121 W 13th St · Anderson, IN 46016

$225,000

6 bd · 4.0 ba · 2,671 sqft · MultiFamily public records · 7 Days on market

Built 1900 6,055 sqft lot

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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
• 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: 4 units. confirmed

Listing remarks MLS

Fantastic investment opportunity! This four-plex combines solid investment potential with the timeless charm of an older home.Situated across from a picturesque historic church and steps away from the new bus station, this property is ideal for renters seeking both convenience and character.Inside,you'll find original hardwood floors that add warmth to each unit. Great chance to improve your rental portfolio with untapped rental potential, this is your chance!

Key facts

• Fully renovated
• Stable tenants
• New roof

Tags

• FULLY RENOVATED
• STABLE TENANTS
• HOUSE HACK OPPORTUNITY
• NEW ROOF
• NEW WINDOWS
• STRONG RENTAL INCOME

What this means for you Summary

Snapshot

• This is a 4 × 5-bed/10.0-bath units multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $3k ($32k/yr) — positive. Per door: $670/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $225k).
• Cap rate 20.6% 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; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).
• At $5,119/mo this rent would consume 170% 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 $2k of loan paydown is wiped out by about $7k 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 $63k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 26y 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 $120k; list at $225k implies a 88% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $225,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 2.28% ✓
• Cap rate: 20.59%
• Cash-on-cash: 51.08%
• DSCR: 3.27
• GRM: 3.7

CMA / ARV

• ARV (on-the-fly): $141,563
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2116 Pearl St	0.67mi	5/3.0 (-1)	2,357 (-12%)	24mo	$125,000	$53	20

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: 54.1%
• Equity multiple: 3.55×
• Total profit: $160,654
• Equity at exit: $33,548

10-year hold

• IRR: 61.0%
• Equity multiple: 8.61×
• Total profit: $479,365
• Equity at exit: $19,454

Cash invested: $63,000 (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: 14.7×

Monthly cashflow live

• Estimated rent: $5,119 medium
• Mortgage (P&I): −$1,180
• Tax from tax record: −$89 /mo · $1,067/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,075
• Net cashflow: $2,681

Break-even live

Break-even rent $1,725

Max offer price $225,000

Occupancy floor 43%

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

Units	Beds	Baths	Est. rent
▸ 4× units	5	10	$5,120
Total (4 units)			$5,119

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
621 S Madison Ave Anderson, IN	6.0	2.0	1961	$1,375	$0.70	16d	1	0.73mi

Listing history 14 events

1. 2026-03-23
   status Pending
2. 2026-03-16
   listed $225,000 Active
3. 2024-10-22
   soldstatus $120,000 Closed 464-char remark

   Show marketing remark (464 chars)

   Fantastic investment opportunity! This four-plex combines solid investment potential with the timeless charm of an older home.Situated across from a picturesque historic church and steps away from the new bus station, this property is ideal for renters seeking both convenience and character.Inside,you'll find original hardwood floors that add warmth to each unit. Great chance to improve your rental portfolio with untapped rental potential, this is your chance!

4. 2024-10-09
   status Pending 464-char remark

   Show marketing remark (464 chars)

   Fantastic investment opportunity! This four-plex combines solid investment potential with the timeless charm of an older home.Situated across from a picturesque historic church and steps away from the new bus station, this property is ideal for renters seeking both convenience and character.Inside,you'll find original hardwood floors that add warmth to each unit. Great chance to improve your rental portfolio with untapped rental potential, this is your chance!

5. 2024-10-02
   price $159,500 464-char remark

   Show marketing remark (464 chars)

   Fantastic investment opportunity! This four-plex combines solid investment potential with the timeless charm of an older home.Situated across from a picturesque historic church and steps away from the new bus station, this property is ideal for renters seeking both convenience and character.Inside,you'll find original hardwood floors that add warmth to each unit. Great chance to improve your rental portfolio with untapped rental potential, this is your chance!

6. 2024-09-26
   price $169,500 464-char remark

   Show marketing remark (464 chars)

   Fantastic investment opportunity! This four-plex combines solid investment potential with the timeless charm of an older home.Situated across from a picturesque historic church and steps away from the new bus station, this property is ideal for renters seeking both convenience and character.Inside,you'll find original hardwood floors that add warmth to each unit. Great chance to improve your rental portfolio with untapped rental potential, this is your chance!

7. 2024-09-18
   price $179,500 464-char remark

   Show marketing remark (464 chars)

   Fantastic investment opportunity! This four-plex combines solid investment potential with the timeless charm of an older home.Situated across from a picturesque historic church and steps away from the new bus station, this property is ideal for renters seeking both convenience and character.Inside,you'll find original hardwood floors that add warmth to each unit. Great chance to improve your rental portfolio with untapped rental potential, this is your chance!

8. 2024-09-10
   listed $195,000 Active 464-char remark

   Show marketing remark (464 chars)

   Fantastic investment opportunity! This four-plex combines solid investment potential with the timeless charm of an older home.Situated across from a picturesque historic church and steps away from the new bus station, this property is ideal for renters seeking both convenience and character.Inside,you'll find original hardwood floors that add warmth to each unit. Great chance to improve your rental portfolio with untapped rental potential, this is your chance!

9. 2009-10-22
   historical
10. 2009-04-21
    listed $39,900
11. 2006-06-05
    historical
12. 2006-01-11
    listed $57,900
13. 2000-09-14
    historical
14. 2000-01-13
    listed $59,900

ⓘ 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: $1,067 · $89/mo
• Projected year-2 tax: $1,490 · $124/mo
• Expected delta: +$423/yr (+$35/mo · 39.6%)

ⓘ 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 4/10 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: $61,428
• − Mortgage interest: −$12,603
• − Property taxes: −$1,067
• − Insurance: −$1,125
• − Repairs & maintenance: −$4,914
• − Management: −$4,914
• − Depreciation: −$6,545
• Taxable income: $30,259
• Est. tax owed @ 24.0%: −$7,262
• After-tax cash flow: $24,915/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

+275.6% since first listed

14 events — show timeline

• 2026-03-23 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-16 Listed $225,000 MIBOR as Distributed by MLS Grid
• 2024-10-22 Sold (MLS) $120,000 MIBOR as Distributed by MLS Grid
• 2024-10-09 Pending — MIBOR as Distributed by MLS Grid
• 2024-10-02 Price Changed $159,500 MIBOR as Distributed by MLS Grid
• 2024-09-26 Price Changed $169,500 MIBOR as Distributed by MLS Grid
• 2024-09-18 Price Changed $179,500 MIBOR as Distributed by MLS Grid
• 2024-09-10 Listed $195,000 MIBOR as Distributed by MLS Grid
• 2009-10-22 Listing Removed — MIBOR as Distributed by MLS Grid
• 2009-04-21 Listed $39,900 MIBOR as Distributed by MLS Grid
• 2006-06-05 Listing Removed — MIBOR as Distributed by MLS Grid
• 2006-01-11 Listed $57,900 MIBOR as Distributed by MLS Grid
• 2000-09-14 Listing Removed — MIBOR as Distributed by MLS Grid
• 2000-01-13 Listed $59,900 MIBOR as Distributed by MLS Grid

Property tax history

+2.5%/yr

Latest (2024): $1,067 · -0.7% YoY. Source: county tax records.