2922 Pearl St · Anderson, IN 46016

$36,900

3 bd · 1.0 ba · 1,376 sqft · SingleFamily public records · 50 Days on market

Built 1950 9,496 sqft lot $27/sqft · 34% below area

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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 MLS

Attention Investors!! Lots of square footage for the money. Needs repairs and cosmetics. 4 bedrooms, eat-in kitchen, enclosed rear porch and partially finished bonus/sunroom on upper level. Beware of steps when going in to basement. Subject is Corporate owned and being sold 'AS IS'. Proof of funds or Pre Approval letter must accompany all offers. No FHA or VA offers. Agents please note special showings phone number!!!

Key facts

• Brick exterior
• Historic home
• 9,496 sq ft lot

Tags

• HISTORIC HOME
• BRICK EXTERIOR

Property features AI

Finance

• Other: Lot size approximately 0.22 acre (< 1/4 acre); Total building area about 2,924; living area about 2,752

Exterior

• Utilities: Public water; Municipal sewer connected; No solid waste service listed
• Home design: Single-family residence; Two levels; Property listed as fixer
• Construction: Brick and vinyl siding exterior; Brick/mortar foundation
• Exterior features: Storage shed

Interior

• Kitchen: No appliances included
• Bedrooms: Three bedrooms total — one on the main level and two on the upper level
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Attic access; Cellar; Interior entry to basement
• Laundry & utility: Utility room in the basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $37k.

Deal economics

• At list price, monthly cash flow is $629 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $37k).
• Recommended offer: $36k (3.0% below list) — sets the bar for market timing.
• Cap rate 26.8% 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; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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 37% 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 $255 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 $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($36k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 22y ago; this cycle's ask has dropped $3k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $21k; list at $37k implies a 76% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $35,793 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 3.03% ✓
• Cap rate: 26.76%
• Cash-on-cash: 73.09%
• DSCR: 4.25
• GRM: 2.7

CMA / ARV

• ARV (median comp): $118,951
• List price: $36,900
• Delta: -68.98%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2915 Central Ave	0.16mi	2/1.0 (-1)	1,309 (-5%)	2mo	$59,000	$45	78
2803 E Lynn St	0.44mi	3/1.0	1,358 (-1%)	2mo	$160,000	$118	76
329 E 31st St	0.10mi	2/2.0 (-1)	1,334 (-3%)	7mo	$130,000	$97	75
2122 Fletcher St	0.58mi	3/2.0	1,362 (-1%)	6mo	$152,400	$112	62
2120 George St	0.63mi	2/1.0 (-1)	1,431 (+4%)	3mo	$70,000	$49	56
1020 E 30th St	0.43mi	2/1.0 (-1)	1,487 (+8%)	7mo	$60,500	$41	56
2425 Fletcher St	0.37mi	2/1.0 (-1)	1,521 (+10%)	7mo	$89,900	$59	54
3716 Columbus Ave	0.75mi	2/1.0 (-1)	1,415 (+3%)	2mo	$23,750	$17	54
2710 Fairview St	0.70mi	4/1.0 (+1)	1,344 (-2%)	7mo	$142,000	$106	53
2119 Central Ave	0.59mi	4/2.5 (+1)	1,508 (+10%)	1mo	$152,900	$101	44
2626 Morton St	0.65mi	2/1.0 (-1)	1,532 (+11%)	3mo	$71,000	$46	43
2016 Jefferson St	0.69mi	2/1.0 (-1)	1,554 (+13%)	7mo	$67,000	$43	36

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: 78.3%
• Equity multiple: 4.86×
• Total profit: $39,889
• Equity at exit: $5,502

10-year hold

• IRR: 83.2%
• Equity multiple: 11.90×
• Total profit: $112,604
• Equity at exit: $3,190

Cash invested: $10,332 (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: 2.7×

Monthly cashflow live

• Estimated rent: $1,120 high
• Mortgage (P&I): −$194
• Tax from tax record: −$46 /mo · $556/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$235
• Net cashflow: $629

Break-even live

Break-even rent $323

Max offer price $36,900

Occupancy floor 39%

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: $9,225
• Closing costs: $1,107
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
228 E 29th St Anderson, IN	3.0	2.0	1440	$1,295	$0.90	4d	1	0.10mi
3006 Noble St Anderson, IN	2.0	1.0	1064	$995	$0.94	7d	1	0.16mi
2625 Main St Anderson, IN	2.0	1.0	988	$895	$0.91	23d	1	0.27mi
3021 Delaware St Anderson, IN	2.0	1.0	1154	$1,150	$1.00	7d	1	0.42mi
3009 E Lynn St Unit 1 Anderson, IN	3.0	1.0	1000	$875	$0.88	20d	1	0.43mi
2627 Chase St Anderson, IN	3.0	1.0	1050	$850	$0.81	18d	1	0.55mi
2111 Central Ave Anderson, IN	3.0	1.0	1026	$1,250	$1.22	44d	1	0.58mi
1318 E 28th St Anderson, IN	3.0	1.0	1280	$1,300	$1.02	12d	1	0.62mi
2023 McKinley St Anderson, IN	2.0	1.0	1500	$950	$0.63	44d	1	0.68mi
1726-1728 Walnut St Anderson, IN	2.0	2.0	900	$995	$1.11	2d	1	0.80mi
2233 Fairview St Anderson, IN	3.0	1.5	1452	$1,195	$0.82	23d	1	0.85mi
229 W 19th St Anderson, IN	3.0	1.0	1200	$1,000	$0.83	44d	1	0.87mi
2301 Sheridan St Anderson, IN	2.0	1.0	900	$950	$1.06	44d	1	0.90mi
618 W 22nd St Anderson, IN	3.0	1.0	900	$1,250	$1.39	44d	1	0.91mi
4015 Haverhill Dr Anderson, IN	3.0	2.0	884	$1,100	$1.24	44d	1	1.03mi
4021 Brown St Anderson, IN	2.0	1.0	1320	$975	$0.74	7d	1	1.06mi
219 E 13th St Anderson, IN	3.0	1.0	882	$1,000	$1.13	4d	1	1.11mi
812 Mellen Dr Unit 814 Anderson, IN	2.0	1.0	924	$950	$1.03	2d	1	1.15mi
4426 Mellen Ct Anderson, IN	2.0	1.0	899	$900	$1.00	2d	1	1.16mi
1502 Cedar St Anderson, IN	2.0	1.0	1104	$850	$0.77	44d	1	1.39mi
120 W 10th St Anderson, IN	1.0–3.0	1.0	1066	$1,150	$1.08	2d	1	1.40mi
1626 Lora St Anderson, IN	3.0	2.0	1352	$1,295	$0.96	44d	1	1.47mi
1023 E 8th St Unit 3 Anderson, IN	2.0	1.5	1200	$1,175	$0.98	7d	1	1.49mi

Listing history 16 events

1. 2026-06-18
   days on market $36,900 Active 50 DOM
2. 2026-06-17
   days on market $36,900 Active 49 DOM
3. 2026-06-16
   days on market $36,900 Active 48 DOM
4. 2026-06-15
   days on market $36,900 Active 47 DOM
5. 2026-06-13
   days on market $36,900 Active 45 DOM
6. 2026-06-09
   days on market $36,900 Active 41 DOM
7. 2026-06-08
   days on market $36,900 Active 40 DOM
8. 2026-06-07
   days on market $36,900 Active 39 DOM
9. 2026-06-05
   days on market $36,900 Active 36 DOM
10. 2026-06-03
    days on market $36,900 Active 35 DOM
11. 2026-06-02
    days on market $36,900 Active 34 DOM
12. 2026-06-01
    days on market $36,900 Active 33 DOM
13. 2026-05-31
    days on market $36,900 Active 32 DOM
14. 2026-04-28
    listed $39,900 Active 287-char remark
15. 2004-10-05
    soldstatus $20,990 423-char remark

    Show marketing remark (423 chars)

    Attention Investors!! Lots of square footage for the money. Needs repairs and cosmetics. 4 bedrooms, eat-in kitchen, enclosed rear porch and partially finished bonus/sunroom on upper level. Beware of steps when going in to basement. Subject is Corporate owned and being sold 'AS IS'. Proof of funds or Pre Approval letter must accompany all offers. No FHA or VA offers. Agents please note special showings phone number!!!

16. 2004-08-27
    listed $22,590 423-char remark

    Show marketing remark (423 chars)

    Attention Investors!! Lots of square footage for the money. Needs repairs and cosmetics. 4 bedrooms, eat-in kitchen, enclosed rear porch and partially finished bonus/sunroom on upper level. Beware of steps when going in to basement. Subject is Corporate owned and being sold 'AS IS'. Proof of funds or Pre Approval letter must accompany all offers. No FHA or VA offers. Agents please note special showings phone number!!!

ⓘ 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: $556 · $46/mo
• Projected year-2 tax: $556 · $46/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: $13,436
• − Mortgage interest: −$2,067
• − Property taxes: −$556
• − Insurance: −$184
• − Repairs & maintenance: −$1,075
• − Management: −$1,075
• − Depreciation: −$1,073
• Taxable income: $7,406
• Est. tax owed @ 24.0%: −$1,777
• After-tax cash flow: $5,775/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

+63.3% since first listed

4 events — show timeline

• 2026-05-29 Price Changed $36,900 MIBOR as Distributed by MLS Grid
• 2026-04-28 Listed $39,900 MIBOR as Distributed by MLS Grid
• 2004-10-05 Sold (MLS) $20,990 MIBOR as Distributed by MLS Grid
• 2004-08-27 Listed $22,590 MIBOR as Distributed by MLS Grid

Property tax history

-1.8%/yr

Latest (2024): $556 · +6.6% YoY. Source: county tax records.