239 W 38th St · Anderson, IN 46013

$119,000

3 bd · 2.0 ba · 1,840 sqft · MultiFamily public records · 28 Days on market

Built 1946 6,000 sqft lot $65/sqft · 17% above area Est $154k · 23% under ↓ 14% since listing

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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 +18.9/30.0
• ARV discount +15.0/15.0
• DSCR +6.0/10.0
• 1% rule +5.0/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Great first time home or investment opportunity in Anderson. Take advantage of this conveniently located property with 2 bedrooms and 1 bath plus a full basement. The property has off street parking and a 2 car detached garage. It also features a bonus upper 1bedroom, 1 bathroom apartment with a separate stair and entrance.

Key facts

• Off street parking
• Full basement
• Upper apartment

Tags

• INVESTMENT OPPORTUNITY
• FULL BASEMENT
• OFF STREET PARKING
• DETACHED GARAGE
• UPPER APARTMENT
• SEPARATE STAIR

Property features AI

Exterior

• Parking: Detached 2-car garage (approximately 440 sq ft)
• Utilities: Public water; Municipal sewer connected
• Home design: Single-family residence; One-and-one-half story
• Construction: Vinyl siding; Block foundation
• Exterior features: Lot size approximately 0.14 acres

Interior

• Kitchen: Electric oven; Gas oven; Refrigerator
• Bedrooms: Three bedrooms total — two on the main level and one on the upper level
• Flooring: Hardwood floors
• Bathrooms: Two full bathrooms — one on the main level and one on the upper level
• Heating & cooling: Forced air heating (natural gas); No central air
• Interior features: Hardwood floors; Basement present
• Laundry & utility: Washer/dryer connections available; Laundry located in basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $119k.

Deal economics

• At list price, monthly cash flow is $122 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $119k).
• Recommended offer: $117k (1.5% below list) — sets the bar for market timing.

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: crime D-, amenities F, commute 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.
• Zoned schools: Erskine Elementary School (math 17% / reading 12%, grade F, #862 of 994 statewide, top 88%, 406 students, 82% FRL); Anderson High School (math 21% / reading 51%, grade F, #261 of 369 statewide, top 71%, 1,790 students, 76% FRL).
• Market conditions: 150 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 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 $823 of loan paydown is wiped out by about $4k 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 28 days — a 2% lower offer ($117k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $117,215 (1.5% below list)

Questions for the listing agent

1. Built in 1946 — 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 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?
4. 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?
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 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: 1.00% ✓
• Cap rate: 7.52%
• Cash-on-cash: 4.39%
• DSCR: 1.20
• GRM: 8.3

CMA / ARV

• ARV (median comp): $153,802
• List price: $119,000
• Delta: -22.63%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -9.4%
• Equity multiple: 0.65×
• Total profit: $-11,500
• Equity at exit: $17,743

10-year hold

• IRR: 0.0%
• Equity multiple: 1.00×
• Total profit: $56
• Equity at exit: $10,289

Cash invested: $33,320 (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: 150
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,193 high
• Mortgage (P&I): −$624
• Tax from tax record: −$147 /mo · $1,767/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$251
• Net cashflow: $122

Break-even live

Break-even rent $1,039

Max offer price $119,000

Occupancy floor 85%

Sensitivity live

Price	-10% $189	-5% $156	+0% $122	+5% $88	+10% $55
Rent	-10% $28	-5% $75	+0% $122	+5% $169	+10% $216
Rate	-1.0pp $182	-0.5pp $152	base $122	+0.5pp $91	+1.0pp $60

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4021 Brown St Anderson, IN	2.0	1.0	1320	$975	$0.74	8d	1	0.14mi
4325 S Madison Ave Anderson, IN	1.0–3.0	1.0–1.5	995	$1,330	$1.34	2d	6	0.64mi
228 E 29th St Anderson, IN	3.0	2.0	1440	$1,295	$0.90	5d	1	0.90mi
2233 Fairview St Anderson, IN	3.0	1.5	1452	$1,195	$0.82	24d	1	1.23mi
1626 Lora St Anderson, IN	3.0	2.0	1352	$1,295	$0.96	44d	1	1.35mi
1318 E 28th St Anderson, IN	3.0	1.0	1280	$1,300	$1.02	12d	1	1.43mi

Listing history 23 events

1. 2026-06-07
   statusdays on market $119,000 Pending 28 DOM
2. 2026-06-05
   days on market $119,000 Active 27 DOM

   Show marketing remark (326 chars)

   Great first time home or investment opportunity in Anderson. Take advantage of this conveniently located property with 2 bedrooms and 1 bath plus a full basement. The property has off street parking and a 2 car detached garage. It also features a bonus upper 1 bedroom, 1 bathroom apartment with a separate stair and entrance.

3. 2026-06-03
   days on market $119,000 Active 26 DOM
4. 2026-06-02
   days on market $119,000 Active 25 DOM
5. 2026-06-01
   days on market $119,000 Active 24 DOM
6. 2026-05-31
   days on market $119,000 Active 23 DOM
7. 2026-05-08
   listed $119,000 Active 320-char remark

   Show marketing remark (326 chars)

   Great first time home or investment opportunity in Anderson. Take advantage of this conveniently located property with 2 bedrooms and 1 bath plus a full basement. The property has off street parking and a 2 car detached garage. It also features a bonus upper 1 bedroom, 1 bathroom apartment with a separate stair and entrance.

8. 2026-05-08
   listed $119,000 Active 326-char remark

   Show marketing remark (326 chars)

   Great first time home or investment opportunity in Anderson. Take advantage of this conveniently located property with 2 bedrooms and 1 bath plus a full basement. The property has off street parking and a 2 car detached garage. It also features a bonus upper 1 bedroom, 1 bathroom apartment with a separate stair and entrance.

9. 2026-04-21
   status Active

   Show marketing remark (325 chars)

   Great first time home or investment opportunity in Anderson. Take advantage of this conveniently located property with 2 bedrooms and 1 bath plus a full basement. The property has off street parking and a 2 car detached garage. It also features a bonus upper 1bedroom, 1 bathroom apartment with a separate stair and entrance.

10. 2026-04-21
    price $119,000

    Show marketing remark (325 chars)

    Great first time home or investment opportunity in Anderson. Take advantage of this conveniently located property with 2 bedrooms and 1 bath plus a full basement. The property has off street parking and a 2 car detached garage. It also features a bonus upper 1bedroom, 1 bathroom apartment with a separate stair and entrance.

11. 2026-04-21
    status Active

    Show marketing remark (325 chars)

    Great first time home or investment opportunity in Anderson. Take advantage of this conveniently located property with 2 bedrooms and 1 bath plus a full basement. The property has off street parking and a 2 car detached garage. It also features a bonus upper 1bedroom, 1 bathroom apartment with a separate stair and entrance.

12. 2026-04-21
    price $119,000

    Show marketing remark (325 chars)

    Great first time home or investment opportunity in Anderson. Take advantage of this conveniently located property with 2 bedrooms and 1 bath plus a full basement. The property has off street parking and a 2 car detached garage. It also features a bonus upper 1bedroom, 1 bathroom apartment with a separate stair and entrance.

13. 2026-01-06
    status Pending

    Show marketing remark (325 chars)

    Great first time home or investment opportunity in Anderson. Take advantage of this conveniently located property with 2 bedrooms and 1 bath plus a full basement. The property has off street parking and a 2 car detached garage. It also features a bonus upper 1bedroom, 1 bathroom apartment with a separate stair and entrance.

14. 2026-01-06
    status Pending

    Show marketing remark (325 chars)

    Great first time home or investment opportunity in Anderson. Take advantage of this conveniently located property with 2 bedrooms and 1 bath plus a full basement. The property has off street parking and a 2 car detached garage. It also features a bonus upper 1bedroom, 1 bathroom apartment with a separate stair and entrance.

15. 2026-01-06
    historical

    Show marketing remark (325 chars)

    Great first time home or investment opportunity in Anderson. Take advantage of this conveniently located property with 2 bedrooms and 1 bath plus a full basement. The property has off street parking and a 2 car detached garage. It also features a bonus upper 1bedroom, 1 bathroom apartment with a separate stair and entrance.

16. 2025-12-01
    price $124,900

    Show marketing remark (325 chars)

    Great first time home or investment opportunity in Anderson. Take advantage of this conveniently located property with 2 bedrooms and 1 bath plus a full basement. The property has off street parking and a 2 car detached garage. It also features a bonus upper 1bedroom, 1 bathroom apartment with a separate stair and entrance.

17. 2025-12-01
    price $124,900

    Show marketing remark (325 chars)

    Great first time home or investment opportunity in Anderson. Take advantage of this conveniently located property with 2 bedrooms and 1 bath plus a full basement. The property has off street parking and a 2 car detached garage. It also features a bonus upper 1bedroom, 1 bathroom apartment with a separate stair and entrance.

18. 2025-10-01
    price $129,000

    Show marketing remark (325 chars)

    Great first time home or investment opportunity in Anderson. Take advantage of this conveniently located property with 2 bedrooms and 1 bath plus a full basement. The property has off street parking and a 2 car detached garage. It also features a bonus upper 1bedroom, 1 bathroom apartment with a separate stair and entrance.

19. 2025-10-01
    price $129,000

    Show marketing remark (325 chars)

    Great first time home or investment opportunity in Anderson. Take advantage of this conveniently located property with 2 bedrooms and 1 bath plus a full basement. The property has off street parking and a 2 car detached garage. It also features a bonus upper 1bedroom, 1 bathroom apartment with a separate stair and entrance.

20. 2025-09-09
    price $134,000

    Show marketing remark (325 chars)

    Great first time home or investment opportunity in Anderson. Take advantage of this conveniently located property with 2 bedrooms and 1 bath plus a full basement. The property has off street parking and a 2 car detached garage. It also features a bonus upper 1bedroom, 1 bathroom apartment with a separate stair and entrance.

21. 2025-09-09
    price $134,000

    Show marketing remark (325 chars)

    Great first time home or investment opportunity in Anderson. Take advantage of this conveniently located property with 2 bedrooms and 1 bath plus a full basement. The property has off street parking and a 2 car detached garage. It also features a bonus upper 1bedroom, 1 bathroom apartment with a separate stair and entrance.

22. 2025-08-20
    listed $139,000 Active

    Show marketing remark (325 chars)

    Great first time home or investment opportunity in Anderson. Take advantage of this conveniently located property with 2 bedrooms and 1 bath plus a full basement. The property has off street parking and a 2 car detached garage. It also features a bonus upper 1bedroom, 1 bathroom apartment with a separate stair and entrance.

23. 2025-08-20
    listed $139,000 Active

    Show marketing remark (325 chars)

    Great first time home or investment opportunity in Anderson. Take advantage of this conveniently located property with 2 bedrooms and 1 bath plus a full basement. The property has off street parking and a 2 car detached garage. It also features a bonus upper 1bedroom, 1 bathroom apartment with a separate stair and entrance.

ⓘ 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: $1,767 · $147/mo
• Projected year-2 tax: $1,767 · $147/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,321
• − Mortgage interest: −$6,666
• − Property taxes: −$1,767
• − Insurance: −$595
• − Repairs & maintenance: −$1,146
• − Management: −$1,146
• − Depreciation: −$3,462
• Taxable loss: −$460
• Est. tax savings @ 24.0%: +$110
• After-tax cash flow: $1,574/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): 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

-14.4% since first listed

21 events — show timeline

• 2026-06-05 Pending — MIBOR as Distributed by MLS Grid
• 2026-06-05 Pending — MIBOR as Distributed by MLS Grid
• 2026-06-05 Pending — IRMLS
• 2026-06-05 Pending — IRMLS
• 2026-05-08 Listed $119,000 IRMLS
• 2026-05-08 Listed $119,000 MIBOR as Distributed by MLS Grid
• 2026-04-21 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-21 Price Changed $119,000 MIBOR as Distributed by MLS Grid
• 2026-04-21 Relisted — IRMLS
• 2026-04-21 Price Changed $119,000 IRMLS
• 2026-01-06 Pending — MIBOR as Distributed by MLS Grid
• 2026-01-06 Pending — IRMLS
• 2026-01-06 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-12-01 Price Changed $124,900 MIBOR as Distributed by MLS Grid
• 2025-12-01 Price Changed $124,900 IRMLS
• 2025-10-01 Price Changed $129,000 IRMLS
• 2025-10-01 Price Changed $129,000 MIBOR as Distributed by MLS Grid
• 2025-09-09 Price Changed $134,000 MIBOR as Distributed by MLS Grid
• 2025-09-09 Price Changed $134,000 IRMLS
• 2025-08-20 Listed $139,000 IRMLS
• 2025-08-20 Listed $139,000 MIBOR as Distributed by MLS Grid

Property tax history

+1.6%/yr

Latest (2024): $1,767 · -18.7% YoY. Source: county tax records.