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1351 Old Market Sq
Greenwood, IN

1351 Old Market Sq

$430,000
5 bd • 3 ba • 3,408 sf

This analysis was generated by artificial intelligence on 1/26/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

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AI Property Analysis

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List Price

$430,000

Price/Sq.Ft

$126

Year Built

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

• Competitive Price per Square Foot: At $126.17 per sqft, the property is competitively priced compared to the national average of $167/sqft. This suggests the property may offer good value for its size. • Large Living Space: The house offers 3,408 sqft of living space, which is significantly above average for the Greenwood area, providing ample room for families or those who value space. • Five Bedrooms and Three Bathrooms: The 5-bedroom and 3-bathroom layout is ideal for larger families or those who require extra space for guests or home offices. This is a significant advantage over homes with fewer bedrooms and bathrooms. • Greenwood's Median Income: The median income in Greenwood is $79,931. This suggests that the property may be within the reach of a substantial portion of the local population, making it a desirable option for local buyers. • Access to Indianapolis: The property's location in Greenwood provides relatively easy access to Indianapolis, which is a plus for those who work in the city or want to access its amenities.

The Bad

• Limited Property Details: The lack of a property description, room details, and utility information in the listing is a significant drawback. This makes it difficult for potential buyers to assess the property's condition and suitability without a site visit. • Unknown Year Built: The absence of the year built makes it challenging to estimate the property's age and potential maintenance needs. Older homes may require more repairs and updates. • No Specific Features Listed: The listing provides no specific features or upgrades, making it difficult to compare this property to others in the area. This lack of information can make the property less appealing to buyers. • Generic Listing: The listing appears to be a basic entry, lacking the details that buyers often look for. This absence of detail may suggest that the property is not a priority for the seller or their agent. • Unclear Utility Costs: The listing does not provide information on utility costs, which is important for buyers to budget for monthly expenses. This lack of transparency can be a concern for potential buyers.

The Ugly

• Potential for Hidden Issues: The lack of detailed information, including the year built, raises concerns about potential hidden issues with the property's structure, systems, or overall condition. This uncertainty could lead to unexpected costs for repairs or upgrades. • High Initial Investment: While the price per sqft is competitive, the total price of $430,000 is a significant investment, requiring a substantial down payment and resulting in potentially high monthly mortgage payments, which may be difficult for some buyers to manage. • Risk of Bidding Wars: The competitive market in Greenwood may lead to bidding wars, potentially driving the final sale price significantly above the listing price. This could strain a buyer's budget. • Potential for Commute Issues: While the property is located near I-65, this could mean long commutes during rush hour, impacting the quality of life for those who work in Indianapolis. • Unclear Property Taxes: The lack of information about property taxes makes it difficult for buyers to accurately budget for the total cost of ownership. This lack of transparency can lead to financial surprises later.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

• Growing Families: The 5-bedroom, 3-bathroom layout is ideal for families needing ample space. With a median income of $79,931 in Greenwood, families with combined incomes above this threshold should find this property affordable, assuming a standard 20% down payment and a reasonable debt-to-income ratio. • Buyers Prioritizing Space: At 3,408 sqft, this home offers significantly more space than the average home in the Indianapolis metro area, which is typically around 2,000-2,500 sqft. This makes it suitable for those who value larger living areas and multiple rooms. • Commuters to Indianapolis: Given Greenwood's proximity to I-65, this property is well-suited for individuals working in Indianapolis. Buyers should consider the commute during peak hours, which is a common concern in the area. • Buyers Seeking Suburban Lifestyle: Greenwood offers a balance of suburban and rural living, with access to parks, shopping centers, and restaurants. This property is ideal for those who prefer a quieter, more residential environment compared to the downtown core of Indianapolis. • Buyers Comfortable with a Competitive Market: Given the competitive housing market in Greenwood, this property is best for buyers who are prepared to navigate potential bidding wars and a fast-paced transaction process.

Not For

• First-Time Homebuyers on a Tight Budget: Given the competitive market and the property's size, first-time homebuyers with limited financial resources may find this property less attainable. The purchase price of $430,000 may require a higher down payment than what a typical first-time buyer has available. • Buyers Seeking Minimal Maintenance: While not explicitly stated, larger homes tend to require more maintenance. This property may not be suitable for individuals seeking low-maintenance living. • Buyers Prioritizing Walkability: Greenwood is primarily suburban, and this property is likely located in a neighborhood where car dependency is high. Buyers who prefer walkable neighborhoods may find this location less suitable. • Buyers Looking for a Rural Setting: While Greenwood has elements of rural living, it is still a suburb of Indianapolis. Buyers seeking a more remote, rural property might prefer locations further from the city. • Buyers Averse to a Competitive Market: If a buyer is not comfortable with potentially multiple offers and a fast-paced transaction process, this property might not be ideal given the current market conditions in Greenwood.
Demographics
Area Median Income

$79,931

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Risk Assessment

Risk Analysis

• Lack of Detailed Property Information: The absence of a property description, room details, and utility information makes it difficult to assess the property's condition and features comprehensively. Buyers should conduct thorough due diligence. • Market Competition: The competitive housing market in Greenwood means that buyers may face bidding wars, potentially driving the final price above the listing price. This could also lead to rushed purchase decisions. • Commute Issues: While proximity to I-65 is a benefit, it can also lead to traffic congestion, especially during peak hours, making commutes longer and more stressful. Buyers should consider this if they commute to Indianapolis. • Property Taxes: Property taxes in Indiana can be complex and vary significantly within Johnson County. Buyers should verify the exact tax rate for this specific property to avoid any surprises. • Flood Risk: Given the proximity to the White River and its tributaries, buyers should investigate the flood risk for this property and consider flood insurance if necessary. • Unknown Age of Property: The unknown year built makes it difficult to assess potential maintenance costs and the condition of systems (HVAC, plumbing, etc.). This increases the uncertainty about future repair needs.

Financials

Monthly Costs

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$408,000

-5.1% below list price

Median Price

$409,000

Based on 2 recent sales

Price per Sq.Ft

$121

Comparable Properties

1407 Classic Avenue, Greenwood, IN 46143
Price: $407,000
Sq.Ft: 3,230
Beds/Baths: 4/3
$/Sq.Ft:
$1260.1%
Sale Date: 8/22/2024
2806 Welcome Way, Greenwood, IN 46143
Price: $409,000
Sq.Ft: 3,524
Beds/Baths: 4/4
$/Sq.Ft:
$1168.0%
Sale Date: 9/13/2024

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