2321 Fairview St · Anderson, IN 46016

$40,000

2 bd · 1.0 ba · 1,196 sqft · SingleFamily public records · 175 Days on market

Built 1935 7,300 sqft lot $33/sqft · 19% below area

---

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
• 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

Great opportunity! This home is a fixer-upper and is being sold as-is. Please note, the owner has never lived in the property.

Key facts

• 7,300 sq ft lot
• Built 1935
• Listed 175 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $549 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $35k (12.0% below list) — sets the bar for market timing.
• Cap rate 22.8% 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); 185 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 48% 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 34% 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 $277 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 + 7.9% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 175 days — a 12% lower offer ($35k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 27y 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 $26k; list at $40k implies a 54% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $35,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 175 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 1935 — 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: 2.54% ✓
• Cap rate: 22.75%
• Cash-on-cash: 58.78%
• DSCR: 3.62
• GRM: 3.3

CMA / ARV

• ARV (median comp): $101,533
• List price: $40,000
• Delta: -60.60%
• 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
2445 Chase St	0.21mi	3/1.0 (+1)	1,222 (+2%)	17mo	$19,000	$16	67
416 W 21st St	0.22mi	2/1.0	1,296 (+8%)	12mo	$77,000	$59	66
508 Andover Rd	0.72mi	2/1.0	1,173 (-2%)	7mo	$40,000	$34	58
1628 Sherman St	0.47mi	2/1.0	1,106 (-8%)	15mo	$55,000	$50	53
118 W 16th St	0.64mi	2/1.0	1,330 (+11%)	1mo	$19,000	$14	51
815 W 22nd St	0.16mi	3/2.0 (+1)	1,362 (+14%)	12mo	$129,000	$95	50
2915 Central Ave	0.69mi	2/1.0	1,309 (+9%)	2mo	$59,000	$45	50
2218 Central Ave	0.58mi	2/1.0	1,302 (+9%)	14mo	$144,000	$111	47
2205 Main St	0.49mi	2/1.0	1,036 (-13%)	16mo	$72,000	$69	41
513 Andover Rd	0.74mi	3/1.0 (+1)	1,121 (-6%)	11mo	$143,000	$128	41
2122 Fletcher St	0.66mi	3/2.0 (+1)	1,362 (+14%)	6mo	$152,400	$112	32
1911 Pearl St	0.75mi	3/1.0 (+1)	1,112 (-7%)	20mo	$85,000	$76	32

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: 62.7%
• Equity multiple: 4.01×
• Total profit: $33,701
• Equity at exit: $5,964

10-year hold

• IRR: 68.8%
• Equity multiple: 9.76×
• Total profit: $98,127
• Equity at exit: $3,458

Cash invested: $11,200 (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: 185
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $1,017 high
• Mortgage (P&I): −$210
• Tax from tax record: −$28 /mo · $338/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$214
• Net cashflow: $549

Break-even live

Break-even rent $322

Max offer price $40,000

Occupancy floor 41%

Sensitivity live

Price	-10% $571	-5% $560	+0% $549	+5% $537	+10% $526
Rent	-10% $468	-5% $508	+0% $549	+5% $589	+10% $629
Rate	-1.0pp $569	-0.5pp $559	base $549	+0.5pp $538	+1.0pp $528

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2233 Fairview St Anderson, IN	3.0	1.5	1452	$1,195	$0.82	24d	1	0.05mi
2301 Sheridan St Anderson, IN	2.0	1.0	900	$950	$1.06	44d	1	0.10mi
618 W 22nd St Anderson, IN	3.0	1.0	900	$1,250	$1.39	44d	1	0.12mi
2442 Morton St Anderson, IN	2.0	1.0	862	$1,125	$1.31	24d	1	0.13mi
2324 Chase St Anderson, IN	2.0	1.0	783	$950	$1.21	44d	1	0.19mi
2411 Hendricks St Anderson, IN	3.0	1.0	860	$1,000	$1.16	24d	1	0.23mi
2627 Chase St Anderson, IN	3.0	1.0	1050	$850	$0.81	18d	1	0.30mi
229 W 19th St Anderson, IN	3.0	1.0	1200	$1,000	$0.83	44d	1	0.35mi
2820 Fairview St Unit A Anderson, IN	2.0	1.0	850	$895	$1.05	44d	1	0.36mi
2904 Lincoln St Anderson, IN	2.0	1.0	864	$900	$1.04	44d	1	0.42mi
2625 Main St Anderson, IN	2.0	1.0	988	$895	$0.91	24d	1	0.54mi
2111 Central Ave Anderson, IN	3.0	1.0	1026	$1,250	$1.22	44d	1	0.55mi
3021 Delaware St Anderson, IN	2.0	1.0	1154	$1,150	$1.00	8d	1	0.56mi
1502 Cedar St Anderson, IN	2.0	1.0	1104	$850	$0.77	44d	1	0.63mi
228 E 29th St Anderson, IN	3.0	2.0	1440	$1,295	$0.90	5d	1	0.70mi
3000 Fletcher St Unit 3000 Anderson, IN	2.0	1.0	800	$650	$0.81	44d	1	0.77mi
2004 Arrow Ave Anderson, IN	2.0	1.0	816	$1,125	$1.38	24d	1	0.79mi
1317 Main St Anderson, IN	2.0	1.0	750	$800	$1.07	44d	1	0.81mi
1616 W 16th St Anderson, IN	2.0	1.0	1038	$1,050	$1.01	44d	1	0.83mi
1640 W 17th St Anderson, IN	2.0	1.0	810	$895	$1.10	21d	1	0.84mi
1310 W 13th St Anderson, IN	2.0	1.0	1178	$895	$0.76	2d	1	0.84mi
1726-1728 Walnut St Anderson, IN	2.0	2.0	900	$995	$1.11	2d	1	0.85mi
1222 Nichol Ave Unit 4 Anderson, IN	3.0	1.0	1000	$1,135	$1.14	8d	1	0.88mi
219 E 13th St Anderson, IN	3.0	1.0	882	$1,000	$1.13	4d	1	0.90mi
1720 Nelle St Anderson, IN	2.0	1.0	768	$1,100	$1.43	24d	1	0.90mi
2002 Jefferson St Unit 3 Anderson, IN	1.0	2.0	725	$600	$0.83	44d	1	0.92mi
2613 Louise St Anderson, IN	2.0	1.0	1096	$950	$0.87	22d	1	0.94mi
3006 Noble St Anderson, IN	2.0	1.0	1064	$995	$0.94	8d	1	0.96mi
120 W 10th St Anderson, IN	1.0–3.0	1.0	1066	$1,025	$0.96	2d	1	0.97mi
2023 McKinley St Anderson, IN	2.0	1.0	1500	$950	$0.63	44d	1	1.00mi
223 E 11th St Anderson, IN	2.0	1.0	800	$900	$1.12	44d	1	1.01mi
1411 Home Ave Anderson, IN	3.0	1.0	810	$1,295	$1.60	24d	1	1.05mi
2719 Dewey St Anderson, IN	2.0	1.0	877	$1,150	$1.31	44d	1	1.08mi
2233 E Lynn St Anderson, IN	1.0	1.0	700	$695	$0.99	2d	1	1.11mi
820 W 7th St Apt A Anderson, IN	2.0	2.0	1400	$1,200	$0.86	24d	1	1.12mi
2203 W 28th St Anderson, IN	3.0	1.0	1068	$1,000	$0.94	44d	1	1.15mi
1532 Walton St Anderson, IN	3.0	1.0	1342	$1,100	$0.82	44d	1	1.17mi
1123 Louise St Anderson, IN	2.0	1.0	850	$850	$1.00	44d	1	1.17mi
1312 W 8th St Unit 1332 F Anderson, IN	2.0	1.0	850	$979	$1.15	44d	1	1.19mi
1312 W 8th St Unit 1308H Anderson, IN	1.0	1.0	750	$999	$1.33	15d	1	1.19mi

Listing history 3 events

1. 2025-12-01
   listed $40,000 Active 126-char remark

   Show marketing remark (126 chars)

   Great opportunity! This home is a fixer-upper and is being sold as-is. Please note, the owner has never lived in the property.

2. 1999-11-26
   soldstatus $26,000 57-char remark

   Show marketing remark (57 chars)

   OWNER FURNISHES WATER & SEWER. OTHER UTILITIES SPLIT

3. 1999-06-22
   listed $29,500 57-char remark

   Show marketing remark (57 chars)

   OWNER FURNISHES WATER & SEWER. OTHER UTILITIES SPLIT

ⓘ 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: $338 · $28/mo
• Projected year-2 tax: $339 · $28/mo
• Expected delta: +$1/yr ($0/mo · 0.3%)

ⓘ 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: $12,201
• − Mortgage interest: −$2,241
• − Property taxes: −$338
• − Insurance: −$200
• − Repairs & maintenance: −$976
• − Management: −$976
• − Depreciation: −$1,164
• Taxable income: $6,306
• Est. tax owed @ 24.0%: −$1,514
• After-tax cash flow: $5,070/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

+35.6% since first listed

3 events — show timeline

• 2025-12-01 Listed $40,000 MIBOR as Distributed by MLS Grid
• 1999-11-26 Sold (MLS) $26,000 MIBOR as Distributed by MLS Grid
• 1999-06-22 Listed $29,500 MIBOR as Distributed by MLS Grid

Property tax history

+1.9%/yr

Latest (2024): $338 · +7.1% YoY. Source: county tax records.