1555 N Creekwater Pass · Greenfield, IN 46140

$280,000

3 bd · 2.0 ba · 1,858 sqft · SingleFamily public records · 92 Days on market

Built 2021 Good condition 10,062 sqft lot 2-car garage $151/sqft · 13% below area Est $322k · 13% under $50/mo HOA · 2% of rent ↓ 7% 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).

• ARV discount +13.3/15.0
• Cash flow +11.8/30.0
• Schools +4.6/10.0
• Condition / age +4.0/5.0
• Livability +3.7/5.0
• DSCR +3.5/10.0
• Rent growth +3.2/5.0
• 1% rule +2.9/10.0
• Appreciation +0.0/10.0

Listing remarks

Beautiful 2021-built home in one of the area's fastest-growing neighborhoods, surrounded by newer construction and strong curb appeal throughout the community. This property offers the peace of mind of newer major systems, including a 5-year-old roof, HVAC, slab foundation, and fully functional plumbing and electrical with no known major issues. The layout is clean, open, and practical, featuring a spacious kitchen with laminate flooring, ample cabinet space, and a functional design ready for your personal touch.

Key facts

• Community pool
• Newer construction
• 0.23 acre lot

Tags

• NEWER CONSTRUCTION
• COMMUNITY POOL
• CONVENIENT ACCESS TO SHOPPING
• CONVENIENT ACCESS TO DINING
• CONVENIENT ACCESS TO SCHOOLS
• CONVENIENT ACCESS TO AMENITIES

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $280k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-505 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $191k (31.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $222k (20.9% below list).
• Recommended offer: $191k (31.9% below list) — sets the bar for cash-flow.
• 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+; Watch: amenities F, commute F.
• Mt Vernon Community School Corporation (rural): math 43% / reading 48% proficiency, ranked #70 of 301 in IN (top 23%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Mt Comfort Elementary School (math 43% / reading 40%, grade F, #478 of 994 statewide, top 49%, 650 students, 39% FRL); Mt Vernon Middle School (math 37% / reading 46%, grade F, #108 of 330 statewide, top 34%, 1,070 students, 31% FRL); Mt Vernon High School (math 41% / reading 71%, grade C, #73 of 369 statewide, top 20%, 1,431 students, 27% FRL).
• Market conditions: Rents rising (+2.9%/yr); 734 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 1d 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).
• This rent runs 32% of the median local income ($83k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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 92 days — a 9% lower offer ($255k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $190,751 (31.9% 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. It's been on market 92 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.79% ✗
• Cap rate: 5.96%
• Cash-on-cash: -1.20%
• DSCR: 0.95
• GRM: 10.5

CMA / ARV

• ARV (median comp): $321,544
• List price: $280,000
• Delta: -12.92%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1693 N Clearwater Dr	0.25mi	3/2.0	1,960 (+6%)	6mo	$320,500	$164	74
6880 W 100 N	0.70mi	3/2.0	1,828 (-2%)	1mo	$360,000	$197	64
1795 N Rapids Ct	0.39mi	3/2.5	1,880 (+1%)	17mo	$329,995	$176	64
1717 N Creekwater Pass	0.18mi	3/2.0	2,010 (+8%)	19mo	$315,000	$157	62
7067 W 150 N	0.67mi	3/2.5	1,950 (+5%)	8mo	$315,000	$162	51
6863 W Jennifer Ct	0.68mi	3/2.5	2,117 (+14%)	4mo	$285,000	$135	40
7121 W 150 N	0.73mi	3/2.0	2,112 (+14%)	4mo	$460,000	$218	40
7041 W Glendale Ln	0.73mi	3/2.0	2,104 (+13%)	7mo	$295,000	$140	38
6932 W Jennifer Ln	0.68mi	3/2.0	1,656 (-11%)	18mo	$315,000	$190	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 · 2.88% rent growth · sell at horizon

5-year hold

• IRR: -29.9%
• Equity multiple: 0.01×
• Total profit: $-77,586
• Equity at exit: $41,749

10-year hold

• IRR: -31.2%
• Equity multiple: -0.39×
• Total profit: $-109,153
• Equity at exit: $24,209

Cash invested: $78,400 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 20 active · 7 under contract
• Months of supply: 17.1 mo (6%/mo absorbed)
• Median asking: $303,998 ($167/sqft)
• Median days on market: 103 d
• This list price: 15% of active listings are priced below it
• ARV vs active asking: +3.4% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 46140

• Rents YoY: 2.9%
• Active inventory: 734
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $2,215 medium
• Mortgage (P&I): −$1,468
• Tax from tax record: −$194 /mo · $2,327/yr
• Insurance: −$117
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$50
• Vacancy / Maint / Mgmt: −$465
• Net cashflow: $-505

Break-even live

Break-even rent $2,855

Max offer price $190,751

Occupancy floor —

Sensitivity live

Price	-10% $-347	-5% $-426	+0% $-505	+5% $-584	+10% $-664
Rent	-10% $-680	-5% $-593	+0% $-505	+5% $-418	+10% $-330
Rate	-1.0pp $-364	-0.5pp $-434	base $-505	+0.5pp $-578	+1.0pp $-652

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: $70,000
• Closing costs: $8,400
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1801 Walt Whitman DR Greenfield, IN	2.0–3.0	1.5–3.5	1396	$2,750	$1.97	0d	13	0.54mi
6857 Poetry Pl Greenfield, IN	1.0–3.0	1.0–2.0	990	$2,002	$2.02	0d	13	0.65mi
2547 Cabin Hill Rd Indianapolis, IN	3.0	2.5	1983	$2,049	$1.03	0d	1	1.17mi
12128 Fall Ct Indianapolis, IN	3.0	2.0	1801	$1,941	$1.08	4d	1	1.45mi

Property features AI

Finance

• HOA & community: Homeowners association with annual fee of $600HOA fee covers grounds maintenance

Exterior

• Parking: Attached garageGarage faces frontDriveway access2-car garage
• Utilities: Public waterPublic sewer
• Home design: Two-story homeBuilt in 2021
• Construction: Built in 2021
• Exterior features: Neighborhood viewBack yard fencingGrounds maintenance included via HOA

Interior

• Kitchen: Electric cooktopDishwasherRefrigerator
• Bedrooms: Primary bedroomBedroom 2Bedroom 3Bedroom 4
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heatingCentral air conditioningCeiling fans
• Interior features: High ceilingsDouble vanityWalk-in closetsLoftGreat roomDining room
• Laundry & utility: WasherDryerDedicated laundry room

HOA detail $50/mo · $600/yr

• Likely covers: electric

Listing history 50 events

1. 2026-08-06
   days on market $280,000 Active 92 DOM
2. 2026-08-05
   days on market $280,000 Active 91 DOM
3. 2026-08-04
   days on market $280,000 Active 90 DOM
4. 2026-08-03
   days on market $280,000 Active 89 DOM
5. 2026-07-31
   days on market $280,000 Active 86 DOM
6. 2026-07-30
   days on market $280,000 Active 85 DOM
7. 2026-07-30
   days on market $280,000 Active 84 DOM
8. 2026-07-28
   days on market $280,000 Active 83 DOM
9. 2026-07-26
   days on market $280,000 Active 81 DOM
10. 2026-07-24
    days on market $280,000 Active 79 DOM
11. 2026-07-23
    days on market $280,000 Active 78 DOM
12. 2026-07-22
    days on market $280,000 Active 77 DOM
13. 2026-07-21
    days on market $280,000 Active 76 DOM
14. 2026-07-20
    days on market $280,000 Active 75 DOM
15. 2026-07-18
    days on market $280,000 Active 73 DOM
16. 2026-07-18
    days on market $280,000 Active 72 DOM
17. 2026-07-16
    days on market $280,000 Active 71 DOM
18. 2026-07-15
    days on market $280,000 Active 70 DOM
19. 2026-07-14
    days on market $280,000 Active 69 DOM
20. 2026-07-13
    days on market $280,000 Active 68 DOM
21. 2026-07-13
    days on market $280,000 Active 67 DOM
22. 2026-07-11
    days on market $280,000 Active 66 DOM
23. 2026-07-10
    days on market $280,000 Active 65 DOM
24. 2026-07-09
    days on market $280,000 Active 64 DOM
25. 2026-07-07
    days on market $280,000 Active 62 DOM
26. 2026-07-06
    days on market $280,000 Active 61 DOM
27. 2026-07-05
    days on market $280,000 Active 60 DOM
28. 2026-07-03
    days on market $280,000 Active 58 DOM
29. 2026-07-02
    days on market $280,000 Active 57 DOM
30. 2026-07-01
    days on market $280,000 Active 56 DOM
31. 2026-06-30
    days on market $280,000 Active 55 DOM
32. 2026-06-29
    days on market $280,000 Active 54 DOM
33. 2026-06-28
    days on market $280,000 Active 53 DOM
34. 2026-06-27
    days on market $280,000 Active 52 DOM
35. 2026-06-26
    days on market $280,000 Active 51 DOM
36. 2026-06-25
    days on market $280,000 Active 49 DOM
37. 2026-06-22
    days on market $280,000 Active 47 DOM
38. 2026-06-21
    days on market $280,000 Active 46 DOM
39. 2026-06-18
    days on market $280,000 Active 43 DOM
40. 2026-06-17
    days on market $280,000 Active 42 DOM
41. 2026-06-16
    days on market $280,000 Active 41 DOM
42. 2026-06-15
    days on market $280,000 Active 40 DOM
43. 2026-06-13
    days on market $280,000 Active 38 DOM
44. 2026-06-13
    days on market $280,000 Active 37 DOM
45. 2026-06-10
    price $280,000 Active 34 DOM
46. 2026-06-09
    days on market $285,000 Active 34 DOM
47. 2026-06-08
    days on market $285,000 Active 33 DOM
48. 2026-06-07
    days on market $285,000 Active 32 DOM
49. 2026-06-05
    days on market $285,000 Active 29 DOM
50. 2026-06-03
    days on market $285,000 Active 28 DOM

ⓘ 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: $2,327 · $194/mo
• Projected year-2 tax: $2,353 · $196/mo
• Expected delta: +$27/yr (+$2/mo · 1.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone AE · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°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: $26,586
• − Mortgage interest: −$15,684
• − Property taxes: −$2,327
• − Insurance: −$6,518
• − Repairs & maintenance: −$2,127
• − Management: −$2,127
• − HOA: −$600
• − Depreciation: −$8,145
• Taxable loss: −$10,943
• Est. tax savings @ 24.0%: +$2,626
• After-tax cash flow: $-3,436/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab Est. rehab $9,290–$27,870 screening

This 2021-built home in a growing neighborhood offers a good condition with minor cosmetic updates needed for a fresh look and increased value.

Repairs flagged

• Minor Kitchen cabinets — Cluttered and could use cleaning
• Minor Bathroom fixtures — Cluttered and could use cleaning

Value-add opportunities

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Declutter kitchen and bathroom — A clean and organized space is more appealing to potential buyers and renters ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 46/100

Zoned Schools

Elementary Mt Comfort Elementary School F IN #478/994 Nat'l #18,859/41,679 Middle Mt Vernon Middle School F IN #108/330 Nat'l #5,602/14,009 High Mt Vernon High School C IN #73/369 Nat'l #4,311/17,239

Schools (NCES district)

• District: Mt Vernon Community School Corporation
• NCES district ID: 1807260
• Math proficiency: 43% ▼ -12.00%
• Reading proficiency: 48% ▼ -7.00%
• Median HH income: $73,671
• Composite: 41.3/100
• National rank: #3514
• State rank: #70 of 301 in IN

B Composite livability gradescore 73/100

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 · 77,820 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: 7% of renters

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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%

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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%

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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

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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

Property features AI

Finance

• HOA & community: Homeowners association with annual fee of $600HOA fee covers grounds maintenance

Exterior

• Parking: Attached garageGarage faces frontDriveway access2-car garage
• Utilities: Public waterPublic sewer
• Home design: Two-story homeBuilt in 2021
• Construction: Built in 2021
• Exterior features: Neighborhood viewBack yard fencingGrounds maintenance included via HOA

Interior

• Kitchen: Electric cooktopDishwasherRefrigerator
• Bedrooms: Primary bedroomBedroom 2Bedroom 3Bedroom 4
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heatingCentral air conditioningCeiling fans
• Interior features: High ceilingsDouble vanityWalk-in closetsLoftGreat roomDining room
• Laundry & utility: WasherDryerDedicated laundry room

Price history

-6.7% since first listed

3 events — show timeline

• 2026-06-09 Price Changed $280,000 NIRA MLS as Distributed by MLS Grid
• 2026-05-22 Price Changed $285,000 NIRA MLS as Distributed by MLS Grid
• 2026-05-06 Listed $300,000 NIRA MLS as Distributed by MLS Grid

Property tax history

-1.9%/yr

Latest (2025): $2,327 · -11.8% YoY. Source: county tax records.