1206 E 37th St · Anderson, IN 46013

$36,900

3 bd · 1.5 ba · 1,196 sqft · SingleFamily public records · 50 Days on market

Built 1925 6,534 sqft lot $31/sqft · 48% below area

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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 +7.5/15.0
• 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

Three bedroom with 2 full baths, two car attached garage, needs updates and repairs. Good investor opportunity.

Key facts

• 6,534 sq ft lot
• 2 garage spots
• Built 1925

Property features AI

Finance

• Other: Property listed in fixer condition; Less than 1/4 acre lot

Exterior

• Parking: Attached 2-car garage (about 600 sq ft)
• Utilities: Public water; Municipal sewer connected
• Home design: Single-family residence; One story
• Construction: Aluminum siding; Block foundation
• Exterior features: Approximately 0.15 acre lot

Interior

• Kitchen: Includes water heater
• Bedrooms: Three bedrooms on the main level
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Forced air heating; No central air conditioning
• Interior features: Attic access; Unfinished basement
• Laundry & utility: Utility room in basement (20x20)

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $37k.

Deal economics

• At list price, monthly cash flow is $560 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $37k).
• Recommended offer: $36k (3.0% below list) — sets the bar for market timing.
• Cap rate 24.5% 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: 150 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $255 of loan paydown is wiped out by about $1k 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 + 3.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($36k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 17y ago; this cycle's ask has dropped $3k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $23k; list at $37k implies a 60% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.1% of price; built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $35,793 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 2.97% ✓
• Cap rate: 24.50%
• Cash-on-cash: 65.04%
• DSCR: 3.89
• GRM: 2.8

CMA / ARV

• ARV (median comp): $98,144
• List price: $36,900
• Delta: -62.40%
• 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
3711 Burton Pl	0.24mi	3/1.0	1,224 (+2%)	2mo	$116,000	$95	81
1615 E 44th St	0.61mi	2/2.0 (-1)	1,185 (-1%)	2mo	$180,000	$152	62
3410 Forest Ter	0.26mi	2/1.0 (-1)	1,344 (+12%)	8mo	$120,000	$89	53
4117 Columbus Ave	0.39mi	4/1.5 (+1)	1,354 (+13%)	8mo	$200,000	$148	48
1640 Monica Ln	0.39mi	2/1.0 (-1)	1,023 (-14%)	3mo	$142,900	$140	48
631 Piccadilli Rd	0.45mi	2/2.5 (-1)	1,339 (+12%)	8mo	$185,000	$138	43
423 E 37th St	0.50mi	2/1.0 (-1)	1,020 (-15%)	3mo	$132,000	$129	43
2911 E Lynn St	0.62mi	2/1.0 (-1)	1,092 (-9%)	8mo	$70,000	$64	43
826 E 31st St	0.55mi	2/1.0 (-1)	1,056 (-12%)	8mo	$132,500	$125	41
2803 E Lynn St	0.70mi	3/1.0	1,358 (+14%)	2mo	$160,000	$118	41
2709 E Lynn St	0.75mi	2/1.0 (-1)	1,305 (+9%)	8mo	$135,000	$103	36
329 E 31st St	0.73mi	2/2.0 (-1)	1,334 (+12%)	7mo	$130,000	$97	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 64.2%
• Equity multiple: 3.88×
• Total profit: $29,732
• Equity at exit: $5,502

10-year hold

• IRR: 68.6%
• Equity multiple: 7.97×
• Total profit: $72,007
• Equity at exit: $3,190

Cash invested: $10,332 (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: 150
• Price-to-rent: 2.8×

Monthly cashflow live

• Estimated rent: $1,096 high
• Mortgage (P&I): −$194
• Tax from tax record: −$97 /mo · $1,162/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$230
• Net cashflow: $560

Break-even live

Break-even rent $387

Max offer price $36,900

Occupancy floor 44%

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: $9,225
• Closing costs: $1,107
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1501 E 31st St Anderson, IN	2.0	1.0	840	$1,199	$1.43	20d	1	0.52mi
4415 Columbus Ave Apt 15 Anderson, IN	2.0	1.0	800	$800	$1.00	2d	1	0.55mi
3009 E Lynn St Unit 1 Anderson, IN	3.0	1.0	1000	$875	$0.88	20d	1	0.56mi
812 Mellen Dr Unit 814 Anderson, IN	2.0	1.0	924	$950	$1.03	2d	1	0.56mi
4426 Mellen Ct Anderson, IN	2.0	1.0	899	$900	$1.00	2d	1	0.66mi
3006 Noble St Anderson, IN	2.0	1.0	1064	$995	$0.94	8d	1	0.68mi
1626 Lora St Anderson, IN	3.0	2.0	1352	$1,295	$0.96	44d	1	0.69mi
1232 E 28th St Anderson, IN	2.0	2.0	795	$950	$1.19	44d	1	0.73mi
1318 E 28th St Anderson, IN	3.0	1.0	1280	$1,300	$1.02	12d	1	0.73mi
3000 Fletcher St Unit 3000 Anderson, IN	2.0	1.0	800	$650	$0.81	44d	1	0.83mi
228 E 29th St Anderson, IN	3.0	2.0	1440	$1,295	$0.90	4d	1	0.91mi
4015 Haverhill Dr Anderson, IN	3.0	2.0	884	$1,100	$1.24	44d	1	1.02mi
2625 Main St Anderson, IN	2.0	1.0	988	$895	$0.91	24d	1	1.08mi
3021 Delaware St Anderson, IN	2.0	1.0	1154	$1,150	$1.00	8d	1	1.09mi
4021 Brown St Anderson, IN	2.0	1.0	1320	$975	$0.74	8d	1	1.13mi
2023 McKinley St Anderson, IN	2.0	1.0	1500	$950	$0.63	44d	1	1.26mi
5514 Arbor Dr Anderson, IN	1.0–2.0	1.0	723	$830	$1.15	11d	3	1.27mi
2904 Lincoln St Anderson, IN	2.0	1.0	864	$900	$1.04	44d	1	1.27mi
2627 Chase St Anderson, IN	3.0	1.0	1050	$850	$0.81	18d	1	1.32mi
2111 Central Ave Anderson, IN	3.0	1.0	1026	$1,250	$1.22	44d	1	1.37mi
417 E 55th St Anderson, IN	2.0	1.0	724	$1,100	$1.52	22d	1	1.39mi
2820 Fairview St Unit A Anderson, IN	2.0	1.0	850	$895	$1.05	44d	1	1.40mi
2324 Chase St Anderson, IN	2.0	1.0	783	$950	$1.21	44d	1	1.45mi
2442 Morton St Anderson, IN	2.0	1.0	862	$1,125	$1.31	24d	1	1.48mi
1726-1728 Walnut St Anderson, IN	2.0	2.0	900	$995	$1.11	2d	1	1.49mi

Listing history 18 events

1. 2026-06-18
   days on market $36,900 Active 50 DOM
2. 2026-06-17
   days on market $36,900 Active 49 DOM
3. 2026-06-16
   days on market $36,900 Active 48 DOM
4. 2026-06-15
   days on market $36,900 Active 47 DOM
5. 2026-06-13
   days on market $36,900 Active 45 DOM
6. 2026-06-09
   days on market $36,900 Active 41 DOM
7. 2026-06-08
   days on market $36,900 Active 40 DOM
8. 2026-06-07
   days on market $36,900 Active 39 DOM
9. 2026-06-05
   days on market $36,900 Active 36 DOM
10. 2026-06-03
    days on market $36,900 Active 35 DOM
11. 2026-06-02
    days on market $36,900 Active 34 DOM
12. 2026-06-01
    days on market $36,900 Active 33 DOM
13. 2026-05-31
    days on market $36,900 Active 32 DOM
14. 2026-04-28
    listed $39,900 Active 157-char remark
15. 2010-01-07
    soldstatus $23,120
16. 2009-12-23
    historical 112-char remark

    Show marketing remark (112 chars)

    Three bedroom with 2 full baths, two car attached garage, needs updates and repairs. Good investor opportunity.

17. 2009-12-18
    soldstatus $12,501 112-char remark

    Show marketing remark (112 chars)

    Three bedroom with 2 full baths, two car attached garage, needs updates and repairs. Good investor opportunity.

18. 2009-11-02
    listed $14,900 112-char remark

    Show marketing remark (112 chars)

    Three bedroom with 2 full baths, two car attached garage, needs updates and repairs. Good investor opportunity.

ⓘ 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: $1,162 · $97/mo
• Projected year-2 tax: $1,162 · $97/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 100% 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: $13,150
• − Mortgage interest: −$2,067
• − Property taxes: −$1,162
• − Insurance: −$184
• − Repairs & maintenance: −$1,052
• − Management: −$1,052
• − Depreciation: −$1,073
• Taxable income: $6,559
• Est. tax owed @ 24.0%: −$1,574
• After-tax cash flow: $5,145/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

+147.7% since first listed

6 events — show timeline

• 2026-05-29 Price Changed $36,900 MIBOR as Distributed by MLS Grid
• 2026-04-28 Listed $39,900 MIBOR as Distributed by MLS Grid
• 2010-01-07 Sold (Public Records) $23,120 Public Records
• 2009-12-23 Listing Removed — MIBOR as Distributed by MLS Grid
• 2009-12-18 Sold (MLS) $12,501 MIBOR as Distributed by MLS Grid
• 2009-11-02 Listed $14,900 MIBOR as Distributed by MLS Grid

Property tax history

+4.0%/yr

Latest (2024): $1,162 · +8.7% YoY. Source: county tax records.