2227 George St · Anderson, IN 46016

$49,900

2 bd · 1.0 ba · 1,008 sqft · SingleFamily public records · 47 Days on market

Built 1966 5,700 sqft lot $50/sqft · 45% above area Est $69k · 28% 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

Investment potential near downtown Anderson. Good-sized ranch home with huge attached garage area. Needs work, but priced accordingly.

Key facts

• 5,700 sq ft lot
• 3 garage spots
• Built 1966

Property features AI

Exterior

• Parking: Attached 3-car garage (approximately 864 sq ft)
• Utilities: Public water; Municipal sewer connected; No solid waste service listed
• Home design: Single-family residence; One level
• Construction: Aluminum siding; Block foundation
• Exterior features: Less than 1/4 acre lot (approximately 0.13 acre)

Interior

• Kitchen: No appliances included
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Attic access; Basement
• Laundry & utility: Utility room in basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $403 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($957 rent vs $50k).
• Recommended offer: $48k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.0% 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; 39 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 44% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).
• This rent runs 32% 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 $345 of loan paydown is wiped out by about $1k 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 $14k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($48k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $48,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 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 1966 — 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: 1.92% ✓
• Cap rate: 15.99%
• Cash-on-cash: 34.63%
• DSCR: 2.54
• GRM: 4.3

CMA / ARV

• ARV (median comp): $68,901
• List price: $49,900
• Delta: -27.58%
• 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
2334 Walnut St	0.18mi	2/1.0	1,136 (+13%)	1mo	$55,000	$48	69
1541 Walnut St	0.47mi	3/1.0 (+1)	1,032 (+2%)	0mo	$47,398	$46	68
717 E 27th St	0.32mi	2/1.0	1,092 (+8%)	12mo	$74,900	$69	61
1611 Johnson Ave	0.47mi	2/1.0	1,104 (+10%)	2mo	$25,000	$23	61
1718 Cincinnati Ave	0.39mi	2/1.0	898 (-11%)	4mo	$115,000	$128	61
2639 Central Ave	0.51mi	2/1.0	952 (-6%)	8mo	$57,000	$60	60
826 E 31st St	0.58mi	2/1.0	1,056 (+5%)	8mo	$132,500	$125	58
1612 Cincinnati Ave	0.42mi	3/1.5 (+1)	1,080 (+7%)	4mo	$57,000	$53	58
2911 E Lynn St	0.50mi	2/1.0	1,092 (+8%)	8mo	$70,000	$64	56
1610 Central Ave	0.58mi	2/1.0	975 (-3%)	15mo	$50,000	$51	55
1221 E 22nd St	0.31mi	2/1.0	864 (-14%)	12mo	$65,000	$75	52
220 E 29th St	0.55mi	2/1.0	924 (-8%)	15mo	$90,000	$97	48

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: 35.6%
• Equity multiple: 2.61×
• Total profit: $22,545
• Equity at exit: $7,440

10-year hold

• IRR: 44.9%
• Equity multiple: 6.38×
• Total profit: $75,159
• Equity at exit: $4,314

Cash invested: $13,972 (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: 188
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $957 high
• Mortgage (P&I): −$262
• Tax from tax record: −$70 /mo · $842/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$201
• Net cashflow: $403

Break-even live

Break-even rent $446

Max offer price $49,900

Occupancy floor 53%

Sensitivity live

Price	-10% $431	-5% $417	+0% $403	+5% $389	+10% $375
Rent	-10% $328	-5% $365	+0% $403	+5% $441	+10% $479
Rate	-1.0pp $428	-0.5pp $416	base $403	+0.5pp $390	+1.0pp $377

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Rent comps 39 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2023 McKinley St Anderson, IN	2.0	1.0	1500	$950	$0.63	45d	1	0.16mi
2002 Jefferson St Unit 3 Anderson, IN	1.0	2.0	725	$600	$0.83	45d	1	0.17mi
2233 E Lynn St Anderson, IN	1.0	1.0	700	$695	$0.99	3d	1	0.21mi
1726-1728 Walnut St Anderson, IN	2.0	2.0	900	$995	$1.11	3d	1	0.34mi
2111 Central Ave Anderson, IN	3.0	1.0	1026	$1,250	$1.22	45d	1	0.38mi
1232 E 28th St Anderson, IN	2.0	2.0	795	$950	$1.19	45d	1	0.50mi
2625 Main St Anderson, IN	2.0	1.0	988	$895	$0.91	25d	1	0.53mi
1318 E 28th St Anderson, IN	3.0	1.0	1280	$1,300	$1.02	13d	1	0.55mi
228 E 29th St Anderson, IN	3.0	2.0	1440	$1,295	$0.90	5d	1	0.55mi
3006 Noble St Anderson, IN	2.0	1.0	1064	$995	$0.94	8d	1	0.55mi
1411 Home Ave Anderson, IN	3.0	1.0	810	$1,295	$1.60	25d	1	0.59mi
3009 E Lynn St Unit 1 Anderson, IN	3.0	1.0	1000	$875	$0.88	21d	1	0.60mi
3000 Fletcher St Unit 3000 Anderson, IN	2.0	1.0	800	$650	$0.81	45d	1	0.60mi
219 E 13th St Anderson, IN	3.0	1.0	882	$1,000	$1.13	5d	1	0.70mi
2324 Chase St Anderson, IN	2.0	1.0	783	$950	$1.21	45d	1	0.72mi
229 W 19th St Anderson, IN	3.0	1.0	1200	$1,000	$0.83	45d	1	0.75mi
1317 Main St Anderson, IN	2.0	1.0	750	$800	$1.07	45d	1	0.75mi
1501 E 31st St Anderson, IN	2.0	1.0	840	$1,199	$1.43	21d	1	0.78mi
2627 Chase St Anderson, IN	3.0	1.0	1050	$850	$0.81	19d	1	0.80mi
223 E 11th St Anderson, IN	2.0	1.0	800	$900	$1.12	45d	1	0.82mi
3021 Delaware St Anderson, IN	2.0	1.0	1154	$1,150	$1.00	8d	1	0.83mi
2442 Morton St Anderson, IN	2.0	1.0	862	$1,125	$1.31	25d	1	0.86mi
2904 Lincoln St Anderson, IN	2.0	1.0	864	$900	$1.04	45d	1	0.91mi
2233 Fairview St Anderson, IN	3.0	1.5	1452	$1,195	$0.82	25d	1	0.93mi
618 W 22nd St Anderson, IN	3.0	1.0	900	$1,250	$1.39	45d	1	0.95mi
1023 E 8th St Unit 3 Anderson, IN	2.0	1.5	1200	$1,175	$0.98	8d	1	0.97mi
2301 Sheridan St Anderson, IN	2.0	1.0	900	$950	$1.06	45d	1	1.00mi
2820 Fairview St Unit A Anderson, IN	2.0	1.0	850	$895	$1.05	45d	1	1.00mi
120 W 10th St Anderson, IN	1.0–3.0	1.0	1066	$1,025	$0.96	3d	1	1.05mi
1045 Alhambra Dr Unit 6 Anderson, IN	2.0	1.5	900	$975	$1.08	25d	1	1.09mi
919 E 6th St Apt 2 Anderson, IN	1.0	1.0	700	$625	$0.89	25d	1	1.10mi
2411 Hendricks St Anderson, IN	3.0	1.0	860	$1,000	$1.16	25d	1	1.13mi
1829 E 8th St Anderson, IN	1.0–3.0	1.0	810	$1,025	$1.27	25d	9	1.14mi
602 Meridian St Apt C Anderson, IN	2.0	1.0	800	$900	$1.12	45d	1	1.18mi
1502 Cedar St Anderson, IN	2.0	1.0	1104	$850	$0.77	45d	1	1.30mi
706 University Blvd Anderson, IN	2.0	1.0	1250	$1,050	$0.84	3d	1	1.34mi
530 Alhambra Dr Anderson, IN	1.0–2.0	1.0	879	$1,100	$1.25	45d	1	1.39mi
2505 E 10th St Anderson, IN	1.0–2.0	1.0	850	$949	$1.12	45d	2	1.42mi
820 W 7th St Apt A Anderson, IN	2.0	2.0	1400	$1,200	$0.86	25d	1	1.47mi

Listing history 15 events

1. 2026-06-21
   days on market $49,900 Active 47 DOM
2. 2026-06-18
   days on market $49,900 Active 44 DOM
3. 2026-06-17
   days on market $49,900 Active 43 DOM
4. 2026-06-16
   days on market $49,900 Active 42 DOM
5. 2026-06-15
   days on market $49,900 Active 41 DOM
6. 2026-06-13
   days on market $49,900 Active 39 DOM
7. 2026-06-09
   days on market $49,900 Active 35 DOM
8. 2026-06-08
   days on market $49,900 Active 34 DOM
9. 2026-06-07
   days on market $49,900 Active 33 DOM
10. 2026-06-05
    days on market $49,900 Active 30 DOM
11. 2026-06-03
    days on market $49,900 Active 29 DOM
12. 2026-06-02
    days on market $49,900 Active 28 DOM
13. 2026-06-01
    days on market $49,900 Active 27 DOM
14. 2026-05-31
    days on market $49,900 Active 26 DOM
15. 2026-05-05
    listed $49,900 Active 136-char remark

ⓘ 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: $842 · $70/mo
• Projected year-2 tax: $842 · $70/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 5/10 Major FEMA zone X (unshaded) · 47% 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: $11,482
• − Mortgage interest: −$2,795
• − Property taxes: −$842
• − Insurance: −$250
• − Repairs & maintenance: −$919
• − Management: −$919
• − Depreciation: −$1,452
• Taxable income: $4,306
• Est. tax owed @ 24.0%: −$1,034
• After-tax cash flow: $3,805/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

1 event — show timeline

• 2026-05-05 Listed $49,900 MIBOR as Distributed by MLS Grid

Property tax history

-3.4%/yr

Latest (2024): $842 · +8.5% YoY. Source: county tax records.