2219 Fletcher St · Anderson, IN 46016

$240,000

4 bd · 1.0 ba · 1,919 sqft · MultiFamily public records · 45 Days on market

Built 1960 5,891 sqft lot $125/sqft · 153% above area

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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 +19.6/30.0
• ARV discount +7.5/15.0
• DSCR +6.2/10.0
• Rent growth +4.5/5.0
• 1% rule +3.9/10.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Welcome to this fully remodeled Triplex in Anderson. Each unit has 1 bed, 1 bath, featuring brand new paint, flooring, bathrooms and kitchens. Two Units are located on the main floor, the third and largest unit has stair access from the front of the home. All big ticket items have also been taken care of, Newer roof, new windows, Updated mechanicals, electric, and plumbing. This could be a opportunity to own your next rental or house-hack. Parking is available in the front, and in the rear of the home. All Units currently rented, on a month-to-month basis. All units are legally separated and individually metered. Two 50 gallon water heaters, running on a RUBS system. Seller Financing may be

Key facts

• Fully remodeled
• Newer roof
• Updated mechanicals

Tags

• FULLY REMODELED
• BRAND NEW PAINT
• NEWER ROOF
• NEW WINDOWS
• UPDATED MECHANICALS
• ELECTRIC

Property features AI

Finance

• Other: Unit utilities listed per unit as wall cooling, forced heat, and electric hot water
• Financial info: Total of 3 units; Gross annual income reported as $28,800; Reported expenses: $0; Typical monthly rents reported: one unit at $700/month and one unit at $1,000/month (rent frequencies monthly)

Exterior

• Parking: On-street parking; Unpaved parking available
• Utilities: Solid waste service: No
• Home design: Residential income property; Duplex/Triplex structure (listed as Triplex and Duplex/Residential Income); Two levels
• Construction: Vinyl siding exterior
• Exterior features: Property currently used as residential; Road access listed as not applicable

Interior

• Kitchen: Kitchen areas in units (approx. 150 and 140 — unit kitchens present)
• Bedrooms: One 1-bedroom unit; One 2-bedroom unit; One 1-bedroom unit (unit count consolidated below)
• Heating & cooling: Forced-air heat in units; Wall cooling units in units
• Interior features: Has basement
• Laundry & utility: Units have individual utilities including wall cooling units, forced heat, and electric hot water

What this means for you Summary

Snapshot

• This is a 3 × 1-bed/1-bath units multifamily listed at $240k.

Deal economics

• At list price, monthly cash flow is $276 ($3k/yr) — positive. Per door: $92/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $212k (11.5% below list).
• Recommended offer: $212k (11.5% below list) — sets the bar for 1% rule.
• Cap rate 7.7% vs local median 6.1% in Anderson — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: Valley Grove Elementary School (math 22% / reading 12%, grade F, #837 of 994 statewide, top 86%, 372 students, 86% FRL); Highland Middle School (math 9% / reading 22%, grade F, #293 of 330 statewide, top 90%, 914 students, 81% FRL); Anderson High School (math 21% / reading 51%, grade F, #261 of 369 statewide, top 71%, 1,790 students, 76% FRL).
• Market conditions: Rents rising fast (+7.9%/yr); 188 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).
• At $2,124/mo this rent would consume 71% of the median local household income ($36k/yr) (locally 1193% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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.
• At projected returns (-3.0% appreciation + 7.9% rent growth), your $67k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($233k) is reasonable based on typical stale-listing flexibility.

Recommended offer $212,400 (11.5% 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 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.89% ✗
• Cap rate: 7.67%
• Cash-on-cash: 4.93%
• DSCR: 1.22
• GRM: 9.4

CMA / ARV

• ARV (median comp): $118,493
• List price: $240,000
• Delta: 102.54%
• Verdict: OVERPRICED
• Comps: 17 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1820 Central Ave	0.27mi	3/2.0 (-1)	1,762 (-8%)	3mo	$85,000	$48	62
1609 Brown St	0.57mi	5/2.0 (+1)	1,934 (+1%)	10mo	$135,000	$70	54
1215 E 28th St	0.73mi	5/3.5 (+1)	2,200 (+15%)	13mo	$45,000	$20	16

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: -4.0%
• Equity multiple: 0.84×
• Total profit: $-10,504
• Equity at exit: $35,785

10-year hold

• IRR: 10.1%
• Equity multiple: 1.93×
• Total profit: $62,644
• Equity at exit: $20,751

Cash invested: $67,200 (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: 28.3×

Monthly cashflow live

• Estimated rent: $2,124 high
• Mortgage (P&I): −$1,259
• Tax from tax record: −$44 /mo · $522/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$446
• Net cashflow: $276

Break-even live

Break-even rent $1,775

Max offer price $240,000

Occupancy floor 82%

Sensitivity live

Price	-10% $412	-5% $344	+0% $276	+5% $208	+10% $-146
Rent	-10% $108	-5% $192	+0% $276	+5% $360	+10% $444
Rate	-1.0pp $397	-0.5pp $337	base $276	+0.5pp $214	+1.0pp $150

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$2,124
Total (3 units)			$2,124

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1728 Walnut St Anderson, IN	3.0	2.0	2484	$1,295	$0.52	25d	1	0.36mi
228 E 29th St Anderson, IN	3.0	2.0	1440	$1,295	$0.90	6d	1	0.45mi
2233 Fairview St Anderson, IN	3.0	1.5	1452	$1,195	$0.82	25d	1	0.61mi
1318 E 28th St Anderson, IN	3.0	1.0	1280	$1,300	$1.02	13d	1	0.81mi
120 W 10th St Anderson, IN	1.0–3.0	1.0	1066	$1,150	$1.08	0d	1	0.91mi
921 W 9th St Anderson, IN	3.0	2.0	1611	$1,375	$0.85	25d	1	1.19mi
1222 Nichol Ave Unit 1 Anderson, IN	5.0	1.0	1350	$1,195	$0.89	0d	1	1.23mi
1222 Nichol Ave Unit 1 Anderson, IN	5.0	1.0	1350	$1,195	$0.89	18d	1	1.23mi
510 W 5th St Anderson, IN	3.0	1.5	1617	$995	$0.62	45d	1	1.30mi
1121 Victory Ct Anderson, IN	3.0	1.0	2053	$1,195	$0.58	0d	1	1.35mi
706 University Blvd Anderson, IN	3.0	2.0	1250	$1,050	$0.84	0d	1	1.38mi

Listing history 16 events

1. 2026-06-21
   days on market $240,000 Active 45 DOM
2. 2026-06-18
   days on market $240,000 Active 42 DOM
3. 2026-06-17
   days on market $240,000 Active 41 DOM
4. 2026-06-16
   days on market $240,000 Active 40 DOM
5. 2026-06-15
   days on market $240,000 Active 39 DOM
6. 2026-06-13
   days on market $240,000 Active 37 DOM
7. 2026-06-09
   days on market $240,000 Active 33 DOM
8. 2026-06-08
   days on market $240,000 Active 32 DOM
9. 2026-06-08
   remarks 699-char remark
10. 2026-06-07
    days on market $240,000 Active 31 DOM
11. 2026-06-05
    days on market $240,000 Active 28 DOM
12. 2026-06-03
    days on market $240,000 Active 27 DOM
13. 2026-06-02
    days on market $240,000 Active 26 DOM
14. 2026-06-01
    days on market $240,000 Active 25 DOM
15. 2026-05-31
    days on market $240,000 Active 24 DOM
16. 2026-05-07
    listed $240,000 Active 679-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: $522 · $44/mo
• Projected year-2 tax: $1,281 · $107/mo
• Expected delta: +$759/yr (+$63/mo · 145.3%)

ⓘ 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: $25,488
• − Mortgage interest: −$13,444
• − Property taxes: −$522
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,039
• − Management: −$2,039
• − Depreciation: −$6,982
• Taxable loss: −$738
• Est. tax savings @ 24.0%: +$177
• After-tax cash flow: $3,487/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

1 event — show timeline

• 2026-05-07 Listed $240,000 MIBOR as Distributed by MLS Grid

Property tax history

-3.5%/yr

Latest (2024): $522 · +8.6% YoY. Source: county tax records.