2308 E 5th St · Anderson, IN 46012

$117,900

3 bd · 1.0 ba · 1,092 sqft · SingleFamily public records · 11 Days on market

Built 1940 8,100 sqft lot $108/sqft · 40% above area Est $144k · 18% under

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Why this score? — see what drove the C 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 +21.5/30.0
• ARV discount +15.0/15.0
• DSCR +6.9/10.0
• 1% rule +4.9/10.0
• Rent growth +3.0/5.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks

Cute cottage-style home on Anderson's east side. Recent updating throughout includes new LVP flooring, fresh paint, updated fixtures and mechanicals. Location is convenient to shopping, restaurants, and schools. Good-sized yard offers space for entertaining, as well as a raised deck on back. Lovely home to make your own. Come see today!

Key facts

• Fresh paint
• Good-sized yard
• Raised deck

Tags

• COTTAGE-STYLE HOME
• NEW LVP FLOORING
• FRESH PAINT
• UPDATED FIXTURES
• GOOD-SIZED YARD
• RAISED DECK

Property features AI

Exterior

• Parking: Attached garage with 1 garage space
• Security: Smoke detectors
• Utilities: Public water; Municipal sewer connected; No solid waste service listed
• Home design: Single-family residence; Updated/remodeled condition; One-and-one-half story
• Construction: Vinyl siding; Block foundation
• Exterior features: Lot under 1/4 acre (approximately 0.19 acre)

Interior

• Kitchen: Microwave with hood; Electric oven; Refrigerator
• Bedrooms: Three bedrooms total — two on the main level and one on the upper level
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Attic access; Unfinished basement; Basement present
• 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 $118k.

Deal economics

• At list price, monthly cash flow is $177 ($2k/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 $117k (1.1% below list).
• Recommended offer: $117k (1.1% below list) — sets the bar for 1% rule.
• Cap rate 8.1% vs local median 6.5% in Anderson — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 (+1.8%/yr); 159 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $815 of loan paydown is wiped out by about $4k 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.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 14y ago; this cycle's ask is 9332% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $8k; list at $118k implies a 1287% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $116,642 (1.1% below list)

Questions for the listing agent

1. Built in 1940 — 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: 0.99% ✗
• Cap rate: 8.10%
• Cash-on-cash: 6.45%
• DSCR: 1.29
• GRM: 8.4

CMA / ARV

• ARV (median comp): $144,342
• List price: $117,900
• Delta: -18.32%
• 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
318 Chester St	0.13mi	3/1.0	1,076 (-2%)	9mo	$147,000	$137	84
210 S Elma St	0.26mi	3/1.0	1,092 (0%)	7mo	$158,900	$146	82
233 S Elma St	0.20mi	2/1.0 (-1)	1,052 (-4%)	11mo	$130,000	$124	70
916 Alhambra Dr	0.41mi	3/1.0	1,199 (+10%)	3mo	$155,000	$129	62
213 S Coventry Dr	0.46mi	3/1.5	1,125 (+3%)	11mo	$176,000	$156	62
1822 E 6th St	0.31mi	2/1.0 (-1)	1,159 (+6%)	12mo	$136,000	$117	60
2526 E 5th St	0.25mi	2/1.0 (-1)	950 (-13%)	5mo	$80,000	$84	58
521 Woodlawn Dr	0.55mi	3/1.0	1,178 (+8%)	6mo	$153,000	$130	56
612 Woodlawn Dr	0.59mi	3/2.0	1,117 (+2%)	12mo	$114,900	$103	54
1310 E 7th St	0.68mi	3/1.0	960 (-12%)	1mo	$135,000	$141	47
1300 E 7th St	0.70mi	2/1.0 (-1)	1,242 (+14%)	3mo	$160,000	$129	37
1321 Lennox St	0.60mi	2/2.0 (-1)	936 (-14%)	11mo	$135,500	$145	30

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 · 1.82% rent growth · sell at horizon

5-year hold

• IRR: -7.6%
• Equity multiple: 0.72×
• Total profit: $-9,201
• Equity at exit: $17,579

10-year hold

• IRR: 0.4%
• Equity multiple: 1.03×
• Total profit: $946
• Equity at exit: $10,194

Cash invested: $33,012 (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 46012

• Home prices YoY: -18.6%
• Rents YoY: 1.8%
• Active inventory: 159
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,166 high
• Mortgage (P&I): −$618
• Tax from tax record: −$77 /mo · $920/yr
• Insurance: −$49
• HOA: −$0
• Vacancy / Maint / Mgmt: −$245
• Net cashflow: $177

Break-even live

Break-even rent $942

Max offer price $117,900

Occupancy floor 80%

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: $29,475
• Closing costs: $3,537
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
530 Alhambra Dr Anderson, IN	1.0–2.0	1.0	879	$1,100	$1.25	43d	1	0.19mi
1829 E 8th St Anderson, IN	1.0–3.0	1.0	810	$1,250	$1.54	23d	9	0.40mi
2505 E 10th St Anderson, IN	1.0–2.0	1.0	850	$949	$1.12	43d	2	0.45mi
1045 Alhambra Dr Unit 6 Anderson, IN	2.0	1.5	900	$975	$1.08	23d	1	0.47mi
535 Woodlawn Dr Anderson, IN	4.0	1.5	1128	$1,295	$1.15	23d	1	0.57mi
2625 Lindberg Rd Anderson, IN	1.0–2.0	1.0	756	$1,385	$1.83	43d	1	0.65mi
1023 E 8th St Unit 3 Anderson, IN	2.0	1.5	1200	$1,175	$0.98	7d	1	0.83mi
706 University Blvd Anderson, IN	2.0	1.0	1250	$1,050	$0.84	1d	1	1.01mi
1411 Home Ave Anderson, IN	3.0	1.0	810	$1,295	$1.60	23d	1	1.24mi
223 E 11th St Anderson, IN	2.0	1.0	800	$900	$1.12	43d	1	1.38mi
2023 McKinley St Anderson, IN	2.0	1.0	1500	$950	$0.63	43d	1	1.39mi
1726-1728 Walnut St Anderson, IN	2.0	2.0	900	$995	$1.11	1d	1	1.43mi
219 E 13th St Anderson, IN	3.0	1.0	882	$1,000	$1.13	3d	1	1.44mi
602 Meridian St Apt C Anderson, IN	2.0	1.0	800	$900	$1.12	43d	1	1.48mi

Listing history 7 events

1. 2026-05-11
   status Pending 342-char remark
2. 2026-04-29
   listed $117,900 Active 342-char remark
3. 2017-04-05
   soldstatus $8,500
4. 2013-07-01
   historical
5. 2013-05-31
   listed $34,900
6. 2013-02-23
   historical
7. 2012-08-22
   listed $34,900

ⓘ 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: $920 · $77/mo
• Projected year-2 tax: $961 · $80/mo
• Expected delta: +$41/yr (+$3/mo · 4.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 24% 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: $13,997
• − Mortgage interest: −$6,604
• − Property taxes: −$920
• − Insurance: −$590
• − Repairs & maintenance: −$1,120
• − Management: −$1,120
• − Depreciation: −$3,430
• Taxable income: $214
• Est. tax owed @ 24.0%: −$51
• After-tax cash flow: $2,077/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): 20,855
• Household income: $58,041
• Rent vs Own: 32.3% rent · 67.7% own
• Severe rent burden: 987.0

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: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 5% Two or more races 4% Black 4%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Slovak 3% Serbian 2% Italian 1%
• Foreign-born: 2% · Canada, Vietnam
• Languages at home: 96% English-only · Spanish 3%

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: ▼ -61.16%
• Current HPI: 266.9819
• Rent YoY: ▲ 1.82%
• 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

-96.4% since first listed

8 events — show timeline

• 2026-06-17 Listed for Rent $1,250 SHOWMOJO
• 2026-05-11 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-29 Listed $117,900 MIBOR as Distributed by MLS Grid
• 2017-04-05 Sold (Public Records) $8,500 Public Records
• 2013-07-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2013-05-31 Listed $34,900 MIBOR as Distributed by MLS Grid
• 2013-02-23 Listing Removed — MIBOR as Distributed by MLS Grid
• 2012-08-22 Listed $34,900 MIBOR as Distributed by MLS Grid

Property tax history

+14.1%/yr

Latest (2024): $920 · +8.2% YoY. Source: county tax records.