VICTORIAN 330 Redbud Estates Plan · Anderson, IN 46013

$44,900

3 bd · 2.0 ba · 1,050 sqft · Manufactured · 124 Days on market

Fair condition

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Must see 2+ bedroom home, call today to learn more! New Furnace and A/C just installed!

Key facts

• Listed 124 days

🏗️ New construction. Builder plan / spec listing (the home may be to-be-built); metrics use comparable previous sales.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $45k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $589 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Recommended offer: $40k (12.0% below list) — sets the bar for market timing.
• Cap rate 22.0% 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: 150 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 42% 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 $310 of loan paydown is wiped out by about $1k 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 + 3.0% rent growth), your $13k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 124 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.

Recommended offer $39,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 124 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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: 2.54% ✓
• Cap rate: 22.04%
• Cash-on-cash: 56.25%
• DSCR: 3.50
• GRM: 3.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 54.6%
• Equity multiple: 3.41×
• Total profit: $30,275
• Equity at exit: $6,695

10-year hold

• IRR: 59.7%
• Equity multiple: 6.95×
• Total profit: $74,763
• Equity at exit: $3,882

Cash invested: $12,572 (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: 3.3×

Monthly cashflow live

• Estimated rent: $1,139 high
• Mortgage (P&I): −$235
• Tax est. 1.5%: −$56 /mo · $674/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$239
• Net cashflow: $589

Break-even live

Break-even rent $393

Max offer price $44,900

Occupancy floor 43%

Sensitivity live

Price	-10% $620	-5% $605	+0% $589	+5% $574	+10% $558
Rent	-10% $499	-5% $544	+0% $589	+5% $634	+10% $679
Rate	-1.0pp $612	-0.5pp $601	base $589	+0.5pp $578	+1.0pp $566

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: $11,225
• Closing costs: $1,347
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4325 S Madison Ave Anderson, IN	1.0–3.0	1.0–1.5	995	$1,330	$1.34	2d	6	0.61mi
3815 Camelot Blvd Anderson, IN	3.0	2.0	1456	$1,179	$0.81	2d	2	0.79mi
2203 W 28th St Anderson, IN	3.0	1.0	1068	$1,000	$0.94	44d	1	0.80mi
2719 Dewey St Anderson, IN	2.0	1.0	877	$1,150	$1.31	44d	1	0.81mi
2613 Louise St Anderson, IN	2.0	1.0	1096	$950	$0.87	22d	1	0.85mi
4021 Brown St Anderson, IN	2.0	1.0	1320	$975	$0.74	8d	1	0.94mi
4015 Haverhill Dr Anderson, IN	3.0	2.0	884	$1,100	$1.24	44d	1	1.06mi
2820 Fairview St Unit A Anderson, IN	2.0	1.0	850	$895	$1.05	44d	1	1.09mi
2904 Lincoln St Anderson, IN	2.0	1.0	864	$900	$1.04	44d	1	1.15mi
2411 Hendricks St Anderson, IN	3.0	1.0	860	$1,000	$1.16	24d	1	1.18mi
3021 Delaware St Anderson, IN	2.0	1.0	1154	$1,150	$1.00	8d	1	1.24mi
2627 Chase St Anderson, IN	3.0	1.0	1050	$850	$0.81	18d	1	1.28mi
2442 Morton St Anderson, IN	2.0	1.0	862	$1,125	$1.31	24d	1	1.31mi
2004 Arrow Ave Anderson, IN	2.0	1.0	816	$1,125	$1.38	24d	1	1.31mi
2301 Sheridan St Anderson, IN	2.0	1.0	900	$950	$1.06	44d	1	1.33mi
2233 Fairview St Anderson, IN	3.0	1.5	1452	$1,195	$0.82	24d	1	1.38mi
618 W 22nd St Anderson, IN	3.0	1.0	900	$1,250	$1.39	44d	1	1.42mi
2324 Chase St Anderson, IN	2.0	1.0	783	$950	$1.21	44d	1	1.47mi
1720 Nelle St Anderson, IN	2.0	1.0	768	$1,100	$1.43	24d	1	1.48mi

Listing history 14 events

1. 2026-06-18
   days on market $44,900 Active 124 DOM
2. 2026-06-17
   days on market $44,900 Active 123 DOM
3. 2026-06-16
   days on market $44,900 Active 122 DOM
4. 2026-06-15
   days on market $44,900 Active 121 DOM
5. 2026-06-13
   days on market $44,900 Active 119 DOM
6. 2026-06-09
   days on market $44,900 Active 115 DOM
7. 2026-06-08
   days on market $44,900 Active 114 DOM
8. 2026-06-07
   days on market $44,900 Active 113 DOM
9. 2026-06-05
   days on market $44,900 Active 110 DOM
10. 2026-06-03
    days on market $44,900 Active 109 DOM
11. 2026-06-02
    days on market $44,900 Active 108 DOM
12. 2026-06-01
    days on market $44,900 Active 107 DOM
13. 2026-05-31
    days on market $44,900 Active 106 DOM
14. 2026-02-14
    listed $44,900 Active 87-char remark

    Show marketing remark (87 chars)

    Must see 2+ bedroom home, call today to learn more! New Furnace and A/C just installed!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $13,665
• − Mortgage interest: −$2,515
• − Property taxes: −$674
• − Insurance: −$224
• − Repairs & maintenance: −$1,093
• − Management: −$1,093
• − Depreciation: −$1,306
• Taxable income: $6,759
• Est. tax owed @ 24.0%: −$1,622
• After-tax cash flow: $5,450/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 · 4 photos

Fair 45/100 Moderate rehab

This home requires moderate repairs and maintenance to improve its condition and value. Painting, updating curtains, and cleaning the interior and exterior can significantly enhance its appeal.

Repairs flagged

• Minor Paint — Paint appears faded in some areas.
• Minor Curtains — Curtains are present but may need replacement.
• Minor Appliances — Standard appliances may need cleaning or minor repairs.

Value-add opportunities

• Both Paint the interior walls — Fresh paint can significantly improve the home's appearance and value.
• Both Replace curtains — Fresh curtains can enhance the home's curb appeal and interior aesthetics.
• Both Deep clean and organize the home — A clean and organized home is more appealing to potential buyers and renters.
• Both Landscaping improvements — A well-maintained yard can increase the home's curb appeal and value.
• Both Replace outdated appliances — Modern, energy-efficient appliances can increase the home's value and appeal to potential buyers and renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Paint · Paint appears faded in some areas.	Minor	$500–3,000
Curtains · Curtains are present but may need replacement.	Minor	$500–3,000
Appliances · Standard appliances may need cleaning or minor repairs.	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Both Paint the interior walls — Fresh paint can significantly improve the home's appearance and value. ↑
• Both Replace curtains — Fresh curtains can enhance the home's curb appeal and interior aesthetics. ↑
• Both Deep clean and organize the home — A clean and organized home is more appealing to potential buyers and renters. ↑
• Both Landscaping improvements — A well-maintained yard can increase the home's curb appeal and value. ↑
• Both Replace outdated appliances — Modern, energy-efficient appliances can increase the home's value and appeal to potential buyers and 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): 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

1 event — show timeline

• 2026-02-14 Listed $44,900 Zillow