2402 N Liberty Lakes Dr · Greensburg, IN 47240

$360,900

3 bd · 2.5 ba · 2,157 sqft · SingleFamily · 1 Days on market

Built 2026 Excellent condition 7,299 sqft lot Est $300k · 20% over $8/mo HOA

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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 +23.2/30.0
• DSCR +7.5/10.0
• 1% rule +6.1/10.0
• Condition / age +4.8/5.0
• Schools +3.8/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Under Construction - Beautiful 3 Bedroom, 2.5 Bath Home! This thoughtfully designed home offers 3 bedrooms, 2.5 baths, 9-foot ceilings on the main floor, a 2-car garage with a 6-foot bump-out, and a charming covered front porch. The spacious family room flows seamlessly into the bright sunroom and well-appointed kitchen, creating the perfect space for everyday living and entertaining. The kitchen features stunning Aristokraft cabinets with staggered heights and crown molding, quartz countertops, a center island, ceramic tile flooring, sleek black appliances, and a pantry for additional storage. Just off the garage entry, you'll find a convenient mudroom and separate half bath with ceramic

Key facts

• Covered front porch
• 9 foot ceilings
• Aristokraft cabinets

Tags

• 9 FOOT CEILINGS
• COVERED FRONT PORCH
• SPACIOUS FAMILY ROOM
• BRIGHT SUNROOM
• WELL APPOINTED KITCHEN
• ARISTOKRAFT CABINETS

Property features AI

Finance

• Other: Ownership includes mandatory fee
• HOA & community: HOA with an annual fee of $100

Exterior

• Parking: Attached garage with garage door opener; Two garage spaces; Concrete driveway/parking
• Utilities: Public water; Municipal sewer connected; Solid waste: No
• Home design: Single-family residence; Two levels; New construction (Trim stage)
• Construction: Vinyl siding with stone accents; Slab foundation; Built by Beacon Builders
• Exterior features: On waterfront; Lot under 1/4 acre (about 0.17 acre)

Interior

• Kitchen: Dishwasher; Electric oven; Microwave with hood; Disposal; Pantry; Kitchen island; Eat-in kitchen; Breakfast bar
• Bedrooms: Primary bedroom with walk-in closet; Three upper-level bedrooms
• Bathrooms: Two full bathrooms; One half bathroom; Primary bathroom with double sinks, full tub, and separate shower (tub full with separate shower and shower stall noted)
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Attic access; Breakfast bar; High ceilings; Kitchen island; Eat-in kitchen; Pantry; Smart thermostat; Walk-in closets; Painted woodwork
• Laundry & utility: In-unit laundry; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $361k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $654 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $361k).
• Cap rate 8.5% vs local median 5.9% in Greensburg — 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 69/100 on livability (#200 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: employment C-, amenities F, commute F.
• Greensburg Community Schools (town): math 38% / reading 51% proficiency, ranked #102 of 301 in IN (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Greensburg Elementary (math 60% / reading 47%, grade C, #225 of 994 statewide, top 23%, 1,037 students, 55% FRL); Greensburg Community High School (math 27% / reading 67%, grade D-, #143 of 369 statewide, top 44%, 671 students, 44% FRL).
• Market conditions: 157 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 66 units permitted in Decatur County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Decatur County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $360,900

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.11% ✓
• Cap rate: 8.47%
• Cash-on-cash: 7.77%
• DSCR: 1.35
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $299,823
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2333 N Liberty Lks Dr	0.08mi	3/2.5	2,180 (+1%)	5mo	$308,965	$142	90
2346 N Liberty Lakes Dr	0.07mi	4/2.5 (+1)	2,180 (+1%)	4mo	$311,000	$143	87
2345 N Liberty Lakes Dr	0.02mi	4/2.5 (+1)	1,997 (-7%)	3mo	$278,285	$139	80
806 W 14th St	0.52mi	4/2.5 (+1)	2,116 (-2%)	17mo	$267,900	$127	54
911 W 11th St	0.74mi	3/2.0	1,951 (-10%)	11mo	$207,700	$106	38

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: -4.4%
• Equity multiple: 0.83×
• Total profit: $-16,766
• Equity at exit: $53,811

10-year hold

• IRR: 5.3%
• Equity multiple: 1.39×
• Total profit: $39,297
• Equity at exit: $31,204

Cash invested: $101,052 (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 47240

• Home prices YoY: -25.0%
• Active inventory: 157
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $3,995 medium
• Mortgage (P&I): −$1,893
• Tax est. 1.5%: −$451 /mo · $5,414/yr
• Insurance: −$150
• HOA: −$8
• Vacancy / Maint / Mgmt: −$839
• Net cashflow: $654

Break-even live

Break-even rent $3,167

Max offer price $360,900

Occupancy floor 79%

Sensitivity live

Price	-10% $903	-5% $779	+0% $654	+5% $529	+10% $405
Rent	-10% $338	-5% $496	+0% $654	+5% $812	+10% $970
Rate	-1.0pp $836	-0.5pp $746	base $654	+0.5pp $560	+1.0pp $465

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: $90,225
• Closing costs: $10,827
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1011 N Anderson St Greensburg, IN	3.0	2.5	1620	$3,995	$2.47	13d	1	1.02mi

HOA detail

• Monthly dues: $8 · $96/yr

Listing history 2 events

1. 2026-06-12
   remarks 699-char remark
2. 2026-06-12
   listed $360,900 Pending 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 · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $47,940
• − Mortgage interest: −$20,216
• − Property taxes: −$5,414
• − Insurance: −$1,804
• − Repairs & maintenance: −$3,835
• − Management: −$3,835
• − HOA: −$96
• − Depreciation: −$10,499
• Taxable income: $2,241
• Est. tax owed @ 24.0%: −$538
• After-tax cash flow: $7,310/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

Excellent 95/100 None rehab

This home is in excellent condition with no visible repairs or maintenance needed. It is a beautiful 3-bedroom, 2.5-bath home with a spacious family room and a charming covered front porch. The home is under construction and is move-in ready.

Value-add opportunities

• Both Painting the exterior — Painting the exterior can improve the curb appeal and increase the home's value.
• Both Landscaping improvements — Improving the landscaping can enhance the curb appeal and increase the home's value.
• Both Interior updates (e.g., new flooring, paint, and appliances) — Updating the interior can improve the home's condition and increase its value for both resale and rental purposes.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior — Painting the exterior can improve the curb appeal and increase the home's value. ↑
• Both Landscaping improvements — Improving the landscaping can enhance the curb appeal and increase the home's value. ↑
• Both Interior updates (e.g., new flooring, paint, and appliances) — Updating the interior can improve the home's condition and increase its value for both resale and rental purposes. ↑

ⓘ 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: Greensburg Community Schools
• NCES district ID: 1804080
• Math proficiency: 38% ▼ -7.00%
• Reading proficiency: 51% ▼ -2.00%
• Median HH income: $47,723
• Composite: 37.96/100
• National rank: #4301
• State rank: #102 of 301 in IN

Livability — Greensburg

• Score: 69/100
• State rank: #200
• US rank: #8922

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Greensburg, IN
• Population (ZIP): 21,514

Population outlook (Decatur County) Hauer SSP2

• Today (2025): 27,709 people
• By 2030: 28,278 · +2.1%
• By 2040: 29,195 · +5.4%
• By 2050: 29,512 · +6.5%
• By 2075: 29,835 · +7.7%
• By 2100: 27,192 · -1.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Slovak 2% Serbian 1% Romanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Decatur

• 2024 margin: Solid R (+58.5) · D 19.9% · R 78.4% · Other 1.8%
• 2008→2024 swing: -34.1pp toward R · 2008: -24.4pp · 2024: -58.5pp
• All cycles: 2024: R+58.5 2020: R+58.1 2016: R+57.4 2012: R+40.5 2008: R+24.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -70.13%
• Current HPI: 210.3591
• 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

2 events — show timeline

• 2026-06-12 Pending — MIBOR as Distributed by MLS Grid
• 2026-06-11 Listed $360,900 MIBOR as Distributed by MLS Grid