3190 Chapel Rd · Anderson, IN 46012

$2

3 bd · 1.5 ba · 1,715 sqft · SingleFamily public records · 19 Days on market

Built 1962 0.97 ac lot

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Cash flow +5.6/30.0
• Rent growth +3.0/5.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• 1% rule +1.1/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

To be sold in an Online Only Auction on Monday, May 4th @ 5 PM EST. Here is your opportunity to bid on and own a 3 bedroom, 2 full bathroom, 1,715 sqft home on 0.97 +/- Acres. Located in Madison County, Richland Township, and Anderson Schools. Mature trees with a large backyard! Large kitchen/Dining Room setup. Detached Garage to fit many needs. Gas furnace and water heater. Come check this property our and place your bids!

Key facts

• 0.97 acre lot
• 2 garage spots
• Built 1962

🔨 Auction listing. The $2 list price is a nominal opening bid, not a real ask — every metric below is computed on the estimated value $244,799 (ARV from comps), not the list price.

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $2.

Deal economics

• At list price, monthly cash flow is $-513 ($-6k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $2).
• Recommended offer: $1 (50.0% below list) — sets the bar for market timing.
• Cap rate 3.8% vs local median 6.5% in Anderson — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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); 162 active listings in the ZIP; 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).
• This rent runs 31% of the median local income ($58k/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 $2k of loan paydown is wiped out by about $7k 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 19 days — a 2% lower offer ($1) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 183599.4% of price.

Recommended offer $1 (50.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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?
8. 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.
9. 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.
10. 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: 0.61% ✗
• Cap rate: 3.78%
• Cash-on-cash: -8.97%
• DSCR: 0.60
• GRM: 13.7

CMA / ARV

• ARV (median comp): $244,799
• List price: $2
• Delta: -100.00%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3190 Chapel Rd	0.00mi	3/2.0	1,715 (0%)	0mo	$123,600	$72	98
3579 E Sumner Lake Dr	0.69mi	2/2.0 (-1)	1,965 (+15%)	2mo	$219,999	$112	35
4103 Northwood Ln	0.75mi	3/2.0	1,547 (-10%)	21mo	$250,000	$162	29

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: -33.5%
• Equity multiple: -0.08×
• Total profit: $-74,044
• Equity at exit: $36,500

10-year hold

• IRR: -49.0%
• Equity multiple: -0.66×
• Total profit: $-113,442
• Equity at exit: $21,166

Cash invested: $68,544 (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: 162

Monthly cashflow live

• Estimated rent: $1,493 medium
• Mortgage (P&I): −$1,284
• Tax est. 1.5%: −$306 /mo · $3,672/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$313
• Net cashflow: $-513

Break-even live

Break-even rent $2,141

Max offer price $170,627

Occupancy floor —

Sensitivity live

Price	-10% $-343	-5% $-428	+0% $-513	+5% $-597	+10% $-682
Rent	-10% $-631	-5% $-572	+0% $-513	+5% $-454	+10% $-395
Rate	-1.0pp $-389	-0.5pp $-450	base $-513	+0.5pp $-576	+1.0pp $-641

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: $61,200
• Closing costs: $7,344
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-06
   status Pending 427-char remark

   Show marketing remark (427 chars)

   To be sold in an Online Only Auction on Monday, May 4th @ 5 PM EST. Here is your opportunity to bid on and own a 3 bedroom, 2 full bathroom, 1,715 sqft home on 0.97 +/- Acres. Located in Madison County, Richland Township, and Anderson Schools. Mature trees with a large backyard! Large kitchen/Dining Room setup. Detached Garage to fit many needs. Gas furnace and water heater. Come check this property our and place your bids!

2. 2026-05-06
   price $2 427-char remark

   Show marketing remark (427 chars)

   To be sold in an Online Only Auction on Monday, May 4th @ 5 PM EST. Here is your opportunity to bid on and own a 3 bedroom, 2 full bathroom, 1,715 sqft home on 0.97 +/- Acres. Located in Madison County, Richland Township, and Anderson Schools. Mature trees with a large backyard! Large kitchen/Dining Room setup. Detached Garage to fit many needs. Gas furnace and water heater. Come check this property our and place your bids!

3. 2026-04-16
   listed $1 Active 427-char remark

   Show marketing remark (427 chars)

   To be sold in an Online Only Auction on Monday, May 4th @ 5 PM EST. Here is your opportunity to bid on and own a 3 bedroom, 2 full bathroom, 1,715 sqft home on 0.97 +/- Acres. Located in Madison County, Richland Township, and Anderson Schools. Mature trees with a large backyard! Large kitchen/Dining Room setup. Detached Garage to fit many needs. Gas furnace and water heater. Come check this property our and place your bids!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,911
• − Mortgage interest: −$13,713
• − Property taxes: −$3,672
• − Insurance: −$1,224
• − Repairs & maintenance: −$1,433
• − Management: −$1,433
• − Depreciation: −$7,121
• Taxable loss: −$10,684
• Est. tax savings @ 24.0%: +$2,564
• After-tax cash flow: $-3,587/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

• 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

Property tax history

-3.6%/yr

Latest (2024): $417 · -7.9% YoY. Source: county tax records.