828 N 13th St · Elwood, IN 46036

$159,900

3 bd · 1.5 ba · 1,794 sqft · SingleFamily public records · 336 Days on market

Built 1968 5,880 sqft lot $89/sqft · 13% below area Est $184k · 13% under

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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 +19.0/30.0
• ARV discount +13.5/15.0
• DSCR +6.0/10.0
• 1% rule +4.5/10.0
• Livability +3.1/5.0
• 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

Check out this spacious 3 bed 1 bath home! The property has been updated to a modern look with is stainless steel appliance in the kitchen, LVP flooring, and bathroom. The property has several new components such as a roof, hvac, plumbing, and electrical!

Key facts

• New plumbing
• New hvac
• New electrical

Tags

• STAINLESS STEEL APPLIANCE
• LVP FLOORING
• NEW ROOF
• NEW HVAC
• NEW PLUMBING
• NEW ELECTRICAL

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $168 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $152k (4.7% below list).
• Recommended offer: $141k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 5.3% in Elwood — 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 62/100 on livability (#482 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Elwood Community School Corporation (town): math 18% / reading 19% proficiency, ranked #283 of 301 in IN (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 100 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 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 $1k of loan paydown is wiped out by about $5k 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.

Negotiation context

• It's been on market 336 days — a 12% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts; this cycle's ask has dropped $45k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $84k; list at $160k implies a 91% gain — meaningful room to come down on a strong offer.

Recommended offer $140,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 336 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 1968 — 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. 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.
7. 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.
8. 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: 0.95% ✗
• Cap rate: 7.55%
• Cash-on-cash: 4.51%
• DSCR: 1.20
• GRM: 8.7

CMA / ARV

• ARV (median comp): $184,286
• List price: $159,900
• Delta: -13.23%
• 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
850 N 12th St	0.07mi	3/1.0	1,762 (-2%)	3mo	$200,000	$114	89
904 N 13th St	0.05mi	3/2.5	1,614 (-10%)	1mo	$210,000	$130	76
850 N Anderson St	0.14mi	2/1.0 (-1)	1,674 (-7%)	4mo	$157,200	$94	72
220 N 11th St	0.47mi	4/1.0 (+1)	1,776 (-1%)	3mo	$177,000	$100	67
1534 N C St	0.45mi	4/2.0 (+1)	1,776 (-1%)	4mo	$220,000	$124	67
611 N Anderson St	0.24mi	3/1.0	1,615 (-10%)	6mo	$149,900	$93	66
823 N A St	0.63mi	3/1.5	1,776 (-1%)	6mo	$160,000	$90	64
719 N 14th St	0.18mi	3/2.0	1,529 (-15%)	8mo	$185,000	$121	58
229 N 5th St	0.70mi	3/2.0	1,739 (-3%)	3mo	$205,000	$118	58
616 N Anderson St	0.21mi	4/2.0 (+1)	2,044 (+14%)	5mo	$204,000	$100	56
1000 S B St	0.73mi	3/2.0	1,948 (+9%)	4mo	$239,000	$123	46
1017 S A St	0.68mi	3/1.0	1,574 (-12%)	3mo	$109,900	$70	44

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: -9.3%
• Equity multiple: 0.66×
• Total profit: $-15,223
• Equity at exit: $23,842

10-year hold

• IRR: 0.1%
• Equity multiple: 1.01×
• Total profit: $451
• Equity at exit: $13,825

Cash invested: $44,772 (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 46036

• Home prices YoY: -18.3%
• Active inventory: 100
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,524 high
• Mortgage (P&I): −$839
• Tax from tax record: −$130 /mo · $1,564/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$320
• Net cashflow: $168

Break-even live

Break-even rent $1,311

Max offer price $159,900

Occupancy floor 84%

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1019 N 9th St Elwood, IN	3.0	2.5	1762	$1,750	$0.99	1d	1	0.28mi
1021 N 9th St Elwood, IN	3.0	2.5	1725	$1,750	$1.01	1d	1	0.28mi
1023 N 9th St Elwood, IN	3.0	2.5	1762	$1,750	$0.99	14d	1	0.28mi
1025 N 9th St Elwood, IN	3.0	2.5	1762	$1,750	$0.99	1d	1	0.28mi
1636 S B St Elwood, IN	3.0	2.0	1403	$1,300	$0.93	43d	1	0.75mi
1325 S G St Elwood, IN	3.0	1.0	1504	$1,200	$0.80	1d	1	1.00mi

Listing history 27 events

1. 2026-05-13
   status Pending 255-char remark

   Show marketing remark (255 chars)

   Check out this spacious 3 bed 1 bath home! The property has been updated to a modern look with is stainless steel appliance in the kitchen, LVP flooring, and bathroom. The property has several new components such as a roof, hvac, plumbing, and electrical!

2. 2026-02-03
   status Active 255-char remark

   Show marketing remark (255 chars)

   Check out this spacious 3 bed 1 bath home! The property has been updated to a modern look with is stainless steel appliance in the kitchen, LVP flooring, and bathroom. The property has several new components such as a roof, hvac, plumbing, and electrical!

3. 2026-01-21
   status Pending 255-char remark

   Show marketing remark (255 chars)

   Check out this spacious 3 bed 1 bath home! The property has been updated to a modern look with is stainless steel appliance in the kitchen, LVP flooring, and bathroom. The property has several new components such as a roof, hvac, plumbing, and electrical!

4. 2026-01-07
   status Active 255-char remark

   Show marketing remark (255 chars)

   Check out this spacious 3 bed 1 bath home! The property has been updated to a modern look with is stainless steel appliance in the kitchen, LVP flooring, and bathroom. The property has several new components such as a roof, hvac, plumbing, and electrical!

5. 2025-12-22
   status Pending 255-char remark

   Show marketing remark (255 chars)

   Check out this spacious 3 bed 1 bath home! The property has been updated to a modern look with is stainless steel appliance in the kitchen, LVP flooring, and bathroom. The property has several new components such as a roof, hvac, plumbing, and electrical!

6. 2025-12-17
   price $159,900 255-char remark

   Show marketing remark (255 chars)

   Check out this spacious 3 bed 1 bath home! The property has been updated to a modern look with is stainless steel appliance in the kitchen, LVP flooring, and bathroom. The property has several new components such as a roof, hvac, plumbing, and electrical!

7. 2025-12-08
   historical
8. 2025-11-18
   price $164,000 255-char remark

   Show marketing remark (255 chars)

   Check out this spacious 3 bed 1 bath home! The property has been updated to a modern look with is stainless steel appliance in the kitchen, LVP flooring, and bathroom. The property has several new components such as a roof, hvac, plumbing, and electrical!

9. 2025-10-27
   status Active
10. 2025-10-24
    price $169,900

    Show marketing remark (255 chars)

    Check out this spacious 3 bed 1 bath home! The property has been updated to a modern look with is stainless steel appliance in the kitchen, LVP flooring, and bathroom. The property has several new components such as a roof, hvac, plumbing, and electrical!

11. 2025-10-24
    price $169,900 255-char remark

    Show marketing remark (255 chars)

    Check out this spacious 3 bed 1 bath home! The property has been updated to a modern look with is stainless steel appliance in the kitchen, LVP flooring, and bathroom. The property has several new components such as a roof, hvac, plumbing, and electrical!

12. 2025-09-23
    price $174,900 255-char remark

    Show marketing remark (255 chars)

    Check out this spacious 3 bed 1 bath home! The property has been updated to a modern look with is stainless steel appliance in the kitchen, LVP flooring, and bathroom. The property has several new components such as a roof, hvac, plumbing, and electrical!

13. 2025-09-23
    price $174,900

    Show marketing remark (255 chars)

    Check out this spacious 3 bed 1 bath home! The property has been updated to a modern look with is stainless steel appliance in the kitchen, LVP flooring, and bathroom. The property has several new components such as a roof, hvac, plumbing, and electrical!

14. 2025-09-16
    status Active 255-char remark

    Show marketing remark (255 chars)

    Check out this spacious 3 bed 1 bath home! The property has been updated to a modern look with is stainless steel appliance in the kitchen, LVP flooring, and bathroom. The property has several new components such as a roof, hvac, plumbing, and electrical!

15. 2025-08-29
    status Pending 255-char remark

    Show marketing remark (255 chars)

    Check out this spacious 3 bed 1 bath home! The property has been updated to a modern look with is stainless steel appliance in the kitchen, LVP flooring, and bathroom. The property has several new components such as a roof, hvac, plumbing, and electrical!

16. 2025-08-29
    status Pending

    Show marketing remark (255 chars)

    Check out this spacious 3 bed 1 bath home! The property has been updated to a modern look with is stainless steel appliance in the kitchen, LVP flooring, and bathroom. The property has several new components such as a roof, hvac, plumbing, and electrical!

17. 2025-08-22
    price $179,900

    Show marketing remark (255 chars)

    Check out this spacious 3 bed 1 bath home! The property has been updated to a modern look with is stainless steel appliance in the kitchen, LVP flooring, and bathroom. The property has several new components such as a roof, hvac, plumbing, and electrical!

18. 2025-08-22
    price $179,900 255-char remark

    Show marketing remark (255 chars)

    Check out this spacious 3 bed 1 bath home! The property has been updated to a modern look with is stainless steel appliance in the kitchen, LVP flooring, and bathroom. The property has several new components such as a roof, hvac, plumbing, and electrical!

19. 2025-07-28
    price $184,900 255-char remark

    Show marketing remark (255 chars)

    Check out this spacious 3 bed 1 bath home! The property has been updated to a modern look with is stainless steel appliance in the kitchen, LVP flooring, and bathroom. The property has several new components such as a roof, hvac, plumbing, and electrical!

20. 2025-07-28
    price $184,900

    Show marketing remark (255 chars)

    Check out this spacious 3 bed 1 bath home! The property has been updated to a modern look with is stainless steel appliance in the kitchen, LVP flooring, and bathroom. The property has several new components such as a roof, hvac, plumbing, and electrical!

21. 2025-06-26
    price $189,900

    Show marketing remark (255 chars)

    Check out this spacious 3 bed 1 bath home! The property has been updated to a modern look with is stainless steel appliance in the kitchen, LVP flooring, and bathroom. The property has several new components such as a roof, hvac, plumbing, and electrical!

22. 2025-06-26
    price $189,900 255-char remark

    Show marketing remark (255 chars)

    Check out this spacious 3 bed 1 bath home! The property has been updated to a modern look with is stainless steel appliance in the kitchen, LVP flooring, and bathroom. The property has several new components such as a roof, hvac, plumbing, and electrical!

23. 2025-05-27
    price $197,900

    Show marketing remark (255 chars)

    Check out this spacious 3 bed 1 bath home! The property has been updated to a modern look with is stainless steel appliance in the kitchen, LVP flooring, and bathroom. The property has several new components such as a roof, hvac, plumbing, and electrical!

24. 2025-05-27
    price $197,900 255-char remark

    Show marketing remark (255 chars)

    Check out this spacious 3 bed 1 bath home! The property has been updated to a modern look with is stainless steel appliance in the kitchen, LVP flooring, and bathroom. The property has several new components such as a roof, hvac, plumbing, and electrical!

25. 2025-04-25
    listed $205,000 Active 255-char remark

    Show marketing remark (255 chars)

    Check out this spacious 3 bed 1 bath home! The property has been updated to a modern look with is stainless steel appliance in the kitchen, LVP flooring, and bathroom. The property has several new components such as a roof, hvac, plumbing, and electrical!

26. 2025-04-25
    listed $205,000 Active

    Show marketing remark (255 chars)

    Check out this spacious 3 bed 1 bath home! The property has been updated to a modern look with is stainless steel appliance in the kitchen, LVP flooring, and bathroom. The property has several new components such as a roof, hvac, plumbing, and electrical!

27. 2023-03-22
    soldstatus $83,642

ⓘ 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: $1,564 · $130/mo
• Projected year-2 tax: $1,564 · $130/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 ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,283
• − Mortgage interest: −$8,957
• − Property taxes: −$1,564
• − Insurance: −$800
• − Repairs & maintenance: −$1,463
• − Management: −$1,463
• − Depreciation: −$4,652
• Taxable loss: −$615
• Est. tax savings @ 24.0%: +$148
• After-tax cash flow: $2,165/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: Elwood Community School Corporation
• NCES district ID: 1803300
• Math proficiency: 18% ▼ -9.00%
• Reading proficiency: 19% ▼ -9.00%
• Median HH income: $38,757
• Composite: 15.6/100
• National rank: #9292
• State rank: #283 of 301 in IN

Livability — Elwood

• Score: 62/100
• State rank: #482
• US rank: #17050

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment D- Housing A+ Health & safety F User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Elwood, IN
• County: Madison County · 69,445 people
• City population: 11,683
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 11,683
• Household income: $62,074
• Rent vs Own: 27.1% rent · 72.9% own
• Severe rent burden: 225.0

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 (94%)
• Race & ethnicity: White 94% Hispanic / Latino 3% Two or more races 3%
• Common ancestry: Iranian 2% Italian 2% Slovak 1%
• Foreign-born: 1% · 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: ▼ -70.59%
• Current HPI: 314.8526
• 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

+91.2% since first listed

27 events — show timeline

• 2026-05-13 Pending — IRMLS
• 2026-02-03 Relisted — IRMLS
• 2026-01-21 Pending — IRMLS
• 2026-01-07 Relisted — IRMLS
• 2025-12-22 Pending — IRMLS
• 2025-12-17 Price Changed $159,900 IRMLS
• 2025-12-08 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-11-18 Price Changed $164,000 IRMLS
• 2025-10-27 Relisted — MIBOR as Distributed by MLS Grid
• 2025-10-24 Price Changed $169,900 MIBOR as Distributed by MLS Grid
• 2025-10-24 Price Changed $169,900 IRMLS
• 2025-09-23 Price Changed $174,900 IRMLS
• 2025-09-23 Price Changed $174,900 MIBOR as Distributed by MLS Grid
• 2025-09-16 Relisted — IRMLS
• 2025-08-29 Pending — IRMLS
• 2025-08-29 Pending — MIBOR as Distributed by MLS Grid
• 2025-08-22 Price Changed $179,900 MIBOR as Distributed by MLS Grid
• 2025-08-22 Price Changed $179,900 IRMLS
• 2025-07-28 Price Changed $184,900 IRMLS
• 2025-07-28 Price Changed $184,900 MIBOR as Distributed by MLS Grid
• 2025-06-26 Price Changed $189,900 MIBOR as Distributed by MLS Grid
• 2025-06-26 Price Changed $189,900 IRMLS
• 2025-05-27 Price Changed $197,900 MIBOR as Distributed by MLS Grid
• 2025-05-27 Price Changed $197,900 IRMLS
• 2025-04-25 Listed $205,000 IRMLS
• 2025-04-25 Listed $205,000 MIBOR as Distributed by MLS Grid
• 2023-03-22 Sold (Public Records) $83,642 Public Records

Property tax history

+5.7%/yr

Latest (2024): $1,564 · +211.1% YoY. Source: county tax records.