2405 E 3rd St · Anderson, IN 46012

$64,900

2 bd · 1.0 ba · 812 sqft · SingleFamily public records · 194 Days on market

Built 1940 8,736 sqft lot $80/sqft · 25% below area Est $130k · 50% under

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

Listing remarks MLS

Come one, come all. Calling all visionaries to this 2 bedroom treasure sitting back on a large lot. The exterior features an expansive front and back yard, an attached 1 car garage, and a covered porch. The interior features beautiful hardwood, arched doorways, and character throughout. Come with your imagination and be ready to make this your next project.

Key facts

• Covered porch
• Character throughout
• Large lot

Tags

• LARGE LOT
• EXPANSIVE FRONT AND BACK YARD
• COVERED PORCH
• HARDWOOD
• ARCHED DOORWAYS
• CHARACTER THROUGHOUT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $376 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.2% vs local median 6.1% 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: 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: Tenth Street Elementary School (math 13% / reading 10%, grade F, #904 of 994 statewide, top 91%, 462 students, 89% 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 (+1.8%/yr); 162 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 45% 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 $449 of loan paydown is wiped out by about $2k 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 + 1.8% rent growth), your $18k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 194 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 26y ago; this cycle's ask has dropped $20k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $57,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 194 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.62% ✓
• Cap rate: 13.25%
• Cash-on-cash: 24.84%
• DSCR: 2.11
• GRM: 5.1

CMA / ARV

• ARV (median comp): $129,687
• List price: $64,900
• Delta: -49.96%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2524 E 5th St	0.18mi	2/1.0	780 (-4%)	2mo	$27,000	$35	84
830 Chester St	0.38mi	2/1.0	800 (-2%)	2mo	$130,000	$163	78
2317 E 3rd St	0.04mi	3/1.0 (+1)	888 (+9%)	2mo	$142,000	$160	76
2315 E 3rd St	0.04mi	2/1.0	888 (+9%)	10mo	$60,000	$68	74
2415 E 9th St	0.42mi	2/1.0	773 (-5%)	0mo	$75,000	$97	72
614 Harrison St	0.37mi	2/1.0	866 (+7%)	1mo	$145,000	$167	71
630 Chester St	0.27mi	2/1.0	882 (+9%)	6mo	$130,000	$147	68
817 Alhambra Dr	0.52mi	2/1.0	792 (-2%)	9mo	$70,000	$88	64
2612 Fowler St	0.27mi	2/1.0	693 (-15%)	1mo	$117,900	$170	62
2614 E 8th St	0.39mi	2/1.0	741 (-9%)	12mo	$98,900	$133	58
2405 E 9th St	0.42mi	2/1.0	920 (+13%)	9mo	$80,000	$87	51
2330 Ridgewood Dr	0.69mi	2/1.0	925 (+14%)	12mo	$145,000	$157	34

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 · 1.82% rent growth · sell at horizon

5-year hold

• IRR: 16.9%
• Equity multiple: 1.67×
• Total profit: $12,230
• Equity at exit: $9,677

10-year hold

• IRR: 24.6%
• Equity multiple: 3.02×
• Total profit: $36,640
• Equity at exit: $5,611

Cash invested: $18,172 (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 46012

• Home prices YoY: -18.6%
• Rents YoY: 1.8%
• Active inventory: 162
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $1,050 high
• Mortgage (P&I): −$340
• Tax from tax record: −$86 /mo · $1,033/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$221
• Net cashflow: $376

Break-even live

Break-even rent $574

Max offer price $64,900

Occupancy floor 59%

Sensitivity live

Price	-10% $413	-5% $395	+0% $376	+5% $358	+10% $339
Rent	-10% $293	-5% $335	+0% $376	+5% $418	+10% $459
Rate	-1.0pp $409	-0.5pp $393	base $376	+0.5pp $359	+1.0pp $342

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: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2412 E 7th St Anderson, IN	2.0	1.0	600	$895	$1.49	3d	1	0.28mi
530 Alhambra Dr Anderson, IN	1.0–2.0	1.0	879	$1,100	$1.25	45d	1	0.35mi
2625 Lindberg Rd Anderson, IN	1.0–2.0	1.0	756	$1,385	$1.83	45d	1	0.48mi
608 Ellenhurst Dr Anderson, IN	2.0	1.0	686	$1,100	$1.60	25d	1	0.49mi
2505 E 10th St Anderson, IN	1.0–2.0	1.0	850	$949	$1.12	45d	2	0.56mi
1829 E 8th St Anderson, IN	1.0–3.0	1.0	810	$1,025	$1.27	25d	9	0.58mi
1045 Alhambra Dr Unit 6 Anderson, IN	2.0	1.5	900	$975	$1.08	25d	1	0.64mi
915 High St Unit 915 1/2 Anderson, IN	1.0	1.0	600	$650	$1.08	45d	1	1.00mi
919 E 6th St Apt 2 Anderson, IN	1.0	1.0	700	$625	$0.89	25d	1	1.01mi
917 E 8th St Unit 2 Anderson, IN	2.0	1.0	550	$825	$1.50	9d	1	1.05mi
1719 Johnson Ave Anderson, IN	1.0	1.0	616	$824	$1.34	45d	1	1.28mi
1411 Home Ave Anderson, IN	3.0	1.0	810	$1,295	$1.60	25d	1	1.40mi
1704 S Cross Lakes Cir Unit 1704DS Anderson, IN	1.0	1.0	750	$1,080	$1.44	12d	1	1.43mi
1704 S Cross Lakes Cir Unit 1704FS Anderson, IN	1.0	1.0	750	$1,130	$1.51	45d	1	1.43mi
414 Wheeler Ave Apt B Anderson, IN	1.0	1.0	600	$650	$1.08	45d	1	1.43mi
1708 S Cross Lakes Cir Unit 1708ES Anderson, IN	2.0	2.0	944	$1,115	$1.18	45d	1	1.44mi
1804 S Cross Lakes Cir Unit 1804DS Anderson, IN	2.0	2.0	944	$1,144	$1.21	45d	1	1.45mi
1800 Cross Lakes Blvd Anderson, IN	1.0–2.0	1.0–2.0	847	$1,344	$1.59	0d	22	1.47mi
1805 S Cross Lakes Cir Unit 1805LS Anderson, IN	2.0	2.0	912	$1,294	$1.42	13d	1	1.48mi
1812 S Cross Lakes Cir Unit 1812ES Anderson, IN	2.0	2.0	944	$1,115	$1.18	16d	1	1.48mi
1710 Jefferson St Apt 2 Anderson, IN	2.0	1.0	550	$950	$1.73	45d	1	1.49mi
1716 N Cross Lakes Cir Unit 1716KN Anderson, IN	2.0	2.0	912	$1,274	$1.40	25d	1	1.50mi

Listing history 40 events

1. 2026-06-21
   days on market $64,900 Active 194 DOM
2. 2026-06-18
   days on market $64,900 Active 191 DOM
3. 2026-06-17
   days on market $64,900 Active 190 DOM
4. 2026-06-16
   days on market $64,900 Active 189 DOM
5. 2026-06-15
   days on market $64,900 Active 188 DOM
6. 2026-06-13
   days on market $64,900 Active 186 DOM
7. 2026-06-09
   days on market $64,900 Active 182 DOM
8. 2026-06-08
   days on market $64,900 Active 181 DOM
9. 2026-06-07
   days on market $64,900 Active 180 DOM
10. 2026-06-05
    days on market $64,900 Active 177 DOM
11. 2026-06-03
    days on market $64,900 Active 176 DOM
12. 2026-06-02
    days on market $64,900 Active 175 DOM
13. 2026-06-01
    days on market $64,900 Active 174 DOM
14. 2026-05-31
    days on market $64,900 Active 173 DOM
15. 2026-05-11
    price $64,900 359-char remark

    Show marketing remark (359 chars)

    Come one, come all! Calling all visionaries to this 2 bedroom treasure sitting back on a large lot. The exterior features an expansive front and back yard, an attached 1 car garage, and a covered porch. The interior features beautiful hardwood, arched doorways, and character throughout. Come with your imagination and be ready to make this your next project.

16. 2026-05-11
    price $64,900 359-char remark

    Show marketing remark (359 chars)

    Come one, come all! Calling all visionaries to this 2 bedroom treasure sitting back on a large lot. The exterior features an expansive front and back yard, an attached 1 car garage, and a covered porch. The interior features beautiful hardwood, arched doorways, and character throughout. Come with your imagination and be ready to make this your next project.

17. 2026-05-07
    status Active 359-char remark

    Show marketing remark (359 chars)

    Come one, come all. Calling all visionaries to this 2 bedroom treasure sitting back on a large lot. The exterior features an expansive front and back yard, an attached 1 car garage, and a covered porch. The interior features beautiful hardwood, arched doorways, and character throughout. Come with your imagination and be ready to make this your next project.

18. 2026-05-07
    historical 359-char remark

    Show marketing remark (359 chars)

    Come one, come all. Calling all visionaries to this 2 bedroom treasure sitting back on a large lot. The exterior features an expansive front and back yard, an attached 1 car garage, and a covered porch. The interior features beautiful hardwood, arched doorways, and character throughout. Come with your imagination and be ready to make this your next project.

19. 2026-04-11
    price $69,900 359-char remark

    Show marketing remark (359 chars)

    Come one, come all. Calling all visionaries to this 2 bedroom treasure sitting back on a large lot. The exterior features an expansive front and back yard, an attached 1 car garage, and a covered porch. The interior features beautiful hardwood, arched doorways, and character throughout. Come with your imagination and be ready to make this your next project.

20. 2026-04-09
    price $69,900 359-char remark

    Show marketing remark (359 chars)

    Come one, come all! Calling all visionaries to this 2 bedroom treasure sitting back on a large lot. The exterior features an expansive front and back yard, an attached 1 car garage, and a covered porch. The interior features beautiful hardwood, arched doorways, and character throughout. Come with your imagination and be ready to make this your next project.

21. 2026-03-09
    status Active 359-char remark

    Show marketing remark (359 chars)

    Come one, come all. Calling all visionaries to this 2 bedroom treasure sitting back on a large lot. The exterior features an expansive front and back yard, an attached 1 car garage, and a covered porch. The interior features beautiful hardwood, arched doorways, and character throughout. Come with your imagination and be ready to make this your next project.

22. 2026-01-28
    price $74,900 359-char remark

    Show marketing remark (359 chars)

    Come one, come all! Calling all visionaries to this 2 bedroom treasure sitting back on a large lot. The exterior features an expansive front and back yard, an attached 1 car garage, and a covered porch. The interior features beautiful hardwood, arched doorways, and character throughout. Come with your imagination and be ready to make this your next project.

23. 2026-01-28
    price $74,900 359-char remark

    Show marketing remark (359 chars)

    Come one, come all! Calling all visionaries to this 2 bedroom treasure sitting back on a large lot. The exterior features an expansive front and back yard, an attached 1 car garage, and a covered porch. The interior features beautiful hardwood, arched doorways, and character throughout. Come with your imagination and be ready to make this your next project.

24. 2025-12-10
    listed $84,900 Active 359-char remark

    Show marketing remark (359 chars)

    Come one, come all! Calling all visionaries to this 2 bedroom treasure sitting back on a large lot. The exterior features an expansive front and back yard, an attached 1 car garage, and a covered porch. The interior features beautiful hardwood, arched doorways, and character throughout. Come with your imagination and be ready to make this your next project.

25. 2025-12-10
    listed $84,900 Active 359-char remark

    Show marketing remark (359 chars)

    Come one, come all! Calling all visionaries to this 2 bedroom treasure sitting back on a large lot. The exterior features an expansive front and back yard, an attached 1 car garage, and a covered porch. The interior features beautiful hardwood, arched doorways, and character throughout. Come with your imagination and be ready to make this your next project.

26. 2022-10-31
    historical
27. 2022-04-26
    listed $92,500 Active
28. 2021-10-30
    historical
29. 2021-09-03
    soldstatus $130,000
30. 2021-07-30
    listed $85,000 Active
31. 2020-05-07
    soldstatus $130,000
32. 2020-05-05
    soldstatus $32,500 Sold
33. 2020-02-12
    status Pending
34. 2020-02-10
    price $169,900
35. 2020-01-06
    price $179,900
36. 2019-10-11
    listed $189,900 Active
37. 2004-02-13
    soldstatus $24,000
38. 2003-12-04
    listed $30,000
39. 2001-09-11
    historical
40. 2000-10-18
    listed $49,900

ⓘ 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: $1,033 · $86/mo
• Projected year-2 tax: $1,033 · $86/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 6/10 Major FEMA zone X (unshaded) · 73% 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 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,603
• − Mortgage interest: −$3,635
• − Property taxes: −$1,033
• − Insurance: −$324
• − Repairs & maintenance: −$1,008
• − Management: −$1,008
• − Depreciation: −$1,888
• Taxable income: $3,705
• Est. tax owed @ 24.0%: −$889
• After-tax cash flow: $3,625/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): 20,855
• Household income: $58,041
• Rent vs Own: 32.3% rent · 67.7% own
• Severe rent burden: 987.0

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 (85%)
• Race & ethnicity: White 85% Hispanic / Latino 5% Two or more races 4% Black 4%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Slovak 3% Serbian 2% Italian 1%
• Foreign-born: 2% · Canada, Vietnam
• Languages at home: 96% English-only · Spanish 3%

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: ▼ -61.16%
• Current HPI: 266.9819
• Rent YoY: ▲ 1.82%
• 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

+30.1% since first listed

26 events — show timeline

• 2026-05-11 Price Changed $64,900 IRMLS
• 2026-05-11 Price Changed $64,900 MIBOR as Distributed by MLS Grid
• 2026-05-07 Relisted — IRMLS
• 2026-05-07 Delisted — IRMLS
• 2026-04-11 Price Changed $69,900 IRMLS
• 2026-04-09 Price Changed $69,900 MIBOR as Distributed by MLS Grid
• 2026-03-09 Relisted — IRMLS
• 2026-01-28 Price Changed $74,900 IRMLS
• 2026-01-28 Price Changed $74,900 MIBOR as Distributed by MLS Grid
• 2025-12-10 Listed $84,900 MIBOR as Distributed by MLS Grid
• 2025-12-10 Listed $84,900 IRMLS
• 2022-10-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2022-04-26 Listed $92,500 MIBOR as Distributed by MLS Grid
• 2021-10-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2021-09-03 Sold (Public Records) $130,000 Public Records
• 2021-07-30 Listed $85,000 MIBOR as Distributed by MLS Grid
• 2020-05-07 Sold (Public Records) $130,000 Public Records
• 2020-05-05 Sold (MLS) $32,500 MIBOR as Distributed by MLS Grid
• 2020-02-12 Pending — MIBOR as Distributed by MLS Grid
• 2020-02-10 Price Changed $169,900 MIBOR as Distributed by MLS Grid
• 2020-01-06 Price Changed $179,900 MIBOR as Distributed by MLS Grid
• 2019-10-11 Listed $189,900 MIBOR as Distributed by MLS Grid
• 2004-02-13 Sold (MLS) $24,000 MIBOR as Distributed by MLS Grid
• 2003-12-04 Listed $30,000 MIBOR as Distributed by MLS Grid
• 2001-09-11 Listing Removed — MIBOR as Distributed by MLS Grid
• 2000-10-18 Listed $49,900 MIBOR as Distributed by MLS Grid

Property tax history

+4.9%/yr

Latest (2024): $1,033 · +8.4% YoY. Source: county tax records.