1224 W 13th St · Anderson, IN 46016

$135,000

2 bd · 1.0 ba · 898 sqft · MultiFamily public records · 20 Days on market

Built 1992 5,900 sqft lot

---

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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Multi-family units

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

Listing remarks MLS

Great investment property. 1224 Offers 2 bedrooms with one bath and 1226 is a 3 bedroom with one bath. New carpet and paint in 12-22.

Key facts

• Single level living
• Income producing
• No hoa

Tags

• SINGLE LEVEL LIVING
• NO HOA
• INCOME PRODUCING
• VACANT UNIT

Property features AI

Finance

• Other: Lot under 1/4 acre (approximately 0.14 acre)
• Financial info: Two-unit residential income property; One unit currently shows monthly rent of $825; other unit rent listed as $0; Reported gross income and expenses listed as 0

Exterior

• Parking: Parking lot with 1 assigned space
• Security: Smoke detector(s)
• Utilities: Municipal storm connected; Municipal solid waste service
• Home design: Duplex (attached property); One story; Faces south
• Construction: Vinyl siding
• Exterior features: Access road

Interior

• Kitchen: Eat-in kitchen; Range/oven; Refrigerator
• Bedrooms: Each unit is single-level
• Heating & cooling: Forced heat
• Interior features: Smoke detectors
• Laundry & utility: Washer/dryer connections in units; Forced heat (utilities for units)

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/1.5-bath units multifamily listed at $135k.

Deal economics

• At list price, monthly cash flow is $816 ($10k/yr) — positive. Per door: $408/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $133k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.5% vs local median 6.1% 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: crime D-, amenities F, commute 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.
• Zoned schools: Tenth Street Elementary School (math 13% / reading 10%, grade F, #904 of 994 statewide, top 91%, 462 students, 89% FRL); Highland Middle School (math 9% / reading 22%, grade F, #293 of 330 statewide, top 90%, 914 students, 81% FRL); Anderson High School (math 21% / reading 51%, grade F, #261 of 369 statewide, top 71%, 1,790 students, 76% FRL).
• Market conditions: Rents rising fast (+7.9%/yr); 188 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 40% 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).
• At $2,176/mo this rent would consume 72% 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 $933 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 $38k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($133k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 24y 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 $107k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $132,975 (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. 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 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: 1.61% ✓
• Cap rate: 13.55%
• Cash-on-cash: 25.91%
• DSCR: 2.15
• GRM: 5.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 24.9%
• Equity multiple: 2.09×
• Total profit: $41,340
• Equity at exit: $20,129

10-year hold

• IRR: 35.6%
• Equity multiple: 5.07×
• Total profit: $153,897
• Equity at exit: $11,672

Cash invested: $37,800 (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: 10.3×

Monthly cashflow live

• Estimated rent: $2,176 medium
• Mortgage (P&I): −$708
• Tax from tax record: −$139 /mo · $1,662/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$457
• Net cashflow: $816

Break-even live

Break-even rent $1,143

Max offer price $135,000

Occupancy floor 57%

Sensitivity live

Price	-10% $893	-5% $855	+0% $816	+5% $778	+10% $740
Rent	-10% $644	-5% $730	+0% $816	+5% $902	+10% $988
Rate	-1.0pp $884	-0.5pp $851	base $816	+0.5pp $781	+1.0pp $746

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	1.5	$2,176
Total (2 units)			$2,176

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1222 Nichol Ave Unit 4 Anderson, IN	3.0	1.0	1000	$1,135	$1.14	0d	1	0.08mi
1222 Nichol Ave Unit 4 Anderson, IN	3.0	1.0	1000	$1,135	$1.14	9d	1	0.08mi
1502 Cedar St Anderson, IN	2.0	1.0	1104	$850	$0.77	45d	1	0.18mi
1616 W 16th St Anderson, IN	2.0	1.0	1038	$1,050	$1.01	45d	1	0.33mi
1640 W 17th St Anderson, IN	2.0	1.0	810	$895	$1.10	22d	1	0.40mi
1312 W 8th St Unit 1332 F Anderson, IN	2.0	1.0	850	$979	$1.15	45d	1	0.41mi
1312 W 8th St Unit 1308H Anderson, IN	1.0	1.0	750	$999	$1.33	16d	1	0.41mi
1614 W 18th St Anderson, IN	2.0	1.0	690	$975	$1.41	25d	1	0.41mi
803 1/2 W 9th St Anderson, IN	1.0	1.0	600	$525	$0.88	45d	1	0.42mi
1123 Louise St Anderson, IN	2.0	1.0	850	$850	$1.00	45d	1	0.46mi
1631 W 7th St Anderson, IN	3.0	1.0	900	$1,000	$1.11	45d	1	0.50mi
1136 Irving Way Anderson, IN	2.0	1.0	900	$895	$0.99	23d	1	0.50mi
1720 Nelle St Anderson, IN	2.0	1.0	768	$1,100	$1.43	25d	1	0.51mi
1627 W 6th St Anderson, IN	2.0	1.0	650	$850	$1.31	25d	1	0.55mi
925 W 5th St Unit 1 Anderson, IN	1.0	1.0	617	$775	$1.26	18d	1	0.56mi
1708 W 7th St Anderson, IN	1.0	1.0	700	$875	$1.25	19d	1	0.56mi
1708 W 7th St Anderson, IN	1.0	1.0	700	$1,000	$1.43	45d	1	0.56mi
1708 W 7th St Anderson, IN	1.0	1.0	700	$875	$1.25	21d	1	0.56mi
1020 W 5th St Unit 1022 Anderson, IN	1.0	1.0	550	$750	$1.36	45d	1	0.56mi
924 W 5th St Unit 928 Anderson, IN	1.0	1.0	600	$600	$1.00	45d	1	0.59mi
924 W 5th St Unit 924 Anderson, IN	1.0	1.0	750	$600	$0.80	25d	1	0.59mi
2004 Arrow Ave Anderson, IN	2.0	1.0	816	$1,125	$1.38	25d	1	0.59mi
1404 Walton St Anderson, IN	3.0	1.0	1090	$995	$0.91	45d	1	0.64mi
2208 Hendricks St Unit 3 Anderson, IN	1.0	1.0	585	$600	$1.03	0d	1	0.66mi
618 W 22nd St Anderson, IN	3.0	1.0	900	$1,250	$1.39	45d	1	0.69mi
215 S Madison Ave Anderson, IN	1.0	1.0	600	$650	$1.08	45d	1	0.73mi
702 W 23rd St Anderson, IN	1.0	1.0	560	$595	$1.06	6d	1	0.73mi
213 Madison Ave Anderson, IN	1.0	1.0	600	$650	$1.08	45d	1	0.73mi
2301 Sheridan St Anderson, IN	2.0	1.0	900	$950	$1.06	45d	1	0.74mi
1529 W 2nd St Anderson, IN	3.0	1.0	884	$1,200	$1.36	25d	1	0.75mi
120 W 10th St Anderson, IN	1.0–3.0	1.0	1066	$1,025	$0.96	0d	1	0.75mi
1010 W 2nd St Unit 2 Anderson, IN	2.0	1.0	875	$1,025	$1.17	23d	1	0.76mi
1010 W 2nd St Unit 3 Anderson, IN	3.0	1.0	1025	$1,125	$1.10	16d	1	0.76mi
1010 W 2nd St Unit 1 Anderson, IN	1.0	1.0	724	$925	$1.28	25d	1	0.76mi
2411 Hendricks St Anderson, IN	3.0	1.0	860	$1,000	$1.16	25d	1	0.79mi
519 W 2nd St Anderson, IN	1.0	1.0	650	$800	$1.23	45d	1	0.86mi
1317 Main St Unit D Anderson, IN	2.0	1.0	834	$725	$0.87	0d	1	0.88mi
1317 Main St Anderson, IN	2.0	1.0	750	$800	$1.07	45d	1	0.88mi
1807 Meridian St Apt 4 Anderson, IN	2.0	1.0	600	$675	$1.12	0d	1	0.89mi
506 W 2nd St Anderson, IN	3.0	1.0	964	$1,095	$1.14	25d	1	0.89mi

Listing history 28 events

1. 2026-06-05
   statusdays on market $135,000 Pending 20 DOM
2. 2026-06-03
   days on market $135,000 Active 19 DOM
3. 2026-06-02
   days on market $135,000 Active 18 DOM
4. 2026-06-01
   days on market $135,000 Active 17 DOM
5. 2026-05-31
   days on market $135,000 Active 16 DOM
6. 2026-04-29
   status Pending
7. 2026-04-16
   listed $135,000 Active
8. 2023-10-13
   soldstatus $107,000 Closed 134-char remark

   Show marketing remark (134 chars)

   Great investment property. 1224 Offers 2 bedrooms with one bath and 1226 is a 3 bedroom with one bath. New carpet and paint in 12-22.

9. 2023-08-25
   status Pending 134-char remark

   Show marketing remark (134 chars)

   Great investment property. 1224 Offers 2 bedrooms with one bath and 1226 is a 3 bedroom with one bath. New carpet and paint in 12-22.

10. 2023-07-25
    listed $125,000 Active 134-char remark

    Show marketing remark (134 chars)

    Great investment property. 1224 Offers 2 bedrooms with one bath and 1226 is a 3 bedroom with one bath. New carpet and paint in 12-22.

11. 2016-04-01
    soldstatus $34,000 Sold 250-char remark

    Show marketing remark (250 chars)

    Updated duplex this is clean and freshly painted. Property has newer flooring and a newer furnace. Each tenant pays their own utilities. Each unit has a stove and refrigerator. Nice income or live in one side and rent out the other. Nice duplex.

12. 2016-03-22
    status Pending 250-char remark

    Show marketing remark (250 chars)

    Updated duplex this is clean and freshly painted. Property has newer flooring and a newer furnace. Each tenant pays their own utilities. Each unit has a stove and refrigerator. Nice income or live in one side and rent out the other. Nice duplex.

13. 2015-11-09
    listed $34,900 Active 250-char remark

    Show marketing remark (250 chars)

    Updated duplex this is clean and freshly painted. Property has newer flooring and a newer furnace. Each tenant pays their own utilities. Each unit has a stove and refrigerator. Nice income or live in one side and rent out the other. Nice duplex.

14. 2011-09-23
    historical
15. 2011-09-22
    soldstatus $15,000
16. 2011-08-03
    historical
17. 2011-08-02
    listed $16,500
18. 2011-08-02
    listed $16,500
19. 2011-06-24
    historical
20. 2011-03-25
    historical
21. 2011-03-23
    listed $29,000
22. 2009-09-25
    listed $29,000
23. 2006-09-11
    soldstatus $21,500
24. 2006-06-08
    listed $23,900
25. 2005-11-24
    historical
26. 2005-01-24
    listed $57,000
27. 2003-06-09
    soldstatus $56,375
28. 2002-01-30
    listed $61,000

ⓘ 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: $1,662 · $139/mo
• Projected year-2 tax: $1,662 · $139/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
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,112
• − Mortgage interest: −$7,562
• − Property taxes: −$1,662
• − Insurance: −$675
• − Repairs & maintenance: −$2,089
• − Management: −$2,089
• − Depreciation: −$3,927
• Taxable income: $8,107
• Est. tax owed @ 24.0%: −$1,946
• After-tax cash flow: $7,850/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

+121.3% since first listed

23 events — show timeline

• 2026-04-29 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-16 Listed $135,000 MIBOR as Distributed by MLS Grid
• 2023-10-13 Sold (MLS) $107,000 MIBOR as Distributed by MLS Grid
• 2023-08-25 Pending — MIBOR as Distributed by MLS Grid
• 2023-07-25 Listed $125,000 MIBOR as Distributed by MLS Grid
• 2016-04-01 Sold (MLS) $34,000 MIBOR as Distributed by MLS Grid
• 2016-03-22 Pending — MIBOR as Distributed by MLS Grid
• 2015-11-09 Listed $34,900 MIBOR as Distributed by MLS Grid
• 2011-09-23 Listing Removed — MIBOR as Distributed by MLS Grid
• 2011-09-22 Sold (MLS) $15,000 MIBOR as Distributed by MLS Grid
• 2011-08-03 Listing Removed — MIBOR as Distributed by MLS Grid
• 2011-08-02 Listed $16,500 MIBOR as Distributed by MLS Grid
• 2011-08-02 Listed $16,500 MIBOR as Distributed by MLS Grid
• 2011-06-24 Listing Removed — MIBOR as Distributed by MLS Grid
• 2011-03-25 Listing Removed — MIBOR as Distributed by MLS Grid
• 2011-03-23 Listed $29,000 MIBOR as Distributed by MLS Grid
• 2009-09-25 Listed $29,000 MIBOR as Distributed by MLS Grid
• 2006-09-11 Sold (MLS) $21,500 MIBOR as Distributed by MLS Grid
• 2006-06-08 Listed $23,900 MIBOR as Distributed by MLS Grid
• 2005-11-24 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-01-24 Listed $57,000 MIBOR as Distributed by MLS Grid
• 2003-06-09 Sold (MLS) $56,375 MIBOR as Distributed by MLS Grid
• 2002-01-30 Listed $61,000 MIBOR as Distributed by MLS Grid

Property tax history

+7.4%/yr

Latest (2024): $1,662 · +9.3% YoY. Source: county tax records.