513 S 300 E

Anderson, IN 46017

$184,900D+

3 bd · 2.0 ba · 1,584 sqft · Built 1995 · Manufactured · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,521/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$127
• HOA: −$0
• Vac / Maint / Mgmt: −$319
• Net cashflow: $105/mo
• Annual: $1,261/yr
• Cap rate: 6.98%
• Cash-on-cash: 2.44%
• DSCR: 1.11
• 1% rule: 0.82%
• Cash to close: $51,772

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $185k.
• At list price, monthly cash flow is $105 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $152k (17.7% below list).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $152k (17.7% below list) — sets the bar for 1% rule.
• In year one you build about $10k of equity ($1k loan paydown + $9k appreciation (4.6% local appreciation)).
• Location reads 60/100 on livability (#521 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D-, amenities F, commute 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.
• Zoned schools: Valley Grove Elementary School (math 22% / reading 12%, grade F, #837 of 994 statewide, top 86%, 372 students, 86% FRL); Anderson High School (math 21% / reading 51%, grade F, #261 of 369 statewide, top 71%, 1,790 students, 76% FRL).
• Market conditions: 29 active listings in the ZIP; 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).
• Madison County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.6% appreciation + 3.0% rent growth), your $52k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.
• 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.
• 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.