215 Black Maple Ct · Greenwood, IN 46143

$199,999

3 bd · 2.5 ba · 1,514 sqft · Condo public records · 74 Days on market

Built 1987

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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 +21.8/30.0
• ARV discount +7.5/15.0
• DSCR +7.0/10.0
• 1% rule +4.8/10.0
• 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

This 3 bedroom 2 bathroom condo offers comfort convenience and value all in one smart layout and priced under 200000. Located just minutes from I 65 you get quick access to Indianapolis shopping dining and daily essentials without sacrificing a quieter residential feel. Inside you will find a functional open layout with great natural light throughout. Bedroom two features built in bookshelves perfect for a home office reading nook or creative space. The one car garage adds everyday convenience and extra storage. Enjoy outdoor living from both ends of the home with a welcoming front porch and a private back patio finished with low maintenance Trex decking perfect for relaxing or entertaining

Key facts

• One car garage
• Front porch
• Open layout

Tags

• OPEN LAYOUT
• BUILT IN BOOKSHELVES
• ONE CAR GARAGE
• FRONT PORCH
• PRIVATE BACK PATIO
• LOW MAINTENANCE TREX DECKING

Property features AI

Finance

• Other: Property condition listed as fixer; Lot under 1/4 acre

Exterior

• Parking: Attached garage (1 space)
• Utilities: Public water; Municipal sewer connected; No solid waste service listed
• Home design: Residential condominium, horizontally oriented; Free‑standing (no shared building); Attached property with one common wall; Two levels
• Construction: Vinyl siding; Crawl space foundation
• Exterior features: Covered patio/porch; Deck; Located on a cul-de-sac; Mature trees; Sidewalks

Interior

• Kitchen: Gas oven; Range hood; Dishwasher; Refrigerator; Bar fridge; Garbage disposal; Electric water heater
• Bedrooms: Primary bedroom with walk-in closet; Three bedrooms total (one on main level, two on upper level)
• Bathrooms: Two full bathrooms (one on main level, one on upper level)
• Heating & cooling: Natural gas heating; Central air conditioning; Attic fan
• Interior features: Built-in features; Vaulted ceilings
• Laundry & utility: In-unit laundry in a laundry closet

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $200k.

Deal economics

• At list price, monthly cash flow is $311 ($4k/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 $195k (2.3% below list).
• Recommended offer: $188k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.2% 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: Greenwood Community High Sch (math 37% / reading 79%, grade C, #62 of 369 statewide, top 17%, 1,175 students, 43% FRL).
• Market conditions: Rents rising (+1.9%/yr); 79 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 11d 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

• It's been on market 74 days — a 6% lower offer ($188k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $187,999 (6.0% below list)

Questions for the listing agent

1. It's been on market 74 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.98% ✗
• Cap rate: 8.16%
• Cash-on-cash: 6.67%
• DSCR: 1.30
• GRM: 8.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.95% rent growth · sell at horizon

5-year hold

• IRR: -7.2%
• Equity multiple: 0.74×
• Total profit: $-14,680
• Equity at exit: $29,821

10-year hold

• IRR: 1.1%
• Equity multiple: 1.08×
• Total profit: $4,294
• Equity at exit: $17,292

Cash invested: $56,000 (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: 79
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,955 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$101 /mo · $1,206/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$410
• Net cashflow: $311

Break-even live

Break-even rent $1,560

Max offer price $199,999

Occupancy floor 79%

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
370 Homestead Ave Greenwood, IN	1.0–3.0	1.0–2.0	1135	$2,275	$2.00	1d	26	0.23mi
764 Greenwood Springs Dr Greenwood, IN	1.0–2.0	1.0–2.0	663	$1,912	$2.88	1d	13	0.77mi
1201 Carson Way Greenwood, IN	2.0	1.0–2.0	740	$1,410	$1.91	23d	20	0.84mi
1043 Mikes Way Greenwood, IN	3.0	2.0	1090	$1,650	$1.51	43d	1	0.85mi
610 Paradise Ct Greenwood, IN	1.0–2.0	1.0–2.5	868	$1,699	$1.96	2d	26	0.95mi
4545 Scarlet Oak Way Indianapolis, IN	1.0–3.0	1.0–2.0	1101	$2,061	$1.87	1d	16	1.04mi
700 Bexley Pl Greenwood, IN	1.0–2.0	1.0–2.0	876	$2,691	$3.07	1d	12	1.09mi
14 Greenwood Trl N Greenwood, IN	2.0	1.5	1088	$1,275	$1.17	14d	1	1.27mi
968 Greenwood Trl W Greenwood, IN	2.0	2.0	1088	$1,475	$1.36	12d	1	1.31mi
614 Park Madison Dr Greenwood, IN	2.0	2.0	1150	$1,250	$1.09	10d	1	1.35mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 4 events

1. 2026-04-26
   status Pending
2. 2026-04-07
   status Active
3. 2026-04-02
   status Pending
4. 2026-02-06
   listed $199,999 Active

ⓘ 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: $1,206 · $101/mo
• Projected year-2 tax: $1,453 · $121/mo
• Expected delta: +$247/yr (+$21/mo · 20.5%)

ⓘ 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 ≥100°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: $23,455
• − Mortgage interest: −$11,203
• − Property taxes: −$1,206
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,876
• − Management: −$1,876
• − Depreciation: −$5,818
• Taxable income: $474
• Est. tax owed @ 24.0%: −$114
• After-tax cash flow: $3,623/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

4 events — show timeline

• 2026-04-26 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-07 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-02 Pending — MIBOR as Distributed by MLS Grid
• 2026-02-06 Listed $199,999 MIBOR as Distributed by MLS Grid

Property tax history

+8.7%/yr

Latest (2024): $1,206 · +10.5% YoY. Source: county tax records.