1512 Locust St · Anderson, IN 46016

$89,900

2 bd · 1.0 ba · 1,146 sqft · SingleFamily public records · 20 Days on market

Built 1899 6,350 sqft lot Est $84k · 7% over

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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 +26.3/30.0
• DSCR +8.9/10.0
• 1% rule +5.9/10.0
• Rent growth +4.5/5.0
• ARV discount +4.1/15.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks

Move right in to this fully renovated 3 bedroom, 2 story home. Everything was done in 2024, including a new roof, windows, exterior paint, electrical service, wiring, plumbing, HVAC, and water heater. Enjoy peace of mind with a new kitchen and bathroom, too! Updated flooring and paint. Kitchen appliances included. Covered back porch, plus a gravel parking area in back.

Key facts

• Gravel parking area
• New kitchen
• New bathroom

Tags

• NEW ROOF
• NEW WINDOWS
• NEW KITCHEN
• NEW BATHROOM
• COVERED BACK PORCH
• GRAVEL PARKING AREA

Property features AI

Finance

• Other: Lot under 1/4 acre (approximately 0.15 acres)

Exterior

• Utilities: Public water; Municipal sewer connected; Solid waste service available
• Home design: Single-family residence; Updated/remodeled condition; Two levels
• Construction: Aluminum siding; Brick foundation
• Exterior features: No fence

Interior

• Kitchen: Disposal; Over-the-range microwave/hood; Electric oven
• Bedrooms: Three bedrooms total — one on the main level and two on the upper level (Upper bedrooms: 2, Main bedrooms: 1)
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Eat-in kitchen; Living room; Dining room

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 $233 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($978 rent vs $90k).
• Recommended offer: $89k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.4% 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; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% 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 33% 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 $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.
• At projected returns (-3.0% appreciation + 7.9% rent growth), your $25k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($89k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1899 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $88,551 (1.5% below list)

Questions for the listing agent

1. Built in 1899 — 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. 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.
6. 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.
7. 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: 1.09% ✓
• Cap rate: 9.41%
• Cash-on-cash: 11.12%
• DSCR: 1.49
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $83,658
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1310 W 13th St	0.20mi	2/1.0	1,178 (+3%)	1mo	$62,000	$53	85
1227 W 9th St	0.43mi	3/1.0 (+1)	1,158 (+1%)	1mo	$84,000	$73	72
1628 Sherman St	0.26mi	2/1.0	1,106 (-4%)	15mo	$55,000	$50	70
827 W 9th St	0.50mi	2/2.0	1,221 (+6%)	8mo	$50,000	$41	55
1404 Walton St	0.69mi	3/1.0 (+1)	1,090 (-5%)	8mo	$70,000	$64	48
416 W 21st St	0.58mi	2/1.0	1,296 (+13%)	12mo	$77,000	$59	42
2226 Hendricks St	0.51mi	2/1.0	990 (-14%)	15mo	$70,000	$71	41
2104 W 16th St	0.65mi	3/2.0 (+1)	1,038 (-9%)	6mo	$125,000	$120	40
1632 W 7th St	0.69mi	2/1.0	1,018 (-11%)	17mo	$98,000	$96	35
1430 Walton St	0.68mi	3/1.0 (+1)	988 (-14%)	13mo	$127,500	$129	29
2210 Louise St	0.67mi	3/1.0 (+1)	975 (-15%)	15mo	$128,000	$131	27
1436 W 5th St	0.74mi	3/1.0 (+1)	975 (-15%)	14mo	$143,000	$147	24

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: 5.2%
• Equity multiple: 1.21×
• Total profit: $5,293
• Equity at exit: $13,404

10-year hold

• IRR: 18.3%
• Equity multiple: 2.85×
• Total profit: $46,472
• 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 46016

• Home prices YoY: -3.5%
• Rents YoY: 7.9%
• Active inventory: 185
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $978 high
• Mortgage (P&I): −$471
• Tax from tax record: −$31 /mo · $367/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$205
• Net cashflow: $233

Break-even live

Break-even rent $683

Max offer price $89,900

Occupancy floor 71%

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 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1502 Cedar St Anderson, IN	2.0	1.0	1104	$850	$0.77	43d	1	0.06mi
1310 W 13th St Anderson, IN	2.0	1.0	1178	$895	$0.76	2d	1	0.18mi
1222 Nichol Ave Unit 4 Anderson, IN	3.0	1.0	1000	$1,135	$1.14	7d	1	0.22mi
1616 W 16th St Anderson, IN	2.0	1.0	1038	$1,050	$1.01	43d	1	0.31mi
1640 W 17th St Anderson, IN	2.0	1.0	810	$895	$1.10	20d	1	0.38mi
1720 Nelle St Anderson, IN	2.0	1.0	768	$1,100	$1.43	23d	1	0.49mi
2004 Arrow Ave Anderson, IN	2.0	1.0	816	$1,125	$1.38	23d	1	0.52mi
618 W 22nd St Anderson, IN	3.0	1.0	900	$1,250	$1.39	43d	1	0.54mi
1123 Louise St Anderson, IN	2.0	1.0	850	$850	$1.00	43d	1	0.55mi
1312 W 8th St Unit 1332 F Anderson, IN	2.0	1.0	850	$979	$1.15	43d	1	0.55mi
1312 W 8th St Unit 1308H Anderson, IN	1.0	1.0	750	$999	$1.33	14d	1	0.55mi
1136 Irving Way Anderson, IN	2.0	1.0	900	$895	$0.99	21d	1	0.59mi
2301 Sheridan St Anderson, IN	2.0	1.0	900	$950	$1.06	43d	1	0.60mi
820 W 7th St Apt A Anderson, IN	2.0	2.0	1400	$1,200	$0.86	23d	1	0.60mi
229 W 19th St Anderson, IN	3.0	1.0	1200	$1,000	$0.83	43d	1	0.61mi
2233 Fairview St Anderson, IN	3.0	1.5	1452	$1,195	$0.82	23d	1	0.62mi
1631 W 7th St Anderson, IN	3.0	1.0	900	$1,000	$1.11	43d	1	0.64mi
2411 Hendricks St Anderson, IN	3.0	1.0	860	$1,000	$1.16	23d	1	0.64mi
1212 W 5th St Anderson, IN	3.0	1.0	1252	$1,295	$1.03	12d	1	0.69mi
1404 Walton St Anderson, IN	3.0	1.0	1090	$995	$0.91	43d	1	0.69mi
1532 Walton St Anderson, IN	3.0	1.0	1342	$1,100	$0.82	43d	1	0.69mi
1708 W 7th St Anderson, IN	1.0	1.0	700	$875	$1.25	17d	1	0.70mi
1708 W 7th St Anderson, IN	1.0	1.0	700	$875	$1.25	19d	1	0.70mi
1708 W 7th St Anderson, IN	1.0	1.0	700	$1,000	$1.43	43d	1	0.70mi
924 W 5th St Unit 924 Anderson, IN	1.0	1.0	750	$600	$0.80	23d	1	0.71mi
120 W 10th St Anderson, IN	1.0–3.0	1.0	1066	$1,025	$0.96	1d	1	0.76mi
2324 Chase St Anderson, IN	2.0	1.0	783	$950	$1.21	43d	1	0.79mi
2442 Morton St Anderson, IN	2.0	1.0	862	$1,125	$1.31	23d	1	0.80mi
1317 Main St Anderson, IN	2.0	1.0	750	$800	$1.07	43d	1	0.83mi
1010 W 2nd St Unit 2 Anderson, IN	2.0	1.0	875	$1,025	$1.17	21d	1	0.89mi
1010 W 2nd St Unit 3 Anderson, IN	3.0	1.0	1025	$1,125	$1.10	14d	1	0.89mi
1010 W 2nd St Unit 1 Anderson, IN	1.0	1.0	724	$925	$1.28	23d	1	0.89mi
1529 W 2nd St Anderson, IN	3.0	1.0	884	$1,200	$1.36	23d	1	0.90mi
219 E 13th St Anderson, IN	3.0	1.0	882	$1,000	$1.13	4d	1	0.96mi
2627 Chase St Anderson, IN	3.0	1.0	1050	$850	$0.81	17d	1	0.96mi
2613 Louise St Anderson, IN	2.0	1.0	1096	$950	$0.87	21d	1	0.97mi
2820 Fairview St Unit A Anderson, IN	2.0	1.0	850	$895	$1.05	43d	1	0.98mi
2111 Central Ave Anderson, IN	3.0	1.0	1026	$1,250	$1.22	43d	1	0.99mi
506 W 2nd St Anderson, IN	3.0	1.0	964	$1,095	$1.14	23d	1	0.99mi
602 Meridian St Apt C Anderson, IN	2.0	1.0	800	$900	$1.12	43d	1	1.00mi

Listing history 13 events

1. 2026-06-18
   days on market $89,900 Active 20 DOM
2. 2026-06-17
   days on market $89,900 Active 19 DOM
3. 2026-06-16
   days on market $89,900 Active 18 DOM
4. 2026-06-15
   days on market $89,900 Active 17 DOM
5. 2026-06-13
   pricedays on market $89,900 Active 15 DOM
6. 2026-06-09
   days on market $98,500 Active 11 DOM
7. 2026-06-08
   days on market $98,500 Active 10 DOM
8. 2026-06-07
   days on market $98,500 Active 9 DOM
9. 2026-06-05
   days on market $98,500 Active 6 DOM
10. 2026-06-03
    days on market $98,500 Active 5 DOM
11. 2026-06-02
    days on market $98,500 Active 4 DOM
12. 2026-06-01
    days on market $98,500 Active 3 DOM
13. 2026-05-31
    days on market $98,500 Active 2 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: $367 · $31/mo
• Projected year-2 tax: $565 · $47/mo
• Expected delta: +$199/yr (+$17/mo · 54.2%)

ⓘ 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: $11,738
• − Mortgage interest: −$5,036
• − Property taxes: −$367
• − Insurance: −$450
• − Repairs & maintenance: −$939
• − Management: −$939
• − Depreciation: −$2,615
• Taxable income: $1,392
• Est. tax owed @ 24.0%: −$334
• After-tax cash flow: $2,465/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

1 event — show timeline

• 2026-05-29 Listed $98,500 MIBOR as Distributed by MLS Grid

Property tax history

+1.0%/yr

Latest (2024): $367 · +7.8% YoY. Source: county tax records.