1815 & 1815 1/2 Fletcher St · Anderson, IN 46016

$112,900

4 bd · 2.4 ba · 2,058 sqft · MultiFamily · 57 Days on market

Built 1884 Fair condition 5,663 sqft lot $55/sqft · 23% above area Est $92k · 23% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.5/5.0
• Livability +3.0/5.0
• Condition / age +2.2/5.0
• Schools +1.6/10.0
• ARV discount +0.0/15.0
• 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

This package features six consistently high-demand rental duplex properties (12 units) situated in the Anderson, IN market. The portfolio offers a secure, well-managed investment with immediate upside potential. Stable Income Stream: The properties demonstrate strong, reliable cash flow, supported by excellent historical rent collection and exceptional occupancy rates (minimal historical vacancy). Turnkey Efficiency: Current owners have meticulously maintained the units, significantly minimizing the need for immediate Capital Expenditure (CapEx). Value-Add Opportunity: Current rents are below prevailing market rates for comparable local properties, providing a clear path for substantial income growth through gradual rent increases to achieve market value. Tenant Stability: Due to diligent maintenance, the properties have high long-term tenant satisfaction, contributing to low turnover. Seller will sell individually or as a group-addresses: 403-405 W 5th St, 1105-1107 W 11th St, 1109-1111 W 11th St, 1303-1305 Sycamore, 615-615 1/2 Madison and 1815 - 1815 1/2 Fletcher.

Key facts

• 5,663 sq ft lot
• 4 parking spots
• Built 1884

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $113k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $776 ($9k/yr) — positive. Per door: $388/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $113k).
• Recommended offer: $110k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.5% 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; 6 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 $1,970/mo this rent would consume 66% 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 $781 of loan paydown is wiped out by about $3k 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 $32k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 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 1884 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $109,513 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1884 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.74% ✓
• Cap rate: 14.54%
• Cash-on-cash: 29.46%
• DSCR: 2.31
• GRM: 4.8

CMA / ARV

• ARV (median comp): $92,127
• List price: $112,900
• Delta: 22.55%
• Verdict: OVERPRICED
• Comps: 19 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1820 Central Ave	0.04mi	3/2.0 (-1)	1,762 (-14%)	3mo	$85,000	$48	65
1609 Brown St	0.39mi	5/2.0 (+1)	1,934 (-6%)	10mo	$135,000	$70	56
2213 Noble St	0.34mi	5/2.0 (+1)	2,314 (+12%)	11mo	$70,000	$30	47
806 E 9th St	0.73mi	4/2.0	2,048 (-0%)	21mo	$50,000	$24	46
2116 Pearl St	0.23mi	5/3.0 (+1)	2,357 (+14%)	24mo	$125,000	$53	38

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: 29.4%
• Equity multiple: 2.31×
• Total profit: $41,313
• Equity at exit: $16,834

10-year hold

• IRR: 39.4%
• Equity multiple: 5.61×
• Total profit: $145,818
• Equity at exit: $9,762

Cash invested: $31,612 (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: 9.6×

Monthly cashflow live

• Estimated rent: $1,970 high
• Mortgage (P&I): −$592
• Tax est. 1.5%: −$141 /mo · $1,694/yr
• Insurance: −$47
• HOA: −$0
• Vacancy / Maint / Mgmt: −$414
• Net cashflow: $776

Break-even live

Break-even rent $988

Max offer price $112,900

Occupancy floor 56%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$1,970
Total (2 units)			$1,970

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: $28,225
• Closing costs: $3,387
• Reserves months: —
• Total cash needed: —

Rent comps 6 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	0.18mi
2233 Fairview St Anderson, IN	3.0	1.5	1452	$1,195	$0.82	23d	1	0.68mi
228 E 29th St Anderson, IN	3.0	2.0	1440	$1,295	$0.90	4d	1	0.73mi
921 W 9th St Anderson, IN	3.0	2.0	1611	$1,375	$0.85	23d	1	1.00mi
510 W 5th St Anderson, IN	3.0	1.5	1617	$995	$0.62	43d	1	1.05mi
1121 Victory Ct Anderson, IN	3.0	1.0	2053	$1,295	$0.63	21d	1	1.22mi

Listing history 13 events

1. 2026-06-16
   days on market $112,900 Active 57 DOM
2. 2026-06-15
   days on market $112,900 Active 56 DOM
3. 2026-06-13
   days on market $112,900 Active 54 DOM
4. 2026-06-09
   days on market $112,900 Active 50 DOM
5. 2026-06-08
   days on market $112,900 Active 49 DOM
6. 2026-06-07
   days on market $112,900 Active 48 DOM
7. 2026-06-05
   days on market $112,900 Active 45 DOM
8. 2026-06-03
   days on market $112,900 Active 44 DOM
9. 2026-06-02
   days on market $112,900 Active 43 DOM
10. 2026-06-01
    days on market $112,900 Active 42 DOM
11. 2026-05-31
    days on market $112,900 Active 41 DOM
12. 2026-04-17
    listed $112,900 Active 1083-char remark

    Show marketing remark (1083 chars)

    This package features six consistently high-demand rental duplex properties (12 units) situated in the Anderson, IN market. The portfolio offers a secure, well-managed investment with immediate upside potential. Stable Income Stream: The properties demonstrate strong, reliable cash flow, supported by excellent historical rent collection and exceptional occupancy rates (minimal historical vacancy). Turnkey Efficiency: Current owners have meticulously maintained the units, significantly minimizing the need for immediate Capital Expenditure (CapEx). Value-Add Opportunity: Current rents are below prevailing market rates for comparable local properties, providing a clear path for substantial income growth through gradual rent increases to achieve market value. Tenant Stability: Due to diligent maintenance, the properties have high long-term tenant satisfaction, contributing to low turnover. Seller will sell individually or as a group-addresses: 403-405 W 5th St, 1105-1107 W 11th St, 1109-1111 W 11th St, 1303-1305 Sycamore, 615-615 1/2 Madison and 1815 - 1815 1/2 Fletcher.

13. 2026-04-17
    listed $112,900 Active

    Show marketing remark (1083 chars)

    This package features six consistently high-demand rental duplex properties (12 units) situated in the Anderson, IN market. The portfolio offers a secure, well-managed investment with immediate upside potential. Stable Income Stream: The properties demonstrate strong, reliable cash flow, supported by excellent historical rent collection and exceptional occupancy rates (minimal historical vacancy). Turnkey Efficiency: Current owners have meticulously maintained the units, significantly minimizing the need for immediate Capital Expenditure (CapEx). Value-Add Opportunity: Current rents are below prevailing market rates for comparable local properties, providing a clear path for substantial income growth through gradual rent increases to achieve market value. Tenant Stability: Due to diligent maintenance, the properties have high long-term tenant satisfaction, contributing to low turnover. Seller will sell individually or as a group-addresses: 403-405 W 5th St, 1105-1107 W 11th St, 1109-1111 W 11th St, 1303-1305 Sycamore, 615-615 1/2 Madison and 1815 - 1815 1/2 Fletcher.

ⓘ 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
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,640
• − Mortgage interest: −$6,324
• − Property taxes: −$1,694
• − Insurance: −$564
• − Repairs & maintenance: −$1,891
• − Management: −$1,891
• − Depreciation: −$3,284
• Taxable income: $7,991
• Est. tax owed @ 24.0%: −$1,918
• After-tax cash flow: $7,395/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 property requires moderate renovations and maintenance to improve its condition and appeal. Deep cleaning, decluttering, and landscaping improvements would significantly enhance its resale and rental value.

Repairs flagged

• Minor porch flooring — Porch flooring appears to have some cracks and wear.
• Minor landscaping — Overgrown areas and debris on the porch and driveway need attention.
• Minor kitchen and bathroom clutter — Clutter on countertops and shelves in both areas needs to be cleared for a more inviting appearance.

Value-add opportunities

• Both Deep cleaning and decluttering — This would improve the home's appearance and make it more appealing to potential buyers or renters.
• Both Landscaping and curb appeal improvements — Enhancing the exterior would increase the home's curb appeal and attract more interest.
• Both Porch flooring repair — Repairing the porch flooring would improve the home's overall condition and make it more inviting for potential buyers or renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
porch flooring · Porch flooring appears to have some cracks and wear.	Minor	$500–3,000
landscaping · Overgrown areas and debris on the porch and driveway need attention.	Minor	$500–3,000
kitchen and bathroom clutter · Clutter on countertops and shelves in both areas needs to be cleared for a more inviting appearance.	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Both Deep cleaning and decluttering — This would improve the home's appearance and make it more appealing to potential buyers or renters. ↑
• Both Landscaping and curb appeal improvements — Enhancing the exterior would increase the home's curb appeal and attract more interest. ↑
• Both Porch flooring repair — Repairing the porch flooring would improve the home's overall condition and make it more inviting for potential buyers or renters. ↑

ⓘ 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): 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

+0.0% since first listed

2 events — show timeline

• 2026-04-17 Listed $112,900 MIBOR as Distributed by MLS Grid
• 2026-04-17 Listed $112,900 IRMLS