408 N Carver St · Greensburg, IN 47240

$59,900

2 bd · 1.0 ba · 1,044 sqft · SingleFamily public records · 20 Days on market

Built 1890 0.29 ac lot $57/sqft · 55% below area ↓ 13% since listing

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.8/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

3 bedroom 1 bath with a two car attached garage ready for your repairs and updates! Perfect for rental, flip, or sweat equity buyer.

Key facts

• 0.29 acre lot
• 2 garage spots
• Built 1890

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $547 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $59k (1.5% below list) — sets the bar for market timing.
• Cap rate 17.2% 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-, schools D+, amenities 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.
• Market conditions: 155 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $414 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($59k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $59,001 (1.5% below list)

Questions for the listing agent

1. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 2.15% ✓
• Cap rate: 17.25%
• Cash-on-cash: 39.12%
• DSCR: 2.74
• GRM: 3.9

CMA / ARV

• ARV (median comp): $150,315
• List price: $59,900
• Delta: -60.15%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
319 N Ireland St	0.14mi	2/1.0	951 (-9%)	2mo	$120,000	$126	77
408 N Carver St	0.00mi	3/1.0 (+1)	1,174 (+12%)	0mo	$61,500	$52	74
312 W 2nd St	0.38mi	3/1.0 (+1)	1,054 (+1%)	4mo	$200,000	$190	73
319 N Carver St	0.06mi	2/1.0	896 (-14%)	2mo	$130,000	$145	72
601 W Washington St	0.19mi	2/1.0	893 (-14%)	3mo	$155,000	$174	64
141 W 4th St	0.56mi	2/1.0	993 (-5%)	3mo	$178,000	$179	64
116 W Forsythe St	0.60mi	3/1.0 (+1)	1,012 (-3%)	3mo	$147,000	$145	60
324 W 3rd St	0.44mi	2/1.0	925 (-11%)	4mo	$140,000	$151	57
918 N Tralan Dr	0.70mi	3/1.0 (+1)	1,056 (+1%)	4mo	$183,000	$173	57
205 E 4th St	0.69mi	3/1.0 (+1)	1,119 (+7%)	1mo	$189,000	$169	50
334 S Monfort St	0.52mi	2/1.0	896 (-14%)	7mo	$16,000	$18	46
146 W Forsythe St	0.56mi	2/1.0	891 (-15%)	4mo	$145,000	$163	46

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: 35.4%
• Equity multiple: 2.50×
• Total profit: $25,167
• Equity at exit: $8,931

10-year hold

• IRR: 42.2%
• Equity multiple: 4.99×
• Total profit: $66,967
• Equity at exit: $5,179

Cash invested: $16,772 (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: 155
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,286 high
• Mortgage (P&I): −$314
• Tax from tax record: −$130 /mo · $1,562/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$270
• Net cashflow: $547

Break-even live

Break-even rent $594

Max offer price $59,900

Occupancy floor 52%

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1304 E Liberty Cir Greensburg, IN	2.0	1.0	958	$1,249	$1.30	12d	1	0.88mi
1651 W Kole Dr Unit A Greensburg, IN	3.0	2.0	1075	$1,350	$1.26	23d	1	1.27mi
2191 N Broadway St Greensburg, IN	1.0	1.0	741	$1,075	$1.45	14d	1	1.29mi
2193 N Broadway St Greensburg, IN	2.0	2.0	1013	$1,324	$1.31	14d	1	1.29mi
2303 N Broadway St Greensburg, IN	2.0	2.0	1100	$1,399	$1.27	23d	1	1.39mi

Listing history 3 events

1. 2026-05-12
   status Pending 132-char remark

   Show marketing remark (132 chars)

   3 bedroom 1 bath with a two car attached garage ready for your repairs and updates! Perfect for rental, flip, or sweat equity buyer.

2. 2026-05-04
   price $59,900 132-char remark

   Show marketing remark (132 chars)

   3 bedroom 1 bath with a two car attached garage ready for your repairs and updates! Perfect for rental, flip, or sweat equity buyer.

3. 2026-04-22
   listed $69,000 Active 132-char remark

   Show marketing remark (132 chars)

   3 bedroom 1 bath with a two car attached garage ready for your repairs and updates! Perfect for rental, flip, or sweat equity buyer.

ⓘ 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: $1,562 · $130/mo
• Projected year-2 tax: $1,562 · $130/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 4/10 Moderate 7 d/yr ≥102°F today · 19 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: $15,432
• − Mortgage interest: −$3,355
• − Property taxes: −$1,562
• − Insurance: −$300
• − Repairs & maintenance: −$1,235
• − Management: −$1,235
• − Depreciation: −$1,743
• Taxable income: $6,004
• Est. tax owed @ 24.0%: −$1,441
• After-tax cash flow: $5,120/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: 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

-13.2% since first listed

3 events — show timeline

• 2026-05-12 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-04 Price Changed $59,900 MIBOR as Distributed by MLS Grid
• 2026-04-22 Listed $69,000 MIBOR as Distributed by MLS Grid

Property tax history

+0.6%/yr

Latest (2023): $1,562 · +13.2% YoY. Source: county tax records.