5405 Emerson Way · Anderson, IN 46017

$225,000

2 bd · 1.5 ba · 1,384 sqft · SingleFamily public records · 119 Days on market

Built 1974 0.34 ac lot $163/sqft · 8% below area Est $243k · 8% under ↓ 10% 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).

• ARV discount +10.9/15.0
• Appreciation +7.3/10.0
• Cash flow +7.2/30.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• DSCR +1.4/10.0
• 1% rule +1.0/10.0

Listing remarks MLS

Nestled at 5405 Emerson WAY in ANDERSON, IN, USA, an inviting TOTALLY RENOVATED home stands ready for immediate enjoyment. The heart of the home, a spacious Living Room, invites moments of serene relaxation around its charming fireplace, promising cozy evenings and warm gatherings. Culinary aspirations find a delightful setting within the Kitchen, where a practical kitchen peninsula provides an ideal surface for meal preparation and casual enjoyment. A private sanctuary awaits in one of the comfortable Bedrooms, complete with an ensuite bathroom offering a dedicated space for personal refreshment. Within this private bath, a convenient walk-in shower provides ease and comfort for daily routines. This single family residence, built in 1974, offers a comfortable 1384 square feet of living area, all thoughtfully arranged on a single story for effortless navigation. The expansive 15000 square feet lot provides abundant outdoor possibilities. With three bedrooms and two full bathrooms, the residence accommodates a variety of arrangements. Imagine a life of ease and comfort in this delightful residence.

Key facts

• Private sanctuary
• Totally renovated
• Charming fireplace

Tags

• TOTALLY RENOVATED
• SPACIOUS LIVING ROOM
• CHARMING FIREPLACE
• KITCHEN PENINSULA
• PRIVATE SANCTUARY
• ENSUITE BATHROOM

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $-312 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $170k (24.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $135k (40.1% below list).
• Recommended offer: $135k (40.1% below list) — sets the bar for 1% rule.
• Cap rate 4.6% vs local median 6.5% in Anderson — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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: 29 active listings in the ZIP; 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $12k of equity ($2k loan paydown + $10k appreciation (4.6% local appreciation)).
• Madison County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 4, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 119 days — a 9% lower offer ($205k) is reasonable based on typical stale-listing flexibility.

Recommended offer $134,719 (40.1% 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 119 days. Have you received any prior offers? Is the seller open to a 40% concession, seller financing, or rate buy-down credit?
3. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 0.60% ✗
• Cap rate: 4.63%
• Cash-on-cash: -5.95%
• DSCR: 0.74
• GRM: 13.9

CMA / ARV

• ARV (median comp): $243,294
• List price: $225,000
• Delta: -7.52%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2231 Mindy Ct	0.27mi	3/2.0 (+1)	1,336 (-4%)	10mo	$182,500	$137	66
1430 S 300 E	0.73mi	2/2.5	1,344 (-3%)	1mo	$245,000	$182	56
5312 Larita Ln	0.23mi	3/2.5 (+1)	1,521 (+10%)	11mo	$292,500	$192	55
2100 Kitchen Dr	0.29mi	3/3.0 (+1)	1,515 (+10%)	6mo	$185,000	$122	54
1401 Douglas Ln	0.74mi	3/2.0 (+1)	1,403 (+1%)	19mo	$103,000	$73	40
607 S 300 E	0.69mi	2/1.0	1,504 (+9%)	23mo	$165,000	$110	32
301 Olive St	0.70mi	3/1.5 (+1)	1,242 (-10%)	19mo	$124,000	$100	29

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

4.62% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 6.8%
• Equity multiple: 1.43×
• Total profit: $27,023
• Equity at exit: $122,338

10-year hold

• IRR: 9.0%
• Equity multiple: 2.61×
• Total profit: $101,158
• Equity at exit: $206,985

Cash invested: $63,000 (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 46017

• Home prices YoY: 1.5%
• Active inventory: 29
• Price-to-rent: 13.9×

Monthly cashflow live

• Estimated rent: $1,347 medium
• Mortgage (P&I): −$1,180
• Tax from tax record: −$103 /mo · $1,235/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$283
• Net cashflow: $-312

Break-even live

Break-even rent $1,743

Max offer price $169,831

Occupancy floor —

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-05
   statusdays on market $225,000 Pending 119 DOM
2. 2026-06-03
   days on market $225,000 Active 118 DOM
3. 2026-06-02
   days on market $225,000 Active 117 DOM
4. 2026-06-01
   days on market $225,000 Active 116 DOM
5. 2026-05-31
   days on market $225,000 Active 115 DOM
6. 2026-05-19
   price $225,000 1117-char remark

   Show marketing remark (1117 chars)

   Nestled at 5405 Emerson WAY in ANDERSON, IN, USA, an inviting TOTALLY RENOVATED home stands ready for immediate enjoyment. The heart of the home, a spacious Living Room, invites moments of serene relaxation around its charming fireplace, promising cozy evenings and warm gatherings. Culinary aspirations find a delightful setting within the Kitchen, where a practical kitchen peninsula provides an ideal surface for meal preparation and casual enjoyment. A private sanctuary awaits in one of the comfortable Bedrooms, complete with an ensuite bathroom offering a dedicated space for personal refreshment. Within this private bath, a convenient walk-in shower provides ease and comfort for daily routines. This single family residence, built in 1974, offers a comfortable 1384 square feet of living area, all thoughtfully arranged on a single story for effortless navigation. The expansive 15000 square feet lot provides abundant outdoor possibilities. With three bedrooms and two full bathrooms, the residence accommodates a variety of arrangements. Imagine a life of ease and comfort in this delightful residence.

7. 2026-05-14
   price $235,000 1117-char remark

   Show marketing remark (1117 chars)

   Nestled at 5405 Emerson WAY in ANDERSON, IN, USA, an inviting TOTALLY RENOVATED home stands ready for immediate enjoyment. The heart of the home, a spacious Living Room, invites moments of serene relaxation around its charming fireplace, promising cozy evenings and warm gatherings. Culinary aspirations find a delightful setting within the Kitchen, where a practical kitchen peninsula provides an ideal surface for meal preparation and casual enjoyment. A private sanctuary awaits in one of the comfortable Bedrooms, complete with an ensuite bathroom offering a dedicated space for personal refreshment. Within this private bath, a convenient walk-in shower provides ease and comfort for daily routines. This single family residence, built in 1974, offers a comfortable 1384 square feet of living area, all thoughtfully arranged on a single story for effortless navigation. The expansive 15000 square feet lot provides abundant outdoor possibilities. With three bedrooms and two full bathrooms, the residence accommodates a variety of arrangements. Imagine a life of ease and comfort in this delightful residence.

8. 2026-05-06
   price $240,000 1117-char remark

   Show marketing remark (1117 chars)

   Nestled at 5405 Emerson WAY in ANDERSON, IN, USA, an inviting TOTALLY RENOVATED home stands ready for immediate enjoyment. The heart of the home, a spacious Living Room, invites moments of serene relaxation around its charming fireplace, promising cozy evenings and warm gatherings. Culinary aspirations find a delightful setting within the Kitchen, where a practical kitchen peninsula provides an ideal surface for meal preparation and casual enjoyment. A private sanctuary awaits in one of the comfortable Bedrooms, complete with an ensuite bathroom offering a dedicated space for personal refreshment. Within this private bath, a convenient walk-in shower provides ease and comfort for daily routines. This single family residence, built in 1974, offers a comfortable 1384 square feet of living area, all thoughtfully arranged on a single story for effortless navigation. The expansive 15000 square feet lot provides abundant outdoor possibilities. With three bedrooms and two full bathrooms, the residence accommodates a variety of arrangements. Imagine a life of ease and comfort in this delightful residence.

9. 2026-04-21
   price $245,000 1117-char remark

   Show marketing remark (1117 chars)

   Nestled at 5405 Emerson WAY in ANDERSON, IN, USA, an inviting TOTALLY RENOVATED home stands ready for immediate enjoyment. The heart of the home, a spacious Living Room, invites moments of serene relaxation around its charming fireplace, promising cozy evenings and warm gatherings. Culinary aspirations find a delightful setting within the Kitchen, where a practical kitchen peninsula provides an ideal surface for meal preparation and casual enjoyment. A private sanctuary awaits in one of the comfortable Bedrooms, complete with an ensuite bathroom offering a dedicated space for personal refreshment. Within this private bath, a convenient walk-in shower provides ease and comfort for daily routines. This single family residence, built in 1974, offers a comfortable 1384 square feet of living area, all thoughtfully arranged on a single story for effortless navigation. The expansive 15000 square feet lot provides abundant outdoor possibilities. With three bedrooms and two full bathrooms, the residence accommodates a variety of arrangements. Imagine a life of ease and comfort in this delightful residence.

10. 2026-02-04
    listed $250,000 Active 1117-char remark

    Show marketing remark (1117 chars)

    Nestled at 5405 Emerson WAY in ANDERSON, IN, USA, an inviting TOTALLY RENOVATED home stands ready for immediate enjoyment. The heart of the home, a spacious Living Room, invites moments of serene relaxation around its charming fireplace, promising cozy evenings and warm gatherings. Culinary aspirations find a delightful setting within the Kitchen, where a practical kitchen peninsula provides an ideal surface for meal preparation and casual enjoyment. A private sanctuary awaits in one of the comfortable Bedrooms, complete with an ensuite bathroom offering a dedicated space for personal refreshment. Within this private bath, a convenient walk-in shower provides ease and comfort for daily routines. This single family residence, built in 1974, offers a comfortable 1384 square feet of living area, all thoughtfully arranged on a single story for effortless navigation. The expansive 15000 square feet lot provides abundant outdoor possibilities. With three bedrooms and two full bathrooms, the residence accommodates a variety of arrangements. Imagine a life of ease and comfort in this delightful residence.

ⓘ 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: $1,235 · $103/mo
• Projected year-2 tax: $1,574 · $131/mo
• Expected delta: +$339/yr (+$28/mo · 27.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,166
• − Mortgage interest: −$12,603
• − Property taxes: −$1,235
• − Insurance: −$1,125
• − Repairs & maintenance: −$1,293
• − Management: −$1,293
• − Depreciation: −$6,545
• Taxable loss: −$7,929
• Est. tax savings @ 24.0%: +$1,903
• After-tax cash flow: $-1,845/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

• City population: 57,762
• Population (ZIP): 5,421

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 (86%)
• Race & ethnicity: White 86% Two or more races 7% Hispanic / Latino 6% Asian 1% Black 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Slovak 2% Italian 2% Lithuanian 1%
• Foreign-born: 2% · China, Canada, Vietnam
• Languages at home: 97% English-only · Spanish 2% Other Asian/Pacific 1%

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: ▲ 4.62%
• Current HPI: 315.61
• 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

-10.0% since first listed

5 events — show timeline

• 2026-05-19 Price Changed $225,000 MIBOR as Distributed by MLS Grid
• 2026-05-14 Price Changed $235,000 MIBOR as Distributed by MLS Grid
• 2026-05-06 Price Changed $240,000 MIBOR as Distributed by MLS Grid
• 2026-04-21 Price Changed $245,000 MIBOR as Distributed by MLS Grid
• 2026-02-04 Listed $250,000 MIBOR as Distributed by MLS Grid

Property tax history

+5.7%/yr

Latest (2024): $1,235 · +8.3% YoY. Source: county tax records.