1304 S H St · Elwood, IN 46036

$89,000

2 bd · 1.0 ba · 886 sqft · SingleFamily public records · 193 Days on market

Built 1890 5,532 sqft lot Est $123k · 28% 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 +26.1/30.0
• ARV discount +15.0/15.0
• DSCR +8.8/10.0
• 1% rule +6.4/10.0
• 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

Two bedroom home. Upstairs can be finished to add additional living space. One car detached garage. Storage building behind home.

Key facts

• Front porch
• Large mudroom
• Storage shed

Tags

• FRONT PORCH
• DETACHED GARAGE
• GENEROUS BACKYARD
• STORAGE SHED
• LARGE MUDROOM
• EAT-IN KITCHEN

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $89k.

Deal economics

• At list price, monthly cash flow is $224 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $89k).
• Recommended offer: $78k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.3% 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; 9 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 $615 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.

Negotiation context

• It's been on market 193 days — a 12% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y ago; this cycle's ask has dropped $40k (31%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $10k; list at $89k implies a 837% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $78,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 193 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 1890 — 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: 1.14% ✓
• Cap rate: 9.31%
• Cash-on-cash: 10.79%
• DSCR: 1.48
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $123,154
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1304 S H St	0.00mi	2/1.0	886 (0%)	1mo	$89,000	$100	99
1300 S K St	0.21mi	2/1.0	850 (-4%)	3mo	$146,900	$173	81
1305 S F St	0.12mi	2/1.0	940 (+6%)	20mo	$48,000	$51	68
2232 S H St	0.74mi	2/1.0	870 (-2%)	2mo	$70,000	$80	60
1523 S K St	0.32mi	2/1.0	968 (+9%)	12mo	$135,000	$139	59
214 S 10th St	0.42mi	3/1.0 (+1)	928 (+5%)	12mo	$32,000	$34	57
2111 S I	0.62mi	2/1.0	960 (+8%)	4mo	$140,000	$146	53
314 S 10th St	0.36mi	2/1.0	1,012 (+14%)	9mo	$25,000	$25	52
710 S A St	0.58mi	2/1.0	768 (-13%)	1mo	$133,000	$173	50
1611 S L St	0.41mi	3/1.0 (+1)	768 (-13%)	8mo	$149,000	$194	47
2017 S B St	0.67mi	2/1.0	959 (+8%)	14mo	$26,000	$27	43
1924 S A St	0.66mi	2/2.0	983 (+11%)	12mo	$140,000	$142	37

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: -0.2%
• Equity multiple: 0.99×
• Total profit: $-161
• Equity at exit: $13,270

10-year hold

• IRR: 9.5%
• Equity multiple: 1.73×
• Total profit: $18,206
• Equity at exit: $7,695

Cash invested: $24,920 (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: 7.3×

Monthly cashflow live

• Estimated rent: $1,018 high
• Mortgage (P&I): −$467
• Tax from tax record: −$77 /mo · $920/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$214
• Net cashflow: $224

Break-even live

Break-even rent $735

Max offer price $89,000

Occupancy floor 73%

Sensitivity live

Price	-10% $274	-5% $249	+0% $224	+5% $199	+10% $174
Rent	-10% $144	-5% $184	+0% $224	+5% $264	+10% $304
Rate	-1.0pp $269	-0.5pp $247	base $224	+0.5pp $201	+1.0pp $177

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
902 S Anderson St Elwood, IN	1.0	1.0	550	$725	$1.32	4d	1	0.14mi
1349 S B St Unit 1 Elwood, IN	2.0	1.0	850	$1,250	$1.47	15d	1	0.34mi
1349 S B St Unit 4 Elwood, IN	2.0	1.0	950	$1,400	$1.47	12d	1	0.34mi
209 S 16th St Elwood, IN	2.0	2.0	1060	$1,135	$1.07	2d	1	0.48mi
1775 Antler Ct Elwood, IN	2.0	1.0	1000	$935	$0.94	2d	1	0.62mi
239 N 13th St Elwood, IN	1.0–2.0	1.0	629	$1,055	$1.68	2d	3	0.63mi
9401 Frans Way Elwood, IN	1.0–2.0	1.0–2.0	815	$1,325	$1.63	2d	6	0.71mi
2107 N B St Elwood, IN	2.0	1.0	672	$1,100	$1.64	16d	1	0.88mi
3033 S P St Elwood, IN	2.0	1.0	576	$925	$1.61	2d	1	1.33mi

Listing history 12 events

1. 2026-03-23
   status Pending
2. 2026-03-23
   price $89,000
3. 2026-01-30
   price $99,000
4. 2026-01-12
   price $104,000
5. 2025-12-01
   price $109,000
6. 2025-11-07
   price $114,000
7. 2025-10-14
   price $119,000
8. 2025-10-03
   price $124,000
9. 2025-09-11
   listed $129,000 Active
10. 2017-07-18
    soldstatus $9,500 Sold 130-char remark

    Show marketing remark (130 chars)

    Two bedroom home. Upstairs can be finished to add additional living space. One car detached garage. Storage building behind home.

11. 2017-05-31
    status Pending 130-char remark

    Show marketing remark (130 chars)

    Two bedroom home. Upstairs can be finished to add additional living space. One car detached garage. Storage building behind home.

12. 2017-02-20
    listed $10,000 Active 130-char remark

    Show marketing remark (130 chars)

    Two bedroom home. Upstairs can be finished to add additional living space. One car detached garage. Storage building behind home.

ⓘ 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: $920 · $77/mo
• Projected year-2 tax: $920 · $77/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 ≥102°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: $12,220
• − Mortgage interest: −$4,985
• − Property taxes: −$920
• − Insurance: −$445
• − Repairs & maintenance: −$978
• − Management: −$978
• − Depreciation: −$2,589
• Taxable income: $1,325
• Est. tax owed @ 24.0%: −$318
• After-tax cash flow: $2,370/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

+790.0% since first listed

12 events — show timeline

• 2026-03-23 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-23 Price Changed $89,000 MIBOR as Distributed by MLS Grid
• 2026-01-30 Price Changed $99,000 MIBOR as Distributed by MLS Grid
• 2026-01-12 Price Changed $104,000 MIBOR as Distributed by MLS Grid
• 2025-12-01 Price Changed $109,000 MIBOR as Distributed by MLS Grid
• 2025-11-07 Price Changed $114,000 MIBOR as Distributed by MLS Grid
• 2025-10-14 Price Changed $119,000 MIBOR as Distributed by MLS Grid
• 2025-10-03 Price Changed $124,000 MIBOR as Distributed by MLS Grid
• 2025-09-11 Listed $129,000 MIBOR as Distributed by MLS Grid
• 2017-07-18 Sold (MLS) $9,500 MIBOR as Distributed by MLS Grid
• 2017-05-31 Pending — MIBOR as Distributed by MLS Grid
• 2017-02-20 Listed $10,000 MIBOR as Distributed by MLS Grid

Property tax history

+2.3%/yr

Latest (2024): $920 · +8.4% YoY. Source: county tax records.