1507 W 7th St · Anderson, IN 46016

$169,900

2 bd · 2.0 ba · 1,784 sqft · MultiFamily public records · 233 Days on market

Built 1910 6,072 sqft lot $95/sqft · 233% above area

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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 +25.7/30.0
• DSCR +8.6/10.0
• ARV discount +7.5/15.0
• 1% rule +5.9/10.0
• Rent growth +4.5/5.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

POLE BARN, OUTBUILDING WITH ELECTRICAL AND WORKSHOP. A MECHANIC'S DREAM BUILDING. Located at 1507 W 7th ST, Anderson, IN, this duplex in Madison County has been updated with newer plumbing, electrical, and flooring, windows and more., This property offers a Large outbuilding for mechanics, storage, workshop and more! This property also has incredible potential for income with a 3/2 on one side and a 1/1 on the other. This two-story property with an incredible, large outbuilding is waiting for you to come and see all it has to offer. This charming, duplex offers a remarkable chance to create a living space or live in one side and rent the other. This home is tailored to your unique vision.

Key facts

• 6,072 sq ft lot
• 4 garage spots
• Built 1910

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $170k.

Deal economics

• At list price, monthly cash flow is $408 ($5k/yr) — positive. Per door: $204/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $150k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 6.5% in Anderson — 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 60/100 on livability (#521 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools F, crime D-, amenities F.
• Anderson Community School Corporation (urban): math 15% / reading 23% proficiency, ranked #280 of 301 in IN (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+7.9%/yr); 185 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).
• At $1,853/mo this rent would consume 62% of the median local household income ($36k/yr) (locally 1193% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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.
• Madison County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 7.9% rent growth), your $48k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 233 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 24y ago; this cycle's ask has dropped $60k (26%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $38k; list at $170k implies a 347% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $149,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 233 days. Have you received any prior offers? Is the seller open to a 12% 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 1910 — 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. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. 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.
10. 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.
11. 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: 1.09% ✓
• Cap rate: 9.18%
• Cash-on-cash: 10.30%
• DSCR: 1.46
• GRM: 7.6

CMA / ARV

• ARV (median comp): $102,161
• List price: $169,900
• Delta: 66.31%
• Verdict: OVERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
716 W 5th St	0.55mi	3/3.0 (+1)	1,700 (-5%)	20mo	$93,000	$55	41

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 · 7.88% rent growth · sell at horizon

5-year hold

• IRR: 4.1%
• Equity multiple: 1.17×
• Total profit: $7,981
• Equity at exit: $25,333

10-year hold

• IRR: 17.5%
• Equity multiple: 2.76×
• Total profit: $83,600
• Equity at exit: $14,690

Cash invested: $47,572 (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 46016

• Home prices YoY: -3.5%
• Rents YoY: 7.9%
• Active inventory: 185
• Price-to-rent: 15.3×

Monthly cashflow live

• Estimated rent: $1,853 high
• Mortgage (P&I): −$891
• Tax from tax record: −$94 /mo · $1,124/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$389
• Net cashflow: $408

Break-even live

Break-even rent $1,336

Max offer price $169,900

Occupancy floor 73%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$1,854
Total (2 units)			$1,853

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1212 W 5th St Anderson, IN	3.0	1.0	1252	$1,295	$1.03	12d	1	0.22mi
1121 Victory Ct Anderson, IN	3.0	1.0	2053	$1,295	$0.63	21d	1	0.32mi
921 W 9th St Anderson, IN	3.0	2.0	1611	$1,375	$0.85	23d	1	0.40mi
820 W 7th St Apt A Anderson, IN	2.0	2.0	1400	$1,200	$0.86	23d	1	0.45mi
510 W 5th St Anderson, IN	3.0	1.5	1617	$995	$0.62	43d	1	0.63mi
1532 Walton St Anderson, IN	3.0	1.0	1342	$1,100	$0.82	43d	1	0.78mi
120 W 10th St Anderson, IN	1.0–3.0	1.0	1066	$1,025	$0.96	1d	1	0.89mi
2233 Fairview St Anderson, IN	3.0	1.5	1452	$1,195	$0.82	23d	1	1.20mi
2916 W 12th St Anderson, IN	3.0	1.0	1271	$1,295	$1.02	43d	1	1.28mi

Listing history 27 events

1. 2026-06-18
   price $169,900 Active 233 DOM
2. 2026-06-18
   days on market $173,900 Active 233 DOM
3. 2026-06-17
   days on market $173,900 Active 232 DOM
4. 2026-06-16
   days on market $173,900 Active 231 DOM
5. 2026-06-15
   days on market $173,900 Active 230 DOM
6. 2026-06-13
   days on market $173,900 Active 228 DOM
7. 2026-06-09
   days on market $173,900 Active 224 DOM
8. 2026-06-08
   pricedays on market $173,900 Active 223 DOM
9. 2026-06-07
   days on market $174,900 Active 222 DOM
10. 2026-06-05
    days on market $174,900 Active 219 DOM
11. 2026-06-03
    days on market $174,900 Active 218 DOM
12. 2026-06-02
    days on market $174,900 Active 217 DOM
13. 2026-06-01
    days on market $174,900 Active 216 DOM
14. 2026-05-31
    days on market $174,900 Active 215 DOM
15. 2026-04-13
    price $174,900 704-char remark

    Show marketing remark (704 chars)

    POLE BARN, OUTBUILDING WITH ELECTRICAL AND WORKSHOP. A MECHANIC'S DREAM BUILDING. Located at 1507 W 7th ST, Anderson, IN, this duplex in Madison County has been updated with newer plumbing, electrical, and flooring, windows and more., This property offers a Large outbuilding for mechanics, storage, workshop and more! This property also has incredible potential for income with a 3/2 on one side and a 1/1 on the other. This two-story property with an incredible, large outbuilding is waiting for you to come and see all it has to offer. This charming, duplex offers a remarkable chance to create a living space or live in one side and rent the other. This home is tailored to your unique vision.

16. 2026-04-02
    status Active 704-char remark

    Show marketing remark (704 chars)

    POLE BARN, OUTBUILDING WITH ELECTRICAL AND WORKSHOP. A MECHANIC'S DREAM BUILDING. Located at 1507 W 7th ST, Anderson, IN, this duplex in Madison County has been updated with newer plumbing, electrical, and flooring, windows and more., This property offers a Large outbuilding for mechanics, storage, workshop and more! This property also has incredible potential for income with a 3/2 on one side and a 1/1 on the other. This two-story property with an incredible, large outbuilding is waiting for you to come and see all it has to offer. This charming, duplex offers a remarkable chance to create a living space or live in one side and rent the other. This home is tailored to your unique vision.

17. 2026-01-21
    status Pending 704-char remark

    Show marketing remark (704 chars)

    POLE BARN, OUTBUILDING WITH ELECTRICAL AND WORKSHOP. A MECHANIC'S DREAM BUILDING. Located at 1507 W 7th ST, Anderson, IN, this duplex in Madison County has been updated with newer plumbing, electrical, and flooring, windows and more., This property offers a Large outbuilding for mechanics, storage, workshop and more! This property also has incredible potential for income with a 3/2 on one side and a 1/1 on the other. This two-story property with an incredible, large outbuilding is waiting for you to come and see all it has to offer. This charming, duplex offers a remarkable chance to create a living space or live in one side and rent the other. This home is tailored to your unique vision.

18. 2026-01-14
    status Active 704-char remark

    Show marketing remark (704 chars)

    POLE BARN, OUTBUILDING WITH ELECTRICAL AND WORKSHOP. A MECHANIC'S DREAM BUILDING. Located at 1507 W 7th ST, Anderson, IN, this duplex in Madison County has been updated with newer plumbing, electrical, and flooring, windows and more., This property offers a Large outbuilding for mechanics, storage, workshop and more! This property also has incredible potential for income with a 3/2 on one side and a 1/1 on the other. This two-story property with an incredible, large outbuilding is waiting for you to come and see all it has to offer. This charming, duplex offers a remarkable chance to create a living space or live in one side and rent the other. This home is tailored to your unique vision.

19. 2026-01-10
    status Pending 704-char remark

    Show marketing remark (704 chars)

    POLE BARN, OUTBUILDING WITH ELECTRICAL AND WORKSHOP. A MECHANIC'S DREAM BUILDING. Located at 1507 W 7th ST, Anderson, IN, this duplex in Madison County has been updated with newer plumbing, electrical, and flooring, windows and more., This property offers a Large outbuilding for mechanics, storage, workshop and more! This property also has incredible potential for income with a 3/2 on one side and a 1/1 on the other. This two-story property with an incredible, large outbuilding is waiting for you to come and see all it has to offer. This charming, duplex offers a remarkable chance to create a living space or live in one side and rent the other. This home is tailored to your unique vision.

20. 2026-01-06
    price $179,900 704-char remark

    Show marketing remark (704 chars)

    POLE BARN, OUTBUILDING WITH ELECTRICAL AND WORKSHOP. A MECHANIC'S DREAM BUILDING. Located at 1507 W 7th ST, Anderson, IN, this duplex in Madison County has been updated with newer plumbing, electrical, and flooring, windows and more., This property offers a Large outbuilding for mechanics, storage, workshop and more! This property also has incredible potential for income with a 3/2 on one side and a 1/1 on the other. This two-story property with an incredible, large outbuilding is waiting for you to come and see all it has to offer. This charming, duplex offers a remarkable chance to create a living space or live in one side and rent the other. This home is tailored to your unique vision.

21. 2025-09-29
    price $199,900 704-char remark

    Show marketing remark (704 chars)

    POLE BARN, OUTBUILDING WITH ELECTRICAL AND WORKSHOP. A MECHANIC'S DREAM BUILDING. Located at 1507 W 7th ST, Anderson, IN, this duplex in Madison County has been updated with newer plumbing, electrical, and flooring, windows and more., This property offers a Large outbuilding for mechanics, storage, workshop and more! This property also has incredible potential for income with a 3/2 on one side and a 1/1 on the other. This two-story property with an incredible, large outbuilding is waiting for you to come and see all it has to offer. This charming, duplex offers a remarkable chance to create a living space or live in one side and rent the other. This home is tailored to your unique vision.

22. 2025-08-26
    price $214,900 704-char remark

    Show marketing remark (704 chars)

    POLE BARN, OUTBUILDING WITH ELECTRICAL AND WORKSHOP. A MECHANIC'S DREAM BUILDING. Located at 1507 W 7th ST, Anderson, IN, this duplex in Madison County has been updated with newer plumbing, electrical, and flooring, windows and more., This property offers a Large outbuilding for mechanics, storage, workshop and more! This property also has incredible potential for income with a 3/2 on one side and a 1/1 on the other. This two-story property with an incredible, large outbuilding is waiting for you to come and see all it has to offer. This charming, duplex offers a remarkable chance to create a living space or live in one side and rent the other. This home is tailored to your unique vision.

23. 2025-08-14
    listed $229,900 Active 704-char remark

    Show marketing remark (704 chars)

    POLE BARN, OUTBUILDING WITH ELECTRICAL AND WORKSHOP. A MECHANIC'S DREAM BUILDING. Located at 1507 W 7th ST, Anderson, IN, this duplex in Madison County has been updated with newer plumbing, electrical, and flooring, windows and more., This property offers a Large outbuilding for mechanics, storage, workshop and more! This property also has incredible potential for income with a 3/2 on one side and a 1/1 on the other. This two-story property with an incredible, large outbuilding is waiting for you to come and see all it has to offer. This charming, duplex offers a remarkable chance to create a living space or live in one side and rent the other. This home is tailored to your unique vision.

24. 2006-09-14
    historical
25. 2006-03-20
    listed $63,000
26. 2002-08-19
    soldstatus $38,000
27. 2002-04-15
    listed $41,900

ⓘ 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: $1,124 · $94/mo
• Projected year-2 tax: $1,284 · $107/mo
• Expected delta: +$160/yr (+$13/mo · 14.2%)

ⓘ 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 3/10 Moderate 7 d/yr ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,236
• − Mortgage interest: −$9,517
• − Property taxes: −$1,124
• − Insurance: −$850
• − Repairs & maintenance: −$1,779
• − Management: −$1,779
• − Depreciation: −$4,943
• Taxable income: $2,245
• Est. tax owed @ 24.0%: −$539
• After-tax cash flow: $4,362/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: Anderson Community School Corporation
• NCES district ID: 1800150
• Math proficiency: 15% ▼ -14.00%
• Reading proficiency: 23% ▼ -7.00%
• Median HH income: $38,208
• Composite: 15.93/100
• National rank: #9250
• State rank: #280 of 301 in IN

Livability — Anderson

• Score: 60/100
• State rank: #521
• US rank: #18709

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Anderson, IN
• County: Madison County · 69,445 people
• City population: 57,762
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 17,834
• Household income: $36,029
• Rent vs Own: 59.5% rent · 40.5% own
• Severe rent burden: 1193.0

Population outlook (Madison County) Hauer SSP2

• Today (2025): 125,800 people
• By 2030: 122,640 · -2.5%
• By 2040: 115,420 · -8.3%
• By 2050: 108,148 · -14.0%
• By 2075: 91,838 · -27.0%
• By 2100: 75,670 · -39.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 61% Black 18% Hispanic / Latino 13% Two or more races 11% Native American 1%
• Hispanic origin (detail): Mexican 10% Puerto Rican 1%
• Common ancestry: Italian 2% Slovak 1% Iranian 1%
• Foreign-born: 4% · Canada
• Languages at home: 86% English-only · Spanish 12%

Political lean MEDSL · Madison

• 2024 margin: Strong R (+26.9) · D 35.6% · R 62.5% · Other 1.9%
• 2008→2024 swing: -33.5pp toward R · 2008: 6.5pp · 2024: -26.9pp
• All cycles: 2024: R+26.9 2020: R+22.6 2016: R+25.7 2012: R+4.5 2008: D+6.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -11.12%
• Current HPI: 302.7437
• Rent YoY: ▲ 7.88%
• 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

+317.4% since first listed

13 events — show timeline

• 2026-04-13 Price Changed $174,900 MIBOR as Distributed by MLS Grid
• 2026-04-02 Relisted — MIBOR as Distributed by MLS Grid
• 2026-01-21 Pending — MIBOR as Distributed by MLS Grid
• 2026-01-14 Relisted — MIBOR as Distributed by MLS Grid
• 2026-01-10 Pending — MIBOR as Distributed by MLS Grid
• 2026-01-06 Price Changed $179,900 MIBOR as Distributed by MLS Grid
• 2025-09-29 Price Changed $199,900 MIBOR as Distributed by MLS Grid
• 2025-08-26 Price Changed $214,900 MIBOR as Distributed by MLS Grid
• 2025-08-14 Listed $229,900 MIBOR as Distributed by MLS Grid
• 2006-09-14 Listing Removed — MIBOR as Distributed by MLS Grid
• 2006-03-20 Listed $63,000 MIBOR as Distributed by MLS Grid
• 2002-08-19 Sold (MLS) $38,000 MIBOR as Distributed by MLS Grid
• 2002-04-15 Listed $41,900 MIBOR as Distributed by MLS Grid

Property tax history

+5.3%/yr

Latest (2024): $1,124 · +8.8% YoY. Source: county tax records.