1411 Locust St · Anderson, IN 46016

$66,900

5 bd · 3.0 ba · 3,102 sqft · MultiFamily public records · 66 Days on market

Built 1880 6,350 sqft lot $22/sqft · 29% below area Est $124k · 46% under ↓ 13% since listing

---

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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Massive home on Downtown Anderson's west side. Property is zoned as triplex, but has been converted into more of a single family over the years. Tons of square footage to allow for multiple options with a remodel. Currently laid out with 5 bedrooms and 2 baths. Recent exterior work is a great head start with newer siding, roof and windows. Includes large detached garage.

Key facts

• Recent exterior work
• Zoned as triplex
• Newer siding

Tags

• ZONED AS TRIPLEX
• CONVERTED INTO SINGLE FAMILY
• RECENT EXTERIOR WORK
• NEWER SIDING
• NEW ROOF
• NEW WINDOWS

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath multifamily listed at $67k.

Deal economics

• At list price, monthly cash flow is $630 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $67k).
• Recommended offer: $63k (6.0% below list) — sets the bar for market timing.
• Cap rate 17.6% 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; lower-income renter base — watch delinquency; 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).
• At $1,427/mo this rent would consume 48% of the median local household income ($36k/yr) (locally 1193% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $463 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 ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($63k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $62,886 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 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 1880 — 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.13% ✓
• Cap rate: 17.60%
• Cash-on-cash: 40.38%
• DSCR: 2.80
• GRM: 3.9

CMA / ARV

• ARV (median comp): $124,140
• List price: $66,900
• Delta: -46.11%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1628 W 8th St	0.55mi	5/3.0	2,705 (-13%)	2mo	$198,000	$73	51
1405 W 5th St	0.64mi	4/6.0 (-1)	3,400 (+10%)	14mo	$90,000	$26	25

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: 42.4%
• Equity multiple: 2.96×
• Total profit: $36,706
• Equity at exit: $9,975

10-year hold

• IRR: 50.9%
• Equity multiple: 7.26×
• Total profit: $117,222
• Equity at exit: $5,784

Cash invested: $18,732 (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: 3.9×

Monthly cashflow live

• Estimated rent: $1,427 medium
• Mortgage (P&I): −$351
• Tax from tax record: −$119 /mo · $1,422/yr
• Insurance: −$28
• HOA: −$0
• Vacancy / Maint / Mgmt: −$300
• Net cashflow: $630

Break-even live

Break-even rent $629

Max offer price $66,900

Occupancy floor 51%

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: $16,725
• Closing costs: $2,007
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $66,900 Active 66 DOM
2. 2026-06-17
   days on market $66,900 Active 65 DOM
3. 2026-06-16
   days on market $66,900 Active 64 DOM
4. 2026-06-15
   days on market $66,900 Active 63 DOM
5. 2026-06-13
   days on market $66,900 Active 61 DOM
6. 2026-06-09
   days on market $66,900 Active 57 DOM
7. 2026-06-08
   days on market $66,900 Active 56 DOM
8. 2026-06-07
   days on market $66,900 Active 55 DOM
9. 2026-06-05
   days on market $66,900 Active 52 DOM
10. 2026-06-03
    days on market $66,900 Active 51 DOM
11. 2026-06-02
    days on market $66,900 Active 50 DOM
12. 2026-06-01
    days on market $66,900 Active 49 DOM
13. 2026-05-31
    days on market $66,900 Active 48 DOM
14. 2026-05-05
    price $69,900 378-char remark

    Show marketing remark (378 chars)

    Massive home on Downtown Anderson's west side. Property is zoned as triplex, but has been converted into more of a single family over the years. Tons of square footage to allow for multiple options with a remodel. Currently laid out with 5 bedrooms and 2 baths. Recent exterior work is a great head start with newer siding, roof and windows. Includes large detached garage.

15. 2026-04-13
    listed $79,900 Active 378-char remark

    Show marketing remark (378 chars)

    Massive home on Downtown Anderson's west side. Property is zoned as triplex, but has been converted into more of a single family over the years. Tons of square footage to allow for multiple options with a remodel. Currently laid out with 5 bedrooms and 2 baths. Recent exterior work is a great head start with newer siding, roof and windows. Includes large detached garage.

ⓘ 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: $1,422 · $119/mo
• Projected year-2 tax: $1,422 · $119/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: $17,128
• − Mortgage interest: −$3,747
• − Property taxes: −$1,422
• − Insurance: −$334
• − Repairs & maintenance: −$1,370
• − Management: −$1,370
• − Depreciation: −$1,946
• Taxable income: $6,938
• Est. tax owed @ 24.0%: −$1,665
• After-tax cash flow: $5,900/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

-12.5% since first listed

2 events — show timeline

• 2026-05-05 Price Changed $69,900 MIBOR as Distributed by MLS Grid
• 2026-04-13 Listed $79,900 MIBOR as Distributed by MLS Grid

Property tax history

+10.9%/yr

Latest (2024): $1,422 · +4.6% YoY. Source: county tax records.