111 Darin Ct · Anderson, IN 46012

$195,000

2 bd · 1.0 ba · 868 sqft · MultiFamily public records · 19 Days on market

Built 1980 0.36 ac lot $225/sqft · 117% above area Est $180k · 8% over ↓ 7% since listing

---

Why this score? — see what drove the D 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 +17.8/30.0
• DSCR +5.6/10.0
• 1% rule +5.0/10.0
• ARV discount +3.8/15.0
• 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

Multi-family units

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

Listing remarks

Turnkey Duplex - Owner Occupy or Value-Add Investment Fully renovated in 2025, this solid brick duplex offers the perfect blend of durability, functionality, and long-term upside. Featuring two spacious 2 bed / 1 bath units (4 bed, 2 bath total), the property also includes a 2-car garage, utility shed, and a large yard. Both units are currently occupied, providing immediate income, with rents below market-leaving room for future increases and improved returns. The recent interior renovations make this a low-maintenance option for investors or an ideal setup for an owner-occupant looking to offset their mortgage with rental income. Priced in line with recent duplex sales in the immediate ar

Key facts

• Clean updated duplex
• Fully renovated
• Utility shed

Tags

• FULLY RENOVATED
• SOLID BRICK DUPLEX
• LARGE YARD
• UTILITY SHED
• ALL-BRICK EXTERIOR
• CLEAN UPDATED DUPLEX

Property features AI

Finance

• Other: Lot size approximately 0.37 acres (about 1/4–1/2 acre)
• Financial info: Gross annual income reported: $21,300; Reported expenses: $250; Unit rents: one unit at $825/month, another at $950/month

Exterior

• Parking: Attached garage; 3 garage spaces
• Utilities: Solid waste service available
• Home design: Residential income property (duplex); One story
• Construction: Brick construction
• Exterior features: Frontage road access; Property currently used as apartments (fewer than 20 units)

Interior

• Kitchen: Kitchen details not provided
• Bedrooms: Both units are 2-bedroom (each on one level)
• Heating & cooling: Wall unit(s) for cooling
• Interior features: Two 2-bedroom units; One-level units

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $195k.

Deal economics

• At list price, monthly cash flow is $160 ($2k/yr) — positive. Per door: $80/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $195k).
• Recommended offer: $192k (1.5% below list) — sets the bar for market timing.

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; 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).
• This rent runs 40% of the median local income ($58k/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 $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.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($192k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts 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.

Recommended offer $192,075 (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. 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 1.00% ✓
• Cap rate: 7.28%
• Cash-on-cash: 3.52%
• DSCR: 1.16
• GRM: 8.3

CMA / ARV

• ARV (median comp): $180,000
• List price: $195,000
• Delta: 11.11%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.82% rent growth · sell at horizon

5-year hold

• IRR: -12.1%
• Equity multiple: 0.57×
• Total profit: $-23,648
• Equity at exit: $29,075

10-year hold

• IRR: -4.9%
• Equity multiple: 0.70×
• Total profit: $-16,448
• Equity at exit: $16,860

Cash invested: $54,600 (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: 16.6×

Monthly cashflow live

• Estimated rent: $1,954 medium
• Mortgage (P&I): −$1,023
• Tax from tax record: −$280 /mo · $3,357/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$410
• Net cashflow: $160

Break-even live

Break-even rent $1,751

Max offer price $195,000

Occupancy floor 87%

Sensitivity live

Price	-10% $270	-5% $215	+0% $160	+5% $105	+10% $50
Rent	-10% $6	-5% $83	+0% $160	+5% $237	+10% $314
Rate	-1.0pp $258	-0.5pp $210	base $160	+0.5pp $109	+1.0pp $58

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,954
Total (2 units)			$1,954

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $195,000 Active 19 DOM
2. 2026-06-18
   days on market $195,000 Active 16 DOM
3. 2026-06-17
   days on market $195,000 Active 15 DOM
4. 2026-06-16
   days on market $195,000 Active 14 DOM
5. 2026-06-15
   days on market $195,000 Active 13 DOM
6. 2026-06-13
   days on market $195,000 Active 11 DOM
7. 2026-06-09
   days on market $195,000 Active 7 DOM
8. 2026-06-08
   days on market $195,000 Active 6 DOM
9. 2026-06-07
   days on market $195,000 Active 5 DOM
10. 2026-06-05
    days on market $195,000 Active 2 DOM
11. 2026-06-03
    pricedays on marketlisting id $195,000 Active 1 DOM
12. 2026-05-31
    days on market $200,000 Active 64 DOM
13. 2026-05-17
    status Active 993-char remark
14. 2026-05-05
    status Pending 993-char remark
15. 2026-04-17
    price $200,000 993-char remark
16. 2026-03-17
    listed $210,000 Active 993-char remark
17. 2025-08-16
    historical $950
18. 2025-06-10
    listed $950

ⓘ 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: $3,357 · $280/mo
• Projected year-2 tax: $3,357 · $280/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 100% 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: $23,448
• − Mortgage interest: −$10,923
• − Property taxes: −$3,357
• − Insurance: −$975
• − Repairs & maintenance: −$1,876
• − Management: −$1,876
• − Depreciation: −$5,673
• Taxable loss: −$1,232
• Est. tax savings @ 24.0%: +$296
• After-tax cash flow: $2,216/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

• 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

-7.1% since first listed

8 events — show timeline

• 2026-06-02 Listed $195,000 MIBOR as Distributed by MLS Grid
• 2026-05-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-05-17 Relisted — MIBOR as Distributed by MLS Grid
• 2026-05-05 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-17 Price Changed $200,000 MIBOR as Distributed by MLS Grid
• 2026-03-17 Listed $210,000 MIBOR as Distributed by MLS Grid
• 2025-08-16 Rental Removed $950 APPFOLIO
• 2025-06-10 Listed for Rent $950 APPFOLIO

Property tax history

+4.4%/yr

Latest (2024): $3,357 · +15.6% YoY. Source: county tax records.