1504 Dewey St · Anderson, IN 46016

$69,000

3 bd · 1.0 ba · 1,160 sqft · SingleFamily public records · 85 Days on market

Built 1895 6,350 sqft lot $59/sqft · at area comps Est $72k · at est.

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +9.2/15.0
• 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

Investor Special! With a little TLC, this is ready to call home. Enjoy ample living space, a large kitchen and three bedrooms and one bathroom. Enjoy sitting on the front step on the corner lot. Whether you're looking to add to your investment portfolio or a place to call home and make it your own, this one is worth checking out.

Key facts

• 6,350 sq ft lot
• Built 1895
• Listed 84 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $69k.

Deal economics

• At list price, monthly cash flow is $370 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $69k).
• Recommended offer: $65k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.7% 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; 37 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 49% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).
• This rent runs 35% 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 $477 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 $19k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 85 days — a 6% lower offer ($65k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 21y ago; this cycle's ask has dropped $20k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $45k; list at $69k implies a 52% 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 $64,859 (6.0% below list)

Questions for the listing agent

1. It's been on market 85 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: 1.54% ✓
• Cap rate: 12.73%
• Cash-on-cash: 22.99%
• DSCR: 2.02
• GRM: 5.4

CMA / ARV

• ARV (median comp): $71,634
• List price: $69,000
• Delta: -3.68%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1404 Walton St	0.08mi	3/1.0	1,090 (-6%)	8mo	$70,000	$64	80
2104 W 16th St	0.06mi	3/2.0	1,038 (-10%)	6mo	$125,000	$120	71
1310 W 13th St	0.55mi	2/1.0 (-1)	1,178 (+2%)	1mo	$62,000	$53	66
1227 W 9th St	0.70mi	3/1.0	1,158 (-0%)	1mo	$84,000	$73	66
1430 Walton St	0.06mi	3/1.0	988 (-15%)	13mo	$127,500	$129	62
2414 W 16th St	0.22mi	2/1.0 (-1)	1,015 (-12%)	8mo	$110,000	$108	57
1504 Halford St	0.06mi	2/1.0 (-1)	1,025 (-12%)	22mo	$62,500	$61	54
1805 W 21st St	0.42mi	4/1.5 (+1)	1,225 (+6%)	15mo	$52,000	$42	51
1511 Nichol Ave	0.43mi	2/1.0 (-1)	1,070 (-8%)	21mo	$63,000	$59	44
2113 Nelle St	0.44mi	3/1.0	1,025 (-12%)	21mo	$100,000	$98	42
1931 Brentwood Dr	0.66mi	3/1.0	988 (-15%)	10mo	$137,000	$139	36
1632 W 7th St	0.64mi	2/1.0 (-1)	1,018 (-12%)	17mo	$98,000	$96	30

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: 21.3%
• Equity multiple: 1.93×
• Total profit: $17,881
• Equity at exit: $10,288

10-year hold

• IRR: 32.5%
• Equity multiple: 4.67×
• Total profit: $70,844
• Equity at exit: $5,966

Cash invested: $19,320 (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: 5.4×

Monthly cashflow live

• Estimated rent: $1,063 high
• Mortgage (P&I): −$362
• Tax from tax record: −$79 /mo · $953/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$223
• Net cashflow: $370

Break-even live

Break-even rent $595

Max offer price $69,000

Occupancy floor 60%

Sensitivity live

Price	-10% $409	-5% $390	+0% $370	+5% $351	+10% $331
Rent	-10% $286	-5% $328	+0% $370	+5% $412	+10% $454
Rate	-1.0pp $405	-0.5pp $388	base $370	+0.5pp $352	+1.0pp $334

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: $17,250
• Closing costs: $2,070
• Reserves months: —
• Total cash needed: —

Rent comps 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1404 Walton St Anderson, IN	3.0	1.0	1090	$995	$0.91	45d	1	0.07mi
1532 Walton St Anderson, IN	3.0	1.0	1342	$1,100	$0.82	45d	1	0.08mi
1136 Irving Way Anderson, IN	2.0	1.0	900	$895	$0.99	23d	1	0.24mi
1720 Nelle St Anderson, IN	2.0	1.0	768	$1,100	$1.43	25d	1	0.26mi
1123 Louise St Anderson, IN	2.0	1.0	850	$850	$1.00	45d	1	0.26mi
1640 W 17th St Anderson, IN	2.0	1.0	810	$895	$1.10	21d	1	0.31mi
1616 W 16th St Anderson, IN	2.0	1.0	1038	$1,050	$1.01	45d	1	0.34mi
2004 Arrow Ave Anderson, IN	2.0	1.0	816	$1,125	$1.38	25d	1	0.43mi
2705 Horton Dr Anderson, IN	3.0	1.0	936	$1,050	$1.12	21d	1	0.52mi
1310 W 13th St Anderson, IN	2.0	1.0	1178	$895	$0.76	3d	1	0.55mi
1631 W 7th St Anderson, IN	3.0	1.0	900	$1,000	$1.11	45d	1	0.61mi
1222 Nichol Ave Unit 4 Anderson, IN	3.0	1.0	1000	$1,135	$1.14	8d	1	0.62mi
1502 Cedar St Anderson, IN	2.0	1.0	1104	$850	$0.77	45d	1	0.69mi
1312 W 8th St Unit 1332 F Anderson, IN	2.0	1.0	850	$979	$1.15	45d	1	0.78mi
2613 Louise St Anderson, IN	2.0	1.0	1096	$950	$0.87	23d	1	0.82mi
2916 W 12th St Anderson, IN	3.0	1.0	1271	$1,295	$1.02	45d	1	0.83mi
1708 Euclid Dr Anderson, IN	2.0	1.0	732	$1,225	$1.67	45d	1	0.88mi
2719 Dewey St Anderson, IN	2.0	1.0	877	$1,150	$1.31	45d	1	0.88mi
1212 W 5th St Anderson, IN	3.0	1.0	1252	$1,295	$1.03	13d	1	0.91mi
2203 W 28th St Anderson, IN	3.0	1.0	1068	$1,000	$0.94	45d	1	0.91mi
1529 W 2nd St Anderson, IN	3.0	1.0	884	$1,200	$1.36	25d	1	0.94mi
2411 Hendricks St Anderson, IN	3.0	1.0	860	$1,000	$1.16	25d	1	1.01mi
820 W 7th St Apt A Anderson, IN	2.0	2.0	1400	$1,200	$0.86	25d	1	1.03mi
618 W 22nd St Anderson, IN	3.0	1.0	900	$1,250	$1.39	45d	1	1.05mi
2301 Sheridan St Anderson, IN	2.0	1.0	900	$950	$1.06	45d	1	1.05mi
2233 Fairview St Anderson, IN	3.0	1.5	1452	$1,195	$0.82	25d	1	1.11mi
1010 W 2nd St Unit 3 Anderson, IN	3.0	1.0	1025	$1,125	$1.10	16d	1	1.15mi
1010 W 2nd St Unit 2 Anderson, IN	2.0	1.0	875	$1,025	$1.17	23d	1	1.15mi
229 W 19th St Anderson, IN	3.0	1.0	1200	$1,000	$0.83	45d	1	1.22mi
2442 Morton St Anderson, IN	2.0	1.0	862	$1,125	$1.31	25d	1	1.26mi
2324 Chase St Anderson, IN	2.0	1.0	783	$950	$1.21	45d	1	1.32mi
120 W 10th St Anderson, IN	1.0–3.0	1.0	1066	$1,150	$1.08	3d	1	1.35mi
2820 Fairview St Unit A Anderson, IN	2.0	1.0	850	$895	$1.05	45d	1	1.36mi
506 W 2nd St Anderson, IN	3.0	1.0	964	$1,095	$1.14	25d	1	1.39mi
2627 Chase St Anderson, IN	3.0	1.0	1050	$850	$0.81	19d	1	1.42mi
1317 Main St Anderson, IN	2.0	1.0	750	$800	$1.07	45d	1	1.47mi
2904 Lincoln St Anderson, IN	2.0	1.0	864	$900	$1.04	45d	1	1.48mi

Listing history 18 events

1. 2026-06-21
   days on market $69,000 Active 85 DOM
2. 2026-06-18
   days on market $69,000 Active 82 DOM
3. 2026-06-17
   days on market $69,000 Active 81 DOM
4. 2026-06-16
   days on market $69,000 Active 80 DOM
5. 2026-06-15
   days on market $69,000 Active 79 DOM
6. 2026-06-13
   pricedays on market $69,000 Active 77 DOM
7. 2026-06-09
   days on market $76,500 Active 73 DOM
8. 2026-06-08
   days on market $76,500 Active 72 DOM
9. 2026-06-07
   days on market $76,500 Active 71 DOM
10. 2026-06-05
    days on market $76,500 Active 68 DOM
11. 2026-06-03
    days on market $76,500 Active 67 DOM
12. 2026-06-02
    days on market $76,500 Active 66 DOM
13. 2026-06-01
    days on market $76,500 Active 65 DOM
14. 2026-05-31
    days on market $76,500 Active 64 DOM
15. 2026-04-29
    price $79,000 331-char remark

    Show marketing remark (331 chars)

    Investor Special! With a little TLC, this is ready to call home. Enjoy ample living space, a large kitchen and three bedrooms and one bathroom. Enjoy sitting on the front step on the corner lot. Whether you're looking to add to your investment portfolio or a place to call home and make it your own, this one is worth checking out.

16. 2026-03-27
    listed $89,000 Active 331-char remark

    Show marketing remark (331 chars)

    Investor Special! With a little TLC, this is ready to call home. Enjoy ample living space, a large kitchen and three bedrooms and one bathroom. Enjoy sitting on the front step on the corner lot. Whether you're looking to add to your investment portfolio or a place to call home and make it your own, this one is worth checking out.

17. 2007-11-11
    soldstatus $45,300
18. 2005-12-27
    listed $49,000

ⓘ 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: $953 · $79/mo
• Projected year-2 tax: $953 · $79/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: $12,762
• − Mortgage interest: −$3,865
• − Property taxes: −$953
• − Insurance: −$345
• − Repairs & maintenance: −$1,021
• − Management: −$1,021
• − Depreciation: −$2,007
• Taxable income: $3,549
• Est. tax owed @ 24.0%: −$852
• After-tax cash flow: $3,589/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

+61.2% since first listed

4 events — show timeline

• 2026-04-29 Price Changed $79,000 MIBOR as Distributed by MLS Grid
• 2026-03-27 Listed $89,000 MIBOR as Distributed by MLS Grid
• 2007-11-11 Sold (MLS) $45,300 MIBOR as Distributed by MLS Grid
• 2005-12-27 Listed $49,000 MIBOR as Distributed by MLS Grid

Property tax history

+7.4%/yr

Latest (2024): $953 · +9.3% YoY. Source: county tax records.