1403 Nichol Ave · Anderson, IN 46016

$70,000

3 bd · 1.0 ba · 1,664 sqft · SingleFamily public records · 1 Days on market

Built 1916 6,384 sqft lot Est $110k · 36% under

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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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Listing remarks

Situated at 1403 Nichol AVE in ANDERSON, IN, this single-family residence presents as an inviting home, ready to move in. The residence offers three peaceful bedrooms, providing ample personal retreats for rest and rejuvenation. With two full bathrooms, convenience is thoughtfully addressed; one of these refreshing spaces includes a walk in shower, offering a revitalizing daily experience. Encompassing 1664 square feet of living area, this home provides generous room for comfortable daily routines and cherished moments. The expansive 6384 square feet lot area offers considerable outdoor space, perfect for personal enjoyment and tranquil moments. The distinctive 1.5 stories of this residence

Key facts

• 1.5 stories
• Walk in closet
• Outdoor space

Tags

• WALK IN SHOWER
• WALK IN CLOSET
• OUTDOOR SPACE
• 1.5 STORIES

Property features AI

Exterior

• Utilities: Public water; Municipal sewer connected; 100 amp electric service; Cable available; Electricity connected; Natural gas connected; Water connected; Sewer connected; Renewable fuel source
• Home design: Single-family residence; One-and-a-half story; North-facing
• Construction: Aluminum siding; Block foundation
• Exterior features: Lot about 0.15 acre (less than 1/4 acre)

Interior

• Kitchen: Gas oven; Refrigerator
• Bedrooms: Three bedrooms on the upper level; Primary bedroom details: See remarks
• Bathrooms: Two full bathrooms (one on main level, one on upper level); Primary bathroom with tub and shower
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Attic access; Tray ceilings; Walk-in closets
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $446 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Cap rate 13.9% 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: 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: Anderson High School (math 21% / reading 51%, grade F, #261 of 369 statewide, top 71%, 1,790 students, 76% FRL).
• Zoned-school proficiency averages 36% at this address vs 19% district-wide (+17 pts) — the actual schools serving this property are materially stronger than the Anderson Community School Corporation average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+7.9%/yr); 185 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 41% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).
• This rent runs 37% of the median local income ($36k/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 $484 of loan paydown is wiped out by about $2k 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 $20k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $70,000

Questions for the listing agent

1. Built in 1916 — 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 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: 1.61% ✓
• Cap rate: 13.94%
• Cash-on-cash: 27.32%
• DSCR: 2.22
• GRM: 5.2

CMA / ARV

• ARV (on-the-fly): $109,824
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1201 Arrow Ave	0.27mi	3/1.0	1,621 (-3%)	10mo	$66,000	$41	75
1120 W 9th St	0.31mi	3/1.0	1,824 (+10%)	2mo	$125,000	$69	68
1531 W 15th St	0.22mi	4/1.5 (+1)	1,740 (+5%)	10mo	$115,000	$66	67
1209 Nichol Ave	0.11mi	2/1.0 (-1)	1,428 (-14%)	2mo	$23,750	$17	65
1917 Cedar St	0.51mi	4/2.0 (+1)	1,676 (+1%)	2mo	$55,000	$33	64
1019 W 9th St	0.32mi	3/2.0	1,830 (+10%)	5mo	$95,000	$52	60
904 W 6th St	0.57mi	3/1.0	1,556 (-6%)	6mo	$102,000	$66	58
1329 W 3rd St	0.63mi	2/1.0 (-1)	1,752 (+5%)	2mo	$105,000	$60	55
711 Madison Ave	0.43mi	3/2.0	1,506 (-10%)	7mo	$135,000	$90	54
1008 Malibu Dr	0.70mi	3/2.0	1,769 (+6%)	2mo	$205,000	$116	52
1705 Fairview St	0.57mi	4/2.5 (+1)	1,782 (+7%)	3mo	$185,000	$104	48
1107 W 3rd St	0.65mi	3/2.0	1,456 (-12%)	2mo	$155,000	$106	43

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: 26.5%
• Equity multiple: 2.17×
• Total profit: $22,865
• Equity at exit: $10,437

10-year hold

• IRR: 36.9%
• Equity multiple: 5.22×
• Total profit: $82,769
• Equity at exit: $6,052

Cash invested: $19,600 (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: 5.2×

Monthly cashflow live

• Estimated rent: $1,124 high
• Mortgage (P&I): −$367
• Tax from tax record: −$46 /mo · $547/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$236
• Net cashflow: $446

Break-even live

Break-even rent $559

Max offer price $70,000

Occupancy floor 55%

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1310 W 13th St Anderson, IN	2.0	1.0	1178	$895	$0.76	2d	1	0.06mi
1121 Victory Ct Anderson, IN	3.0	1.0	2053	$1,295	$0.63	22d	1	0.10mi
1502 Cedar St Anderson, IN	2.0	1.0	1104	$850	$0.77	43d	1	0.26mi
921 W 9th St Anderson, IN	3.0	2.0	1611	$1,375	$0.85	23d	1	0.42mi
1404 Walton St Anderson, IN	3.0	1.0	1090	$995	$0.91	43d	1	0.54mi
1212 W 5th St Anderson, IN	3.0	1.0	1252	$1,295	$1.03	12d	1	0.56mi
1532 Walton St Anderson, IN	3.0	1.0	1342	$1,100	$0.82	43d	1	0.57mi
820 W 7th St Apt A Anderson, IN	2.0	2.0	1400	$1,200	$0.86	23d	1	0.57mi
510 W 5th St Anderson, IN	3.0	1.5	1617	$995	$0.62	43d	1	0.79mi
229 W 19th St Anderson, IN	3.0	1.0	1200	$1,000	$0.83	43d	1	0.82mi
2233 Fairview St Anderson, IN	3.0	1.5	1452	$1,195	$0.82	23d	1	0.82mi
120 W 10th St Anderson, IN	1.0–3.0	1.0	1066	$1,150	$1.08	1d	1	0.85mi
2613 Louise St Anderson, IN	2.0	1.0	1096	$950	$0.87	22d	1	1.02mi
2627 Chase St Anderson, IN	3.0	1.0	1050	$850	$0.81	17d	1	1.17mi
2203 W 28th St Anderson, IN	3.0	1.0	1068	$1,000	$0.94	43d	1	1.19mi
2916 W 12th St Anderson, IN	3.0	1.0	1271	$1,295	$1.02	43d	1	1.29mi
3021 Delaware St Anderson, IN	2.0	1.0	1154	$1,150	$1.00	7d	1	1.43mi

Listing history 2 events

1. 2026-04-12
   status Pending
2. 2026-04-09
   listed $70,000 Active

ⓘ 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: $547 · $46/mo
• Projected year-2 tax: $571 · $48/mo
• Expected delta: +$24/yr (+$2/mo · 4.4%)

ⓘ 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: $13,490
• − Mortgage interest: −$3,921
• − Property taxes: −$547
• − Insurance: −$350
• − Repairs & maintenance: −$1,079
• − Management: −$1,079
• − Depreciation: −$2,036
• Taxable income: $4,478
• Est. tax owed @ 24.0%: −$1,075
• After-tax cash flow: $4,281/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

2 events — show timeline

• 2026-04-12 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-09 Listed $70,000 MIBOR as Distributed by MLS Grid

Property tax history

+2.5%/yr

Latest (2024): $547 · +8.6% YoY. Source: county tax records.