302 N College Ave · Greencastle, IN 46135

$139,900

4 bd · 2.0 ba · 2,075 sqft · SingleFamily public records · 291 Days on market

Built 1900 0.27 ac lot $67/sqft · 40% below area Est $175k · 20% under

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Why this score? — see what drove the B 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 +27.1/30.0
• ARV discount +15.0/15.0
• DSCR +9.4/10.0
• 1% rule +7.4/10.0
• Livability +3.7/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investors take note: this fully leased duplex is ready for you to make money on the first day. Located a block from the historic downtown shops and restaurants and a short walk to the DePauw University campus. Each unit has large rooms and high ceilings with historic character. There is a covered front porch and open deck with a large yard for play, parking spaces or expansion. The home has vinyl siding. All kitchen appliances included. Own a multi-family property downtown as growth in Greencastle continues.

Key facts

• Covered front porch
• Open deck
• Historic downtown

Tags

• FULLY LEASED DUPLEX
• HISTORIC DOWNTOWN
• COVERED FRONT PORCH
• OPEN DECK
• LARGE YARD
• VINYL SIDING

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $398 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.7% vs local median 4.3% in Greencastle — 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 (#108 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools C-, employment C-, amenities F.
• Greencastle Community School Corporation (town): math 38% / reading 42% proficiency, ranked #145 of 301 in IN (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 97 active listings in the ZIP; 166 units permitted in Putnam County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Putnam County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 291 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 9y ago; this cycle's ask has dropped $30k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $97k; 44% 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 $123,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 291 days. Have you received any prior offers? Is the seller open to a 12% 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. 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: 1.24% ✓
• Cap rate: 9.70%
• Cash-on-cash: 12.18%
• DSCR: 1.54
• GRM: 6.7

CMA / ARV

• ARV (median comp): $175,000
• List price: $139,900
• Delta: -20.06%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
201 E Franklin St	0.10mi	3/1.0 (-1)	2,172 (+5%)	3mo	$135,000	$62	76
222 Hillsdale Ave	0.21mi	3/2.0 (-1)	2,180 (+5%)	6mo	$275,000	$126	72
331 Greewood Ave	0.35mi	3/1.0 (-1)	2,120 (+2%)	4mo	$160,000	$75	68
413 E Washington St	0.23mi	3/2.0 (-1)	2,320 (+12%)	1mo	$210,000	$91	64
403 E Hanna St	0.55mi	3/2.5 (-1)	2,152 (+4%)	2mo	$275,000	$128	60
506 E Hanna St	0.62mi	4/2.0	2,038 (-2%)	12mo	$190,000	$93	58
876 W County Road 25 S	0.73mi	3/2.0 (-1)	2,224 (+7%)	0mo	$425,000	$191	49
607 E Seminary St	0.43mi	3/1.5 (-1)	2,295 (+11%)	11mo	$205,000	$89	46
606 Anderson St	0.66mi	3/1.0 (-1)	2,306 (+11%)	8mo	$198,000	$86	35
511 Ritter Ave	0.58mi	3/1.0 (-1)	2,376 (+14%)	6mo	$215,000	$90	34
713 Terrace Ln	0.62mi	3/2.5 (-1)	1,769 (-15%)	7mo	$250,000	$141	34
533 Anderson St	0.62mi	5/1.0 (+1)	2,337 (+13%)	11mo	$210,000	$90	32

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 1.8%
• Equity multiple: 1.07×
• Total profit: $2,682
• Equity at exit: $20,860

10-year hold

• IRR: 11.4%
• Equity multiple: 1.90×
• Total profit: $35,060
• Equity at exit: $12,096

Cash invested: $39,172 (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 46135

• Home prices YoY: -20.8%
• Active inventory: 97
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,732 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$178 /mo · $2,142/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$364
• Net cashflow: $398

Break-even live

Break-even rent $1,228

Max offer price $139,900

Occupancy floor 72%

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-18
   days on market $139,900 Active 291 DOM
2. 2026-06-17
   days on market $139,900 Active 290 DOM
3. 2026-06-16
   days on market $139,900 Active 289 DOM
4. 2026-06-15
   days on market $139,900 Active 288 DOM
5. 2026-06-13
   days on market $139,900 Active 286 DOM
6. 2026-06-12
   days on market $139,900 Active 285 DOM
7. 2026-06-09
   days on market $139,900 Active 282 DOM
8. 2026-06-08
   days on market $139,900 Active 281 DOM
9. 2026-06-07
   days on market $139,900 Active 280 DOM
10. 2026-06-05
    days on market $139,900 Active 278 DOM
11. 2026-06-04
    days on market $139,900 Active 276 DOM
12. 2026-06-02
    days on market $139,900 Active 275 DOM
13. 2026-06-01
    days on market $139,900 Active 274 DOM
14. 2026-05-31
    days on market $139,900 Active 273 DOM
15. 2026-05-31
    days on market $139,900 Active 272 DOM
16. 2026-05-15
    price $139,900 514-char remark

    Show marketing remark (514 chars)

    Investors take note: this fully leased duplex is ready for you to make money on the first day. Located a block from the historic downtown shops and restaurants and a short walk to the DePauw University campus. Each unit has large rooms and high ceilings with historic character. There is a covered front porch and open deck with a large yard for play, parking spaces or expansion. The home has vinyl siding. All kitchen appliances included. Own a multi-family property downtown as growth in Greencastle continues.

17. 2026-03-02
    status Active 514-char remark

    Show marketing remark (514 chars)

    Investors take note: this fully leased duplex is ready for you to make money on the first day. Located a block from the historic downtown shops and restaurants and a short walk to the DePauw University campus. Each unit has large rooms and high ceilings with historic character. There is a covered front porch and open deck with a large yard for play, parking spaces or expansion. The home has vinyl siding. All kitchen appliances included. Own a multi-family property downtown as growth in Greencastle continues.

18. 2026-02-28
    historical 514-char remark

    Show marketing remark (514 chars)

    Investors take note: this fully leased duplex is ready for you to make money on the first day. Located a block from the historic downtown shops and restaurants and a short walk to the DePauw University campus. Each unit has large rooms and high ceilings with historic character. There is a covered front porch and open deck with a large yard for play, parking spaces or expansion. The home has vinyl siding. All kitchen appliances included. Own a multi-family property downtown as growth in Greencastle continues.

19. 2025-12-01
    price $149,900 514-char remark

    Show marketing remark (514 chars)

    Investors take note: this fully leased duplex is ready for you to make money on the first day. Located a block from the historic downtown shops and restaurants and a short walk to the DePauw University campus. Each unit has large rooms and high ceilings with historic character. There is a covered front porch and open deck with a large yard for play, parking spaces or expansion. The home has vinyl siding. All kitchen appliances included. Own a multi-family property downtown as growth in Greencastle continues.

20. 2025-10-27
    price $159,900 514-char remark

    Show marketing remark (514 chars)

    Investors take note: this fully leased duplex is ready for you to make money on the first day. Located a block from the historic downtown shops and restaurants and a short walk to the DePauw University campus. Each unit has large rooms and high ceilings with historic character. There is a covered front porch and open deck with a large yard for play, parking spaces or expansion. The home has vinyl siding. All kitchen appliances included. Own a multi-family property downtown as growth in Greencastle continues.

21. 2025-08-30
    listed $169,900 Active 514-char remark

    Show marketing remark (514 chars)

    Investors take note: this fully leased duplex is ready for you to make money on the first day. Located a block from the historic downtown shops and restaurants and a short walk to the DePauw University campus. Each unit has large rooms and high ceilings with historic character. There is a covered front porch and open deck with a large yard for play, parking spaces or expansion. The home has vinyl siding. All kitchen appliances included. Own a multi-family property downtown as growth in Greencastle continues.

22. 2021-10-08
    soldstatus $97,000 Closed 438-char remark

    Show marketing remark (438 chars)

    Opportunity for investors or live-in landlord to purchase this affordable duplex within walking distance to downtown Greencastle and DePauw University campus. Upstairs unit has newer paint and carpet. Property has vinyl siding, a back deck, covered front porch, and an off-street parking lot. Upstairs unit includes a kitchen, bathroom, 2 bedrooms and living area. Downstairs unit includes kitchen, living room, 2 bedrooms, and bathroom.

23. 2021-08-23
    listed $120,000 438-char remark

    Show marketing remark (438 chars)

    Opportunity for investors or live-in landlord to purchase this affordable duplex within walking distance to downtown Greencastle and DePauw University campus. Upstairs unit has newer paint and carpet. Property has vinyl siding, a back deck, covered front porch, and an off-street parking lot. Upstairs unit includes a kitchen, bathroom, 2 bedrooms and living area. Downstairs unit includes kitchen, living room, 2 bedrooms, and bathroom.

24. 2021-08-23
    historical 438-char remark

    Show marketing remark (438 chars)

    Opportunity for investors or live-in landlord to purchase this affordable duplex within walking distance to downtown Greencastle and DePauw University campus. Upstairs unit has newer paint and carpet. Property has vinyl siding, a back deck, covered front porch, and an off-street parking lot. Upstairs unit includes a kitchen, bathroom, 2 bedrooms and living area. Downstairs unit includes kitchen, living room, 2 bedrooms, and bathroom.

25. 2018-12-31
    soldstatus $69,900
26. 2018-12-15
    listed $69,900
27. 2017-05-31
    soldstatus $65,000
28. 2017-03-09
    listed $65,000

ⓘ 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: $2,142 · $178/mo
• Projected year-2 tax: $2,142 · $178/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 ≥103°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: $20,781
• − Mortgage interest: −$7,837
• − Property taxes: −$2,142
• − Insurance: −$700
• − Repairs & maintenance: −$1,662
• − Management: −$1,662
• − Depreciation: −$4,070
• Taxable income: $2,708
• Est. tax owed @ 24.0%: −$650
• After-tax cash flow: $4,121/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: Greencastle Community School Corporation
• NCES district ID: 1803990
• Math proficiency: 38% ▼ -5.00%
• Reading proficiency: 42% ▼ -6.00%
• Median HH income: $46,694
• Composite: 34.17/100
• National rank: #5276
• State rank: #145 of 301 in IN

Livability — Greencastle

• Score: 73/100
• State rank: #108
• US rank: #5665

Category grades

Amenities F Commute F Cost of living A+ Crime C Employment C- Housing A+ Health & safety C+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Greencastle, IN
• Population (ZIP): 19,639

Population outlook (Putnam County) Hauer SSP2

• Today (2025): 37,226 people
• By 2030: 36,723 · -1.4%
• By 2040: 35,407 · -4.9%
• By 2050: 34,177 · -8.2%
• By 2075: 32,038 · -13.9%
• By 2100: 28,380 · -23.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Black 6% Two or more races 4% Hispanic / Latino 3% Asian 2%
• Common ancestry: Italian 2% Slovak 2% Lithuanian 1%
• Foreign-born: 4% · China, Canada
• Languages at home: 96% English-only · Spanish 1% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Putnam

• 2024 margin: Solid R (+52.0) · D 23.1% · R 75.1% · Other 1.8%
• 2008→2024 swing: -40.0pp toward R · 2008: -12.0pp · 2024: -52.0pp
• All cycles: 2024: R+52.0 2020: R+50.2 2016: R+49.6 2012: R+32.6 2008: R+12.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -58.66%
• Current HPI: 222.8815
• Rent YoY: —
• Metro: —
• 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

+115.2% since first listed

13 events — show timeline

• 2026-05-15 Price Changed $139,900 MIBOR as Distributed by MLS Grid
• 2026-03-02 Relisted — MIBOR as Distributed by MLS Grid
• 2026-02-28 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-12-01 Price Changed $149,900 MIBOR as Distributed by MLS Grid
• 2025-10-27 Price Changed $159,900 MIBOR as Distributed by MLS Grid
• 2025-08-30 Listed $169,900 MIBOR as Distributed by MLS Grid
• 2021-10-08 Sold (MLS) $97,000 MIBOR as Distributed by MLS Grid
• 2021-08-23 Listing Removed — MIBOR as Distributed by MLS Grid
• 2021-08-23 Listed $120,000 MIBOR as Distributed by MLS Grid
• 2018-12-31 Sold (MLS) $69,900 MIBOR as Distributed by MLS Grid
• 2018-12-15 Listed $69,900 MIBOR as Distributed by MLS Grid
• 2017-05-31 Sold (MLS) $65,000 MIBOR as Distributed by MLS Grid
• 2017-03-09 Listed $65,000 MIBOR as Distributed by MLS Grid

Property tax history

-1.3%/yr

Latest (2024): $2,142 · +14.5% YoY. Source: county tax records.