52 Fountain Lake Dr · Greenfield, IN 46140

$180,000

3 bd · 2.0 ba · 1,432 sqft · Manufactured public records · 140 Days on market

Built 1981 0.28 ac lot Est $192k · 6% under $25/mo HOA · 1% of rent

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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 +20.4/30.0
• ARV discount +10.3/15.0
• DSCR +6.5/10.0
• 1% rule +4.7/10.0
• 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

Nestled at 52 Fountain Lake DR, GREENFIELD, IN, this residence offers a unique opportunity to embrace comfortable living in Hancock County. Within the 1432 square feet, the master bedroom located on one side of the home, and the opposite side having the two other bedrooms with the shared living area in between! Discover a haven designed for relaxation and rejuvenation, where the two full bathrooms offer a private retreat to begin and end each day. The three bedrooms offer ample space for rest or hobbies. Resting on a generous Double Lot totaling to 12284 square feet, this manufactured home, built in 1981, provides a wonderful canvas for creating lasting memories. With a single story, this p

Key facts

• 0.28 acre lot
• Built 1981
• Listed 140 days

Property features AI

Finance

• Other: Property type: Residential; Ownership interest: Other/See Remarks; Lot size about 0.28 acres (1/4–1/2 acre)
• HOA & community: HOA with $25 monthly fee

Exterior

• Utilities: Public water; Municipal sewer connected
• Home design: Manufactured home; Attached property; One level
• Construction: Vinyl siding; Block foundation
• Exterior features: Storage shed; Bath-style spa (has spa)

Interior

• Kitchen: Dishwasher; Eat-in kitchen
• Bedrooms: 3 bedrooms (all on main level) — Bedroom 2 11 x 10, Bedroom 3 11 x 10
• Bathrooms: 2 full bathrooms (both on main level)
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Eat-in kitchen; Family room (23 x 16); Dining room (12 x 10)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $180k.

Deal economics

• At list price, monthly cash flow is $236 ($3k/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 $175k (2.5% below list).
• Recommended offer: $158k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.9% 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: 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; 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 $1k of loan paydown is wiped out by about $5k 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 140 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 22y ago; this cycle's ask has dropped $15k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $16k; list at $180k implies a 1061% gain — meaningful room to come down on a strong offer.

Recommended offer $158,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 140 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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: 0.97% ✗
• Cap rate: 7.86%
• Cash-on-cash: 5.61%
• DSCR: 1.25
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $191,888
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
14 Fountain Lake Dr	0.17mi	3/2.0	1,344 (-6%)	12mo	$180,000	$134	72
93 Fountain Lake Dr	0.19mi	3/2.0	1,344 (-6%)	14mo	$170,000	$126	69

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: -7.8%
• Equity multiple: 0.71×
• Total profit: $-14,411
• Equity at exit: $26,839

10-year hold

• IRR: 1.6%
• Equity multiple: 1.11×
• Total profit: $5,774
• Equity at exit: $15,563

Cash invested: $50,400 (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: 8.5×

Monthly cashflow live

• Estimated rent: $1,755 medium
• Mortgage (P&I): −$944
• Tax from tax record: −$107 /mo · $1,280/yr
• Insurance: −$75
• HOA: −$25
• Vacancy / Maint / Mgmt: −$368
• Net cashflow: $236

Break-even live

Break-even rent $1,456

Max offer price $180,000

Occupancy floor 82%

Sensitivity live

Price	-10% $337	-5% $286	+0% $236	+5% $185	+10% $134
Rent	-10% $97	-5% $166	+0% $236	+5% $305	+10% $374
Rate	-1.0pp $326	-0.5pp $281	base $236	+0.5pp $189	+1.0pp $141

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $25 · $300/yr

Listing history 31 events

1. 2026-06-18
   days on market $180,000 Active 140 DOM
2. 2026-06-17
   days on market $180,000 Active 139 DOM
3. 2026-06-16
   days on market $180,000 Active 138 DOM
4. 2026-06-15
   days on market $180,000 Active 137 DOM
5. 2026-06-13
   days on market $180,000 Active 135 DOM
6. 2026-06-13
   days on market $180,000 Active 134 DOM
7. 2026-06-09
   days on market $180,000 Active 131 DOM
8. 2026-06-08
   days on market $180,000 Active 130 DOM
9. 2026-06-07
   days on market $180,000 Active 129 DOM
10. 2026-06-05
    days on market $180,000 Active 126 DOM
11. 2026-06-03
    days on market $180,000 Active 125 DOM
12. 2026-06-02
    days on market $180,000 Active 124 DOM
13. 2026-06-01
    days on market $180,000 Active 123 DOM
14. 2026-05-31
    days on market $180,000 Active 122 DOM
15. 2026-04-08
    price $180,000
16. 2026-03-10
    price $190,000
17. 2026-01-28
    listed $195,000 Active
18. 2010-03-19
    historical
19. 2009-09-18
    listed $84,900
20. 2009-08-15
    historical
21. 2009-05-14
    listed $74,900
22. 2009-05-09
    historical
23. 2009-02-06
    listed $82,000
24. 2009-01-15
    historical
25. 2009-01-09
    soldstatus $15,500
26. 2008-07-18
    listed $16,119
27. 2006-06-27
    historical
28. 2006-01-05
    listed $79,900
29. 2004-08-30
    soldstatus $60,900
30. 2004-08-30
    soldstatus $60,900
31. 2004-01-02
    listed $59,900

ⓘ 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: $1,280 · $107/mo
• Projected year-2 tax: $1,405 · $117/mo
• Expected delta: +$125/yr (+$10/mo · 9.8%)

ⓘ 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: $21,055
• − Mortgage interest: −$10,083
• − Property taxes: −$1,280
• − Insurance: −$900
• − Repairs & maintenance: −$1,684
• − Management: −$1,684
• − HOA: −$300
• − Depreciation: −$5,236
• Taxable loss: −$113
• Est. tax savings @ 24.0%: +$27
• After-tax cash flow: $2,853/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

• 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

+200.5% since first listed

17 events — show timeline

• 2026-04-08 Price Changed $180,000 MIBOR as Distributed by MLS Grid
• 2026-03-10 Price Changed $190,000 MIBOR as Distributed by MLS Grid
• 2026-01-28 Listed $195,000 MIBOR as Distributed by MLS Grid
• 2010-03-19 Listing Removed — MIBOR as Distributed by MLS Grid
• 2009-09-18 Listed $84,900 MIBOR as Distributed by MLS Grid
• 2009-08-15 Listing Removed — MIBOR as Distributed by MLS Grid
• 2009-05-14 Listed $74,900 MIBOR as Distributed by MLS Grid
• 2009-05-09 Listing Removed — MIBOR as Distributed by MLS Grid
• 2009-02-06 Listed $82,000 MIBOR as Distributed by MLS Grid
• 2009-01-15 Listing Removed — MIBOR as Distributed by MLS Grid
• 2009-01-09 Sold (MLS) $15,500 MIBOR as Distributed by MLS Grid
• 2008-07-18 Listed $16,119 MIBOR as Distributed by MLS Grid
• 2006-06-27 Listing Removed — MIBOR as Distributed by MLS Grid
• 2006-01-05 Listed $79,900 MIBOR as Distributed by MLS Grid
• 2004-08-30 Sold (Public Records) $60,900 Public Records
• 2004-08-30 Sold (MLS) $60,900 MIBOR as Distributed by MLS Grid
• 2004-01-02 Listed $59,900 MIBOR as Distributed by MLS Grid

Property tax history

+1.0%/yr

Latest (2025): $1,280 · +1.9% YoY. Source: county tax records.