2412 S B St · Elwood, IN 46036

$105,000

2 bd · 1.0 ba · 1,094 sqft · SingleFamily public records · 118 Days on market

Built 1900 6,534 sqft lot $96/sqft · 11% below area Est $119k · 11% under ↓ 19% since listing

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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 +24.9/30.0
• ARV discount +12.7/15.0
• DSCR +8.1/10.0
• 1% rule +5.5/10.0
• 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 MLS

This charming 3-bedroom, 1-bath home offers peace of mind with all the big-ticket items already taken care of—HVAC, roof, electric, and siding were all updated in 2021. Step inside to a bright and welcoming layout, perfect for both everyday living and entertaining. The spacious bedrooms provide plenty of comfort and flexibility, while the updated systems ensure efficiency and low maintenance for years to come. This home is ready for you to make memories! Outside, you’ll enjoy a low-maintenance exterior and plenty of curb appeal. Everyone will love the fenced-in backyard, while the hot tub offers a relaxing retreat after a long day. A detached garage adds extra storage and parking convenience Conveniently located just 20 minutes from northern Indianapolis don’t miss the opportunity to make this move-in ready home yours!

Key facts

• Hvac updated
• Hot tub
• Siding updated

Tags

• HVAC UPDATED
• ROOF UPDATED
• ELECTRIC UPDATED
• SIDING UPDATED
• FENCED-IN BACKYARD
• HOT TUB

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $105k.

Deal economics

• At list price, monthly cash flow is $226 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• Recommended offer: $96k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.9% 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 $726 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 118 days — a 9% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $95,550 (9.0% below list)

Questions for the listing agent

1. It's been on market 118 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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: 1.05% ✓
• Cap rate: 8.88%
• Cash-on-cash: 9.23%
• DSCR: 1.41
• GRM: 7.9

CMA / ARV

• ARV (median comp): $118,587
• List price: $105,000
• Delta: -11.46%
• 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
2428 S C St	0.06mi	2/1.0	1,007 (-8%)	7mo	$119,900	$119	78
2705 S B St	0.16mi	2/1.0	962 (-12%)	1mo	$167,500	$174	72
2415 N A St	0.17mi	3/2.0 (+1)	1,168 (+7%)	2mo	$189,000	$162	70
2731 Main St	0.23mi	3/1.5 (+1)	1,135 (+4%)	8mo	$171,000	$151	70
500 S 22nd St	0.24mi	2/1.0	1,250 (+14%)	3mo	$120,000	$96	63
2327 N F St	0.50mi	2/1.0	1,186 (+8%)	2mo	$147,000	$124	61
1518 S G St	0.72mi	2/1.0	1,072 (-2%)	6mo	$40,000	$37	58
2111 S I	0.52mi	2/1.0	960 (-12%)	4mo	$140,000	$146	51
1621 N E St	0.68mi	2/1.5	1,148 (+5%)	9mo	$179,900	$157	51
1928 N D St	0.51mi	3/1.0 (+1)	1,212 (+11%)	7mo	$125,000	$103	48
1230 S 25th St	0.71mi	3/1.0 (+1)	1,192 (+9%)	6mo	$214,000	$180	42
2428 S J St	0.51mi	3/2.0 (+1)	1,250 (+14%)	3mo	$55,000	$44	41

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: -2.4%
• Equity multiple: 0.91×
• Total profit: $-2,643
• Equity at exit: $15,656

10-year hold

• IRR: 7.3%
• Equity multiple: 1.55×
• Total profit: $16,111
• Equity at exit: $9,078

Cash invested: $29,400 (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: 7.9×

Monthly cashflow live

• Estimated rent: $1,102 high
• Mortgage (P&I): −$551
• Tax from tax record: −$50 /mo · $598/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $226

Break-even live

Break-even rent $815

Max offer price $105,000

Occupancy floor 74%

Sensitivity live

Price	-10% $286	-5% $256	+0% $226	+5% $196	+10% $167
Rent	-10% $139	-5% $183	+0% $226	+5% $270	+10% $313
Rate	-1.0pp $279	-0.5pp $253	base $226	+0.5pp $199	+1.0pp $171

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: $26,250
• Closing costs: $3,150
• 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	0.51mi
209 S 16th St Elwood, IN	2.0	2.0	1060	$1,135	$1.07	2d	1	0.59mi
1349 S B St Unit 1 Elwood, IN	2.0	1.0	850	$1,250	$1.47	15d	1	0.74mi
1349 S B St Unit 4 Elwood, IN	2.0	1.0	950	$1,400	$1.47	13d	1	0.74mi
239 N 13th St Elwood, IN	1.0–2.0	1.0	629	$1,055	$1.68	2d	3	0.86mi
3033 S P St Elwood, IN	2.0	1.0	576	$925	$1.61	2d	1	0.97mi
1775 Antler Ct Elwood, IN	2.0	1.0	1000	$935	$0.94	2d	1	1.28mi
9401 Frans Way Elwood, IN	1.0–2.0	1.0–2.0	815	$1,325	$1.63	2d	6	1.48mi

Listing history 18 events

1. 2026-06-21
   days on market $105,000 Active 118 DOM
2. 2026-06-18
   days on market $105,000 Active 115 DOM
3. 2026-06-17
   days on market $105,000 Active 114 DOM
4. 2026-06-16
   days on market $105,000 Active 113 DOM
5. 2026-06-15
   days on market $105,000 Active 112 DOM
6. 2026-06-13
   days on market $105,000 Active 110 DOM
7. 2026-06-09
   days on market $105,000 Active 106 DOM
8. 2026-06-08
   days on market $105,000 Active 105 DOM
9. 2026-06-07
   days on market $105,000 Active 104 DOM
10. 2026-06-03
    days on market $105,000 Active 100 DOM
11. 2026-06-02
    days on market $105,000 Active 99 DOM
12. 2026-06-01
    days on market $105,000 Active 98 DOM
13. 2026-05-31
    days on market $105,000 Active 97 DOM
14. 2026-05-04
    price $105,000 851-char remark

    Show marketing remark (851 chars)

    This charming 3-bedroom, 1-bath home offers peace of mind with all the big-ticket items already taken care of—HVAC, roof, electric, and siding were all updated in 2021. Step inside to a bright and welcoming layout, perfect for both everyday living and entertaining. The spacious bedrooms provide plenty of comfort and flexibility, while the updated systems ensure efficiency and low maintenance for years to come. This home is ready for you to make memories! Outside, you’ll enjoy a low-maintenance exterior and plenty of curb appeal. Everyone will love the fenced-in backyard, while the hot tub offers a relaxing retreat after a long day. A detached garage adds extra storage and parking convenience Conveniently located just 20 minutes from northern Indianapolis don’t miss the opportunity to make this move-in ready home yours!

15. 2026-03-21
    price $109,900 851-char remark

    Show marketing remark (851 chars)

    This charming 3-bedroom, 1-bath home offers peace of mind with all the big-ticket items already taken care of—HVAC, roof, electric, and siding were all updated in 2021. Step inside to a bright and welcoming layout, perfect for both everyday living and entertaining. The spacious bedrooms provide plenty of comfort and flexibility, while the updated systems ensure efficiency and low maintenance for years to come. This home is ready for you to make memories! Outside, you’ll enjoy a low-maintenance exterior and plenty of curb appeal. Everyone will love the fenced-in backyard, while the hot tub offers a relaxing retreat after a long day. A detached garage adds extra storage and parking convenience Conveniently located just 20 minutes from northern Indianapolis don’t miss the opportunity to make this move-in ready home yours!

16. 2026-02-23
    listed $114,900 Active 851-char remark

    Show marketing remark (851 chars)

    This charming 3-bedroom, 1-bath home offers peace of mind with all the big-ticket items already taken care of—HVAC, roof, electric, and siding were all updated in 2021. Step inside to a bright and welcoming layout, perfect for both everyday living and entertaining. The spacious bedrooms provide plenty of comfort and flexibility, while the updated systems ensure efficiency and low maintenance for years to come. This home is ready for you to make memories! Outside, you’ll enjoy a low-maintenance exterior and plenty of curb appeal. Everyone will love the fenced-in backyard, while the hot tub offers a relaxing retreat after a long day. A detached garage adds extra storage and parking convenience Conveniently located just 20 minutes from northern Indianapolis don’t miss the opportunity to make this move-in ready home yours!

17. 2025-09-17
    price $110,000
18. 2025-09-04
    listed $129,900 Active

ⓘ 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: $598 · $50/mo
• Projected year-2 tax: $745 · $62/mo
• Expected delta: +$147/yr (+$12/mo · 24.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 21% 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: $13,221
• − Mortgage interest: −$5,882
• − Property taxes: −$598
• − Insurance: −$525
• − Repairs & maintenance: −$1,058
• − Management: −$1,058
• − Depreciation: −$3,055
• Taxable income: $1,046
• Est. tax owed @ 24.0%: −$251
• After-tax cash flow: $2,463/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

-19.2% since first listed

5 events — show timeline

• 2026-05-04 Price Changed $105,000 IRMLS
• 2026-03-21 Price Changed $109,900 IRMLS
• 2026-02-23 Listed $114,900 IRMLS
• 2025-09-17 Price Changed $110,000 IRMLS
• 2025-09-04 Listed $129,900 IRMLS

Property tax history

+2.0%/yr

Latest (2024): $598 · +8.7% YoY. Source: county tax records.