1720 W 24th St · Anderson, IN 46016

$65,000

2 bd · 1.0 ba · 1,086 sqft · SingleFamily public records · 77 Days on market

Built 1948 5,922 sqft lot $60/sqft · 50% above area Est $65k · at est.

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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 +7.6/15.0
• 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 MLS

Welcome to 1720 W 24th St, a turnkey, tenant-occupied investment opportunity located just southwest of downtown Anderson. This durable concrete block ranch sits on a manageable corner lot fully enclosed by a chain-link fence and offers strong rental fundamentals from day one. The current lease runs from 5/1/26 through 4/30/27 at $900/month, which hits nearly a 1.4 rent-to-price ratio and provides immediate cash flow for the next owner. The tenant is responsible for all lawn maintenance and utilities, and the property is professionally managed by Midwest Property Management, making this a truly hands-off addition to your portfolio. The home features 1,086 sq ft with 2 bedrooms, 1 full bath, a split-bedroom layout, arched doorways, galley-style kitchen with ample cabinet space, side-by-side laundry hookups, central heat/air, a 588 sq ft unfinished basement with daylight windows, and a 1-car attached garage. The unique blue metal roof adds curb appeal and long-term durability, while the front deck and ramp provide easy accessibility. Located around the corner from Anderson Speedway and Jackson Park, and under 10 minutes from St. Vincent Hospital, Meadowbrook Golf Course, the casino, and horse track, this property is well positioned for continued rental demand. Property is sold as-is, price is firm, and no creative/seller financing or wholesalers will be considered.

Key facts

• Split-bedroom layout
• Front deck
• Arched doorways

Tags

• CONCRETE BLOCK RANCH
• CORNER LOT
• BLUE METAL ROOF
• FRONT DECK
• ARCHED DOORWAYS
• SPLIT-BEDROOM LAYOUT

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 $380 ($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: $61k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.3% 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); 188 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).
• This rent runs 34% 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 $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 + 7.9% rent growth), your $18k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($61k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 20y 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.
• Current owner paid $12k; list at $65k implies a 442% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $61,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1948 — 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: 1.56% ✓
• Cap rate: 13.30%
• Cash-on-cash: 25.02%
• DSCR: 2.11
• GRM: 5.3

CMA / ARV

• ARV (median comp): $65,116
• List price: $65,000
• Delta: -0.18%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2113 Nelle St	0.21mi	3/1.0 (+1)	1,025 (-6%)	21mo	$100,000	$98	58
2210 Louise St	0.17mi	3/1.0 (+1)	975 (-10%)	15mo	$128,000	$131	58
1404 Walton St	0.72mi	3/1.0 (+1)	1,090 (+0%)	8mo	$70,000	$64	54
2415 W 29th St	0.56mi	3/1.0 (+1)	1,153 (+6%)	9mo	$140,000	$121	51
2104 W 16th St	0.61mi	3/2.0 (+1)	1,038 (-4%)	6mo	$125,000	$120	50
2414 W 16th St	0.70mi	2/1.0	1,015 (-6%)	8mo	$110,000	$108	50
2226 Hendricks St	0.63mi	2/1.0	990 (-9%)	15mo	$70,000	$71	43
1504 Halford St	0.63mi	2/1.0	1,025 (-6%)	22mo	$62,500	$61	42
2625 Raible Ave	0.52mi	3/2.0 (+1)	1,188 (+9%)	15mo	$169,900	$143	39
1430 Walton St	0.69mi	3/1.0 (+1)	988 (-9%)	13mo	$127,500	$129	37
2517 Horton Dr	0.63mi	3/1.0 (+1)	936 (-14%)	12mo	$128,000	$137	33

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: 23.7%
• Equity multiple: 2.04×
• Total profit: $18,854
• Equity at exit: $9,692

10-year hold

• IRR: 34.5%
• Equity multiple: 4.91×
• Total profit: $71,215
• Equity at exit: $5,620

Cash invested: $18,200 (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 46016

• Home prices YoY: -3.5%
• Rents YoY: 7.9%
• Active inventory: 188
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,013 high
• Mortgage (P&I): −$341
• Tax from tax record: −$52 /mo · $629/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$213
• Net cashflow: $380

Break-even live

Break-even rent $532

Max offer price $65,000

Occupancy floor 58%

Sensitivity live

Price	-10% $416	-5% $398	+0% $380	+5% $361	+10% $343
Rent	-10% $300	-5% $340	+0% $380	+5% $420	+10% $460
Rate	-1.0pp $412	-0.5pp $396	base $380	+0.5pp $363	+1.0pp $346

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2613 Louise St Anderson, IN	2.0	1.0	1096	$950	$0.87	22d	1	0.22mi
2004 Arrow Ave Anderson, IN	2.0	1.0	816	$1,125	$1.38	24d	1	0.28mi
2719 Dewey St Anderson, IN	2.0	1.0	877	$1,150	$1.31	44d	1	0.35mi
2203 W 28th St Anderson, IN	3.0	1.0	1068	$1,000	$0.94	44d	1	0.42mi
1720 Nelle St Anderson, IN	2.0	1.0	768	$1,100	$1.43	24d	1	0.44mi
1640 W 17th St Anderson, IN	2.0	1.0	810	$895	$1.10	21d	1	0.50mi
1616 W 16th St Anderson, IN	2.0	1.0	1038	$1,050	$1.01	44d	1	0.56mi
2411 Hendricks St Anderson, IN	3.0	1.0	860	$1,000	$1.16	24d	1	0.58mi
1532 Walton St Anderson, IN	3.0	1.0	1342	$1,100	$0.82	44d	1	0.62mi
2301 Sheridan St Anderson, IN	2.0	1.0	900	$950	$1.06	44d	1	0.71mi
2705 Horton Dr Anderson, IN	3.0	1.0	936	$1,050	$1.12	21d	1	0.71mi
1404 Walton St Anderson, IN	3.0	1.0	1090	$995	$0.91	44d	1	0.72mi
618 W 22nd St Anderson, IN	3.0	1.0	900	$1,250	$1.39	44d	1	0.76mi
2233 Fairview St Anderson, IN	3.0	1.5	1452	$1,195	$0.82	24d	1	0.78mi
1502 Cedar St Anderson, IN	2.0	1.0	1104	$850	$0.77	44d	1	0.78mi
1310 W 13th St Anderson, IN	2.0	1.0	1178	$895	$0.76	3d	1	0.83mi
2820 Fairview St Unit A Anderson, IN	2.0	1.0	850	$895	$1.05	44d	1	0.84mi
1136 Irving Way Anderson, IN	2.0	1.0	900	$895	$0.99	22d	1	0.85mi
1123 Louise St Anderson, IN	2.0	1.0	850	$850	$1.00	44d	1	0.85mi
2442 Morton St Anderson, IN	2.0	1.0	862	$1,125	$1.31	24d	1	0.86mi
1222 Nichol Ave Unit 4 Anderson, IN	3.0	1.0	1000	$1,135	$1.14	8d	1	0.91mi
2627 Chase St Anderson, IN	3.0	1.0	1050	$850	$0.81	18d	1	0.97mi
2904 Lincoln St Anderson, IN	2.0	1.0	864	$900	$1.04	44d	1	0.98mi
2324 Chase St Anderson, IN	2.0	1.0	783	$950	$1.21	44d	1	0.98mi
229 W 19th St Anderson, IN	3.0	1.0	1200	$1,000	$0.83	44d	1	1.05mi
3021 Delaware St Anderson, IN	2.0	1.0	1154	$1,150	$1.00	8d	1	1.15mi
1708 Euclid Dr Anderson, IN	2.0	1.0	732	$1,225	$1.67	44d	1	1.16mi
1631 W 7th St Anderson, IN	3.0	1.0	900	$1,000	$1.11	44d	1	1.16mi
1708 W 7th St Anderson, IN	1.0	1.0	700	$1,000	$1.43	44d	1	1.19mi
1708 W 7th St Anderson, IN	1.0	1.0	700	$875	$1.25	18d	1	1.19mi
1708 W 7th St Anderson, IN	1.0	1.0	700	$875	$1.25	20d	1	1.19mi
1312 W 8th St Unit 1332 F Anderson, IN	2.0	1.0	850	$979	$1.15	44d	1	1.22mi
1312 W 8th St Unit 1308H Anderson, IN	1.0	1.0	750	$999	$1.33	15d	1	1.22mi
2625 Main St Anderson, IN	2.0	1.0	988	$895	$0.91	24d	1	1.29mi
2916 W 12th St Anderson, IN	3.0	1.0	1271	$1,295	$1.02	44d	1	1.31mi
2111 Central Ave Anderson, IN	3.0	1.0	1026	$1,250	$1.22	44d	1	1.34mi
820 W 7th St Apt A Anderson, IN	2.0	2.0	1400	$1,200	$0.86	24d	1	1.35mi
1212 W 5th St Anderson, IN	3.0	1.0	1252	$1,295	$1.03	13d	1	1.37mi
3815 Camelot Blvd Anderson, IN	3.0	2.0	1456	$1,179	$0.81	2d	2	1.38mi
228 E 29th St Anderson, IN	3.0	2.0	1440	$1,295	$0.90	5d	1	1.42mi

Listing history 19 events

1. 2026-06-21
   days on market $65,000 Active 77 DOM
2. 2026-06-18
   days on market $65,000 Active 74 DOM
3. 2026-06-17
   days on market $65,000 Active 73 DOM
4. 2026-06-16
   days on market $65,000 Active 72 DOM
5. 2026-06-15
   days on market $65,000 Active 71 DOM
6. 2026-06-13
   days on market $65,000 Active 69 DOM
7. 2026-06-09
   days on market $65,000 Active 65 DOM
8. 2026-06-08
   days on market $65,000 Active 64 DOM
9. 2026-06-07
   days on market $65,000 Active 63 DOM
10. 2026-06-05
    days on market $65,000 Active 60 DOM
11. 2026-06-03
    days on market $65,000 Active 59 DOM
12. 2026-06-02
    days on market $65,000 Active 58 DOM
13. 2026-06-01
    days on market $65,000 Active 57 DOM
14. 2026-05-31
    days on market $65,000 Active 56 DOM
15. 2026-04-25
    historical $900
16. 2026-04-05
    listed $65,000 Active 1384-char remark

    Show marketing remark (1384 chars)

    Welcome to 1720 W 24th St, a turnkey, tenant-occupied investment opportunity located just southwest of downtown Anderson. This durable concrete block ranch sits on a manageable corner lot fully enclosed by a chain-link fence and offers strong rental fundamentals from day one. The current lease runs from 5/1/26 through 4/30/27 at $900/month, which hits nearly a 1.4 rent-to-price ratio and provides immediate cash flow for the next owner. The tenant is responsible for all lawn maintenance and utilities, and the property is professionally managed by Midwest Property Management, making this a truly hands-off addition to your portfolio. The home features 1,086 sq ft with 2 bedrooms, 1 full bath, a split-bedroom layout, arched doorways, galley-style kitchen with ample cabinet space, side-by-side laundry hookups, central heat/air, a 588 sq ft unfinished basement with daylight windows, and a 1-car attached garage. The unique blue metal roof adds curb appeal and long-term durability, while the front deck and ramp provide easy accessibility. Located around the corner from Anderson Speedway and Jackson Park, and under 10 minutes from St. Vincent Hospital, Meadowbrook Golf Course, the casino, and horse track, this property is well positioned for continued rental demand. Property is sold as-is, price is firm, and no creative/seller financing or wholesalers will be considered.

17. 2026-04-01
    listed $900
18. 2006-03-24
    soldstatus $12,000 148-char remark

    Show marketing remark (148 chars)

    GREAT INVESTMENT POTENTIAL * 3 BEDROOM, 1 BATH BRICK RANCH FAMILY HOME * FULL BASEMENT * 1-CAR ATTACHED GARAGE * LOWER TAXES * IMMEDIATE POSSESSION.

19. 2006-01-06
    listed $19,900 148-char remark

    Show marketing remark (148 chars)

    GREAT INVESTMENT POTENTIAL * 3 BEDROOM, 1 BATH BRICK RANCH FAMILY HOME * FULL BASEMENT * 1-CAR ATTACHED GARAGE * LOWER TAXES * IMMEDIATE POSSESSION.

ⓘ 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: $629 · $52/mo
• Projected year-2 tax: $629 · $52/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 0% 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: $12,150
• − Mortgage interest: −$3,641
• − Property taxes: −$629
• − Insurance: −$325
• − Repairs & maintenance: −$972
• − Management: −$972
• − Depreciation: −$1,891
• Taxable income: $3,720
• Est. tax owed @ 24.0%: −$893
• After-tax cash flow: $3,661/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

+226.6% since first listed

5 events — show timeline

• 2026-04-25 Rental Removed $900 BUILDIUM
• 2026-04-05 Listed $65,000 MIBOR as Distributed by MLS Grid
• 2026-04-01 Listed for Rent $900 BUILDIUM
• 2006-03-24 Sold (MLS) $12,000 MIBOR as Distributed by MLS Grid
• 2006-01-06 Listed $19,900 MIBOR as Distributed by MLS Grid

Property tax history

+6.1%/yr

Latest (2024): $629 · +9.4% YoY. Source: county tax records.