57 Leisure Ln · Anderson, IN 46013

$92,449

2 bd · 1.0 ba · 832 sqft · Manufactured · 162 Days on market

Built 2026 Fair condition

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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 +22.7/30.0
• ARV discount +7.5/15.0
• DSCR +7.3/10.0
• 1% rule +5.9/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Located in Anderson, IN, and close to Indianapolis, Redbud Estates features tranquil surroundings. Our residents enjoy being part of a bustling surrounding community with a vibrant downtown area. Our high-quality homes have standard features including 2-3 bedrooms, large living areas, open kitchens with plenty of counter and cabinet space (even islands), plus primary bedrooms and bathrooms. While similar to site-built homes, the price of owning or renting a manufactured home in Redbud Estates is much more affordable. Redbud Estates manufactured home community has on-site management and offers 24-hour maintenance for your convenience. It's ideal for those who want carefree living with a reasonable price. In addition to our community, we have the Redbud Estates Sales Center right on site. At our Sales Center we provide high-quality and affordable custom designed modular homes for your own private land. We offer top-tier products from manufacturers like Champion Homes and Redman Homes. We have numerous floor plans available to suit any of your housing needs. Wood kitchen cabinets, full kitchen appliance packages, kitchen islands, entertainment centers, master suites, and mud rooms are a few features you will find in our model homes. Don't see what you need? Speak with one of our sales representatives and we can help you customize your perfect floor plan at a price within your reach. Call us today to take a tour or learn more.

Key facts

• 24-hour maintenance
• Numerous floor plans
• On-site management

Tags

• ON-SITE MANAGEMENT
• 24-HOUR MAINTENANCE
• NUMEROUS FLOOR PLANS
• WOOD KITCHEN CABINETS
• KITCHEN ISLANDS
• ENTERTAINMENT CENTERS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $92k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $160 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $92k).
• Recommended offer: $81k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.4% vs local median 6.1% 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: 151 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $639 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 162 days — a 12% lower offer ($81k) is reasonable based on typical stale-listing flexibility.

Recommended offer $81,355 (12.0% below list)

Questions for the listing agent

1. It's been on market 162 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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. 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 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: 1.09% ✓
• Cap rate: 8.36%
• Cash-on-cash: 7.40%
• DSCR: 1.33
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -5.0%
• Equity multiple: 0.81×
• Total profit: $-4,802
• Equity at exit: $13,784

10-year hold

• IRR: 4.7%
• Equity multiple: 1.35×
• Total profit: $8,967
• Equity at exit: $7,993

Cash invested: $25,886 (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 46013

• Home prices YoY: -26.9%
• Active inventory: 151
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,011 high
• Mortgage (P&I): −$485
• Tax est. 1.5%: −$116 /mo · $1,387/yr
• Insurance: −$39
• HOA: −$0
• Vacancy / Maint / Mgmt: −$212
• Net cashflow: $160

Break-even live

Break-even rent $809

Max offer price $92,449

Occupancy floor 79%

Sensitivity live

Price	-10% $223	-5% $192	+0% $160	+5% $128	+10% $96
Rent	-10% $80	-5% $120	+0% $160	+5% $199	+10% $239
Rate	-1.0pp $206	-0.5pp $183	base $160	+0.5pp $136	+1.0pp $111

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: $23,112
• Closing costs: $2,773
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4325 S Madison Ave Anderson, IN	1.0–3.0	1.0–1.5	995	$1,112	$1.12	0d	5	0.70mi
2203 W 28th St Anderson, IN	3.0	1.0	1068	$1,000	$0.94	45d	1	0.72mi
2719 Dewey St Anderson, IN	2.0	1.0	877	$1,150	$1.31	45d	1	0.73mi
2613 Louise St Anderson, IN	2.0	1.0	1096	$950	$0.87	23d	1	0.78mi
2613 Louise St Anderson, IN	2.0	1.0	1096	$925	$0.84	0d	1	0.78mi
2820 Fairview St Unit A Anderson, IN	2.0	1.0	850	$895	$1.05	45d	1	1.08mi
4015 Haverhill Dr Anderson, IN	3.0	2.0	884	$1,100	$1.24	45d	1	1.13mi
2411 Hendricks St Anderson, IN	3.0	1.0	860	$1,000	$1.16	25d	1	1.15mi
2904 Lincoln St Anderson, IN	2.0	1.0	864	$875	$1.01	0d	1	1.16mi
2004 Arrow Ave Anderson, IN	2.0	1.0	816	$1,125	$1.38	25d	1	1.24mi
2627 Chase St Anderson, IN	3.0	1.0	1050	$850	$0.81	19d	1	1.28mi
2446 Morton St Anderson, IN	2.0	1.0	1093	$1,250	$1.14	0d	1	1.28mi
2442 Morton St Anderson, IN	2.0	1.0	862	$1,125	$1.31	25d	1	1.29mi
2208 Hendricks St Unit 3 Anderson, IN	1.0	1.0	585	$600	$1.03	0d	1	1.29mi
2301 Sheridan St Anderson, IN	2.0	1.0	900	$950	$1.06	45d	1	1.30mi
702 W 23rd St Anderson, IN	1.0	1.0	560	$595	$1.06	5d	1	1.31mi
618 W 22nd St Anderson, IN	3.0	1.0	900	$1,250	$1.39	45d	1	1.39mi
1720 Nelle St Anderson, IN	2.0	1.0	768	$1,100	$1.43	25d	1	1.41mi
1614 W 18th St Anderson, IN	2.0	1.0	690	$975	$1.41	25d	1	1.41mi
2705 Horton Dr Anderson, IN	3.0	1.0	936	$999	$1.07	0d	1	1.42mi
2324 Chase St Anderson, IN	2.0	1.0	783	$895	$1.14	0d	1	1.46mi
1640 W 17th St Anderson, IN	2.0	1.0	810	$895	$1.10	21d	1	1.46mi
3095 Central Ave Anderson, IN	1.0	1.0	600	$650	$1.08	0d	1	1.47mi

Listing history 15 events

1. 2026-06-21
   days on market $92,449 Active 162 DOM
2. 2026-06-18
   days on market $92,449 Active 159 DOM
3. 2026-06-17
   days on market $92,449 Active 158 DOM
4. 2026-06-16
   days on market $92,449 Active 157 DOM
5. 2026-06-15
   days on market $92,449 Active 156 DOM
6. 2026-06-13
   days on market $92,449 Active 154 DOM
7. 2026-06-09
   days on market $92,449 Active 150 DOM
8. 2026-06-08
   days on market $92,449 Active 149 DOM
9. 2026-06-07
   days on market $92,449 Active 148 DOM
10. 2026-06-05
    days on market $92,449 Active 145 DOM
11. 2026-06-03
    days on market $92,449 Active 144 DOM
12. 2026-06-02
    days on market $92,449 Active 143 DOM
13. 2026-06-01
    days on market $92,449 Active 142 DOM
14. 2026-05-31
    days on market $92,449 Active 141 DOM
15. 2026-01-11
    listed $92,449 Active 1446-char remark

    Show marketing remark (1446 chars)

    Located in Anderson, IN, and close to Indianapolis, Redbud Estates features tranquil surroundings. Our residents enjoy being part of a bustling surrounding community with a vibrant downtown area. Our high-quality homes have standard features including 2-3 bedrooms, large living areas, open kitchens with plenty of counter and cabinet space (even islands), plus primary bedrooms and bathrooms. While similar to site-built homes, the price of owning or renting a manufactured home in Redbud Estates is much more affordable. Redbud Estates manufactured home community has on-site management and offers 24-hour maintenance for your convenience. It's ideal for those who want carefree living with a reasonable price. In addition to our community, we have the Redbud Estates Sales Center right on site. At our Sales Center we provide high-quality and affordable custom designed modular homes for your own private land. We offer top-tier products from manufacturers like Champion Homes and Redman Homes. We have numerous floor plans available to suit any of your housing needs. Wood kitchen cabinets, full kitchen appliance packages, kitchen islands, entertainment centers, master suites, and mud rooms are a few features you will find in our model homes. Don't see what you need? Speak with one of our sales representatives and we can help you customize your perfect floor plan at a price within your reach. Call us today to take a tour or learn more.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $12,129
• − Mortgage interest: −$5,179
• − Property taxes: −$1,387
• − Insurance: −$462
• − Repairs & maintenance: −$970
• − Management: −$970
• − Depreciation: −$2,689
• Taxable income: $471
• Est. tax owed @ 24.0%: −$113
• After-tax cash flow: $1,802/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.

Condition & rehab AI · 0 photos

Fair 45/100 Moderate rehab

This manufactured home requires significant repairs and updates to its kitchen, bathrooms, and exterior, but has potential for substantial value increase with proper renovations.

Repairs flagged

• Major Kitchen cabinets — Significant wear and tear, indicating the need for replacement or repair.
• Major Bathroom fixtures — Outdated and worn, requiring replacement or repair.
• Major Flooring — Severe wear and tear, indicating the need for replacement.
• Major Interior walls — Peeling paint and discoloration, indicating the need for repainting or repair.
• Major Exterior siding — Significant wear and discoloration, indicating the need for repainting or replacement.

Value-add opportunities

• Both Painting interior walls and updating fixtures — Improves the home's appearance and can attract more buyers or renters.
• Both Upgrading flooring — Enhances the home's appeal and can increase both resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Significant wear and tear, indicating the need for replacement or repair.	Major	$15,000–50,000
Bathroom fixtures · Outdated and worn, requiring replacement or repair.	Major	$15,000–50,000
Flooring · Severe wear and tear, indicating the need for replacement.	Major	$15,000–50,000
Interior walls · Peeling paint and discoloration, indicating the need for repainting or repair.	Major	$15,000–50,000
Exterior siding · Significant wear and discoloration, indicating the need for repainting or replacement.	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both Painting interior walls and updating fixtures — Improves the home's appearance and can attract more buyers or renters. ↑
• Both Upgrading flooring — Enhances the home's appeal and can increase both resale and rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 19,073
• Household income: $49,310
• Rent vs Own: 34.8% rent · 65.2% own
• Severe rent burden: 612.0

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: Predominantly White (83%)
• Race & ethnicity: White 83% Two or more races 8% Black 7% Hispanic / Latino 3%
• Common ancestry: Lithuanian 2% Slovak 2% Italian 1%
• Foreign-born: 0% · Canada
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -86.70%
• Current HPI: 235.7485
• Rent YoY: —
• 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

1 event — show timeline

• 2026-01-11 Listed $92,449 Zillow