232 & 234 W Mckenzie Rd · Greenfield, IN 46140

$249,900

4 bd · 2.0 ba · 1,920 sqft · MultiFamily · 10 Days on market

Built 1971 Good condition 9,104 sqft lot

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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 +23.0/30.0
• ARV discount +7.5/15.0
• DSCR +7.4/10.0
• 1% rule +6.0/10.0
• Schools +4.0/10.0
• Condition / age +3.8/5.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

This double consists of 2 two bedroom 1 bath units. Each was updated about 10 years ago with Furnaces, AC's, water heaters, roof, gutters, kitchen's and baths. Unit 234 had water heater replaced in 2019. Both units are occupied. Unit 232 was repainted just before current tenant moved in July 2025. This unit is leased through July 2026 then automatically goes on a month to month. Current rent is $1200 per month. This tenant gets use of the shed. Unit 234 is on a month to month agreement at $735 per month. Has been in there for 10 years and has smoked heavily in the unit. Tenants pay gas and electric. Landlord pays water, sewer, stormwater, trash and lawn care. Unit 232 LR: 16x13, Kitc

Key facts

• 9,104 sq ft lot
• Built 1971
• Listed 10 days

Property features AI

Finance

• Other: Property is listed as Residential Income (duplex); Total building area reported as 1,920 square feet; Lot size about 0.21 acres (<1/4 acre); Current use: apartment (fewer than 20 units)
• Financial info: Two total units; Gross annual income reported at $23,220; Expenses reported at $8,276; Owner pays insurance, lawn care, taxes, sewer, trash collection, and water; Unit rents reported: one unit $735/month, another unit $1,200/month

Exterior

• Parking: Concrete parking; Other designated unit parking
• Utilities: Public water; Public sewer
• Home design: Duplex (residential income); One story
• Construction: Brick and other construction materials; Shingle/asphalt roof; Crawl space foundation
• Exterior features: Asphalt road access with street cuts; Asphalt driveway/road surface

Interior

• Kitchen: Unit 2 includes an eat-in kitchen with range/oven and refrigerator
• Bedrooms: Two 2-bedroom units
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Mini barn on the property; South-facing
• Laundry & utility: Shared laundry room

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $250k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $444 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Cap rate 8.4% 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+, schools B; 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.
• 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 40% 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 10 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $249,900

Questions for the listing agent

1. Built in 1971 — 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 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: 1.10% ✓
• Cap rate: 8.42%
• Cash-on-cash: 7.61%
• DSCR: 1.34
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.88% rent growth · sell at horizon

5-year hold

• IRR: -4.8%
• Equity multiple: 0.82×
• Total profit: $-12,511
• Equity at exit: $37,261

10-year hold

• IRR: 4.8%
• Equity multiple: 1.35×
• Total profit: $24,324
• Equity at exit: $21,607

Cash invested: $69,972 (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: 15.2×

Monthly cashflow live

• Estimated rent: $2,748 medium
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,748/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$577
• Net cashflow: $444

Break-even live

Break-even rent $2,186

Max offer price $249,900

Occupancy floor 79%

Sensitivity live

Price	-10% $617	-5% $530	+0% $444	+5% $358	+10% $271
Rent	-10% $227	-5% $335	+0% $444	+5% $552	+10% $661
Rate	-1.0pp $570	-0.5pp $507	base $444	+0.5pp $379	+1.0pp $313

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,748
Total (2 units)			$2,748

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1027 E Fourth St Greenfield, IN	3.0	2.0	1430	$1,700	$1.19	24d	1	1.27mi
2242 Collins Way Greenfield, IN	3.0	2.5	1368	$1,715	$1.25	17d	1	1.37mi

Listing history 8 events

1. 2026-06-18
   days on market $249,900 Active 10 DOM
2. 2026-06-17
   days on market $249,900 Active 9 DOM
3. 2026-06-16
   days on market $249,900 Active 8 DOM
4. 2026-06-15
   days on market $249,900 Active 7 DOM
5. 2026-06-13
   days on market $249,900 Active 5 DOM
6. 2026-06-13
   days on market $249,900 Active 4 DOM
7. 2026-06-09
   remarks 699-char remark
8. 2026-06-09
   listed $249,900 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $32,976
• − Mortgage interest: −$13,998
• − Property taxes: −$3,748
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,638
• − Management: −$2,638
• − Depreciation: −$7,270
• Taxable income: $1,434
• Est. tax owed @ 24.0%: −$344
• After-tax cash flow: $4,983/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 · 3 photos

Good 75/100 Cosmetic rehab

This double family home is in good condition with recent updates. It has a good exterior and interior, and is ready for a fresh coat of paint and some landscaping to enhance its curb appeal and value.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and resale value
• Both Landscaping improvements — Improves curb appeal and rental value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and resale value ↑
• Both Landscaping improvements — Improves curb appeal and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

1 event — show timeline

• 2026-06-08 Listed $249,900 MIBOR as Distributed by MLS Grid