2029 Hendricks St · Anderson, IN 46016

$124,900

3 bd · 1.0 ba · 896 sqft · SingleFamily public records · 3 Days on market

Built 1914 6,350 sqft lot Est $90k · 38% over

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Why this score? — see what drove the D- 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 +17.1/30.0
• DSCR +5.3/10.0
• Rent growth +4.5/5.0
• 1% rule +3.3/10.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Wow! Gorgeous Bungalow on a corner lot that has been completely redone. Home was taken down to the studs and turned into a 3bd/1ba. All new drywall, paint, windows, roof, siding, electrical, plumbing, vinyl floors, and carpeting. Large kitchen open to dining area/breakfast nook. All new kitchen counters/cabinets and bath vanity with new shower/tub. Home also includes the vacant lot next door with a separate tax-id. All you need is your personal belongings and you can move right in to this one!

Key facts

• Spacious kitchen
• Included second lot
• Corner lot

Tags

• CORNER LOT
• OPEN-CONCEPT LAYOUT
• SPACIOUS KITCHEN
• ABUNDANT NATURAL LIGHT
• INCLUDED SECOND LOT
• VALUABLE STORAGE SPACE

Property features AI

Finance

• Other: Has additional parcels

Exterior

• Parking: On-street parking
• Utilities: Public water; Municipal sewer connected
• Home design: Single-family residence; One story
• Construction: Vinyl siding; Block foundation
• Exterior features: Covered patio/porch; Lot under 1/4 acre (approximately 0.15 acre)

Interior

• Kitchen: Microwave; Microwave with hood (MicroHood); Gas oven; Refrigerator
• Bedrooms: 3 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced air heating (natural gas); Window air conditioning units; no central air
• Interior features: Eat-in kitchen; Covered patio/porch
• Laundry & utility: Washer; Dryer; Gas water heater; Laundry located in basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $87 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $104k (16.6% below list).
• Recommended offer: $104k (16.6% below list) — sets the bar for 1% rule.

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: Valley Grove Elementary School (math 22% / reading 12%, grade F, #837 of 994 statewide, top 86%, 372 students, 86% FRL); Highland Middle School (math 9% / reading 22%, grade F, #293 of 330 statewide, top 90%, 914 students, 81% FRL); Anderson High School (math 21% / reading 51%, grade F, #261 of 369 statewide, top 71%, 1,790 students, 76% FRL).
• Market conditions: Rents rising fast (+7.9%/yr); 188 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 42% 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 35% 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 $864 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

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 5y 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 $102k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1914 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $104,225 (16.6% below list)

Questions for the listing agent

1. Built in 1914 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. 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: 0.83% ✗
• Cap rate: 7.13%
• Cash-on-cash: 2.97%
• DSCR: 1.13
• GRM: 10.0

CMA / ARV

• ARV (on-the-fly): $90,496
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2505 Lincoln St	0.46mi	2/1.0 (-1)	900 (+0%)	4mo	$130,000	$144	70
1924 Morton St	0.28mi	2/1.0 (-1)	858 (-4%)	8mo	$109,900	$128	68
2226 Hendricks St	0.13mi	2/1.0 (-1)	990 (+10%)	15mo	$70,000	$71	59
1632 W 17th St	0.56mi	2/1.0 (-1)	840 (-6%)	12mo	$38,000	$45	48
2241 Nelle St	0.65mi	2/1.0 (-1)	796 (-11%)	5mo	$66,500	$84	42
2210 Louise St	0.67mi	3/1.0	975 (+9%)	15mo	$128,000	$131	42
2625 Lincoln St	0.51mi	2/1.0 (-1)	1,022 (+14%)	22mo	$103,000	$101	29
2113 Nelle St	0.64mi	3/1.0	1,025 (+14%)	21mo	$100,000	$98	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 · 7.88% rent growth · sell at horizon

5-year hold

• IRR: -7.0%
• Equity multiple: 0.73×
• Total profit: $-9,415
• Equity at exit: $18,623

10-year hold

• IRR: 7.3%
• Equity multiple: 1.66×
• Total profit: $23,030
• Equity at exit: $10,799

Cash invested: $34,972 (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: 188
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $1,042 high
• Mortgage (P&I): −$655
• Tax from tax record: −$30 /mo · $357/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$219
• Net cashflow: $87

Break-even live

Break-even rent $933

Max offer price $124,900

Occupancy floor 87%

Sensitivity live

Price	-10% $157	-5% $122	+0% $87	+5% $51	+10% $16
Rent	-10% $4	-5% $45	+0% $87	+5% $128	+10% $169
Rate	-1.0pp $150	-0.5pp $118	base $87	+0.5pp $54	+1.0pp $21

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
618 W 22nd St Anderson, IN	3.0	1.0	900	$1,250	$1.39	45d	1	0.19mi
2301 Sheridan St Anderson, IN	2.0	1.0	900	$950	$1.06	45d	1	0.22mi
2411 Hendricks St Anderson, IN	3.0	1.0	860	$1,000	$1.16	25d	1	0.28mi
1502 Cedar St Anderson, IN	2.0	1.0	1104	$850	$0.77	45d	1	0.35mi
2442 Morton St Anderson, IN	2.0	1.0	862	$1,125	$1.31	25d	1	0.42mi
2446 Morton St Anderson, IN	2.0	1.0	1093	$1,250	$1.14	0d	1	0.43mi
2324 Chase St Anderson, IN	2.0	1.0	783	$895	$1.14	0d	1	0.45mi
1614 W 18th St Anderson, IN	2.0	1.0	690	$975	$1.41	25d	1	0.49mi
1616 W 16th St Anderson, IN	2.0	1.0	1038	$1,050	$1.01	45d	1	0.54mi
2004 Arrow Ave Anderson, IN	2.0	1.0	816	$1,125	$1.38	25d	1	0.55mi
1640 W 17th St Anderson, IN	2.0	1.0	810	$895	$1.10	22d	1	0.56mi
2627 Chase St Anderson, IN	3.0	1.0	1050	$850	$0.81	19d	1	0.59mi
1222 Nichol Ave Unit 4 Anderson, IN	3.0	1.0	1000	$1,135	$1.14	0d	1	0.60mi
1222 Nichol Ave Unit 4 Anderson, IN	3.0	1.0	1000	$1,135	$1.14	9d	1	0.60mi
2820 Fairview St Unit A Anderson, IN	2.0	1.0	850	$895	$1.05	45d	1	0.60mi
1807 Meridian St Apt 4 Anderson, IN	2.0	1.0	600	$675	$1.12	0d	1	0.63mi
1720 Nelle St Anderson, IN	2.0	1.0	768	$1,100	$1.43	25d	1	0.63mi
2904 Lincoln St Anderson, IN	2.0	1.0	864	$875	$1.01	0d	1	0.70mi
2111 Central Ave Anderson, IN	3.0	1.0	1026	$1,250	$1.22	45d	1	0.74mi
1317 Main St Anderson, IN	2.0	1.0	750	$800	$1.07	45d	1	0.81mi
1317 Main St Unit D Anderson, IN	2.0	1.0	834	$725	$0.87	0d	1	0.81mi
2625 Main St Anderson, IN	2.0	1.0	988	$895	$0.91	25d	1	0.83mi
2613 Louise St Anderson, IN	2.0	1.0	1096	$950	$0.87	23d	1	0.84mi
2613 Louise St Anderson, IN	2.0	1.0	1096	$925	$0.84	0d	1	0.84mi
1123 Louise St Anderson, IN	2.0	1.0	850	$850	$1.00	45d	1	0.88mi
120 W 10th St Anderson, IN	1.0–3.0	1.0	1066	$1,150	$1.08	0d	1	0.88mi
1136 Irving Way Anderson, IN	2.0	1.0	900	$895	$0.99	23d	1	0.90mi
1312 W 8th St Unit 1332 F Anderson, IN	2.0	1.0	850	$979	$1.15	45d	1	0.92mi
219 E 13th St Anderson, IN	3.0	1.0	882	$1,000	$1.13	5d	1	0.93mi
1404 Walton St Anderson, IN	3.0	1.0	1090	$995	$0.91	45d	1	0.94mi
2719 Dewey St Anderson, IN	2.0	1.0	877	$1,150	$1.31	45d	1	0.97mi
1726-1728 Walnut St Anderson, IN	2.0	2.0	900	$995	$1.11	3d	1	0.99mi
223 E 11th St Anderson, IN	2.0	1.0	800	$900	$1.12	45d	1	1.01mi
1631 W 7th St Anderson, IN	3.0	1.0	900	$1,000	$1.11	45d	1	1.02mi
2203 W 28th St Anderson, IN	3.0	1.0	1068	$1,000	$0.94	45d	1	1.05mi
3000 Fletcher St Unit 3000 Anderson, IN	2.0	1.0	800	$650	$0.81	45d	1	1.06mi
1627 W 6th St Anderson, IN	2.0	1.0	650	$850	$1.31	25d	1	1.07mi
1710 Jefferson St Apt 2 Anderson, IN	2.0	1.0	550	$950	$1.73	45d	1	1.11mi
1411 Home Ave Anderson, IN	3.0	1.0	810	$1,295	$1.60	25d	1	1.12mi
602 Meridian St Apt C Anderson, IN	2.0	1.0	800	$900	$1.12	45d	1	1.14mi

Listing history 3 events

1. 2026-06-21
   days on market $124,900 Active 3 DOM
2. 2026-06-18
   remarks 699-char remark
3. 2026-06-18
   listed $124,900 Active 1 DOM

ⓘ 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: $357 · $30/mo
• Projected year-2 tax: $709 · $59/mo
• Expected delta: +$352/yr (+$29/mo · 98.8%)

ⓘ 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: $12,507
• − Mortgage interest: −$6,996
• − Property taxes: −$357
• − Insurance: −$624
• − Repairs & maintenance: −$1,001
• − Management: −$1,001
• − Depreciation: −$3,633
• Taxable loss: −$1,105
• Est. tax savings @ 24.0%: +$265
• After-tax cash flow: $1,305/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

+399.6% since first listed

11 events — show timeline

• 2026-06-16 Listed $124,900 MIBOR as Distributed by MLS Grid
• 2023-05-09 Sold (MLS) $102,000 MIBOR as Distributed by MLS Grid
• 2023-03-29 Pending — MIBOR as Distributed by MLS Grid
• 2023-03-18 Relisted — MIBOR as Distributed by MLS Grid
• 2023-03-10 Pending — MIBOR as Distributed by MLS Grid
• 2023-03-07 Listed $110,000 MIBOR as Distributed by MLS Grid
• 2021-05-03 Sold (MLS) $25,000 MIBOR as Distributed by MLS Grid
• 2021-04-06 Pending — MIBOR as Distributed by MLS Grid
• 2021-03-22 Relisted — MIBOR as Distributed by MLS Grid
• 2021-03-17 Pending — MIBOR as Distributed by MLS Grid
• 2021-03-11 Listed $25,000 MIBOR as Distributed by MLS Grid

Property tax history

-2.8%/yr

Latest (2024): $357 · +9.2% YoY. Source: county tax records.