482 Spring Dr · Greenwood, IN 46143

$278,000

4 bd · 2.0 ba · 2,076 sqft · SingleFamily public records · 10 Days on market

Built 1975 0.25 ac lot Est $309k · 10% 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 +13.7/30.0
• ARV discount +12.1/15.0
• DSCR +4.1/10.0
• Schools +4.0/10.0
• Livability +3.7/5.0
• Rent growth +3.0/5.0
• 1% rule +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Wonderful two-story family home located in popular Greenwood! Home features beautiful laminate hardwood floors throughout. Relax by the fireplace in the cozy family room or step outside for some sunshine on the back deck. Cool off this summer with family and friends in the pool or under the covered porch. Mini barn storge for all the pool tools. Conveniently located to Greenwood Mall, local eateries and entertainment. I65 is just a few miles for travel and commute.

Key facts

• In-ground pool
• Dead-end street
• New counters

Tags

• IN-GROUND POOL
• DEAD-END STREET
• NO HOA
• NEW MINI SPLIT SYSTEM
• NEWER KITCHEN APPLIANCES
• NEW COUNTERS

Property features AI

Finance

• Other: Property sits on approximately 0.25 acre (1/4–1/2 acre range)

Exterior

• Parking: Attached 2-car garage with service door
• Security: Smoke detectors installed
• Utilities: Public water; Municipal sewer connected; Electricity connected; Natural gas connected; Cable available
• Home design: Single-family residence; Updated/remodeled condition; Two levels; Faces north
• Construction: Aluminum siding with stone accents; Built on crawl space and slab foundations
• Exterior features: Covered patio/porch; Mini barn on the property; Full yard fence; Mature trees

Interior

• Kitchen: Electric oven; Microwave with hood; Dishwasher; Refrigerator; Eat-in kitchen with breakfast bar
• Bedrooms: Four bedrooms total — two on the main level and two on the upper level; Bedroom sizes include 11.5x12 (main), 13x11 (upper), 16.5x11 (upper)
• Bathrooms: Two full bathrooms — one on the main level and one on the upper level
• Heating & cooling: Forced air heating (natural gas); Central air conditioning; Ductless cooling option
• Interior features: Breakfast bar; Vaulted ceilings; Eat-in kitchen; Stained woodwork; Living room is a formal space
• Laundry & utility: Main-level laundry room (6x6); Gas water heater; Water softener (owned)

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $278k.

Deal economics

• At list price, monthly cash flow is $20 ($238/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 $220k (21.0% below list).
• Recommended offer: $220k (21.0% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 4.5% in Greenwood — 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 (#91 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, health & safety F.
• Greenwood Community School Corporation (suburban): math 41% / reading 52% proficiency, ranked #88 of 301 in IN (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Greenwood Northeast Elementary Sch (math 37% / reading 32%, grade F, #597 of 994 statewide, top 63%, 405 students, 82% FRL); Greenwood Community High Sch (math 37% / reading 79%, grade C, #62 of 369 statewide, top 17%, 1,175 students, 43% FRL) — zoned schools average 63% FRL vs 38% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.9%/yr); 79 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,133 units permitted in Johnson 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 $8k of value loss. Plan a longer hold.
• Johnson County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 4y 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.
• Current owner paid $240k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $219,655 (21.0% below list)

Questions for the listing agent

1. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. 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?
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: 0.79% ✗
• Cap rate: 6.38%
• Cash-on-cash: 0.31%
• DSCR: 1.01
• GRM: 10.5

CMA / ARV

• ARV (on-the-fly): $309,324
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
34 Crestview Dr	0.39mi	4/2.0	1,920 (-8%)	14mo	$265,000	$138	57
701 E Fairview Dr	0.73mi	4/2.0	1,904 (-8%)	24mo	$295,000	$155	32
3502 Oak Tree Cir	0.75mi	4/2.0	1,780 (-14%)	16mo	$265,000	$149	28
3632 Country Walk Cir	0.73mi	3/2.0 (-1)	1,867 (-10%)	20mo	$269,900	$145	27

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 · 1.95% rent growth · sell at horizon

5-year hold

• IRR: -16.9%
• Equity multiple: 0.41×
• Total profit: $-46,173
• Equity at exit: $41,451

10-year hold

• IRR: -10.7%
• Equity multiple: 0.38×
• Total profit: $-48,183
• Equity at exit: $24,036

Cash invested: $77,840 (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 46143

• Rents YoY: 1.9%
• Active inventory: 79
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $2,197 medium
• Mortgage (P&I): −$1,458
• Tax from tax record: −$142 /mo · $1,701/yr
• Insurance: −$116
• HOA: −$0
• Vacancy / Maint / Mgmt: −$461
• Net cashflow: $20

Break-even live

Break-even rent $2,171

Max offer price $278,000

Occupancy floor 94%

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: $69,500
• Closing costs: $8,340
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4545 Scarlet Oak Way Indianapolis, IN	1.0–3.0	1.0–2.0	1101	$2,061	$1.87	1d	16	0.52mi
370 Homestead Ave Greenwood, IN	1.0–3.0	1.0–2.0	1135	$2,275	$2.00	1d	26	0.72mi
3624 Fredricksburg Dr Indianapolis, IN	3.0	2.5	1904	$1,776	$0.93	2d	1	1.13mi
745 Wood Dale Ter Greenwood, IN	1.0–3.0	1.0–1.5	1032	$1,659	$1.61	3d	10	1.49mi

Listing history 14 events

1. 2026-06-18
   days on market $278,000 Active 10 DOM
2. 2026-06-17
   pricestatus $278,000 Active 9 DOM
3. 2026-06-07
   statusdays on market $280,000 Pending 9 DOM
4. 2026-06-03
   days on market $280,000 Active 8 DOM
5. 2026-06-02
   days on market $280,000 Active 7 DOM
6. 2026-06-01
   days on market $280,000 Active 6 DOM
7. 2026-05-31
   days on market $280,000 Active 5 DOM
8. 2026-05-26
   listed $280,000 Active
9. 2025-10-01
   historical
10. 2025-09-11
    price $290,000
11. 2025-08-21
    listed $295,000 Active
12. 2022-07-15
    soldstatus $240,000 Closed 469-char remark

    Show marketing remark (469 chars)

    Wonderful two-story family home located in popular Greenwood! Home features beautiful laminate hardwood floors throughout. Relax by the fireplace in the cozy family room or step outside for some sunshine on the back deck. Cool off this summer with family and friends in the pool or under the covered porch. Mini barn storge for all the pool tools. Conveniently located to Greenwood Mall, local eateries and entertainment. I65 is just a few miles for travel and commute.

13. 2022-06-06
    status Pending 469-char remark

    Show marketing remark (469 chars)

    Wonderful two-story family home located in popular Greenwood! Home features beautiful laminate hardwood floors throughout. Relax by the fireplace in the cozy family room or step outside for some sunshine on the back deck. Cool off this summer with family and friends in the pool or under the covered porch. Mini barn storge for all the pool tools. Conveniently located to Greenwood Mall, local eateries and entertainment. I65 is just a few miles for travel and commute.

14. 2022-06-02
    listed $240,000 Active 469-char remark

    Show marketing remark (469 chars)

    Wonderful two-story family home located in popular Greenwood! Home features beautiful laminate hardwood floors throughout. Relax by the fireplace in the cozy family room or step outside for some sunshine on the back deck. Cool off this summer with family and friends in the pool or under the covered porch. Mini barn storge for all the pool tools. Conveniently located to Greenwood Mall, local eateries and entertainment. I65 is just a few miles for travel and commute.

ⓘ 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: $1,701 · $142/mo
• Projected year-2 tax: $2,032 · $169/mo
• Expected delta: +$331/yr (+$28/mo · 19.5%)

ⓘ 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°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 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,359
• − Mortgage interest: −$15,572
• − Property taxes: −$1,701
• − Insurance: −$1,390
• − Repairs & maintenance: −$2,109
• − Management: −$2,109
• − Depreciation: −$8,087
• Taxable loss: −$4,609
• Est. tax savings @ 24.0%: +$1,106
• After-tax cash flow: $1,345/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: Greenwood Community School Corporation
• NCES district ID: 1804110
• Math proficiency: 41% ▼ -12.00%
• Reading proficiency: 52% ▼ -7.00%
• Median HH income: $48,589
• Composite: 39.71/100
• National rank: #3902
• State rank: #88 of 301 in IN

Livability — Greenwood

• Score: 73/100
• State rank: #91
• US rank: #5255

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Greenwood, IN
• County: Johnson County · 154,261 people
• City population: 96,151
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 61,803
• Household income: $91,496
• Rent vs Own: 31.8% rent · 68.2% own
• Severe rent burden: 1513.0

Population outlook (Johnson County) Hauer SSP2

• Today (2025): 170,080 people
• By 2030: 179,983 · +5.8%
• By 2040: 198,580 · +16.8%
• By 2050: 214,661 · +26.2%
• By 2075: 247,990 · +45.8%
• By 2100: 257,821 · +51.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Asian 8% Black 5% Two or more races 5% Hispanic / Latino 5%
• Common ancestry: Slovak 3% Romanian 2% Lithuanian 1%
• Foreign-born: 8% · Canada, Jamaica
• Languages at home: 88% English-only · Other Indo-European 6% Spanish 3% Other Asian/Pacific 1%

Political lean MEDSL · Johnson

• 2024 margin: Solid R (+34.3) · D 32.0% · R 66.3% · Other 1.7%
• 2008→2024 swing: -8.9pp toward R · 2008: -25.5pp · 2024: -34.3pp
• All cycles: 2024: R+34.3 2020: R+34.1 2016: R+42.5 2012: R+38.5 2008: R+25.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -206.72%
• Current HPI: 204.3161
• Rent YoY: ▲ 1.95%
• Metro: Indianapolis-Carmel-Anderson, IN
• 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

+16.7% since first listed

7 events — show timeline

• 2026-05-26 Listed $280,000 MIBOR as Distributed by MLS Grid
• 2025-10-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-09-11 Price Changed $290,000 MIBOR as Distributed by MLS Grid
• 2025-08-21 Listed $295,000 MIBOR as Distributed by MLS Grid
• 2022-07-15 Sold (MLS) $240,000 MIBOR as Distributed by MLS Grid
• 2022-06-06 Pending — MIBOR as Distributed by MLS Grid
• 2022-06-02 Listed $240,000 MIBOR as Distributed by MLS Grid

Property tax history

+8.3%/yr

Latest (2024): $1,701 · -4.9% YoY. Source: county tax records.