2617 Fowler St · Anderson, IN 46012

$120,000

3 bd · 1.0 ba · 816 sqft · SingleFamily public records · 109 Days on market

Built 1953 6,100 sqft lot $147/sqft · 29% above area Est $93k · 29% over

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Why this score? — see what drove the D 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 +20.5/30.0
• DSCR +6.5/10.0
• 1% rule +4.7/10.0
• Rent growth +3.0/5.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Situated at 2617 Fowler St in Anderson, IN, this single-family residence presents an inviting home that is currently operating as a reliable investment property. The property is tenant-occupied with residents who pay on time and have maintained consistent occupancy, making it an excellent opportunity for investors seeking immediate rental income. Encompassing 816 square feet of living space, this single-story residence, constructed in 1953, offers a practical and comfortable layout. The three bedrooms provide distinct areas for rest and personal space, while the single full bathroom features a tiled walk-in shower, adding a functional and updated element for daily routines. The home sits on a generous 6,100 square foot lot, providing ample outdoor space. A welcoming front porch offers a pleasant spot to relax, while the patio creates an ideal area for outdoor enjoyment. Whether you're looking to expand your investment portfolio with a performing rental or secure a property with long-term potential, this home presents a compelling opportunity.

Key facts

• Generous lot
• Tiled walk in shower
• Front porch

Tags

• TILED WALK IN SHOWER
• FRONT PORCH
• PATIO
• GENEROUS LOT

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $158 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $116k (3.4% below list).
• Recommended offer: $109k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 6.1% in Anderson — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 (+1.8%/yr); 162 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $830 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.

Negotiation context

• It's been on market 109 days — a 9% lower offer ($109k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $25k; list at $120k implies a 380% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $109,200 (9.0% below list)

Questions for the listing agent

1. It's been on market 109 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.97% ✗
• Cap rate: 7.88%
• Cash-on-cash: 5.66%
• DSCR: 1.25
• GRM: 8.6

CMA / ARV

• ARV (median comp): $93,064
• List price: $120,000
• Delta: 28.94%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
614 Harrison St	0.08mi	2/1.0 (-1)	866 (+6%)	1mo	$145,000	$167	81
2524 E 5th St	0.12mi	2/1.0 (-1)	780 (-4%)	2mo	$27,000	$35	81
830 Chester St	0.33mi	2/1.0 (-1)	800 (-2%)	2mo	$130,000	$163	75
2415 E 9th St	0.31mi	2/1.0 (-1)	773 (-5%)	0mo	$75,000	$97	72
2612 Fowler St	0.03mi	2/1.0 (-1)	693 (-15%)	1mo	$117,900	$170	68
2317 E 3rd St	0.34mi	3/1.0	888 (+9%)	2mo	$142,000	$160	68
630 Chester St	0.27mi	2/1.0 (-1)	882 (+8%)	6mo	$130,000	$147	64
2614 E 8th St	0.14mi	2/1.0 (-1)	741 (-9%)	12mo	$98,900	$133	63
2315 E 3rd St	0.34mi	2/1.0 (-1)	888 (+9%)	10mo	$60,000	$68	56
817 Alhambra Dr	0.62mi	2/1.0 (-1)	792 (-3%)	9mo	$70,000	$88	54
2405 E 9th St	0.34mi	2/1.0 (-1)	920 (+13%)	9mo	$80,000	$87	50
1321 Lennox St	0.55mi	2/2.0 (-1)	936 (+15%)	12mo	$135,500	$145	31

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: -8.8%
• Equity multiple: 0.68×
• Total profit: $-10,739
• Equity at exit: $17,892

10-year hold

• IRR: -0.9%
• Equity multiple: 0.94×
• Total profit: $-1,913
• Equity at exit: $10,375

Cash invested: $33,600 (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: 162
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,159 high
• Mortgage (P&I): −$629
• Tax from tax record: −$78 /mo · $931/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$243
• Net cashflow: $158

Break-even live

Break-even rent $958

Max offer price $120,000

Occupancy floor 81%

Sensitivity live

Price	-10% $226	-5% $192	+0% $158	+5% $125	+10% $91
Rent	-10% $67	-5% $113	+0% $158	+5% $204	+10% $250
Rate	-1.0pp $219	-0.5pp $189	base $158	+0.5pp $127	+1.0pp $96

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
608 Ellenhurst Dr Anderson, IN	2.0	1.0	686	$1,100	$1.60	25d	1	0.17mi
2412 E 7th St Anderson, IN	2.0	1.0	600	$895	$1.49	3d	1	0.25mi
2505 E 10th St Anderson, IN	1.0–2.0	1.0	850	$949	$1.12	45d	2	0.39mi
530 Alhambra Dr Anderson, IN	1.0–2.0	1.0	879	$1,100	$1.25	45d	1	0.55mi
1829 E 8th St Anderson, IN	1.0–3.0	1.0	810	$1,250	$1.54	25d	9	0.68mi
2625 Lindberg Rd Anderson, IN	1.0–2.0	1.0	756	$1,385	$1.83	45d	1	0.68mi
1045 Alhambra Dr Unit 6 Anderson, IN	2.0	1.5	900	$975	$1.08	25d	1	0.69mi
917 E 8th St Unit 2 Anderson, IN	2.0	1.0	550	$825	$1.50	9d	1	1.26mi

Listing history 16 events

1. 2026-06-21
   days on market $120,000 Active 109 DOM
2. 2026-06-18
   days on market $120,000 Active 106 DOM
3. 2026-06-17
   days on market $120,000 Active 105 DOM
4. 2026-06-16
   days on market $120,000 Active 104 DOM
5. 2026-06-15
   days on market $120,000 Active 103 DOM
6. 2026-06-13
   days on market $120,000 Active 101 DOM
7. 2026-06-09
   days on market $120,000 Active 97 DOM
8. 2026-06-08
   days on market $120,000 Active 96 DOM
9. 2026-06-07
   days on market $120,000 Active 95 DOM
10. 2026-06-05
    days on market $120,000 Active 92 DOM
11. 2026-06-03
    days on market $120,000 Active 91 DOM
12. 2026-06-02
    days on market $120,000 Active 90 DOM
13. 2026-06-01
    days on market $120,000 Active 89 DOM
14. 2026-05-31
    days on market $120,000 Active 88 DOM
15. 2026-03-04
    listed $120,000 Active 1067-char remark

    Show marketing remark (1067 chars)

    Situated at 2617 Fowler St in Anderson, IN, this single-family residence presents an inviting home that is currently operating as a reliable investment property. The property is tenant-occupied with residents who pay on time and have maintained consistent occupancy, making it an excellent opportunity for investors seeking immediate rental income. Encompassing 816 square feet of living space, this single-story residence, constructed in 1953, offers a practical and comfortable layout. The three bedrooms provide distinct areas for rest and personal space, while the single full bathroom features a tiled walk-in shower, adding a functional and updated element for daily routines. The home sits on a generous 6,100 square foot lot, providing ample outdoor space. A welcoming front porch offers a pleasant spot to relax, while the patio creates an ideal area for outdoor enjoyment. Whether you're looking to expand your investment portfolio with a performing rental or secure a property with long-term potential, this home presents a compelling opportunity.

16. 2020-11-19
    soldstatus $25,000

ⓘ 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: $931 · $78/mo
• Projected year-2 tax: $976 · $81/mo
• Expected delta: +$44/yr (+$4/mo · 4.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% 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: $13,904
• − Mortgage interest: −$6,722
• − Property taxes: −$931
• − Insurance: −$600
• − Repairs & maintenance: −$1,112
• − Management: −$1,112
• − Depreciation: −$3,491
• Taxable loss: −$64
• Est. tax savings @ 24.0%: +$15
• After-tax cash flow: $1,917/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

+380.0% since first listed

2 events — show timeline

• 2026-03-04 Listed $120,000 MIBOR as Distributed by MLS Grid
• 2020-11-19 Sold (Public Records) $25,000 Public Records

Property tax history

+3.7%/yr

Latest (2024): $931 · +8.7% YoY. Source: county tax records.