1534 S P St · Elwood, IN 46036

$94,700

2 bd · 1.0 ba · 1,500 sqft · SingleFamily public records · 10 Days on market

Built 1895 3,703 sqft lot Est $184k · 49% 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 +25.1/30.0
• ARV discount +15.0/15.0
• DSCR +8.2/10.0
• 1% rule +6.8/10.0
• 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

This home includes 1500 sq. ft. and 1-bedroom with 2 bonus rooms (which could be utilized as 2nd and 3rd bedrooms), and 1-bath on the main level; located on two parcels in Elwood, along with 2-car detached garage and storage shed. To be SOLD AS IS. Info deemed accurate, but not guaranteed.

Key facts

• Fenced in backyard
• Detached garage
• South side of elwood

Tags

• FENCED IN BACKYARD
• DETACHED GARAGE
• SOUTH SIDE OF ELWOOD

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Municipal sewer
• Home design: Single-family residence; One-and-a-half story
• Construction: Vinyl siding; Crawl space foundation
• Exterior features: Corner lot; Fenced yard

Interior

• Kitchen: Kitchen included (14 x 14)
• Bedrooms: One main-level bedroom; Two upper-level bedrooms (13 x 13 and 13 x 12)
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Forced air heating; Central air
• Interior features: Gas water heater; Living room (16 x 15); Dining room (14 x 14); Kitchen (14 x 14); Additional main-level room (14 x 12)
• Laundry & utility: Main-level laundry (7 x 5)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $95k.

Deal economics

• At list price, monthly cash flow is $209 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• Cap rate 8.9% 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; 3 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 $655 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

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 19y ago; this cycle's ask has dropped $5k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $15k; list at $95k implies a 516% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $94,700

Questions for the listing agent

1. Built in 1895 — 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: 1.18% ✓
• Cap rate: 8.94%
• Cash-on-cash: 9.46%
• DSCR: 1.42
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $184,500
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1810 S R St	0.19mi	3/2.5 (+1)	1,512 (+1%)	2mo	$189,900	$126	78
1914 S L St	0.30mi	2/1.0	1,616 (+8%)	0mo	$43,000	$27	73
1616 S I St	0.43mi	2/1.0	1,404 (-6%)	0mo	$165,000	$118	69
1411 S J St	0.36mi	3/1.0 (+1)	1,629 (+9%)	7mo	$199,900	$123	58
805 S 17th St	0.51mi	3/1.0 (+1)	1,392 (-7%)	4mo	$60,000	$43	56
1408 S F St	0.64mi	3/1.0 (+1)	1,479 (-1%)	8mo	$176,500	$119	56
1420 S K St	0.31mi	3/2.5 (+1)	1,612 (+8%)	8mo	$183,500	$114	56
1609 S G St	0.51mi	3/1.0 (+1)	1,348 (-10%)	0mo	$166,900	$124	54
1301 S J St	0.41mi	3/1.0 (+1)	1,292 (-14%)	1mo	$39,000	$30	52
1804 S G St	0.55mi	3/1.0 (+1)	1,382 (-8%)	6mo	$203,900	$148	51
2009 S L St	0.34mi	3/2.0 (+1)	1,308 (-13%)	5mo	$168,000	$128	50
1336 S G St	0.59mi	3/2.5 (+1)	1,680 (+12%)	4mo	$210,500	$125	38

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: -2.0%
• Equity multiple: 0.92×
• Total profit: $-2,009
• Equity at exit: $14,120

10-year hold

• IRR: 7.7%
• Equity multiple: 1.58×
• Total profit: $15,502
• Equity at exit: $8,188

Cash invested: $26,516 (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: 7.1×

Monthly cashflow live

• Estimated rent: $1,116 medium
• Mortgage (P&I): −$497
• Tax from tax record: −$136 /mo · $1,638/yr
• Insurance: −$39
• HOA: −$0
• Vacancy / Maint / Mgmt: −$234
• Net cashflow: $209

Break-even live

Break-even rent $851

Max offer price $94,700

Occupancy floor 76%

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: $23,675
• Closing costs: $2,841
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1325 S G St Elwood, IN	3.0	1.0	1504	$1,200	$0.80	2d	1	0.55mi
1636 S B St Elwood, IN	3.0	2.0	1403	$1,300	$0.93	44d	1	0.86mi
209 S 16th St Elwood, IN	2.0	2.0	1060	$1,135	$1.07	2d	1	0.89mi

Listing history 7 events

1. 2026-06-18
   days on market $94,700 Active 10 DOM
2. 2026-06-17
   days on market $94,700 Active 9 DOM
3. 2026-06-16
   days on market $94,700 Active 8 DOM
4. 2026-06-15
   days on market $94,700 Active 7 DOM
5. 2026-06-13
   pricedays on market $94,700 Active 5 DOM
6. 2026-06-08
   remarks 198-char remark
7. 2026-06-08
   listed $99,700 Active 1 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: $1,638 · $136/mo
• Projected year-2 tax: $1,638 · $136/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: $13,390
• − Mortgage interest: −$5,305
• − Property taxes: −$1,638
• − Insurance: −$474
• − Repairs & maintenance: −$1,071
• − Management: −$1,071
• − Depreciation: −$2,755
• Taxable income: $1,077
• Est. tax owed @ 24.0%: −$258
• After-tax cash flow: $2,249/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

+66.4% since first listed

18 events — show timeline

• 2026-06-08 Listed $99,700 MIBOR as Distributed by MLS Grid
• 2025-07-28 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-07-22 Listed $98,000 MIBOR as Distributed by MLS Grid
• 2016-04-28 Sold (MLS) $15,366 MIBOR as Distributed by MLS Grid
• 2016-03-28 Pending — MIBOR as Distributed by MLS Grid
• 2016-03-25 Relisted — MIBOR as Distributed by MLS Grid
• 2016-03-08 Pending — MIBOR as Distributed by MLS Grid
• 2016-03-01 Price Changed $17,500 MIBOR as Distributed by MLS Grid
• 2016-02-04 Relisted — MIBOR as Distributed by MLS Grid
• 2016-02-02 Pending — MIBOR as Distributed by MLS Grid
• 2016-01-24 Relisted — MIBOR as Distributed by MLS Grid
• 2016-01-13 Pending — MIBOR as Distributed by MLS Grid
• 2015-12-30 Price Changed $20,000 MIBOR as Distributed by MLS Grid
• 2015-12-01 Price Changed $22,500 MIBOR as Distributed by MLS Grid
• 2015-10-10 Listed $25,000 MIBOR as Distributed by MLS Grid
• 2015-09-17 Sold (Public Records) $14,200 Public Records
• 2007-08-23 Sold (MLS) $62,400 MIBOR as Distributed by MLS Grid
• 2007-05-26 Listed $59,900 MIBOR as Distributed by MLS Grid

Property tax history

+10.4%/yr

Latest (2024): $1,638 · +9.6% YoY. Source: county tax records.