profit: $-16,588
• Equity at exit: $15,641

10-year hold

• IRR: -17.8%
• Equity multiple: 0.20×
• Total profit: $-23,365
• Equity at exit: $9,070

Cash invested: $29,372 (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 46142

• Rents YoY: -0.1%
• Active inventory: 60
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,315 high
• Mortgage (P&I): −$550
• Tax from tax record: −$56 /mo · $667/yr
• Insurance: −$44
• HOA: −$325
• Vacancy / Maint / Mgmt: −$276
• Net cashflow: $64

Break-even live

Break-even rent $1,233

Max offer price $104,900

Occupancy floor 90%

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: $26,225
• Closing costs: $3,147
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
601 Wood Dale Ter Greenwood, IN	2.0	1.5	960	$1,174	$1.22	44d	1	0.38mi
88 Keran Manor Ct Greenwood, IN	2.0	1.0	945	$1,450	$1.53	43d	1	0.39mi
600 Wooddale Ter Apt 07 Greenwood, IN	2.0	1.0	750	$999	$1.33	23d	1	0.40mi
600 Wood Dale Ter Greenwood, IN	2.0	1.0	750	$999	$1.33	43d	1	0.40mi
628 Wooddale Ter Unit 1007 Greenwood, IN	2.0	1.5	1013	$1,104	$1.09	43d	1	0.44mi
622 Wood Dale Ter Greenwood, IN	1.0–2.0	1.0–1.5	947	$1,104	$1.17	23d	3	0.45mi
634 Wooddale Ter Unit 1010 Greenwood, IN	1.0	1.0	882	$917	$1.04	43d	1	0.46mi
464 Carol Dr Greenwood, IN	3.0	1.0	888	$1,550	$1.75	43d	1	0.49mi
745 Wood Dale Ter Greenwood, IN	1.0–3.0	1.0–1.5	1032	$1,326	$1.28	2d	10	0.55mi
968 Greenwood Trl W Greenwood, IN	2.0	2.0	1088	$1,475	$1.36	12d	1	0.57mi
171 1/2 W Broadway St Greenwood, IN	1.0	1.0	900	$1,375	$1.53	23d	1	0.58mi
14 Greenwood Trl N Greenwood, IN	2.0	1.5	1088	$1,275	$1.17	14d	1	0.70mi
1039 N Paz Dr Greenwood, IN	1.0–2.0	1.0	800	$1,193	$1.49	1d	8	0.74mi
742 Loews Blvd Greenwood, IN	1.0	1.0	600	$795	$1.32	43d	1	0.89mi
800 Kings Mill Rd Greenwood, IN	2.0	1.0–2.0	701	$1,358	$1.94	1d	52	0.95mi
8960 S Keystone Ave Indianapolis, IN	1.0–2.0	1.0	881	$1,270	$1.44	1d	7	1.03mi
501 E Main St Greenwood, IN	2.0	1.0	968	$1,395	$1.44	43d	1	1.03mi
1043 Mikes Way Greenwood, IN	3.0	2.0	1090	$1,650	$1.51	43d	1	1.10mi
921 Parliament Pl Greenwood, IN	1.0–3.0	1.0–2.0	994	$1,298	$1.30	2d	30	1.17mi
3503 Pleasant Lake Dr Indianapolis, IN	3.0	1.0	1064	$1,615	$1.52	12d	1	1.21mi
8631 Pleasant Creek Ct Indianapolis, IN	3.0	2.0	1120	$1,706	$1.52	7d	1	1.27mi
714 Connors Dr Greenwood, IN	1.0–2.0	1.0	750	$1,254	$1.67	1d	15	1.33mi
902 Wallington Cir Greenwood, IN	1.0–3.0	1.0–1.5	899	$1,417	$1.58	2d	21	1.39mi
3546 Valley Lake Dr Indianapolis, IN	3.0	1.0	984	$1,645	$1.67	4d	1	1.39mi

HOA detail condo

• Monthly dues: $325 · $3,900/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-18
   days on market $104,900 Active 114 DOM
2. 2026-06-17
   days on market $104,900 Active 113 DOM
3. 2026-06-16
   days on market $104,900 Active 112 DOM
4. 2026-06-15
   days on market $104,900 Active 111 DOM
5. 2026-06-13
   days on market $104,900 Active 109 DOM
6. 2026-06-13
   days on market $104,900 Active 108 DOM
7. 2026-06-09
   days on market $104,900 Active 105 DOM
8. 2026-06-08
   days on market $104,900 Active 104 DOM
9. 2026-06-07
   pricedays on market $104,900 Active 103 DOM
10. 2026-06-03
    days on market $110,000 Active 99 DOM
11. 2026-06-02
    days on market $110,000 Active 98 DOM
12. 2026-06-01
    days on market $110,000 Active 97 DOM
13. 2026-05-31
    days on market $110,000 Active 96 DOM
14. 2026-02-23
    historical
15. 2026-02-22
    listed $110,000 Active 503-char remark

    Show marketing remark (503 chars)

    This one has lots of updates. New carpet and pad. New vinyl plank flooring in the kitchen and bathroom. All new kitchen cabinets, counters, sink, disposal and dishwasher. The stove and refrigerator will stay. Bath has a new sink, faucet and countertop. A/C has been serviced. New dimmable hallway light. This one has a private carport area. There is a coin operated washer/dryer and a large mop sink in the basement that owners have access to. Also in the basement are individual lockers for each unit.

16. 2025-09-22
    listed $110,000 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: $667 · $56/mo
• Projected year-2 tax: $780 · $65/mo
• Expected delta: +$112/yr (+$9/mo · 16.8%)

ⓘ 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 4/10 Moderate 7 d/yr ≥101°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 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,777
• − Mortgage interest: −$5,876
• − Property taxes: −$667
• − Insurance: −$524
• − Repairs & maintenance: −$1,262
• − Management: −$1,262
• − HOA: −$3,900
• − Depreciation: −$3,052
• Taxable loss: −$767
• Est. tax savings @ 24.0%: +$184
• After-tax cash flow: $955/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: Greenwood Community School Corporation
• NCES district ID: 1804110
• Math proficiency: 41% ▼ -12.00%
• Reading proficiency: 52% ▼ -7.00%
• Median HH income: $48,589
• Composite: 39.71/100
• National rank: #3902
• State rank: #88 of 301 in IN

Livability — Greenwood

• Score: 73/100
• State rank: #91
• US rank: #5255

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Greenwood, IN
• County: Johnson County · 154,261 people
• City population: 96,151
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 34,348
• Household income: $89,001
• Rent vs Own: 29.4% rent · 70.6% own
• Severe rent burden: 482.0

Population outlook (Johnson County) Hauer SSP2

• Today (2025): 170,080 people
• By 2030: 179,983 · +5.8%
• By 2040: 198,580 · +16.8%
• By 2050: 214,661 · +26.2%
• By 2075: 247,990 · +45.8%
• By 2100: 257,821 · +51.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Asian 6% Hispanic / Latino 5% Two or more races 4% Black 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Slovak 3% Italian 2% Romanian 2%
• Foreign-born: 6% · Canada, Philippines
• Languages at home: 91% English-only · Spanish 3% Other Asian/Pacific 3% Other Indo-European 1%

Political lean MEDSL · Johnson

• 2024 margin: Solid R (+34.3) · D 32.0% · R 66.3% · Other 1.7%
• 2008→2024 swing: -8.9pp toward R · 2008: -25.5pp · 2024: -34.3pp
• All cycles: 2024: R+34.3 2020: R+34.1 2016: R+42.5 2012: R+38.5 2008: R+25.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -222.62%
• Current HPI: 210.7473
• Rent YoY: ▼ -0.15%
• 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

+0.0% since first listed

3 events — show timeline

• 2026-02-23 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-02-22 Listed $110,000 MIBOR as Distributed by MLS Grid
• 2025-09-22 Listed $110,000 MIBOR as Distributed by MLS Grid

Property tax history

+8.4%/yr

Latest (2024): $667 · +3.0% YoY. Source: county tax records.