1208 W 3rd St · Anderson, IN 46016

$59,900

3 bd · 1.0 ba · 1,538 sqft · SingleFamily public records · 82 Days on market

Built 1895 5,750 sqft lot $39/sqft · 22% below area Est $92k · 35% 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

Rented for $750 a month, month to month. Long term tenant. Two-story home featuring 3 bedrooms and 1 full bath. This property includes a 1-car detached garage and a fenced-in backyard, offering space for outdoor activities or pets.

Key facts

• Fenced-in backyard
• Detached garage
• 5,750 sq ft lot

Tags

• DETACHED GARAGE
• FENCED-IN BACKYARD

🏷️ Possibly a rental listed for sale. The $59,900 price doesn't fit this home's estimated sale value (~$91,724) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $493 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $56k (6.0% below list) — sets the bar for market timing.
• Cap rate 16.2% 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; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).
• This rent runs 40% 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 $414 of loan paydown is wiped out by about $2k 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 $17k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 82 days — a 6% lower offer ($56k) is reasonable based on typical stale-listing flexibility.
• 4 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 $10k; list at $60k implies a 499% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $56,306 (6.0% below list)

Questions for the listing agent

1. It's been on market 82 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1895 — 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. 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.
8. 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.
9. 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: 1.98% ✓
• Cap rate: 16.17%
• Cash-on-cash: 35.27%
• DSCR: 2.57
• GRM: 4.2

CMA / ARV

• ARV (median comp): $91,724
• List price: $59,900
• Delta: -34.70%
• 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
1107 W 3rd St	0.07mi	3/2.0	1,456 (-5%)	2mo	$155,000	$106	82
904 W 6th St	0.29mi	3/1.0	1,556 (+1%)	6mo	$102,000	$66	80
912 W 1st St	0.23mi	2/1.0 (-1)	1,554 (+1%)	4mo	$108,000	$69	79
711 Madison Ave	0.33mi	3/2.0	1,506 (-2%)	7mo	$135,000	$90	72
1329 W 3rd St	0.10mi	2/1.0 (-1)	1,752 (+14%)	2mo	$105,000	$60	65
1425 W 3rd St	0.18mi	2/1.0 (-1)	1,375 (-11%)	5mo	$114,000	$83	65
424 W 3rd St	0.46mi	4/1.0 (+1)	1,574 (+2%)	6mo	$50,000	$32	65
1209 Nichol Ave	0.64mi	2/1.0 (-1)	1,428 (-7%)	2mo	$23,750	$17	52
1644 W 7th St	0.45mi	3/1.0	1,351 (-12%)	10mo	$38,000	$28	51
1201 Arrow Ave	0.74mi	3/1.0	1,621 (+5%)	10mo	$66,000	$41	48
1632 W 8th St W	0.46mi	2/1.0 (-1)	1,712 (+11%)	13mo	$42,500	$25	44
324 W 7th St	0.62mi	3/2.0	1,753 (+14%)	10mo	$175,000	$100	35

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: 36.5%
• Equity multiple: 2.66×
• Total profit: $27,834
• Equity at exit: $8,931

10-year hold

• IRR: 45.7%
• Equity multiple: 6.52×
• Total profit: $92,551
• Equity at exit: $5,179

Cash invested: $16,772 (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: 4.2×

Monthly cashflow live

• Estimated rent: $1,186 high
• Mortgage (P&I): −$314
• Tax from tax record: −$105 /mo · $1,260/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$249
• Net cashflow: $493

Break-even live

Break-even rent $562

Max offer price $59,900

Occupancy floor 53%

Sensitivity live

Price	-10% $527	-5% $510	+0% $493	+5% $476	+10% $459
Rent	-10% $399	-5% $446	+0% $493	+5% $540	+10% $587
Rate	-1.0pp $523	-0.5pp $508	base $493	+0.5pp $477	+1.0pp $462

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1212 W 5th St Anderson, IN	3.0	1.0	1252	$1,295	$1.03	13d	1	0.14mi
820 W 7th St Apt A Anderson, IN	2.0	2.0	1400	$1,200	$0.86	24d	1	0.36mi
510 W 5th St Anderson, IN	3.0	1.5	1617	$995	$0.62	44d	1	0.42mi
921 W 9th St Anderson, IN	3.0	2.0	1611	$1,375	$0.85	24d	1	0.45mi
1121 Victory Ct Anderson, IN	3.0	1.0	2053	$1,295	$0.63	22d	1	0.62mi
1310 W 13th St Anderson, IN	2.0	1.0	1178	$895	$0.76	2d	1	0.69mi
120 W 10th St Anderson, IN	1.0–3.0	1.0	1066	$1,150	$1.08	2d	1	0.80mi
1502 Cedar St Anderson, IN	2.0	1.0	1104	$850	$0.77	44d	1	0.84mi
1404 Walton St Anderson, IN	3.0	1.0	1090	$995	$0.91	44d	1	1.04mi
1532 Walton St Anderson, IN	3.0	1.0	1342	$1,100	$0.82	44d	1	1.12mi
229 W 19th St Anderson, IN	3.0	1.0	1200	$1,000	$0.83	44d	1	1.22mi
521 W Vinyard St Anderson, IN	3.0	2.0	1712	$1,495	$0.87	17d	1	1.23mi
706 University Blvd Anderson, IN	2.0	1.0	1250	$1,050	$0.84	2d	1	1.29mi
2233 Fairview St Anderson, IN	3.0	1.5	1452	$1,195	$0.82	24d	1	1.38mi

Listing history 19 events

1. 2026-06-18
   days on market $59,900 Active 82 DOM
2. 2026-06-17
   days on market $59,900 Active 81 DOM
3. 2026-06-16
   days on market $59,900 Active 80 DOM
4. 2026-06-15
   days on market $59,900 Active 79 DOM
5. 2026-06-13
   days on market $59,900 Active 77 DOM
6. 2026-06-09
   days on market $59,900 Active 73 DOM
7. 2026-06-08
   days on market $59,900 Active 72 DOM
8. 2026-06-07
   days on market $59,900 Active 71 DOM
9. 2026-06-05
   days on market $59,900 Active 68 DOM
10. 2026-06-03
    days on market $59,900 Active 67 DOM
11. 2026-06-02
    days on market $59,900 Active 66 DOM
12. 2026-06-01
    days on market $59,900 Active 65 DOM
13. 2026-05-31
    days on market $59,900 Active 64 DOM
14. 2026-03-27
    listed $59,900 Active 231-char remark

    Show marketing remark (231 chars)

    Rented for $750 a month, month to month. Long term tenant. Two-story home featuring 3 bedrooms and 1 full bath. This property includes a 1-car detached garage and a fenced-in backyard, offering space for outdoor activities or pets.

15. 2026-03-27
    listed $59,900 Active 231-char remark

    Show marketing remark (231 chars)

    Rented for $750 a month, month to month. Long term tenant. Two-story home featuring 3 bedrooms and 1 full bath. This property includes a 1-car detached garage and a fenced-in backyard, offering space for outdoor activities or pets.

16. 2012-03-31
    historical
17. 2011-09-30
    listed $14,900
18. 2002-07-19
    soldstatus $10,000
19. 2002-01-22
    listed $15,045

ⓘ 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: $1,260 · $105/mo
• Projected year-2 tax: $1,260 · $105/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 4/10 Moderate FEMA zone X (unshaded) · 24% 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: $14,233
• − Mortgage interest: −$3,355
• − Property taxes: −$1,260
• − Insurance: −$300
• − Repairs & maintenance: −$1,139
• − Management: −$1,139
• − Depreciation: −$1,743
• Taxable income: $5,298
• Est. tax owed @ 24.0%: −$1,272
• After-tax cash flow: $4,643/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

+298.1% since first listed

6 events — show timeline

• 2026-03-27 Listed $59,900 IRMLS
• 2026-03-27 Listed $59,900 MIBOR as Distributed by MLS Grid
• 2012-03-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2011-09-30 Listed $14,900 MIBOR as Distributed by MLS Grid
• 2002-07-19 Sold (MLS) $10,000 MIBOR as Distributed by MLS Grid
• 2002-01-22 Listed $15,045 MIBOR as Distributed by MLS Grid

Property tax history

+3.9%/yr

Latest (2024): $1,260 · +8.9% YoY. Source: county tax records.