2821 Morton St · Anderson, IN 46016

$94,000

4 bd · 2.0 ba · 2,007 sqft · SingleFamily public records · 46 Days on market

Built 1890 5,460 sqft lot $47/sqft · 14% below area Est $144k · 35% under ↓ 5% since listing

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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
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• 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

Opportunity knocks in Anderson! This spacious 4 bedroom, 2 bath home offers over 2,000 square feet of potential and the big ticket updates already taken care of. Major improvements include new electrical, plumbing, HVAC, and windows to give you peace of mind where it matters most. With the heavy lifting done, this home is ready for your finishing touches. Cosmetic updates will unlock its full potential, making it a great option for investors, flippers, or buyers looking to build equity. Generous living space, a functional layout, and endless possibilities. Don't miss your chance to bring this home to life!

Key facts

• 5,460 sq ft lot
• Built 1890
• Listed 45 days

Property features AI

Exterior

• Utilities: Public water; Municipal sewer
• Home design: Single-family residence; Two levels
• Construction: Brick construction; Block foundation
• Exterior features: <1/4 acre lot

Interior

• Kitchen: Electric cooktop
• Bedrooms: 4 bedrooms total (2 on the main level, 2 on the upper level); Primary bedroom: see remarks
• Bathrooms: 2 full bathrooms (1 on the main level, 1 on the upper level); Primary bathroom has a full shower stall
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: High ceilings; Finished basement
• Laundry & utility: Main-level laundry room

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $94k.

Deal economics

• At list price, monthly cash flow is $423 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $94k).
• Recommended offer: $91k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.7% 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 fast (+7.9%/yr); 188 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 44% 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 $650 of loan paydown is wiped out by about $3k 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 $26k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($91k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $91,180 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 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 1890 — 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: 1.40% ✓
• Cap rate: 11.70%
• Cash-on-cash: 19.30%
• DSCR: 1.86
• GRM: 6.0

CMA / ARV

• ARV (median comp): $143,824
• List price: $94,000
• Delta: -34.64%
• 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
2924 Fairview St	0.09mi	3/1.5 (-1)	1,999 (-0%)	2mo	$45,050	$23	86
3021 Fairview St	0.16mi	4/1.0	1,940 (-3%)	8mo	$157,000	$81	76
3121 Sherman St	0.26mi	3/1.5 (-1)	2,050 (+2%)	6mo	$140,000	$68	73
128 Ringwood Way	0.68mi	3/2.0 (-1)	2,040 (+2%)	6mo	$200,000	$98	55
511 W 22nd St	0.45mi	3/1.0 (-1)	2,123 (+6%)	9mo	$107,000	$50	53
2601 Jackson St	0.34mi	3/1.0 (-1)	2,225 (+11%)	9mo	$29,000	$13	49
148 South Dr	0.51mi	3/2.0 (-1)	2,218 (+10%)	6mo	$167,900	$76	48
240 W 37th St	0.73mi	3/1.0 (-1)	1,903 (-5%)	1mo	$70,000	$37	47
707 W 22nd St	0.47mi	3/1.0 (-1)	1,784 (-11%)	6mo	$82,000	$46	45
540 Lonsvale Dr	0.51mi	3/1.0 (-1)	1,760 (-12%)	5mo	$150,000	$85	43
3128 Fletcher St	0.63mi	3/1.0 (-1)	2,220 (+11%)	3mo	$148,700	$67	42
3534 Andover Rd	0.68mi	3/1.0 (-1)	2,232 (+11%)	0mo	$129,900	$58	40

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: 16.5%
• Equity multiple: 1.70×
• Total profit: $18,500
• Equity at exit: $14,016

10-year hold

• IRR: 28.3%
• Equity multiple: 4.10×
• Total profit: $81,581
• Equity at exit: $8,127

Cash invested: $26,320 (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: 6.0×

Monthly cashflow live

• Estimated rent: $1,315 high
• Mortgage (P&I): −$493
• Tax from tax record: −$84 /mo · $1,004/yr
• Insurance: −$39
• HOA: −$0
• Vacancy / Maint / Mgmt: −$276
• Net cashflow: $423

Break-even live

Break-even rent $780

Max offer price $94,000

Occupancy floor 63%

Sensitivity live

Price	-10% $476	-5% $450	+0% $423	+5% $397	+10% $370
Rent	-10% $319	-5% $371	+0% $423	+5% $475	+10% $527
Rate	-1.0pp $471	-0.5pp $447	base $423	+0.5pp $399	+1.0pp $374

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: $23,500
• Closing costs: $2,820
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2233 Fairview St Anderson, IN	3.0	1.5	1452	$1,195	$0.82	24d	1	0.39mi
228 E 29th St Anderson, IN	3.0	2.0	1440	$1,295	$0.90	5d	1	0.54mi
1728 Walnut St Anderson, IN	3.0	2.0	2484	$1,295	$0.52	24d	1	1.02mi
1121 Victory Ct Anderson, IN	3.0	1.0	2053	$1,295	$0.63	23d	1	1.28mi
921 W 9th St Anderson, IN	3.0	2.0	1611	$1,375	$0.85	24d	1	1.33mi

Listing history 15 events

1. 2026-06-21
   days on market $94,000 Active 46 DOM
2. 2026-06-18
   days on market $94,000 Active 43 DOM
3. 2026-06-17
   days on market $94,000 Active 42 DOM
4. 2026-06-16
   days on market $94,000 Active 41 DOM
5. 2026-06-15
   days on market $94,000 Active 40 DOM
6. 2026-06-13
   pricedays on market $94,000 Active 38 DOM
7. 2026-06-09
   days on market $99,000 Active 34 DOM
8. 2026-06-08
   days on market $99,000 Active 33 DOM
9. 2026-06-07
   days on market $99,000 Active 32 DOM
10. 2026-06-05
    days on market $99,000 Active 29 DOM
11. 2026-06-03
    days on market $99,000 Active 28 DOM
12. 2026-06-02
    days on market $99,000 Active 27 DOM
13. 2026-06-01
    days on market $99,000 Active 26 DOM
14. 2026-05-31
    days on market $99,000 Active 25 DOM
15. 2026-05-06
    listed $99,000 Active 613-char remark

ⓘ 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: $1,004 · $84/mo
• Projected year-2 tax: $1,004 · $84/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
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,783
• − Mortgage interest: −$5,265
• − Property taxes: −$1,004
• − Insurance: −$470
• − Repairs & maintenance: −$1,263
• − Management: −$1,263
• − Depreciation: −$2,735
• Taxable income: $3,784
• Est. tax owed @ 24.0%: −$908
• After-tax cash flow: $4,171/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

-5.1% since first listed

2 events — show timeline

• 2026-06-10 Price Changed $94,000 MIBOR as Distributed by MLS Grid
• 2026-05-06 Listed $99,000 MIBOR as Distributed by MLS Grid

Property tax history

+3.7%/yr

Latest (2024): $1,004 · +157.7% YoY. Source: county tax records.