309 W 29th St · Anderson, IN 46016

$85,000

2 bd · 1.0 ba · 632 sqft · MultiFamily public records · 132 Days on market

Built 1939 3,726 sqft lot $134/sqft · 93% above area Est $88k · at est.

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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 +9.0/15.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

309 W 29th St, Anderson is a solid single-story ranch-style duplex featuring two 1-bedroom, 1-bath units. Each side offers basement space, laundry hookups, and a practical mudroom, providing added storage and everyday convenience. The property is centrally located and just minutes from downtown, shopping, dining, and other nearby amenities. A large backyard and on-site parking add to the appeal. This versatile property is a great fit for investors, owner-occupants, or anyone looking for a well-located duplex with strong potential.

Key facts

• Practical mudroom
• Large backyard
• Centrally located

Tags

• BASEMENT SPACE
• LAUNDRY HOOKUPS
• PRACTICAL MUDROOM
• LARGE BACKYARD
• ON-SITE PARKING
• CENTRALLY LOCATED

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1.0-bath units multifamily listed at $85k.

Deal economics

• At list price, monthly cash flow is $559 ($7k/yr) — positive. Per door: $279/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Recommended offer: $75k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.2% 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); 188 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $1,457/mo this rent would consume 49% 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 $588 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 $24k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 132 days — a 12% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 20y ago; this cycle's ask has dropped $15k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $74,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 132 days. Have you received any prior offers? Is the seller open to a 12% 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. Built in 1939 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.71% ✓
• Cap rate: 14.18%
• Cash-on-cash: 28.17%
• DSCR: 2.25
• GRM: 4.9

CMA / ARV

• ARV (median comp): $87,986
• List price: $85,000
• Delta: -3.39%
• Verdict: FAIR
• Comps: 12 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 7.88% rent growth · sell at horizon

5-year hold

• IRR: 27.8%
• Equity multiple: 2.23×
• Total profit: $29,345
• Equity at exit: $12,674

10-year hold

• IRR: 38.1%
• Equity multiple: 5.44×
• Total profit: $105,556
• Equity at exit: $7,349

Cash invested: $23,800 (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: 9.7×

Monthly cashflow live

• Estimated rent: $1,457 medium
• Mortgage (P&I): −$446
• Tax from tax record: −$111 /mo · $1,333/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$306
• Net cashflow: $559

Break-even live

Break-even rent $750

Max offer price $85,000

Occupancy floor 57%

Sensitivity live

Price	-10% $607	-5% $583	+0% $559	+5% $535	+10% $511
Rent	-10% $444	-5% $501	+0% $559	+5% $616	+10% $674
Rate	-1.0pp $602	-0.5pp $580	base $559	+0.5pp $537	+1.0pp $514

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$1,456
Total (2 units)			$1,457

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2820 1/2 Fairview St Apt B Anderson, IN	1.0	1.0	450	$650	$1.44	0d	1	0.17mi
2527 Chase St Anderson, IN	1.0	1.0	400	$650	$1.62	45d	1	0.22mi
2408 Brown St Apt B Anderson, IN	1.0	1.0	500	$850	$1.70	25d	1	0.36mi
3095 Central Ave Anderson, IN	1.0	1.0	600	$650	$1.08	0d	1	0.40mi
328 E 31st St Anderson, IN	1.0	1.0	600	$750	$1.25	45d	1	0.51mi
702 W 23rd St Anderson, IN	1.0	1.0	560	$595	$1.06	5d	1	0.52mi
2208 Hendricks St Unit 3 Anderson, IN	1.0	1.0	585	$600	$1.03	0d	1	0.60mi
1807 Meridian St Apt 4 Anderson, IN	2.0	1.0	600	$675	$1.12	0d	1	0.80mi
1712 Fairview St Unit 1712 Anderson, IN	1.0	1.0	450	$695	$1.54	25d	1	0.83mi
702 E 23rd St Anderson, IN	1.0	1.0	560	$595	$1.06	16d	1	0.85mi
2002 Jefferson St Unit 3 Anderson, IN	1.0	2.0	725	$600	$0.83	45d	1	0.98mi
2233 E Lynn St Anderson, IN	1.0	1.0	700	$695	$0.99	0d	1	1.06mi
3614 Columbus Ave Anderson, IN	1.0	1.0	553	$725	$1.31	16d	1	1.07mi
1710 Jefferson St Apt 2 Anderson, IN	2.0	1.0	550	$950	$1.73	45d	1	1.09mi
1317 Main St Anderson, IN	2.0	1.0	750	$800	$1.07	45d	1	1.12mi
1614 W 18th St Anderson, IN	2.0	1.0	690	$975	$1.41	25d	1	1.14mi
221 E 13th St Anderson, IN	1.0	1.0	595	$995	$1.67	16d	1	1.18mi
4325 S Madison Ave Anderson, IN	1.0–3.0	1.0–1.5	995	$1,112	$1.12	0d	5	1.24mi
1604 W 15th St Unit C Anderson, IN	1.0	1.0	400	$525	$1.31	0d	1	1.27mi
1719 Johnson Ave Anderson, IN	1.0	1.0	616	$824	$1.34	45d	1	1.31mi
414 Wheeler Ave Apt B Anderson, IN	1.0	1.0	600	$650	$1.08	45d	1	1.34mi
803 1/2 W 9th St Anderson, IN	1.0	1.0	600	$525	$0.88	45d	1	1.38mi
1621 Halford St Anderson, IN	1.0	1.0	440	$900	$2.05	5d	1	1.41mi
1621 Halford St Anderson, IN	1.0	1.0	440	$800	$1.82	45d	1	1.41mi

Listing history 22 events

1. 2026-06-21
   days on market $85,000 Active 132 DOM
2. 2026-06-18
   days on market $85,000 Active 129 DOM
3. 2026-06-17
   remarks 587-char remark
4. 2026-06-17
   price $85,000 Active 128 DOM
5. 2026-06-17
   days on market $89,900 Active 128 DOM
6. 2026-06-16
   days on market $89,900 Active 127 DOM
7. 2026-06-15
   days on market $89,900 Active 126 DOM
8. 2026-06-13
   days on market $89,900 Active 124 DOM
9. 2026-06-09
   days on market $89,900 Active 120 DOM
10. 2026-06-08
    days on market $89,900 Active 119 DOM
11. 2026-06-07
    days on market $89,900 Active 118 DOM
12. 2026-06-05
    days on market $89,900 Active 115 DOM
13. 2026-06-03
    days on market $89,900 Active 114 DOM
14. 2026-06-02
    days on market $89,900 Active 113 DOM
15. 2026-06-01
    days on market $89,900 Active 112 DOM
16. 2026-05-31
    days on market $89,900 Active 111 DOM
17. 2026-05-02
    price $89,900 536-char remark

    Show marketing remark (536 chars)

    309 W 29th St, Anderson is a solid single-story ranch-style duplex featuring two 1-bedroom, 1-bath units. Each side offers basement space, laundry hookups, and a practical mudroom, providing added storage and everyday convenience. The property is centrally located and just minutes from downtown, shopping, dining, and other nearby amenities. A large backyard and on-site parking add to the appeal. This versatile property is a great fit for investors, owner-occupants, or anyone looking for a well-located duplex with strong potential.

18. 2026-03-19
    price $95,000 536-char remark

    Show marketing remark (536 chars)

    309 W 29th St, Anderson is a solid single-story ranch-style duplex featuring two 1-bedroom, 1-bath units. Each side offers basement space, laundry hookups, and a practical mudroom, providing added storage and everyday convenience. The property is centrally located and just minutes from downtown, shopping, dining, and other nearby amenities. A large backyard and on-site parking add to the appeal. This versatile property is a great fit for investors, owner-occupants, or anyone looking for a well-located duplex with strong potential.

19. 2026-02-08
    listed $100,000 Active 536-char remark

    Show marketing remark (536 chars)

    309 W 29th St, Anderson is a solid single-story ranch-style duplex featuring two 1-bedroom, 1-bath units. Each side offers basement space, laundry hookups, and a practical mudroom, providing added storage and everyday convenience. The property is centrally located and just minutes from downtown, shopping, dining, and other nearby amenities. A large backyard and on-site parking add to the appeal. This versatile property is a great fit for investors, owner-occupants, or anyone looking for a well-located duplex with strong potential.

20. 2007-05-04
    historical
21. 2007-03-30
    listed $24,500
22. 2006-05-19
    listed $63,900

ⓘ 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: $1,333 · $111/mo
• Projected year-2 tax: $1,333 · $111/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
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,484
• − Mortgage interest: −$4,761
• − Property taxes: −$1,333
• − Insurance: −$425
• − Repairs & maintenance: −$1,399
• − Management: −$1,399
• − Depreciation: −$2,473
• Taxable income: $5,694
• Est. tax owed @ 24.0%: −$1,367
• After-tax cash flow: $5,338/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

+40.7% since first listed

6 events — show timeline

• 2026-05-02 Price Changed $89,900 MIBOR as Distributed by MLS Grid
• 2026-03-19 Price Changed $95,000 MIBOR as Distributed by MLS Grid
• 2026-02-08 Listed $100,000 MIBOR as Distributed by MLS Grid
• 2007-05-04 Listing Removed — MIBOR as Distributed by MLS Grid
• 2007-03-30 Listed $24,500 MIBOR as Distributed by MLS Grid
• 2006-05-19 Listed $63,900 MIBOR as Distributed by MLS Grid

Property tax history

+4.6%/yr

Latest (2024): $1,333 · +8.8% YoY. Source: county tax records.