132 W Berry St · Greencastle, IN 46135

$139,900

2 bd · 1.0 ba · 1,004 sqft · SingleFamily public records · 50 Days on market

Built 1900 10,019 sqft lot Est $161k · 13% 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 +23.1/30.0
• ARV discount +13.3/15.0
• DSCR +7.4/10.0
• 1% rule +5.5/10.0
• Livability +3.7/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

The single family residence located at 132 W Berry ST in GREENCASTLE, IN, USA, offers a distinct presence, having been established in 1900. Within the home, two private bedrooms provide peaceful retreats, each offering a personal space for quiet contemplation and rest. A complete full bathroom serves the needs of the household, providing a functional area for daily routines. The comfortable living area encompasses 1004 square feet, thoughtfully arranged on a single level for effortless daily living. This interior space is complemented by a substantial lot spanning 10019 square feet, presenting a vast outdoor expanse for cultivating personal gardens or enjoying open-air activities. This hom

Key facts

• 0.23 acre lot
• Garage
• Built 1900

Property features AI

Exterior

• Parking: Detached garage (1 car)
• Utilities: Public water; Municipal sewer connected; No solid waste service indicated
• Home design: Single family residence; One story; Residential property
• Construction: Vinyl siding; Full foundation
• Exterior features: Covered patio/porch; Storage shed; Less than 1/4 acre lot (approximately 0.23 acre)

Interior

• Kitchen: Microwave; Electric oven; Refrigerator; Exhaust fan
• Bedrooms: 2 bedrooms (both on the main level)
• Bathrooms: 1 full bathroom (on the main level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Covered patio/porch; Storage shed; Has basement; Has view
• Laundry & utility: Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $250 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $140k).
• Recommended offer: $136k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.4% vs local median 4.3% in Greencastle — 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 (#108 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• Greencastle Community School Corporation (town): math 38% / reading 42% proficiency, ranked #145 of 301 in IN (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Martha J Ridpath Elementary School (199 students, 70% FRL); Greencastle High School (math 42% / reading 67%, grade C-, #79 of 369 statewide, top 26%, 498 students, 49% FRL) — zoned schools average 60% FRL vs 38% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 54% at this address vs 40% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Greencastle Community School Corporation average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 97 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 166 units permitted in Putnam County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Putnam County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($136k) 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.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $135,703 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.05% ✓
• Cap rate: 8.44%
• Cash-on-cash: 7.67%
• DSCR: 1.34
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $160,640
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7 Beveridge St	0.21mi	2/1.0	1,012 (+1%)	0mo	$130,000	$128	89
114 W Berry St	0.08mi	3/1.5 (+1)	1,012 (+1%)	20mo	$180,000	$178	71
510 Ohio St	0.68mi	3/1.5 (+1)	1,012 (+1%)	4mo	$175,000	$173	57
8 W Seminary St	0.63mi	2/2.0	983 (-2%)	15mo	$120,000	$122	51
405 E Berry St	0.57mi	3/1.0 (+1)	1,092 (+9%)	8mo	$175,000	$160	47
903 S Locust St	0.45mi	2/1.0	1,132 (+13%)	14mo	$195,000	$172	46
301 S Jackson St	0.63mi	2/1.0	1,096 (+9%)	15mo	$141,000	$129	43
303 S Jackson St	0.62mi	2/1.0	1,122 (+12%)	15mo	$195,000	$174	39
512 Maple Ave	0.75mi	3/1.0 (+1)	1,074 (+7%)	13mo	$110,000	$102	37

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -4.6%
• Equity multiple: 0.83×
• Total profit: $-6,729
• Equity at exit: $20,860

10-year hold

• IRR: 5.1%
• Equity multiple: 1.37×
• Total profit: $14,638
• Equity at exit: $12,096

Cash invested: $39,172 (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 46135

• Home prices YoY: -20.8%
• Active inventory: 97
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,474 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$122 /mo · $1,464/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$310
• Net cashflow: $250

Break-even live

Break-even rent $1,157

Max offer price $139,900

Occupancy floor 78%

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
408 W Washington St Unit B Greencastle, IN	3.0	2.0	1300	$1,650	$1.27	11d	1	0.75mi
810 N Madison St Unit 1 Greencastle, IN	3.0	1.0	1200	$1,200	$1.00	2d	1	1.26mi

Listing history 4 events

1. 2026-05-11
   status Pending
2. 2026-05-08
   status Active
3. 2026-04-28
   status Pending
4. 2026-03-12
   listed $139,900 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: $1,464 · $122/mo
• Projected year-2 tax: $1,464 · $122/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 ≥103°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: $17,687
• − Mortgage interest: −$7,837
• − Property taxes: −$1,464
• − Insurance: −$700
• − Repairs & maintenance: −$1,415
• − Management: −$1,415
• − Depreciation: −$4,070
• Taxable income: $787
• Est. tax owed @ 24.0%: −$189
• After-tax cash flow: $2,816/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: Greencastle Community School Corporation
• NCES district ID: 1803990
• Math proficiency: 38% ▼ -5.00%
• Reading proficiency: 42% ▼ -6.00%
• Median HH income: $46,694
• Composite: 34.17/100
• National rank: #5276
• State rank: #145 of 301 in IN

Livability — Greencastle

• Score: 73/100
• State rank: #108
• US rank: #5665

Category grades

Amenities F Commute F Cost of living A+ Crime C Employment C- Housing A+ Health & safety C+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Greencastle, IN
• Population (ZIP): 19,639

Population outlook (Putnam County) Hauer SSP2

• Today (2025): 37,226 people
• By 2030: 36,723 · -1.4%
• By 2040: 35,407 · -4.9%
• By 2050: 34,177 · -8.2%
• By 2075: 32,038 · -13.9%
• By 2100: 28,380 · -23.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Black 6% Two or more races 4% Hispanic / Latino 3% Asian 2%
• Common ancestry: Italian 2% Slovak 2% Lithuanian 1%
• Foreign-born: 4% · China, Canada
• Languages at home: 96% English-only · Spanish 1% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Putnam

• 2024 margin: Solid R (+52.0) · D 23.1% · R 75.1% · Other 1.8%
• 2008→2024 swing: -40.0pp toward R · 2008: -12.0pp · 2024: -52.0pp
• All cycles: 2024: R+52.0 2020: R+50.2 2016: R+49.6 2012: R+32.6 2008: R+12.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -58.66%
• Current HPI: 222.8815
• Rent YoY: —
• Metro: —
• 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

• 2026-05-11 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-08 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-28 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-12 Listed $139,900 MIBOR as Distributed by MLS Grid

Property tax history

+2.8%/yr

Latest (2024): $1,464 · +14.7% YoY. Source: county tax records.