131 W 13th St · Anderson, IN 46016

$139,000

2 bd · 2.0 ba · 2,228 sqft · MultiFamily public records · 16 Days on market

Built 1900 4,464 sqft lot $62/sqft · 40% above area Est $99k · 40% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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: 2 units. confirmed

Listing remarks

Investor Special! This Anderson duplex checks all the boxes. Rented at $1,600/month its ready to beat the 1% rule. Each unit is separately metered for tenants to cover all utilities. Major updates completed: new siding (2022), some new windows, updated flooring & carpet (2022), plus new appliances, furnace, and water heater (2024). With big-ticket improvements handled and tenant-paid expenses, this is a low-maintenance property with strong cash flow potential. Convenient location near downtown Anderson and easy access to I-69. Ideal addition to any investor portfolio or a perfect house-hack opportunity.

Key facts

• New furnace
• New siding
• New water heater

Tags

• NEW SIDING
• NEW WINDOWS
• UPDATED FLOORING
• NEW APPLIANCES
• NEW FURNACE
• NEW WATER HEATER

Property features AI

Finance

• Other: Two-unit property with monthly rents reported: $775 for the 1-bedroom unit and $825 for the 2-bedroom unit
• Financial info: Gross annual income reported at 19,200; Reported expenses at 42 (percent or value as provided)

Exterior

• Parking: Detached 2-car garage
• Utilities: Solid waste service available
• Home design: Duplex (residential income property)
• Exterior features: Residential use; Road access via an access road; Lot under 1/4 acre

Interior

• Kitchen: Each unit has a kitchen
• Bedrooms: One 1-bedroom unit; One 2-bedroom unit
• Interior features: Has basement
• Laundry & utility: Wall unit climate control listed as utilities for each unit

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $139k.

Deal economics

• At list price, monthly cash flow is $825 ($10k/yr) — positive. Per door: $412/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $139k).
• Recommended offer: $137k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.4% 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 fast (+7.9%/yr); 185 active listings in the ZIP; 8 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).
• At $2,134/mo this rent would consume 71% 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 $961 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 $39k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($137k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 20y 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 $51k; list at $139k implies a 172% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $136,915 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.54% ✓
• Cap rate: 13.41%
• Cash-on-cash: 25.43%
• DSCR: 2.13
• GRM: 5.4

CMA / ARV

• ARV (median comp): $99,183
• List price: $139,000
• Delta: 46.19%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 7.88% rent growth · sell at horizon

5-year hold

• IRR: 24.1%
• Equity multiple: 2.05×
• Total profit: $40,982
• Equity at exit: $20,725

10-year hold

• IRR: 34.8%
• Equity multiple: 4.93×
• Total profit: $153,134
• Equity at exit: $12,018

Cash invested: $38,920 (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: 10.9×

Monthly cashflow live

• Estimated rent: $2,134 high
• Mortgage (P&I): −$729
• Tax from tax record: −$74 /mo · $889/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$448
• Net cashflow: $825

Break-even live

Break-even rent $1,090

Max offer price $139,000

Occupancy floor 56%

Sensitivity live

Price	-10% $904	-5% $864	+0% $825	+5% $786	+10% $746
Rent	-10% $656	-5% $741	+0% $825	+5% $909	+10% $994
Rate	-1.0pp $895	-0.5pp $860	base $825	+0.5pp $789	+1.0pp $752

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,134
Total (2 units)			$2,134

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
921 W 9th St Anderson, IN	3.0	2.0	1611	$1,375	$0.85	24d	1	0.55mi
820 W 7th St Apt A Anderson, IN	2.0	2.0	1400	$1,200	$0.86	24d	1	0.58mi
1728 Walnut St Anderson, IN	3.0	2.0	2484	$1,295	$0.52	24d	1	0.58mi
510 W 5th St Anderson, IN	3.0	1.5	1617	$995	$0.62	44d	1	0.60mi
2233 Fairview St Anderson, IN	3.0	1.5	1452	$1,195	$0.82	24d	1	0.71mi
1121 Victory Ct Anderson, IN	3.0	1.0	2053	$1,295	$0.63	22d	1	0.83mi
2023 McKinley St Anderson, IN	2.0	1.0	1500	$950	$0.63	44d	1	0.87mi
228 E 29th St Anderson, IN	3.0	2.0	1440	$1,295	$0.90	5d	1	1.12mi

Listing history 38 events

1. 2026-06-18
   days on market $139,000 Active 16 DOM
2. 2026-06-17
   days on market $139,000 Active 15 DOM
3. 2026-06-16
   days on market $139,000 Active 14 DOM
4. 2026-06-15
   days on market $139,000 Active 13 DOM
5. 2026-06-13
   days on market $139,000 Active 11 DOM
6. 2026-06-09
   days on market $139,000 Active 7 DOM
7. 2026-06-08
   days on market $139,000 Active 6 DOM
8. 2026-06-07
   days on market $139,000 Active 5 DOM
9. 2026-06-05
   days on market $139,000 Active 2 DOM
10. 2026-06-03
    pricedays on marketlisting id $139,000 Active 1 DOM
11. 2026-05-31
    days on market $145,000 Active 89 DOM
12. 2026-04-17
    price $145,000 614-char remark
13. 2026-04-03
    price $150,000 614-char remark
14. 2026-03-08
    historical $775
15. 2026-03-08
    historical $775
16. 2026-03-03
    listed $155,000 Active 614-char remark
17. 2026-02-04
    price $775
18. 2026-01-13
    price $800
19. 2026-01-07
    listed $850
20. 2025-11-08
    historical
21. 2025-11-04
    price $155,000
22. 2025-10-26
    price $158,000
23. 2025-10-08
    price $160,000
24. 2025-09-30
    price $161,000
25. 2025-09-27
    price $162,000
26. 2025-09-22
    price $163,000
27. 2025-09-20
    price $164,000
28. 2025-09-14
    listed $165,000 Active
29. 2025-09-05
    listed $900
30. 2025-07-27
    historical $900
31. 2025-07-01
    listed $900
32. 2021-10-15
    soldstatus $51,050 Closed
33. 2021-09-30
    status Pending
34. 2021-09-29
    listed $35,000 Active
35. 2019-04-18
    historical
36. 2018-07-18
    listed $38,000 Active
37. 2006-04-13
    soldstatus $28,000
38. 2006-03-07
    listed $37,900

ⓘ 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: $889 · $74/mo
• Projected year-2 tax: $1,035 · $86/mo
• Expected delta: +$146/yr (+$12/mo · 16.5%)

ⓘ 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 4/10 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: $25,608
• − Mortgage interest: −$7,786
• − Property taxes: −$889
• − Insurance: −$695
• − Repairs & maintenance: −$2,049
• − Management: −$2,049
• − Depreciation: −$4,044
• Taxable income: $8,097
• Est. tax owed @ 24.0%: −$1,943
• After-tax cash flow: $7,956/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

+266.8% since first listed

29 events — show timeline

• 2026-06-02 Listed $139,000 MIBOR as Distributed by MLS Grid
• 2026-05-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-04-17 Price Changed $145,000 MIBOR as Distributed by MLS Grid
• 2026-04-03 Price Changed $150,000 MIBOR as Distributed by MLS Grid
• 2026-03-08 Rental Removed $775 APPFOLIO
• 2026-03-08 Rental Removed $775 APPFOLIO
• 2026-03-03 Listed $155,000 MIBOR as Distributed by MLS Grid
• 2026-02-04 Price Changed $775 APPFOLIO
• 2026-01-13 Price Changed $800 APPFOLIO
• 2026-01-07 Listed for Rent $850 APPFOLIO
• 2025-11-08 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-11-04 Price Changed $155,000 MIBOR as Distributed by MLS Grid
• 2025-10-26 Price Changed $158,000 MIBOR as Distributed by MLS Grid
• 2025-10-08 Price Changed $160,000 MIBOR as Distributed by MLS Grid
• 2025-09-30 Price Changed $161,000 MIBOR as Distributed by MLS Grid
• 2025-09-27 Price Changed $162,000 MIBOR as Distributed by MLS Grid
• 2025-09-22 Price Changed $163,000 MIBOR as Distributed by MLS Grid
• 2025-09-20 Price Changed $164,000 MIBOR as Distributed by MLS Grid
• 2025-09-14 Listed $165,000 MIBOR as Distributed by MLS Grid
• 2025-09-05 Listed for Rent $900 APPFOLIO
• 2025-07-27 Rental Removed $900 APPFOLIO
• 2025-07-01 Listed for Rent $900 APPFOLIO
• 2021-10-15 Sold (MLS) $51,050 MIBOR as Distributed by MLS Grid
• 2021-09-30 Pending — MIBOR as Distributed by MLS Grid
• 2021-09-29 Listed $35,000 MIBOR as Distributed by MLS Grid
• 2019-04-18 Listing Removed — MIBOR as Distributed by MLS Grid
• 2018-07-18 Listed $38,000 MIBOR as Distributed by MLS Grid
• 2006-04-13 Sold (MLS) $28,000 MIBOR as Distributed by MLS Grid
• 2006-03-07 Listed $37,900 MIBOR as Distributed by MLS Grid

Property tax history

+4.5%/yr

Latest (2024): $889 · +8.9% YoY. Source: county tax records.