321 S Madison Ave · Anderson, IN 46016

$49,999

2 bd · 1.0 ba · 1,379 sqft · SingleFamily public records · 234 Days on market

Built 1904 1,728 sqft lot $36/sqft · 25% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.5/5.0
• 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 in Anderson! This property at 321 Madison Ave offers strong potential for renovation or full rehab. Ideal for investors seeking to add value and build equity through updates. The home requires interior and exterior renovation, but once restored, it could serve as a profitable flip or long-term rental. Conveniently located near amenities, schools, and major routes. Sold as-is-seller will make no repairs. Use caution when showing.

Key facts

• 1,728 sq ft lot
• Built 1904
• Listed 234 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $491 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $44k (12.0% below list) — sets the bar for market timing.
• Cap rate 18.1% 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: Rents rising fast (+7.9%/yr); 185 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).
• This rent runs 36% of the median local income ($36k/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 $345 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 + 7.9% rent growth), your $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 234 days — a 12% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 23y ago; this cycle's ask has dropped $6k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $28k; list at $50k implies a 79% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1904 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $43,999 (12.0% below list)

Questions for the listing agent

1. It's been on market 234 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 1904 — 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: 2.18% ✓
• Cap rate: 18.07%
• Cash-on-cash: 42.05%
• DSCR: 2.87
• GRM: 3.8

CMA / ARV

• ARV (median comp): $100,471
• List price: $49,999
• Delta: -50.24%
• 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
1425 W 3rd St	0.30mi	2/1.0	1,375 (-0%)	5mo	$114,000	$83	82
1107 W 3rd St	0.07mi	3/2.0 (+1)	1,456 (+6%)	2mo	$155,000	$106	77
912 W 1st St	0.19mi	2/1.0	1,554 (+13%)	4mo	$108,000	$69	67
1209 Nichol Ave	0.60mi	2/1.0	1,428 (+4%)	2mo	$23,750	$17	64
1507 W 5th St	0.34mi	2/1.0	1,344 (-2%)	20mo	$60,000	$45	64
904 W 6th St	0.17mi	3/1.0 (+1)	1,556 (+13%)	6mo	$102,000	$66	61
1644 W 7th St	0.53mi	3/1.0 (+1)	1,351 (-2%)	10mo	$38,000	$28	59
711 Madison Ave	0.25mi	3/2.0 (+1)	1,506 (+9%)	7mo	$135,000	$90	58
410 W 10th St	0.55mi	2/2.0	1,350 (-2%)	14mo	$100,000	$74	55
827 W 9th St	0.39mi	2/2.0	1,221 (-12%)	8mo	$50,000	$41	52
1310 W 13th St	0.66mi	2/1.0	1,178 (-15%)	1mo	$62,000	$53	44
1621 W 7th St	0.48mi	3/1.0 (+1)	1,575 (+14%)	21mo	$85,900	$55	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 · 7.88% rent growth · sell at horizon

5-year hold

• IRR: 44.3%
• Equity multiple: 3.06×
• Total profit: $28,779
• Equity at exit: $7,455

10-year hold

• IRR: 52.5%
• Equity multiple: 7.49×
• Total profit: $90,857
• Equity at exit: $4,323

Cash invested: $14,000 (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: 185
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $1,088 high
• Mortgage (P&I): −$262
• Tax from tax record: −$86 /mo · $1,027/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$228
• Net cashflow: $491

Break-even live

Break-even rent $467

Max offer price $49,999

Occupancy floor 50%

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1010 W 2nd St Unit 2 Anderson, IN	2.0	1.0	875	$1,025	$1.17	22d	1	0.13mi
1010 W 2nd St Unit 3 Anderson, IN	3.0	1.0	1025	$1,125	$1.10	14d	1	0.13mi
1212 W 5th St Anderson, IN	3.0	1.0	1252	$1,295	$1.03	12d	1	0.16mi
820 W 7th St Apt A Anderson, IN	2.0	2.0	1400	$1,200	$0.86	23d	1	0.24mi
510 W 5th St Anderson, IN	3.0	1.5	1617	$995	$0.62	44d	1	0.30mi
506 W 2nd St Anderson, IN	3.0	1.0	964	$1,095	$1.14	23d	1	0.35mi
921 W 9th St Anderson, IN	3.0	2.0	1611	$1,375	$0.85	23d	1	0.36mi
1529 W 2nd St Anderson, IN	3.0	1.0	884	$1,200	$1.36	23d	1	0.38mi
1631 W 7th St Anderson, IN	3.0	1.0	900	$1,000	$1.11	44d	1	0.50mi
1222 Nichol Ave Unit 4 Anderson, IN	3.0	1.0	1000	$1,135	$1.14	7d	1	0.57mi
1310 W 13th St Anderson, IN	2.0	1.0	1178	$895	$0.76	2d	1	0.65mi
120 W 10th St Anderson, IN	1.0–3.0	1.0	1066	$1,025	$0.96	2d	1	0.67mi
1502 Cedar St Anderson, IN	2.0	1.0	1104	$850	$0.77	44d	1	0.77mi
1136 Irving Way Anderson, IN	2.0	1.0	900	$895	$0.99	22d	1	0.85mi
1616 W 16th St Anderson, IN	2.0	1.0	1038	$1,050	$1.01	44d	1	0.92mi
219 E 13th St Anderson, IN	3.0	1.0	882	$1,000	$1.13	4d	1	1.04mi
1404 Walton St Anderson, IN	3.0	1.0	1090	$995	$0.91	44d	1	1.07mi
229 W 19th St Anderson, IN	3.0	1.0	1200	$1,000	$0.83	44d	1	1.11mi
1532 Walton St Anderson, IN	3.0	1.0	1342	$1,100	$0.82	44d	1	1.14mi
706 University Blvd Anderson, IN	2.0	1.0	1250	$1,050	$0.84	2d	1	1.18mi
618 W 22nd St Anderson, IN	3.0	1.0	900	$1,250	$1.39	44d	1	1.22mi
521 W Vinyard St Anderson, IN	3.0	2.0	1712	$1,495	$0.87	16d	1	1.26mi
2233 Fairview St Anderson, IN	3.0	1.5	1452	$1,195	$0.82	23d	1	1.29mi
1321 Lafayette Ct Anderson, IN	3.0	1.5	962	$1,350	$1.40	10d	1	1.30mi
2301 Sheridan St Anderson, IN	2.0	1.0	900	$950	$1.06	44d	1	1.30mi
1726-1728 Walnut St Anderson, IN	2.0	2.0	900	$995	$1.11	2d	1	1.38mi
1023 E 8th St Unit 3 Anderson, IN	2.0	1.5	1200	$1,175	$0.98	7d	1	1.40mi
2111 Central Ave Anderson, IN	3.0	1.0	1026	$1,250	$1.22	44d	1	1.41mi
1724 Greenwood Dr Anderson, IN	3.0	1.5	950	$1,025	$1.08	44d	1	1.49mi

Listing history 21 events

1. 2026-06-18
   days on market $49,999 Active 234 DOM
2. 2026-06-17
   days on market $49,999 Active 233 DOM
3. 2026-06-16
   days on market $49,999 Active 232 DOM
4. 2026-06-15
   days on market $49,999 Active 231 DOM
5. 2026-06-13
   days on market $49,999 Active 229 DOM
6. 2026-06-09
   days on market $49,999 Active 225 DOM
7. 2026-06-08
   days on market $49,999 Active 224 DOM
8. 2026-06-07
   days on market $49,999 Active 223 DOM
9. 2026-06-05
   days on market $49,999 Active 220 DOM
10. 2026-06-03
    days on market $49,999 Active 219 DOM
11. 2026-06-02
    days on market $49,999 Active 218 DOM
12. 2026-06-01
    days on market $49,999 Active 217 DOM
13. 2026-05-31
    days on market $49,999 Active 216 DOM
14. 2026-03-09
    price $49,999 465-char remark

    Show marketing remark (465 chars)

    Excellent investment opportunity in Anderson! This property at 321 Madison Ave offers strong potential for renovation or full rehab. Ideal for investors seeking to add value and build equity through updates. The home requires interior and exterior renovation, but once restored, it could serve as a profitable flip or long-term rental. Conveniently located near amenities, schools, and major routes. Sold as-is-seller will make no repairs. Use caution when showing.

15. 2025-10-27
    listed $56,000 Active 465-char remark

    Show marketing remark (465 chars)

    Excellent investment opportunity in Anderson! This property at 321 Madison Ave offers strong potential for renovation or full rehab. Ideal for investors seeking to add value and build equity through updates. The home requires interior and exterior renovation, but once restored, it could serve as a profitable flip or long-term rental. Conveniently located near amenities, schools, and major routes. Sold as-is-seller will make no repairs. Use caution when showing.

16. 2006-05-15
    soldstatus $28,000 336-char remark

    Show marketing remark (336 chars)

    Sold as is. Absolutely beautiful home with new laminant hardwood flooring throughout; fresh paint; most everything is new. Must see! The basement has a bonus room that would be perfect for a pool table and it even ha s a fireplace in the bonus room! The masterbedroom could be used as a den if you only need two bedrooms. Must see!

17. 2006-01-06
    listed $33,900 336-char remark

    Show marketing remark (336 chars)

    Sold as is. Absolutely beautiful home with new laminant hardwood flooring throughout; fresh paint; most everything is new. Must see! The basement has a bonus room that would be perfect for a pool table and it even ha s a fireplace in the bonus room! The masterbedroom could be used as a den if you only need two bedrooms. Must see!

18. 2004-05-19
    historical
19. 2003-12-12
    listed $7,500
20. 2003-11-21
    historical
21. 2003-07-08
    listed $12,600

ⓘ 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: $1,027 · $86/mo
• Projected year-2 tax: $1,027 · $86/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
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,051
• − Mortgage interest: −$2,801
• − Property taxes: −$1,027
• − Insurance: −$250
• − Repairs & maintenance: −$1,044
• − Management: −$1,044
• − Depreciation: −$1,455
• Taxable income: $5,431
• Est. tax owed @ 24.0%: −$1,303
• After-tax cash flow: $4,584/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

+296.8% since first listed

8 events — show timeline

• 2026-03-09 Price Changed $49,999 MIBOR as Distributed by MLS Grid
• 2025-10-27 Listed $56,000 MIBOR as Distributed by MLS Grid
• 2006-05-15 Sold (MLS) $28,000 MIBOR as Distributed by MLS Grid
• 2006-01-06 Listed $33,900 MIBOR as Distributed by MLS Grid
• 2004-05-19 Listing Removed — MIBOR as Distributed by MLS Grid
• 2003-12-12 Listed $7,500 MIBOR as Distributed by MLS Grid
• 2003-11-21 Listing Removed — MIBOR as Distributed by MLS Grid
• 2003-07-08 Listed $12,600 MIBOR as Distributed by MLS Grid

Property tax history

-1.9%/yr

Latest (2024): $1,027 · +8.8% YoY. Source: county tax records.