802 W 22nd St · Anderson, IN 46016

$99,000

3 bd · 1.0 ba · 1,335 sqft · SingleFamily public records · 182 Days on market

Built 1950 6,200 sqft lot $74/sqft · 83% above area Est $74k · 33% over

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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 +25.4/30.0
• DSCR +8.4/10.0
• 1% rule +6.1/10.0
• Rent growth +4.5/5.0
• 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

Investor Alert! Don't miss this great stone ranch single family home located near downtown Anderson. This turnkey rental property is rented for $1468/mo (HUD, mo-to-mo, owner pays utilities) - nearly hitting a 1.5 rent to price ratio!! The home sits on a corner lot and has 3 bedrooms, 1 bathroom, and nearly 1400sq ft of finished living space. There is also an unfinished partial basement - great for extra storage, a workout area, workshop, etc. No HOA! Excellent location within one mile of downtown Anderson, the property benefits from convenient access to local amenities and public transportation, further enhancing rental demand. Whether you're looking to expand your portfolio with a cash-flowing rental or prefer a BRRRR or flip strategy, this property provides a golden chance to invest in a rapidly improving area. Capitalize on this opportunity and grow your real estate portfolio today! Property sold-as is.

Key facts

• 6,200 sq ft lot
• Built 1950
• Listed 182 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $99k.

Deal economics

• At list price, monthly cash flow is $228 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• Recommended offer: $87k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.1% 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); 188 active listings in the ZIP; 36 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 $684 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.
• At projected returns (-3.0% appreciation + 7.9% rent growth), your $28k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 182 days — a 12% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 19y 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 $18k; list at $99k implies a 450% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $87,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 182 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — 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: 1.11% ✓
• Cap rate: 9.05%
• Cash-on-cash: 9.86%
• DSCR: 1.44
• GRM: 7.5

CMA / ARV

• ARV (median comp): $74,468
• List price: $99,000
• Delta: 32.94%
• 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
815 W 22nd St	0.02mi	3/2.0	1,362 (+2%)	12mo	$129,000	$95	82
711 W 24th St	0.16mi	2/1.0 (-1)	1,440 (+8%)	3mo	$72,000	$50	72
416 W 21st St	0.25mi	2/1.0 (-1)	1,296 (-3%)	12mo	$77,000	$59	69
2710 Fairview St	0.43mi	4/1.0 (+1)	1,344 (+1%)	7mo	$142,000	$106	68
2412 Morton St	0.27mi	2/1.0 (-1)	1,400 (+5%)	8mo	$90,000	$64	67
118 W 16th St	0.63mi	2/1.0 (-1)	1,330 (-0%)	1mo	$19,000	$14	64
1209 Nichol Ave	0.68mi	2/1.0 (-1)	1,428 (+7%)	2mo	$23,750	$17	50
2824 Brown St	0.63mi	2/1.0 (-1)	1,404 (+5%)	10mo	$72,500	$52	49
1430 W 14th St	0.67mi	2/1.0 (-1)	1,404 (+5%)	8mo	$141,000	$100	49
2626 Morton St	0.42mi	2/1.0 (-1)	1,532 (+15%)	3mo	$71,000	$46	48
1310 W 13th St	0.67mi	2/1.0 (-1)	1,178 (-12%)	1mo	$62,000	$53	44
2119 Central Ave	0.68mi	4/2.5 (+1)	1,508 (+13%)	1mo	$152,900	$101	34

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: 3.7%
• Equity multiple: 1.15×
• Total profit: $4,131
• Equity at exit: $14,761

10-year hold

• IRR: 17.2%
• Equity multiple: 2.73×
• Total profit: $48,022
• Equity at exit: $8,560

Cash invested: $27,720 (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: 7.5×

Monthly cashflow live

• Estimated rent: $1,102 high
• Mortgage (P&I): −$519
• Tax from tax record: −$83 /mo · $993/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$232
• Net cashflow: $228

Break-even live

Break-even rent $814

Max offer price $99,000

Occupancy floor 74%

Sensitivity live

Price	-10% $284	-5% $256	+0% $228	+5% $200	+10% $172
Rent	-10% $141	-5% $184	+0% $228	+5% $271	+10% $315
Rate	-1.0pp $278	-0.5pp $253	base $228	+0.5pp $202	+1.0pp $176

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
618 W 22nd St Anderson, IN	3.0	1.0	900	$1,250	$1.39	45d	1	0.11mi
2301 Sheridan St Anderson, IN	2.0	1.0	900	$950	$1.06	45d	1	0.13mi
2233 Fairview St Anderson, IN	3.0	1.5	1452	$1,195	$0.82	24d	1	0.16mi
229 W 19th St Anderson, IN	3.0	1.0	1200	$1,000	$0.83	45d	1	0.38mi
1502 Cedar St Anderson, IN	2.0	1.0	1104	$850	$0.77	45d	1	0.43mi
2627 Chase St Anderson, IN	3.0	1.0	1050	$850	$0.81	19d	1	0.50mi
1616 W 16th St Anderson, IN	2.0	1.0	1038	$1,050	$1.01	45d	1	0.62mi
1310 W 13th St Anderson, IN	2.0	1.0	1178	$895	$0.76	3d	1	0.64mi
1222 Nichol Ave Unit 4 Anderson, IN	3.0	1.0	1000	$1,135	$1.14	8d	1	0.69mi
2111 Central Ave Anderson, IN	3.0	1.0	1026	$1,250	$1.22	45d	1	0.69mi
2625 Main St Anderson, IN	2.0	1.0	988	$895	$0.91	24d	1	0.75mi
3021 Delaware St Anderson, IN	2.0	1.0	1154	$1,150	$1.00	8d	1	0.76mi
921 W 9th St Anderson, IN	3.0	2.0	1611	$1,375	$0.85	24d	1	0.82mi
2613 Louise St Anderson, IN	2.0	1.0	1096	$950	$0.87	23d	1	0.85mi
120 W 10th St Anderson, IN	1.0–3.0	1.0	1066	$1,150	$1.08	2d	1	0.91mi
228 E 29th St Anderson, IN	3.0	2.0	1440	$1,295	$0.90	5d	1	0.91mi
219 E 13th St Anderson, IN	3.0	1.0	882	$1,000	$1.13	5d	1	0.92mi
1726-1728 Walnut St Anderson, IN	2.0	2.0	900	$995	$1.11	3d	1	0.95mi
820 W 7th St Apt A Anderson, IN	2.0	2.0	1400	$1,200	$0.86	24d	1	0.97mi
1532 Walton St Anderson, IN	3.0	1.0	1342	$1,100	$0.82	45d	1	0.97mi
2719 Dewey St Anderson, IN	2.0	1.0	877	$1,150	$1.31	45d	1	0.98mi
1136 Irving Way Anderson, IN	2.0	1.0	900	$895	$0.99	23d	1	0.99mi
1404 Walton St Anderson, IN	3.0	1.0	1090	$995	$0.91	45d	1	1.01mi
2203 W 28th St Anderson, IN	3.0	1.0	1068	$1,000	$0.94	45d	1	1.06mi
1631 W 7th St Anderson, IN	3.0	1.0	900	$1,000	$1.11	45d	1	1.11mi
510 W 5th St Anderson, IN	3.0	1.5	1617	$995	$0.62	45d	1	1.12mi
1212 W 5th St Anderson, IN	3.0	1.0	1252	$1,295	$1.03	13d	1	1.13mi
2023 McKinley St Anderson, IN	2.0	1.0	1500	$950	$0.63	45d	1	1.14mi
3006 Noble St Anderson, IN	2.0	1.0	1064	$995	$0.94	8d	1	1.17mi
2705 Horton Dr Anderson, IN	3.0	1.0	936	$1,050	$1.12	21d	1	1.28mi
1010 W 2nd St Unit 3 Anderson, IN	3.0	1.0	1025	$1,125	$1.10	15d	1	1.31mi
1010 W 2nd St Unit 2 Anderson, IN	2.0	1.0	875	$1,025	$1.17	23d	1	1.31mi
506 W 2nd St Anderson, IN	3.0	1.0	964	$1,095	$1.14	24d	1	1.32mi
1529 W 2nd St Anderson, IN	3.0	1.0	884	$1,200	$1.36	24d	1	1.36mi
3009 E Lynn St Unit 1 Anderson, IN	3.0	1.0	1000	$875	$0.88	21d	1	1.41mi
4021 Brown St Anderson, IN	2.0	1.0	1320	$975	$0.74	8d	1	1.48mi

Listing history 16 events

1. 2026-06-08
   days on market $99,000 Active 182 DOM
2. 2026-06-07
   days on market $99,000 Active 181 DOM
3. 2026-06-05
   days on market $99,000 Active 178 DOM
4. 2026-06-03
   days on market $99,000 Active 177 DOM
5. 2026-06-02
   days on market $99,000 Active 176 DOM
6. 2026-06-01
   days on market $99,000 Active 175 DOM
7. 2026-05-31
   days on market $99,000 Active 174 DOM
8. 2025-12-08
   listed $99,000 Active 920-char remark

   Show marketing remark (920 chars)

   Investor Alert! Don't miss this great stone ranch single family home located near downtown Anderson. This turnkey rental property is rented for $1468/mo (HUD, mo-to-mo, owner pays utilities) - nearly hitting a 1.5 rent to price ratio!! The home sits on a corner lot and has 3 bedrooms, 1 bathroom, and nearly 1400sq ft of finished living space. There is also an unfinished partial basement - great for extra storage, a workout area, workshop, etc. No HOA! Excellent location within one mile of downtown Anderson, the property benefits from convenient access to local amenities and public transportation, further enhancing rental demand. Whether you're looking to expand your portfolio with a cash-flowing rental or prefer a BRRRR or flip strategy, this property provides a golden chance to invest in a rapidly improving area. Capitalize on this opportunity and grow your real estate portfolio today! Property sold-as is.

9. 2019-11-04
   historical
10. 2019-10-30
    price $31,500
11. 2019-10-14
    price $39,900
12. 2019-10-08
    listed $47,500 Active
13. 2008-05-09
    soldstatus $18,000
14. 2008-02-08
    listed $29,900
15. 2008-01-07
    historical
16. 2007-07-10
    listed $42,900

ⓘ 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: $993 · $83/mo
• Projected year-2 tax: $993 · $83/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
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,229
• − Mortgage interest: −$5,546
• − Property taxes: −$993
• − Insurance: −$495
• − Repairs & maintenance: −$1,058
• − Management: −$1,058
• − Depreciation: −$2,880
• Taxable income: $1,198
• Est. tax owed @ 24.0%: −$288
• After-tax cash flow: $2,445/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

+130.8% since first listed

9 events — show timeline

• 2025-12-08 Listed $99,000 MIBOR as Distributed by MLS Grid
• 2019-11-04 Listing Removed — MIBOR as Distributed by MLS Grid
• 2019-10-30 Price Changed $31,500 MIBOR as Distributed by MLS Grid
• 2019-10-14 Price Changed $39,900 MIBOR as Distributed by MLS Grid
• 2019-10-08 Listed $47,500 MIBOR as Distributed by MLS Grid
• 2008-05-09 Sold (MLS) $18,000 MIBOR as Distributed by MLS Grid
• 2008-02-08 Listed $29,900 MIBOR as Distributed by MLS Grid
• 2008-01-07 Listing Removed — MIBOR as Distributed by MLS Grid
• 2007-07-10 Listed $42,900 MIBOR as Distributed by MLS Grid

Property tax history

+10.6%/yr

Latest (2024): $993 · +8.6% YoY. Source: county tax records.