450 Ashby Dr · Greenfield, IN 46140

$219,900

3 bd · 2.0 ba · 1,038 sqft · SingleFamily public records · 22 Days on market

Built 1996 6,011 sqft lot Est $198k · 11% over

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Why this score? — see what drove the F 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 +11.9/30.0
• Schools +4.0/10.0
• Livability +3.7/5.0
• DSCR +3.5/10.0
• 1% rule +3.3/10.0
• Rent growth +3.2/5.0
• ARV discount +2.6/15.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 3 bedroom Ranch style home has a desirable floor plan and low maintenance exterior! Listing Broker and Seller assume no responsibility and make no guarantees, representations, warranties (express, implied or otherwise) as to the availability or accuracy of information contained herein

Key facts

• Freestanding deck
• No hoa restrictions
• Move in ready

Tags

• MOVE IN READY
• PRIVATE PRIMARY SUITE
• FENCED BACKYARD
• FREESTANDING DECK
• MATURE TREES
• NO HOA RESTRICTIONS

Property features AI

Exterior

• Parking: Attached 2-car garage (about 400 sq ft)
• Utilities: Public water; Municipal sewer connected
• Home design: Single-family residence; One story
• Construction: Vinyl siding and brick exterior; Slab foundation
• Exterior features: Lot under 1/4 acre (approximately 0.14 acre)

Interior

• Kitchen: Dishwasher; Microwave; Electric oven; Range hood; Refrigerator
• Bedrooms: Three bedrooms on the main level
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Stained or painted woodwork; Eat-in kitchen; Smoke detector(s)
• Laundry & utility: Dedicated laundry room; Washer; Dryer; Water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $220k.

Deal economics

• At list price, monthly cash flow is $-57 ($-684/yr) — negative.
• To cash-flow at today's rent, offer at most $210k (4.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $182k (17.4% below list).
• Recommended offer: $182k (17.4% below list) — sets the bar for 1% rule.
• Cap rate 6.0% 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+, schools B; 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.
• Market conditions: Rents rising (+2.9%/yr); 481 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,091 units permitted in Hancock County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 22 days — a 2% lower offer ($217k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 21y 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.
• Current owner paid $78k; list at $220k implies a 182% gain — meaningful room to come down on a strong offer.

Recommended offer $181,671 (17.4% 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. 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: 0.83% ✗
• Cap rate: 5.98%
• Cash-on-cash: -1.11%
• DSCR: 0.95
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $198,258
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
528 Winfield St	0.36mi	3/1.0	1,025 (-1%)	2mo	$163,500	$160	75
462 Ashby Dr	0.02mi	2/1.0 (-1)	945 (-9%)	10mo	$206,000	$218	67
314 Madison Dr	0.29mi	3/1.5	1,079 (+4%)	19mo	$225,000	$209	62
1120 W 5th St	0.40mi	2/1.5 (-1)	999 (-4%)	8mo	$172,500	$173	62
425 Madison Dr	0.21mi	3/1.5	1,102 (+6%)	23mo	$209,900	$190	58
912 W 6th St	0.55mi	4/1.5 (+1)	1,073 (+3%)	7mo	$205,000	$191	56
1015 W 6th St	0.47mi	3/2.0	1,100 (+6%)	22mo	$205,000	$186	50
18 S Franklin St	0.59mi	2/1.0 (-1)	1,000 (-4%)	12mo	$235,000	$235	47
852 Walnut St	0.67mi	3/1.5	960 (-8%)	12mo	$190,000	$198	44
110 Jefferson Blvd	0.28mi	2/1.5 (-1)	1,192 (+15%)	19mo	$238,000	$200	40
918 W 4th St	0.56mi	2/1.0 (-1)	888 (-14%)	4mo	$65,000	$73	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 · 2.88% rent growth · sell at horizon

5-year hold

• IRR: -18.3%
• Equity multiple: 0.36×
• Total profit: $-39,471
• Equity at exit: $32,788

10-year hold

• IRR: -10.8%
• Equity multiple: 0.35×
• Total profit: $-39,897
• Equity at exit: $19,013

Cash invested: $61,572 (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: 10.1×

Monthly cashflow live

• Estimated rent: $1,817 high
• Mortgage (P&I): −$1,153
• Tax from tax record: −$247 /mo · $2,968/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$382
• Net cashflow: $-57

Break-even live

Break-even rent $1,889

Max offer price $209,835

Occupancy floor 98%

Sensitivity live

Price	-10% $68	-5% $5	+0% $-57	+5% $-119	+10% $-181
Rent	-10% $-200	-5% $-129	+0% $-57	+5% $15	+10% $87
Rate	-1.0pp $54	-0.5pp $-1	base $-57	+0.5pp $-114	+1.0pp $-172

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
821 W 7th St Greenfield, IN	2.0	2.0	1234	$1,700	$1.38	24d	1	0.68mi
968 Lotus Dr Greenfield, IN	3.0–5.0	2.0–3.0	2049	$2,045	$1.00	2d	8	0.97mi
713 Cattail Dr Greenfield, IN	3.0	2.0	1498	$2,045	$1.37	3d	1	1.18mi
220 Walker St Greenfield, IN	3.0	1.0	1101	$1,400	$1.27	5d	1	1.38mi
1439 Coachlite Dr Unit Coachlite Greenfield, IN	3.0	1.5	1147	$1,495	$1.30	24d	1	1.45mi

Listing history 17 events

1. 2026-05-06
   listed $229,900 Active
2. 2026-03-27
   historical $1,695
3. 2025-10-09
   price $1,695
4. 2025-07-08
   listed $1,800
5. 2023-07-17
   historical
6. 2016-06-22
   soldstatus $78,000 Sold 291-char remark

   Show marketing remark (291 chars)

   This 3 bedroom Ranch style home has a desirable floor plan and low maintenance exterior! Listing Broker and Seller assume no responsibility and make no guarantees, representations, warranties (express, implied or otherwise) as to the availability or accuracy of information contained herein

7. 2016-05-15
   status Pending 291-char remark

   Show marketing remark (291 chars)

   This 3 bedroom Ranch style home has a desirable floor plan and low maintenance exterior! Listing Broker and Seller assume no responsibility and make no guarantees, representations, warranties (express, implied or otherwise) as to the availability or accuracy of information contained herein

8. 2016-04-25
   price $86,300 291-char remark

   Show marketing remark (291 chars)

   This 3 bedroom Ranch style home has a desirable floor plan and low maintenance exterior! Listing Broker and Seller assume no responsibility and make no guarantees, representations, warranties (express, implied or otherwise) as to the availability or accuracy of information contained herein

9. 2016-04-05
   price $91,000 291-char remark

   Show marketing remark (291 chars)

   This 3 bedroom Ranch style home has a desirable floor plan and low maintenance exterior! Listing Broker and Seller assume no responsibility and make no guarantees, representations, warranties (express, implied or otherwise) as to the availability or accuracy of information contained herein

10. 2016-03-23
    price $95,400 291-char remark

    Show marketing remark (291 chars)

    This 3 bedroom Ranch style home has a desirable floor plan and low maintenance exterior! Listing Broker and Seller assume no responsibility and make no guarantees, representations, warranties (express, implied or otherwise) as to the availability or accuracy of information contained herein

11. 2016-03-02
    listed $100,700 Active 291-char remark

    Show marketing remark (291 chars)

    This 3 bedroom Ranch style home has a desirable floor plan and low maintenance exterior! Listing Broker and Seller assume no responsibility and make no guarantees, representations, warranties (express, implied or otherwise) as to the availability or accuracy of information contained herein

12. 2006-03-28
    soldstatus $98,000 252-char remark

    Show marketing remark (252 chars)

    This updated home is a MUST-SEE!! NEW Flooring, Freshly Painted, and in MOVE-IN Condition. Quite Neighborhood, completely fenced-in back yard, split floor plan, all bedrooms have walk-in closets and ALL appliances stay. Immediate Possession at Closing!

13. 2006-03-05
    listed $98,000 252-char remark

    Show marketing remark (252 chars)

    This updated home is a MUST-SEE!! NEW Flooring, Freshly Painted, and in MOVE-IN Condition. Quite Neighborhood, completely fenced-in back yard, split floor plan, all bedrooms have walk-in closets and ALL appliances stay. Immediate Possession at Closing!

14. 2006-02-22
    soldstatus $76,500
15. 2005-12-09
    listed $83,000
16. 2005-11-21
    historical
17. 2005-05-23
    listed $98,100

ⓘ 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: $2,968 · $247/mo
• Projected year-2 tax: $2,968 · $247/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 ≥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: $21,801
• − Mortgage interest: −$12,318
• − Property taxes: −$2,968
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,744
• − Management: −$1,744
• − Depreciation: −$6,397
• Taxable loss: −$4,470
• Est. tax savings @ 24.0%: +$1,073
• After-tax cash flow: $389/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

+134.4% since first listed

17 events — show timeline

• 2026-05-06 Listed $229,900 MIBOR as Distributed by MLS Grid
• 2026-03-27 Rental Removed $1,695 MIBOR
• 2025-10-09 Price Changed $1,695 MIBOR
• 2025-07-08 Listed for Rent $1,800 MIBOR
• 2023-07-17 Rental Removed — MIBOR
• 2016-06-22 Sold (MLS) $78,000 MIBOR as Distributed by MLS Grid
• 2016-05-15 Pending — MIBOR as Distributed by MLS Grid
• 2016-04-25 Price Changed $86,300 MIBOR as Distributed by MLS Grid
• 2016-04-05 Price Changed $91,000 MIBOR as Distributed by MLS Grid
• 2016-03-23 Price Changed $95,400 MIBOR as Distributed by MLS Grid
• 2016-03-02 Listed $100,700 MIBOR as Distributed by MLS Grid
• 2006-03-28 Sold (MLS) $98,000 MIBOR as Distributed by MLS Grid
• 2006-03-05 Listed $98,000 MIBOR as Distributed by MLS Grid
• 2006-02-22 Sold (MLS) $76,500 MIBOR as Distributed by MLS Grid
• 2005-12-09 Listed $83,000 MIBOR as Distributed by MLS Grid
• 2005-11-21 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-05-23 Listed $98,100 MIBOR as Distributed by MLS Grid

Property tax history

+13.5%/yr

Latest (2025): $2,968 · -2.4% YoY. Source: county tax records.