1909 S J St · Elwood, IN 46036

$169,900

4 bd · 1.0 ba · 2,440 sqft · SingleFamily public records · 35 Days on market

Built 1898 7,492 sqft lot $70/sqft · at area comps Est $231k · 27% 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 +18.3/30.0
• ARV discount +15.0/15.0
• DSCR +5.8/10.0
• 1% rule +4.6/10.0
• 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

LARGE 2 STORY HOME WITH NICE KITCHEN, LARGE LIVING ROOM AND DR. 3 BEDROOMS UPSTAIRS WITH FULL BATH.

Key facts

• Huge shed
• 7,492 sq ft lot
• Built 1898

Tags

• FLOOR TO CEILING WINDOWS
• OUTDOOR COVERED PATIO
• HUGE SHED

Property features AI

Exterior

• Parking: Detached parking (no attached garage listed)
• Utilities: Public water; Municipal sewer connected; Regular solid waste service
• Home design: Single-family residence; Two levels; Property type: Residential; Less than 1/4 acre lot (approx. 0.17 acre)
• Construction: Vinyl siding; Crawl space foundation
• Exterior features: Covered patio/porch

Interior

• Kitchen: Electric oven; Refrigerator
• Bedrooms: Four bedrooms total — one on the main level and three on the upper level; Upper bedrooms include rooms sized 13x13, 13x10 and 11x10; Main-level bedroom sized 11x9
• Bathrooms: Two full bathrooms — one on the main level and one on the upper level
• Heating & cooling: Forced-air heating (natural gas); Central air conditioning
• Interior features: Woodwork stained or painted
• Laundry & utility: Main-level laundry room (6x5)

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $156 ($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 $163k (4.2% below list).
• Recommended offer: $163k (4.2% below list) — sets the bar for 1% rule.
• Cap rate 7.4% 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; 4 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).
• This rent runs 31% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 35 days — a 3% lower offer ($165k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 20y ago; this cycle's ask has dropped $30k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $56k; list at $170k implies a 206% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1898 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $162,780 (4.2% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 4% concession, seller financing, or rate buy-down credit?
2. Built in 1898 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.96% ✗
• Cap rate: 7.40%
• Cash-on-cash: 3.94%
• DSCR: 1.18
• GRM: 8.7

CMA / ARV

• ARV (median comp): $231,192
• List price: $169,900
• Delta: -26.51%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1800 S R St	0.47mi	3/1.0 (-1)	2,475 (+1%)	6mo	$38,500	$16	66
2208 S F St	0.40mi	4/2.0	2,400 (-2%)	11mo	$135,000	$56	65
1500 S Anderson St	0.41mi	3/2.0 (-1)	2,268 (-7%)	4mo	$190,000	$84	56
1708 S E St	0.38mi	3/2.0 (-1)	2,380 (-2%)	19mo	$92,000	$39	53
1809 S H St	0.16mi	4/3.5	2,092 (-14%)	10mo	$229,900	$110	50
708 S Anderson St	0.39mi	4/3.0	2,723 (+12%)	5mo	$260,000	$95	50
1417 S H St	0.37mi	3/1.0 (-1)	2,167 (-11%)	19mo	$176,000	$81	43
2101 S A St	0.61mi	4/1.5	2,084 (-15%)	13mo	$100,000	$48	34
1330 S F St	0.50mi	3/2.0 (-1)	2,160 (-12%)	18mo	$168,900	$78	33
1325 S B St	0.64mi	4/2.0	2,120 (-13%)	14mo	$190,000	$90	33

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: -10.1%
• Equity multiple: 0.63×
• Total profit: $-17,575
• Equity at exit: $25,333

10-year hold

• IRR: -0.8%
• Equity multiple: 0.95×
• Total profit: $-2,492
• Equity at exit: $14,690

Cash invested: $47,572 (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: 8.7×

Monthly cashflow live

• Estimated rent: $1,628 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$168 /mo · $2,014/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$342
• Net cashflow: $156

Break-even live

Break-even rent $1,430

Max offer price $169,900

Occupancy floor 85%

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1019 N 9th St Elwood, IN	3.0	2.5	1762	$1,750	$0.99	1d	1	1.49mi
1021 N 9th St Elwood, IN	3.0	2.5	1725	$1,750	$1.01	1d	1	1.50mi
1023 N 9th St Elwood, IN	3.0	2.5	1762	$1,750	$0.99	14d	1	1.50mi
1025 N 9th St Elwood, IN	3.0	2.5	1762	$1,750	$0.99	1d	1	1.50mi

Listing history 31 events

1. 2026-06-18
   days on market $169,900 Active 35 DOM
2. 2026-06-17
   days on market $169,900 Active 34 DOM
3. 2026-06-16
   days on market $169,900 Active 33 DOM
4. 2026-06-15
   days on market $169,900 Active 32 DOM
5. 2026-06-13
   pricedays on market $169,900 Active 30 DOM
6. 2026-06-09
   days on market $179,900 Active 26 DOM
7. 2026-06-08
   pricedays on market $179,900 Active 25 DOM
8. 2026-06-07
   days on market $189,900 Active 24 DOM
9. 2026-06-03
   days on market $189,900 Active 20 DOM
10. 2026-06-02
    days on market $189,900 Active 19 DOM
11. 2026-06-01
    days on market $189,900 Active 18 DOM
12. 2026-05-31
    days on market $189,900 Active 17 DOM
13. 2026-05-14
    listed $199,900 Active 426-char remark
14. 2016-11-18
    soldstatus $55,500 Sold 99-char remark

    Show marketing remark (189 chars)

    LARGE 2 STORY HOME WITH NICE KITCHEN CABINETS, LARGE ROOMS, SMALL ENTRY AT FRONT DOOR, FULL BATH AND BONUS ROOM FOR OFFICE/DEN. INCLUDES DR DOWN. UPSTAIRS OFFERS 3 BEDROOMS AND 1 FULL BATH.

15. 2016-11-18
    soldstatus $55,500

    Show marketing remark (189 chars)

    LARGE 2 STORY HOME WITH NICE KITCHEN CABINETS, LARGE ROOMS, SMALL ENTRY AT FRONT DOOR, FULL BATH AND BONUS ROOM FOR OFFICE/DEN. INCLUDES DR DOWN. UPSTAIRS OFFERS 3 BEDROOMS AND 1 FULL BATH.

16. 2016-11-05
    status Pending 99-char remark

    Show marketing remark (99 chars)

    LARGE 2 STORY HOME WITH NICE KITCHEN, LARGE LIVING ROOM AND DR. 3 BEDROOMS UPSTAIRS WITH FULL BATH.

17. 2016-10-16
    historical Active with Contingency 99-char remark

    Show marketing remark (99 chars)

    LARGE 2 STORY HOME WITH NICE KITCHEN, LARGE LIVING ROOM AND DR. 3 BEDROOMS UPSTAIRS WITH FULL BATH.

18. 2016-09-26
    price $57,000 99-char remark

    Show marketing remark (99 chars)

    LARGE 2 STORY HOME WITH NICE KITCHEN, LARGE LIVING ROOM AND DR. 3 BEDROOMS UPSTAIRS WITH FULL BATH.

19. 2016-08-26
    listed $60,800 Active 99-char remark

    Show marketing remark (99 chars)

    LARGE 2 STORY HOME WITH NICE KITCHEN, LARGE LIVING ROOM AND DR. 3 BEDROOMS UPSTAIRS WITH FULL BATH.

20. 2016-08-24
    listed $57,000

    Show marketing remark (189 chars)

    LARGE 2 STORY HOME WITH NICE KITCHEN CABINETS, LARGE ROOMS, SMALL ENTRY AT FRONT DOOR, FULL BATH AND BONUS ROOM FOR OFFICE/DEN. INCLUDES DR DOWN. UPSTAIRS OFFERS 3 BEDROOMS AND 1 FULL BATH.

21. 2011-07-30
    historical
22. 2011-07-29
    soldstatus $104,000
23. 2011-05-02
    listed $104,500
24. 2011-03-27
    historical
25. 2010-09-22
    listed $110,000
26. 2010-01-25
    historical
27. 2010-01-21
    soldstatus $12,000
28. 2009-12-23
    soldstatus $18,413
29. 2009-11-24
    listed $14,999
30. 2006-07-06
    soldstatus $34,954
31. 2006-01-12
    listed $30,000

ⓘ 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: $2,014 · $168/mo
• Projected year-2 tax: $2,014 · $168/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: $19,534
• − Mortgage interest: −$9,517
• − Property taxes: −$2,014
• − Insurance: −$850
• − Repairs & maintenance: −$1,563
• − Management: −$1,563
• − Depreciation: −$4,943
• Taxable loss: −$915
• Est. tax savings @ 24.0%: +$220
• After-tax cash flow: $2,096/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

+466.3% since first listed

22 events — show timeline

• 2026-06-12 Price Changed $169,900 MIBOR as Distributed by MLS Grid
• 2026-06-08 Price Changed $179,900 MIBOR as Distributed by MLS Grid
• 2026-05-26 Price Changed $189,900 MIBOR as Distributed by MLS Grid
• 2026-05-14 Listed $199,900 MIBOR as Distributed by MLS Grid
• 2016-11-18 Sold (MLS) $55,500 IRMLS
• 2016-11-18 Sold (MLS) $55,500 MIBOR as Distributed by MLS Grid
• 2016-11-05 Pending — MIBOR as Distributed by MLS Grid
• 2016-10-16 Contingent — MIBOR as Distributed by MLS Grid
• 2016-09-26 Price Changed $57,000 MIBOR as Distributed by MLS Grid
• 2016-08-26 Listed $60,800 MIBOR as Distributed by MLS Grid
• 2016-08-24 Listed $57,000 IRMLS
• 2011-07-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2011-07-29 Sold (MLS) $104,000 MIBOR as Distributed by MLS Grid
• 2011-05-02 Listed $104,500 MIBOR as Distributed by MLS Grid
• 2011-03-27 Listing Removed — MIBOR as Distributed by MLS Grid
• 2010-09-22 Listed $110,000 MIBOR as Distributed by MLS Grid
• 2010-01-25 Listing Removed — MIBOR as Distributed by MLS Grid
• 2010-01-21 Sold (MLS) $12,000 MIBOR as Distributed by MLS Grid
• 2009-12-23 Sold (Public Records) $18,413 Public Records
• 2009-11-24 Listed $14,999 MIBOR as Distributed by MLS Grid
• 2006-07-06 Sold (MLS) $34,954 MIBOR as Distributed by MLS Grid
• 2006-01-12 Listed $30,000 MIBOR as Distributed by MLS Grid

Property tax history

+12.2%/yr

Latest (2024): $2,014 · +6.1% YoY. Source: county tax records.