17 W 40th St · Anderson, IN 46013

$76,900

2 bd · 1.0 ba · 790 sqft · SingleFamily public records · 140 Days on market

Built 1941 9,920 sqft lot $97/sqft · 33% above area Est $116k · 33% 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 +28.9/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.7/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This two-bedroom, one-bath home offers plenty of potential and a functional layout. Inside, you'll find a spacious living room and a generously sized kitchen, providing a great foundation for customization. The property also includes a one-car detached garage for added storage or parking + Large backyard! Conveniently located in town near shopping, dining, and everyday amenities, this home is an excellent opportunity for investors or buyers looking to make it their own.

Key facts

• Large backyard
• Conveniently located
• Detached garage

Tags

• DETACHED GARAGE
• LARGE BACKYARD
• SPACIOUS LIVING ROOM
• GENEROUSLY SIZED KITCHEN
• CONVENIENTLY LOCATED

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $77k.

Deal economics

• At list price, monthly cash flow is $262 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($980 rent vs $77k).
• Recommended offer: $68k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.4% 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: 150 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $532 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 + 3.0% rent growth), your $22k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 140 days — a 12% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 22y ago; this cycle's ask has dropped $8k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1941 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $67,672 (12.0% below list)

Questions for the listing agent

1. It's been on market 140 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1941 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
8. 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.
9. 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: 1.27% ✓
• Cap rate: 10.37%
• Cash-on-cash: 14.58%
• DSCR: 1.65
• GRM: 6.5

CMA / ARV

• ARV (median comp): $115,521
• List price: $76,900
• Delta: -32.57%
• 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
313 E 39th St	0.22mi	2/1.0	775 (-2%)	2mo	$124,000	$160	85
128 E 36th St	0.36mi	2/1.0	762 (-4%)	4mo	$126,000	$165	75
309 E 34th St	0.47mi	2/1.0	780 (-1%)	5mo	$130,000	$167	72
3808 Brown St	0.30mi	2/1.0	868 (+10%)	1mo	$75,000	$86	69
912 Crescent Dr	0.62mi	2/1.0	816 (+3%)	5mo	$125,000	$153	61
320 E 34th St	0.51mi	2/1.0	846 (+7%)	6mo	$90,000	$106	59
123 E 35th St	0.38mi	2/1.0	885 (+12%)	4mo	$29,000	$33	59
204 E 34th St	0.48mi	3/1.0 (+1)	728 (-8%)	4mo	$109,000	$150	57
115 South Dr	0.44mi	2/1.0	886 (+12%)	6mo	$90,000	$102	54
3507 Columbus Ave	0.72mi	2/1.0	832 (+5%)	4mo	$60,000	$72	54
706 Lonsvale Dr	0.67mi	2/1.0	853 (+8%)	6mo	$112,000	$131	50
324 E 35th St	0.46mi	2/1.0	672 (-15%)	7mo	$130,000	$193	48

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 5.0%
• Equity multiple: 1.20×
• Total profit: $4,199
• Equity at exit: $11,466

10-year hold

• IRR: 14.5%
• Equity multiple: 2.17×
• Total profit: $25,119
• Equity at exit: $6,649

Cash invested: $21,532 (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 46013

• Home prices YoY: -26.9%
• Active inventory: 150
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $980 high
• Mortgage (P&I): −$403
• Tax from tax record: −$77 /mo · $927/yr
• Insurance: −$32
• HOA: −$0
• Vacancy / Maint / Mgmt: −$206
• Net cashflow: $262

Break-even live

Break-even rent $649

Max offer price $76,900

Occupancy floor 68%

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: $19,225
• Closing costs: $2,307
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4015 Haverhill Dr Anderson, IN	3.0	2.0	884	$1,100	$1.24	43d	1	0.19mi
4426 Mellen Ct Anderson, IN	2.0	1.0	899	$900	$1.00	1d	1	0.48mi
812 Mellen Dr Unit 814 Anderson, IN	2.0	1.0	924	$950	$1.03	1d	1	0.58mi
4415 Columbus Ave Apt 15 Anderson, IN	2.0	1.0	800	$800	$1.00	1d	1	0.66mi
3614 Columbus Ave Anderson, IN	1.0	1.0	553	$725	$1.31	14d	1	0.73mi
4325 S Madison Ave Anderson, IN	1.0–3.0	1.0–1.5	995	$1,112	$1.12	1d	6	0.82mi
328 E 31st St Anderson, IN	1.0	1.0	600	$750	$1.25	43d	1	0.82mi
3000 Fletcher St Unit 3000 Anderson, IN	2.0	1.0	800	$650	$0.81	43d	1	0.87mi
3006 Noble St Anderson, IN	2.0	1.0	1064	$995	$0.94	7d	1	0.93mi
2904 Lincoln St Anderson, IN	2.0	1.0	864	$900	$1.04	43d	1	0.96mi
2820 Fairview St Unit A Anderson, IN	2.0	1.0	850	$895	$1.05	43d	1	1.04mi
417 E 55th St Anderson, IN	2.0	1.0	724	$1,100	$1.52	21d	1	1.05mi
2625 Main St Anderson, IN	2.0	1.0	988	$895	$0.91	23d	1	1.07mi
3009 E Lynn St Unit 1 Anderson, IN	3.0	1.0	1000	$875	$0.88	20d	1	1.07mi
2627 Chase St Anderson, IN	3.0	1.0	1050	$850	$0.81	17d	1	1.09mi
1501 E 31st St Anderson, IN	2.0	1.0	840	$1,199	$1.43	20d	1	1.23mi
2442 Morton St Anderson, IN	2.0	1.0	862	$1,125	$1.31	23d	1	1.25mi
1232 E 28th St Anderson, IN	2.0	2.0	795	$950	$1.19	43d	1	1.29mi
2324 Chase St Anderson, IN	2.0	1.0	783	$950	$1.21	43d	1	1.32mi
5514 Arbor Dr Anderson, IN	1.0–2.0	1.0	723	$830	$1.15	11d	3	1.38mi
2411 Hendricks St Anderson, IN	3.0	1.0	860	$1,000	$1.16	23d	1	1.39mi
702 E 23rd St Anderson, IN	1.0	1.0	560	$595	$1.06	14d	1	1.42mi
2301 Sheridan St Anderson, IN	2.0	1.0	900	$950	$1.06	43d	1	1.43mi
702 W 23rd St Anderson, IN	1.0	1.0	560	$595	$1.06	4d	1	1.45mi
2111 Central Ave Anderson, IN	3.0	1.0	1026	$1,250	$1.22	43d	1	1.46mi
618 W 22nd St Anderson, IN	3.0	1.0	900	$1,250	$1.39	43d	1	1.50mi

Listing history 30 events

1. 2026-06-18
   days on market $76,900 Active 140 DOM
2. 2026-06-17
   price $76,900 Active 139 DOM
3. 2026-06-17
   days on market $77,900 Active 139 DOM
4. 2026-06-16
   days on market $77,900 Active 138 DOM
5. 2026-06-15
   days on market $77,900 Active 137 DOM
6. 2026-06-13
   days on market $77,900 Active 135 DOM
7. 2026-06-09
   days on market $77,900 Active 131 DOM
8. 2026-06-08
   days on market $77,900 Active 130 DOM
9. 2026-06-07
   pricedays on market $77,900 Active 129 DOM
10. 2026-06-05
    days on market $78,900 Active 126 DOM
11. 2026-06-03
    days on market $78,900 Active 125 DOM
12. 2026-06-02
    days on market $78,900 Active 124 DOM
13. 2026-06-01
    days on market $78,900 Active 123 DOM
14. 2026-05-31
    days on market $78,900 Active 122 DOM
15. 2026-05-08
    price $79,900 474-char remark

    Show marketing remark (474 chars)

    This two-bedroom, one-bath home offers plenty of potential and a functional layout. Inside, you'll find a spacious living room and a generously sized kitchen, providing a great foundation for customization. The property also includes a one-car detached garage for added storage or parking + Large backyard! Conveniently located in town near shopping, dining, and everyday amenities, this home is an excellent opportunity for investors or buyers looking to make it their own.

16. 2026-04-24
    price $81,400 474-char remark

    Show marketing remark (474 chars)

    This two-bedroom, one-bath home offers plenty of potential and a functional layout. Inside, you'll find a spacious living room and a generously sized kitchen, providing a great foundation for customization. The property also includes a one-car detached garage for added storage or parking + Large backyard! Conveniently located in town near shopping, dining, and everyday amenities, this home is an excellent opportunity for investors or buyers looking to make it their own.

17. 2026-04-09
    price $82,400 474-char remark

    Show marketing remark (474 chars)

    This two-bedroom, one-bath home offers plenty of potential and a functional layout. Inside, you'll find a spacious living room and a generously sized kitchen, providing a great foundation for customization. The property also includes a one-car detached garage for added storage or parking + Large backyard! Conveniently located in town near shopping, dining, and everyday amenities, this home is an excellent opportunity for investors or buyers looking to make it their own.

18. 2026-03-23
    price $83,400 474-char remark

    Show marketing remark (474 chars)

    This two-bedroom, one-bath home offers plenty of potential and a functional layout. Inside, you'll find a spacious living room and a generously sized kitchen, providing a great foundation for customization. The property also includes a one-car detached garage for added storage or parking + Large backyard! Conveniently located in town near shopping, dining, and everyday amenities, this home is an excellent opportunity for investors or buyers looking to make it their own.

19. 2026-03-12
    price $83,900 474-char remark

    Show marketing remark (474 chars)

    This two-bedroom, one-bath home offers plenty of potential and a functional layout. Inside, you'll find a spacious living room and a generously sized kitchen, providing a great foundation for customization. The property also includes a one-car detached garage for added storage or parking + Large backyard! Conveniently located in town near shopping, dining, and everyday amenities, this home is an excellent opportunity for investors or buyers looking to make it their own.

20. 2026-01-29
    listed $84,900 Active 474-char remark

    Show marketing remark (474 chars)

    This two-bedroom, one-bath home offers plenty of potential and a functional layout. Inside, you'll find a spacious living room and a generously sized kitchen, providing a great foundation for customization. The property also includes a one-car detached garage for added storage or parking + Large backyard! Conveniently located in town near shopping, dining, and everyday amenities, this home is an excellent opportunity for investors or buyers looking to make it their own.

21. 2014-09-22
    soldstatus $7,390,000 202-char remark

    Show marketing remark (202 chars)

    268 single family homes located in the heart of Anderson. Management is available with the homes. This is a turnkey operation. Call for more information. 99% occupancy. No seller financing is available.

22. 2014-04-01
    listed $9,800,000 202-char remark

    Show marketing remark (202 chars)

    268 single family homes located in the heart of Anderson. Management is available with the homes. This is a turnkey operation. Call for more information. 99% occupancy. No seller financing is available.

23. 2007-07-19
    soldstatus $22,900
24. 2007-06-08
    listed $24,900
25. 2006-02-04
    historical
26. 2005-08-05
    listed $69,900
27. 2005-06-15
    historical
28. 2004-12-23
    listed $72,000
29. 2004-06-19
    historical
30. 2004-01-08
    listed $71,900

ⓘ 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: $927 · $77/mo
• Projected year-2 tax: $927 · $77/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: $11,758
• − Mortgage interest: −$4,308
• − Property taxes: −$927
• − Insurance: −$384
• − Repairs & maintenance: −$941
• − Management: −$941
• − Depreciation: −$2,237
• Taxable income: $2,021
• Est. tax owed @ 24.0%: −$485
• After-tax cash flow: $2,653/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): 19,073
• Household income: $49,310
• Rent vs Own: 34.8% rent · 65.2% own
• Severe rent burden: 612.0

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 (83%)
• Race & ethnicity: White 83% Two or more races 8% Black 7% Hispanic / Latino 3%
• Common ancestry: Lithuanian 2% Slovak 2% Italian 1%
• Foreign-born: 0% · Canada
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -86.70%
• Current HPI: 235.7485
• Rent YoY: —
• 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

+11.1% since first listed

16 events — show timeline

• 2026-05-08 Price Changed $79,900 MIBOR as Distributed by MLS Grid
• 2026-04-24 Price Changed $81,400 MIBOR as Distributed by MLS Grid
• 2026-04-09 Price Changed $82,400 MIBOR as Distributed by MLS Grid
• 2026-03-23 Price Changed $83,400 MIBOR as Distributed by MLS Grid
• 2026-03-12 Price Changed $83,900 MIBOR as Distributed by MLS Grid
• 2026-01-29 Listed $84,900 MIBOR as Distributed by MLS Grid
• 2014-09-22 Sold (MLS) $7,390,000 IRMLS
• 2014-04-01 Listed $9,800,000 IRMLS
• 2007-07-19 Sold (MLS) $22,900 MIBOR as Distributed by MLS Grid
• 2007-06-08 Listed $24,900 MIBOR as Distributed by MLS Grid
• 2006-02-04 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-08-05 Listed $69,900 MIBOR as Distributed by MLS Grid
• 2005-06-15 Listing Removed — MIBOR as Distributed by MLS Grid
• 2004-12-23 Listed $72,000 MIBOR as Distributed by MLS Grid
• 2004-06-19 Listing Removed — MIBOR as Distributed by MLS Grid
• 2004-01-08 Listed $71,900 MIBOR as Distributed by MLS Grid

Property tax history

+1.7%/yr

Latest (2024): $927 · +2.5% YoY. Source: county tax records.