2317 Fletcher St · Anderson, IN 46016

$79,999

5 bd · 1.0 ba · 1,939 sqft · SingleFamily public records · 68 Days on market

Built 1889 5,891 sqft lot $41/sqft · 40% below area Est $133k · 40% 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 +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

Step back in time and imagine the possibilities. Built in 1889, this 1,900+ sq ft Anderson home is rich with history and overflowing with potential. From its spacious layout to its original character waiting to be revived, this fixer-upper is the perfect canvas for investors or buyers looking to create something special. Whether you're restoring its historic charm or modernizing it for today's lifestyle, the upside here is undeniable. A rare chance to bring new life to a home that's stood strong for over a century.

Key facts

• 5,891 sq ft lot
• Built 1889
• Listed 67 days

What this means for you Summary

Snapshot

• This is a 5-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $658 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $75k (6.0% below list) — sets the bar for market timing.
• Cap rate 16.2% 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: 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; 2 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).
• At $1,443/mo this rent would consume 48% of the median local household income ($36k/yr) (locally 1193% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $553 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 $22k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 24y 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 $20k; list at $80k implies a 302% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1889 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $75,199 (6.0% below list)

Questions for the listing agent

1. It's been on market 68 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 1889 — 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: 1.80% ✓
• Cap rate: 16.16%
• Cash-on-cash: 35.25%
• DSCR: 2.57
• GRM: 4.6

CMA / ARV

• ARV (median comp): $132,972
• List price: $79,999
• Delta: -39.84%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1817 Jefferson St	0.43mi	4/2.0 (-1)	1,937 (-0%)	1mo	$125,000	$65	70
2627 Chase St	0.50mi	4/2.0 (-1)	1,844 (-5%)	10mo	$90,677	$49	51
2025 George St	0.38mi	4/1.0 (-1)	1,658 (-14%)	3mo	$144,900	$87	51
1705 Fairview St	0.75mi	4/2.5 (-1)	1,782 (-8%)	3mo	$185,000	$104	38
1620 Main St	0.47mi	4/2.0 (-1)	2,220 (+14%)	20mo	$139,900	$63	28
1524 Noble St	0.56mi	4/2.0 (-1)	1,702 (-12%)	22mo	$55,000	$32	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: 35.9%
• Equity multiple: 2.62×
• Total profit: $36,359
• Equity at exit: $11,928

10-year hold

• IRR: 45.0%
• Equity multiple: 6.33×
• Total profit: $119,292
• Equity at exit: $6,917

Cash invested: $22,400 (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: 4.6×

Monthly cashflow live

• Estimated rent: $1,443 medium
• Mortgage (P&I): −$420
• Tax from tax record: −$29 /mo · $352/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$303
• Net cashflow: $658

Break-even live

Break-even rent $610

Max offer price $79,999

Occupancy floor 49%

Sensitivity live

Price	-10% $703	-5% $681	+0% $658	+5% $635	+10% $613
Rent	-10% $544	-5% $601	+0% $658	+5% $715	+10% $772
Rate	-1.0pp $698	-0.5pp $678	base $658	+0.5pp $637	+1.0pp $616

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1222 Nichol Ave Unit 1 Anderson, IN	5.0	1.0	1350	$1,195	$0.89	17d	1	1.27mi
621 S Madison Ave Anderson, IN	6.0	2.0	1961	$1,375	$0.70	17d	1	1.41mi

Listing history 26 events

1. 2026-06-21
   days on market $79,999 Active 68 DOM
2. 2026-06-18
   days on market $79,999 Active 65 DOM
3. 2026-06-17
   days on market $79,999 Active 64 DOM
4. 2026-06-16
   days on market $79,999 Active 63 DOM
5. 2026-06-15
   days on market $79,999 Active 62 DOM
6. 2026-06-13
   days on market $79,999 Active 60 DOM
7. 2026-06-09
   days on market $79,999 Active 56 DOM
8. 2026-06-08
   days on market $79,999 Active 55 DOM
9. 2026-06-07
   days on market $79,999 Active 54 DOM
10. 2026-06-05
    days on market $79,999 Active 51 DOM
11. 2026-06-03
    days on market $79,999 Active 50 DOM
12. 2026-06-02
    days on market $79,999 Active 49 DOM
13. 2026-06-01
    days on market $79,999 Active 48 DOM
14. 2026-05-31
    days on market $79,999 Active 47 DOM
15. 2026-04-13
    historical
16. 2026-04-10
    listed $79,999 Active 520-char remark

    Show marketing remark (520 chars)

    Step back in time and imagine the possibilities. Built in 1889, this 1,900+ sq ft Anderson home is rich with history and overflowing with potential. From its spacious layout to its original character waiting to be revived, this fixer-upper is the perfect canvas for investors or buyers looking to create something special. Whether you're restoring its historic charm or modernizing it for today's lifestyle, the upside here is undeniable. A rare chance to bring new life to a home that's stood strong for over a century.

17. 2026-02-12
    price $80,000
18. 2026-01-30
    listed $85,000 Active
19. 2024-09-04
    historical
20. 2024-03-01
    listed $85,000 Active
21. 2008-04-25
    historical
22. 2007-04-13
    listed $34,900
23. 2006-12-17
    historical
24. 2006-07-06
    listed $45,900
25. 2002-07-18
    soldstatus $19,900
26. 2002-05-14
    listed $19,900

ⓘ 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: $352 · $29/mo
• Projected year-2 tax: $516 · $43/mo
• Expected delta: +$164/yr (+$14/mo · 46.7%)

ⓘ 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: $17,319
• − Mortgage interest: −$4,481
• − Property taxes: −$352
• − Insurance: −$400
• − Repairs & maintenance: −$1,386
• − Management: −$1,386
• − Depreciation: −$2,327
• Taxable income: $6,988
• Est. tax owed @ 24.0%: −$1,677
• After-tax cash flow: $6,219/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

+302.0% since first listed

12 events — show timeline

• 2026-04-13 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-04-10 Listed $79,999 MIBOR as Distributed by MLS Grid
• 2026-02-12 Price Changed $80,000 MIBOR as Distributed by MLS Grid
• 2026-01-30 Listed $85,000 MIBOR as Distributed by MLS Grid
• 2024-09-04 Listing Removed — MIBOR as Distributed by MLS Grid
• 2024-03-01 Listed $85,000 MIBOR as Distributed by MLS Grid
• 2008-04-25 Listing Removed — MIBOR as Distributed by MLS Grid
• 2007-04-13 Listed $34,900 MIBOR as Distributed by MLS Grid
• 2006-12-17 Listing Removed — MIBOR as Distributed by MLS Grid
• 2006-07-06 Listed $45,900 MIBOR as Distributed by MLS Grid
• 2002-07-18 Sold (MLS) $19,900 MIBOR as Distributed by MLS Grid
• 2002-05-14 Listed $19,900 MIBOR as Distributed by MLS Grid

Property tax history

-8.8%/yr

Latest (2024): $352 · +8.7% YoY. Source: county tax records.