3004 Columbus Ave · Anderson, IN 46016

$199,900

5 bd · 5.0 ba · 2,184 sqft · MultiFamily public records · 143 Days on market

Built 1924 6,098 sqft lot $92/sqft · 49% above area Est $135k · 48% over

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.3/10.0
• Rent growth +4.5/5.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Four units total-studio and one-bedroom on each level. All units tenant-occupied with immediate cash flow. Four separate electric meters, electric heat, roof 3 years old, new electric water heater, updated plumbing, new water lines and new sewer line to the road. Future rent optimization potential adds value upside. Solid, low-maintenance investment.

Key facts

• Roof 3 years old
• Four units
• Electric heat

Tags

• FOUR UNITS
• FOUR SEPARATE ELECTRIC METERS
• ELECTRIC HEAT
• ROOF 3 YEARS OLD
• NEW ELECTRIC WATER HEATER
• UPDATED PLUMBING

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/1-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $258/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Recommended offer: $176k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.5% 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; lower-income renter base — watch delinquency; 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).
• At $2,857/mo this rent would consume 95% 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 $1k of loan paydown is wiped out by about $6k 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 $56k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 143 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 18y ago; this cycle's ask has dropped $125k (38%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $7k; list at $200k implies a 2756% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $175,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 143 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.43% ✓
• Cap rate: 12.49%
• Cash-on-cash: 22.14%
• DSCR: 1.99
• GRM: 5.8

CMA / ARV

• ARV (median comp): $135,492
• List price: $199,900
• Delta: 47.54%
• Verdict: OVERPRICED
• Comps: 9 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1215 E 28th St	0.21mi	5/3.5	2,200 (+1%)	13mo	$45,000	$20	72
807 E 21st St	0.66mi	6/3.0 (+1)	2,044 (-6%)	1mo	$190,000	$93	45
2213 Noble St	0.62mi	5/2.0	2,314 (+6%)	11mo	$70,000	$30	40
2116 Pearl St	0.73mi	5/3.0	2,357 (+8%)	24mo	$125,000	$53	25

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: 19.9%
• Equity multiple: 1.86×
• Total profit: $48,055
• Equity at exit: $29,806

10-year hold

• IRR: 31.2%
• Equity multiple: 4.45×
• Total profit: $193,155
• Equity at exit: $17,284

Cash invested: $55,972 (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: 23.3×

Monthly cashflow live

• Estimated rent: $2,857 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$93 /mo · $1,111/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$600
• Net cashflow: $1,033

Break-even live

Break-even rent $1,550

Max offer price $199,900

Occupancy floor 59%

Sensitivity live

Price	-10% $1,146	-5% $1,089	+0% $1,033	+5% $976	+10% $920
Rent	-10% $807	-5% $920	+0% $1,033	+5% $1,146	+10% $1,259
Rate	-1.0pp $1,134	-0.5pp $1,084	base $1,033	+0.5pp $981	+1.0pp $928

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$2,856
Total (4 units)			$2,857

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $199,900 Active 143 DOM
2. 2026-06-17
   days on market $199,900 Active 142 DOM
3. 2026-06-16
   days on market $199,900 Active 141 DOM
4. 2026-06-16
   price $199,900 Active 140 DOM
5. 2026-06-15
   days on market $220,000 Active 140 DOM
6. 2026-06-13
   days on market $220,000 Active 138 DOM
7. 2026-06-09
   days on market $220,000 Active 134 DOM
8. 2026-06-08
   days on market $220,000 Active 133 DOM
9. 2026-06-07
   days on market $220,000 Active 132 DOM
10. 2026-06-05
    days on market $220,000 Active 129 DOM
11. 2026-06-03
    days on market $220,000 Active 128 DOM
12. 2026-06-02
    days on market $220,000 Active 127 DOM
13. 2026-06-01
    days on market $220,000 Active 126 DOM
14. 2026-05-31
    days on market $220,000 Active 125 DOM
15. 2026-05-01
    price $220,000 352-char remark

    Show marketing remark (352 chars)

    Four units total-studio and one-bedroom on each level. All units tenant-occupied with immediate cash flow. Four separate electric meters, electric heat, roof 3 years old, new electric water heater, updated plumbing, new water lines and new sewer line to the road. Future rent optimization potential adds value upside. Solid, low-maintenance investment.

16. 2026-04-02
    price $240,000 352-char remark

    Show marketing remark (352 chars)

    Four units total-studio and one-bedroom on each level. All units tenant-occupied with immediate cash flow. Four separate electric meters, electric heat, roof 3 years old, new electric water heater, updated plumbing, new water lines and new sewer line to the road. Future rent optimization potential adds value upside. Solid, low-maintenance investment.

17. 2026-03-26
    price $280,000 352-char remark

    Show marketing remark (352 chars)

    Four units total-studio and one-bedroom on each level. All units tenant-occupied with immediate cash flow. Four separate electric meters, electric heat, roof 3 years old, new electric water heater, updated plumbing, new water lines and new sewer line to the road. Future rent optimization potential adds value upside. Solid, low-maintenance investment.

18. 2026-02-06
    price $299,900 352-char remark

    Show marketing remark (352 chars)

    Four units total-studio and one-bedroom on each level. All units tenant-occupied with immediate cash flow. Four separate electric meters, electric heat, roof 3 years old, new electric water heater, updated plumbing, new water lines and new sewer line to the road. Future rent optimization potential adds value upside. Solid, low-maintenance investment.

19. 2026-01-26
    listed $325,000 Active 352-char remark

    Show marketing remark (352 chars)

    Four units total-studio and one-bedroom on each level. All units tenant-occupied with immediate cash flow. Four separate electric meters, electric heat, roof 3 years old, new electric water heater, updated plumbing, new water lines and new sewer line to the road. Future rent optimization potential adds value upside. Solid, low-maintenance investment.

20. 2009-05-21
    historical 185-char remark

    Show marketing remark (185 chars)

    A great investment opportunity. 4 Units, each w/1 Bedroom. A lot of work is needed, but priced accordingly. This home is corporate owned & being sold in "as-is" condition.

21. 2009-05-14
    soldstatus $7,000 185-char remark

    Show marketing remark (185 chars)

    A great investment opportunity. 4 Units, each w/1 Bedroom. A lot of work is needed, but priced accordingly. This home is corporate owned & being sold in "as-is" condition.

22. 2008-12-17
    listed $13,900 185-char remark

    Show marketing remark (185 chars)

    A great investment opportunity. 4 Units, each w/1 Bedroom. A lot of work is needed, but priced accordingly. This home is corporate owned & being sold in "as-is" condition.

ⓘ 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: $1,111 · $93/mo
• Projected year-2 tax: $1,405 · $117/mo
• Expected delta: +$294/yr (+$25/mo · 26.5%)

ⓘ 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: $34,284
• − Mortgage interest: −$11,198
• − Property taxes: −$1,111
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,743
• − Management: −$2,743
• − Depreciation: −$5,815
• Taxable income: $9,675
• Est. tax owed @ 24.0%: −$2,322
• After-tax cash flow: $10,072/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

+1482.7% since first listed

8 events — show timeline

• 2026-05-01 Price Changed $220,000 MIBOR as Distributed by MLS Grid
• 2026-04-02 Price Changed $240,000 MIBOR as Distributed by MLS Grid
• 2026-03-26 Price Changed $280,000 MIBOR as Distributed by MLS Grid
• 2026-02-06 Price Changed $299,900 MIBOR as Distributed by MLS Grid
• 2026-01-26 Listed $325,000 MIBOR as Distributed by MLS Grid
• 2009-05-21 Listing Removed — MIBOR as Distributed by MLS Grid
• 2009-05-14 Sold (MLS) $7,000 MIBOR as Distributed by MLS Grid
• 2008-12-17 Listed $13,900 MIBOR as Distributed by MLS Grid

Property tax history

+2.7%/yr

Latest (2024): $1,111 · -0.7% YoY. Source: county tax records.