224 Edgewood Dr · Edgewood, IN 46011

$219,900

3 bd · 2.0 ba · 1,989 sqft · SingleFamily public records · 2 Days on market

Built 1949 0.31 ac lot $111/sqft · 43% above area Est $230k · at est.

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Why this score? — see what drove the F 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).

• ARV discount +9.4/15.0
• Cash flow +6.2/30.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• 1% rule +0.6/10.0
• DSCR +0.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautiful 3 bedroom, 2 bath brick Cape Cod featuring a main level bedroom and full bath, spacious living/dining room combo and kitchen with all appliances plus a breakfast nook area. Upstairs offers two large bedrooms and a full bath. Enjoy the large Florida room for additional living space, plus a full unfinished basement offering great storage or future finishing potential and a 2 car attached garage.

Key facts

• 0.31 acre lot
• 2 garage spots
• Built 1949

Property features AI

Exterior

• Parking: Attached 2-car garage (approx. 420 sq ft)
• Security: Smoke detector(s)
• Utilities: Public water; Municipal sewer connected; Regular solid waste service
• Home design: Single-family residence; One-and-a-half story
• Construction: Brick and vinyl siding exterior; Block foundation
• Exterior features: Approximately 0.31-acre lot (about 1/4–1/2 acre)

Interior

• Kitchen: Refrigerator; Electric oven; Microwave; Dishwasher
• Bedrooms: Three bedrooms total — one on the main level and two on the upper level
• Bathrooms: Two full bathrooms — one on the main level and one on the upper level
• Heating & cooling: Forced air heating (electric); Central air conditioning
• Interior features: Full unfinished basement with interior entry; Wood-burning fireplace in the living room; Smoke detector(s)
• Laundry & utility: Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $220k.

Deal economics

• At list price, monthly cash flow is $-400 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $149k (32.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $123k (44.0% below list).
• Recommended offer: $123k (44.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 70/100 on livability (#162 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety 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: Edgewood Elementary School (math 17% / reading 12%, grade F, #862 of 994 statewide, top 88%, 178 students, 78% FRL); Anderson High School (math 21% / reading 51%, grade F, #261 of 369 statewide, top 71%, 1,790 students, 76% FRL).
• Market conditions: 105 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $2k of loan paydown is wiped out by about $7k 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

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,074 (44.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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 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: 0.56% ✗
• Cap rate: 4.11%
• Cash-on-cash: -7.80%
• DSCR: 0.65
• GRM: 14.9

CMA / ARV

• ARV (median comp): $229,670
• List price: $219,900
• Delta: -4.25%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
708 Washington Ct	0.31mi	3/2.0	2,050 (+3%)	2mo	$220,000	$107	79
1518 S Winding Way	0.33mi	3/2.0	2,038 (+2%)	7mo	$222,000	$109	75
3128 W 12th St	0.38mi	3/2.0	1,928 (-3%)	11mo	$220,000	$114	68
3519 Oakwood	0.61mi	3/2.0	1,953 (-2%)	2mo	$265,000	$136	67
3134 Meadowcrest Dr	0.48mi	3/2.5	2,082 (+5%)	4mo	$217,000	$104	64
1620 Winding Way	0.47mi	3/1.5	1,846 (-7%)	5mo	$252,000	$137	60
718 Longfellow Rd	0.35mi	3/2.0	1,764 (-11%)	6mo	$195,000	$111	60
908 Wayside Ln	0.33mi	3/2.5	2,226 (+12%)	4mo	$225,000	$101	60
625 Pershing Dr	0.34mi	2/1.5 (-1)	2,160 (+9%)	9mo	$215,000	$100	55
4024 Nichol Ave	0.46mi	3/2.0	1,710 (-14%)	0mo	$225,000	$132	55
842 Wayside Ln	0.34mi	4/2.5 (+1)	2,274 (+14%)	9mo	$272,000	$120	46
936 Sunset Dr	0.55mi	3/2.0	1,709 (-14%)	8mo	$235,000	$138	45

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -30.0%
• Equity multiple: 0.01×
• Total profit: $-61,183
• Equity at exit: $32,788

10-year hold

• IRR: -31.7%
• Equity multiple: -0.40×
• Total profit: $-86,377
• Equity at exit: $19,013

Cash invested: $61,572 (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 46011

• Home prices YoY: -25.0%
• Active inventory: 105
• Price-to-rent: 14.9×

Monthly cashflow live

• Estimated rent: $1,231 medium
• Mortgage (P&I): −$1,153
• Tax from tax record: −$128 /mo · $1,530/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$258
• Net cashflow: $-400

Break-even live

Break-even rent $1,737

Max offer price $149,233

Occupancy floor —

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2916 W 12th St Anderson, IN	3.0	1.0	1271	$1,295	$1.02	43d	1	0.68mi
1532 Walton St Anderson, IN	3.0	1.0	1342	$1,100	$0.82	43d	1	1.45mi

Listing history 4 events

1. 2026-05-08
   status Pending 402-char remark

   Show marketing remark (407 chars)

   Beautiful 3 bedroom, 2 bath brick Cape Cod featuring a main level bedroom and full bath, spacious living/dining room combo and kitchen with all appliances plus a breakfast nook area. Upstairs offers two large bedrooms and a full bath. Enjoy the large Florida room for additional living space, plus a full unfinished basement offering great storage or future finishing potential and a 2 car attached garage.

2. 2026-05-08
   status Pending 407-char remark

   Show marketing remark (407 chars)

   Beautiful 3 bedroom, 2 bath brick Cape Cod featuring a main level bedroom and full bath, spacious living/dining room combo and kitchen with all appliances plus a breakfast nook area. Upstairs offers two large bedrooms and a full bath. Enjoy the large Florida room for additional living space, plus a full unfinished basement offering great storage or future finishing potential and a 2 car attached garage.

3. 2026-05-06
   listed $219,900 Active 407-char remark

   Show marketing remark (407 chars)

   Beautiful 3 bedroom, 2 bath brick Cape Cod featuring a main level bedroom and full bath, spacious living/dining room combo and kitchen with all appliances plus a breakfast nook area. Upstairs offers two large bedrooms and a full bath. Enjoy the large Florida room for additional living space, plus a full unfinished basement offering great storage or future finishing potential and a 2 car attached garage.

4. 2026-05-06
   listed $219,900 Active 402-char remark

   Show marketing remark (407 chars)

   Beautiful 3 bedroom, 2 bath brick Cape Cod featuring a main level bedroom and full bath, spacious living/dining room combo and kitchen with all appliances plus a breakfast nook area. Upstairs offers two large bedrooms and a full bath. Enjoy the large Florida room for additional living space, plus a full unfinished basement offering great storage or future finishing potential and a 2 car attached garage.

ⓘ 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: $1,530 · $128/mo
• Projected year-2 tax: $1,700 · $142/mo
• Expected delta: +$170/yr (+$14/mo · 11.1%)

ⓘ 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 100% 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: $14,769
• − Mortgage interest: −$12,318
• − Property taxes: −$1,530
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,182
• − Management: −$1,182
• − Depreciation: −$6,397
• Taxable loss: −$8,939
• Est. tax savings @ 24.0%: +$2,145
• After-tax cash flow: $-2,655/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 — Edgewood

• Score: 70/100
• State rank: #162
• US rank: #7824

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Edgewood, IN
• Population (ZIP): 17,115

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 (79%)
• Race & ethnicity: White 79% Black 8% Hispanic / Latino 6% Two or more races 6%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 2% Iranian 1% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 3%

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: ▼ -90.13%
• Current HPI: 270.0253
• Rent YoY: —
• Metro: —
• 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

+0.0% since first listed

6 events — show timeline

• 2026-06-04 Sold (MLS) $219,900 MIBOR as Distributed by MLS Grid
• 2026-06-04 Sold (MLS) $219,900 IRMLS
• 2026-05-08 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-08 Pending — IRMLS
• 2026-05-06 Listed $219,900 IRMLS
• 2026-05-06 Listed $219,900 MIBOR as Distributed by MLS Grid

Property tax history

+5.7%/yr

Latest (2024): $1,530 · +9.2% YoY. Source: county tax records.