237 Ringwood Way · Anderson, IN 46013

$84,900

2 bd · 1.0 ba · 760 sqft · SingleFamily public records · 75 Days on market

Built 1928 10,152 sqft lot $112/sqft · 24% above area Est $125k · 32% under ↓ 19% since listing

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Why this score? — see what drove the C+ 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 +24.9/30.0
• ARV discount +15.0/15.0
• DSCR +8.1/10.0
• 1% rule +6.3/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcoming home! Ready and waiting for you, this charming home is desirably located in vibrant Anderson with proximity to Anderson Speedway, parks, highways, and more. The exterior offers a detached, 2 car garage and mini-barn to supply additional storage. Sitting on a spacious lot, you have plenty of room for recreation outside, for relaxation on the front deck, or simply to recharge in the sanctuary in the form of a sun room. With hardwood flooring stretching throughout the interior, character abounds in every room. This 2 bed home has an inviting atmosphere with an exceptional opportunity for a fulfilling lifestyle. Stop by and don't miss out!

Key facts

• Hardwood flooring
• Mini-barn
• Front deck

Tags

• DETACHED 2 CAR GARAGE
• MINI-BARN
• SPACIOUS LOT
• FRONT DECK
• SUN ROOM
• HARDWOOD FLOORING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $182 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($957 rent vs $85k).
• Recommended offer: $80k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.9% 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: 151 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $587 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

• It's been on market 75 days — a 6% lower offer ($80k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $11k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $79,806 (6.0% below list)

Questions for the listing agent

1. It's been on market 75 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 1928 — 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: 1.13% ✓
• Cap rate: 8.86%
• Cash-on-cash: 9.18%
• DSCR: 1.41
• GRM: 7.4

CMA / ARV

• ARV (median comp): $125,158
• List price: $84,900
• Delta: -32.17%
• 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
128 E 36th St	0.31mi	2/1.0	762 (+0%)	4mo	$126,000	$165	82
313 E 39th St	0.46mi	2/1.0	775 (+2%)	2mo	$124,000	$160	74
309 E 34th St	0.41mi	2/1.0	780 (+3%)	5mo	$130,000	$167	72
4223 Delaware St	0.46mi	2/1.0	768 (+1%)	8mo	$52,000	$68	70
204 E 34th St	0.36mi	3/1.0 (+1)	728 (-4%)	4mo	$109,000	$150	68
3808 Brown St	0.21mi	2/1.0	868 (+14%)	1mo	$75,000	$86	66
912 Crescent Dr	0.48mi	2/1.0	816 (+7%)	5mo	$125,000	$153	61
616 Lonsvale Dr	0.34mi	3/1.0 (+1)	825 (+9%)	8mo	$150,000	$182	58
706 Lonsvale Dr	0.37mi	2/1.0	853 (+12%)	6mo	$112,000	$131	57
320 E 34th St	0.45mi	2/1.0	846 (+11%)	6mo	$90,000	$106	55
324 E 35th St	0.43mi	2/1.0	672 (-12%)	7mo	$130,000	$193	54
910 Lonsvale Dr	0.48mi	3/1.0 (+1)	844 (+11%)	2mo	$125,000	$148	53

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -2.4%
• Equity multiple: 0.91×
• Total profit: $-2,171
• Equity at exit: $12,659

10-year hold

• IRR: 7.3%
• Equity multiple: 1.55×
• Total profit: $13,048
• Equity at exit: $7,341

Cash invested: $23,772 (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 46013

• Home prices YoY: -26.9%
• Active inventory: 151
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $957 high
• Mortgage (P&I): −$445
• Tax from tax record: −$94 /mo · $1,124/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$201
• Net cashflow: $182

Break-even live

Break-even rent $727

Max offer price $84,900

Occupancy floor 76%

Sensitivity live

Price	-10% $230	-5% $206	+0% $182	+5% $158	+10% $134
Rent	-10% $106	-5% $144	+0% $182	+5% $220	+10% $257
Rate	-1.0pp $225	-0.5pp $203	base $182	+0.5pp $160	+1.0pp $137

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: $21,225
• Closing costs: $2,547
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4015 Haverhill Dr Anderson, IN	3.0	2.0	884	$1,100	$1.24	45d	1	0.30mi
328 E 31st St Anderson, IN	1.0	1.0	600	$750	$1.25	45d	1	0.65mi
2904 Lincoln St Anderson, IN	2.0	1.0	864	$900	$1.04	45d	1	0.65mi
3000 Fletcher St Unit 3000 Anderson, IN	2.0	1.0	800	$650	$0.81	45d	1	0.67mi
2820 Fairview St Unit A Anderson, IN	2.0	1.0	850	$895	$1.05	45d	1	0.73mi
4426 Mellen Ct Anderson, IN	2.0	1.0	899	$900	$1.00	3d	1	0.78mi
2627 Chase St Anderson, IN	3.0	1.0	1050	$850	$0.81	19d	1	0.79mi
3006 Noble St Anderson, IN	2.0	1.0	1064	$995	$0.94	8d	1	0.80mi
4325 S Madison Ave Anderson, IN	1.0–3.0	1.0–1.5	995	$1,112	$1.12	3d	6	0.81mi
3614 Columbus Ave Anderson, IN	1.0	1.0	553	$725	$1.31	15d	1	0.81mi
2625 Main St Anderson, IN	2.0	1.0	988	$895	$0.91	24d	1	0.82mi
812 Mellen Dr Unit 814 Anderson, IN	2.0	1.0	924	$950	$1.03	3d	1	0.86mi
4415 Columbus Ave Apt 15 Anderson, IN	2.0	1.0	800	$800	$1.00	3d	1	0.93mi
2442 Morton St Anderson, IN	2.0	1.0	862	$1,125	$1.31	24d	1	0.94mi
3009 E Lynn St Unit 1 Anderson, IN	3.0	1.0	1000	$875	$0.88	21d	1	1.00mi
2324 Chase St Anderson, IN	2.0	1.0	783	$950	$1.21	45d	1	1.03mi
2411 Hendricks St Anderson, IN	3.0	1.0	860	$1,000	$1.16	24d	1	1.07mi
2301 Sheridan St Anderson, IN	2.0	1.0	900	$950	$1.06	45d	1	1.12mi
702 W 23rd St Anderson, IN	1.0	1.0	560	$595	$1.06	5d	1	1.13mi
618 W 22nd St Anderson, IN	3.0	1.0	900	$1,250	$1.39	45d	1	1.19mi
2208 Hendricks St Unit 3 Anderson, IN	1.0	1.0	585	$675	$1.15	45d	1	1.20mi
2111 Central Ave Anderson, IN	3.0	1.0	1026	$1,250	$1.22	45d	1	1.21mi
1232 E 28th St Anderson, IN	2.0	2.0	795	$950	$1.19	45d	1	1.21mi
1501 E 31st St Anderson, IN	2.0	1.0	840	$1,199	$1.43	21d	1	1.22mi
702 E 23rd St Anderson, IN	1.0	1.0	560	$595	$1.06	15d	1	1.24mi
417 E 55th St Anderson, IN	2.0	1.0	724	$1,100	$1.52	23d	1	1.36mi
2233 E Lynn St Anderson, IN	1.0	1.0	700	$695	$0.99	3d	1	1.38mi
2613 Louise St Anderson, IN	2.0	1.0	1096	$950	$0.87	23d	1	1.40mi
2002 Jefferson St Unit 3 Anderson, IN	1.0	2.0	725	$600	$0.83	45d	1	1.42mi
2719 Dewey St Anderson, IN	2.0	1.0	877	$1,150	$1.31	45d	1	1.47mi

Listing history 21 events

1. 2026-06-21
   days on market $84,900 Active 75 DOM
2. 2026-06-19
   price $84,900 Active 72 DOM
3. 2026-06-18
   days on market $89,900 Active 72 DOM
4. 2026-06-17
   days on market $89,900 Active 71 DOM
5. 2026-06-16
   days on market $89,900 Active 70 DOM
6. 2026-06-15
   days on market $89,900 Active 69 DOM
7. 2026-06-13
   days on market $89,900 Active 67 DOM
8. 2026-06-09
   days on market $89,900 Active 63 DOM
9. 2026-06-08
   days on market $89,900 Active 62 DOM
10. 2026-06-07
    days on market $89,900 Active 61 DOM
11. 2026-06-05
    days on market $89,900 Active 58 DOM
12. 2026-06-03
    days on market $89,900 Active 57 DOM
13. 2026-06-02
    days on market $89,900 Active 56 DOM
14. 2026-06-01
    days on market $89,900 Active 55 DOM
15. 2026-05-31
    days on market $89,900 Active 54 DOM
16. 2026-04-07
    listed $95,900 Active 653-char remark

    Show marketing remark (653 chars)

    Welcoming home! Ready and waiting for you, this charming home is desirably located in vibrant Anderson with proximity to Anderson Speedway, parks, highways, and more. The exterior offers a detached, 2 car garage and mini-barn to supply additional storage. Sitting on a spacious lot, you have plenty of room for recreation outside, for relaxation on the front deck, or simply to recharge in the sanctuary in the form of a sun room. With hardwood flooring stretching throughout the interior, character abounds in every room. This 2 bed home has an inviting atmosphere with an exceptional opportunity for a fulfilling lifestyle. Stop by and don't miss out!

17. 2026-04-07
    listed $95,900 Active 653-char remark

    Show marketing remark (653 chars)

    Welcoming home! Ready and waiting for you, this charming home is desirably located in vibrant Anderson with proximity to Anderson Speedway, parks, highways, and more. The exterior offers a detached, 2 car garage and mini-barn to supply additional storage. Sitting on a spacious lot, you have plenty of room for recreation outside, for relaxation on the front deck, or simply to recharge in the sanctuary in the form of a sun room. With hardwood flooring stretching throughout the interior, character abounds in every room. This 2 bed home has an inviting atmosphere with an exceptional opportunity for a fulfilling lifestyle. Stop by and don't miss out!

18. 2025-08-23
    historical
19. 2025-03-24
    price $134,900
20. 2025-03-24
    status Active
21. 2024-10-02
    listed $119,000 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: $1,124 · $94/mo
• Projected year-2 tax: $1,124 · $94/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: $11,485
• − Mortgage interest: −$4,756
• − Property taxes: −$1,124
• − Insurance: −$424
• − Repairs & maintenance: −$919
• − Management: −$919
• − Depreciation: −$2,470
• Taxable income: $873
• Est. tax owed @ 24.0%: −$210
• After-tax cash flow: $1,972/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): 19,073
• Household income: $49,310
• Rent vs Own: 34.8% rent · 65.2% own
• Severe rent burden: 612.0

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 (83%)
• Race & ethnicity: White 83% Two or more races 8% Black 7% Hispanic / Latino 3%
• Common ancestry: Lithuanian 2% Slovak 2% Italian 1%
• Foreign-born: 0% · Canada
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -86.70%
• Current HPI: 235.7485
• Rent YoY: —
• 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

-19.4% since first listed

6 events — show timeline

• 2026-04-07 Listed $95,900 IRMLS
• 2026-04-07 Listed $95,900 MIBOR as Distributed by MLS Grid
• 2025-08-23 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-03-24 Price Changed $134,900 MIBOR as Distributed by MLS Grid
• 2025-03-24 Relisted — MIBOR as Distributed by MLS Grid
• 2024-10-02 Listed $119,000 MIBOR as Distributed by MLS Grid

Property tax history

+4.1%/yr

Latest (2024): $1,124 · +7.5% YoY. Source: county tax records.