803 W Fifth St · Greenfield, IN 46140

$239,900

2 bd · 2.0 ba · 1,344 sqft · MultiFamily public records · 26 Days on market

Built 1950 0.32 ac lot

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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 +22.9/30.0
• ARV discount +7.5/15.0
• DSCR +7.4/10.0
• 1% rule +5.5/10.0
• Schools +4.0/10.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• 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

This single story property offers a mostly brick exterior and the exterior wood was painted just 2 years ago. There are 2 similar two bedroom units each includes a living room, one full bath with tub, eat in kitchen with laundry hookups. Each unit enjoy's it's own front porch as well as a side door. These units have been easy to rent and keep tenants. Although the structure was built in 1950, it has been renovated several years ago so it has vinyl windows. Both units are rented at $850 each on a month to month basis. Tenants pay for trash and their own electric in these all electric units. Owner pays water, sewer, and lawn care. Buyers must be pre-approved or provide proof of funds if payin

Key facts

• Side door
• Vinyl windows
• Block building

Tags

• BRICK EXTERIOR
• FRONT PORCH
• SIDE DOOR
• VINYL WINDOWS
• BLOCK BUILDING

Property features AI

Finance

• Financial info: Gross income: $20,400 per year; Expenses: $5,700 per year; Insurance expense: $834 per year; Owner pays lawn care, taxes, sewer, and water; Typical rent for one unit: $850 per month

Exterior

• Parking: Gravel parking; 4-car garage
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer
• Home design: Duplex; One story; Residential income property; Additional parcels included
• Construction: Brick and wood siding exterior; Asphalt roof; Crawl space foundation
• Exterior features: Storage; Mature trees on the lot

Interior

• Kitchen: Eat-in kitchen; Range/oven; Refrigerator
• Bedrooms: Two 2-bedroom units
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Electric forced-air heating; Central air conditioning
• Interior features: Smoke detectors
• Laundry & utility: Washer/dryer connections in each unit

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $240k.

Deal economics

• At list price, monthly cash flow is $423 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• Recommended offer: $236k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.4% 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; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 6d 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).
• This rent runs 36% of the median local income ($83k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($236k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $236,301 (1.5% below list)

Questions for the listing agent

1. Built in 1950 — 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. 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 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: 1.05% ✓
• Cap rate: 8.41%
• Cash-on-cash: 7.55%
• DSCR: 1.34
• GRM: 7.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.88% rent growth · sell at horizon

5-year hold

• IRR: -4.9%
• Equity multiple: 0.82×
• Total profit: $-12,282
• Equity at exit: $35,770

10-year hold

• IRR: 4.6%
• Equity multiple: 1.34×
• Total profit: $22,644
• Equity at exit: $20,742

Cash invested: $67,172 (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 46140

• Rents YoY: 2.9%
• Active inventory: 481
• Price-to-rent: 15.9×

Monthly cashflow live

• Estimated rent: $2,517 medium
• Mortgage (P&I): −$1,258
• Tax from tax record: −$208 /mo · $2,494/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$529
• Net cashflow: $423

Break-even live

Break-even rent $1,982

Max offer price $239,900

Occupancy floor 78%

Sensitivity live

Price	-10% $558	-5% $490	+0% $423	+5% $355	+10% $287
Rent	-10% $224	-5% $323	+0% $423	+5% $522	+10% $621
Rate	-1.0pp $543	-0.5pp $484	base $423	+0.5pp $360	+1.0pp $297

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,516
Total (2 units)			$2,517

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
821 W 7th St Greenfield, IN	2.0	2.0	1234	$1,700	$1.38	25d	1	0.14mi
220 Walker St Greenfield, IN	3.0	1.0	1101	$1,400	$1.27	5d	1	0.72mi
968 Lotus Dr Greenfield, IN	3.0–5.0	2.0–3.0	2049	$2,045	$1.00	3d	8	0.76mi
713 Cattail Dr Greenfield, IN	3.0	2.0	1498	$2,045	$1.37	4d	1	0.77mi
550 Wood St Greenfield, IN	2.0	1.0	1162	$1,200	$1.03	5d	1	0.87mi
1439 Coachlite Dr Unit Coachlite Greenfield, IN	3.0	1.5	1147	$1,495	$1.30	25d	1	1.13mi
1027 E Fourth St Greenfield, IN	3.0	2.0	1430	$1,700	$1.19	25d	1	1.36mi
1014 E Seventh St Greenfield, IN	3.0	1.0	1192	$1,400	$1.17	5d	1	1.36mi
917 E McKenzie Rd Greenfield, IN	1.0–2.0	1.0–1.5	918	$1,199	$1.31	3d	4	1.49mi

Listing history 4 events

1. 2026-05-20
   status Pending
2. 2026-04-24
   listed $239,900 Active
3. 2024-09-09
   historical $850
4. 2024-08-30
   listed $850

ⓘ 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: $2,494 · $208/mo
• Projected year-2 tax: $2,494 · $208/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 74% 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: $30,204
• − Mortgage interest: −$13,438
• − Property taxes: −$2,494
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,416
• − Management: −$2,416
• − Depreciation: −$6,979
• Taxable income: $1,261
• Est. tax owed @ 24.0%: −$303
• After-tax cash flow: $4,768/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

4 events — show timeline

• 2026-05-20 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-24 Listed $239,900 MIBOR as Distributed by MLS Grid
• 2024-09-09 Rental Removed $850 APPFOLIO
• 2024-08-30 Listed for Rent $850 APPFOLIO

Property tax history

+9.6%/yr

Latest (2025): $2,494 · -6.5% YoY. Source: county tax records.