1605 Hill St · Anderson, IN 46012

$75,900

2 bd · 1.0 ba · 972 sqft · SingleFamily public records · 45 Days on market

Built 1945 7,000 sqft lot $78/sqft · 35% above area Est $112k · 32% under

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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 +9.8/10.0
• 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

Excellent investment opportunity with this home to make it yours however you wish. This amazing opportunity is sold AS-IS.

Key facts

• 7,000 sq ft lot
• Built 1945
• Listed 45 days

Property features AI

Exterior

• Parking: No designated parking listed
• Utilities: Public water; Municipal sewer; Municipal solid waste service
• Home design: Single-family residence; Two levels
• Construction: Brick construction; Block foundation
• Exterior features: Less than 1/4 acre lot (approximately 0.16 acre)

Interior

• Kitchen: No listed built-in appliances (gas water heater noted separately)
• Bedrooms: Two upstairs bedrooms
• Bathrooms: One full bathroom (upper level)
• Heating & cooling: Forced air heating (natural gas); Window air conditioning units
• Interior features: Attic access; Unfinished basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $76k.

Deal economics

• At list price, monthly cash flow is $329 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $76k).
• Recommended offer: $74k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.5% 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: crime D-, amenities F, commute 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.
• Zoned schools: Anderson High School (math 21% / reading 51%, grade F, #261 of 369 statewide, top 71%, 1,790 students, 76% FRL).
• Zoned-school proficiency averages 36% at this address vs 19% district-wide (+17 pts) — the actual schools serving this property are materially stronger than the Anderson Community School Corporation average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+1.8%/yr); 159 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 48% 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 $525 of loan paydown is wiped out by about $2k 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 + 1.8% rent growth), your $21k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($74k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 24y ago; this cycle's ask has dropped $4k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $48k; list at $76k implies a 60% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $73,623 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 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 1945 — 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: 1.48% ✓
• Cap rate: 11.50%
• Cash-on-cash: 18.59%
• DSCR: 1.83
• GRM: 5.6

CMA / ARV

• ARV (median comp): $112,041
• List price: $75,900
• Delta: -32.26%
• 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
1611 Poplar St	0.14mi	2/1.0	896 (-8%)	5mo	$103,000	$115	76
2108 Silver St	0.49mi	2/1.0	918 (-6%)	8mo	$98,400	$107	61
2018 Poplar St	0.37mi	3/1.0 (+1)	1,036 (+7%)	8mo	$100,000	$97	60
2102 Crystal St	0.42mi	3/1.0 (+1)	1,046 (+8%)	4mo	$125,000	$120	60
305 W Vinyard St	0.44mi	3/1.0 (+1)	925 (-5%)	12mo	$119,900	$130	56
2031 Poplar St	0.40mi	2/1.0	1,024 (+5%)	20mo	$75,000	$73	56
530 Hawthorne Ave	0.59mi	3/1.0 (+1)	1,008 (+4%)	8mo	$129,000	$128	54
416 Country Club Ln	0.57mi	2/1.0	850 (-13%)	5mo	$127,500	$150	49
2417 Crystal St	0.74mi	2/2.0	925 (-5%)	12mo	$130,000	$141	44
1027 Silver Ct	0.49mi	3/1.0 (+1)	875 (-10%)	16mo	$40,000	$46	42
718 Hawthorne Ave	0.67mi	3/1.0 (+1)	1,073 (+10%)	6mo	$175,000	$163	41
1827 Lowell Ave	0.74mi	3/1.0 (+1)	1,066 (+10%)	14mo	$145,000	$136	32

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: 9.0%
• Equity multiple: 1.35×
• Total profit: $7,386
• Equity at exit: $11,317

10-year hold

• IRR: 17.1%
• Equity multiple: 2.33×
• Total profit: $28,293
• Equity at exit: $6,562

Cash invested: $21,252 (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: 5.6×

Monthly cashflow live

• Estimated rent: $1,126 high
• Mortgage (P&I): −$398
• Tax from tax record: −$131 /mo · $1,569/yr
• Insurance: −$32
• HOA: −$0
• Vacancy / Maint / Mgmt: −$236
• Net cashflow: $329

Break-even live

Break-even rent $709

Max offer price $75,900

Occupancy floor 66%

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: $18,975
• Closing costs: $2,277
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1321 Lafayette Ct Anderson, IN	3.0	1.5	962	$1,350	$1.40	10d	1	0.40mi
233 W School St Unit 233 Anderson, IN	1.0	1.0	600	$600	$1.00	1d	1	0.84mi
235 W School St Unit 235 Anderson, IN	3.0	1.0	925	$1,200	$1.30	43d	1	0.84mi
1705 Lake Shore Dr Unit 1705A Anderson, IN	2.0	2.0	912	$1,277	$1.40	43d	1	0.84mi
1705 Lake Shore Dr Unit 1705E Anderson, IN	1.0	1.0	758	$984	$1.30	23d	1	0.84mi
1705 Lake Shore Dr Unit 1705G Anderson, IN	2.0	2.0	912	$1,229	$1.35	17d	1	0.84mi
1716 N Cross Lakes Cir Unit 1716KN Anderson, IN	2.0	2.0	912	$1,274	$1.40	23d	1	0.87mi
1808 N Cross Lakes Cir Unit 1808HN Anderson, IN	2.0	2.0	944	$1,177	$1.25	3d	1	0.90mi
1800 Cross Lakes Blvd Anderson, IN	1.0–2.0	1.0–2.0	847	$1,344	$1.59	1d	22	0.91mi
1704 S Cross Lakes Cir Unit 1704DS Anderson, IN	1.0	1.0	750	$1,080	$1.44	10d	1	0.92mi
1704 S Cross Lakes Cir Unit 1704FS Anderson, IN	1.0	1.0	750	$1,130	$1.51	43d	1	0.92mi
1812 N Cross Lakes Cir Unit 1812AN Anderson, IN	2.0	2.0	912	$1,229	$1.35	43d	1	0.93mi
1807 Lake Shore Dr Unit 1807K Anderson, IN	2.0	2.0	912	$1,344	$1.47	43d	1	0.93mi
1815 N Cross Lakes Cir Unit 1815HN Anderson, IN	1.0	1.0	750	$1,130	$1.51	23d	1	0.93mi
1708 S Cross Lakes Cir Unit 1708ES Anderson, IN	2.0	2.0	944	$1,115	$1.18	43d	1	0.93mi
1805 S Cross Lakes Cir Unit 1805LS Anderson, IN	2.0	2.0	912	$1,294	$1.42	12d	1	0.95mi
1804 S Cross Lakes Cir Unit 1804DS Anderson, IN	2.0	2.0	944	$1,144	$1.21	43d	1	0.97mi
1812 S Cross Lakes Cir Unit 1812ES Anderson, IN	2.0	2.0	944	$1,115	$1.18	14d	1	1.01mi
1908 N Cross Lakes Cir Unit 1908DN Anderson, IN	1.0	1.0	758	$1,020	$1.35	43d	1	1.01mi
1912 N Cross Lakes Cir Unit 1912HN Anderson, IN	2.0	2.0	944	$1,174	$1.24	12d	1	1.02mi
1916 N Cross Lakes Cir Unit 1916EN Anderson, IN	1.0	1.0	758	$973	$1.28	43d	1	1.05mi
1916 N Cross Lakes Cir Unit 1916DN Anderson, IN	1.0	1.0	758	$1,039	$1.37	14d	1	1.05mi
1904 S Cross Lakes Cir Unit 1904KS Anderson, IN	2.0	2.0	912	$1,183	$1.30	43d	1	1.06mi
1904 S Cross Lakes Cir Unit 1904CS Anderson, IN	1.0	1.0	750	$1,073	$1.43	43d	1	1.06mi
1904 S Cross Lakes Cir Unit 1904LS Anderson, IN	2.0	2.0	912	$1,309	$1.44	43d	1	1.06mi
915 High St Unit 915 1/2 Anderson, IN	1.0	1.0	600	$650	$1.08	43d	1	1.22mi
506 W 2nd St Anderson, IN	3.0	1.0	964	$1,095	$1.14	23d	1	1.34mi
519 W 2nd St Anderson, IN	1.0	1.0	650	$800	$1.23	43d	1	1.37mi
602 Meridian St Unit 608 A Anderson, IN	1.0	1.0	650	$750	$1.15	23d	1	1.49mi
602 Meridian St Apt C Anderson, IN	2.0	1.0	800	$900	$1.12	43d	1	1.49mi
919 E 6th St Apt 2 Anderson, IN	1.0	1.0	700	$625	$0.89	23d	1	1.50mi

Listing history 21 events

1. 2026-06-18
   days on market $75,900 Active 45 DOM
2. 2026-06-17
   days on market $75,900 Active 44 DOM
3. 2026-06-16
   days on market $75,900 Active 43 DOM
4. 2026-06-15
   days on market $75,900 Active 42 DOM
5. 2026-06-13
   pricedays on market $75,900 Active 40 DOM
6. 2026-06-09
   days on market $79,900 Active 36 DOM
7. 2026-06-08
   days on market $79,900 Active 35 DOM
8. 2026-06-07
   days on market $79,900 Active 34 DOM
9. 2026-06-05
   days on market $79,900 Active 31 DOM
10. 2026-06-03
    days on market $79,900 Active 30 DOM
11. 2026-06-02
    days on market $79,900 Active 29 DOM
12. 2026-06-01
    days on market $79,900 Active 28 DOM
13. 2026-05-31
    days on market $79,900 Active 27 DOM
14. 2026-05-04
    listed $79,900 Active 122-char remark
15. 2021-12-10
    soldstatus $47,500 Closed 160-char remark

    Show marketing remark (160 chars)

    This 2 bedroom 1 bath home is in need of tlc. It has great potential with a large lot and convenient, lightly traveled street. The home is a 2 story brick home.

16. 2021-11-14
    status Pending 160-char remark

    Show marketing remark (160 chars)

    This 2 bedroom 1 bath home is in need of tlc. It has great potential with a large lot and convenient, lightly traveled street. The home is a 2 story brick home.

17. 2021-11-12
    listed $49,900 Active 160-char remark

    Show marketing remark (160 chars)

    This 2 bedroom 1 bath home is in need of tlc. It has great potential with a large lot and convenient, lightly traveled street. The home is a 2 story brick home.

18. 2004-02-27
    historical
19. 2003-03-02
    listed $59,900
20. 2002-12-23
    historical
21. 2002-05-02
    listed $59,900

ⓘ 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: $1,569 · $131/mo
• Projected year-2 tax: $1,569 · $131/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 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: $13,513
• − Mortgage interest: −$4,252
• − Property taxes: −$1,569
• − Insurance: −$380
• − Repairs & maintenance: −$1,081
• − Management: −$1,081
• − Depreciation: −$2,208
• Taxable income: $2,943
• Est. tax owed @ 24.0%: −$706
• After-tax cash flow: $3,244/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

+26.7% since first listed

11 events — show timeline

• 2026-06-11 Price Changed $75,900 IRMLS
• 2026-06-11 Price Changed $75,900 MIBOR as Distributed by MLS Grid
• 2026-05-21 Listed $79,900 IRMLS
• 2026-05-04 Listed $79,900 MIBOR as Distributed by MLS Grid
• 2021-12-10 Sold (MLS) $47,500 MIBOR as Distributed by MLS Grid
• 2021-11-14 Pending — MIBOR as Distributed by MLS Grid
• 2021-11-12 Listed $49,900 MIBOR as Distributed by MLS Grid
• 2004-02-27 Listing Removed — MIBOR as Distributed by MLS Grid
• 2003-03-02 Listed $59,900 MIBOR as Distributed by MLS Grid
• 2002-12-23 Listing Removed — MIBOR as Distributed by MLS Grid
• 2002-05-02 Listed $59,900 MIBOR as Distributed by MLS Grid

Property tax history

+4.4%/yr

Latest (2024): $1,569 · +8.7% YoY. Source: county tax records.