PATRIOT 109 Redbud Estates Plan · Anderson, IN 46013

$49,900

2 bd · 2.0 ba · 1,120 sqft · Manufactured · 456 Days on market

Fair condition

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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
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This new home includes a new furnace, a porch, washer and dryer and so much more. Call the office to schedule a tour!

Key facts

• New furnace
• Porch
• Washer and dryer

Tags

• NEW FURNACE
• PORCH
• WASHER AND DRYER

🏗️ New construction. Builder plan / spec listing (the home may be to-be-built); metrics use comparable previous sales.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $50k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $493 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $44k (12.0% below list) — sets the bar for market timing.
• Cap rate 18.1% 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: 150 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 42% 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 $345 of loan paydown is wiped out by about $1k 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 + 3.0% rent growth), your $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 456 days — a 12% lower offer ($44k) is reasonable based on typical stale-listing flexibility.

Recommended offer $43,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 456 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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: 2.12% ✓
• Cap rate: 18.14%
• Cash-on-cash: 42.31%
• DSCR: 2.88
• GRM: 3.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 39.0%
• Equity multiple: 2.67×
• Total profit: $23,302
• Equity at exit: $7,440

10-year hold

• IRR: 45.5%
• Equity multiple: 5.35×
• Total profit: $60,753
• Equity at exit: $4,314

Cash invested: $13,972 (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 46013

• Home prices YoY: -26.9%
• Active inventory: 150
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,060 high
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $748/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$223
• Net cashflow: $493

Break-even live

Break-even rent $437

Max offer price $49,900

Occupancy floor 49%

Sensitivity live

Price	-10% $527	-5% $510	+0% $493	+5% $475	+10% $458
Rent	-10% $409	-5% $451	+0% $493	+5% $534	+10% $576
Rate	-1.0pp $518	-0.5pp $505	base $493	+0.5pp $480	+1.0pp $466

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4325 S Madison Ave Anderson, IN	1.0–3.0	1.0–1.5	995	$1,112	$1.12	2d	6	0.61mi
3815 Camelot Blvd Anderson, IN	3.0	2.0	1456	$1,179	$0.81	2d	2	0.79mi
2203 W 28th St Anderson, IN	3.0	1.0	1068	$1,000	$0.94	44d	1	0.80mi
2719 Dewey St Anderson, IN	2.0	1.0	877	$1,150	$1.31	44d	1	0.81mi
2613 Louise St Anderson, IN	2.0	1.0	1096	$950	$0.87	22d	1	0.85mi
4021 Brown St Anderson, IN	2.0	1.0	1320	$975	$0.74	8d	1	0.94mi
4015 Haverhill Dr Anderson, IN	3.0	2.0	884	$1,100	$1.24	44d	1	1.06mi
2820 Fairview St Unit A Anderson, IN	2.0	1.0	850	$895	$1.05	44d	1	1.09mi
2904 Lincoln St Anderson, IN	2.0	1.0	864	$900	$1.04	44d	1	1.15mi
2411 Hendricks St Anderson, IN	3.0	1.0	860	$1,000	$1.16	24d	1	1.18mi
3021 Delaware St Anderson, IN	2.0	1.0	1154	$1,150	$1.00	8d	1	1.24mi
2627 Chase St Anderson, IN	3.0	1.0	1050	$850	$0.81	18d	1	1.28mi
2442 Morton St Anderson, IN	2.0	1.0	862	$1,125	$1.31	24d	1	1.31mi
2004 Arrow Ave Anderson, IN	2.0	1.0	816	$1,125	$1.38	24d	1	1.31mi
2301 Sheridan St Anderson, IN	2.0	1.0	900	$950	$1.06	44d	1	1.33mi
2233 Fairview St Anderson, IN	3.0	1.5	1452	$1,195	$0.82	24d	1	1.38mi
618 W 22nd St Anderson, IN	3.0	1.0	900	$1,250	$1.39	44d	1	1.42mi
2324 Chase St Anderson, IN	2.0	1.0	783	$950	$1.21	44d	1	1.47mi
1720 Nelle St Anderson, IN	2.0	1.0	768	$1,100	$1.43	24d	1	1.48mi

Listing history 14 events

1. 2026-06-18
   days on market $49,900 Active 456 DOM
2. 2026-06-17
   days on market $49,900 Active 455 DOM
3. 2026-06-16
   days on market $49,900 Active 454 DOM
4. 2026-06-15
   days on market $49,900 Active 453 DOM
5. 2026-06-13
   days on market $49,900 Active 451 DOM
6. 2026-06-09
   days on market $49,900 Active 447 DOM
7. 2026-06-08
   days on market $49,900 Active 446 DOM
8. 2026-06-07
   days on market $49,900 Active 445 DOM
9. 2026-06-05
   days on market $49,900 Active 442 DOM
10. 2026-06-03
    days on market $49,900 Active 441 DOM
11. 2026-06-02
    days on market $49,900 Active 440 DOM
12. 2026-06-01
    days on market $49,900 Active 439 DOM
13. 2026-05-31
    days on market $49,900 Active 438 DOM
14. 2025-03-19
    listed $49,900 Active 117-char remark

    Show marketing remark (117 chars)

    This new home includes a new furnace, a porch, washer and dryer and so much more. Call the office to schedule a tour!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $12,720
• − Mortgage interest: −$2,795
• − Property taxes: −$748
• − Insurance: −$250
• − Repairs & maintenance: −$1,018
• − Management: −$1,018
• − Depreciation: −$1,452
• Taxable income: $5,440
• Est. tax owed @ 24.0%: −$1,306
• After-tax cash flow: $4,605/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This manufactured home requires moderate repairs and maintenance to improve its condition and value. Key updates include fresh paint, new flooring, and cleaning the countertops.

Repairs flagged

• Moderate Kitchen cabinets — Worn condition
• Moderate Bathtub and sink — Used condition
• Moderate Paint — Faded appearance

Value-add opportunities

• Resale Paint interior walls — Fresh paint enhances curb appeal
• Rental Replace worn flooring — New flooring improves tenant satisfaction
• Resale Clean countertops — Clean counters present a more appealing image

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Worn condition	Moderate	$3,000–15,000
Bathtub and sink · Used condition	Moderate	$3,000–15,000
Paint · Faded appearance	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$9,000–45,000

Value-add ROI direction

• Resale Paint interior walls — Fresh paint enhances curb appeal ↑
• Rental Replace worn flooring — New flooring improves tenant satisfaction ↑
• Resale Clean countertops — Clean counters present a more appealing image ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 19,073
• Household income: $49,310
• Rent vs Own: 34.8% rent · 65.2% own
• Severe rent burden: 612.0

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 (83%)
• Race & ethnicity: White 83% Two or more races 8% Black 7% Hispanic / Latino 3%
• Common ancestry: Lithuanian 2% Slovak 2% Italian 1%
• Foreign-born: 0% · Canada
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -86.70%
• Current HPI: 235.7485
• Rent YoY: —
• 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

• 2025-03-19 Listed $49,900 Zillow