721 W 3rd St · Anderson, IN 46016

$49,000

3 bd · 1.0 ba · 1,334 sqft · SingleFamily public records · 1 Days on market

Built 1918

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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
• Rent growth +4.5/5.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks

Investor Opportunity & ndash; Anderson, IN (Near W 3rd St & amp; John St) Price: $49,000 OBO Off-market property available in Anderson, IN, located near W 3rd St & amp; John St. This is a cosmetic rehab opportunity & mdash; not a full gut. Property offers flexibility for the next owner to make improvements based on their investment strategy. ?? Property Highlights: Cosmetic updates needed Vacant and ready for renovation Opportunity to add value with light improvements Suitable for rental or resale Affordable entry point for investors Located approximately 45 minutes from Indianapolis, making it a solid option for both local and out-of-area investors. This is a great chance

Key facts

• Built 1918

Tags

• COSMETIC REHAB OPPORTUNITY
• OPPORTUNITY TO ADD VALUE
• SUITABLE FOR RENTAL OR RESALE
• AFFORDABLE ENTRY POINT

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $49k.

Deal economics

• At list price, monthly cash flow is $515 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $49k).
• Cap rate 18.9% 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: Rents rising fast (+7.9%/yr); 185 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); lower-income renter base — watch delinquency; 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).
• This rent runs 38% of the median local income ($36k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $339 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 + 7.9% rent growth), your $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $49,000

Questions for the listing agent

1. Built in 1918 — 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: 2.30% ✓
• Cap rate: 18.90%
• Cash-on-cash: 45.02%
• DSCR: 3.00
• GRM: 3.6

CMA / ARV

• ARV (on-the-fly): $98,716
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1107 W 3rd St	0.29mi	3/2.0	1,456 (+9%)	2mo	$155,000	$106	66
504 W 5th St	0.14mi	3/1.0	1,234 (-8%)	21mo	$104,000	$84	64
1425 W 3rd St	0.52mi	2/1.0 (-1)	1,375 (+3%)	5mo	$114,000	$83	62
410 W 10th St	0.46mi	2/2.0 (-1)	1,350 (+1%)	14mo	$100,000	$74	56
348 W 7th St	0.30mi	2/2.0 (-1)	1,378 (+3%)	23mo	$120,000	$87	53
711 Madison Ave	0.36mi	3/2.0	1,506 (+13%)	7mo	$135,000	$90	52
827 W 9th St	0.40mi	2/2.0 (-1)	1,221 (-8%)	8mo	$50,000	$41	52
1227 W 9th St	0.56mi	3/1.0	1,158 (-13%)	1mo	$84,000	$73	51
1507 W 5th St	0.57mi	2/1.0 (-1)	1,344 (+1%)	20mo	$60,000	$45	51
1431 W 5th St	0.55mi	2/1.0 (-1)	1,326 (-1%)	23mo	$57,900	$44	50
1209 Nichol Ave	0.71mi	2/1.0 (-1)	1,428 (+7%)	2mo	$23,750	$17	48
811 W 12th St	0.63mi	3/2.0	1,155 (-13%)	21mo	$60,000	$52	27

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 · 7.88% rent growth · sell at horizon

5-year hold

• IRR: 47.8%
• Equity multiple: 3.24×
• Total profit: $30,694
• Equity at exit: $7,306

10-year hold

• IRR: 55.6%
• Equity multiple: 7.96×
• Total profit: $95,488
• Equity at exit: $4,237

Cash invested: $13,720 (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: 185
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $1,128 high
• Mortgage (P&I): −$257
• Tax from tax record: −$99 /mo · $1,189/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$237
• Net cashflow: $515

Break-even live

Break-even rent $477

Max offer price $49,000

Occupancy floor 49%

Sensitivity live

Price	-10% $542	-5% $529	+0% $515	+5% $501	+10% $487
Rent	-10% $426	-5% $470	+0% $515	+5% $559	+10% $604
Rate	-1.0pp $539	-0.5pp $527	base $515	+0.5pp $502	+1.0pp $489

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: $12,250
• Closing costs: $1,470
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
506 W 2nd St Anderson, IN	3.0	1.0	964	$1,095	$1.14	24d	1	0.13mi
510 W 5th St Anderson, IN	3.0	1.5	1617	$995	$0.62	44d	1	0.16mi
1010 W 2nd St Unit 3 Anderson, IN	3.0	1.0	1025	$1,125	$1.10	15d	1	0.24mi
1010 W 2nd St Unit 2 Anderson, IN	2.0	1.0	875	$1,025	$1.17	22d	1	0.24mi
820 W 7th St Apt A Anderson, IN	2.0	2.0	1400	$1,200	$0.86	24d	1	0.28mi
1212 W 5th St Anderson, IN	3.0	1.0	1252	$1,295	$1.03	13d	1	0.38mi
921 W 9th St Anderson, IN	3.0	2.0	1611	$1,375	$0.85	24d	1	0.45mi
120 W 10th St Anderson, IN	1.0–3.0	1.0	1066	$1,150	$1.08	2d	1	0.57mi
1529 W 2nd St Anderson, IN	3.0	1.0	884	$1,200	$1.36	24d	1	0.58mi
1222 Nichol Ave Unit 4 Anderson, IN	3.0	1.0	1000	$1,135	$1.14	8d	1	0.72mi
1631 W 7th St Anderson, IN	3.0	1.0	900	$1,000	$1.11	44d	1	0.72mi
1310 W 13th St Anderson, IN	2.0	1.0	1178	$895	$0.76	2d	1	0.80mi
1502 Cedar St Anderson, IN	2.0	1.0	1104	$850	$0.77	44d	1	0.88mi
219 E 13th St Anderson, IN	3.0	1.0	882	$1,000	$1.13	4d	1	0.93mi
706 University Blvd Anderson, IN	2.0	1.0	1250	$1,050	$0.84	2d	1	0.97mi
1136 Irving Way Anderson, IN	2.0	1.0	900	$895	$0.99	22d	1	1.06mi
1616 W 16th St Anderson, IN	2.0	1.0	1038	$1,050	$1.01	44d	1	1.09mi
229 W 19th St Anderson, IN	3.0	1.0	1200	$1,000	$0.83	44d	1	1.11mi
1321 Lafayette Ct Anderson, IN	3.0	1.5	962	$1,350	$1.40	11d	1	1.15mi
521 W Vinyard St Anderson, IN	3.0	2.0	1712	$1,495	$0.87	17d	1	1.15mi
1023 E 8th St Unit 3 Anderson, IN	2.0	1.5	1200	$1,175	$0.98	8d	1	1.21mi
618 W 22nd St Anderson, IN	3.0	1.0	900	$1,250	$1.39	44d	1	1.27mi
1404 Walton St Anderson, IN	3.0	1.0	1090	$995	$0.91	44d	1	1.28mi
1726-1728 Walnut St Anderson, IN	2.0	2.0	900	$995	$1.11	2d	1	1.29mi
2233 Fairview St Anderson, IN	3.0	1.5	1452	$1,195	$0.82	24d	1	1.34mi
1532 Walton St Anderson, IN	3.0	1.0	1342	$1,100	$0.82	44d	1	1.34mi
2301 Sheridan St Anderson, IN	2.0	1.0	900	$950	$1.06	44d	1	1.36mi
2111 Central Ave Anderson, IN	3.0	1.0	1026	$1,250	$1.22	44d	1	1.37mi

Listing history 2 events

1. 2026-06-17
   remarks 683-char remark
2. 2026-06-17
   listed $49,000 Active 1 DOM

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

Tax reassessment forecast IN · Partial reset (capped growth)

• Current annual tax: $1,189 · $99/mo
• Projected year-2 tax: $1,189 · $99/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
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,537
• − Mortgage interest: −$2,745
• − Property taxes: −$1,189
• − Insurance: −$245
• − Repairs & maintenance: −$1,083
• − Management: −$1,083
• − Depreciation: −$1,425
• Taxable income: $5,767
• Est. tax owed @ 24.0%: −$1,384
• After-tax cash flow: $4,793/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

1 event — show timeline

• 2026-06-13 Listed $49,000 Fizber.com

Property tax history

+3.7%/yr

Latest (2024): $1,189 · +9.1% YoY. Source: county tax records.