2823 Magic Pl · Anderson, IN 46011

$134,900

3 bd · 2.0 ba · 1,456 sqft · Manufactured · 422 Days on market

Built 2025 Good condition ↓ 4% since listing

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Why this score? — see what drove the D- 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 +13.0/30.0
• ARV discount +7.5/15.0
• Condition / age +4.0/5.0
• DSCR +3.9/10.0
• 1% rule +3.7/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

3 bedroom 2 bath full drywall home, 1,456 sq ft

Key facts

• Built 2025
• Listed 422 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $135k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-7 ($-84/yr) — negative.
• To cash-flow at today's rent, offer at most $134k (0.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $117k (13.2% below list).
• Recommended offer: $117k (13.2% below list) — sets the bar for 1% rule.

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: 105 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d 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 $933 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 422 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.

Recommended offer $117,127 (13.2% 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. It's been on market 422 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
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. 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: 0.87% ✗
• Cap rate: 6.23%
• Cash-on-cash: -0.22%
• DSCR: 0.99
• GRM: 9.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -16.7%
• Equity multiple: 0.41×
• Total profit: $-22,285
• Equity at exit: $20,114

10-year hold

• IRR: -8.4%
• Equity multiple: 0.47×
• Total profit: $-19,905
• Equity at exit: $11,664

Cash invested: $37,772 (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 46011

• Home prices YoY: -25.0%
• Active inventory: 105
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $1,171 medium
• Mortgage (P&I): −$707
• Tax est. 1.5%: −$169 /mo · $2,024/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$246
• Net cashflow: $-7

Break-even live

Break-even rent $1,180

Max offer price $133,893

Occupancy floor 96%

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3815 Camelot Blvd Anderson, IN	3.0	2.0	1456	$1,179	$0.81	1d	2	0.40mi
4325 S Madison Ave Anderson, IN	1.0–3.0	1.0–1.5	995	$1,330	$1.34	1d	6	1.33mi
2203 W 28th St Anderson, IN	3.0	1.0	1068	$1,000	$0.94	43d	1	1.37mi
2719 Dewey St Anderson, IN	2.0	1.0	877	$1,150	$1.31	43d	1	1.43mi

Listing history 16 events

1. 2026-06-18
   days on market $134,900 Active 422 DOM
2. 2026-06-17
   days on market $134,900 Active 421 DOM
3. 2026-06-16
   days on market $134,900 Active 420 DOM
4. 2026-06-15
   days on market $134,900 Active 419 DOM
5. 2026-06-13
   days on market $134,900 Active 417 DOM
6. 2026-06-09
   days on market $134,900 Active 413 DOM
7. 2026-06-08
   days on market $134,900 Active 412 DOM
8. 2026-06-07
   days on market $134,900 Active 411 DOM
9. 2026-06-05
   days on market $134,900 Active 408 DOM
10. 2026-06-03
    remarks 73-char remark
11. 2026-06-03
    days on market $134,900 Active 407 DOM
12. 2026-06-02
    days on market $134,900 Active 406 DOM
13. 2026-06-01
    days on market $134,900 Active 405 DOM
14. 2026-05-31
    days on market $134,900 Active 404 DOM
15. 2025-10-25
    price $134,900 47-char remark

    Show marketing remark (47 chars)

    3 bedroom 2 bath full drywall home, 1,456 sq ft

16. 2025-04-22
    listed $140,100 Active 47-char remark

    Show marketing remark (47 chars)

    3 bedroom 2 bath full drywall home, 1,456 sq ft

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 20% 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 100% 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: $14,055
• − Mortgage interest: −$7,556
• − Property taxes: −$2,024
• − Insurance: −$674
• − Repairs & maintenance: −$1,124
• − Management: −$1,124
• − Depreciation: −$3,924
• Taxable loss: −$2,372
• Est. tax savings @ 24.0%: +$569
• After-tax cash flow: $486/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.

Condition & rehab AI · 12 photos

Good 80/100 None rehab

This manufactured home is in good condition with modern appliances and fresh paint. It has a good curb appeal and is ready for a new owner or tenant.

Value-add opportunities

• Both Painting exterior siding — Enhances curb appeal and value
• Both Landscaping front yard — Improves curb appeal and rental appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior siding — Enhances curb appeal and value ↑
• Both Landscaping front yard — Improves curb appeal and rental appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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
• City population: 57,762
• Population (ZIP): 17,115

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 (79%)
• Race & ethnicity: White 79% Black 8% Hispanic / Latino 6% Two or more races 6%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 2% Iranian 1% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% 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: ▼ -90.13%
• Current HPI: 270.0253
• Rent YoY: —
• Metro: —
• 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

-3.7% since first listed

2 events — show timeline

• 2025-10-25 Price Changed $134,900 Zillow
• 2025-04-22 Listed $140,100 Zillow