399 N Meridian St · Greenwood, IN 46143

$209,000

2 bd · 2.0 ba · 2,024 sqft · SingleFamily public records · 10 Days on market

Built 1945 0.43 ac lot Est $322k · 35% under

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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).

• ARV discount +15.0/15.0
• Cash flow +13.5/30.0
• DSCR +4.1/10.0
• Schools +4.0/10.0
• Livability +3.7/5.0
• 1% rule +3.2/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

HUD HOME SOLD IN AS-IS CONDITION. FOR INFORMATION REGARDING HUD FORMS, EARNEST MONEY, REGISTERING & BIDDING, SEE THE WEB ADDRESS LISTED BELOW. NO SHOWING APPOINTMENT NECESSARY. ALL INFORMATION DEEMED RELIABLE BUT NOT GU ARANTEED. CASE NUMBER: 151-403930 INSURED STATUS: IE INSURED VALUE:$91080 REPAIR CEILING, REPLACE CARPET LBP IC:SYSTEMS

Key facts

• Extended driveway
• 0.43 acre lot
• 2 garage spots

Tags

• FULLY FENCED BACKYARD
• DETACHED 2-CAR GARAGE
• EXTENDED DRIVEWAY

Property features AI

Finance

• Other: Lot is approximately 0.43 acres (about 1/4–1/2 acre)

Exterior

• Parking: Detached garage; Two garage spaces
• Security: Smoke alarm
• Utilities: Public water; Municipal sewer connected; Natural gas connected; Cable available
• Home design: Single-family residence; Two levels (main and upper); Residential property
• Construction: Vinyl siding; Block foundation
• Exterior features: Covered patio/porch; Mature trees on the lot

Interior

• Kitchen: Gas oven; Range hood
• Bedrooms: Five bedrooms total — three on the main level, two on the upper level; Bedroom sizes include: 16x9 (Upper), 13x8 (Upper), 12x10 (Main), 15x9 (Main), plus an additional bedroom-sized room 16x7 (Main)
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Attic access; Living room is formal; Two gas fireplaces (living room and dining room); Primary bathroom has a full shower stall; Unfinished basement
• Laundry & utility: Laundry closet; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $209k.

Deal economics

• At list price, monthly cash flow is $9 ($107/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 $172k (17.9% below list).
• Recommended offer: $172k (17.9% below list) — sets the bar for 1% rule.
• Cap rate 6.3% 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 rising (+1.9%/yr); 79 active listings in the ZIP; 4 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 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 24y ago; this cycle's ask has dropped $11k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $84k; list at $209k implies a 149% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $171,680 (17.9% below list)

Questions for the listing agent

1. Built in 1945 — 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. 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: 0.82% ✗
• Cap rate: 6.34%
• Cash-on-cash: 0.18%
• DSCR: 1.01
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $321,816
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
339 W Broadway St	0.49mi	3/2.0 (+1)	2,024 (0%)	2mo	$360,000	$178	70
605 Horton St	0.22mi	3/2.0 (+1)	2,111 (+4%)	10mo	$380,000	$180	69
52 W Broadway St	0.38mi	3/1.0 (+1)	2,008 (-1%)	8mo	$180,000	$90	66
400 W Main St	0.61mi	3/2.0 (+1)	2,062 (+2%)	3mo	$295,000	$143	61
425 Beech Park Dr	0.45mi	2/2.0	1,819 (-10%)	9mo	$325,000	$179	54
25 S Meridian St	0.41mi	2/2.0	1,722 (-15%)	4mo	$189,000	$110	52
350 W Pearl St	0.53mi	3/2.0 (+1)	1,916 (-5%)	12mo	$379,000	$198	52
191 W Broadway St	0.42mi	3/2.0 (+1)	1,791 (-12%)	7mo	$225,000	$126	50
403 Us Highway 31 N	0.54mi	3/1.5 (+1)	2,169 (+7%)	12mo	$225,000	$104	46
170 W Broadway St	0.39mi	3/2.5 (+1)	1,780 (-12%)	12mo	$325,129	$183	45
45 Sayre Dr	0.64mi	3/2.0 (+1)	1,736 (-14%)	7mo	$130,000	$75	36
580 Northgate Dr	0.65mi	3/1.0 (+1)	1,728 (-15%)	10mo	$275,000	$159	28

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: -17.1%
• Equity multiple: 0.40×
• Total profit: $-35,127
• Equity at exit: $31,163

10-year hold

• IRR: -11.0%
• Equity multiple: 0.36×
• Total profit: $-37,204
• 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: 79
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,717 medium
• Mortgage (P&I): −$1,096
• Tax from tax record: −$164 /mo · $1,971/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$361
• Net cashflow: $9

Break-even live

Break-even rent $1,705

Max offer price $209,000

Occupancy floor 94%

Sensitivity live

Price	-10% $127	-5% $68	+0% $9	+5% $-50	+10% $-109
Rent	-10% $-127	-5% $-59	+0% $9	+5% $77	+10% $145
Rate	-1.0pp $114	-0.5pp $62	base $9	+0.5pp $-45	+1.0pp $-100

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 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
745 Wood Dale Ter Greenwood, IN	1.0–3.0	1.0–1.5	1032	$1,326	$1.28	3d	10	0.95mi
370 Homestead Ave Greenwood, IN	1.0–3.0	1.0–2.0	1135	$1,905	$1.68	2d	26	1.21mi
4545 Scarlet Oak Way Indianapolis, IN	1.0–3.0	1.0–2.0	1101	$1,690	$1.53	2d	16	1.36mi
1146 Freemont Ln Greenwood, IN	3.0	2.5	1742	$2,060	$1.18	5d	1	1.44mi

Listing history 4 events

1. 2026-06-15
   statusdays on market $209,000 Pending 10 DOM
2. 2026-06-13
   days on market $209,000 Active 9 DOM
3. 2026-06-13
   remarks 699-char remark
4. 2026-06-13
   listed $209,000 Active 8 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: $1,971 · $164/mo
• Projected year-2 tax: $1,971 · $164/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 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: $20,602
• − Mortgage interest: −$11,707
• − Property taxes: −$1,971
• − Insurance: −$1,045
• − Repairs & maintenance: −$1,648
• − Management: −$1,648
• − Depreciation: −$6,080
• Taxable loss: −$3,498
• Est. tax savings @ 24.0%: +$839
• After-tax cash flow: $947/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

+137.5% since first listed

6 events — show timeline

• 2026-06-09 Price Changed $209,000 MIBOR as Distributed by MLS Grid
• 2026-06-04 Listed $220,000 MIBOR as Distributed by MLS Grid
• 2008-02-20 Listing Removed — MIBOR as Distributed by MLS Grid
• 2007-07-26 Listed $114,900 MIBOR as Distributed by MLS Grid
• 2002-12-17 Sold (MLS) $84,000 MIBOR as Distributed by MLS Grid
• 2002-10-11 Listed $88,000 MIBOR as Distributed by MLS Grid

Property tax history

+0.8%/yr

Latest (2024): $1,971 · +5.2% YoY. Source: county tax records.