1132 Manor Ct · Anderson, IN 46016

$65,000

3 bd · 1.0 ba · 1,346 sqft · SingleFamily public records · 40 Days on market

Built 1925 3,825 sqft lot $48/sqft · at area comps Est $93k · 30% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 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
• Appreciation +0.0/10.0

Listing remarks MLS

NICE LITTLE HOME NEEDS A LITTLE TLC, NEWER ROOFING,NEWER SIDING, MOST WINDOWS AND DOORS ARE ARE REPLACEMENT. NICE DECK OFF THE REAR. HOME ALSO HAS A .63 ACRE OF AN LOT DIRECTLY BEHIND THE PROPERTY. THIS HOME WOULD MAKE A GREAT STARTER HOME OR RENTAL PROPERTY. THIS HOME IS SOLD BEING SOLD AS IS.

Key facts

• 3,825 sq ft lot
• Garage
• Built 1925

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Municipal sewer connected
• Home design: Single-family residence; One level
• Construction: Vinyl siding; Block foundation
• Exterior features: Less than 1/4 acre lot

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: 3 bedrooms (all on the main level)
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Eat-in kitchen; Basement present
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $455 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.7% 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); 188 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 36% 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 $449 of loan paydown is wiped out by about $2k 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 $18k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 24y ago; this cycle's ask has dropped $10k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $35k; list at $65k implies a 86% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $63,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 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 1925 — 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: 1.68% ✓
• Cap rate: 14.69%
• Cash-on-cash: 29.99%
• DSCR: 2.33
• GRM: 5.0

CMA / ARV

• ARV (median comp): $92,943
• List price: $65,000
• Delta: -30.06%
• 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
2803 E Lynn St	0.13mi	3/1.0	1,358 (+1%)	2mo	$160,000	$118	91
2709 E Lynn St	0.17mi	2/1.0 (-1)	1,305 (-3%)	8mo	$135,000	$103	75
3410 Forest Ter	0.41mi	2/1.0 (-1)	1,344 (-0%)	8mo	$120,000	$89	69
1020 E 30th St	0.08mi	2/1.0 (-1)	1,487 (+10%)	7mo	$60,500	$41	68
2926 Jefferson St	0.29mi	3/1.0	1,196 (-11%)	8mo	$108,000	$90	61
329 E 31st St	0.54mi	2/2.0 (-1)	1,334 (-1%)	7mo	$130,000	$97	58
2915 Central Ave	0.66mi	2/1.0 (-1)	1,309 (-3%)	2mo	$59,000	$45	58
3716 Columbus Ave	0.66mi	2/1.0 (-1)	1,415 (+5%)	2mo	$23,750	$17	54
2120 George St	0.62mi	2/1.0 (-1)	1,431 (+6%)	3mo	$70,000	$49	53
3711 Burton Pl	0.68mi	3/1.0	1,224 (-9%)	2mo	$116,000	$95	51
3608 Burton Pl	0.62mi	3/1.0	1,443 (+7%)	10mo	$115,000	$80	51
2425 Fletcher St	0.69mi	2/1.0 (-1)	1,521 (+13%)	7mo	$89,900	$59	36

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: 29.7%
• Equity multiple: 2.32×
• Total profit: $24,041
• Equity at exit: $9,692

10-year hold

• IRR: 39.6%
• Equity multiple: 5.60×
• Total profit: $83,690
• Equity at exit: $5,620

Cash invested: $18,200 (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: 5.0×

Monthly cashflow live

• Estimated rent: $1,090 high
• Mortgage (P&I): −$341
• Tax from tax record: −$38 /mo · $460/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$229
• Net cashflow: $455

Break-even live

Break-even rent $514

Max offer price $65,000

Occupancy floor 53%

Sensitivity live

Price	-10% $492	-5% $473	+0% $455	+5% $436	+10% $418
Rent	-10% $369	-5% $412	+0% $455	+5% $498	+10% $541
Rate	-1.0pp $488	-0.5pp $471	base $455	+0.5pp $438	+1.0pp $421

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3009 E Lynn St Unit 1 Anderson, IN	3.0	1.0	1000	$875	$0.88	21d	1	0.09mi
1318 E 28th St Anderson, IN	3.0	1.0	1280	$1,300	$1.02	13d	1	0.17mi
3006 Noble St Anderson, IN	2.0	1.0	1064	$995	$0.94	8d	1	0.34mi
228 E 29th St Anderson, IN	3.0	2.0	1440	$1,295	$0.90	5d	1	0.58mi
2023 McKinley St Anderson, IN	2.0	1.0	1500	$950	$0.63	44d	1	0.64mi
2625 Main St Anderson, IN	2.0	1.0	988	$895	$0.91	24d	1	0.71mi
2111 Central Ave Anderson, IN	3.0	1.0	1026	$1,250	$1.22	44d	1	0.85mi
3021 Delaware St Anderson, IN	2.0	1.0	1154	$1,150	$1.00	8d	1	0.89mi
1726-1728 Walnut St Anderson, IN	2.0	2.0	900	$995	$1.11	3d	1	0.89mi
2627 Chase St Anderson, IN	3.0	1.0	1050	$850	$0.81	18d	1	1.02mi
812 Mellen Dr Unit 814 Anderson, IN	2.0	1.0	924	$950	$1.03	3d	1	1.14mi
4426 Mellen Ct Anderson, IN	2.0	1.0	899	$900	$1.00	2d	1	1.20mi
229 W 19th St Anderson, IN	3.0	1.0	1200	$1,000	$0.83	44d	1	1.21mi
219 E 13th St Anderson, IN	3.0	1.0	882	$1,000	$1.13	5d	1	1.25mi
2233 Fairview St Anderson, IN	3.0	1.5	1452	$1,195	$0.82	24d	1	1.28mi
1626 Lora St Anderson, IN	3.0	2.0	1352	$1,295	$0.96	44d	1	1.30mi
4015 Haverhill Dr Anderson, IN	3.0	2.0	884	$1,100	$1.24	44d	1	1.31mi
618 W 22nd St Anderson, IN	3.0	1.0	900	$1,250	$1.39	44d	1	1.33mi
2301 Sheridan St Anderson, IN	2.0	1.0	900	$950	$1.06	44d	1	1.33mi
1045 Alhambra Dr Unit 6 Anderson, IN	2.0	1.5	900	$975	$1.08	24d	1	1.35mi
4021 Brown St Anderson, IN	2.0	1.0	1320	$975	$0.74	8d	1	1.38mi
1023 E 8th St Unit 3 Anderson, IN	2.0	1.5	1200	$1,175	$0.98	8d	1	1.43mi
1829 E 8th St Anderson, IN	1.0–3.0	1.0	810	$1,250	$1.54	24d	9	1.43mi

Listing history 23 events

1. 2026-06-21
   days on market $65,000 Active 40 DOM
2. 2026-06-18
   days on market $65,000 Active 37 DOM
3. 2026-06-17
   days on market $65,000 Active 36 DOM
4. 2026-06-16
   days on market $65,000 Active 35 DOM
5. 2026-06-15
   days on market $65,000 Active 34 DOM
6. 2026-06-13
   days on market $65,000 Active 32 DOM
7. 2026-06-09
   days on market $65,000 Active 28 DOM
8. 2026-06-08
   pricedays on market $65,000 Active 27 DOM
9. 2026-06-07
   days on market $69,000 Active 26 DOM
10. 2026-06-05
    days on market $69,000 Active 23 DOM
11. 2026-06-03
    days on market $69,000 Active 22 DOM
12. 2026-06-02
    days on market $69,000 Active 21 DOM
13. 2026-06-01
    days on market $69,000 Active 20 DOM
14. 2026-05-31
    days on market $69,000 Active 19 DOM
15. 2026-05-12
    listed $75,000 Active 223-char remark
16. 2007-04-02
    soldstatus $35,000 295-char remark

    Show marketing remark (295 chars)

    NICE LITTLE HOME NEEDS A LITTLE TLC, NEWER ROOFING,NEWER SIDING, MOST WINDOWS AND DOORS ARE ARE REPLACEMENT. NICE DECK OFF THE REAR. HOME ALSO HAS A .63 ACRE OF AN LOT DIRECTLY BEHIND THE PROPERTY. THIS HOME WOULD MAKE A GREAT STARTER HOME OR RENTAL PROPERTY. THIS HOME IS SOLD BEING SOLD AS IS.

17. 2007-02-08
    listed $36,500 295-char remark

    Show marketing remark (295 chars)

    NICE LITTLE HOME NEEDS A LITTLE TLC, NEWER ROOFING,NEWER SIDING, MOST WINDOWS AND DOORS ARE ARE REPLACEMENT. NICE DECK OFF THE REAR. HOME ALSO HAS A .63 ACRE OF AN LOT DIRECTLY BEHIND THE PROPERTY. THIS HOME WOULD MAKE A GREAT STARTER HOME OR RENTAL PROPERTY. THIS HOME IS SOLD BEING SOLD AS IS.

18. 2007-01-16
    historical
19. 2006-10-16
    listed $36,500
20. 2006-08-19
    historical
21. 2005-08-19
    listed $36,000
22. 2003-01-31
    soldstatus $53,400
23. 2002-09-20
    listed $53,400

ⓘ 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: $460 · $38/mo
• Projected year-2 tax: $506 · $42/mo
• Expected delta: +$46/yr (+$4/mo · 10.0%)

ⓘ 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: $13,080
• − Mortgage interest: −$3,641
• − Property taxes: −$460
• − Insurance: −$325
• − Repairs & maintenance: −$1,046
• − Management: −$1,046
• − Depreciation: −$1,891
• Taxable income: $4,670
• Est. tax owed @ 24.0%: −$1,121
• After-tax cash flow: $4,337/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

+21.7% since first listed

11 events — show timeline

• 2026-06-08 Price Changed $65,000 MIBOR as Distributed by MLS Grid
• 2026-05-22 Price Changed $69,000 MIBOR as Distributed by MLS Grid
• 2026-05-12 Listed $75,000 MIBOR as Distributed by MLS Grid
• 2007-04-02 Sold (MLS) $35,000 MIBOR as Distributed by MLS Grid
• 2007-02-08 Listed $36,500 MIBOR as Distributed by MLS Grid
• 2007-01-16 Listing Removed — MIBOR as Distributed by MLS Grid
• 2006-10-16 Listed $36,500 MIBOR as Distributed by MLS Grid
• 2006-08-19 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-08-19 Listed $36,000 MIBOR as Distributed by MLS Grid
• 2003-01-31 Sold (MLS) $53,400 MIBOR as Distributed by MLS Grid
• 2002-09-20 Listed $53,400 MIBOR as Distributed by MLS Grid

Property tax history

+2.9%/yr

Latest (2021): $460 · +5.9% YoY. Source: county tax records.