405 N Ireland St · Greensburg, IN 47240

$199,000

3 bd · 1.0 ba · 1,736 sqft · SingleFamily public records · 13 Days on market

Built 1900 6,400 sqft lot Est $229k · 13% under

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Why this score? — see what drove the B+ 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
• ARV discount +13.4/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +3.8/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Original charm, prime location, unlimited potential! Located on Ireland Street in the heart of Greensburg, this 1,700 sf+ home is packed with character and is waiting for someone with a vision. From vintage details to spacious living areas, this property offers the chance to create something truly special while enjoying a location that puts all of Greensburg within easy reach. Bring your ideas and see the possibilities within this 3 bed, 1 bath home!

Key facts

• Vintage details
• Prime location
• 6,400 sq ft lot

Tags

• PRIME LOCATION
• VINTAGE DETAILS
• SPACIOUS LIVING AREAS

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Municipal sewer connected; Solid waste service available
• Home design: Single-family residence; One story
• Construction: Vinyl with brick and stone exterior; Cellar, crawl space, and rock foundation
• Exterior features: Deck; Glass-enclosed porch; Full chain-link fence; Less than 1/4 acre lot

Interior

• Kitchen: Electric oven; Range hood; Dishwasher; Refrigerator
• Bedrooms: Three bedrooms on the main level
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Forced air heating; Natural gas heating; Wall furnace; Central air; Window air unit(s)
• Interior features: Accessible full bathroom; Range hood; Water heater
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $199k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $199k).
• Cap rate 14.3% vs local median 5.9% in Greensburg — 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 69/100 on livability (#200 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: employment C-, schools D+, amenities F.
• Greensburg Community Schools (town): math 38% / reading 51% proficiency, ranked #102 of 301 in IN (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 155 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 66 units permitted in Decatur 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.
• Decatur County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

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

Recommended offer $199,000

Questions for the listing agent

1. Built in 1900 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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 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: 1.60% ✓
• Cap rate: 14.29%
• Cash-on-cash: 28.56%
• DSCR: 2.27
• GRM: 5.2

CMA / ARV

• ARV (on-the-fly): $229,152
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
315 W Walnut St	0.17mi	3/2.0	1,659 (-4%)	10mo	$145,000	$87	72
621 W Washington St	0.26mi	4/2.0 (+1)	1,764 (+2%)	9mo	$284,900	$162	69
311 E Central Ave	0.44mi	3/2.0	1,808 (+4%)	1mo	$185,000	$102	68
628 W Walnut St	0.24mi	3/2.5	1,790 (+3%)	12mo	$285,000	$159	67
513 W North St	0.14mi	3/2.0	1,500 (-14%)	7mo	$230,000	$153	61
327 W Bryant St	0.67mi	3/1.0	1,709 (-2%)	7mo	$200,000	$117	60
304 W Shortridge Dr	0.09mi	3/1.0	1,475 (-15%)	13mo	$195,000	$132	60
401 W Walnut St	0.16mi	2/1.0 (-1)	1,962 (+13%)	12mo	$160,000	$82	56
125 S Vine St	0.74mi	4/1.0 (+1)	1,804 (+4%)	3mo	$31,000	$17	52
323 E Walnut St	0.48mi	2/1.0 (-1)	1,991 (+15%)	4mo	$185,000	$93	45
420 N East St	0.43mi	3/2.0	1,477 (-15%)	10mo	$212,000	$144	43
210 W 5th St	0.59mi	4/2.0 (+1)	1,492 (-14%)	2mo	$228,000	$153	38

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 22.8%
• Equity multiple: 1.94×
• Total profit: $52,156
• Equity at exit: $29,672

10-year hold

• IRR: 30.8%
• Equity multiple: 3.76×
• Total profit: $153,921
• Equity at exit: $17,206

Cash invested: $55,720 (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 47240

• Home prices YoY: -25.0%
• Active inventory: 155
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $3,189 medium
• Mortgage (P&I): −$1,044
• Tax from tax record: −$67 /mo · $801/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$670
• Net cashflow: $1,326

Break-even live

Break-even rent $1,510

Max offer price $199,000

Occupancy floor 53%

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1011 N Anderson St Greensburg, IN	3.0	2.5	1620	$3,995	$2.47	12d	1	0.45mi
2303 N Broadway St Greensburg, IN	2.0	2.0	1100	$1,399	$1.27	24d	1	1.35mi
1651 W Kole Dr Unit A Greensburg, IN	3.0	2.0	1075	$1,350	$1.26	24d	1	1.40mi

Listing history 10 events

1. 2026-06-18
   days on market $199,000 Active 13 DOM
2. 2026-06-17
   days on market $199,000 Active 12 DOM
3. 2026-06-16
   days on market $199,000 Active 11 DOM
4. 2026-06-15
   days on market $199,000 Active 10 DOM
5. 2026-06-13
   days on market $199,000 Active 8 DOM
6. 2026-06-12
   days on market $199,000 Active 7 DOM
7. 2026-06-09
   days on market $199,000 Active 4 DOM
8. 2026-06-08
   days on market $199,000 Active 3 DOM
9. 2026-06-07
   remarks 454-char remark
10. 2026-06-07
    listed $199,000 Active 2 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: $801 · $67/mo
• Projected year-2 tax: $1,246 · $104/mo
• Expected delta: +$445/yr (+$37/mo · 55.6%)

ⓘ 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 ≥102°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 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $38,269
• − Mortgage interest: −$11,147
• − Property taxes: −$801
• − Insurance: −$995
• − Repairs & maintenance: −$3,062
• − Management: −$3,062
• − Depreciation: −$5,789
• Taxable income: $13,415
• Est. tax owed @ 24.0%: −$3,220
• After-tax cash flow: $12,695/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: Greensburg Community Schools
• NCES district ID: 1804080
• Math proficiency: 38% ▼ -7.00%
• Reading proficiency: 51% ▼ -2.00%
• Median HH income: $47,723
• Composite: 37.96/100
• National rank: #4301
• State rank: #102 of 301 in IN

Livability — Greensburg

• Score: 69/100
• State rank: #200
• US rank: #8922

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Greensburg, IN
• Population (ZIP): 21,514

Population outlook (Decatur County) Hauer SSP2

• Today (2025): 27,709 people
• By 2030: 28,278 · +2.1%
• By 2040: 29,195 · +5.4%
• By 2050: 29,512 · +6.5%
• By 2075: 29,835 · +7.7%
• By 2100: 27,192 · -1.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Slovak 2% Serbian 1% Romanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Decatur

• 2024 margin: Solid R (+58.5) · D 19.9% · R 78.4% · Other 1.8%
• 2008→2024 swing: -34.1pp toward R · 2008: -24.4pp · 2024: -58.5pp
• All cycles: 2024: R+58.5 2020: R+58.1 2016: R+57.4 2012: R+40.5 2008: R+24.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -70.13%
• Current HPI: 210.3591
• 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

1 event — show timeline

• 2026-06-05 Listed $199,000 MIBOR as Distributed by MLS Grid

Property tax history

+13.4%/yr

Latest (2023): $801 · +81.9% YoY. Source: county tax records.