132 N 10th St · Elwood, IN 46036

$189,900

4 bd · 2.5 ba · 2,560 sqft · SingleFamily public records

Built 1967 7,841 sqft lot Est $225k · 16% under

---

Why this score? — see what drove the D+ 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 +15.5/30.0
• ARV discount +14.6/15.0
• DSCR +4.8/10.0
• 1% rule +3.6/10.0
• 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

Large,cape cod style home features 4 or 5 bedrooms, walk out basement with huge family room. Recent updates include new flooring, new roof, siding and gutters on house and garage. Two bedrooms and full bath on main and upper floors. Finished basement could be used as an in-law, separate living area. Family room in basement has terrazzo flooring. Additional layout of basement includes 2nd kitchen and bonus room that could be the 5th bedroom and 4th bathroom. Two fireplaces located in family room and living room.Walk out the dining room onto the 2nd level deck overlooking the back yard and 2 car detached garage.

Key facts

• 7,841 sq ft lot
• 2 garage spots
• Built 1967

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $76 ($912/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 $163k (14.3% below list).
• Recommended offer: $163k (14.3% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 5.3% in Elwood — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: amenities F, commute F, employment D-.
• 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.
• Zoned schools: Elwood Elementary School (445 students, 56% FRL); Elwood Jr-Sr High School (math 10% / reading 23%, grade F, #353 of 369 statewide, top 96%, 633 students, 58% FRL) — zoned schools at 56% FRL track the district average.
• Market conditions: 100 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 184 units permitted in Madison County in 2024 (0 in 5+ unit buildings).
• This rent runs 31% of the median local income ($62k/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 $1k of loan paydown is wiped out by about $6k 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

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 9y 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 $119k; list at $190k implies a 60% gain — meaningful room to come down on a strong offer.

Recommended offer $162,780 (14.3% below list)

Questions for the listing agent

1. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. 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.
6. 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.
7. 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: 0.86% ✗
• Cap rate: 6.77%
• Cash-on-cash: 1.71%
• DSCR: 1.08
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $225,280
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1015 Main St	0.12mi	4/2.0	2,753 (+8%)	13mo	$270,000	$98	69
1016 Main St	0.08mi	3/1.5 (-1)	2,557 (-0%)	24mo	$117,500	$46	67
628 S A St	0.24mi	4/2.5	2,742 (+7%)	19mo	$245,000	$89	61
719 S A St S	0.21mi	3/1.5 (-1)	2,504 (-2%)	23mo	$155,000	$62	58
708 S Anderson St	0.59mi	4/3.0	2,723 (+6%)	5mo	$260,000	$95	55
1302 Main St	0.24mi	4/2.0	2,936 (+15%)	11mo	$259,000	$88	54
600 N Anderson St	0.49mi	3/1.0 (-1)	2,234 (-13%)	4mo	$100,000	$45	42
523 N 16th St	0.54mi	3/2.0 (-1)	2,190 (-14%)	4mo	$166,000	$76	40
233 N A St	0.47mi	4/2.0	2,280 (-11%)	23mo	$289,900	$127	38
1708 S E St	0.66mi	3/2.0 (-1)	2,380 (-7%)	19mo	$92,000	$39	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: -13.6%
• Equity multiple: 0.51×
• Total profit: $-25,971
• Equity at exit: $28,315

10-year hold

• IRR: -4.7%
• Equity multiple: 0.69×
• Total profit: $-16,540
• Equity at exit: $16,419

Cash invested: $53,172 (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: 9.7×

Monthly cashflow live

• Estimated rent: $1,628 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$135 /mo · $1,620/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$342
• Net cashflow: $76

Break-even live

Break-even rent $1,532

Max offer price $189,900

Occupancy floor 90%

Sensitivity live

Price	-10% $183	-5% $130	+0% $76	+5% $22	+10% $-32
Rent	-10% $-53	-5% $12	+0% $76	+5% $140	+10% $205
Rate	-1.0pp $172	-0.5pp $124	base $76	+0.5pp $27	+1.0pp $-23

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 3 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	2d	1	0.57mi
1023 N 9th St Elwood, IN	3.0	2.5	1762	$1,750	$0.99	15d	1	0.58mi
1025 N 9th St Elwood, IN	3.0	2.5	1762	$1,750	$0.99	2d	1	0.58mi

Listing history 7 events

1. 2026-05-07
   historical
2. 2026-05-07
   listed $189,900
3. 2019-01-17
   soldstatus $119,000 Sold 617-char remark

   Show marketing remark (617 chars)

   Large,cape cod style home features 4 or 5 bedrooms, walk out basement with huge family room. Recent updates include new flooring, new roof, siding and gutters on house and garage. Two bedrooms and full bath on main and upper floors. Finished basement could be used as an in-law, separate living area. Family room in basement has terrazzo flooring. Additional layout of basement includes 2nd kitchen and bonus room that could be the 5th bedroom and 4th bathroom. Two fireplaces located in family room and living room.Walk out the dining room onto the 2nd level deck overlooking the back yard and 2 car detached garage.

4. 2018-11-25
   status Pending 617-char remark

   Show marketing remark (617 chars)

   Large,cape cod style home features 4 or 5 bedrooms, walk out basement with huge family room. Recent updates include new flooring, new roof, siding and gutters on house and garage. Two bedrooms and full bath on main and upper floors. Finished basement could be used as an in-law, separate living area. Family room in basement has terrazzo flooring. Additional layout of basement includes 2nd kitchen and bonus room that could be the 5th bedroom and 4th bathroom. Two fireplaces located in family room and living room.Walk out the dining room onto the 2nd level deck overlooking the back yard and 2 car detached garage.

5. 2018-11-02
   listed $124,900 Active 617-char remark

   Show marketing remark (617 chars)

   Large,cape cod style home features 4 or 5 bedrooms, walk out basement with huge family room. Recent updates include new flooring, new roof, siding and gutters on house and garage. Two bedrooms and full bath on main and upper floors. Finished basement could be used as an in-law, separate living area. Family room in basement has terrazzo flooring. Additional layout of basement includes 2nd kitchen and bonus room that could be the 5th bedroom and 4th bathroom. Two fireplaces located in family room and living room.Walk out the dining room onto the 2nd level deck overlooking the back yard and 2 car detached garage.

6. 2018-03-16
   historical
7. 2017-12-06
   listed $119,000 Active

ⓘ 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: $1,620 · $135/mo
• Projected year-2 tax: $1,620 · $135/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: $19,534
• − Mortgage interest: −$10,637
• − Property taxes: −$1,620
• − Insurance: −$950
• − Repairs & maintenance: −$1,563
• − Management: −$1,563
• − Depreciation: −$5,524
• Taxable loss: −$2,323
• Est. tax savings @ 24.0%: +$558
• After-tax cash flow: $1,469/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

+59.6% since first listed

7 events — show timeline

• 2026-05-07 Listed $189,900 IRMLS
• 2026-05-07 Delisted — IRMLS
• 2019-01-17 Sold (MLS) $119,000 MIBOR as Distributed by MLS Grid
• 2018-11-25 Pending — MIBOR as Distributed by MLS Grid
• 2018-11-02 Listed $124,900 MIBOR as Distributed by MLS Grid
• 2018-03-16 Listing Removed — MIBOR as Distributed by MLS Grid
• 2017-12-06 Listed $119,000 MIBOR as Distributed by MLS Grid

Property tax history

+1.1%/yr

Latest (2024): $1,620 · +9.8% YoY. Source: county tax records.