2423 S Madison Ave · Anderson, IN 46016

$59,900

1 bd · 1.0 ba · 924 sqft · SingleFamily public records · 82 Days on market

Built 1880 6,350 sqft lot $65/sqft · 59% above area Est $81k · 26% 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
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• 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 MLS

3 bedroom, 1 bath home with a unique layout and plenty of space. The third bedroom is a massive 588 sq ft loft-style room upstairs, offering flexibility for a variety of uses. Features include a dedicated laundry room, front mudroom, and a covered back patio for outdoor enjoyment. Situated on two lots, the property also includes a 2.5-car detached garage. Home needs some TLC, making it a great opportunity to add value and make it your own.

Key facts

• Two lots
• Front mudroom
• Unique layout

Tags

• UNIQUE LAYOUT
• DEDICATED LAUNDRY ROOM
• FRONT MUDROOM
• COVERED BACK PATIO
• TWO LOTS

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $232 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($861 rent vs $60k).
• Recommended offer: $56k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.9% 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: 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; 40 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $414 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 $17k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 82 days — a 6% lower offer ($56k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 20y ago 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.
• Current owner paid $40k; list at $60k implies a 50% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $56,306 (6.0% below list)

Questions for the listing agent

1. It's been on market 82 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.44% ✓
• Cap rate: 10.93%
• Cash-on-cash: 16.57%
• DSCR: 1.74
• GRM: 5.8

CMA / ARV

• ARV (median comp): $80,553
• List price: $59,900
• Delta: -25.64%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2505 Lincoln St	0.38mi	2/1.0 (+1)	900 (-3%)	4mo	$130,000	$144	70
2226 Hendricks St	0.16mi	2/1.0 (+1)	990 (+7%)	15mo	$70,000	$71	63
216 W 27th St	0.51mi	1/1.0	946 (+2%)	13mo	$25,000	$26	62
2307 Chase St	0.45mi	1/1.0	948 (+3%)	22mo	$33,000	$35	56
1924 Morton St	0.47mi	2/1.0 (+1)	858 (-7%)	8mo	$109,900	$128	54
2241 Nelle St	0.58mi	2/1.0 (+1)	796 (-14%)	4mo	$66,500	$84	41
2625 Lincoln St	0.40mi	2/1.0 (+1)	1,022 (+11%)	22mo	$103,000	$101	40
603 W 33rd St	0.73mi	2/1.0 (+1)	840 (-9%)	8mo	$65,000	$77	39
1632 W 17th St	0.67mi	2/1.0 (+1)	840 (-9%)	12mo	$38,000	$45	38
314 Andover Rd	0.75mi	2/1.0 (+1)	900 (-3%)	23mo	$100,000	$111	37
612 W 34th St	0.75mi	2/1.0 (+1)	816 (-12%)	21mo	$86,500	$106	23

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: 13.4%
• Equity multiple: 1.57×
• Total profit: $9,510
• Equity at exit: $8,931

10-year hold

• IRR: 25.9%
• Equity multiple: 3.84×
• Total profit: $47,549
• Equity at exit: $5,179

Cash invested: $16,772 (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: 5.8×

Monthly cashflow live

• Estimated rent: $861 high
• Mortgage (P&I): −$314
• Tax from tax record: −$110 /mo · $1,316/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$181
• Net cashflow: $232

Break-even live

Break-even rent $568

Max offer price $59,900

Occupancy floor 68%

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2208 Hendricks St Unit 3 Anderson, IN	1.0	1.0	585	$675	$1.15	43d	1	0.16mi
2301 Sheridan St Anderson, IN	2.0	1.0	900	$950	$1.06	43d	1	0.19mi
702 W 23rd St Anderson, IN	1.0	1.0	560	$595	$1.06	4d	1	0.20mi
2442 Morton St Anderson, IN	2.0	1.0	862	$1,125	$1.31	23d	1	0.33mi
2820 Fairview St Unit A Anderson, IN	2.0	1.0	850	$895	$1.05	43d	1	0.39mi
2324 Chase St Anderson, IN	2.0	1.0	783	$950	$1.21	43d	1	0.46mi
2904 Lincoln St Anderson, IN	2.0	1.0	864	$900	$1.04	43d	1	0.51mi
2004 Arrow Ave Anderson, IN	2.0	1.0	816	$1,125	$1.38	23d	1	0.56mi
1614 W 18th St Anderson, IN	2.0	1.0	690	$975	$1.41	23d	1	0.60mi
1502 Cedar St Anderson, IN	2.0	1.0	1104	$850	$0.77	43d	1	0.61mi
2613 Louise St Anderson, IN	2.0	1.0	1096	$950	$0.87	21d	1	0.67mi
1640 W 17th St Anderson, IN	2.0	1.0	810	$895	$1.10	20d	1	0.67mi
1616 W 16th St Anderson, IN	2.0	1.0	1038	$1,050	$1.01	43d	1	0.69mi
1720 Nelle St Anderson, IN	2.0	1.0	768	$1,100	$1.43	23d	1	0.71mi
2625 Main St Anderson, IN	2.0	1.0	988	$895	$0.91	23d	1	0.77mi
2719 Dewey St Anderson, IN	2.0	1.0	877	$1,150	$1.31	43d	1	0.80mi
3000 Fletcher St Unit 3000 Anderson, IN	2.0	1.0	800	$650	$0.81	43d	1	0.96mi
803 1/2 W 9th St Anderson, IN	1.0	1.0	600	$525	$0.88	43d	1	1.03mi
328 E 31st St Anderson, IN	1.0	1.0	600	$750	$1.25	43d	1	1.03mi
1317 Main St Anderson, IN	2.0	1.0	750	$800	$1.07	43d	1	1.03mi
1123 Louise St Anderson, IN	2.0	1.0	850	$850	$1.00	43d	1	1.04mi
1136 Irving Way Anderson, IN	2.0	1.0	900	$895	$0.99	21d	1	1.06mi
1726-1728 Walnut St Anderson, IN	2.0	2.0	900	$995	$1.11	2d	1	1.12mi
221 E 13th St Anderson, IN	1.0	1.0	595	$995	$1.67	14d	1	1.13mi
120 W 10th St Anderson, IN	1.0–3.0	1.0	1066	$900	$0.84	1d	1	1.14mi
702 E 23rd St Anderson, IN	1.0	1.0	560	$595	$1.06	14d	1	1.15mi
3006 Noble St Anderson, IN	2.0	1.0	1064	$995	$0.94	7d	1	1.17mi
1312 W 8th St Unit 1308H Anderson, IN	1.0	1.0	750	$999	$1.33	14d	1	1.18mi
1312 W 8th St Unit 1332 F Anderson, IN	2.0	1.0	850	$979	$1.15	43d	1	1.18mi
2002 Jefferson St Unit 3 Anderson, IN	1.0	2.0	725	$600	$0.83	43d	1	1.19mi
223 E 11th St Anderson, IN	2.0	1.0	800	$900	$1.12	43d	1	1.24mi
1710 Jefferson St Apt 2 Anderson, IN	2.0	1.0	550	$950	$1.73	43d	1	1.24mi
925 W 5th St Unit 1 Anderson, IN	1.0	1.0	617	$775	$1.26	16d	1	1.28mi
1708 W 7th St Anderson, IN	1.0	1.0	700	$875	$1.25	17d	1	1.30mi
1708 W 7th St Anderson, IN	1.0	1.0	700	$1,000	$1.43	43d	1	1.30mi
1708 W 7th St Anderson, IN	1.0	1.0	700	$875	$1.25	19d	1	1.30mi
1627 W 6th St Anderson, IN	2.0	1.0	650	$850	$1.31	23d	1	1.31mi
414 Wheeler Ave Apt B Anderson, IN	1.0	1.0	600	$650	$1.08	43d	1	1.31mi
1020 W 5th St Unit 1022 Anderson, IN	1.0	1.0	550	$750	$1.36	43d	1	1.31mi
924 W 5th St Unit 928 Anderson, IN	1.0	1.0	600	$600	$1.00	43d	1	1.31mi

Listing history 17 events

1. 2026-06-18
   days on market $59,900 Active 82 DOM
2. 2026-06-17
   days on market $59,900 Active 81 DOM
3. 2026-06-16
   days on market $59,900 Active 80 DOM
4. 2026-06-15
   days on market $59,900 Active 79 DOM
5. 2026-06-13
   days on market $59,900 Active 77 DOM
6. 2026-06-09
   days on market $59,900 Active 73 DOM
7. 2026-06-08
   days on market $59,900 Active 72 DOM
8. 2026-06-07
   days on market $59,900 Active 71 DOM
9. 2026-06-05
   days on market $59,900 Active 68 DOM
10. 2026-06-03
    days on market $59,900 Active 67 DOM
11. 2026-06-02
    days on market $59,900 Active 66 DOM
12. 2026-06-01
    days on market $59,900 Active 65 DOM
13. 2026-05-31
    days on market $59,900 Active 64 DOM
14. 2026-03-27
    listed $59,900 Active 443-char remark

    Show marketing remark (443 chars)

    3 bedroom, 1 bath home with a unique layout and plenty of space. The third bedroom is a massive 588 sq ft loft-style room upstairs, offering flexibility for a variety of uses. Features include a dedicated laundry room, front mudroom, and a covered back patio for outdoor enjoyment. Situated on two lots, the property also includes a 2.5-car detached garage. Home needs some TLC, making it a great opportunity to add value and make it your own.

15. 2026-03-27
    listed $59,900 Active 443-char remark

    Show marketing remark (443 chars)

    3 bedroom, 1 bath home with a unique layout and plenty of space. The third bedroom is a massive 588 sq ft loft-style room upstairs, offering flexibility for a variety of uses. Features include a dedicated laundry room, front mudroom, and a covered back patio for outdoor enjoyment. Situated on two lots, the property also includes a 2.5-car detached garage. Home needs some TLC, making it a great opportunity to add value and make it your own.

16. 2006-01-19
    soldstatus $39,900
17. 2006-01-04
    listed $39,900

ⓘ 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: $1,316 · $110/mo
• Projected year-2 tax: $1,316 · $110/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: $10,333
• − Mortgage interest: −$3,355
• − Property taxes: −$1,316
• − Insurance: −$300
• − Repairs & maintenance: −$827
• − Management: −$827
• − Depreciation: −$1,743
• Taxable income: $1,967
• Est. tax owed @ 24.0%: −$472
• After-tax cash flow: $2,306/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

+50.1% since first listed

4 events — show timeline

• 2026-03-27 Listed $59,900 IRMLS
• 2026-03-27 Listed $59,900 MIBOR as Distributed by MLS Grid
• 2006-01-19 Sold (MLS) $39,900 MIBOR as Distributed by MLS Grid
• 2006-01-04 Listed $39,900 MIBOR as Distributed by MLS Grid

Property tax history

+27.0%/yr

Latest (2024): $1,316 · +25.7% YoY. Source: county tax records.