928 S A St · Elwood, IN 46036

$94,900

3 bd · 1.0 ba · 1,514 sqft · SingleFamily public records · 195 Days on market

Built 1884 6,204 sqft lot $63/sqft · 19% below area Est $163k · 42% under

---

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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• 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

Excellent investment opportunity on this bungalow in Elwood! Last rent was $985/month. Property needs some work but near parks and close to Speedway or Downtown. This 2 bedroom home features enclosed front and back porches, 2 spacious bedrooms on the main level, large eat-in kitchen with a breakfast bar, ceiling fans, separate laundry room, a huge upstairs loft area that could be used as a 3rd bedroom, and spacious yard. Additional 7 properties available from same seller/agent, also vacant, varying condition. Property is sold in Receivership - requires UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK approval of contract prior to closing. Property is sold as-is. Seller will not assume responsibility for any required repairs to the home to qualify for financing. Buyer to be responsible for all costs on the settlement statement except for Seller paid commissions and management fees. Please see the attached documents. The Seller Addendum must be executed and delivered with all Purchase Offers along with all disclosures and proof of funds. Property is sold as-is. Seller will not assume responsibility for any required repairs to the home to qualify for financing. Utilities are inactive and the home is winterized.

Key facts

• Spacious yard
• Large eat-in kitchen
• Breakfast bar

Tags

• LARGE EAT-IN KITCHEN
• BREAKFAST BAR
• SEPARATE LAUNDRY ROOM
• HUGE UPSTAIRS LOFT AREA
• SPACIOUS YARD

🏷️ Possibly a rental listed for sale. The $94,900 price doesn't fit this home's estimated sale value (~$162,965) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $95k.

Deal economics

• At list price, monthly cash flow is $439 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• Recommended offer: $84k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.8% 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; 7 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 $656 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 $27k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 195 days — a 12% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 20y ago; this cycle's ask has dropped $7k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $64k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1884 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $83,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 195 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 1884 — 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: 1.44% ✓
• Cap rate: 11.84%
• Cash-on-cash: 19.81%
• DSCR: 1.88
• GRM: 5.8

CMA / ARV

• ARV (median comp): $162,965
• List price: $94,900
• Delta: -41.77%
• 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
1017 S A St	0.07mi	3/1.0	1,574 (+4%)	3mo	$109,900	$70	88
727 N A St	0.19mi	2/1.5 (-1)	1,430 (-6%)	1mo	$105,000	$73	74
820 S B St	0.11mi	2/1.5 (-1)	1,387 (-8%)	1mo	$150,000	$108	73
418 N 14th St	0.39mi	3/1.0	1,383 (-9%)	2mo	$154,500	$112	66
615 N Anderson St	0.61mi	4/2.0 (+1)	1,476 (-2%)	1mo	$182,000	$123	57
805 S 17th St	0.65mi	3/1.0	1,392 (-8%)	4mo	$60,000	$43	53
1609 S G St	0.61mi	3/1.0	1,348 (-11%)	0mo	$166,900	$124	53
229 N 5th St	0.38mi	3/2.0	1,739 (+15%)	3mo	$205,000	$118	51
1616 S I St	0.70mi	2/1.0 (-1)	1,404 (-7%)	0mo	$165,000	$118	50
904 N 13th St	0.73mi	3/2.5	1,614 (+7%)	1mo	$210,000	$130	49
1301 S J St	0.63mi	3/1.0	1,292 (-15%)	1mo	$39,000	$30	45
900 N J St	0.69mi	3/2.0	1,346 (-11%)	1mo	$216,000	$160	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: 11.9%
• Equity multiple: 1.47×
• Total profit: $12,577
• Equity at exit: $14,150

10-year hold

• IRR: 20.9%
• Equity multiple: 2.77×
• Total profit: $46,981
• Equity at exit: $8,205

Cash invested: $26,572 (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: 5.8×

Monthly cashflow live

• Estimated rent: $1,367 high
• Mortgage (P&I): −$498
• Tax from tax record: −$104 /mo · $1,246/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$287
• Net cashflow: $439

Break-even live

Break-even rent $811

Max offer price $94,900

Occupancy floor 63%

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: $23,725
• Closing costs: $2,847
• Reserves months: —
• Total cash needed: —

Rent comps 7 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	0.45mi
209 S 16th St Elwood, IN	2.0	2.0	1060	$1,135	$1.07	2d	1	0.47mi
1636 S B St Elwood, IN	3.0	2.0	1403	$1,300	$0.93	44d	1	0.55mi
1019 N 9th St Elwood, IN	3.0	2.5	1762	$1,750	$0.99	2d	1	0.71mi
1021 N 9th St Elwood, IN	3.0	2.5	1725	$1,750	$1.01	2d	1	0.71mi
1023 N 9th St Elwood, IN	3.0	2.5	1762	$1,750	$0.99	15d	1	0.71mi
1025 N 9th St Elwood, IN	3.0	2.5	1762	$1,750	$0.99	2d	1	0.71mi

Listing history 19 events

1. 2026-06-18
   days on market $94,900 Active 195 DOM
2. 2026-06-17
   days on market $94,900 Active 194 DOM
3. 2026-06-16
   days on market $94,900 Active 193 DOM
4. 2026-06-15
   days on market $94,900 Active 192 DOM
5. 2026-06-13
   days on market $94,900 Active 190 DOM
6. 2026-06-09
   days on market $94,900 Active 186 DOM
7. 2026-06-08
   days on market $94,900 Active 185 DOM
8. 2026-06-07
   days on market $94,900 Active 184 DOM
9. 2026-06-03
   days on market $94,900 Active 180 DOM
10. 2026-06-02
    days on market $94,900 Active 179 DOM
11. 2026-06-01
    days on market $94,900 Active 178 DOM
12. 2026-05-31
    days on market $94,900 Active 177 DOM
13. 2026-03-17
    price $94,900 1247-char remark

    Show marketing remark (1247 chars)

    Excellent investment opportunity on this bungalow in Elwood! Last rent was $985/month. Property needs some work but near parks and close to Speedway or Downtown. This 2 bedroom home features enclosed front and back porches, 2 spacious bedrooms on the main level, large eat-in kitchen with a breakfast bar, ceiling fans, separate laundry room, a huge upstairs loft area that could be used as a 3rd bedroom, and spacious yard. Additional 7 properties available from same seller/agent, also vacant, varying condition. Property is sold in Receivership - requires UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK approval of contract prior to closing. Property is sold as-is. Seller will not assume responsibility for any required repairs to the home to qualify for financing. Buyer to be responsible for all costs on the settlement statement except for Seller paid commissions and management fees. Please see the attached documents. The Seller Addendum must be executed and delivered with all Purchase Offers along with all disclosures and proof of funds. Property is sold as-is. Seller will not assume responsibility for any required repairs to the home to qualify for financing. Utilities are inactive and the home is winterized.

14. 2026-01-19
    price $96,900 1247-char remark

    Show marketing remark (1247 chars)

    Excellent investment opportunity on this bungalow in Elwood! Last rent was $985/month. Property needs some work but near parks and close to Speedway or Downtown. This 2 bedroom home features enclosed front and back porches, 2 spacious bedrooms on the main level, large eat-in kitchen with a breakfast bar, ceiling fans, separate laundry room, a huge upstairs loft area that could be used as a 3rd bedroom, and spacious yard. Additional 7 properties available from same seller/agent, also vacant, varying condition. Property is sold in Receivership - requires UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK approval of contract prior to closing. Property is sold as-is. Seller will not assume responsibility for any required repairs to the home to qualify for financing. Buyer to be responsible for all costs on the settlement statement except for Seller paid commissions and management fees. Please see the attached documents. The Seller Addendum must be executed and delivered with all Purchase Offers along with all disclosures and proof of funds. Property is sold as-is. Seller will not assume responsibility for any required repairs to the home to qualify for financing. Utilities are inactive and the home is winterized.

15. 2025-12-05
    listed $101,900 Active 1247-char remark

    Show marketing remark (1247 chars)

    Excellent investment opportunity on this bungalow in Elwood! Last rent was $985/month. Property needs some work but near parks and close to Speedway or Downtown. This 2 bedroom home features enclosed front and back porches, 2 spacious bedrooms on the main level, large eat-in kitchen with a breakfast bar, ceiling fans, separate laundry room, a huge upstairs loft area that could be used as a 3rd bedroom, and spacious yard. Additional 7 properties available from same seller/agent, also vacant, varying condition. Property is sold in Receivership - requires UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK approval of contract prior to closing. Property is sold as-is. Seller will not assume responsibility for any required repairs to the home to qualify for financing. Buyer to be responsible for all costs on the settlement statement except for Seller paid commissions and management fees. Please see the attached documents. The Seller Addendum must be executed and delivered with all Purchase Offers along with all disclosures and proof of funds. Property is sold as-is. Seller will not assume responsibility for any required repairs to the home to qualify for financing. Utilities are inactive and the home is winterized.

16. 2024-01-05
    status Active
17. 2023-08-18
    listed $104,900 Active
18. 2006-09-13
    soldstatus $63,500
19. 2006-08-14
    listed $63,500

ⓘ 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: $1,246 · $104/mo
• Projected year-2 tax: $1,246 · $104/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 · 19 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: $16,402
• − Mortgage interest: −$5,316
• − Property taxes: −$1,246
• − Insurance: −$474
• − Repairs & maintenance: −$1,312
• − Management: −$1,312
• − Depreciation: −$2,761
• Taxable income: $3,980
• Est. tax owed @ 24.0%: −$955
• After-tax cash flow: $4,310/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

+49.4% since first listed

7 events — show timeline

• 2026-03-17 Price Changed $94,900 MIBOR as Distributed by MLS Grid
• 2026-01-19 Price Changed $96,900 MIBOR as Distributed by MLS Grid
• 2025-12-05 Listed $101,900 MIBOR as Distributed by MLS Grid
• 2024-01-05 Relisted — MIBOR as Distributed by MLS Grid
• 2023-08-18 Listed $104,900 MIBOR as Distributed by MLS Grid
• 2006-09-13 Sold (MLS) $63,500 MIBOR as Distributed by MLS Grid
• 2006-08-14 Listed $63,500 MIBOR as Distributed by MLS Grid

Property tax history

+11.7%/yr

Latest (2024): $1,246 · +9.7% YoY. Source: county tax records.