2415 E 9th St · Anderson, IN 46012

$72,500

2 bd · 1.0 ba · 773 sqft · SingleFamily public records · 87 Days on market

Built 1950 4,680 sqft lot $94/sqft · 31% below area Est $105k · 31% 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 +8.5/10.0
• 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

Cute 2 bedroom bungalow on Anderson's east side. Freshly painted and new flooring throughout. New kitchen countertops and kitchen appliances. House would make a great starter home or an investment property.

Key facts

• New flooring
• Freshly painted
• 4,680 sq ft lot

Tags

• NEW KITCHEN COUNTERTOPS
• NEW KITCHEN APPLIANCES
• FRESHLY PAINTED
• NEW FLOORING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $72k.

Deal economics

• At list price, monthly cash flow is $246 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($979 rent vs $72k).
• Recommended offer: $68k (6.0% 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: Rents rising (+1.8%/yr); 159 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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 $501 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 $20k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 26y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $40k; list at $72k implies a 82% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $68,150 (6.0% below list)

Questions for the listing agent

1. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — 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: 1.35% ✓
• Cap rate: 10.36%
• Cash-on-cash: 14.54%
• DSCR: 1.65
• GRM: 6.2

CMA / ARV

• ARV (median comp): $105,381
• List price: $72,500
• Delta: -31.20%
• 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
2415 E 9th St	0.00mi	2/1.0	773 (0%)	0mo	$75,000	$97	100
830 Chester St	0.07mi	2/1.0	800 (+4%)	2mo	$130,000	$163	89
2524 E 5th St	0.33mi	2/1.0	780 (+1%)	2mo	$27,000	$35	82
2614 E 8th St	0.20mi	2/1.0	741 (-4%)	12mo	$98,900	$133	74
817 Alhambra Dr	0.38mi	2/1.0	792 (+2%)	9mo	$70,000	$88	71
2612 Fowler St	0.31mi	2/1.0	693 (-10%)	1mo	$117,900	$170	68
614 Harrison St	0.30mi	2/1.0	866 (+12%)	0mo	$145,000	$167	66
630 Chester St	0.16mi	2/1.0	882 (+14%)	6mo	$130,000	$147	64
2508 E 4th St	0.38mi	2/1.0	676 (-12%)	14mo	$89,900	$133	50
2317 E 3rd St	0.43mi	3/1.0 (+1)	888 (+15%)	2mo	$142,000	$160	48
2315 E 3rd St	0.43mi	2/1.0	888 (+15%)	10mo	$60,000	$68	47
1739 E 18th St	0.70mi	2/1.0	869 (+12%)	10mo	$30,000	$35	38

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: 3.6%
• Equity multiple: 1.14×
• Total profit: $2,803
• Equity at exit: $10,810

10-year hold

• IRR: 12.0%
• Equity multiple: 1.89×
• Total profit: $18,141
• Equity at exit: $6,268

Cash invested: $20,300 (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: 6.2×

Monthly cashflow live

• Estimated rent: $979 high
• Mortgage (P&I): −$380
• Tax from tax record: −$117 /mo · $1,400/yr
• Insurance: −$30
• HOA: −$0
• Vacancy / Maint / Mgmt: −$206
• Net cashflow: $246

Break-even live

Break-even rent $667

Max offer price $72,500

Occupancy floor 70%

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: $18,125
• Closing costs: $2,175
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2412 E 7th St Anderson, IN	2.0	1.0	600	$895	$1.49	2d	1	0.14mi
2505 E 10th St Anderson, IN	1.0–2.0	1.0	850	$949	$1.12	44d	2	0.14mi
530 Alhambra Dr Anderson, IN	1.0–2.0	1.0	879	$1,100	$1.25	44d	1	0.40mi
608 Ellenhurst Dr Anderson, IN	2.0	1.0	686	$1,100	$1.60	23d	1	0.40mi
1045 Alhambra Dr Unit 6 Anderson, IN	2.0	1.5	900	$975	$1.08	23d	1	0.41mi
1829 E 8th St Anderson, IN	1.0–3.0	1.0	810	$1,025	$1.27	23d	9	0.43mi
2625 Lindberg Rd Anderson, IN	1.0–2.0	1.0	756	$1,385	$1.83	44d	1	0.88mi
917 E 8th St Unit 2 Anderson, IN	2.0	1.0	550	$825	$1.50	7d	1	1.04mi
919 E 6th St Apt 2 Anderson, IN	1.0	1.0	700	$625	$0.89	23d	1	1.05mi
1719 Johnson Ave Anderson, IN	1.0	1.0	616	$824	$1.34	44d	1	1.06mi
915 High St Unit 915 1/2 Anderson, IN	1.0	1.0	600	$650	$1.08	44d	1	1.16mi
1411 Home Ave Anderson, IN	3.0	1.0	810	$1,295	$1.60	23d	1	1.29mi
1710 Jefferson St Apt 2 Anderson, IN	2.0	1.0	550	$950	$1.73	44d	1	1.31mi
2233 E Lynn St Anderson, IN	1.0	1.0	700	$695	$0.99	2d	1	1.32mi
414 Wheeler Ave Apt B Anderson, IN	1.0	1.0	600	$650	$1.08	44d	1	1.37mi
2002 Jefferson St Unit 3 Anderson, IN	1.0	2.0	725	$600	$0.83	44d	1	1.39mi
1726-1728 Walnut St Anderson, IN	2.0	2.0	900	$995	$1.11	2d	1	1.43mi
223 E 11th St Anderson, IN	2.0	1.0	800	$900	$1.12	44d	1	1.48mi

Listing history 4 events

1. 2026-03-26
   price $72,500 206-char remark

   Show marketing remark (206 chars)

   Cute 2 bedroom bungalow on Anderson's east side. Freshly painted and new flooring throughout. New kitchen countertops and kitchen appliances. House would make a great starter home or an investment property.

2. 2026-02-25
   listed $75,000 Active 206-char remark

   Show marketing remark (206 chars)

   Cute 2 bedroom bungalow on Anderson's east side. Freshly painted and new flooring throughout. New kitchen countertops and kitchen appliances. House would make a great starter home or an investment property.

3. 2000-05-31
   soldstatus $39,900 78-char remark

   Show marketing remark (78 chars)

   PC465 NEWER ROOF/FURNANCE/CENTRAL AIR/WATER HEATER. IMMEDIATE POSSESSION!!!!!!

4. 2000-03-27
   listed $41,500 78-char remark

   Show marketing remark (78 chars)

   PC465 NEWER ROOF/FURNANCE/CENTRAL AIR/WATER HEATER. IMMEDIATE POSSESSION!!!!!!

ⓘ 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: $1,400 · $117/mo
• Projected year-2 tax: $1,400 · $117/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 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,743
• − Mortgage interest: −$4,061
• − Property taxes: −$1,400
• − Insurance: −$362
• − Repairs & maintenance: −$939
• − Management: −$939
• − Depreciation: −$2,109
• Taxable income: $1,932
• Est. tax owed @ 24.0%: −$464
• After-tax cash flow: $2,489/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

+74.7% since first listed

4 events — show timeline

• 2026-03-26 Price Changed $72,500 MIBOR as Distributed by MLS Grid
• 2026-02-25 Listed $75,000 MIBOR as Distributed by MLS Grid
• 2000-05-31 Sold (MLS) $39,900 MIBOR as Distributed by MLS Grid
• 2000-03-27 Listed $41,500 MIBOR as Distributed by MLS Grid

Property tax history

+8.8%/yr

Latest (2024): $1,400 · +9.0% YoY. Source: county tax records.