500 W Payton St #73 · Greentown, IN 46936

$13,000

3 bd · 1.0 ba · 840 sqft · Manufactured · 75 Days on market

Built 2024 ↓ 21% since listing

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +3.8/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

* THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 1 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as community events, a clubhouse, and a picnic area / pavilion / grill, your family will be excited to live here. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

Key facts

• Spacious floor plan
• Built 2024
• Listed 74 days

Tags

• SPACIOUS FLOOR PLAN

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $13k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $13k).
• Recommended offer: $12k (6.0% below list) — sets the bar for market timing.
• Cap rate 100.8% vs local median 6.0% in Greentown — 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 67/100 on livability (#243 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, amenities F, commute F.
• Eastern Howard School Corporation (town): math 40% / reading 47% proficiency, ranked #100 of 301 in IN (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 30 active listings in the ZIP; 194 units permitted in Howard County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $90 of loan paydown is wiped out by about $390 of value loss. Plan a longer hold.
• Howard County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $4k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 75 days — a 6% lower offer ($12k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $12k (47%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $12,220 (6.0% below list)

Questions for the listing agent

1. It's been on market 75 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. 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.
6. 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.
7. 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: 10.84% ✓
• Cap rate: 100.75%
• Cash-on-cash: 337.35%
• DSCR: 16.01
• GRM: 0.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 18.33×
• Total profit: $63,089
• Equity at exit: $1,938

10-year hold

• IRR: —
• Equity multiple: 39.17×
• Total profit: $138,945
• Equity at exit: $1,124

Cash invested: $3,640 (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 46936

• Home prices YoY: -24.1%
• Active inventory: 30
• Price-to-rent: 0.8×

Monthly cashflow live

• Estimated rent: $1,409 medium
• Mortgage (P&I): −$68
• Tax est. 1.5%: −$16 /mo · $195/yr
• Insurance: −$5
• HOA: −$0
• Vacancy / Maint / Mgmt: −$296
• Net cashflow: $1,023

Break-even live

Break-even rent $114

Max offer price $13,000

Occupancy floor 22%

Sensitivity live

Price	-10% $1,032	-5% $1,028	+0% $1,023	+5% $1,019	+10% $1,014
Rent	-10% $912	-5% $968	+0% $1,023	+5% $1,079	+10% $1,135
Rate	-1.0pp $1,030	-0.5pp $1,027	base $1,023	+0.5pp $1,020	+1.0pp $1,016

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: $3,250
• Closing costs: $390
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-19
   days on market $13,000 Active 75 DOM
2. 2026-06-18
   days on market $13,000 Active 74 DOM
3. 2026-06-17
   days on market $13,000 Active 73 DOM
4. 2026-06-16
   days on market $13,000 Active 72 DOM
5. 2026-06-15
   days on market $13,000 Active 71 DOM
6. 2026-06-14
   days on market $13,000 Active 69 DOM
7. 2026-06-13
   pricedays on market $13,000 Active 68 DOM
8. 2026-06-10
   days on market $19,900 Active 66 DOM
9. 2026-06-09
   days on market $19,900 Active 65 DOM
10. 2026-06-08
    days on market $19,900 Active 64 DOM
11. 2026-06-07
    days on market $19,900 Active 63 DOM
12. 2026-06-05
    days on market $19,900 Active 60 DOM
13. 2026-06-03
    days on market $19,900 Active 59 DOM
14. 2026-06-02
    days on market $19,900 Active 58 DOM
15. 2026-06-01
    pricedays on market $19,900 Active 57 DOM
16. 2026-05-31
    days on market $19,400 Active 56 DOM
17. 2026-05-30
    days on market $19,400 Active 55 DOM
18. 2026-04-14
    status Active 530-char remark

    Show marketing remark (530 chars)

    * THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 1 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as community events, a clubhouse, and a picnic area / pavilion / grill, your family will be excited to live here. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

19. 2026-03-06
    historical 530-char remark

    Show marketing remark (530 chars)

    * THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 1 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as community events, a clubhouse, and a picnic area / pavilion / grill, your family will be excited to live here. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

20. 2026-03-04
    status Active 530-char remark

    Show marketing remark (530 chars)

    * THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 1 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as community events, a clubhouse, and a picnic area / pavilion / grill, your family will be excited to live here. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

21. 2026-03-04
    price $19,400 530-char remark

    Show marketing remark (530 chars)

    * THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 1 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as community events, a clubhouse, and a picnic area / pavilion / grill, your family will be excited to live here. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

22. 2024-05-14
    historical 530-char remark

    Show marketing remark (530 chars)

    * THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 1 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as community events, a clubhouse, and a picnic area / pavilion / grill, your family will be excited to live here. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

23. 2024-05-10
    status Active 530-char remark

    Show marketing remark (530 chars)

    * THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 1 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as community events, a clubhouse, and a picnic area / pavilion / grill, your family will be excited to live here. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

24. 2024-05-10
    historical 530-char remark

    Show marketing remark (530 chars)

    * THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 1 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as community events, a clubhouse, and a picnic area / pavilion / grill, your family will be excited to live here. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

25. 2024-05-06
    listed $24,500 Active 530-char remark

    Show marketing remark (530 chars)

    * THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 1 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as community events, a clubhouse, and a picnic area / pavilion / grill, your family will be excited to live here. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

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

Taxation est. · year 1

• Rental income: $16,908
• − Mortgage interest: −$728
• − Property taxes: −$195
• − Insurance: −$65
• − Repairs & maintenance: −$1,353
• − Management: −$1,353
• − Depreciation: −$378
• Taxable income: $12,837
• Est. tax owed @ 24.0%: −$3,081
• After-tax cash flow: $9,199/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: Eastern Howard School Corporation
• NCES district ID: 1803150
• Math proficiency: 40% ▼ -6.00%
• Reading proficiency: 47% ▼ -2.00%
• Median HH income: $58,636
• Composite: 38.2/100
• National rank: #4255
• State rank: #100 of 301 in IN

Livability — Greentown

• Score: 67/100
• State rank: #243
• US rank: #10353

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Greentown, IN
• Population (ZIP): 5,956

Population outlook (Howard County) Hauer SSP2

• Today (2025): 81,522 people
• By 2030: 80,104 · -1.7%
• By 2040: 76,708 · -5.9%
• By 2050: 72,880 · -10.6%
• By 2075: 64,016 · -21.5%
• By 2100: 51,705 · -36.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 4% Two or more races 3% Black 1%
• Common ancestry: Italian 3% Portuguese 2% Slovak 1%
• Foreign-born: 1%

Political lean MEDSL · Howard

• 2024 margin: Solid R (+35.3) · D 31.4% · R 66.7% · Other 1.8%
• 2008→2024 swing: -29.1pp toward R · 2008: -6.2pp · 2024: -35.3pp
• All cycles: 2024: R+35.3 2020: R+32.4 2016: R+33.9 2012: R+14.3 2008: R+6.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -66.91%
• Current HPI: 211.2334
• 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

-20.8% since first listed

8 events — show timeline

• 2026-04-14 Relisted — Zillow
• 2026-03-06 Delisted — Zillow
• 2026-03-04 Relisted — Zillow
• 2026-03-04 Price Changed $19,400 Zillow
• 2024-05-14 Delisted — Zillow
• 2024-05-10 Relisted — Zillow
• 2024-05-10 Delisted — Zillow
• 2024-05-06 Listed $24,500 Zillow