1528 W 20th St · Anderson, IN 46016

$44,900

3 bd · 2.0 ba · 1,234 sqft · SingleFamily public records · 32 Days on market

Built 1915 6,350 sqft lot Est $73k · 38% 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

FIXER UPPER/INVESTMENT OPPORTUNITY! Basement walls have been repaired and foundation has been repaired/replaced this year. Four additional lots nearby are included!

Key facts

• 6,350 sq ft lot
• Built 1915
• Listed 32 days

Property features AI

Exterior

• Utilities: Public water; Municipal sewer connected; No solid waste service listed
• Home design: Single-family residence; One story
• Construction: Aluminum siding and brick exterior; Block foundation
• Exterior features: Lot under 1/4 acre (approximately 0.15 acres)

Interior

• Kitchen: No appliances included
• Bedrooms: 3 bedrooms (all on main level)
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Attic access; Has basement
• Laundry & utility: Utility room in basement (approx. 25x25)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $45k.

Deal economics

• At list price, monthly cash flow is $555 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Recommended offer: $44k (3.0% below list) — sets the bar for market timing.
• Cap rate 21.1% 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); 185 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 48% 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 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 $310 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 $13k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 22y 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 $10k; list at $45k implies a 351% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $43,553 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 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 1915 — 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: 2.38% ✓
• Cap rate: 21.12%
• Cash-on-cash: 52.95%
• DSCR: 3.36
• GRM: 3.5

CMA / ARV

• ARV (on-the-fly): $72,806
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1805 W 21st St	0.22mi	4/1.5 (+1)	1,225 (-1%)	15mo	$52,000	$42	69
1310 W 13th St	0.48mi	2/1.0 (-1)	1,178 (-4%)	1mo	$62,000	$53	60
1227 W 9th St	0.74mi	3/1.0	1,158 (-6%)	1mo	$84,000	$73	50
815 W 22nd St	0.52mi	3/2.0	1,362 (+10%)	12mo	$129,000	$95	48
1404 Walton St	0.54mi	3/1.0	1,090 (-12%)	8mo	$70,000	$64	45
1430 W 14th St	0.39mi	2/1.0 (-1)	1,404 (+14%)	8mo	$141,000	$100	44
1323 Nelle St	0.43mi	3/1.5	1,358 (+10%)	23mo	$120,000	$88	42
811 W 12th St	0.69mi	3/2.0	1,155 (-6%)	21mo	$60,000	$52	40
416 W 21st St	0.74mi	2/1.0 (-1)	1,296 (+5%)	12mo	$77,000	$59	39
1628 Sherman St	0.55mi	2/1.0 (-1)	1,106 (-10%)	15mo	$55,000	$50	36
2303 W 25th St	0.65mi	3/1.0	1,377 (+12%)	16mo	$69,500	$50	33
1511 Nichol Ave	0.46mi	2/1.0 (-1)	1,070 (-13%)	21mo	$63,000	$59	30

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: 56.3%
• Equity multiple: 3.67×
• Total profit: $33,561
• Equity at exit: $6,695

10-year hold

• IRR: 63.1%
• Equity multiple: 8.93×
• Total profit: $99,707
• Equity at exit: $3,882

Cash invested: $12,572 (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: 185
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $1,068 high
• Mortgage (P&I): −$235
• Tax from tax record: −$35 /mo · $416/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$224
• Net cashflow: $555

Break-even live

Break-even rent $366

Max offer price $44,900

Occupancy floor 43%

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: $11,225
• Closing costs: $1,347
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2004 Arrow Ave Anderson, IN	2.0	1.0	816	$1,125	$1.38	23d	1	0.14mi
1640 W 17th St Anderson, IN	2.0	1.0	810	$895	$1.10	20d	1	0.17mi
1720 Nelle St Anderson, IN	2.0	1.0	768	$1,100	$1.43	23d	1	0.21mi
1616 W 16th St Anderson, IN	2.0	1.0	1038	$1,050	$1.01	43d	1	0.21mi
1502 Cedar St Anderson, IN	2.0	1.0	1104	$850	$0.77	43d	1	0.42mi
1310 W 13th St Anderson, IN	2.0	1.0	1178	$895	$0.76	2d	1	0.45mi
1532 Walton St Anderson, IN	3.0	1.0	1342	$1,100	$0.82	43d	1	0.48mi
1404 Walton St Anderson, IN	3.0	1.0	1090	$995	$0.91	43d	1	0.53mi
1222 Nichol Ave Unit 4 Anderson, IN	3.0	1.0	1000	$1,135	$1.14	7d	1	0.53mi
2411 Hendricks St Anderson, IN	3.0	1.0	860	$1,000	$1.16	23d	1	0.55mi
1123 Louise St Anderson, IN	2.0	1.0	850	$850	$1.00	43d	1	0.56mi
1136 Irving Way Anderson, IN	2.0	1.0	900	$895	$0.99	21d	1	0.57mi
2301 Sheridan St Anderson, IN	2.0	1.0	900	$950	$1.06	43d	1	0.60mi
2613 Louise St Anderson, IN	2.0	1.0	1096	$950	$0.87	21d	1	0.60mi
618 W 22nd St Anderson, IN	3.0	1.0	900	$1,250	$1.39	43d	1	0.61mi
2233 Fairview St Anderson, IN	3.0	1.5	1452	$1,195	$0.82	23d	1	0.65mi
2719 Dewey St Anderson, IN	2.0	1.0	877	$1,150	$1.31	43d	1	0.72mi
2203 W 28th St Anderson, IN	3.0	1.0	1068	$1,000	$0.94	43d	1	0.78mi
2705 Horton Dr Anderson, IN	3.0	1.0	936	$1,050	$1.12	20d	1	0.79mi
2442 Morton St Anderson, IN	2.0	1.0	862	$1,125	$1.31	23d	1	0.80mi
1631 W 7th St Anderson, IN	3.0	1.0	900	$1,000	$1.11	43d	1	0.82mi
229 W 19th St Anderson, IN	3.0	1.0	1200	$1,000	$0.83	43d	1	0.82mi
1312 W 8th St Unit 1332 F Anderson, IN	2.0	1.0	850	$979	$1.15	43d	1	0.84mi
2324 Chase St Anderson, IN	2.0	1.0	783	$950	$1.21	43d	1	0.87mi
2820 Fairview St Unit A Anderson, IN	2.0	1.0	850	$895	$1.05	43d	1	0.90mi
2627 Chase St Anderson, IN	3.0	1.0	1050	$850	$0.81	17d	1	0.96mi
820 W 7th St Apt A Anderson, IN	2.0	2.0	1400	$1,200	$0.86	23d	1	0.97mi
1212 W 5th St Anderson, IN	3.0	1.0	1252	$1,295	$1.03	12d	1	0.99mi
2904 Lincoln St Anderson, IN	2.0	1.0	864	$900	$1.04	43d	1	1.02mi
120 W 10th St Anderson, IN	1.0–3.0	1.0	1066	$1,150	$1.08	1d	1	1.13mi
1529 W 2nd St Anderson, IN	3.0	1.0	884	$1,200	$1.36	23d	1	1.13mi
1317 Main St Anderson, IN	2.0	1.0	750	$800	$1.07	43d	1	1.16mi
2111 Central Ave Anderson, IN	3.0	1.0	1026	$1,250	$1.22	43d	1	1.17mi
3021 Delaware St Anderson, IN	2.0	1.0	1154	$1,150	$1.00	7d	1	1.19mi
1010 W 2nd St Unit 2 Anderson, IN	2.0	1.0	875	$1,025	$1.17	21d	1	1.22mi
1010 W 2nd St Unit 3 Anderson, IN	3.0	1.0	1025	$1,125	$1.10	14d	1	1.22mi
2625 Main St Anderson, IN	2.0	1.0	988	$895	$0.91	23d	1	1.23mi
1708 Euclid Dr Anderson, IN	2.0	1.0	732	$1,225	$1.67	43d	1	1.24mi
2916 W 12th St Anderson, IN	3.0	1.0	1271	$1,295	$1.02	43d	1	1.27mi
219 E 13th St Anderson, IN	3.0	1.0	882	$1,000	$1.13	4d	1	1.28mi

Listing history 26 events

1. 2026-06-18
   days on market $44,900 Active 32 DOM
2. 2026-06-17
   days on market $44,900 Active 31 DOM
3. 2026-06-16
   days on market $44,900 Active 30 DOM
4. 2026-06-15
   days on market $44,900 Active 29 DOM
5. 2026-06-13
   days on market $44,900 Active 27 DOM
6. 2026-06-09
   days on market $44,900 Active 23 DOM
7. 2026-06-08
   days on market $44,900 Active 22 DOM
8. 2026-06-07
   days on market $44,900 Active 21 DOM
9. 2026-06-05
   days on market $44,900 Active 18 DOM
10. 2026-06-03
    days on market $44,900 Active 17 DOM
11. 2026-06-02
    days on market $44,900 Active 16 DOM
12. 2026-06-01
    days on market $44,900 Active 15 DOM
13. 2026-05-31
    days on market $44,900 Active 14 DOM
14. 2026-05-17
    listed $44,900 Active
15. 2019-10-25
    soldstatus $9,950 Sold 164-char remark

    Show marketing remark (164 chars)

    FIXER UPPER/INVESTMENT OPPORTUNITY! Basement walls have been repaired and foundation has been repaired/replaced this year. Four additional lots nearby are included!

16. 2019-10-02
    listed $9,950 Active 164-char remark

    Show marketing remark (164 chars)

    FIXER UPPER/INVESTMENT OPPORTUNITY! Basement walls have been repaired and foundation has been repaired/replaced this year. Four additional lots nearby are included!

17. 2006-11-28
    soldstatus $1,536 450-char remark

    Show marketing remark (450 chars)

    GREAT INVESTMENT PROPERTY. READY TO BE REPAIRED. HOME IS A BANK-OWNED PROPERTY SOLD IN 'AS-IS' CONDITION. ALL OFFERS ACCOMPANIED BY SIGNED BANK ADDENDUM AND BUYER'S PRE-QUALIFICATION LETTER OR PROOF OF FUNDS. EARNEST MO NEY TO BE AT LEAST 3% OF PURCHASE PRICE...ALL ROOM DIMENSIONS ARE ESTIMATES. SELLER RESERVES THE RIGHT TO CHOOSE PLACE OF SETTLEMENT. SELLER RESERVES THE RIGHT TO ACCEPT THE OFFER OF THEIR CHOICE REGARDLESS OF ORDER RE CEIVED.BB

18. 2006-10-01
    historical
19. 2006-08-11
    listed $11,900 450-char remark

    Show marketing remark (450 chars)

    GREAT INVESTMENT PROPERTY. READY TO BE REPAIRED. HOME IS A BANK-OWNED PROPERTY SOLD IN 'AS-IS' CONDITION. ALL OFFERS ACCOMPANIED BY SIGNED BANK ADDENDUM AND BUYER'S PRE-QUALIFICATION LETTER OR PROOF OF FUNDS. EARNEST MO NEY TO BE AT LEAST 3% OF PURCHASE PRICE...ALL ROOM DIMENSIONS ARE ESTIMATES. SELLER RESERVES THE RIGHT TO CHOOSE PLACE OF SETTLEMENT. SELLER RESERVES THE RIGHT TO ACCEPT THE OFFER OF THEIR CHOICE REGARDLESS OF ORDER RE CEIVED.BB

20. 2006-03-14
    historical
21. 2006-02-17
    listed $14,900
22. 2005-09-15
    listed $14,900
23. 2005-08-09
    historical
24. 2005-01-26
    listed $17,900
25. 2004-12-09
    historical
26. 2004-10-14
    listed $19,900

ⓘ 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: $416 · $35/mo
• Projected year-2 tax: $416 · $35/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 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: $12,813
• − Mortgage interest: −$2,515
• − Property taxes: −$416
• − Insurance: −$224
• − Repairs & maintenance: −$1,025
• − Management: −$1,025
• − Depreciation: −$1,306
• Taxable income: $6,302
• Est. tax owed @ 24.0%: −$1,512
• After-tax cash flow: $5,145/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

+125.6% since first listed

13 events — show timeline

• 2026-05-17 Listed $44,900 MIBOR as Distributed by MLS Grid
• 2019-10-25 Sold (MLS) $9,950 MIBOR as Distributed by MLS Grid
• 2019-10-02 Listed $9,950 MIBOR as Distributed by MLS Grid
• 2006-11-28 Sold (MLS) $1,536 MIBOR as Distributed by MLS Grid
• 2006-10-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2006-08-11 Listed $11,900 MIBOR as Distributed by MLS Grid
• 2006-03-14 Listing Removed — MIBOR as Distributed by MLS Grid
• 2006-02-17 Listed $14,900 MIBOR as Distributed by MLS Grid
• 2005-09-15 Listed $14,900 MIBOR as Distributed by MLS Grid
• 2005-08-09 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-01-26 Listed $17,900 MIBOR as Distributed by MLS Grid
• 2004-12-09 Listing Removed — MIBOR as Distributed by MLS Grid
• 2004-10-14 Listed $19,900 MIBOR as Distributed by MLS Grid

Property tax history

-4.3%/yr

Latest (2024): $416 · +7.4% YoY. Source: county tax records.