2738 Apache Dr · Anderson, IN 46012

$120,000

3 bd · 1.0 ba · 888 sqft · SingleFamily public records · 82 Days on market

Built 1955 6,655 sqft lot $135/sqft · 10% below area Est $133k · 10% under ↓ 6% since listing

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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 +24.1/30.0
• ARV discount +11.9/15.0
• DSCR +7.8/10.0
• 1% rule +5.5/10.0
• 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 MLS

A captivating single-family residence awaits discovery at 2738 Apache DR, ANDERSON, IN, USA, presenting itself as an inviting home, thoroughly prepared for immediate occupancy. Within the comfortable confines of 888 square feet, the kitchen stands as a central gathering spot, distinguished by elegant crown molding that adds a refined touch to daily culinary endeavors and convivial moments. This considered detail enhances the space, offering a pleasant environment for preparing meals and enjoying quiet mornings. The dwelling features three well-proportioned bedrooms, providing ample personal space, complemented by a single full bathroom designed for practical convenience. The single-story layout, established in 1955, offers an ease of movement throughout the living quarters, contributing to a relaxed residential experience. Stepping outside, a generous 6655 square foot lot offers a private world for outdoor enjoyment, highlighted by a fenced backyard that provides a secure setting for leisure. A dedicated patio area extends the living space outdoors, perfect for unwinding after a long day or hosting serene gatherings under the open sky. This distinctive property offers a harmonious blend of comfortable interiors and delightful outdoor areas, ready to inspire a cherished way of life.

Key facts

• Dedicated patio area
• Crown molding
• Fenced backyard

Tags

• CROWN MOLDING
• FENCED BACKYARD
• DEDICATED PATIO AREA

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $238 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $113k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.7% 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 (+1.8%/yr); 159 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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 $830 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

• It's been on market 82 days — a 6% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $112,800 (6.0% below list)

Questions for the listing agent

1. It's been on market 82 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 1955 — 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: 1.05% ✓
• Cap rate: 8.67%
• Cash-on-cash: 8.49%
• DSCR: 1.38
• GRM: 7.9

CMA / ARV

• ARV (median comp): $132,845
• List price: $120,000
• Delta: -9.67%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2913 Dakota Dr	0.17mi	3/1.0	916 (+3%)	1mo	$140,000	$153	86
2608 Shawnee Dr	0.27mi	3/1.0	850 (-4%)	4mo	$110,000	$129	77
2722 Dakota Dr	0.07mi	2/1.0 (-1)	792 (-11%)	1mo	$137,000	$173	73
305 Mohawk St	0.24mi	2/1.0 (-1)	840 (-5%)	4mo	$119,500	$142	71
216 Seminole Dr	0.14mi	2/1.0 (-1)	800 (-10%)	2mo	$141,000	$176	71
2829 Dakota Dr	0.12mi	2/1.0 (-1)	792 (-11%)	11mo	$118,000	$149	62
308 Mohawk St	0.21mi	2/1.0 (-1)	792 (-11%)	12mo	$110,000	$139	57
2419 Crystal St	0.36mi	2/1.0 (-1)	780 (-12%)	1mo	$51,500	$66	57
2417 Crystal St	0.37mi	2/2.0 (-1)	925 (+4%)	12mo	$130,000	$141	57
2124 Poplar St	0.66mi	2/1.0 (-1)	804 (-10%)	2mo	$64,500	$80	46
2413 Silver St	0.54mi	3/1.5	1,008 (+14%)	5mo	$131,500	$130	46
2125 State St	0.61mi	2/1.0 (-1)	780 (-12%)	5mo	$130,000	$167	42

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: -4.7%
• Equity multiple: 0.83×
• Total profit: $-5,812
• Equity at exit: $17,892

10-year hold

• IRR: 3.6%
• Equity multiple: 1.25×
• Total profit: $8,394
• Equity at exit: $10,375

Cash invested: $33,600 (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: 7.9×

Monthly cashflow live

• Estimated rent: $1,265 high
• Mortgage (P&I): −$629
• Tax from tax record: −$82 /mo · $989/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$266
• Net cashflow: $238

Break-even live

Break-even rent $964

Max offer price $120,000

Occupancy floor 76%

Sensitivity live

Price	-10% $306	-5% $272	+0% $238	+5% $204	+10% $170
Rent	-10% $138	-5% $188	+0% $238	+5% $288	+10% $338
Rate	-1.0pp $298	-0.5pp $268	base $238	+0.5pp $207	+1.0pp $175

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
235 W School St Unit 235 Anderson, IN	3.0	1.0	925	$1,200	$1.30	44d	1	0.61mi
1705 Lake Shore Dr Unit 1705G Anderson, IN	2.0	2.0	912	$1,229	$1.35	18d	1	1.02mi
1705 Lake Shore Dr Unit 1705A Anderson, IN	2.0	2.0	912	$1,277	$1.40	44d	1	1.02mi
1807 Lake Shore Dr Unit 1807K Anderson, IN	2.0	2.0	912	$1,344	$1.47	44d	1	1.06mi
1812 N Cross Lakes Cir Unit 1812AN Anderson, IN	2.0	2.0	912	$1,229	$1.35	44d	1	1.08mi
1808 N Cross Lakes Cir Unit 1808HN Anderson, IN	2.0	2.0	944	$1,177	$1.25	3d	1	1.09mi
1716 N Cross Lakes Cir Unit 1716KN Anderson, IN	2.0	2.0	912	$1,274	$1.40	24d	1	1.10mi
1912 N Cross Lakes Cir Unit 1912HN Anderson, IN	2.0	2.0	944	$1,174	$1.24	12d	1	1.12mi
1800 Cross Lakes Blvd Anderson, IN	1.0–2.0	1.0–2.0	847	$1,344	$1.59	2d	22	1.14mi
1805 S Cross Lakes Cir Unit 1805LS Anderson, IN	2.0	2.0	912	$1,294	$1.42	12d	1	1.15mi
1812 S Cross Lakes Cir Unit 1812ES Anderson, IN	2.0	2.0	944	$1,115	$1.18	15d	1	1.18mi
1708 S Cross Lakes Cir Unit 1708ES Anderson, IN	2.0	2.0	944	$1,115	$1.18	44d	1	1.18mi
1904 S Cross Lakes Cir Unit 1904KS Anderson, IN	2.0	2.0	912	$1,183	$1.30	44d	1	1.18mi
1904 S Cross Lakes Cir Unit 1904LS Anderson, IN	2.0	2.0	912	$1,309	$1.44	44d	1	1.18mi
1804 S Cross Lakes Cir Unit 1804DS Anderson, IN	2.0	2.0	944	$1,144	$1.21	44d	1	1.18mi
1321 Lafayette Ct Anderson, IN	3.0	1.5	962	$1,350	$1.40	11d	1	1.30mi

Listing history 17 events

1. 2026-06-18
   days on market $120,000 Active 82 DOM
2. 2026-06-17
   days on market $120,000 Active 81 DOM
3. 2026-06-16
   days on market $120,000 Active 80 DOM
4. 2026-06-15
   days on market $120,000 Active 79 DOM
5. 2026-06-13
   days on market $120,000 Active 77 DOM
6. 2026-06-09
   days on market $120,000 Active 73 DOM
7. 2026-06-08
   pricedays on market $120,000 Active 72 DOM
8. 2026-06-07
   days on market $122,000 Active 71 DOM
9. 2026-06-05
   days on market $122,000 Active 68 DOM
10. 2026-06-03
    days on market $122,000 Active 67 DOM
11. 2026-06-02
    days on market $122,000 Active 66 DOM
12. 2026-06-01
    days on market $122,000 Active 65 DOM
13. 2026-05-31
    days on market $122,000 Active 64 DOM
14. 2026-05-05
    price $122,000 1306-char remark

    Show marketing remark (1306 chars)

    A captivating single-family residence awaits discovery at 2738 Apache DR, ANDERSON, IN, USA, presenting itself as an inviting home, thoroughly prepared for immediate occupancy. Within the comfortable confines of 888 square feet, the kitchen stands as a central gathering spot, distinguished by elegant crown molding that adds a refined touch to daily culinary endeavors and convivial moments. This considered detail enhances the space, offering a pleasant environment for preparing meals and enjoying quiet mornings. The dwelling features three well-proportioned bedrooms, providing ample personal space, complemented by a single full bathroom designed for practical convenience. The single-story layout, established in 1955, offers an ease of movement throughout the living quarters, contributing to a relaxed residential experience. Stepping outside, a generous 6655 square foot lot offers a private world for outdoor enjoyment, highlighted by a fenced backyard that provides a secure setting for leisure. A dedicated patio area extends the living space outdoors, perfect for unwinding after a long day or hosting serene gatherings under the open sky. This distinctive property offers a harmonious blend of comfortable interiors and delightful outdoor areas, ready to inspire a cherished way of life.

15. 2026-04-01
    status Active 1306-char remark

    Show marketing remark (1306 chars)

    A captivating single-family residence awaits discovery at 2738 Apache DR, ANDERSON, IN, USA, presenting itself as an inviting home, thoroughly prepared for immediate occupancy. Within the comfortable confines of 888 square feet, the kitchen stands as a central gathering spot, distinguished by elegant crown molding that adds a refined touch to daily culinary endeavors and convivial moments. This considered detail enhances the space, offering a pleasant environment for preparing meals and enjoying quiet mornings. The dwelling features three well-proportioned bedrooms, providing ample personal space, complemented by a single full bathroom designed for practical convenience. The single-story layout, established in 1955, offers an ease of movement throughout the living quarters, contributing to a relaxed residential experience. Stepping outside, a generous 6655 square foot lot offers a private world for outdoor enjoyment, highlighted by a fenced backyard that provides a secure setting for leisure. A dedicated patio area extends the living space outdoors, perfect for unwinding after a long day or hosting serene gatherings under the open sky. This distinctive property offers a harmonious blend of comfortable interiors and delightful outdoor areas, ready to inspire a cherished way of life.

16. 2026-03-23
    status Pending 1306-char remark

    Show marketing remark (1306 chars)

    A captivating single-family residence awaits discovery at 2738 Apache DR, ANDERSON, IN, USA, presenting itself as an inviting home, thoroughly prepared for immediate occupancy. Within the comfortable confines of 888 square feet, the kitchen stands as a central gathering spot, distinguished by elegant crown molding that adds a refined touch to daily culinary endeavors and convivial moments. This considered detail enhances the space, offering a pleasant environment for preparing meals and enjoying quiet mornings. The dwelling features three well-proportioned bedrooms, providing ample personal space, complemented by a single full bathroom designed for practical convenience. The single-story layout, established in 1955, offers an ease of movement throughout the living quarters, contributing to a relaxed residential experience. Stepping outside, a generous 6655 square foot lot offers a private world for outdoor enjoyment, highlighted by a fenced backyard that provides a secure setting for leisure. A dedicated patio area extends the living space outdoors, perfect for unwinding after a long day or hosting serene gatherings under the open sky. This distinctive property offers a harmonious blend of comfortable interiors and delightful outdoor areas, ready to inspire a cherished way of life.

17. 2026-03-19
    listed $130,000 Active 1306-char remark

    Show marketing remark (1306 chars)

    A captivating single-family residence awaits discovery at 2738 Apache DR, ANDERSON, IN, USA, presenting itself as an inviting home, thoroughly prepared for immediate occupancy. Within the comfortable confines of 888 square feet, the kitchen stands as a central gathering spot, distinguished by elegant crown molding that adds a refined touch to daily culinary endeavors and convivial moments. This considered detail enhances the space, offering a pleasant environment for preparing meals and enjoying quiet mornings. The dwelling features three well-proportioned bedrooms, providing ample personal space, complemented by a single full bathroom designed for practical convenience. The single-story layout, established in 1955, offers an ease of movement throughout the living quarters, contributing to a relaxed residential experience. Stepping outside, a generous 6655 square foot lot offers a private world for outdoor enjoyment, highlighted by a fenced backyard that provides a secure setting for leisure. A dedicated patio area extends the living space outdoors, perfect for unwinding after a long day or hosting serene gatherings under the open sky. This distinctive property offers a harmonious blend of comfortable interiors and delightful outdoor areas, ready to inspire a cherished way of life.

ⓘ 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: $989 · $82/mo
• Projected year-2 tax: $1,004 · $84/mo
• Expected delta: +$16/yr (+$1/mo · 1.6%)

ⓘ 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: $15,181
• − Mortgage interest: −$6,722
• − Property taxes: −$989
• − Insurance: −$600
• − Repairs & maintenance: −$1,214
• − Management: −$1,214
• − Depreciation: −$3,491
• Taxable income: $950
• Est. tax owed @ 24.0%: −$228
• After-tax cash flow: $2,624/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

-6.2% since first listed

4 events — show timeline

• 2026-05-05 Price Changed $122,000 MIBOR as Distributed by MLS Grid
• 2026-04-01 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-23 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-19 Listed $130,000 MIBOR as Distributed by MLS Grid

Property tax history

+3.5%/yr

Latest (2024): $989 · +7.8% YoY. Source: county tax records.