234 Ringwood Way · Anderson, IN 46013

$89,900

2 bd · 1.0 ba · 852 sqft · SingleFamily public records · 83 Days on market

Built 1928 0.26 ac lot $106/sqft · 8% above area Est $125k · 28% under ↓ 29% 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 +22.0/30.0
• ARV discount +15.0/15.0
• DSCR +7.0/10.0
• 1% rule +5.7/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Incredible opportunity on this bungalow in sought after neighborhood. Located on cul-de-sac location in a quiet area. Multiple garages with 3-car total storage and off-street parking. Large yard. Unfinished garage has additional storage areas. Interior features great character including hardwood floors, original doors/trim, and lots of daylight windows. Newer updates include electrical panel/wiring, some plumbing, A/C unit, and vinyl replacement windows. Amazing home and price, this is a must see!

Key facts

• Cul-de-sac location
• Multiple garages
• Daylight windows

Tags

• CUL-DE-SAC LOCATION
• MULTIPLE GARAGES
• OFF-STREET PARKING
• LARGE YARD
• HARDWOOD FLOORS
• DAYLIGHT WINDOWS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $143 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($965 rent vs $90k).
• Recommended offer: $85k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 6.5% in Anderson — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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; 32 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 44% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $622 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.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($85k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $10k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $84,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 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 1928 — 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: 1.07% ✓
• Cap rate: 8.21%
• Cash-on-cash: 6.84%
• DSCR: 1.30
• GRM: 7.8

CMA / ARV

• ARV (median comp): $125,012
• List price: $89,900
• Delta: -28.09%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3808 Brown St	0.23mi	2/1.0	868 (+2%)	1mo	$75,000	$86	86
115 South Dr	0.16mi	2/1.0	886 (+4%)	6mo	$90,000	$102	81
123 E 35th St	0.32mi	2/1.0	885 (+4%)	4mo	$29,000	$33	75
320 E 34th St	0.47mi	2/1.0	846 (-1%)	6mo	$90,000	$106	72
910 Lonsvale Dr	0.44mi	3/1.0 (+1)	844 (-1%)	2mo	$125,000	$148	72
912 Crescent Dr	0.47mi	2/1.0	816 (-4%)	5mo	$125,000	$153	67
128 E 36th St	0.34mi	2/1.0	762 (-11%)	4mo	$126,000	$165	64
309 E 34th St	0.43mi	2/1.0	780 (-8%)	5mo	$130,000	$167	62
313 E 39th St	0.50mi	2/1.0	775 (-9%)	2mo	$124,000	$160	60
204 E 34th St	0.38mi	3/1.0 (+1)	728 (-15%)	4mo	$109,000	$150	50
4406 Delmar Ct	0.68mi	3/1.5 (+1)	912 (+7%)	2mo	$160,000	$175	48
10 W 41st St	0.42mi	3/2.0 (+1)	960 (+13%)	5mo	$141,000	$147	46

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: -5.8%
• Equity multiple: 0.78×
• Total profit: $-5,416
• Equity at exit: $13,404

10-year hold

• IRR: 3.9%
• Equity multiple: 1.28×
• Total profit: $7,104
• Equity at exit: $7,773

Cash invested: $25,172 (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: 7.8×

Monthly cashflow live

• Estimated rent: $965 high
• Mortgage (P&I): −$471
• Tax from tax record: −$110 /mo · $1,322/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$203
• Net cashflow: $143

Break-even live

Break-even rent $784

Max offer price $89,900

Occupancy floor 80%

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4015 Haverhill Dr Anderson, IN	3.0	2.0	884	$1,100	$1.24	43d	1	0.37mi
2904 Lincoln St Anderson, IN	2.0	1.0	864	$900	$1.04	43d	1	0.57mi
328 E 31st St Anderson, IN	1.0	1.0	600	$750	$1.25	43d	1	0.63mi
2820 Fairview St Unit A Anderson, IN	2.0	1.0	850	$895	$1.05	43d	1	0.65mi
3000 Fletcher St Unit 3000 Anderson, IN	2.0	1.0	800	$650	$0.81	43d	1	0.65mi
2627 Chase St Anderson, IN	3.0	1.0	1050	$850	$0.81	17d	1	0.72mi
2625 Main St Anderson, IN	2.0	1.0	988	$895	$0.91	23d	1	0.77mi
3006 Noble St Anderson, IN	2.0	1.0	1064	$995	$0.94	7d	1	0.79mi
4325 S Madison Ave Anderson, IN	1.0–3.0	1.0–1.5	995	$1,112	$1.12	1d	6	0.81mi
3614 Columbus Ave Anderson, IN	1.0	1.0	553	$725	$1.31	14d	1	0.86mi
2442 Morton St Anderson, IN	2.0	1.0	862	$1,125	$1.31	23d	1	0.86mi
4426 Mellen Ct Anderson, IN	2.0	1.0	899	$900	$1.00	1d	1	0.86mi
812 Mellen Dr Unit 814 Anderson, IN	2.0	1.0	924	$950	$1.03	1d	1	0.94mi
2324 Chase St Anderson, IN	2.0	1.0	783	$950	$1.21	43d	1	0.96mi
2411 Hendricks St Anderson, IN	3.0	1.0	860	$1,000	$1.16	23d	1	0.99mi
4415 Columbus Ave Apt 15 Anderson, IN	2.0	1.0	800	$800	$1.00	1d	1	1.01mi
3009 E Lynn St Unit 1 Anderson, IN	3.0	1.0	1000	$875	$0.88	20d	1	1.02mi
2301 Sheridan St Anderson, IN	2.0	1.0	900	$950	$1.06	43d	1	1.03mi
702 W 23rd St Anderson, IN	1.0	1.0	560	$595	$1.06	4d	1	1.05mi
618 W 22nd St Anderson, IN	3.0	1.0	900	$1,250	$1.39	43d	1	1.11mi
2208 Hendricks St Unit 3 Anderson, IN	1.0	1.0	585	$675	$1.15	43d	1	1.12mi
2111 Central Ave Anderson, IN	3.0	1.0	1026	$1,250	$1.22	43d	1	1.15mi
702 E 23rd St Anderson, IN	1.0	1.0	560	$595	$1.06	14d	1	1.21mi
1232 E 28th St Anderson, IN	2.0	2.0	795	$950	$1.19	43d	1	1.21mi
1501 E 31st St Anderson, IN	2.0	1.0	840	$1,199	$1.43	20d	1	1.25mi
2613 Louise St Anderson, IN	2.0	1.0	1096	$950	$0.87	21d	1	1.32mi
2233 E Lynn St Anderson, IN	1.0	1.0	700	$695	$0.99	1d	1	1.36mi
2002 Jefferson St Unit 3 Anderson, IN	1.0	2.0	725	$600	$0.83	43d	1	1.38mi
2719 Dewey St Anderson, IN	2.0	1.0	877	$1,150	$1.31	43d	1	1.39mi
2203 W 28th St Anderson, IN	3.0	1.0	1068	$1,000	$0.94	43d	1	1.44mi
417 E 55th St Anderson, IN	2.0	1.0	724	$1,100	$1.52	21d	1	1.44mi
1726-1728 Walnut St Anderson, IN	2.0	2.0	900	$995	$1.11	2d	1	1.46mi

Listing history 22 events

1. 2026-06-18
   days on market $89,900 Active 83 DOM
2. 2026-06-17
   price $89,900 Active 82 DOM
3. 2026-06-17
   days on market $99,900 Active 82 DOM
4. 2026-06-16
   days on market $99,900 Active 81 DOM
5. 2026-06-15
   days on market $99,900 Active 80 DOM
6. 2026-06-13
   days on market $99,900 Active 78 DOM
7. 2026-06-09
   days on market $99,900 Active 74 DOM
8. 2026-06-08
   days on market $99,900 Active 73 DOM
9. 2026-06-07
   days on market $99,900 Active 72 DOM
10. 2026-06-05
    days on market $99,900 Active 69 DOM
11. 2026-06-03
    days on market $99,900 Active 68 DOM
12. 2026-06-02
    days on market $99,900 Active 67 DOM
13. 2026-06-01
    days on market $99,900 Active 66 DOM
14. 2026-05-31
    days on market $99,900 Active 65 DOM
15. 2026-03-27
    listed $99,900 Active 502-char remark

    Show marketing remark (502 chars)

    Incredible opportunity on this bungalow in sought after neighborhood. Located on cul-de-sac location in a quiet area. Multiple garages with 3-car total storage and off-street parking. Large yard. Unfinished garage has additional storage areas. Interior features great character including hardwood floors, original doors/trim, and lots of daylight windows. Newer updates include electrical panel/wiring, some plumbing, A/C unit, and vinyl replacement windows. Amazing home and price, this is a must see!

16. 2026-03-27
    listed $99,900 Active 502-char remark

    Show marketing remark (502 chars)

    Incredible opportunity on this bungalow in sought after neighborhood. Located on cul-de-sac location in a quiet area. Multiple garages with 3-car total storage and off-street parking. Large yard. Unfinished garage has additional storage areas. Interior features great character including hardwood floors, original doors/trim, and lots of daylight windows. Newer updates include electrical panel/wiring, some plumbing, A/C unit, and vinyl replacement windows. Amazing home and price, this is a must see!

17. 2025-08-23
    historical
18. 2025-03-24
    price $139,900
19. 2025-03-24
    status Active
20. 2024-10-01
    price $129,900
21. 2024-09-17
    price $132,000
22. 2024-08-29
    listed $139,900 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: $1,322 · $110/mo
• Projected year-2 tax: $1,322 · $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: $11,583
• − Mortgage interest: −$5,036
• − Property taxes: −$1,322
• − Insurance: −$450
• − Repairs & maintenance: −$927
• − Management: −$927
• − Depreciation: −$2,615
• Taxable income: $307
• Est. tax owed @ 24.0%: −$74
• After-tax cash flow: $1,648/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): 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

-28.6% since first listed

8 events — show timeline

• 2026-03-27 Listed $99,900 MIBOR as Distributed by MLS Grid
• 2026-03-27 Listed $99,900 IRMLS
• 2025-08-23 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-03-24 Price Changed $139,900 MIBOR as Distributed by MLS Grid
• 2025-03-24 Relisted — MIBOR as Distributed by MLS Grid
• 2024-10-01 Price Changed $129,900 MIBOR as Distributed by MLS Grid
• 2024-09-17 Price Changed $132,000 MIBOR as Distributed by MLS Grid
• 2024-08-29 Listed $139,900 MIBOR as Distributed by MLS Grid

Property tax history

+4.9%/yr

Latest (2024): $1,322 · +6.5% YoY. Source: county tax records.