403 W North St · Greenfield, IN 46140

$220,000

4 bd · 4.0 ba · 3,128 sqft · SingleFamily public records · 11 Days on market

Built 1938 10,149 sqft lot Est $319k · 31% under

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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 +20.0/30.0
• ARV discount +15.0/15.0
• DSCR +6.3/10.0
• 1% rule +5.8/10.0
• 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 MLS

Opportunities like this don't come around often-this spacious traditional home offers flexibility, character, and room to grow. From the moment you step inside, you'll notice the generous layout and the potential for multi-generational living or added income. Whether you're looking for space, versatility, or a smart investment, this property is worth a closer look. Built in 1938, this two-level home offers 3,128 square feet of living space with aluminum siding and classic wood windows that add to its timeless appeal. Currently set up with two kitchens-one on the main level and one upstairs-the layout opens the door to a possible duplex configuration or extended living arrangement. The main level features 2 bedrooms and 2 full baths, while the upper level offers 2 additional bedrooms, 2 full baths, and the potential for a 5th bedroom. A 2-car detached garage adds convenience, making this a unique property with endless possibilities.

Key facts

• 0.23 acre lot
• 2 garage spots
• Built 1938

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath single-family listed at $220k.

Deal economics

• At list price, monthly cash flow is $269 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $220k).
• Cap rate 7.8% 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; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,091 units permitted in Hancock County in 2024 (0 in 5+ unit buildings).
• This rent runs 34% 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 $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

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 24y 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 $155k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $220,000

Questions for the listing agent

1. Built in 1938 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
5. 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.
6. 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: 1.08% ✓
• Cap rate: 7.76%
• Cash-on-cash: 5.23%
• DSCR: 1.23
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $319,056
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
265 Riley Rae Way	0.18mi	5/3.5 (+1)	3,054 (-2%)	1mo	$385,000	$126	80
403 W North St	0.00mi	4/4.0	3,519 (+12%)	1mo	$204,000	$58	78
252 Walnut St	0.12mi	4/2.0	3,226 (+3%)	20mo	$299,900	$93	64
273 Riley Rae Way	0.18mi	5/3.0 (+1)	2,736 (-12%)	1mo	$370,000	$135	61
535 Reed Ct	0.50mi	4/2.5	3,084 (-1%)	16mo	$315,000	$102	55
830 W Main St	0.29mi	4/2.0	2,974 (-5%)	22mo	$187,500	$63	52
919 W Main St	0.45mi	5/2.0 (+1)	3,192 (+2%)	17mo	$308,000	$96	49
22 School St	0.08mi	4/2.0	2,699 (-14%)	23mo	$225,000	$83	46
784 Center St	0.66mi	4/2.5	2,825 (-10%)	2mo	$387,318	$137	45
32 Douglas St	0.46mi	3/2.5 (-1)	2,730 (-13%)	6mo	$345,000	$126	41
710 N Spring St	0.66mi	4/2.5	3,426 (+10%)	11mo	$385,000	$112	38
522 Pratt St	0.73mi	3/1.5 (-1)	2,776 (-11%)	17mo	$258,000	$93	18

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: -8.3%
• Equity multiple: 0.70×
• Total profit: $-18,733
• Equity at exit: $32,803

10-year hold

• IRR: 1.1%
• Equity multiple: 1.08×
• Total profit: $4,925
• Equity at exit: $19,022

Cash invested: $61,600 (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: 7.7×

Monthly cashflow live

• Estimated rent: $2,385 medium
• Mortgage (P&I): −$1,154
• Tax from tax record: −$370 /mo · $4,441/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$501
• Net cashflow: $269

Break-even live

Break-even rent $2,045

Max offer price $220,000

Occupancy floor 84%

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
683 Horsetail Dr Greenfield, IN	5.0	3.0	2600	$2,379	$0.92	14d	1	0.60mi
968 Lotus Dr Greenfield, IN	3.0–5.0	2.0–3.0	2049	$2,245	$1.10	1d	8	0.74mi

Listing history 9 events

1. 2026-04-28
   status Pending

   Show marketing remark (945 chars)

   Opportunities like this don't come around often-this spacious traditional home offers flexibility, character, and room to grow. From the moment you step inside, you'll notice the generous layout and the potential for multi-generational living or added income. Whether you're looking for space, versatility, or a smart investment, this property is worth a closer look. Built in 1938, this two-level home offers 3,128 square feet of living space with aluminum siding and classic wood windows that add to its timeless appeal. Currently set up with two kitchens-one on the main level and one upstairs-the layout opens the door to a possible duplex configuration or extended living arrangement. The main level features 2 bedrooms and 2 full baths, while the upper level offers 2 additional bedrooms, 2 full baths, and the potential for a 5th bedroom. A 2-car detached garage adds convenience, making this a unique property with endless possibilities.

2. 2026-04-28
   status Pending 945-char remark

   Show marketing remark (945 chars)

   Opportunities like this don't come around often-this spacious traditional home offers flexibility, character, and room to grow. From the moment you step inside, you'll notice the generous layout and the potential for multi-generational living or added income. Whether you're looking for space, versatility, or a smart investment, this property is worth a closer look. Built in 1938, this two-level home offers 3,128 square feet of living space with aluminum siding and classic wood windows that add to its timeless appeal. Currently set up with two kitchens-one on the main level and one upstairs-the layout opens the door to a possible duplex configuration or extended living arrangement. The main level features 2 bedrooms and 2 full baths, while the upper level offers 2 additional bedrooms, 2 full baths, and the potential for a 5th bedroom. A 2-car detached garage adds convenience, making this a unique property with endless possibilities.

3. 2026-04-22
   listed $220,000 Active 945-char remark

   Show marketing remark (945 chars)

   Opportunities like this don't come around often-this spacious traditional home offers flexibility, character, and room to grow. From the moment you step inside, you'll notice the generous layout and the potential for multi-generational living or added income. Whether you're looking for space, versatility, or a smart investment, this property is worth a closer look. Built in 1938, this two-level home offers 3,128 square feet of living space with aluminum siding and classic wood windows that add to its timeless appeal. Currently set up with two kitchens-one on the main level and one upstairs-the layout opens the door to a possible duplex configuration or extended living arrangement. The main level features 2 bedrooms and 2 full baths, while the upper level offers 2 additional bedrooms, 2 full baths, and the potential for a 5th bedroom. A 2-car detached garage adds convenience, making this a unique property with endless possibilities.

4. 2026-04-17
   listed $220,000 Active
5. 2006-03-24
   soldstatus $155,000 368-char remark

   Show marketing remark (368 chars)

   Restored 2 story in very nice established area of older homes. Home has 2 high-efficency gas furnaces. Kitchen updated and has Butler Pantry and Jennaire Grill, smooth top range. Hardwood floors, leaded glass, Lg cove red porches up and down, 2-C det garage and built-in walnut bookcases in the Library/Den. Lots of room to spread out in this very nice family home.

6. 2006-02-15
   listed $159,900 368-char remark

   Show marketing remark (368 chars)

   Restored 2 story in very nice established area of older homes. Home has 2 high-efficency gas furnaces. Kitchen updated and has Butler Pantry and Jennaire Grill, smooth top range. Hardwood floors, leaded glass, Lg cove red porches up and down, 2-C det garage and built-in walnut bookcases in the Library/Den. Lots of room to spread out in this very nice family home.

7. 2004-02-03
   soldstatus $151,500
8. 2004-02-03
   soldstatus $151,500
9. 2002-08-06
   listed $158,900

ⓘ 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: $4,441 · $370/mo
• Projected year-2 tax: $4,441 · $370/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: $28,620
• − Mortgage interest: −$12,323
• − Property taxes: −$4,441
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,290
• − Management: −$2,290
• − Depreciation: −$6,400
• Taxable loss: −$224
• Est. tax savings @ 24.0%: +$54
• After-tax cash flow: $3,277/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

+38.5% since first listed

9 events — show timeline

• 2026-04-28 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-28 Pending — IRMLS
• 2026-04-22 Listed $220,000 IRMLS
• 2026-04-17 Listed $220,000 MIBOR as Distributed by MLS Grid
• 2006-03-24 Sold (MLS) $155,000 MIBOR as Distributed by MLS Grid
• 2006-02-15 Listed $159,900 MIBOR as Distributed by MLS Grid
• 2004-02-03 Sold (Public Records) $151,500 Public Records
• 2004-02-03 Sold (MLS) $151,500 MIBOR as Distributed by MLS Grid
• 2002-08-06 Listed $158,900 MIBOR as Distributed by MLS Grid

Property tax history

+3.9%/yr

Latest (2025): $4,441 · +101.2% YoY. Source: county tax records.