120 W 5th St · Anderson, IN 46016

$165,000

3 bd · 1.5 ba · 2,544 sqft · MultiFamily public records · 181 Days on market

Built 1876 4,104 sqft lot Est $170k · at est.

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Why this score? — see what drove the B- 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 +29.8/30.0
• DSCR +10.0/10.0
• ARV discount +8.9/15.0
• 1% rule +7.8/10.0
• 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

Welcome to 120 and 118 W Fifth Street - a beautifully updated duplex located just steps from downtown Anderson. This property is the perfect blend of classic charm and modern style with great curb appeal and loads of character. This versatile property offers three spacious units with many updates, vintage details, and abundant natural light. With a third unit already in the home, it can be easily be converted into a triplex. All three units have a kitchen, washer/dryer hookup, and bedroom(s). Whether you're looking to house hack by living in one unit and renting out the others or build a short term rental portfolio, this property is great for any investor. The home has easy access to shops, dining, and local amenities, making it ideal for guests or tenants. Don't miss out on this rare opportunity to own a flexible, income-producing property!

Key facts

• Updated duplex
• Three spacious units
• Easy access to shops

Tags

• UPDATED DUPLEX
• THREE SPACIOUS UNITS
• ABUNDANT NATURAL LIGHT
• EASILY CONVERTED TRIPLEX
• KITCHEN WASHER DRYER HOOKUP
• EASY ACCESS TO SHOPS

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $165k.

Deal economics

• At list price, monthly cash flow is $606 ($7k/yr) — positive. Per door: $303/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $145k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.7% 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; 3 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 $2,113/mo this rent would consume 70% 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 $46k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 181 days — a 12% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 27y ago; this cycle's ask has dropped $15k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $10k; list at $165k implies a 1471% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1876 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $145,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 181 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 1876 — 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: 1.28% ✓
• Cap rate: 10.70%
• Cash-on-cash: 15.73%
• DSCR: 1.70
• GRM: 6.5

CMA / ARV

• ARV (on-the-fly): $170,448
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
420 E 14th St	0.72mi	4/3.0 (+1)	2,431 (-4%)	13mo	$105,000	$43	37
341 Park Ave	0.60mi	4/2.0 (+1)	2,183 (-14%)	9mo	$147,000	$67	34
332 W 9th St	0.31mi	4/4.0 (+1)	2,240 (-12%)	23mo	$210,000	$94	31

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: 11.7%
• Equity multiple: 1.49×
• Total profit: $22,705
• Equity at exit: $24,602

10-year hold

• IRR: 24.2%
• Equity multiple: 3.57×
• Total profit: $118,797
• Equity at exit: $14,266

Cash invested: $46,200 (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: 13.0×

Monthly cashflow live

• Estimated rent: $2,113 high
• Mortgage (P&I): −$865
• Tax from tax record: −$130 /mo · $1,556/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$444
• Net cashflow: $606

Break-even live

Break-even rent $1,346

Max offer price $165,000

Occupancy floor 66%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$2,114
Total (2 units)			$2,113

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1728 Walnut St Anderson, IN	3.0	2.0	2484	$1,295	$0.52	23d	1	0.97mi
1121 Victory Ct Anderson, IN	3.0	1.0	2053	$1,295	$0.63	21d	1	0.99mi
2626 Main St Anderson, IN	3.0	2.0	3366	$1,200	$0.36	23d	1	1.50mi

Listing history 33 events

1. 2026-06-18
   days on market $165,000 Active 181 DOM
2. 2026-06-17
   days on market $165,000 Active 180 DOM
3. 2026-06-16
   days on market $165,000 Active 179 DOM
4. 2026-06-15
   days on market $165,000 Active 178 DOM
5. 2026-06-13
   days on market $165,000 Active 176 DOM
6. 2026-06-09
   days on market $165,000 Active 172 DOM
7. 2026-06-08
   days on market $165,000 Active 171 DOM
8. 2026-06-07
   days on market $165,000 Active 170 DOM
9. 2026-06-05
   days on market $165,000 Active 167 DOM
10. 2026-06-03
    days on market $165,000 Active 166 DOM
11. 2026-06-02
    days on market $165,000 Active 165 DOM
12. 2026-06-01
    days on market $165,000 Active 164 DOM
13. 2026-05-31
    days on market $165,000 Active 163 DOM
14. 2026-05-15
    price $165,000 853-char remark

    Show marketing remark (853 chars)

    Welcome to 120 and 118 W Fifth Street - a beautifully updated duplex located just steps from downtown Anderson. This property is the perfect blend of classic charm and modern style with great curb appeal and loads of character. This versatile property offers three spacious units with many updates, vintage details, and abundant natural light. With a third unit already in the home, it can be easily be converted into a triplex. All three units have a kitchen, washer/dryer hookup, and bedroom(s). Whether you're looking to house hack by living in one unit and renting out the others or build a short term rental portfolio, this property is great for any investor. The home has easy access to shops, dining, and local amenities, making it ideal for guests or tenants. Don't miss out on this rare opportunity to own a flexible, income-producing property!

15. 2026-03-26
    status Active 853-char remark

    Show marketing remark (853 chars)

    Welcome to 120 and 118 W Fifth Street - a beautifully updated duplex located just steps from downtown Anderson. This property is the perfect blend of classic charm and modern style with great curb appeal and loads of character. This versatile property offers three spacious units with many updates, vintage details, and abundant natural light. With a third unit already in the home, it can be easily be converted into a triplex. All three units have a kitchen, washer/dryer hookup, and bedroom(s). Whether you're looking to house hack by living in one unit and renting out the others or build a short term rental portfolio, this property is great for any investor. The home has easy access to shops, dining, and local amenities, making it ideal for guests or tenants. Don't miss out on this rare opportunity to own a flexible, income-producing property!

16. 2025-09-15
    status Active 853-char remark

    Show marketing remark (853 chars)

    Welcome to 120 and 118 W Fifth Street - a beautifully updated duplex located just steps from downtown Anderson. This property is the perfect blend of classic charm and modern style with great curb appeal and loads of character. This versatile property offers three spacious units with many updates, vintage details, and abundant natural light. With a third unit already in the home, it can be easily be converted into a triplex. All three units have a kitchen, washer/dryer hookup, and bedroom(s). Whether you're looking to house hack by living in one unit and renting out the others or build a short term rental portfolio, this property is great for any investor. The home has easy access to shops, dining, and local amenities, making it ideal for guests or tenants. Don't miss out on this rare opportunity to own a flexible, income-producing property!

17. 2025-09-15
    price $170,000 853-char remark

    Show marketing remark (853 chars)

    Welcome to 120 and 118 W Fifth Street - a beautifully updated duplex located just steps from downtown Anderson. This property is the perfect blend of classic charm and modern style with great curb appeal and loads of character. This versatile property offers three spacious units with many updates, vintage details, and abundant natural light. With a third unit already in the home, it can be easily be converted into a triplex. All three units have a kitchen, washer/dryer hookup, and bedroom(s). Whether you're looking to house hack by living in one unit and renting out the others or build a short term rental portfolio, this property is great for any investor. The home has easy access to shops, dining, and local amenities, making it ideal for guests or tenants. Don't miss out on this rare opportunity to own a flexible, income-producing property!

18. 2025-09-03
    status Pending 853-char remark

    Show marketing remark (853 chars)

    Welcome to 120 and 118 W Fifth Street - a beautifully updated duplex located just steps from downtown Anderson. This property is the perfect blend of classic charm and modern style with great curb appeal and loads of character. This versatile property offers three spacious units with many updates, vintage details, and abundant natural light. With a third unit already in the home, it can be easily be converted into a triplex. All three units have a kitchen, washer/dryer hookup, and bedroom(s). Whether you're looking to house hack by living in one unit and renting out the others or build a short term rental portfolio, this property is great for any investor. The home has easy access to shops, dining, and local amenities, making it ideal for guests or tenants. Don't miss out on this rare opportunity to own a flexible, income-producing property!

19. 2025-08-21
    price $175,000 853-char remark

    Show marketing remark (853 chars)

    Welcome to 120 and 118 W Fifth Street - a beautifully updated duplex located just steps from downtown Anderson. This property is the perfect blend of classic charm and modern style with great curb appeal and loads of character. This versatile property offers three spacious units with many updates, vintage details, and abundant natural light. With a third unit already in the home, it can be easily be converted into a triplex. All three units have a kitchen, washer/dryer hookup, and bedroom(s). Whether you're looking to house hack by living in one unit and renting out the others or build a short term rental portfolio, this property is great for any investor. The home has easy access to shops, dining, and local amenities, making it ideal for guests or tenants. Don't miss out on this rare opportunity to own a flexible, income-producing property!

20. 2025-07-11
    listed $180,000 Active 853-char remark

    Show marketing remark (853 chars)

    Welcome to 120 and 118 W Fifth Street - a beautifully updated duplex located just steps from downtown Anderson. This property is the perfect blend of classic charm and modern style with great curb appeal and loads of character. This versatile property offers three spacious units with many updates, vintage details, and abundant natural light. With a third unit already in the home, it can be easily be converted into a triplex. All three units have a kitchen, washer/dryer hookup, and bedroom(s). Whether you're looking to house hack by living in one unit and renting out the others or build a short term rental portfolio, this property is great for any investor. The home has easy access to shops, dining, and local amenities, making it ideal for guests or tenants. Don't miss out on this rare opportunity to own a flexible, income-producing property!

21. 2013-06-07
    historical 158-char remark

    Show marketing remark (158 chars)

    Old historical home-alot of hardwood and character. Use to be a tri-plex. Upstairs unit in good condition. The home needs TLC. Priced to sell!! Nice location.

22. 2013-03-15
    soldstatus $10,500 158-char remark

    Show marketing remark (158 chars)

    Old historical home-alot of hardwood and character. Use to be a tri-plex. Upstairs unit in good condition. The home needs TLC. Priced to sell!! Nice location.

23. 2012-04-25
    listed $12,500 158-char remark

    Show marketing remark (158 chars)

    Old historical home-alot of hardwood and character. Use to be a tri-plex. Upstairs unit in good condition. The home needs TLC. Priced to sell!! Nice location.

24. 2006-03-24
    soldstatus $14,100
25. 2005-11-22
    listed $22,500
26. 2005-11-08
    historical
27. 2005-07-13
    listed $37,800
28. 2004-03-17
    historical
29. 2003-08-11
    listed $54,900
30. 2002-10-12
    historical
31. 2001-10-19
    listed $64,900
32. 2000-02-11
    soldstatus $45,000
33. 1999-12-14
    listed $49,900

ⓘ 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: $1,556 · $130/mo
• Projected year-2 tax: $1,556 · $130/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
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,356
• − Mortgage interest: −$9,243
• − Property taxes: −$1,556
• − Insurance: −$825
• − Repairs & maintenance: −$2,028
• − Management: −$2,028
• − Depreciation: −$4,800
• Taxable income: $4,876
• Est. tax owed @ 24.0%: −$1,170
• After-tax cash flow: $6,097/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

+230.7% since first listed

20 events — show timeline

• 2026-05-15 Price Changed $165,000 MIBOR as Distributed by MLS Grid
• 2026-03-26 Relisted — MIBOR as Distributed by MLS Grid
• 2025-09-15 Relisted — MIBOR as Distributed by MLS Grid
• 2025-09-15 Price Changed $170,000 MIBOR as Distributed by MLS Grid
• 2025-09-03 Pending — MIBOR as Distributed by MLS Grid
• 2025-08-21 Price Changed $175,000 MIBOR as Distributed by MLS Grid
• 2025-07-11 Listed $180,000 MIBOR as Distributed by MLS Grid
• 2013-06-07 Listing Removed — MIBOR as Distributed by MLS Grid
• 2013-03-15 Sold (MLS) $10,500 MIBOR as Distributed by MLS Grid
• 2012-04-25 Listed $12,500 MIBOR as Distributed by MLS Grid
• 2006-03-24 Sold (MLS) $14,100 MIBOR as Distributed by MLS Grid
• 2005-11-22 Listed $22,500 MIBOR as Distributed by MLS Grid
• 2005-11-08 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-07-13 Listed $37,800 MIBOR as Distributed by MLS Grid
• 2004-03-17 Listing Removed — MIBOR as Distributed by MLS Grid
• 2003-08-11 Listed $54,900 MIBOR as Distributed by MLS Grid
• 2002-10-12 Listing Removed — MIBOR as Distributed by MLS Grid
• 2001-10-19 Listed $64,900 MIBOR as Distributed by MLS Grid
• 2000-02-11 Sold (MLS) $45,000 MIBOR as Distributed by MLS Grid
• 1999-12-14 Listed $49,900 MIBOR as Distributed by MLS Grid

Property tax history

+4.3%/yr

Latest (2024): $1,556 · +8.5% YoY. Source: county tax records.