521 W 37th St · Anderson, IN 46013

$140,000

4 bd · 1.0 ba · 3,417 sqft · SingleFamily · 107 Days on market

Built 1944 Fair condition 0.26 ac lot $41/sqft · 12% below area Est $159k · 12% under ↓ 10% 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 +19.4/30.0
• ARV discount +13.0/15.0
• DSCR +6.1/10.0
• 1% rule +5.2/10.0
• 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

Southside Investment Opportunity You Don't Want to Miss! If you've been waiting for the right property to add to your portfolio - this is it. This spacious home offers over 2,000 square feet of living space with 4 bedrooms and room to maximize value. Whether you're looking for your next rental, flip, or long-term hold, the potential here is undeniable. Over 2,000 sq ft, 4 generous bedrooms, Laminate flooring throughout, Large lot with room to grow, Basement with plenty of storage and a Solid space! Strong potential. Prime Southside location. Opportunities like this don't last long - especially with this much square footage at this price point. Message me for details or to schedule a private showing. Let's make your next investment move a smart one!

Key facts

• Laminate flooring
• Large lot
• 0.26 acre lot

Tags

• LAMINATE FLOORING
• LARGE LOT
• BASEMENT WITH STORAGE
• PRIME SOUTHSIDE LOCATION

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $140k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $157 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $140k).
• Recommended offer: $127k (9.0% 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: 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: 150 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).
• This rent runs 35% of the median local income ($49k/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 $968 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 107 days — a 9% lower offer ($127k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1944 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $127,400 (9.0% below list)

Questions for the listing agent

1. It's been on market 107 days. Have you received any prior offers? Is the seller open to a 9% 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. Built in 1944 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 1.02% ✓
• Cap rate: 7.64%
• Cash-on-cash: 4.80%
• DSCR: 1.21
• GRM: 8.2

CMA / ARV

• ARV (median comp): $159,335
• List price: $140,000
• Delta: -12.13%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
139 E 36th St	0.68mi	3/1.5 (-1)	2,919 (-15%)	9mo	$155,100	$53	29
1116 Sandra Dr	0.74mi	3/2.5 (-1)	3,822 (+12%)	7mo	$220,000	$58	29

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: -8.8%
• Equity multiple: 0.68×
• Total profit: $-12,685
• Equity at exit: $20,874

10-year hold

• IRR: 0.7%
• Equity multiple: 1.05×
• Total profit: $1,892
• Equity at exit: $12,105

Cash invested: $39,200 (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 46013

• Home prices YoY: -26.9%
• Active inventory: 150
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,423 medium
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,100/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$299
• Net cashflow: $157

Break-even live

Break-even rent $1,225

Max offer price $140,000

Occupancy floor 84%

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2626 Main St Anderson, IN	3.0	2.0	3366	$1,200	$0.36	23d	1	1.05mi

Listing history 15 events

1. 2026-06-18
   days on market $140,000 Active 107 DOM
2. 2026-06-17
   days on market $140,000 Active 106 DOM
3. 2026-06-16
   days on market $140,000 Active 105 DOM
4. 2026-06-15
   days on market $140,000 Active 104 DOM
5. 2026-06-13
   days on market $140,000 Active 102 DOM
6. 2026-06-09
   days on market $140,000 Active 98 DOM
7. 2026-06-08
   days on market $140,000 Active 97 DOM
8. 2026-06-07
   days on market $140,000 Active 96 DOM
9. 2026-06-05
   days on market $140,000 Active 93 DOM
10. 2026-06-03
    days on market $140,000 Active 92 DOM
11. 2026-06-02
    days on market $140,000 Active 91 DOM
12. 2026-06-01
    days on market $140,000 Active 90 DOM
13. 2026-05-31
    days on market $140,000 Active 89 DOM
14. 2026-03-24
    price $140,000 758-char remark

    Show marketing remark (758 chars)

    Southside Investment Opportunity You Don't Want to Miss! If you've been waiting for the right property to add to your portfolio - this is it. This spacious home offers over 2,000 square feet of living space with 4 bedrooms and room to maximize value. Whether you're looking for your next rental, flip, or long-term hold, the potential here is undeniable. Over 2,000 sq ft, 4 generous bedrooms, Laminate flooring throughout, Large lot with room to grow, Basement with plenty of storage and a Solid space! Strong potential. Prime Southside location. Opportunities like this don't last long - especially with this much square footage at this price point. Message me for details or to schedule a private showing. Let's make your next investment move a smart one!

15. 2026-03-02
    listed $155,000 Active 758-char remark

    Show marketing remark (758 chars)

    Southside Investment Opportunity You Don't Want to Miss! If you've been waiting for the right property to add to your portfolio - this is it. This spacious home offers over 2,000 square feet of living space with 4 bedrooms and room to maximize value. Whether you're looking for your next rental, flip, or long-term hold, the potential here is undeniable. Over 2,000 sq ft, 4 generous bedrooms, Laminate flooring throughout, Large lot with room to grow, Basement with plenty of storage and a Solid space! Strong potential. Prime Southside location. Opportunities like this don't last long - especially with this much square footage at this price point. Message me for details or to schedule a private showing. Let's make your next investment move a smart one!

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

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: $17,076
• − Mortgage interest: −$7,842
• − Property taxes: −$2,100
• − Insurance: −$700
• − Repairs & maintenance: −$1,366
• − Management: −$1,366
• − Depreciation: −$4,073
• Taxable loss: −$371
• Est. tax savings @ 24.0%: +$89
• After-tax cash flow: $1,969/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 · 12 photos

Fair 45/100 Moderate rehab

This home requires moderate renovations to update the kitchen and bathroom, and paint the exterior. It has potential for significant value increase.

Repairs flagged

• Major kitchen cabinets — severely outdated and worn
• Major kitchen countertops — worn and in need of replacement
• Major kitchen appliances — outdated and in need of replacement
• Major bathroom fixtures — small and outdated
• Major exterior paint — chipped and worn

Value-add opportunities

• Both update kitchen — modern kitchen will attract more buyers and renters
• Both update bathroom — modern bathroom will attract more buyers and renters
• Both paint exterior — fresh paint will improve curb appeal and home value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · severely outdated and worn	Major	$15,000–50,000
kitchen countertops · worn and in need of replacement	Major	$15,000–50,000
kitchen appliances · outdated and in need of replacement	Major	$15,000–50,000
bathroom fixtures · small and outdated	Major	$15,000–50,000
exterior paint · chipped and worn	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both update kitchen — modern kitchen will attract more buyers and renters ↑
• Both update bathroom — modern bathroom will attract more buyers and renters ↑
• Both paint exterior — fresh paint will improve curb appeal and home 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

-9.7% since first listed

2 events — show timeline

• 2026-03-24 Price Changed $140,000 MIBOR as Distributed by MLS Grid
• 2026-03-02 Listed $155,000 MIBOR as Distributed by MLS Grid