502 S State St · Greenfield, IN 46140

$109,900

1 bd · 1.0 ba · 720 sqft · SingleFamily public records · 100 Days on market

Built 1900 7,920 sqft lot Est $171k · 36% under ↓ 5% since listing

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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 +18.3/30.0
• ARV discount +15.0/15.0
• DSCR +5.7/10.0
• 1% rule +4.2/10.0
• 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

Listing remarks MLS

Amazing opportunity for this cute 1 bedroom, 1 bath bungalow. The wrap around front covered porch adds to the appeal of this immaculate home. New metal roof(2021), new water heater, and 100 amp electric service(2022). Eat-in kitchen with tons of cabinets plus a formal dining rm. Fenced rear yard with 20x8 covered patio and 20x24 detached garage with single off door - leaves lots of room for workshop/storage. There is a lot here for the money - ACT NOW!

Key facts

• Covered front porch
• Metal roof
• Fenced yard

Tags

• EAT IN KITCHEN
• LAUNDRY ROOM
• FENCED YARD
• METAL ROOF
• COVERED FRONT PORCH
• COVERED PATIO

Property features AI

Finance

• Other: Lot under 1/4 acre (approximately 0.182 acre)

Exterior

• Parking: Detached gravel garage with storage and service door; Garage door opener; 1-car garage
• Utilities: Public water; Municipal sewer connected; Natural gas connected; Cable available
• Home design: Single-family residence; One story; East-facing
• Construction: Vinyl siding; Block foundation
• Exterior features: Covered porch; Full yard fence; Sidewalks; Street lights; Mature trees and small trees

Interior

• Kitchen: Gas oven; Range hood
• Bedrooms: One bedroom on the main level
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Eat-in kitchen; Painted woodwork
• Laundry & utility: Main-level laundry; Gas water heater

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $100 ($1k/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 $101k (8.4% below list).
• Recommended offer: $100k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.4% 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: Harris Elementary School (math 57% / reading 37%, grade D-, #325 of 994 statewide, top 36%, 280 students, 57% FRL); Greenfield Central Junior High Sch (math 38% / reading 42%, grade F, #120 of 330 statewide, top 37%, 675 students, 45% FRL); Greenfield-Central High School (math 37% / reading 65%, grade D+, #115 of 369 statewide, top 31%, 1,462 students, 35% FRL) — zoned schools average 46% FRL vs 29% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.9%/yr); 481 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 14d 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 is only 15% of the median local income ($83k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $760 of loan paydown is wiped out by about $3k 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 100 days — a 9% lower offer ($100k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $100,009 (9.0% below list)

Questions for the listing agent

1. It's been on market 100 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.92% ✗
• Cap rate: 7.39%
• Cash-on-cash: 3.90%
• DSCR: 1.17
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $171,360
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
502 S State St	0.00mi	1/1.0	720 (0%)	0mo	$109,900	$153	100
520 Mount St	0.07mi	2/1.0 (+1)	672 (-7%)	23mo	$160,000	$238	62

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: -10.3%
• Equity multiple: 0.62×
• Total profit: $-11,583
• Equity at exit: $16,386

10-year hold

• IRR: -1.2%
• Equity multiple: 0.92×
• Total profit: $-2,477
• Equity at exit: $9,502

Cash invested: $30,772 (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: 9.1×

Monthly cashflow live

• Estimated rent: $1,007 medium
• Mortgage (P&I): −$576
• Tax from tax record: −$73 /mo · $878/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$211
• Net cashflow: $100

Break-even live

Break-even rent $880

Max offer price $109,900

Occupancy floor 85%

Sensitivity live

Price	-10% $162	-5% $131	+0% $100	+5% $69	+10% $38
Rent	-10% $21	-5% $60	+0% $100	+5% $140	+10% $180
Rate	-1.0pp $155	-0.5pp $128	base $100	+0.5pp $72	+1.0pp $43

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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
511 S Pennsylvania St Unit b Greenfield, IN	—	1.0	600	$850	$1.42	19d	1	0.10mi
22 Wilson St Greenfield, IN	2.0	1.0	600	$925	$1.54	14d	1	0.60mi
502 Ginny Trce Greenfield, IN	1.0–3.0	1.0–2.5	978	$1,104	$1.13	0d	23	1.40mi

Listing history 6 events

1. 2026-05-02
   status Pending
2. 2026-04-07
   price $109,900
3. 2026-01-22
   listed $119,900 Active
4. 2022-09-15
   soldstatus $102,500 Closed 456-char remark

   Show marketing remark (456 chars)

   Amazing opportunity for this cute 1 bedroom, 1 bath bungalow. The wrap around front covered porch adds to the appeal of this immaculate home. New metal roof(2021), new water heater, and 100 amp electric service(2022). Eat-in kitchen with tons of cabinets plus a formal dining rm. Fenced rear yard with 20x8 covered patio and 20x24 detached garage with single off door - leaves lots of room for workshop/storage. There is a lot here for the money - ACT NOW!

5. 2022-08-05
   status Pending 456-char remark

   Show marketing remark (456 chars)

   Amazing opportunity for this cute 1 bedroom, 1 bath bungalow. The wrap around front covered porch adds to the appeal of this immaculate home. New metal roof(2021), new water heater, and 100 amp electric service(2022). Eat-in kitchen with tons of cabinets plus a formal dining rm. Fenced rear yard with 20x8 covered patio and 20x24 detached garage with single off door - leaves lots of room for workshop/storage. There is a lot here for the money - ACT NOW!

6. 2022-07-27
   listed $115,900 Active 456-char remark

   Show marketing remark (456 chars)

   Amazing opportunity for this cute 1 bedroom, 1 bath bungalow. The wrap around front covered porch adds to the appeal of this immaculate home. New metal roof(2021), new water heater, and 100 amp electric service(2022). Eat-in kitchen with tons of cabinets plus a formal dining rm. Fenced rear yard with 20x8 covered patio and 20x24 detached garage with single off door - leaves lots of room for workshop/storage. There is a lot here for the money - ACT NOW!

ⓘ 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: $878 · $73/mo
• Projected year-2 tax: $906 · $76/mo
• Expected delta: +$28/yr (+$2/mo · 3.2%)

ⓘ 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: $12,081
• − Mortgage interest: −$6,156
• − Property taxes: −$878
• − Insurance: −$550
• − Repairs & maintenance: −$966
• − Management: −$966
• − Depreciation: −$3,197
• Taxable loss: −$633
• Est. tax savings @ 24.0%: +$152
• After-tax cash flow: $1,352/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

-5.2% since first listed

6 events — show timeline

• 2026-05-02 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-07 Price Changed $109,900 MIBOR as Distributed by MLS Grid
• 2026-01-22 Listed $119,900 MIBOR as Distributed by MLS Grid
• 2022-09-15 Sold (MLS) $102,500 MIBOR as Distributed by MLS Grid
• 2022-08-05 Pending — MIBOR as Distributed by MLS Grid
• 2022-07-27 Listed $115,900 MIBOR as Distributed by MLS Grid

Property tax history

+8.8%/yr

Latest (2025): $878 · -49.6% YoY. Source: county tax records.