1312 N D St · Elwood, IN 46036

$84,900

2 bd · 1.0 ba · 878 sqft · SingleFamily public records · 20 Days on market

Built 1892 4,356 sqft lot Est $125k · 32% under

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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 +28.0/30.0
• ARV discount +15.0/15.0
• DSCR +9.9/10.0
• 1% rule +7.5/10.0
• 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

This charming ranch-style home is full of character and ready for someone to make it their own. Built in 1892, this single-level home offers 878 square feet of living space with 2 bedrooms, 1 full bath, and a bonus room that could serve as an office, flex space, or possible third bedroom with its own exterior entrance. Featuring vinyl siding, original wood windows, and plenty of potential, this home is a great opportunity for a buyer looking for charm and flexibility.

Key facts

• Bonus room
• Ranch style home
• Exterior entrance

Tags

• RANCH STYLE HOME
• BONUS ROOM
• VINYL SIDING
• ORIGINAL WOOD WINDOWS
• EXTERIOR ENTRANCE

Property features AI

Exterior

• Utilities: Public water; Municipal sewer connection; Municipal solid waste service
• Home design: Single-family residence; One level
• Construction: Vinyl and wood siding; Block foundation
• Exterior features: <1/4 acre lot (approx. 0.1 acres)

Interior

• Kitchen: Electric oven; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Electric forced-air heating; No central air
• Interior features: Woodwork stained or painted

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $264 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Recommended offer: $84k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.0% 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: 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) — zoned schools at 56% FRL track the district average.
• Market conditions: 100 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 4d 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 $587 of loan paydown is wiped out by about $3k 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 $24k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($84k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1892 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $83,626 (1.5% below list)

Questions for the listing agent

1. Built in 1892 — 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. 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.
5. 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.
6. 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: 1.25% ✓
• Cap rate: 10.02%
• Cash-on-cash: 13.31%
• DSCR: 1.59
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $124,676
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
901 N 9th St	0.43mi	2/1.0	864 (-2%)	1mo	$147,500	$171	76
815 N 12th St	0.29mi	3/1.0 (+1)	864 (-2%)	9mo	$61,500	$71	71
1304 S H St	0.74mi	2/1.0	886 (+1%)	1mo	$89,000	$100	63
1629 N K St	0.54mi	2/1.0	864 (-2%)	12mo	$142,000	$164	62
2015 N F St	0.54mi	3/1.5 (+1)	928 (+6%)	2mo	$156,000	$168	57
214 S 10th St	0.44mi	3/1.0 (+1)	928 (+6%)	12mo	$32,000	$34	55
710 S A St	0.54mi	2/1.0	768 (-12%)	1mo	$133,000	$173	53
1305 S F St	0.63mi	2/1.0	940 (+7%)	20mo	$48,000	$51	43
2017 S B St	0.65mi	2/1.0	959 (+9%)	14mo	$26,000	$27	42
1924 S A St	0.54mi	2/2.0	983 (+12%)	12mo	$140,000	$142	40
1212 N 10th St	0.56mi	2/1.5	1,008 (+15%)	9mo	$157,500	$156	39

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: 3.3%
• Equity multiple: 1.13×
• Total profit: $3,042
• Equity at exit: $12,659

10-year hold

• IRR: 12.9%
• Equity multiple: 2.02×
• Total profit: $24,304
• Equity at exit: $7,341

Cash invested: $23,772 (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: 6.7×

Monthly cashflow live

• Estimated rent: $1,060 high
• Mortgage (P&I): −$445
• Tax from tax record: −$93 /mo · $1,116/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$223
• Net cashflow: $264

Break-even live

Break-even rent $726

Max offer price $84,900

Occupancy floor 70%

Sensitivity live

Price	-10% $312	-5% $288	+0% $264	+5% $240	+10% $216
Rent	-10% $180	-5% $222	+0% $264	+5% $306	+10% $347
Rate	-1.0pp $306	-0.5pp $285	base $264	+0.5pp $242	+1.0pp $219

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: $21,225
• Closing costs: $2,547
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
239 N 13th St Elwood, IN	1.0–2.0	1.0	629	$1,055	$1.68	2d	3	0.13mi
209 S 16th St Elwood, IN	2.0	2.0	1060	$1,135	$1.07	2d	1	0.41mi
1349 S B St Unit 4 Elwood, IN	2.0	1.0	950	$1,400	$1.47	12d	1	0.43mi
1349 S B St Unit 1 Elwood, IN	2.0	1.0	850	$1,250	$1.47	15d	1	0.43mi
2107 N B St Elwood, IN	2.0	1.0	672	$1,100	$1.64	17d	1	0.60mi
902 S Anderson St Elwood, IN	1.0	1.0	550	$725	$1.32	4d	1	0.79mi
1775 Antler Ct Elwood, IN	2.0	1.0	1000	$935	$0.94	2d	1	1.38mi
9401 Frans Way Elwood, IN	1.0–2.0	1.0–2.0	815	$1,325	$1.63	2d	6	1.46mi

Listing history 12 events

1. 2026-06-18
   days on market $84,900 Active 20 DOM
2. 2026-06-17
   days on market $84,900 Active 19 DOM
3. 2026-06-16
   days on market $84,900 Active 18 DOM
4. 2026-06-15
   days on market $84,900 Active 17 DOM
5. 2026-06-13
   days on market $84,900 Active 15 DOM
6. 2026-06-09
   days on market $84,900 Active 11 DOM
7. 2026-06-08
   days on market $84,900 Active 10 DOM
8. 2026-06-07
   days on market $84,900 Active 9 DOM
9. 2026-06-03
   days on market $84,900 Active 5 DOM
10. 2026-06-02
    days on market $84,900 Active 4 DOM
11. 2026-06-01
    days on market $84,900 Active 3 DOM
12. 2026-05-31
    days on market $84,900 Active 2 DOM

ⓘ 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: $1,116 · $93/mo
• Projected year-2 tax: $1,116 · $93/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 2/10 Low FEMA zone X (unshaded) · 7% 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: $12,718
• − Mortgage interest: −$4,756
• − Property taxes: −$1,116
• − Insurance: −$424
• − Repairs & maintenance: −$1,017
• − Management: −$1,017
• − Depreciation: −$2,470
• Taxable income: $1,917
• Est. tax owed @ 24.0%: −$460
• After-tax cash flow: $2,704/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

1 event — show timeline

• 2026-05-29 Listed $84,900 MIBOR as Distributed by MLS Grid

Property tax history

+2.8%/yr

Latest (2024): $1,116 · +9.0% YoY. Source: county tax records.