2319 S B St · Elwood, IN 46036

$120,000

3 bd · 1.0 ba · 1,120 sqft · SingleFamily public records · 4 Days on market

Built 1949 5,353 sqft lot Est $139k · 14% 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 +22.6/30.0
• ARV discount +13.6/15.0
• DSCR +7.3/10.0
• 1% rule +4.8/10.0
• 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

At 2319 S B ST in charming Elwood, IN awaits a canvas brimming with possibility, beckoning to those with a keen eye for potential and a playful spirit for transformation; this single family residence presents a truly great option for investors and handy homeowners alike. The home boast brand new windows, updated plumbing and new spray foam insulation in all the exterior walls makes this a great energy efficient home. A great backyard and one car detached garage makes outdoor living a snap. This property is an enchanting opportunity to infuse your personal flair into a home brimming with character and limitless possibilities.

Key facts

• Brand new windows
• Updated plumbing
• 5,353 sq ft lot

Tags

• BRAND NEW WINDOWS
• UPDATED PLUMBING
• NEW SPRAY FOAM INSULATION
• ONE CAR DETACHED GARAGE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $205 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $118k (1.6% below list).
• Recommended offer: $118k (1.6% below list) — sets the bar for 1% rule.
• Cap rate 8.3% 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: 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; 8 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 $830 of loan paydown is wiped out by about $4k 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 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $118,114 (1.6% below list)

Questions for the listing agent

1. Built in 1949 — 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: 0.98% ✗
• Cap rate: 8.34%
• Cash-on-cash: 7.32%
• DSCR: 1.33
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $138,880
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2415 N A St	0.21mi	3/2.0	1,168 (+4%)	2mo	$189,000	$162	77
2731 Main St	0.31mi	3/1.5	1,135 (+1%)	8mo	$171,000	$151	75
2428 S C St	0.12mi	2/1.0 (-1)	1,007 (-10%)	7mo	$119,900	$119	67
500 S 22nd St	0.16mi	2/1.0 (-1)	1,250 (+12%)	3mo	$120,000	$96	66
2705 S B St	0.24mi	2/1.0 (-1)	962 (-14%)	1mo	$167,500	$174	59
2327 N F St	0.51mi	2/1.0 (-1)	1,186 (+6%)	2mo	$147,000	$124	59
2521 S A St	0.19mi	2/1.0 (-1)	1,276 (+14%)	6mo	$35,500	$28	58
1928 N D St	0.48mi	3/1.0	1,212 (+8%)	7mo	$125,000	$103	58
1518 S G St	0.63mi	2/1.0 (-1)	1,072 (-4%)	6mo	$40,000	$37	54
1230 S 25th St	0.69mi	3/1.0	1,192 (+6%)	6mo	$214,000	$180	52
2428 S J St	0.49mi	3/2.0	1,250 (+12%)	3mo	$55,000	$44	51
2111 S I	0.47mi	2/1.0 (-1)	960 (-14%)	4mo	$140,000	$146	45

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: -5.1%
• Equity multiple: 0.81×
• Total profit: $-6,429
• Equity at exit: $17,892

10-year hold

• IRR: 4.5%
• Equity multiple: 1.33×
• Total profit: $11,038
• Equity at exit: $10,375

Cash invested: $33,600 (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: 8.5×

Monthly cashflow live

• Estimated rent: $1,181 high
• Mortgage (P&I): −$629
• Tax from tax record: −$49 /mo · $585/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$248
• Net cashflow: $205

Break-even live

Break-even rent $922

Max offer price $120,000

Occupancy floor 78%

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: $30,000
• Closing costs: $3,600
• 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	43d	1	0.40mi
209 S 16th St Elwood, IN	2.0	2.0	1060	$1,135	$1.07	1d	1	0.49mi
1349 S B St Unit 4 Elwood, IN	2.0	1.0	950	$1,400	$1.47	12d	1	0.63mi
1349 S B St Unit 1 Elwood, IN	2.0	1.0	850	$1,250	$1.47	14d	1	0.63mi
239 N 13th St Elwood, IN	1.0–2.0	1.0	629	$1,055	$1.68	1d	3	0.76mi
3033 S P St Elwood, IN	2.0	1.0	576	$925	$1.61	1d	1	1.02mi
1775 Antler Ct Elwood, IN	2.0	1.0	1000	$935	$0.94	1d	1	1.21mi
9401 Frans Way Elwood, IN	1.0–2.0	1.0–2.0	815	$1,325	$1.63	1d	6	1.40mi

Listing history 2 events

1. 2026-04-21
   status Pending
2. 2026-04-16
   listed $120,000 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: $585 · $49/mo
• Projected year-2 tax: $802 · $67/mo
• Expected delta: +$218/yr (+$18/mo · 37.2%)

ⓘ 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: $14,174
• − Mortgage interest: −$6,722
• − Property taxes: −$585
• − Insurance: −$600
• − Repairs & maintenance: −$1,134
• − Management: −$1,134
• − Depreciation: −$3,491
• Taxable income: $508
• Est. tax owed @ 24.0%: −$122
• After-tax cash flow: $2,339/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

2 events — show timeline

• 2026-04-21 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-16 Listed $120,000 MIBOR as Distributed by MLS Grid

Property tax history

+3.0%/yr

Latest (2024): $585 · +8.5% YoY. Source: county tax records.