1423 Fountain St · Anderson, IN 46016

$112,900

2 bd · 1.0 ba · 810 sqft · SingleFamily public records · 83 Days on market

Built 1925 2,209 sqft lot $139/sqft · 78% above area Est $127k · 11% under

---

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 +17.1/30.0
• ARV discount +12.4/15.0
• DSCR +5.3/10.0
• Rent growth +4.5/5.0
• 1% rule +3.5/10.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fully updated 2 bedroom offering new finishes, a low maintenance lifestyle and full basement for storage! Brand new paint, flooring, and fixtures throughout. Modern kitchen with updated cabinets, counters, and SS appliances! Attractive exterior has been updated with several items. Great opportunity for the right buyer!

Key facts

• Updated cabinets
• Full basement
• Ss appliances

Tags

• FULL BASEMENT
• MODERN KITCHEN
• UPDATED CABINETS
• UPDATED COUNTERS
• SS APPLIANCES
• ATTRACTIVE EXTERIOR

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $113k.

Deal economics

• At list price, monthly cash flow is $79 ($944/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 $95k (15.4% below list).
• Recommended offer: $95k (15.4% below list) — sets the bar for 1% rule.

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; 39 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 46% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).
• This rent runs 32% of the median local income ($36k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $781 of loan paydown is wiped out by about $3k 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.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 25y 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 $25k; list at $113k implies a 352% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $95,496 (15.4% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.85% ✗
• Cap rate: 7.13%
• Cash-on-cash: 2.99%
• DSCR: 1.13
• GRM: 9.9

CMA / ARV

• ARV (median comp): $126,622
• List price: $112,900
• Delta: -10.84%
• 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
2308 W 16th St	0.08mi	2/1.0	756 (-7%)	3mo	$91,500	$121	82
1402 Walton St	0.16mi	2/1.0	820 (+1%)	16mo	$40,000	$49	78
1516 Fulton St	0.10mi	2/1.0	720 (-11%)	3mo	$63,500	$88	74
1423 Halford St	0.24mi	3/1.0 (+1)	864 (+7%)	2mo	$68,000	$79	71
1820 Euclid Dr	0.71mi	2/1.0	800 (-1%)	1mo	$68,000	$85	64
2241 Nelle St	0.66mi	2/1.0	796 (-2%)	4mo	$66,500	$84	63
1812 Halford St	0.37mi	2/1.0	720 (-11%)	3mo	$50,000	$69	62
1632 W 17th St	0.51mi	2/1.0	840 (+4%)	12mo	$38,000	$45	60
1640 W 7th St	0.72mi	2/1.0	810 (0%)	12mo	$98,500	$122	56
2610 W 18th St	0.29mi	3/1.0 (+1)	900 (+11%)	13mo	$119,000	$132	52
2310 Halford St	0.67mi	2/2.0	744 (-8%)	2mo	$150,000	$202	50
1620 Euclid Dr	0.67mi	2/1.0	913 (+13%)	14mo	$127,000	$139	36

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: -6.9%
• Equity multiple: 0.73×
• Total profit: $-8,415
• Equity at exit: $16,834

10-year hold

• IRR: 7.4%
• Equity multiple: 1.67×
• Total profit: $21,255
• Equity at exit: $9,762

Cash invested: $31,612 (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: 9.9×

Monthly cashflow live

• Estimated rent: $955 high
• Mortgage (P&I): −$592
• Tax from tax record: −$37 /mo · $440/yr
• Insurance: −$47
• HOA: −$0
• Vacancy / Maint / Mgmt: −$201
• Net cashflow: $79

Break-even live

Break-even rent $855

Max offer price $112,900

Occupancy floor 87%

Sensitivity live

Price	-10% $143	-5% $111	+0% $79	+5% $47	+10% $15
Rent	-10% $3	-5% $41	+0% $79	+5% $116	+10% $154
Rate	-1.0pp $136	-0.5pp $107	base $79	+0.5pp $49	+1.0pp $20

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: $28,225
• Closing costs: $3,387
• Reserves months: —
• Total cash needed: —

Rent comps 39 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1404 Walton St Anderson, IN	3.0	1.0	1090	$995	$0.91	44d	1	0.16mi
2705 Horton Dr Anderson, IN	3.0	1.0	936	$1,050	$1.12	20d	1	0.36mi
1136 Irving Way Anderson, IN	2.0	1.0	900	$895	$0.99	22d	1	0.37mi
1123 Louise St Anderson, IN	2.0	1.0	850	$850	$1.00	44d	1	0.41mi
1720 Nelle St Anderson, IN	2.0	1.0	768	$1,100	$1.43	24d	1	0.44mi
1640 W 17th St Anderson, IN	2.0	1.0	810	$895	$1.10	20d	1	0.51mi
1616 W 16th St Anderson, IN	2.0	1.0	1038	$1,050	$1.01	44d	1	0.55mi
1614 W 18th St Anderson, IN	2.0	1.0	690	$975	$1.41	24d	1	0.57mi
2004 Arrow Ave Anderson, IN	2.0	1.0	816	$1,125	$1.38	24d	1	0.58mi
1708 Euclid Dr Anderson, IN	2.0	1.0	732	$1,225	$1.67	44d	1	0.67mi
1708 W 7th St Anderson, IN	1.0	1.0	700	$1,000	$1.43	44d	1	0.71mi
1708 W 7th St Anderson, IN	1.0	1.0	700	$875	$1.25	20d	1	0.71mi
1708 W 7th St Anderson, IN	1.0	1.0	700	$875	$1.25	18d	1	0.71mi
1631 W 7th St Anderson, IN	3.0	1.0	900	$1,000	$1.11	44d	1	0.74mi
1627 W 6th St Anderson, IN	2.0	1.0	650	$850	$1.31	24d	1	0.80mi
1222 Nichol Ave Unit 4 Anderson, IN	3.0	1.0	1000	$1,135	$1.14	8d	1	0.82mi
2613 Louise St Anderson, IN	2.0	1.0	1096	$950	$0.87	22d	1	0.87mi
2719 Dewey St Anderson, IN	2.0	1.0	877	$1,150	$1.31	44d	1	0.90mi
1502 Cedar St Anderson, IN	2.0	1.0	1104	$850	$0.77	44d	1	0.91mi
2203 W 28th St Anderson, IN	3.0	1.0	1068	$1,000	$0.94	44d	1	0.92mi
1312 W 8th St Unit 1308H Anderson, IN	1.0	1.0	750	$999	$1.33	15d	1	0.94mi
1312 W 8th St Unit 1332 F Anderson, IN	2.0	1.0	850	$979	$1.15	44d	1	0.94mi
1529 W 2nd St Anderson, IN	3.0	1.0	884	$1,200	$1.36	24d	1	1.04mi
2208 Hendricks St Unit 3 Anderson, IN	1.0	1.0	585	$675	$1.15	44d	1	1.13mi
1020 W 5th St Unit 1022 Anderson, IN	1.0	1.0	550	$750	$1.36	44d	1	1.14mi
2411 Hendricks St Anderson, IN	3.0	1.0	860	$1,000	$1.16	24d	1	1.18mi
925 W 5th St Unit 1 Anderson, IN	1.0	1.0	617	$775	$1.26	16d	1	1.19mi
803 1/2 W 9th St Anderson, IN	1.0	1.0	600	$525	$0.88	44d	1	1.20mi
924 W 5th St Unit 924 Anderson, IN	1.0	1.0	750	$600	$0.80	24d	1	1.20mi
924 W 5th St Unit 928 Anderson, IN	1.0	1.0	600	$600	$1.00	44d	1	1.20mi
702 W 23rd St Anderson, IN	1.0	1.0	560	$595	$1.06	5d	1	1.23mi
2301 Sheridan St Anderson, IN	2.0	1.0	900	$950	$1.06	44d	1	1.24mi
618 W 22nd St Anderson, IN	3.0	1.0	900	$1,250	$1.39	44d	1	1.25mi
215 S Madison Ave Anderson, IN	1.0	1.0	600	$650	$1.08	44d	1	1.28mi
213 Madison Ave Anderson, IN	1.0	1.0	600	$650	$1.08	44d	1	1.28mi
1010 W 2nd St Unit 1 Anderson, IN	1.0	1.0	724	$925	$1.28	24d	1	1.29mi
1010 W 2nd St Unit 3 Anderson, IN	3.0	1.0	1025	$1,125	$1.10	15d	1	1.29mi
1010 W 2nd St Unit 2 Anderson, IN	2.0	1.0	875	$1,025	$1.17	22d	1	1.29mi
2442 Morton St Anderson, IN	2.0	1.0	862	$1,125	$1.31	24d	1	1.44mi

Listing history 20 events

1. 2026-06-18
   days on market $112,900 Active 83 DOM
2. 2026-06-17
   days on market $112,900 Active 82 DOM
3. 2026-06-16
   days on market $112,900 Active 81 DOM
4. 2026-06-15
   days on market $112,900 Active 80 DOM
5. 2026-06-13
   days on market $112,900 Active 78 DOM
6. 2026-06-09
   days on market $112,900 Active 74 DOM
7. 2026-06-08
   days on market $112,900 Active 73 DOM
8. 2026-06-07
   days on market $112,900 Active 72 DOM
9. 2026-06-05
   days on market $112,900 Active 69 DOM
10. 2026-06-03
    days on market $112,900 Active 68 DOM
11. 2026-06-02
    days on market $112,900 Active 67 DOM
12. 2026-06-01
    days on market $112,900 Active 66 DOM
13. 2026-05-31
    days on market $112,900 Active 65 DOM
14. 2026-05-05
    price $112,900 324-char remark

    Show marketing remark (324 chars)

    Fully updated 2 bedroom offering new finishes, a low maintenance lifestyle and full basement for storage! Brand new paint, flooring, and fixtures throughout. Modern kitchen with updated cabinets, counters, and SS appliances! Attractive exterior has been updated with several items. Great opportunity for the right buyer!

15. 2026-03-26
    listed $114,900 Active 324-char remark

    Show marketing remark (324 chars)

    Fully updated 2 bedroom offering new finishes, a low maintenance lifestyle and full basement for storage! Brand new paint, flooring, and fixtures throughout. Modern kitchen with updated cabinets, counters, and SS appliances! Attractive exterior has been updated with several items. Great opportunity for the right buyer!

16. 2010-08-03
    soldstatus $25,000
17. 2003-11-07
    historical
18. 2003-07-15
    listed $33,900
19. 2001-09-13
    historical
20. 2001-03-13
    listed $44,000

ⓘ 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: $440 · $37/mo
• Projected year-2 tax: $700 · $58/mo
• Expected delta: +$260/yr (+$22/mo · 59.0%)

ⓘ 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 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: $11,460
• − Mortgage interest: −$6,324
• − Property taxes: −$440
• − Insurance: −$564
• − Repairs & maintenance: −$917
• − Management: −$917
• − Depreciation: −$3,284
• Taxable loss: −$987
• Est. tax savings @ 24.0%: +$237
• After-tax cash flow: $1,181/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

+156.6% since first listed

7 events — show timeline

• 2026-05-05 Price Changed $112,900 MIBOR as Distributed by MLS Grid
• 2026-03-26 Listed $114,900 MIBOR as Distributed by MLS Grid
• 2010-08-03 Sold (Public Records) $25,000 Public Records
• 2003-11-07 Listing Removed — MIBOR as Distributed by MLS Grid
• 2003-07-15 Listed $33,900 MIBOR as Distributed by MLS Grid
• 2001-09-13 Listing Removed — MIBOR as Distributed by MLS Grid
• 2001-03-13 Listed $44,000 MIBOR as Distributed by MLS Grid

Property tax history

-3.2%/yr

Latest (2024): $440 · +8.1% YoY. Source: county tax records.