235 N Meridian St · Greenwood, IN 46143

$199,900

4 bd · 1.0 ba · 1,176 sqft · SingleFamily public records · 2 Days on market

Built 1900 10,019 sqft lot $170/sqft · at area comps Est $198k · at est. ↓ 22% 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 +14.9/30.0
• ARV discount +7.0/15.0
• DSCR +4.6/10.0
• 1% rule +4.0/10.0
• Schools +4.0/10.0
• Livability +3.7/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome Home! 3 Bedroom Home on . 23 Acre Lot with Full Fenced in Backyard and Oversized Detached Garage!

Key facts

• 0.23 acre lot
• 3 garage spots
• Built 1900

Property features AI

Finance

• Other: Property sits on approximately 0.23 acres (<1/4 acre)

Exterior

• Parking: Detached 3-car garage (720 sq ft)
• Utilities: Public water; Municipal sewer connected; Solid waste service available
• Home design: Single-family residence; One level; Fixer condition
• Construction: Aluminum siding; Crawl space foundation
• Exterior features: Covered porch/patio

Interior

• Kitchen: No appliances included
• Bedrooms: 3 bedrooms on the main level
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Attic access

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $58 ($698/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 $179k (10.4% below list).
• Recommended offer: $179k (10.4% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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.
• Zoned schools: V O Isom Central Elem School (math 42% / reading 37%, grade F, #500 of 994 statewide, top 53%, 361 students, 70% FRL); Greenwood Middle School (math 36% / reading 52%, grade D, #87 of 330 statewide, top 27%, 948 students, 53% FRL); Greenwood Community High Sch (math 37% / reading 79%, grade C, #62 of 369 statewide, top 17%, 1,175 students, 43% FRL) — zoned schools average 56% FRL vs 38% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.9%/yr); 80 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 13d 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 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $155k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $179,182 (10.4% below list)

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 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: 0.90% ✗
• Cap rate: 6.64%
• Cash-on-cash: 1.25%
• DSCR: 1.06
• GRM: 9.3

CMA / ARV

• ARV (median comp): $197,781
• List price: $199,900
• Delta: 1.07%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
235 N Meridian St	0.00mi	3/1.0 (-1)	1,176 (0%)	1mo	$155,000	$132	94
51 N Brewer St	0.20mi	3/2.0 (-1)	1,176 (0%)	1mo	$235,000	$200	81
520 Woodland Pl	0.52mi	3/1.5 (-1)	1,242 (+6%)	2mo	$230,000	$185	58
629 Gooseberry Ln	0.60mi	5/1.5 (+1)	1,248 (+6%)	0mo	$199,900	$160	55
608 Horton St	0.38mi	3/2.0 (-1)	1,307 (+11%)	2mo	$265,000	$203	53
564 Northgate Dr	0.71mi	3/1.5 (-1)	1,219 (+4%)	1mo	$229,900	$189	53
394 Polk Village Rd	0.58mi	3/2.0 (-1)	1,133 (-4%)	7mo	$225,000	$199	52
604 Carol Dr	0.46mi	3/1.0 (-1)	1,000 (-15%)	4mo	$143,000	$143	46
22 Sayre Dr	0.70mi	3/1.0 (-1)	1,300 (+10%)	2mo	$265,000	$204	44
620 Carol Dr	0.56mi	3/1.5 (-1)	1,000 (-15%)	3mo	$230,000	$230	39
290 Polk Manor Dr	0.54mi	3/2.0 (-1)	1,332 (+13%)	8mo	$251,000	$188	37
633 Park Dr	0.68mi	3/1.5 (-1)	1,325 (+13%)	7mo	$219,000	$165	35

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: -15.5%
• Equity multiple: 0.45×
• Total profit: $-30,547
• Equity at exit: $29,806

10-year hold

• IRR: -8.8%
• Equity multiple: 0.48×
• Total profit: $-29,304
• Equity at exit: $17,284

Cash invested: $55,972 (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: 80
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $1,792 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$226 /mo · $2,709/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$376
• Net cashflow: $58

Break-even live

Break-even rent $1,718

Max offer price $199,900

Occupancy floor 92%

Sensitivity live

Price	-10% $171	-5% $115	+0% $58	+5% $2	+10% $-55
Rent	-10% $-83	-5% $-13	+0% $58	+5% $129	+10% $200
Rate	-1.0pp $159	-0.5pp $109	base $58	+0.5pp $6	+1.0pp $-46

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
464 Carol Dr Greenwood, IN	3.0	1.0	888	$1,550	$1.75	45d	1	0.10mi
514 Carol Dr Greenwood, IN	3.0	1.0	864	$1,483	$1.72	0d	1	0.36mi
1039 N Paz Dr Greenwood, IN	1.0–3.0	1.0–2.0	925	$1,434	$1.55	0d	9	1.00mi
1043 Mikes Way Greenwood, IN	3.0	2.0	1090	$1,650	$1.51	45d	1	1.05mi
902 Wallington Cir Greenwood, IN	1.0–3.0	1.0–1.5	899	$1,687	$1.88	0d	23	1.13mi
370 Homestead Ave Greenwood, IN	1.0–3.0	1.0–2.0	1135	$2,275	$2.00	0d	29	1.24mi
1225 Freemont Ln Greenwood, IN	3.0	2.5	1304	$1,750	$1.34	12d	1	1.36mi
1285 Kenwood Dr Greenwood, IN	3.0	2.5	1470	$1,755	$1.19	25d	1	1.40mi
3503 Pleasant Lake Dr Indianapolis, IN	3.0	1.0	1064	$1,615	$1.52	14d	1	1.42mi
1284 Edgewater Dr Greenwood, IN	3.0	2.5	1304	$1,781	$1.37	25d	1	1.47mi
4545 Scarlet Oak Way Indianapolis, IN	1.0–3.0	1.0–2.0	1101	$1,767	$1.60	0d	15	1.48mi

Listing history 2 events

1. 2026-05-16
   status Pending 104-char remark
2. 2026-05-14
   listed $199,900 Active 104-char remark

ⓘ 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: $2,709 · $226/mo
• Projected year-2 tax: $2,709 · $226/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 4/10 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: $21,502
• − Mortgage interest: −$11,198
• − Property taxes: −$2,709
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,720
• − Management: −$1,720
• − Depreciation: −$5,815
• Taxable loss: −$2,660
• Est. tax savings @ 24.0%: +$638
• After-tax cash flow: $1,337/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

-22.5% since first listed

3 events — show timeline

• 2026-05-29 Sold (MLS) $155,000 MIBOR as Distributed by MLS Grid
• 2026-05-16 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-14 Listed $199,900 MIBOR as Distributed by MLS Grid

Property tax history

+5.7%/yr

Latest (2024): $2,709 · +1.0% YoY. Source: county tax records.