615 - 615 1/2 Madison Ave · Anderson, IN 46016

$112,900

3 bd · 1.0 ba · 2,024 sqft · SingleFamily public records · 57 Days on market

Built 1950 6,098 sqft lot $56/sqft · at area comps Est $110k · at est.

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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 +24.1/30.0
• DSCR +7.8/10.0
• ARV discount +6.3/15.0
• 1% rule +5.8/10.0
• 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

This package features six consistently high-demand rental duplex properties (12 units) situated in the Anderson, IN market. The portfolio offers a secure, well-managed investment with immediate upside potential. Stable Income Stream: The properties demonstrate strong, reliable cash flow, supported by excellent historical rent collection and exceptional occupancy rates (minimal historical vacancy). Turnkey Efficiency: Current owners have meticulously maintained the units, significantly minimizing the need for immediate Capital Expenditure (CapEx). Value-Add Opportunity: Current rents are below prevailing market rates for comparable local properties, providing a clear path for substantial income growth through gradual rent increases to achieve market value. Tenant Stability: Due to diligent maintenance, the properties have high long-term tenant satisfaction, contributing to low turnover. Seller will sell individually or as a group-addresses: 403-405 W 5th St, 1105-1107 W 11th St, 1109-1111 W 11th St, 1303-1305 Sycamore, 615-615 1/2 Madison and 1815 - 1815 1/2 Fletcher.

Key facts

• 6,098 sq ft lot
• 2 parking spots
• Built 1950

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $113k.

Deal economics

• At list price, monthly cash flow is $222 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $113k).
• Recommended offer: $110k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.7% 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: crime D-, amenities F, commute 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.
• Zoned schools: Eastside Elementary School (math 34% / reading 36%, grade F, #590 of 994 statewide, top 60%, 511 students, 77% FRL); Highland Middle School (math 9% / reading 22%, grade F, #293 of 330 statewide, top 90%, 914 students, 81% FRL); Anderson High School (math 21% / reading 51%, grade F, #261 of 369 statewide, top 71%, 1,790 students, 76% FRL).
• Market conditions: Rents rising fast (+7.9%/yr); 188 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 41% 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 $781 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.
• At projected returns (-3.0% appreciation + 7.9% rent growth), your $32k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 19 sale attempts since 24y 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 $48k; list at $113k implies a 135% 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 $109,513 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 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 1950 — 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: 1.08% ✓
• Cap rate: 8.66%
• Cash-on-cash: 8.44%
• DSCR: 1.38
• GRM: 7.7

CMA / ARV

• ARV (median comp): $109,852
• List price: $112,900
• Delta: 2.77%
• Verdict: FAIR
• Comps: 8 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1419 W 5th St	0.30mi	3/1.5	2,102 (+4%)	0mo	$58,000	$28	78
1120 W 9th St	0.16mi	3/1.0	1,824 (-10%)	2mo	$125,000	$69	74
820 W 5th St	0.18mi	3/1.5	2,220 (+10%)	0mo	$49,000	$22	73
1019 W 9th St	0.16mi	3/2.0	1,830 (-10%)	5mo	$95,000	$52	68
1428 W 4th St	0.35mi	2/1.0 (-1)	2,092 (+3%)	8mo	$45,000	$22	67
1633 W 10th St	0.52mi	4/1.5 (+1)	2,050 (+1%)	2mo	$157,000	$77	65
343 W 6th St	0.40mi	2/1.0 (-1)	1,908 (-6%)	5mo	$130,000	$68	63
1329 W 3rd St	0.32mi	2/1.0 (-1)	1,752 (-13%)	2mo	$105,000	$60	56
324 W 7th St	0.44mi	3/2.0	1,753 (-13%)	10mo	$175,000	$100	44
1808 Nichol Ave	0.71mi	2/1.0 (-1)	2,272 (+12%)	1mo	$135,000	$59	41
1705 Fairview St	0.75mi	4/2.5 (+1)	1,782 (-12%)	3mo	$185,000	$104	32
1531 W 15th St	0.69mi	4/1.5 (+1)	1,740 (-14%)	10mo	$115,000	$66	29

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: 1.7%
• Equity multiple: 1.07×
• Total profit: $2,172
• Equity at exit: $16,834

10-year hold

• IRR: 15.5%
• Equity multiple: 2.54×
• Total profit: $48,753
• Equity at exit: $9,762

Cash invested: $31,612 (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: 188
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,225 high
• Mortgage (P&I): −$592
• Tax from tax record: −$106 /mo · $1,271/yr
• Insurance: −$47
• HOA: −$0
• Vacancy / Maint / Mgmt: −$257
• Net cashflow: $222

Break-even live

Break-even rent $943

Max offer price $112,900

Occupancy floor 77%

Sensitivity live

Price	-10% $286	-5% $254	+0% $222	+5% $190	+10% $158
Rent	-10% $126	-5% $174	+0% $222	+5% $271	+10% $319
Rate	-1.0pp $279	-0.5pp $251	base $222	+0.5pp $193	+1.0pp $163

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: $28,225
• Closing costs: $3,387
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
820 W 7th St Apt A Anderson, IN	2.0	2.0	1400	$1,200	$0.86	25d	1	0.13mi
921 W 9th St Anderson, IN	3.0	2.0	1611	$1,375	$0.85	25d	1	0.15mi
510 W 5th St Anderson, IN	3.0	1.5	1617	$995	$0.62	45d	1	0.32mi
1121 Victory Ct Anderson, IN	3.0	1.0	2053	$1,195	$0.58	0d	1	0.43mi
2233 Fairview St Anderson, IN	3.0	1.5	1452	$1,195	$0.82	25d	1	1.09mi
1728 Walnut St Anderson, IN	3.0	2.0	2484	$1,295	$0.52	25d	1	1.25mi
521 W Vinyard St Anderson, IN	3.0	2.0	1712	$1,495	$0.87	17d	1	1.46mi

Listing history 50 events

1. 2026-06-16
   days on market $112,900 Active 57 DOM
2. 2026-06-15
   days on market $112,900 Active 56 DOM
3. 2026-06-13
   days on market $112,900 Active 54 DOM
4. 2026-06-09
   days on market $112,900 Active 50 DOM
5. 2026-06-08
   days on market $112,900 Active 49 DOM
6. 2026-06-07
   days on market $112,900 Active 48 DOM
7. 2026-06-05
   days on market $112,900 Active 45 DOM
8. 2026-06-03
   days on market $112,900 Active 44 DOM
9. 2026-06-02
   days on market $112,900 Active 43 DOM
10. 2026-06-01
    days on market $112,900 Active 42 DOM
11. 2026-05-31
    days on market $112,900 Active 41 DOM
12. 2026-04-17
    listed $112,900 Active 1083-char remark

    Show marketing remark (1083 chars)

    This package features six consistently high-demand rental duplex properties (12 units) situated in the Anderson, IN market. The portfolio offers a secure, well-managed investment with immediate upside potential. Stable Income Stream: The properties demonstrate strong, reliable cash flow, supported by excellent historical rent collection and exceptional occupancy rates (minimal historical vacancy). Turnkey Efficiency: Current owners have meticulously maintained the units, significantly minimizing the need for immediate Capital Expenditure (CapEx). Value-Add Opportunity: Current rents are below prevailing market rates for comparable local properties, providing a clear path for substantial income growth through gradual rent increases to achieve market value. Tenant Stability: Due to diligent maintenance, the properties have high long-term tenant satisfaction, contributing to low turnover. Seller will sell individually or as a group-addresses: 403-405 W 5th St, 1105-1107 W 11th St, 1109-1111 W 11th St, 1303-1305 Sycamore, 615-615 1/2 Madison and 1815 - 1815 1/2 Fletcher.

13. 2025-05-19
    historical $750
14. 2025-04-08
    price $750
15. 2025-03-18
    price $800
16. 2025-03-07
    listed $775
17. 2024-11-09
    historical $775
18. 2024-10-17
    price $775
19. 2024-09-25
    price $795
20. 2024-09-07
    listed $800
21. 2024-06-12
    historical $800
22. 2024-05-07
    listed $800
23. 2024-03-22
    historical $795
24. 2024-02-28
    price $795
25. 2024-02-07
    listed $800
26. 2024-01-25
    historical $825
27. 2023-12-21
    listed $825
28. 2023-11-10
    historical $825
29. 2023-10-20
    listed $825
30. 2017-02-20
    historical
31. 2016-08-21
    listed $26,500 Active
32. 2016-08-08
    historical
33. 2016-08-08
    historical
34. 2016-05-06
    price $26,500
35. 2016-05-06
    price $26,500
36. 2015-12-13
    listed $32,900 Active
37. 2015-12-13
    listed $32,900 Active
38. 2015-12-08
    listed $26,500
39. 2015-12-08
    listed $26,500
40. 2010-11-06
    historical
41. 2010-07-05
    listed $39,900
42. 2004-09-07
    historical
43. 2004-07-09
    soldstatus $48,000
44. 2003-10-24
    historical
45. 2003-10-24
    historical
46. 2003-10-07
    listed $49,900
47. 2003-10-07
    listed $49,900
48. 2003-04-24
    listed $59,900
49. 2003-04-24
    listed $59,900
50. 2003-04-12
    historical

ⓘ 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: $1,271 · $106/mo
• Projected year-2 tax: $1,271 · $106/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: $14,694
• − Mortgage interest: −$6,324
• − Property taxes: −$1,271
• − Insurance: −$564
• − Repairs & maintenance: −$1,176
• − Management: −$1,176
• − Depreciation: −$3,284
• Taxable income: $899
• Est. tax owed @ 24.0%: −$216
• After-tax cash flow: $2,452/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

+74.0% since first listed

42 events — show timeline

• 2026-04-17 Listed $112,900 IRMLS
• 2025-05-19 Rental Removed $750 BUILDIUM
• 2025-04-08 Price Changed $750 BUILDIUM
• 2025-03-18 Price Changed $800 BUILDIUM
• 2025-03-07 Listed for Rent $775 BUILDIUM
• 2024-11-09 Rental Removed $775 BUILDIUM
• 2024-10-17 Price Changed $775 BUILDIUM
• 2024-09-25 Price Changed $795 BUILDIUM
• 2024-09-07 Listed for Rent $800 BUILDIUM
• 2024-06-12 Rental Removed $800 BUILDIUM
• 2024-05-07 Listed for Rent $800 BUILDIUM
• 2024-03-22 Rental Removed $795 BUILDIUM
• 2024-02-28 Price Changed $795 BUILDIUM
• 2024-02-07 Listed for Rent $800 BUILDIUM
• 2024-01-25 Rental Removed $825 BUILDIUM
• 2023-12-21 Listed for Rent $825 BUILDIUM
• 2023-11-10 Rental Removed $825 BUILDIUM
• 2023-10-20 Listed for Rent $825 BUILDIUM
• 2017-02-20 Listing Removed — MIBOR as Distributed by MLS Grid
• 2016-08-21 Listed $26,500 MIBOR as Distributed by MLS Grid
• 2016-08-08 Listing Removed — MIBOR as Distributed by MLS Grid
• 2016-08-08 Listing Removed — MIBOR as Distributed by MLS Grid
• 2016-05-06 Price Changed $26,500 MIBOR as Distributed by MLS Grid
• 2016-05-06 Price Changed $26,500 MIBOR as Distributed by MLS Grid
• 2015-12-13 Listed $32,900 MIBOR as Distributed by MLS Grid
• 2015-12-13 Listed $32,900 MIBOR as Distributed by MLS Grid
• 2015-12-08 Listed $26,500 IRMLS
• 2015-12-08 Listed $26,500 IRMLS
• 2010-11-06 Listing Removed — MIBOR as Distributed by MLS Grid
• 2010-07-05 Listed $39,900 MIBOR as Distributed by MLS Grid
• 2004-09-07 Listing Removed — MIBOR as Distributed by MLS Grid
• 2004-07-09 Sold (MLS) $48,000 MIBOR as Distributed by MLS Grid
• 2003-10-24 Listing Removed — MIBOR as Distributed by MLS Grid
• 2003-10-24 Listing Removed — MIBOR as Distributed by MLS Grid
• 2003-10-07 Listed $49,900 MIBOR as Distributed by MLS Grid
• 2003-10-07 Listed $49,900 MIBOR as Distributed by MLS Grid
• 2003-04-24 Listed $59,900 MIBOR as Distributed by MLS Grid
• 2003-04-24 Listed $59,900 MIBOR as Distributed by MLS Grid
• 2003-04-12 Listing Removed — MIBOR as Distributed by MLS Grid
• 2003-04-12 Listing Removed — MIBOR as Distributed by MLS Grid
• 2003-02-26 Listed $64,900 MIBOR as Distributed by MLS Grid
• 2002-11-11 Listed $64,900 MIBOR as Distributed by MLS Grid

Property tax history

+3.7%/yr

Latest (2024): $1,271 · +8.4% YoY. Source: county tax records.