7 Beveridge St · Greencastle, IN 46135

$139,900

2 bd · 1.0 ba · 928 sqft · SingleFamily public records · 142 Days on market

Built 1900 7,187 sqft lot Est $153k · 9% under

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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).

• Cash flow +14.8/30.0
• ARV discount +11.4/15.0
• DSCR +4.5/10.0
• Livability +3.7/5.0
• Schools +3.4/10.0
• 1% rule +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Your next chapter starts here with this charming bungalow with unlimited potential! Are you searching for a home where you can truly make your mark? Well then, look no further! Located near the DePauw University campus, this 2 BR, 1 BA home w/ 1-car attached Garage is the perfect starter home or investment property, offering a fantastic opportunity to infuse your personal style and creativity from the ground up. This property combines cozy living with practical amenities, like a Kitchen w/ gas stove, refrigerator & microwave included. The massive 11x6 Laundry Room also has tremendous potential, just begging to be combined w/ a Mud Room. The Primary BR and BR #2 share a Full BA w/ s

Key facts

• Covered front porch
• Massive laundry room
• 7,187 sq ft lot

Tags

• NEAR DEPAUW UNIVERSITY
• KITCHEN WITH GAS STOVE
• MASSIVE LAUNDRY ROOM
• COVERED FRONT PORCH
• BACK DECK WITH SEATING
• FULLY FENCED-IN BACKYARD

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 $39 ($468/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 $110k (21.4% below list).
• Recommended offer: $110k (21.4% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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: 98 active listings in the ZIP; 1 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 142 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 19y ago; this cycle's ask has dropped $30k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $46k; list at $140k implies a 207% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $110,000 (21.4% below list)

Questions for the listing agent

1. It's been on market 142 days. Have you received any prior offers? Is the seller open to a 21% 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. 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. 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?
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 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: 6.63%
• Cash-on-cash: 1.19%
• DSCR: 1.05
• GRM: 10.6

CMA / ARV

• ARV (on-the-fly): $153,120
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7 Beveridge St	0.00mi	2/1.0	1,012 (+9%)	0mo	$130,000	$128	85
513 S Illinois St	0.50mi	2/1.0	816 (-12%)	1mo	$135,000	$165	56
114 W Berry St	0.16mi	3/1.5 (+1)	1,012 (+9%)	20mo	$180,000	$178	54
8 W Seminary St	0.47mi	2/2.0	983 (+6%)	15mo	$120,000	$122	52
510 Ohio St	0.51mi	3/1.5 (+1)	1,012 (+9%)	4mo	$175,000	$173	51
501 Moore Ct	0.61mi	2/2.0	840 (-10%)	22mo	$90,000	$107	34

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: -14.5%
• Equity multiple: 0.48×
• Total profit: $-20,256
• Equity at exit: $20,860

10-year hold

• IRR: -5.8%
• Equity multiple: 0.62×
• Total profit: $-14,717
• 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: 98
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $1,100 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$38 /mo · $457/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $39

Break-even live

Break-even rent $1,051

Max offer price $139,900

Occupancy floor 91%

Sensitivity live

Price	-10% $118	-5% $79	+0% $39	+5% $-1	+10% $-40
Rent	-10% $-48	-5% $-4	+0% $39	+5% $82	+10% $126
Rate	-1.0pp $109	-0.5pp $75	base $39	+0.5pp $3	+1.0pp $-34

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 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
501 Illinois St Greencastle, IN	1.0	1.0	650	$1,100	$1.69	0d	1	0.48mi

Listing history 14 events

1. 2026-04-22
   status Pending
2. 2026-04-08
   status Active
3. 2026-03-28
   status Pending
4. 2026-02-18
   price $139,900
5. 2026-01-16
   price $149,900
6. 2025-12-06
   price $159,900
7. 2025-11-18
   listed $169,900 Active
8. 2016-06-29
   soldstatus $45,500
9. 2010-07-09
   historical
10. 2010-04-14
    listed $63,900
11. 2010-03-15
    historical
12. 2009-02-09
    listed $63,900
13. 2007-06-19
    historical
14. 2007-03-21
    listed $74,900

ⓘ 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: $457 · $38/mo
• Projected year-2 tax: $823 · $69/mo
• Expected delta: +$366/yr (+$30/mo · 80.1%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone 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: $13,200
• − Mortgage interest: −$7,837
• − Property taxes: −$457
• − Insurance: −$700
• − Repairs & maintenance: −$1,056
• − Management: −$1,056
• − Depreciation: −$4,070
• Taxable loss: −$1,975
• Est. tax savings @ 24.0%: +$474
• After-tax cash flow: $942/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

+86.8% since first listed

14 events — show timeline

• 2026-04-22 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-08 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-28 Pending — MIBOR as Distributed by MLS Grid
• 2026-02-18 Price Changed $139,900 MIBOR as Distributed by MLS Grid
• 2026-01-16 Price Changed $149,900 MIBOR as Distributed by MLS Grid
• 2025-12-06 Price Changed $159,900 MIBOR as Distributed by MLS Grid
• 2025-11-18 Listed $169,900 MIBOR as Distributed by MLS Grid
• 2016-06-29 Sold (Public Records) $45,500 Public Records
• 2010-07-09 Listing Removed — MIBOR as Distributed by MLS Grid
• 2010-04-14 Listed $63,900 MIBOR as Distributed by MLS Grid
• 2010-03-15 Listing Removed — MIBOR as Distributed by MLS Grid
• 2009-02-09 Listed $63,900 MIBOR as Distributed by MLS Grid
• 2007-06-19 Listing Removed — MIBOR as Distributed by MLS Grid
• 2007-03-21 Listed $74,900 MIBOR as Distributed by MLS Grid

Property tax history

+5.4%/yr

Latest (2024): $457 · +9.0% YoY. Source: county tax records.