318 Milton Ave · Anderson, IN 46012

$40,000

3 bd · 1.0 ba · 848 sqft · SingleFamily public records · 1 Days on market

Built 1890 3,844 sqft lot Est $75k · 46% 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

CALLING ALL Investors, DIYers, and Sweat Equity Buyers!!! 2 Bed (Potential for 3rd Bed) 1 Bath within walking distance to Anderson University. 2 Car Detached Garage with alley access. Property features brand new roof & gutters. Newer furnace. Ready for your finishing touch. Schedule your tour today!

Key facts

• Alley access
• Newer furnace
• Brand new roof

Tags

• BRAND NEW ROOF
• NEWER FURNACE
• ALLEY ACCESS

Property features AI

Exterior

• Parking: Detached 2-car garage (approx. 432 sq ft)
• Utilities: Public water; Municipal sewer connected; 100 amp electric service; Cable connected; Electricity connected; Natural gas connected; Water connected; Sewer connected
• Home design: Single family residence; One level
• Construction: Aluminum siding; Brick foundation
• Exterior features: Less than 1/4 acre lot; 0.09-acre lot

Interior

• Kitchen: Gas oven; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced air heating (natural gas); Window unit cooling
• Interior features: Attic access; Unfinished basement
• Laundry & utility: Main-level laundry room; Water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $598 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Cap rate 24.2% 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: 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: Anderson Elementary School (math 12% / reading 12%, grade F, #893 of 994 statewide, top 91%, 378 students, 92% 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); 159 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 46% 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 $277 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 + 1.8% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 21y 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.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $40,000

Questions for the listing agent

1. Built in 1890 — 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: 2.77% ✓
• Cap rate: 24.23%
• Cash-on-cash: 64.07%
• DSCR: 3.85
• GRM: 3.0

CMA / ARV

• ARV (on-the-fly): $74,624
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1411 Home Ave	0.70mi	3/1.0	810 (-4%)	2mo	$71,000	$88	59
1310 E 7th St	0.55mi	3/1.0	960 (+13%)	1mo	$135,000	$141	51
506 W 2nd St	0.71mi	3/1.0	964 (+14%)	2mo	$58,500	$61	42

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: 61.8%
• Equity multiple: 3.71×
• Total profit: $30,324
• Equity at exit: $5,964

10-year hold

• IRR: 66.0%
• Equity multiple: 7.28×
• Total profit: $70,312
• Equity at exit: $3,458

Cash invested: $11,200 (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: 159
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $1,107 high
• Mortgage (P&I): −$210
• Tax est. 1.5%: −$50 /mo · $600/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$232
• Net cashflow: $598

Break-even live

Break-even rent $350

Max offer price $40,000

Occupancy floor 41%

Sensitivity live

Price	-10% $626	-5% $612	+0% $598	+5% $584	+10% $570
Rent	-10% $511	-5% $554	+0% $598	+5% $642	+10% $685
Rate	-1.0pp $618	-0.5pp $608	base $598	+0.5pp $588	+1.0pp $577

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
602 Meridian St Apt C Anderson, IN	2.0	1.0	800	$900	$1.12	44d	1	0.39mi
917 E 8th St Unit 2 Anderson, IN	2.0	1.0	550	$825	$1.50	8d	1	0.46mi
223 E 11th St Anderson, IN	2.0	1.0	800	$900	$1.12	44d	1	0.58mi
120 W 10th St Anderson, IN	1.0–3.0	1.0	1066	$1,150	$1.08	2d	1	0.64mi
506 W 2nd St Anderson, IN	3.0	1.0	964	$1,095	$1.14	24d	1	0.68mi
219 E 13th St Anderson, IN	3.0	1.0	882	$1,000	$1.13	4d	1	0.71mi
1411 Home Ave Anderson, IN	3.0	1.0	810	$1,295	$1.60	24d	1	0.73mi
1317 Main St Anderson, IN	2.0	1.0	750	$800	$1.07	44d	1	0.76mi
1710 Jefferson St Apt 2 Anderson, IN	2.0	1.0	550	$950	$1.73	44d	1	0.98mi
1726-1728 Walnut St Anderson, IN	2.0	2.0	900	$995	$1.11	2d	1	1.00mi
1829 E 8th St Anderson, IN	1.0–3.0	1.0	810	$1,250	$1.54	24d	9	1.00mi
530 Alhambra Dr Anderson, IN	1.0–2.0	1.0	879	$1,100	$1.25	44d	1	1.01mi
1010 W 2nd St Unit 3 Anderson, IN	3.0	1.0	1025	$1,125	$1.10	15d	1	1.03mi
1010 W 2nd St Unit 2 Anderson, IN	2.0	1.0	875	$1,025	$1.17	22d	1	1.03mi
1045 Alhambra Dr Unit 6 Anderson, IN	2.0	1.5	900	$975	$1.08	24d	1	1.08mi
1321 Lafayette Ct Anderson, IN	3.0	1.5	962	$1,350	$1.40	11d	1	1.17mi
1312 W 8th St Unit 1332 F Anderson, IN	2.0	1.0	850	$979	$1.15	44d	1	1.22mi
2111 Central Ave Anderson, IN	3.0	1.0	1026	$1,250	$1.22	44d	1	1.25mi
1222 Nichol Ave Unit 4 Anderson, IN	3.0	1.0	1000	$1,135	$1.14	8d	1	1.32mi
2412 E 7th St Anderson, IN	2.0	1.0	600	$895	$1.49	2d	1	1.33mi
1502 Cedar St Anderson, IN	2.0	1.0	1104	$850	$0.77	44d	1	1.35mi
1529 W 2nd St Anderson, IN	3.0	1.0	884	$1,200	$1.36	24d	1	1.37mi
1627 W 6th St Anderson, IN	2.0	1.0	650	$850	$1.31	24d	1	1.46mi
2505 E 10th St Anderson, IN	1.0–2.0	1.0	850	$949	$1.12	44d	2	1.46mi
2625 Lindberg Rd Anderson, IN	1.0–2.0	1.0	756	$1,385	$1.83	44d	1	1.48mi
1631 W 7th St Anderson, IN	3.0	1.0	900	$1,000	$1.11	44d	1	1.49mi
2324 Chase St Anderson, IN	2.0	1.0	783	$950	$1.21	44d	1	1.50mi
618 W 22nd St Anderson, IN	3.0	1.0	900	$1,250	$1.39	44d	1	1.50mi

Listing history 2 events

1. 2026-06-17
   remarks 302-char remark
2. 2026-06-17
   listed $40,000 Active 1 DOM

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 24% 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,283
• − Mortgage interest: −$2,241
• − Property taxes: −$600
• − Insurance: −$200
• − Repairs & maintenance: −$1,063
• − Management: −$1,063
• − Depreciation: −$1,164
• Taxable income: $6,953
• Est. tax owed @ 24.0%: −$1,669
• After-tax cash flow: $5,507/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

+0.3% since first listed

5 events — show timeline

• 2026-06-17 Listed $40,000 MIBOR as Distributed by MLS Grid
• 2007-03-28 Listing Removed — MIBOR as Distributed by MLS Grid
• 2007-03-28 Listing Removed — MIBOR as Distributed by MLS Grid
• 2006-08-28 Listed $37,900 MIBOR as Distributed by MLS Grid
• 2005-10-03 Listed $39,900 MIBOR as Distributed by MLS Grid