2207 Fletcher St · Anderson, IN 46016

$135,000

5 bd · 2.0 ba · 2,308 sqft · SingleFamily public records · 43 Days on market

Built 1889 2,877 sqft lot $58/sqft · 39% above area Est $147k · 8% under

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Why this score? — see what drove the C+ 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 +24.8/30.0
• ARV discount +11.1/15.0
• DSCR +8.0/10.0
• 1% rule +5.5/10.0
• 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

An enduring residence awaits at 2207 Fletcher ST in ANDERSON, IN, USA. This inviting single family residence perfect for investors or a family who wants to create its own canvas, offering a distinctive living experience. Within its 2875 square feet of living area, this dwelling thoughtfully provides eleven bedrooms, each presenting a personal retreat for quiet contemplation or creative pursuits. These numerous individual spaces offer unparalleled versatility for arranging distinct zones throughout the home. Complementing these private accommodations are two full bathrooms, ensuring essential convenience and comfort for daily routines. The expansive interior encompasses a substantial 2875 square feet of living area, distributed across two stories, providing generous dimensions for various activities. Constructed in 1889, the property retains an enduring character, reflecting a heritage of craftsmanship and foundational strength. The property rests upon an efficiently proportioned lot, measuring 2877 square feet, offering manageable outdoor spaces. A charming porch extends an inviting welcome, providing a delightful setting for moments of repose and enjoyment of the surroundings. This single family residence offers a unique opportunity for expansive living within a distinguished setting.

Key facts

• Enduring character
• Expansive living
• 2,877 sq ft lot

Tags

• MANAGEABLE OUTDOOR SPACES
• ENDURING CHARACTER
• HERITAGE OF CRAFTSMANSHIP
• EXPANSIVE LIVING

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $285 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $135k).
• Recommended offer: $131k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.8% 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; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).
• At $1,413/mo this rent would consume 47% 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 $933 of loan paydown is wiped out by about $4k 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 $38k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 17y 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 $30k; list at $135k implies a 350% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1889 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $130,950 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1889 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.05% ✓
• Cap rate: 8.83%
• Cash-on-cash: 9.06%
• DSCR: 1.40
• GRM: 8.0

CMA / ARV

• ARV (median comp): $146,647
• List price: $135,000
• Delta: -7.94%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2312 Fletcher St	0.08mi	5/2.5	2,518 (+9%)	10mo	$180,000	$71	70
2907 Columbus Ave	0.66mi	4/2.0 (-1)	2,343 (+2%)	2mo	$50,000	$21	60
1620 Main St	0.39mi	4/2.0 (-1)	2,220 (-4%)	20mo	$139,900	$63	54
2015 Morton St	0.56mi	4/1.0 (-1)	2,400 (+4%)	15mo	$100,000	$42	45
204 W 13th St	0.72mi	4/2.0 (-1)	2,251 (-2%)	21mo	$192,000	$85	40
411 E 15th St	0.48mi	4/1.0 (-1)	2,636 (+14%)	21mo	$35,000	$13	27

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: 2.3%
• Equity multiple: 1.09×
• Total profit: $3,533
• Equity at exit: $20,129

10-year hold

• IRR: 15.9%
• Equity multiple: 2.57×
• Total profit: $59,352
• Equity at exit: $11,672

Cash invested: $37,800 (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: 8.0×

Monthly cashflow live

• Estimated rent: $1,413 medium
• Mortgage (P&I): −$708
• Tax from tax record: −$67 /mo · $799/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$297
• Net cashflow: $285

Break-even live

Break-even rent $1,052

Max offer price $135,000

Occupancy floor 75%

Sensitivity live

Price	-10% $362	-5% $324	+0% $285	+5% $247	+10% $209
Rent	-10% $174	-5% $230	+0% $285	+5% $341	+10% $397
Rate	-1.0pp $353	-0.5pp $320	base $285	+0.5pp $250	+1.0pp $215

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
621 S Madison Ave Anderson, IN	6.0	2.0	1961	$1,375	$0.70	17d	1	1.35mi

Listing history 8 events

1. 2026-06-03
   status $135,000 Pending 43 DOM
2. 2026-06-02
   days on market $135,000 Active 43 DOM
3. 2026-06-01
   days on market $135,000 Active 42 DOM
4. 2026-05-31
   days on market $135,000 Active 41 DOM
5. 2026-04-15
   listed $135,000 Active 1310-char remark

   Show marketing remark (1310 chars)

   An enduring residence awaits at 2207 Fletcher ST in ANDERSON, IN, USA. This inviting single family residence perfect for investors or a family who wants to create its own canvas, offering a distinctive living experience. Within its 2875 square feet of living area, this dwelling thoughtfully provides eleven bedrooms, each presenting a personal retreat for quiet contemplation or creative pursuits. These numerous individual spaces offer unparalleled versatility for arranging distinct zones throughout the home. Complementing these private accommodations are two full bathrooms, ensuring essential convenience and comfort for daily routines. The expansive interior encompasses a substantial 2875 square feet of living area, distributed across two stories, providing generous dimensions for various activities. Constructed in 1889, the property retains an enduring character, reflecting a heritage of craftsmanship and foundational strength. The property rests upon an efficiently proportioned lot, measuring 2877 square feet, offering manageable outdoor spaces. A charming porch extends an inviting welcome, providing a delightful setting for moments of repose and enjoyment of the surroundings. This single family residence offers a unique opportunity for expansive living within a distinguished setting.

6. 2010-07-29
   historical 172-char remark

   Show marketing remark (172 chars)

   Fenced back yard; hardwood under carpets; cedar walk-in closet downstairs; walk-in closet upstairs; built in chine cabinet in DR; workshop in basement; cement patio in back

7. 2010-07-26
   soldstatus $30,000 172-char remark

   Show marketing remark (172 chars)

   Fenced back yard; hardwood under carpets; cedar walk-in closet downstairs; walk-in closet upstairs; built in chine cabinet in DR; workshop in basement; cement patio in back

8. 2009-02-16
   listed $34,900 172-char remark

   Show marketing remark (172 chars)

   Fenced back yard; hardwood under carpets; cedar walk-in closet downstairs; walk-in closet upstairs; built in chine cabinet in DR; workshop in basement; cement patio in back

ⓘ 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: $799 · $67/mo
• Projected year-2 tax: $973 · $81/mo
• Expected delta: +$174/yr (+$15/mo · 21.8%)

ⓘ 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: $16,954
• − Mortgage interest: −$7,562
• − Property taxes: −$799
• − Insurance: −$675
• − Repairs & maintenance: −$1,356
• − Management: −$1,356
• − Depreciation: −$3,927
• Taxable income: $1,278
• Est. tax owed @ 24.0%: −$307
• After-tax cash flow: $3,117/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

+286.8% since first listed

4 events — show timeline

• 2026-04-15 Listed $135,000 MIBOR as Distributed by MLS Grid
• 2010-07-29 Listing Removed — MIBOR as Distributed by MLS Grid
• 2010-07-26 Sold (MLS) $30,000 MIBOR as Distributed by MLS Grid
• 2009-02-16 Listed $34,900 MIBOR as Distributed by MLS Grid

Property tax history

-3.2%/yr

Latest (2024): $799 · +10.2% YoY. Source: county tax records.