714 W Cross St · Anderson, IN 46011

$375,000

3 bd · 2.0 ba · 1,699 sqft · MultiFamily public records · 1 Days on market

Built 1966 0.41 ac lot

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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 +23.1/30.0
• ARV discount +7.5/15.0
• DSCR +7.4/10.0
• 1% rule +4.9/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• 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: 4 units. confirmed

Listing remarks

Investors, Investors. .. This income-producing property features a fourplex with (4) spacious 2-bedroom, 1-bath units, PLUS a separate rear unit offering 3 bedrooms and 2 full baths-creating five total rental streams on one property, fully occupied. Bringing in nearly $5,000 per month. Strong, consistent cash flow from day one, highly desirable unit mix for tenant demand, additional upside with rent increases or value-add improvements. It has a separate rear unit ideal for premium rent or owner-occupancy. Located in a convenient area of Anderson with easy access to shopping, dining, and major routes, this property continues to attract reliable tenants and maintain steady occupancy. Whether

Key facts

• Strong cash flow
• Fourplex
• Separate rear unit

Tags

• INCOME PRODUCING PROPERTY
• FOURPLEX
• SEPARATE REAR UNIT
• FIVE TOTAL RENTAL STREAMS
• STRONG CASH FLOW
• HIGHLY DESIRABLE UNIT MIX

Property features AI

Finance

• Financial info: Five total units; Estimated gross rental income: $55,800 per year; Estimated expenses: $4,000 per year; Typical monthly rents noted: approximately $850 for a 2-bedroom unit and $1,250 for a 3-bedroom unit

Exterior

• Utilities: Municipal water; Storm sewer (municipal storm connected); Solid waste service available
• Home design: Attached residential income property; Quadruplex; One story (overall building levels)
• Construction: Sits on approximately 0.41 acre
• Exterior features: Property currently used as apartments (fewer than 20 units); Access road

Interior

• Kitchen: Two-bedroom units with kitchen; Three-bedroom units with kitchen
• Bedrooms: Two-bedroom units (single-level); Three-bedroom units (two-level)
• Interior features: Used as residential income property (apartments)

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/?-bath units multifamily listed at $375k.

Deal economics

• At list price, monthly cash flow is $669 ($8k/yr) — positive. Per door: $167/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 $372k (0.9% below list).
• Recommended offer: $372k (0.9% below list) — sets the bar for 1% rule.
• Cap rate 8.4% 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: 105 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $3k of loan paydown is wiped out by about $11k 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 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 7y 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.

Recommended offer $371,500 (0.9% 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 1966 — 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. 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 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: 0.99% ✗
• Cap rate: 8.44%
• Cash-on-cash: 7.65%
• DSCR: 1.34
• GRM: 8.4

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: -4.7%
• Equity multiple: 0.83×
• Total profit: $-18,274
• Equity at exit: $55,914

10-year hold

• IRR: 5.0%
• Equity multiple: 1.37×
• Total profit: $38,402
• Equity at exit: $32,423

Cash invested: $105,000 (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 46011

• Home prices YoY: -25.0%
• Active inventory: 105
• Price-to-rent: 33.6×

Monthly cashflow live

• Estimated rent: $3,715 medium
• Mortgage (P&I): −$1,967
• Tax from tax record: −$143 /mo · $1,712/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$780
• Net cashflow: $669

Break-even live

Break-even rent $2,868

Max offer price $375,000

Occupancy floor 77%

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	—	$3,716
Total (4 units)			$3,715

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: $93,750
• Closing costs: $11,250
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
521 W Vinyard St Anderson, IN	3.0	2.0	1712	$1,495	$0.87	16d	1	0.45mi
220 W Willow St Anderson, IN	3.0	1.0	1200	$1,250	$1.04	2d	1	0.50mi
632 W 300 N Anderson, IN	3.0	1.0	1196	$1,395	$1.17	44d	1	0.99mi

Listing history 3 events

1. 2026-05-24
   listed $375,000 Active
2. 2019-08-01
   historical
3. 2019-02-11
   listed $189,900 Active

ⓘ 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: $1,712 · $143/mo
• Projected year-2 tax: $2,450 · $204/mo
• Expected delta: +$738/yr (+$61/mo · 43.1%)

ⓘ 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 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: $44,580
• − Mortgage interest: −$21,006
• − Property taxes: −$1,712
• − Insurance: −$1,875
• − Repairs & maintenance: −$3,566
• − Management: −$3,566
• − Depreciation: −$10,909
• Taxable income: $1,946
• Est. tax owed @ 24.0%: −$467
• After-tax cash flow: $7,566/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

• City population: 57,762
• Population (ZIP): 17,115

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 (79%)
• Race & ethnicity: White 79% Black 8% Hispanic / Latino 6% Two or more races 6%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 2% Iranian 1% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% 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: ▼ -90.13%
• Current HPI: 270.0253
• Rent YoY: —
• Metro: —
• 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

+97.5% since first listed

3 events — show timeline

• 2026-05-24 Listed $375,000 MIBOR as Distributed by MLS Grid
• 2019-08-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2019-02-11 Listed $189,900 MIBOR as Distributed by MLS Grid

Property tax history

-2.1%/yr

Latest (2024): $1,712 · -4.4% YoY. Source: county tax records.