2822 Apache Dr · Anderson, IN 46012

$96,900

2 bd · 1.0 ba · 840 sqft · SingleFamily public records · 62 Days on market

Built 1956 6,050 sqft lot $115/sqft · 26% below area Est $132k · 26% 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 +26.7/30.0
• ARV discount +15.0/15.0
• DSCR +9.2/10.0
• 1% rule +6.7/10.0
• 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

Opportunity awaits with this 3-bedroom, 1-bath home offering plenty of potential for both investors and owner-occupants alike. Inside, you'll find a spacious living room and a generously sized kitchen, providing a solid layout ready for your personal touch. The property also features a large 2-car detached garage and a fully fenced backyard, ideal for pets, outdoor entertaining, or extra privacy. With just minor cosmetic updates, this home could truly shine and be customized to fit your style. Conveniently located near restaurants, shopping, and just minutes from downtown Anderson and the east side, this is a great opportunity in a desirable location.

Key facts

• Conveniently located
• Spacious living room
• 6,050 sq ft lot

Tags

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

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $97k.

Deal economics

• At list price, monthly cash flow is $263 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $97k).
• Recommended offer: $91k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.5% vs local median 6.1% 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); 162 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 48% 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 $670 of loan paydown is wiped out by about $3k 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.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($91k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 21y 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 $62k; list at $97k implies a 56% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $91,086 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 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 1956 — 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: 1.17% ✓
• Cap rate: 9.55%
• Cash-on-cash: 11.63%
• DSCR: 1.52
• GRM: 7.1

CMA / ARV

• ARV (median comp): $131,605
• List price: $96,900
• Delta: -26.37%
• 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
2722 Dakota Dr	0.15mi	2/1.0	792 (-6%)	1mo	$137,000	$173	83
216 Seminole Dr	0.18mi	2/1.0	800 (-5%)	2mo	$141,000	$176	82
305 Mohawk St	0.33mi	2/1.0	840 (0%)	4mo	$119,500	$142	81
2829 Dakota Dr	0.03mi	2/1.0	792 (-6%)	11mo	$118,000	$149	80
2913 Dakota Dr	0.07mi	3/1.0 (+1)	916 (+9%)	1mo	$140,000	$153	76
2608 Shawnee Dr	0.34mi	3/1.0 (+1)	850 (+1%)	4mo	$110,000	$129	74
308 Mohawk St	0.30mi	2/1.0	792 (-6%)	12mo	$110,000	$139	66
2419 Crystal St	0.45mi	2/1.0	780 (-7%)	1mo	$51,500	$66	66
504 Iroquois Dr	0.19mi	3/1.0 (+1)	960 (+14%)	13mo	$150,000	$156	51
2125 State St	0.71mi	2/1.0	780 (-7%)	5mo	$130,000	$167	51
2417 Crystal St	0.46mi	2/2.0	925 (+10%)	12mo	$130,000	$141	48
2328 Lafayette St	0.69mi	2/1.0	720 (-14%)	1mo	$79,200	$110	43

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: -0.3%
• Equity multiple: 0.99×
• Total profit: $-290
• Equity at exit: $14,448

10-year hold

• IRR: 8.2%
• Equity multiple: 1.59×
• Total profit: $15,961
• Equity at exit: $8,378

Cash invested: $27,132 (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: 162
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,133 high
• Mortgage (P&I): −$508
• Tax from tax record: −$84 /mo · $1,004/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$238
• Net cashflow: $263

Break-even live

Break-even rent $800

Max offer price $96,900

Occupancy floor 72%

Sensitivity live

Price	-10% $318	-5% $290	+0% $263	+5% $236	+10% $208
Rent	-10% $173	-5% $218	+0% $263	+5% $308	+10% $352
Rate	-1.0pp $312	-0.5pp $288	base $263	+0.5pp $238	+1.0pp $212

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: $24,225
• Closing costs: $2,907
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
233 W School St Unit 233 Anderson, IN	1.0	1.0	600	$600	$1.00	0d	1	0.69mi
235 W School St Unit 235 Anderson, IN	3.0	1.0	925	$1,200	$1.30	45d	1	0.69mi
1705 Lake Shore Dr Unit 1705E Anderson, IN	1.0	1.0	758	$984	$1.30	25d	1	1.13mi
1705 Lake Shore Dr Unit 1705A Anderson, IN	2.0	2.0	912	$1,277	$1.40	45d	1	1.13mi
1705 Lake Shore Dr Unit 1705G Anderson, IN	2.0	2.0	912	$1,229	$1.35	19d	1	1.13mi
1807 Lake Shore Dr Unit 1807K Anderson, IN	2.0	2.0	912	$1,344	$1.47	45d	1	1.17mi
1812 N Cross Lakes Cir Unit 1812AN Anderson, IN	2.0	2.0	912	$1,229	$1.35	45d	1	1.19mi
1808 N Cross Lakes Cir Unit 1808HN Anderson, IN	2.0	2.0	944	$1,177	$1.25	4d	1	1.20mi
1716 N Cross Lakes Cir Unit 1716KN Anderson, IN	2.0	2.0	912	$1,274	$1.40	25d	1	1.21mi
1908 N Cross Lakes Cir Unit 1908DN Anderson, IN	1.0	1.0	758	$1,020	$1.35	45d	1	1.21mi
1912 N Cross Lakes Cir Unit 1912HN Anderson, IN	2.0	2.0	944	$1,174	$1.24	13d	1	1.22mi
1815 N Cross Lakes Cir Unit 1815HN Anderson, IN	1.0	1.0	750	$1,130	$1.51	25d	1	1.22mi
1916 N Cross Lakes Cir Unit 1916DN Anderson, IN	1.0	1.0	758	$1,039	$1.37	16d	1	1.23mi
1916 N Cross Lakes Cir Unit 1916EN Anderson, IN	1.0	1.0	758	$973	$1.28	45d	1	1.23mi
1800 Cross Lakes Blvd Anderson, IN	1.0–2.0	1.0–2.0	847	$1,344	$1.59	0d	22	1.25mi
1805 S Cross Lakes Cir Unit 1805LS Anderson, IN	2.0	2.0	912	$1,294	$1.42	13d	1	1.25mi
1812 S Cross Lakes Cir Unit 1812ES Anderson, IN	2.0	2.0	944	$1,115	$1.18	16d	1	1.28mi
1904 S Cross Lakes Cir Unit 1904KS Anderson, IN	2.0	2.0	912	$1,183	$1.30	45d	1	1.28mi
1904 S Cross Lakes Cir Unit 1904LS Anderson, IN	2.0	2.0	912	$1,309	$1.44	45d	1	1.28mi
1904 S Cross Lakes Cir Unit 1904CS Anderson, IN	1.0	1.0	750	$1,073	$1.43	45d	1	1.28mi
1708 S Cross Lakes Cir Unit 1708ES Anderson, IN	2.0	2.0	944	$1,115	$1.18	45d	1	1.29mi
1804 S Cross Lakes Cir Unit 1804DS Anderson, IN	2.0	2.0	944	$1,144	$1.21	45d	1	1.29mi
1704 S Cross Lakes Cir Unit 1704FS Anderson, IN	1.0	1.0	750	$1,130	$1.51	45d	1	1.29mi
1704 S Cross Lakes Cir Unit 1704DS Anderson, IN	1.0	1.0	750	$1,080	$1.44	12d	1	1.29mi
1321 Lafayette Ct Anderson, IN	3.0	1.5	962	$1,350	$1.40	12d	1	1.43mi

Listing history 15 events

1. 2026-06-13
   statusdays on market $96,900 Pending 62 DOM
2. 2026-06-09
   days on market $96,900 Active 61 DOM
3. 2026-06-08
   days on market $96,900 Active 60 DOM
4. 2026-06-07
   pricedays on market $96,900 Active 59 DOM
5. 2026-06-05
   days on market $97,900 Active 56 DOM
6. 2026-06-03
   days on market $97,900 Active 55 DOM
7. 2026-06-02
   days on market $97,900 Active 54 DOM
8. 2026-06-01
   days on market $97,900 Active 53 DOM
9. 2026-05-31
   days on market $97,900 Active 52 DOM
10. 2026-04-24
    price $98,900 659-char remark

    Show marketing remark (659 chars)

    Opportunity awaits with this 3-bedroom, 1-bath home offering plenty of potential for both investors and owner-occupants alike. Inside, you'll find a spacious living room and a generously sized kitchen, providing a solid layout ready for your personal touch. The property also features a large 2-car detached garage and a fully fenced backyard, ideal for pets, outdoor entertaining, or extra privacy. With just minor cosmetic updates, this home could truly shine and be customized to fit your style. Conveniently located near restaurants, shopping, and just minutes from downtown Anderson and the east side, this is a great opportunity in a desirable location.

11. 2026-04-08
    listed $99,900 Active 659-char remark

    Show marketing remark (659 chars)

    Opportunity awaits with this 3-bedroom, 1-bath home offering plenty of potential for both investors and owner-occupants alike. Inside, you'll find a spacious living room and a generously sized kitchen, providing a solid layout ready for your personal touch. The property also features a large 2-car detached garage and a fully fenced backyard, ideal for pets, outdoor entertaining, or extra privacy. With just minor cosmetic updates, this home could truly shine and be customized to fit your style. Conveniently located near restaurants, shopping, and just minutes from downtown Anderson and the east side, this is a great opportunity in a desirable location.

12. 2011-10-07
    historical
13. 2010-09-20
    listed $66,500
14. 2006-01-26
    soldstatus $62,000
15. 2005-06-07
    listed $62,000

ⓘ 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: $1,004 · $84/mo
• Projected year-2 tax: $1,004 · $84/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: $13,598
• − Mortgage interest: −$5,428
• − Property taxes: −$1,004
• − Insurance: −$484
• − Repairs & maintenance: −$1,088
• − Management: −$1,088
• − Depreciation: −$2,819
• Taxable income: $1,686
• Est. tax owed @ 24.0%: −$405
• After-tax cash flow: $2,751/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

+59.5% since first listed

6 events — show timeline

• 2026-04-24 Price Changed $98,900 MIBOR as Distributed by MLS Grid
• 2026-04-08 Listed $99,900 MIBOR as Distributed by MLS Grid
• 2011-10-07 Listing Removed — MIBOR as Distributed by MLS Grid
• 2010-09-20 Listed $66,500 MIBOR as Distributed by MLS Grid
• 2006-01-26 Sold (MLS) $62,000 MIBOR as Distributed by MLS Grid
• 2005-06-07 Listed $62,000 MIBOR as Distributed by MLS Grid

Property tax history

+2.8%/yr

Latest (2024): $1,004 · +8.2% YoY. Source: county tax records.