904 Ellenhurst Dr · Anderson, IN 46012

$90,000

2 bd · 2.0 ba · 1,186 sqft · SingleFamily public records · 13 Days on market

Built 1957 7,500 sqft lot Est $162k · 45% 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 +25.2/30.0
• ARV discount +15.0/15.0
• DSCR +8.2/10.0
• 1% rule +6.7/10.0
• 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

Listing remarks

3BR/2BA ranch home with great potential-perfect for investors or buyers looking for a fixer-upper opportunity. Property is being sold AS-IS. Step in from the covered front porch into the Living Room, with adjacent Kitchen and Laundry Room. Backdoor provides access to the patio and backyard, leading to a detached 2-car garage. Bring your vision and make this home your own!

Key facts

• 7,500 sq ft lot
• 2 garage spots
• Built 1957

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Municipal sewer
• Home design: Single-family residence; One level
• Construction: Aluminum siding; Crawl space foundation
• Exterior features: Covered patio/porch; Partial fencing; Fenced yard

Interior

• Kitchen: Range hood
• Bedrooms: 3 bedrooms (all on the main level)
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Woodwork stained or painted; Range hood; Gas water heater
• Laundry & utility: Main-level laundry room (16 x 6)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $201 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Cap rate 9.0% 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 (+1.8%/yr); 159 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k 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

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $90,000

Questions for the listing agent

1. Built in 1957 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.17% ✓
• Cap rate: 8.97%
• Cash-on-cash: 9.55%
• DSCR: 1.42
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $162,482
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
521 Woodlawn Dr	0.23mi	3/1.0 (+1)	1,178 (-1%)	6mo	$153,000	$130	74
612 Woodlawn Dr	0.16mi	3/2.0 (+1)	1,117 (-6%)	12mo	$114,900	$103	68
1521 Daleville Ave	0.52mi	3/1.5 (+1)	1,183 (-0%)	4mo	$170,000	$144	65
1520 Chesterfield Dr	0.43mi	3/1.5 (+1)	1,159 (-2%)	5mo	$167,000	$144	64
916 Alhambra Dr	0.73mi	3/1.0 (+1)	1,199 (+1%)	3mo	$155,000	$129	52
213 S Coventry Dr	0.51mi	3/1.5 (+1)	1,125 (-5%)	11mo	$176,000	$156	51
2353 E 10th St	0.46mi	2/1.0	1,280 (+8%)	12mo	$155,000	$121	51
3518 River Bluff Rd	0.70mi	3/1.5 (+1)	1,260 (+6%)	0mo	$200,000	$159	50
2216 E 6th St	0.58mi	2/1.0	1,337 (+13%)	7mo	$115,000	$86	42
3504 White River Ct	0.68mi	3/1.0 (+1)	1,118 (-6%)	10mo	$190,000	$170	41
318 Chester St	0.59mi	3/1.0 (+1)	1,076 (-9%)	9mo	$147,000	$137	41
233 S Elma St	0.75mi	2/1.0	1,052 (-11%)	11mo	$130,000	$124	33

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 · 1.82% rent growth · sell at horizon

5-year hold

• IRR: -3.2%
• Equity multiple: 0.88×
• Total profit: $-3,024
• Equity at exit: $13,419

10-year hold

• IRR: 5.1%
• Equity multiple: 1.36×
• Total profit: $8,956
• Equity at exit: $7,782

Cash invested: $25,200 (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 46012

• Home prices YoY: -18.6%
• Rents YoY: 1.8%
• Active inventory: 159
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,051 high
• Mortgage (P&I): −$472
• Tax from tax record: −$120 /mo · $1,440/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$221
• Net cashflow: $201

Break-even live

Break-even rent $797

Max offer price $90,000

Occupancy floor 76%

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2505 E 10th St Anderson, IN	1.0–2.0	1.0	850	$949	$1.12	43d	2	0.36mi
530 Alhambra Dr Anderson, IN	1.0–2.0	1.0	879	$1,100	$1.25	43d	1	0.74mi
1045 Alhambra Dr Unit 6 Anderson, IN	2.0	1.5	900	$975	$1.08	23d	1	0.78mi
1829 E 8th St Anderson, IN	1.0–3.0	1.0	810	$1,025	$1.27	23d	9	0.80mi
2625 Lindberg Rd Anderson, IN	1.0–2.0	1.0	756	$1,385	$1.83	43d	1	0.92mi
1023 E 8th St Unit 3 Anderson, IN	2.0	1.5	1200	$1,175	$0.98	7d	1	1.33mi
919 E 6th St Apt 2 Anderson, IN	1.0	1.0	700	$625	$0.89	23d	1	1.42mi

Listing history 2 events

1. 2026-04-30
   status Pending
2. 2026-04-17
   listed $90,000 Active

ⓘ 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: $1,440 · $120/mo
• Projected year-2 tax: $1,440 · $120/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 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,608
• − Mortgage interest: −$5,041
• − Property taxes: −$1,440
• − Insurance: −$450
• − Repairs & maintenance: −$1,009
• − Management: −$1,009
• − Depreciation: −$2,618
• Taxable income: $1,041
• Est. tax owed @ 24.0%: −$250
• After-tax cash flow: $2,157/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): 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

2 events — show timeline

• 2026-04-30 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-17 Listed $90,000 MIBOR as Distributed by MLS Grid

Property tax history

+103.0%/yr

Latest (2024): $1,440 · +28701.2% YoY. Source: county tax records.