705 W 29th St · Anderson, IN 46016

$170,000

2 bd · 1.0 ba · 1,113 sqft · MultiFamily public records · 6 Days on market

Built 1951 6,350 sqft lot

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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 +14.8/30.0
• ARV discount +7.5/15.0
• DSCR +4.5/10.0
• Rent growth +4.5/5.0
• 1% rule +3.8/10.0
• 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

LOOKING FOR GREAT INVESTMENT PROPERTY, LOOK NO FURTHER! Nicely updated brick duplex, each side has 2 bedrooms, large living room, kitchen, and main level laundry room. Range and refrigerator included in both units.

Key facts

• Brick duplex
• Corner lot
• Public park

Tags

• BRICK DUPLEX
• CORNER LOT
• PUBLIC PARK
• WELL-MAINTAINED DUPLEX

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $170k.

Deal economics

• At list price, monthly cash flow is $47 ($569/yr) — positive. Per door: $24/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $150k (11.9% below list).
• Recommended offer: $150k (11.9% 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 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 $1,498/mo this rent would consume 50% 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 $1k of loan paydown is wiped out by about $5k 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 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 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 $110k; list at $170k implies a 55% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $149,800 (11.9% below list)

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 1951 — 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. 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?
8. 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.
9. 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.
10. 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: 0.88% ✗
• Cap rate: 6.63%
• Cash-on-cash: 1.19%
• DSCR: 1.05
• GRM: 9.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -9.2%
• Equity multiple: 0.65×
• Total profit: $-16,814
• Equity at exit: $25,348

10-year hold

• IRR: 5.7%
• Equity multiple: 1.51×
• Total profit: $24,276
• Equity at exit: $14,698

Cash invested: $47,600 (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: 18.9×

Monthly cashflow live

• Estimated rent: $1,498 high
• Mortgage (P&I): −$891
• Tax from tax record: −$174 /mo · $2,085/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$315
• Net cashflow: $47

Break-even live

Break-even rent $1,438

Max offer price $170,000

Occupancy floor 92%

Sensitivity live

Price	-10% $144	-5% $95	+0% $47	+5% $-1	+10% $-49
Rent	-10% $-71	-5% $-12	+0% $47	+5% $107	+10% $166
Rate	-1.0pp $133	-0.5pp $91	base $47	+0.5pp $3	+1.0pp $-41

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,498
Total (2 units)			$1,498

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2820 Fairview St Unit A Anderson, IN	2.0	1.0	850	$895	$1.05	45d	1	0.12mi
2904 Lincoln St Anderson, IN	2.0	1.0	864	$875	$1.01	0d	1	0.23mi
2627 Chase St Anderson, IN	3.0	1.0	1050	$850	$0.81	19d	1	0.32mi
2446 Morton St Anderson, IN	2.0	1.0	1093	$1,250	$1.14	0d	1	0.33mi
2442 Morton St Anderson, IN	2.0	1.0	862	$1,125	$1.31	25d	1	0.34mi
2411 Hendricks St Anderson, IN	3.0	1.0	860	$1,000	$1.16	25d	1	0.36mi
3021 Delaware St Anderson, IN	2.0	1.0	1154	$1,150	$1.00	9d	1	0.39mi
2301 Sheridan St Anderson, IN	2.0	1.0	900	$950	$1.06	45d	1	0.44mi
2233 Fairview St Anderson, IN	3.0	1.5	1452	$1,195	$0.82	25d	1	0.46mi
2324 Chase St Anderson, IN	2.0	1.0	783	$895	$1.14	0d	1	0.50mi
618 W 22nd St Anderson, IN	3.0	1.0	900	$1,250	$1.39	45d	1	0.53mi
2625 Main St Anderson, IN	2.0	1.0	988	$895	$0.91	25d	1	0.61mi
228 E 29th St Anderson, IN	3.0	2.0	1440	$1,295	$0.90	6d	1	0.70mi
3000 Fletcher St Unit 3000 Anderson, IN	2.0	1.0	800	$650	$0.81	45d	1	0.72mi
229 W 19th St Anderson, IN	3.0	1.0	1200	$1,000	$0.83	45d	1	0.77mi
2613 Louise St Anderson, IN	2.0	1.0	1096	$925	$0.84	0d	1	0.81mi
2613 Louise St Anderson, IN	2.0	1.0	1096	$950	$0.87	23d	1	0.81mi
2111 Central Ave Anderson, IN	3.0	1.0	1026	$1,250	$1.22	45d	1	0.84mi
2004 Arrow Ave Anderson, IN	2.0	1.0	816	$1,125	$1.38	25d	1	0.90mi
2719 Dewey St Anderson, IN	2.0	1.0	877	$1,150	$1.31	45d	1	0.92mi
4021 Brown St Anderson, IN	2.0	1.0	1320	$975	$0.74	9d	1	0.93mi
2916 Noble St Anderson, IN	1.0	1.0	1132	$750	$0.66	0d	1	0.94mi
3006 Noble St Anderson, IN	2.0	1.0	1064	$995	$0.94	9d	1	0.94mi
1502 Cedar St Anderson, IN	2.0	1.0	1104	$850	$0.77	45d	1	0.98mi
4015 Haverhill Dr Anderson, IN	3.0	2.0	884	$1,100	$1.24	45d	1	0.99mi
2203 W 28th St Anderson, IN	3.0	1.0	1068	$1,000	$0.94	45d	1	0.99mi
1640 W 17th St Anderson, IN	2.0	1.0	810	$895	$1.10	21d	1	1.04mi
1720 Nelle St Anderson, IN	2.0	1.0	768	$1,100	$1.43	25d	1	1.06mi
1616 W 16th St Anderson, IN	2.0	1.0	1038	$1,050	$1.01	45d	1	1.06mi
4325 S Madison Ave Anderson, IN	1.0–3.0	1.0–1.5	995	$1,112	$1.12	0d	5	1.15mi
1310 W 13th St Anderson, IN	2.0	1.0	1178	$895	$0.76	3d	1	1.17mi
1726-1728 Walnut St Anderson, IN	2.0	2.0	900	$995	$1.11	3d	1	1.18mi
2002 Jefferson St Unit 3 Anderson, IN	1.0	2.0	725	$600	$0.83	45d	1	1.19mi
3009 E Lynn St Unit 1 Anderson, IN	3.0	1.0	1000	$875	$0.88	21d	1	1.22mi
1317 Main St Unit D Anderson, IN	2.0	1.0	834	$725	$0.87	0d	1	1.22mi
1317 Main St Anderson, IN	2.0	1.0	750	$800	$1.07	45d	1	1.22mi
1222 Nichol Ave Unit 4 Anderson, IN	3.0	1.0	1000	$1,135	$1.14	9d	1	1.23mi
1222 Nichol Ave Unit 4 Anderson, IN	3.0	1.0	1000	$1,135	$1.14	0d	1	1.23mi
2023 McKinley St Anderson, IN	2.0	1.0	1500	$950	$0.63	45d	1	1.25mi
219 E 13th St Anderson, IN	3.0	1.0	882	$1,000	$1.13	5d	1	1.30mi

Listing history 13 events

1. 2026-04-04
   status Pending
2. 2026-03-27
   listed $170,000 Active
3. 2025-02-28
   historical $850
4. 2024-12-11
   listed $850
5. 2024-01-20
   historical $900
6. 2024-01-17
   listed $900
7. 2024-01-16
   soldstatus $110,000 Closed 214-char remark

   Show marketing remark (214 chars)

   LOOKING FOR GREAT INVESTMENT PROPERTY, LOOK NO FURTHER! Nicely updated brick duplex, each side has 2 bedrooms, large living room, kitchen, and main level laundry room. Range and refrigerator included in both units.

8. 2023-12-16
   status Pending 214-char remark

   Show marketing remark (214 chars)

   LOOKING FOR GREAT INVESTMENT PROPERTY, LOOK NO FURTHER! Nicely updated brick duplex, each side has 2 bedrooms, large living room, kitchen, and main level laundry room. Range and refrigerator included in both units.

9. 2023-12-13
   listed $129,900 Active 214-char remark

   Show marketing remark (214 chars)

   LOOKING FOR GREAT INVESTMENT PROPERTY, LOOK NO FURTHER! Nicely updated brick duplex, each side has 2 bedrooms, large living room, kitchen, and main level laundry room. Range and refrigerator included in both units.

10. 2003-06-26
    soldstatus $54,000 53-char remark

    Show marketing remark (53 chars)

    APPLIANCES BELONG TO TENANTS, A/C BELONGS TO TENANTS.

11. 2003-03-31
    listed $56,900 53-char remark

    Show marketing remark (53 chars)

    APPLIANCES BELONG TO TENANTS, A/C BELONGS TO TENANTS.

12. 2000-10-17
    soldstatus $45,000
13. 2000-06-19
    listed $51,900

ⓘ 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: $2,085 · $174/mo
• Projected year-2 tax: $2,085 · $174/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 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,976
• − Mortgage interest: −$9,523
• − Property taxes: −$2,085
• − Insurance: −$850
• − Repairs & maintenance: −$1,438
• − Management: −$1,438
• − Depreciation: −$4,945
• Taxable loss: −$2,303
• Est. tax savings @ 24.0%: +$553
• After-tax cash flow: $1,121/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

+227.6% since first listed

13 events — show timeline

• 2026-04-04 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-27 Listed $170,000 MIBOR as Distributed by MLS Grid
• 2025-02-28 Rental Removed $850 APPFOLIO
• 2024-12-11 Listed for Rent $850 APPFOLIO
• 2024-01-20 Rental Removed $900 LEASESTAR
• 2024-01-17 Listed for Rent $900 LEASESTAR
• 2024-01-16 Sold (MLS) $110,000 MIBOR as Distributed by MLS Grid
• 2023-12-16 Pending — MIBOR as Distributed by MLS Grid
• 2023-12-13 Listed $129,900 MIBOR as Distributed by MLS Grid
• 2003-06-26 Sold (MLS) $54,000 MIBOR as Distributed by MLS Grid
• 2003-03-31 Listed $56,900 MIBOR as Distributed by MLS Grid
• 2000-10-17 Sold (MLS) $45,000 MIBOR as Distributed by MLS Grid
• 2000-06-19 Listed $51,900 MIBOR as Distributed by MLS Grid

Property tax history

+3.8%/yr

Latest (2024): $2,085 · +9.1% YoY. Source: county tax records.