661 E Pearl St · Greenwood, IN 46143

$209,000

3 bd · 1.0 ba · 1,175 sqft · SingleFamily public records · 7 Days on market

Built 1958 10,019 sqft lot Est $286k · 27% under · waterfront

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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 +15.1/30.0
• ARV discount +15.0/15.0
• DSCR +4.6/10.0
• Schools +4.0/10.0
• Livability +3.7/5.0
• 1% rule +3.1/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

What a hidden secret in the heart of Greenwood! Great condition, convenient location, plus a secluded & private lot on lake. Three bedroom ranch, complete remodel, two separate living areas, huge great room 25x13 with b eautiful bay window view of water, spacious kitchen with open pass through to great room, all new appliances inc. washer, dryer, refrigerator, oven/range, separate laundry room, new carpet & flooring, newer windows. Just a lovely place to call home!

Key facts

• Lakefront
• Water views
• Eat-in kitchen

Tags

• LAKEFRONT
• GREAT ROOM
• EAT-IN KITCHEN
• STAINLESS STEEL APPLIANCES
• DEDICATED LAUNDRY ROOM
• WATER VIEWS

Property features AI

Finance

• HOA & community: Not a low-maintenance lifestyle community

Exterior

• Parking: Asphalt parking
• Utilities: Public water; Municipal sewer connected; Cable available
• Home design: Single family residence; One level
• Construction: Vinyl siding; Slab foundation
• Exterior features: Patio; Porch; Storage shed; Mature trees; Street lights; Lakefront location with waterfront view; Lot under 1/4 acre

Interior

• Kitchen: Electric oven; Range hood; Microwave; Dishwasher; Refrigerator; Kitchen island; Eat-in kitchen; Breakfast bar
• Bedrooms: Three bedrooms on the main level
• Bathrooms: One full bathroom (main level)
• Interior features: Attic access; Woodwork painted; Eat-in kitchen; Breakfast bar; Kitchen island; Smoke alarm
• Laundry & utility: Washer and dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $209k.

Deal economics

• At list price, monthly cash flow is $70 ($843/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 $169k (19.0% below list).
• Recommended offer: $169k (19.0% below list) — sets the bar for 1% rule.
• Cap rate 6.7% 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.
• Zoned schools: V O Isom Central Elem School (math 42% / reading 37%, grade F, #500 of 994 statewide, top 53%, 361 students, 70% FRL); Greenwood Middle School (math 36% / reading 52%, grade D, #87 of 330 statewide, top 27%, 948 students, 53% FRL); Greenwood Community High Sch (math 37% / reading 79%, grade C, #62 of 369 statewide, top 17%, 1,175 students, 43% FRL) — zoned schools average 56% FRL vs 38% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.9%/yr); 80 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,133 units permitted in Johnson 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.
• Johnson County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 20y 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 $98k; list at $209k implies a 113% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $169,390 (19.0% below list)

Questions for the listing agent

1. Built in 1958 — 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 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. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
5. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
6. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
7. 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.
8. 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.
9. 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: 0.81% ✗
• Cap rate: 6.70%
• Cash-on-cash: 1.44%
• DSCR: 1.06
• GRM: 10.3

CMA / ARV

• ARV (on-the-fly): $285,525
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
706 Alexander St	0.17mi	3/1.0	1,206 (+3%)	22mo	$152,000	$126	69
235 N Meridian St	0.74mi	3/1.0	1,176 (+0%)	1mo	$155,000	$132	64
196 Spring Meadow Ln	0.45mi	3/2.0	1,202 (+2%)	10mo	$249,900	$208	63
582 Park Ave	0.34mi	3/2.0	1,200 (+2%)	17mo	$215,000	$179	63
394 Polk Village Rd	0.49mi	3/2.0	1,133 (-4%)	7mo	$225,000	$199	61
454 E Broadway St	0.33mi	3/1.5	1,264 (+8%)	12mo	$225,000	$178	60
966 Marcy Ln	0.49mi	3/2.0	1,218 (+4%)	15mo	$255,000	$209	54
440 Southgate Dr	0.60mi	3/1.0	1,224 (+4%)	20mo	$167,850	$137	49
476 Southgate Dr	0.69mi	4/1.0 (+1)	1,149 (-2%)	13mo	$150,000	$131	48
470 Park Dr	0.62mi	3/1.0	1,116 (-5%)	19mo	$230,000	$206	47
453 Carol Dr	0.64mi	3/1.0	1,291 (+10%)	12mo	$232,000	$180	43
290 Polk Manor Dr	0.51mi	3/2.0	1,332 (+13%)	8mo	$251,000	$188	43

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 · 1.95% rent growth · sell at horizon

5-year hold

• IRR: -15.1%
• Equity multiple: 0.47×
• Total profit: $-31,247
• Equity at exit: $31,163

10-year hold

• IRR: -8.2%
• Equity multiple: 0.51×
• Total profit: $-28,900
• Equity at exit: $18,071

Cash invested: $58,520 (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 46143

• Rents YoY: 1.9%
• Active inventory: 80
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $1,694 high
• Mortgage (P&I): −$1,096
• Tax from tax record: −$85 /mo · $1,018/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$356
• Net cashflow: $70

Break-even live

Break-even rent $1,605

Max offer price $209,000

Occupancy floor 91%

Sensitivity live

Price	-10% $189	-5% $129	+0% $70	+5% $11	+10% $-48
Rent	-10% $-64	-5% $3	+0% $70	+5% $137	+10% $204
Rate	-1.0pp $176	-0.5pp $123	base $70	+0.5pp $16	+1.0pp $-39

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: $52,250
• Closing costs: $6,270
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
714 Connors Dr Greenwood, IN	1.0–2.0	1.0	750	$1,254	$1.67	3d	15	0.24mi
501 E Main St Greenwood, IN	2.0	1.0	968	$1,395	$1.44	45d	1	0.30mi
464 Carol Dr Greenwood, IN	3.0	1.0	888	$1,550	$1.75	45d	1	0.68mi
610 Paradise Ct Greenwood, IN	1.0–2.0	1.0–2.5	868	$1,699	$1.96	0d	27	0.70mi
370 Homestead Ave Greenwood, IN	1.0–3.0	1.0–2.0	1135	$2,275	$2.00	0d	29	0.75mi
1201 Carson Way Greenwood, IN	2.0	1.0–2.0	740	$1,410	$1.91	25d	20	0.80mi
700 Bexley Pl Greenwood, IN	1.0–2.0	1.0–2.0	908	$2,703	$2.98	0d	11	0.87mi
514 Carol Dr Greenwood, IN	3.0	1.0	864	$1,483	$1.72	0d	1	0.88mi
1180 Emerald Lks Greenwood, IN	1.0–2.0	1.0–2.0	1056	$1,830	$1.73	0d	16	0.97mi
88 Keran Manor Ct Greenwood, IN	2.0	1.0	945	$1,450	$1.53	45d	1	1.07mi
1043 Mikes Way Greenwood, IN	3.0	2.0	1090	$1,650	$1.51	45d	1	1.12mi
614 Park Madison Dr Greenwood, IN	2.0	2.0	1150	$1,250	$1.09	12d	1	1.15mi
49 Trails End Unit 1 Greenwood, IN	2.0	1.5	1088	$1,450	$1.33	0d	1	1.28mi
902 Wallington Cir Greenwood, IN	1.0–3.0	1.0–1.5	899	$1,687	$1.88	0d	23	1.29mi
764 Greenwood Springs Dr Greenwood, IN	1.0–2.0	1.0–2.0	663	$1,950	$2.94	0d	13	1.29mi
968 Greenwood Trl W Greenwood, IN	2.0	2.0	1088	$1,475	$1.36	14d	1	1.32mi
14 Greenwood Trl N Greenwood, IN	2.0	1.5	1088	$1,275	$1.17	16d	1	1.33mi
4545 Scarlet Oak Way Indianapolis, IN	1.0–3.0	1.0–2.0	1101	$1,767	$1.60	0d	15	1.44mi
1039 N Paz Dr Greenwood, IN	1.0–3.0	1.0–2.0	925	$1,434	$1.55	0d	9	1.48mi
1285 Kenwood Dr Greenwood, IN	3.0	2.5	1470	$1,755	$1.19	25d	1	1.48mi

Listing history 6 events

1. 2026-06-10
   status $209,000 Pending 7 DOM
2. 2026-06-09
   days on market $209,000 Active 7 DOM
3. 2026-06-08
   days on market $209,000 Active 6 DOM
4. 2026-06-07
   days on market $209,000 Active 5 DOM
5. 2026-06-03
   remarks 681-char remark
6. 2026-06-03
   listed $209,000 Active 1 DOM

ⓘ 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: $1,018 · $85/mo
• Projected year-2 tax: $1,397 · $116/mo
• Expected delta: +$379/yr (+$32/mo · 37.3%)

ⓘ 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 ≥100°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: $20,327
• − Mortgage interest: −$11,707
• − Property taxes: −$1,018
• − Insurance: −$1,045
• − Repairs & maintenance: −$1,626
• − Management: −$1,626
• − Depreciation: −$6,080
• Taxable loss: −$2,776
• Est. tax savings @ 24.0%: +$666
• After-tax cash flow: $1,509/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): 61,803
• Household income: $91,496
• Rent vs Own: 31.8% rent · 68.2% own
• Severe rent burden: 1513.0

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 (79%)
• Race & ethnicity: White 79% Asian 8% Black 5% Two or more races 5% Hispanic / Latino 5%
• Common ancestry: Slovak 3% Romanian 2% Lithuanian 1%
• Foreign-born: 8% · Canada, Jamaica
• Languages at home: 88% English-only · Other Indo-European 6% Spanish 3% Other Asian/Pacific 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: ▼ -206.72%
• Current HPI: 204.3161
• Rent YoY: ▲ 1.95%
• 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

+110.1% since first listed

5 events — show timeline

• 2026-06-02 Listed $209,000 MIBOR as Distributed by MLS Grid
• 2022-10-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2022-05-12 Listed $165,000 MIBOR as Distributed by MLS Grid
• 2006-09-15 Sold (MLS) $98,000 MIBOR as Distributed by MLS Grid
• 2006-05-17 Listed $99,500 MIBOR as Distributed by MLS Grid

Property tax history

+10.8%/yr

Latest (2024): $1,018 · +32.6% YoY. Source: county tax records.