1862 Downey Ln · Greenfield, IN 46140

$309,900

4 bd · 2.5 ba · 2,170 sqft · SingleFamily public records · 76 Days on market

Built 2022 8,407 sqft lot Est $319k · at est. $27/mo HOA · 1% of rent ↓ 1% 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 +11.1/30.0
• ARV discount +8.8/15.0
• Schools +4.0/10.0
• Livability +3.7/5.0
• DSCR +3.2/10.0
• Rent growth +3.2/5.0
• 1% rule +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

New Construction by D.R. Horton! Welcome to the Bellamy in Meridian North. This open concept, two-story home features 4 large bedrooms a den and 2.5 baths. The main level living area offers solid surface flooring throughout for easy maintenance. The home features a turnback staircase situated away from the foyer for convenience and privacy. The kitchen offers beautiful cabinetry, laminate countertops, a large pantry and island with ample seating space. The oversized, upstairs bedroom is the star of the home and features a deluxe bath with ample storage in the walk-in closet. The remaining 3 bedrooms and laundry room round out the rest of the upper level. All D.R. Horton Indianapolis homes include our America's Smart Home Technology.

Key facts

• Raised ceilings
• En suite bathroom
• Double vanity

Tags

• OPEN-CONCEPT LAYOUT
• RAISED CEILINGS
• BONUS ROOM
• WALK-IN CLOSET
• EN SUITE BATHROOM
• DOUBLE VANITY

Property features AI

Finance

• HOA & community: HOA with covenants and restrictions; HOA provides maintenance and management; Community pond open year-round; Association fee collected semi-annually

Exterior

• Parking: Attached 2-car garage; Finished garage with garage door opener and keyless entry
• Security: Smoke alarm
• Utilities: Public water; Municipal sewer connected; 200+ amp electric service; Cable available; Electricity connected; Natural gas connected; Sewer connected; Water connected
• Home design: Single-family residence; Two levels; Faces south
• Construction: Vinyl siding; Slab foundation; Built by D.R. Horton
• Exterior features: Covered patio; Patio; Lot with curbs, sidewalks, storm sewer, street lights and access

Interior

• Kitchen: Kitchen island; Eat-in kitchen; Pantry; Dishwasher; Gas oven; Microwave with hood; Refrigerator; Garbage disposal; Electric water heater
• Bedrooms: Primary bedroom with walk-in closet; Four upper-level bedrooms
• Flooring: Luxury vinyl plank in kitchen, breakfast room, living room, bonus room and laundry
• Bathrooms: Two full bathrooms; One half bathroom; Primary bath with double sinks, full shower stall and suite layout
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Attic access; Breakfast bar; High ceilings; Kitchen island; Eat-in kitchen; Pantry; Smart thermostat; Walk-in closets; Painted woodwork; Utility room
• Laundry & utility: Upper-level laundry room

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $310k.

Deal economics

• At list price, monthly cash flow is $-123 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $288k (7.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $234k (24.3% below list).
• Recommended offer: $234k (24.3% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 4.4% 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: Weston Elementary School (math 57% / reading 32%, grade F, #379 of 994 statewide, top 41%, 327 students, 44% FRL); 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; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,091 units permitted in Hancock County in 2024 (0 in 5+ unit buildings).
• This rent runs 34% 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 $9k 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 76 days — a 6% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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.

Recommended offer $234,465 (24.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 76 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.76% ✗
• Cap rate: 5.82%
• Cash-on-cash: -1.70%
• DSCR: 0.92
• GRM: 11.0

CMA / ARV

• ARV (on-the-fly): $318,990
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
611 Melrose Ct	0.35mi	4/2.5	2,165 (-0%)	1mo	$342,700	$158	83
2055 Meridian Springs Ln	0.32mi	4/2.5	2,160 (-0%)	3mo	$289,400	$134	82
1946 Meridian Springs Ln	0.24mi	4/2.5	2,212 (+2%)	7mo	$310,000	$140	80
851 Sonoma Ln	0.14mi	4/2.5	2,053 (-5%)	7mo	$289,000	$141	78
498 Old Glory Dr	0.39mi	3/2.5 (-1)	2,230 (+3%)	8mo	$330,000	$148	66
1339 Phillips Dr	0.44mi	4/2.5	2,364 (+9%)	0mo	$329,900	$140	64
475 Rocky Rd	0.65mi	4/2.5	2,114 (-3%)	1mo	$310,000	$147	64
1145 Phillips Dr	0.53mi	4/2.5	2,053 (-5%)	3mo	$314,900	$153	64
1237 Simms Ln	0.58mi	4/2.5	2,053 (-5%)	3mo	$314,900	$153	61
1204 Phillips Dr	0.54mi	4/2.5	2,346 (+8%)	0mo	$330,000	$141	61
1207 Mcbride St	0.56mi	4/2.5	2,053 (-5%)	6mo	$317,000	$154	60
1128 Phillips Dr	0.56mi	4/2.5	2,364 (+9%)	2mo	$334,900	$142	57

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 · 2.88% rent growth · sell at horizon

5-year hold

• IRR: -19.3%
• Equity multiple: 0.33×
• Total profit: $-58,418
• Equity at exit: $46,207

10-year hold

• IRR: -12.2%
• Equity multiple: 0.28×
• Total profit: $-62,408
• Equity at exit: $26,794

Cash invested: $86,772 (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: 11.0×

Monthly cashflow live

• Estimated rent: $2,345 medium
• Mortgage (P&I): −$1,625
• Tax from tax record: −$194 /mo · $2,331/yr
• Insurance: −$129
• HOA: −$27
• Vacancy / Maint / Mgmt: −$492
• Net cashflow: $-123

Break-even live

Break-even rent $2,501

Max offer price $288,123

Occupancy floor —

Sensitivity live

Price	-10% $52	-5% $-36	+0% $-123	+5% $-211	+10% $-299
Rent	-10% $-309	-5% $-216	+0% $-123	+5% $-31	+10% $62
Rate	-1.0pp $33	-0.5pp $-44	base $-123	+0.5pp $-204	+1.0pp $-285

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: $77,475
• Closing costs: $9,297
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
176 Heartwood Hl Greenfield, IN	4.0	2.5	2295	$2,489	$1.08	2d	1	1.19mi
967 Webb Dr Greenfield, IN	4.0	2.5	2760	$2,045	$0.74	24d	1	1.31mi
968 Lotus Dr Greenfield, IN	3.0–5.0	2.0–3.0	2049	$2,245	$1.10	2d	8	1.47mi
683 Horsetail Dr Greenfield, IN	5.0	3.0	2600	$2,379	$0.92	15d	1	1.49mi

HOA detail

• Monthly dues: $27 · $324/yr

Listing history 25 events

1. 2026-06-18
   days on market $309,900 Active 76 DOM
2. 2026-06-17
   days on market $309,900 Active 75 DOM
3. 2026-06-16
   days on market $309,900 Active 74 DOM
4. 2026-06-15
   days on market $309,900 Active 73 DOM
5. 2026-06-13
   days on market $309,900 Active 71 DOM
6. 2026-06-13
   pricedays on market $309,900 Active 70 DOM
7. 2026-06-09
   days on market $319,900 Active 67 DOM
8. 2026-06-08
   days on market $319,900 Active 66 DOM
9. 2026-06-07
   days on market $319,900 Active 65 DOM
10. 2026-06-05
    days on market $319,900 Active 62 DOM
11. 2026-06-03
    days on market $319,900 Active 61 DOM
12. 2026-06-02
    days on market $319,900 Active 60 DOM
13. 2026-06-01
    days on market $319,900 Active 59 DOM
14. 2026-05-31
    days on market $319,900 Active 58 DOM
15. 2026-05-21
    price $319,900
16. 2026-04-01
    listed $320,000 Active
17. 2026-01-01
    historical
18. 2025-11-25
    price $310,000
19. 2025-07-09
    price $315,000
20. 2025-06-06
    price $320,000
21. 2025-05-01
    listed $325,000 Active
22. 2023-05-24
    soldstatus $310,000 Closed 742-char remark

    Show marketing remark (742 chars)

    New Construction by D.R. Horton! Welcome to the Bellamy in Meridian North. This open concept, two-story home features 4 large bedrooms a den and 2.5 baths. The main level living area offers solid surface flooring throughout for easy maintenance. The home features a turnback staircase situated away from the foyer for convenience and privacy. The kitchen offers beautiful cabinetry, laminate countertops, a large pantry and island with ample seating space. The oversized, upstairs bedroom is the star of the home and features a deluxe bath with ample storage in the walk-in closet. The remaining 3 bedrooms and laundry room round out the rest of the upper level. All D.R. Horton Indianapolis homes include our America's Smart Home Technology.

23. 2023-04-27
    status Pending 742-char remark

    Show marketing remark (742 chars)

    New Construction by D.R. Horton! Welcome to the Bellamy in Meridian North. This open concept, two-story home features 4 large bedrooms a den and 2.5 baths. The main level living area offers solid surface flooring throughout for easy maintenance. The home features a turnback staircase situated away from the foyer for convenience and privacy. The kitchen offers beautiful cabinetry, laminate countertops, a large pantry and island with ample seating space. The oversized, upstairs bedroom is the star of the home and features a deluxe bath with ample storage in the walk-in closet. The remaining 3 bedrooms and laundry room round out the rest of the upper level. All D.R. Horton Indianapolis homes include our America's Smart Home Technology.

24. 2023-04-19
    price $310,000 742-char remark

    Show marketing remark (742 chars)

    New Construction by D.R. Horton! Welcome to the Bellamy in Meridian North. This open concept, two-story home features 4 large bedrooms a den and 2.5 baths. The main level living area offers solid surface flooring throughout for easy maintenance. The home features a turnback staircase situated away from the foyer for convenience and privacy. The kitchen offers beautiful cabinetry, laminate countertops, a large pantry and island with ample seating space. The oversized, upstairs bedroom is the star of the home and features a deluxe bath with ample storage in the walk-in closet. The remaining 3 bedrooms and laundry room round out the rest of the upper level. All D.R. Horton Indianapolis homes include our America's Smart Home Technology.

25. 2023-03-10
    listed $324,005 Active 742-char remark

    Show marketing remark (742 chars)

    New Construction by D.R. Horton! Welcome to the Bellamy in Meridian North. This open concept, two-story home features 4 large bedrooms a den and 2.5 baths. The main level living area offers solid surface flooring throughout for easy maintenance. The home features a turnback staircase situated away from the foyer for convenience and privacy. The kitchen offers beautiful cabinetry, laminate countertops, a large pantry and island with ample seating space. The oversized, upstairs bedroom is the star of the home and features a deluxe bath with ample storage in the walk-in closet. The remaining 3 bedrooms and laundry room round out the rest of the upper level. All D.R. Horton Indianapolis homes include our America's Smart Home Technology.

ⓘ 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: $2,331 · $194/mo
• Projected year-2 tax: $2,483 · $207/mo
• Expected delta: +$151/yr (+$13/mo · 6.5%)

ⓘ 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 ≥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: $28,136
• − Mortgage interest: −$17,359
• − Property taxes: −$2,331
• − Insurance: −$1,550
• − Repairs & maintenance: −$2,251
• − Management: −$2,251
• − HOA: −$324
• − Depreciation: −$9,015
• Taxable loss: −$6,945
• Est. tax savings @ 24.0%: +$1,667
• After-tax cash flow: $188/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

-1.3% since first listed

11 events — show timeline

• 2026-05-21 Price Changed $319,900 MIBOR as Distributed by MLS Grid
• 2026-04-01 Listed $320,000 MIBOR as Distributed by MLS Grid
• 2026-01-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-11-25 Price Changed $310,000 MIBOR as Distributed by MLS Grid
• 2025-07-09 Price Changed $315,000 MIBOR as Distributed by MLS Grid
• 2025-06-06 Price Changed $320,000 MIBOR as Distributed by MLS Grid
• 2025-05-01 Listed $325,000 MIBOR as Distributed by MLS Grid
• 2023-05-24 Sold (MLS) $310,000 MIBOR as Distributed by MLS Grid
• 2023-04-27 Pending — MIBOR as Distributed by MLS Grid
• 2023-04-19 Price Changed $310,000 MIBOR as Distributed by MLS Grid
• 2023-03-10 Listed $324,005 MIBOR as Distributed by MLS Grid

Property tax history

+506.7%/yr

Latest (2025): $2,331 · -14.3% YoY. Source: county tax records.