114 S Jackson St · Greencastle, IN 46135

$174,900

15 bd · 3.0 ba · 2,475 sqft · MultiFamily public records · 61 Days on market

Built 1900 5,445 sqft lot $71/sqft · 29% below area Est $236k · 26% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Victorian Triplex. Renovation Started, Ready for Completion. Value-Add Opportunity. Unlock the potential of this classic Victorian triplex where major renovation work has already been started-but now needs the right investor to bring it across the finish line. HVAC, Electrical, and Plumbing has the major work completed. This is a stalled project opportunity, perfect for a buyer looking to step into a partially completed renovation and create serious upside. Each unit includes a brand-new appliance package (ready for installation), allowing you to complete the project with modern finishes while preserving the character and charm that make Victorian properties stand out in the rental market. 3-unit Victorian triplex with strong architectural appeal. Renovation started by previous owner - not completed. Opportunity to customize finishes and maximize ARV. Significant upside potential with completion. Ideal for investors seeking: A value-add multi-family project. Ability to build equity through completion. Strong after-repair value (ARV) and rental income potential. A project with a head start-without starting from scratch. This is your chance to take over a partially completed project and turn it into a high-performing income-producing property. Run the DSCR numbers on this one! Finish it. Stabilize it. Cash flow it!

Key facts

• Multi-family project
• Victorian triplex
• Customize finishes

Tags

• VICTORIAN TRIPLEX
• BRAND-NEW APPLIANCE PACKAGE
• STRONG ARCHITECTURAL APPEAL
• CUSTOMIZE FINISHES
• MULTI-FAMILY PROJECT
• RENTAL INCOME POTENTIAL

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $175k.

Deal economics

• At list price, monthly cash flow is $2k ($29k/yr) — positive. Per door: $802/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $175k).
• Recommended offer: $164k (6.0% below list) — sets the bar for market timing.
• Cap rate 22.8% 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: schools C-, employment C-, amenities 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.
• Market conditions: 97 active listings in the ZIP; 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 $1k of loan paydown is wiped out by about $5k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 15 sale attempts since 27y ago 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 $164,406 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 2.65% ✓
• Cap rate: 22.81%
• Cash-on-cash: 58.98%
• DSCR: 3.62
• GRM: 3.1

CMA / ARV

• ARV (median comp): $235,508
• List price: $174,900
• Delta: -25.74%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 57.6%
• Equity multiple: 3.55×
• Total profit: $125,047
• Equity at exit: $26,078

10-year hold

• IRR: 62.5%
• Equity multiple: 7.26×
• Total profit: $306,665
• Equity at exit: $15,122

Cash invested: $48,972 (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 46135

• Home prices YoY: -20.8%
• Active inventory: 97
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $4,629 medium
• Mortgage (P&I): −$917
• Tax from tax record: −$260 /mo · $3,120/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$972
• Net cashflow: $2,407

Break-even live

Break-even rent $1,582

Max offer price $174,900

Occupancy floor 43%

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$4,629
Total (3 units)			$4,629

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: $43,725
• Closing costs: $5,247
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-03-26
   listed $174,900 Active 1334-char remark

   Show marketing remark (1334 chars)

   Victorian Triplex. Renovation Started, Ready for Completion. Value-Add Opportunity. Unlock the potential of this classic Victorian triplex where major renovation work has already been started-but now needs the right investor to bring it across the finish line. HVAC, Electrical, and Plumbing has the major work completed. This is a stalled project opportunity, perfect for a buyer looking to step into a partially completed renovation and create serious upside. Each unit includes a brand-new appliance package (ready for installation), allowing you to complete the project with modern finishes while preserving the character and charm that make Victorian properties stand out in the rental market. 3-unit Victorian triplex with strong architectural appeal. Renovation started by previous owner - not completed. Opportunity to customize finishes and maximize ARV. Significant upside potential with completion. Ideal for investors seeking: A value-add multi-family project. Ability to build equity through completion. Strong after-repair value (ARV) and rental income potential. A project with a head start-without starting from scratch. This is your chance to take over a partially completed project and turn it into a high-performing income-producing property. Run the DSCR numbers on this one! Finish it. Stabilize it. Cash flow it!

2. 2024-04-10
   soldstatus $160,000 Closed 945-char remark

   Show marketing remark (945 chars)

   ATTENTION all investors and landlords; this triplex is a historical house in Putnam County! The hard work has been done in cleaning it out and starting the remodeling process; the roof is close to a year old! This triplex is within walking distance of DePauw, Greencastle Square, and many other businesses. This triplex has so much potential to convert the three individual apartments, an Air BnB, into one big home for larger families. It still has a lot of the original floors, woodwork, and doors including the knobs and hinges. Put your charm into this diamond in the rough and watch it sparkle. Corner location with off-street parking in the back, a fantastic front porch to enjoy hearing the music from the square during First Fridays, the Music Fest, and all the exciting activities that Greencastle has to offer. This is a historical home in Putnam County and it is begging for your personal touch! Contact your favorite realtor today!

3. 2024-02-22
   status Pending 945-char remark

   Show marketing remark (945 chars)

   ATTENTION all investors and landlords; this triplex is a historical house in Putnam County! The hard work has been done in cleaning it out and starting the remodeling process; the roof is close to a year old! This triplex is within walking distance of DePauw, Greencastle Square, and many other businesses. This triplex has so much potential to convert the three individual apartments, an Air BnB, into one big home for larger families. It still has a lot of the original floors, woodwork, and doors including the knobs and hinges. Put your charm into this diamond in the rough and watch it sparkle. Corner location with off-street parking in the back, a fantastic front porch to enjoy hearing the music from the square during First Fridays, the Music Fest, and all the exciting activities that Greencastle has to offer. This is a historical home in Putnam County and it is begging for your personal touch! Contact your favorite realtor today!

4. 2024-02-16
   listed $160,000 Active 945-char remark

   Show marketing remark (945 chars)

   ATTENTION all investors and landlords; this triplex is a historical house in Putnam County! The hard work has been done in cleaning it out and starting the remodeling process; the roof is close to a year old! This triplex is within walking distance of DePauw, Greencastle Square, and many other businesses. This triplex has so much potential to convert the three individual apartments, an Air BnB, into one big home for larger families. It still has a lot of the original floors, woodwork, and doors including the knobs and hinges. Put your charm into this diamond in the rough and watch it sparkle. Corner location with off-street parking in the back, a fantastic front porch to enjoy hearing the music from the square during First Fridays, the Music Fest, and all the exciting activities that Greencastle has to offer. This is a historical home in Putnam County and it is begging for your personal touch! Contact your favorite realtor today!

5. 2022-07-14
   soldstatus $90,000 Closed
6. 2022-06-29
   status Pending
7. 2022-06-06
   status Active
8. 2022-05-24
   status Pending
9. 2022-05-20
   status Active
10. 2022-05-16
    historical
11. 2022-04-26
    status Active
12. 2022-04-26
    status Pending
13. 2022-03-14
    status Active
14. 2022-03-03
    status Pending
15. 2021-12-13
    price $119,900
16. 2021-11-16
    listed $124,900 Active
17. 2015-08-26
    historical
18. 2014-10-27
    listed $110,000
19. 2012-08-19
    historical
20. 2012-07-19
    historical
21. 2012-02-29
    listed $129,900
22. 2012-01-23
    listed $129,900
23. 2011-10-28
    historical
24. 2011-10-28
    historical
25. 2011-04-28
    listed $129,000
26. 2011-04-28
    listed $129,000
27. 2010-04-02
    historical
28. 2010-04-02
    historical
29. 2007-05-04
    listed $129,900
30. 2007-05-04
    listed $129,900
31. 2000-01-14
    historical
32. 1999-07-14
    listed $139,900

ⓘ 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: $3,120 · $260/mo
• Projected year-2 tax: $3,120 · $260/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 ≥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: $55,548
• − Mortgage interest: −$9,797
• − Property taxes: −$3,120
• − Insurance: −$874
• − Repairs & maintenance: −$4,444
• − Management: −$4,444
• − Depreciation: −$5,088
• Taxable income: $27,781
• Est. tax owed @ 24.0%: −$6,667
• After-tax cash flow: $22,215/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

+25.0% since first listed

32 events — show timeline

• 2026-03-26 Listed $174,900 MIBOR as Distributed by MLS Grid
• 2024-04-10 Sold (MLS) $160,000 MIBOR as Distributed by MLS Grid
• 2024-02-22 Pending — MIBOR as Distributed by MLS Grid
• 2024-02-16 Listed $160,000 MIBOR as Distributed by MLS Grid
• 2022-07-14 Sold (MLS) $90,000 MIBOR as Distributed by MLS Grid
• 2022-06-29 Pending — MIBOR as Distributed by MLS Grid
• 2022-06-06 Relisted — MIBOR as Distributed by MLS Grid
• 2022-05-24 Pending — MIBOR as Distributed by MLS Grid
• 2022-05-20 Relisted — MIBOR as Distributed by MLS Grid
• 2022-05-16 Listing Removed — MIBOR as Distributed by MLS Grid
• 2022-04-26 Relisted — MIBOR as Distributed by MLS Grid
• 2022-04-26 Pending — MIBOR as Distributed by MLS Grid
• 2022-03-14 Relisted — MIBOR as Distributed by MLS Grid
• 2022-03-03 Pending — MIBOR as Distributed by MLS Grid
• 2021-12-13 Price Changed $119,900 MIBOR as Distributed by MLS Grid
• 2021-11-16 Listed $124,900 MIBOR as Distributed by MLS Grid
• 2015-08-26 Listing Removed — MIBOR as Distributed by MLS Grid
• 2014-10-27 Listed $110,000 MIBOR as Distributed by MLS Grid
• 2012-08-19 Listing Removed — MIBOR as Distributed by MLS Grid
• 2012-07-19 Listing Removed — MIBOR as Distributed by MLS Grid
• 2012-02-29 Listed $129,900 MIBOR as Distributed by MLS Grid
• 2012-01-23 Listed $129,900 MIBOR as Distributed by MLS Grid
• 2011-10-28 Listing Removed — MIBOR as Distributed by MLS Grid
• 2011-10-28 Listing Removed — MIBOR as Distributed by MLS Grid
• 2011-04-28 Listed $129,000 MIBOR as Distributed by MLS Grid
• 2011-04-28 Listed $129,000 MIBOR as Distributed by MLS Grid
• 2010-04-02 Listing Removed — MIBOR as Distributed by MLS Grid
• 2010-04-02 Listing Removed — MIBOR as Distributed by MLS Grid
• 2007-05-04 Listed $129,900 MIBOR as Distributed by MLS Grid
• 2007-05-04 Listed $129,900 MIBOR as Distributed by MLS Grid
• 2000-01-14 Listing Removed — MIBOR as Distributed by MLS Grid
• 1999-07-14 Listed $139,900 MIBOR as Distributed by MLS Grid

Property tax history

+1.4%/yr

Latest (2024): $3,120 · +9.9% YoY. Source: county tax records.