1721 Pearl St · Anderson, IN 46016

$69,900

3 bd · 1.0 ba · 1,320 sqft · SingleFamily public records · 26 Days on market

Built 1949 7,056 sqft lot Est $92k · 24% 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

Excellent investment opportunity with this home to make it yours however you wish. This amazing opportunity is sold AS-IS.

Key facts

• 7,056 sq ft lot
• 2 garage spots
• Built 1949

Property features AI

Exterior

• Parking: Detached 2-car garage (approximately 400 sq ft)
• Utilities: Public water; Municipal sewer connected; Solid waste service available
• Home design: Single-family residence; One story
• Construction: Aluminum and wood siding; Block foundation
• Exterior features: Lot under 1/4 acre (0.16 acres)

Interior

• Kitchen: Refrigerator
• Bedrooms: 2 bedrooms (both on the main level)
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Basement; Refrigerator
• Laundry & utility: No accessibility features listed

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $433 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $69k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.7% 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); 188 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 37% 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 $483 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 $20k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($69k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $68,851 (1.5% below list)

Questions for the listing agent

1. Built in 1949 — 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: 1.57% ✓
• Cap rate: 13.73%
• Cash-on-cash: 26.55%
• DSCR: 2.18
• GRM: 5.3

CMA / ARV

• ARV (on-the-fly): $92,400
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
118 W 16th St	0.38mi	2/1.0 (-1)	1,330 (+1%)	1mo	$19,000	$14	76
2122 Fletcher St	0.28mi	3/2.0	1,362 (+3%)	6mo	$152,400	$112	72
1525 Home Ave	0.29mi	2/1.0 (-1)	1,209 (-8%)	5mo	$137,000	$113	63
2120 George St	0.39mi	2/1.0 (-1)	1,431 (+8%)	3mo	$70,000	$49	60
913 Cottage Ave	0.62mi	2/1.0 (-1)	1,288 (-2%)	4mo	$28,765	$22	58
416 W 21st St	0.62mi	2/1.0 (-1)	1,296 (-2%)	12mo	$77,000	$59	53
2314 Walnut St	0.41mi	2/1.0 (-1)	1,450 (+10%)	11mo	$65,000	$45	50
2119 Central Ave	0.30mi	4/2.5 (+1)	1,508 (+14%)	1mo	$152,900	$101	50
2334 Walnut St	0.45mi	2/1.0 (-1)	1,136 (-14%)	1mo	$55,000	$48	50
803 E 21st St	0.37mi	3/2.0	1,470 (+11%)	13mo	$150,000	$102	49
1009 Chestnut St	0.67mi	2/1.0 (-1)	1,416 (+7%)	9mo	$115,000	$81	44
803 Cottage Ave	0.69mi	3/2.0	1,479 (+12%)	2mo	$104,000	$70	42

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: 25.5%
• Equity multiple: 2.12×
• Total profit: $21,904
• Equity at exit: $10,422

10-year hold

• IRR: 36.0%
• Equity multiple: 5.10×
• Total profit: $80,232
• Equity at exit: $6,044

Cash invested: $19,572 (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: 188
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $1,098 high
• Mortgage (P&I): −$367
• Tax from tax record: −$39 /mo · $468/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $433

Break-even live

Break-even rent $550

Max offer price $69,900

Occupancy floor 56%

Sensitivity live

Price	-10% $473	-5% $453	+0% $433	+5% $413	+10% $394
Rent	-10% $346	-5% $390	+0% $433	+5% $476	+10% $520
Rate	-1.0pp $468	-0.5pp $451	base $433	+0.5pp $415	+1.0pp $397

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1726-1728 Walnut St Anderson, IN	2.0	2.0	900	$995	$1.11	3d	1	0.13mi
219 E 13th St Anderson, IN	3.0	1.0	882	$1,000	$1.13	5d	1	0.28mi
2111 Central Ave Anderson, IN	3.0	1.0	1026	$1,250	$1.22	44d	1	0.29mi
2023 McKinley St Anderson, IN	2.0	1.0	1500	$950	$0.63	44d	1	0.40mi
229 W 19th St Anderson, IN	3.0	1.0	1200	$1,000	$0.83	44d	1	0.46mi
120 W 10th St Anderson, IN	1.0–3.0	1.0	1066	$1,150	$1.08	2d	1	0.62mi
2625 Main St Anderson, IN	2.0	1.0	988	$895	$0.91	24d	1	0.68mi
618 W 22nd St Anderson, IN	3.0	1.0	900	$1,250	$1.39	44d	1	0.75mi
2233 Fairview St Anderson, IN	3.0	1.5	1452	$1,195	$0.82	24d	1	0.76mi
1023 E 8th St Unit 3 Anderson, IN	2.0	1.5	1200	$1,175	$0.98	8d	1	0.76mi
228 E 29th St Anderson, IN	3.0	2.0	1440	$1,295	$0.90	5d	1	0.80mi
2627 Chase St Anderson, IN	3.0	1.0	1050	$850	$0.81	18d	1	0.81mi
2301 Sheridan St Anderson, IN	2.0	1.0	900	$950	$1.06	44d	1	0.83mi
3006 Noble St Anderson, IN	2.0	1.0	1064	$995	$0.94	8d	1	0.91mi
1502 Cedar St Anderson, IN	2.0	1.0	1104	$850	$0.77	44d	1	0.96mi
3021 Delaware St Anderson, IN	2.0	1.0	1154	$1,150	$1.00	8d	1	0.97mi
1318 E 28th St Anderson, IN	3.0	1.0	1280	$1,300	$1.02	13d	1	0.98mi
921 W 9th St Anderson, IN	3.0	2.0	1611	$1,375	$0.85	24d	1	1.01mi
3009 E Lynn St Unit 1 Anderson, IN	3.0	1.0	1000	$875	$0.88	21d	1	1.02mi
510 W 5th St Anderson, IN	3.0	1.5	1617	$995	$0.62	44d	1	1.03mi
706 University Blvd Anderson, IN	2.0	1.0	1250	$1,050	$0.84	3d	1	1.03mi
820 W 7th St Apt A Anderson, IN	2.0	2.0	1400	$1,200	$0.86	24d	1	1.04mi
1045 Alhambra Dr Unit 6 Anderson, IN	2.0	1.5	900	$975	$1.08	24d	1	1.12mi
1222 Nichol Ave Unit 4 Anderson, IN	3.0	1.0	1000	$1,135	$1.14	8d	1	1.12mi
1829 E 8th St Anderson, IN	1.0–3.0	1.0	810	$1,250	$1.54	24d	9	1.13mi
1310 W 13th St Anderson, IN	2.0	1.0	1178	$895	$0.76	3d	1	1.14mi
506 W 2nd St Anderson, IN	3.0	1.0	964	$1,095	$1.14	24d	1	1.18mi
1616 W 16th St Anderson, IN	2.0	1.0	1038	$1,050	$1.01	44d	1	1.31mi
1212 W 5th St Anderson, IN	3.0	1.0	1252	$1,295	$1.03	13d	1	1.33mi
530 Alhambra Dr Anderson, IN	1.0–2.0	1.0	879	$1,100	$1.25	44d	1	1.34mi
1010 W 2nd St Unit 2 Anderson, IN	2.0	1.0	875	$1,025	$1.17	22d	1	1.38mi
1010 W 2nd St Unit 3 Anderson, IN	3.0	1.0	1025	$1,125	$1.10	15d	1	1.38mi

Listing history 15 events

1. 2026-06-21
   days on market $69,900 Active 26 DOM
2. 2026-06-18
   days on market $69,900 Active 23 DOM
3. 2026-06-17
   days on market $69,900 Active 22 DOM
4. 2026-06-16
   days on market $69,900 Active 21 DOM
5. 2026-06-15
   days on market $69,900 Active 20 DOM
6. 2026-06-13
   pricedays on market $69,900 Active 18 DOM
7. 2026-06-09
   days on market $74,900 Active 14 DOM
8. 2026-06-08
   days on market $74,900 Active 13 DOM
9. 2026-06-07
   days on market $74,900 Active 12 DOM
10. 2026-06-05
    days on market $74,900 Active 9 DOM
11. 2026-06-03
    days on market $74,900 Active 8 DOM
12. 2026-06-02
    days on market $74,900 Active 7 DOM
13. 2026-06-01
    days on market $74,900 Active 6 DOM
14. 2026-05-31
    days on market $74,900 Active 5 DOM
15. 2026-05-26
    listed $74,900 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: $468 · $39/mo
• Projected year-2 tax: $531 · $44/mo
• Expected delta: +$63/yr (+$5/mo · 13.5%)

ⓘ 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: $13,181
• − Mortgage interest: −$3,915
• − Property taxes: −$468
• − Insurance: −$350
• − Repairs & maintenance: −$1,055
• − Management: −$1,055
• − Depreciation: −$2,033
• Taxable income: $4,306
• Est. tax owed @ 24.0%: −$1,033
• After-tax cash flow: $4,164/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

1 event — show timeline

• 2026-05-26 Listed $74,900 MIBOR as Distributed by MLS Grid

Property tax history

+3.5%/yr

Latest (2024): $468 · +9.0% YoY. Source: county tax records.