2522 N B St · Elwood, IN 46036

$77,000

3 bd · 1.0 ba · 1,322 sqft · SingleFamily public records · 19 Days on market

Built 1900 5,936 sqft lot

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

Key facts

• 5,936 sq ft lot
• Garage
• Built 1900

Property features AI

Exterior

• Parking: Detached 1-car garage (approx. 288 sq ft)
• Utilities: Public water; Municipal sewer
• Home design: Single-family residence; One story
• Construction: Vinyl siding; Crawl space foundation
• Exterior features: Lot under 1/4 acre

Interior

• Kitchen: Kitchen (11 x 15); Dishwasher; Gas oven
• Bedrooms: Three bedrooms, all on the main level; Bedroom 2 (10 x 11); Bedroom 3 (13 x 11)
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Attic access; Living room (15 x 15); Additional main-level room (15 x 13)
• Laundry & utility: Main-level laundry room (14 x 11); Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $77k.

Deal economics

• At list price, monthly cash flow is $519 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $77k).
• Recommended offer: $76k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.4% vs local median 5.2% 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; 8 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $532 of loan paydown is wiped out by about $2k 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 $22k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($76k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 22y 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 $35k; list at $77k implies a 118% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $75,845 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — 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: 1.74% ✓
• Cap rate: 14.39%
• Cash-on-cash: 28.91%
• DSCR: 2.29
• GRM: 4.8

CMA / ARV

• ARV (on-the-fly): $162,606
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2719 N A St	0.13mi	3/1.0	1,420 (+7%)	4mo	$199,900	$141	78
2304 S D St	0.43mi	3/1.0	1,336 (+1%)	1mo	$164,900	$123	77
2521 S A St	0.22mi	2/1.0 (-1)	1,276 (-4%)	6mo	$35,500	$28	74
2415 N A St	0.12mi	3/2.0	1,168 (-12%)	2mo	$189,000	$162	69
1925 N B St	0.42mi	3/1.0	1,376 (+4%)	8mo	$172,500	$125	67
2327 N F St	0.27mi	2/1.0 (-1)	1,186 (-10%)	2mo	$147,000	$124	63
2024 N B St	0.33mi	2/1.0 (-1)	1,456 (+10%)	0mo	$94,000	$65	62
500 S 22nd St	0.49mi	2/1.0 (-1)	1,250 (-5%)	3mo	$120,000	$96	61
1928 N D St	0.43mi	3/1.0	1,212 (-8%)	7mo	$125,000	$103	60
2731 Main St	0.19mi	3/1.5	1,135 (-14%)	8mo	$171,000	$151	59
2107 N C St	0.28mi	4/1.5 (+1)	1,488 (+13%)	5mo	$69,000	$46	54
2328 S F St	0.51mi	3/2.0	1,420 (+7%)	9mo	$120,000	$85	52

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: 23.3%
• Equity multiple: 1.96×
• Total profit: $20,628
• Equity at exit: $11,481

10-year hold

• IRR: 31.2%
• Equity multiple: 3.81×
• Total profit: $60,659
• Equity at exit: $6,658

Cash invested: $21,560 (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: 4.8×

Monthly cashflow live

• Estimated rent: $1,340 high
• Mortgage (P&I): −$404
• Tax from tax record: −$103 /mo · $1,236/yr
• Insurance: −$32
• HOA: −$0
• Vacancy / Maint / Mgmt: −$281
• Net cashflow: $519

Break-even live

Break-even rent $682

Max offer price $77,000

Occupancy floor 56%

Sensitivity live

Price	-10% $563	-5% $541	+0% $519	+5% $498	+10% $476
Rent	-10% $414	-5% $466	+0% $519	+5% $572	+10% $625
Rate	-1.0pp $558	-0.5pp $539	base $519	+0.5pp $499	+1.0pp $479

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: $19,250
• Closing costs: $2,310
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1636 S B St Elwood, IN	3.0	2.0	1403	$1,300	$0.93	44d	1	0.61mi
209 S 16th St Elwood, IN	2.0	2.0	1060	$1,135	$1.07	2d	1	0.68mi
1349 S B St Unit 4 Elwood, IN	2.0	1.0	950	$1,400	$1.47	13d	1	0.84mi
1325 S G St Elwood, IN	3.0	1.0	1504	$1,200	$0.80	2d	1	1.04mi
1019 N 9th St Elwood, IN	3.0	2.5	1762	$1,750	$0.99	2d	1	1.26mi
1021 N 9th St Elwood, IN	3.0	2.5	1725	$1,750	$1.01	2d	1	1.26mi
1023 N 9th St Elwood, IN	3.0	2.5	1762	$1,750	$0.99	15d	1	1.26mi
1025 N 9th St Elwood, IN	3.0	2.5	1762	$1,750	$0.99	2d	1	1.27mi

Listing history 11 events

1. 2026-06-21
   days on market $77,000 Active 19 DOM
2. 2026-06-18
   days on market $77,000 Active 16 DOM
3. 2026-06-17
   days on market $77,000 Active 15 DOM
4. 2026-06-16
   days on market $77,000 Active 14 DOM
5. 2026-06-15
   days on market $77,000 Active 13 DOM
6. 2026-06-13
   days on market $77,000 Active 11 DOM
7. 2026-06-10
   price $77,000 Active 7 DOM
8. 2026-06-09
   days on market $80,000 Active 7 DOM
9. 2026-06-08
   days on market $80,000 Active 6 DOM
10. 2026-06-07
    days on market $80,000 Active 5 DOM
11. 2026-06-03
    listed $80,000 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: $1,236 · $103/mo
• Projected year-2 tax: $1,236 · $103/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: $16,075
• − Mortgage interest: −$4,313
• − Property taxes: −$1,236
• − Insurance: −$385
• − Repairs & maintenance: −$1,286
• − Management: −$1,286
• − Depreciation: −$2,240
• Taxable income: $5,329
• Est. tax owed @ 24.0%: −$1,279
• After-tax cash flow: $4,954/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

+138.8% since first listed

7 events — show timeline

• 2026-06-02 Listed $80,000 MIBOR as Distributed by MLS Grid
• 2012-05-19 Listing Removed — MIBOR as Distributed by MLS Grid
• 2012-02-01 Listed $19,500 MIBOR as Distributed by MLS Grid
• 2006-10-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2006-06-03 Listed $76,900 MIBOR as Distributed by MLS Grid
• 2004-06-28 Sold (MLS) $35,282 MIBOR as Distributed by MLS Grid
• 2004-04-30 Listed $33,500 MIBOR as Distributed by MLS Grid

Property tax history

+4.4%/yr

Latest (2024): $1,236 · +9.0% YoY. Source: county tax records.