1914 S L St · Elwood, IN 46036

$49,900

3 bd · 1.0 ba · 976 sqft · SingleFamily public records · 31 Days on market

Built 1896 5,400 sqft lot

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Why this score? — see what drove the F 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 +10.4/30.0
• ARV discount +7.5/15.0
• Livability +3.1/5.0
• DSCR +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.9/10.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great investment opportunity on the southeast side of Elwood. This 2-3 bedroom home has tons of potential and sits on a desirable lot. The home is being sold through an auction (see below). Auction is from 4/27/2026 - 4/29/2026.

Key facts

• 5,400 sq ft lot
• Built 1896
• Listed 31 days

🔨 Auction listing. The $49,900 list price is a nominal opening bid, not a real ask — every metric below is computed on the estimated value $166,500 (ARV from comps), not the list price.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $-87 ($-1k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $48k (3.0% below list) — sets the bar for market timing.

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 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 $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 31 days — a 3% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 25y 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.

Risks & watch-outs

• Watch-outs: built in 1896 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $48,403 (3.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
3. Built in 1896 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 0.69% ✗
• Cap rate: 5.66%
• Cash-on-cash: -2.25%
• DSCR: 0.90
• GRM: 12.1

CMA / ARV

• ARV (median comp): $166,500
• List price: $49,900
• Delta: -70.03%
• 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
1815 S M St	0.12mi	3/2.0	1,041 (+7%)	1mo	$158,000	$152	79
2111 S I	0.24mi	2/1.0 (-1)	960 (-2%)	4mo	$140,000	$146	77
1412 S 26th St	0.46mi	3/1.0	1,008 (+3%)	11mo	$149,900	$149	64
2232 S H St	0.40mi	2/1.0 (-1)	870 (-11%)	2mo	$70,000	$80	56
1518 S G St	0.40mi	2/1.0 (-1)	1,072 (+10%)	6mo	$40,000	$37	55
1304 S H St	0.53mi	2/1.0 (-1)	886 (-9%)	1mo	$89,000	$100	54
2428 S C St	0.72mi	2/1.0 (-1)	1,007 (+3%)	7mo	$119,900	$119	50
1300 S K St	0.46mi	2/1.0 (-1)	850 (-13%)	3mo	$146,900	$173	50
10880 N 23rd St	0.43mi	2/1.0 (-1)	866 (-11%)	10mo	$152,000	$176	48
2500 S N St	0.43mi	2/1.0 (-1)	860 (-12%)	9mo	$159,900	$186	47
1924 S A St	0.72mi	2/2.0 (-1)	983 (+1%)	12mo	$140,000	$142	46
1303 S D St	0.66mi	2/1.0 (-1)	1,056 (+8%)	11mo	$95,000	$90	42

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: -20.1%
• Equity multiple: 0.30×
• Total profit: $-32,629
• Equity at exit: $24,826

10-year hold

• IRR: -13.2%
• Equity multiple: 0.23×
• Total profit: $-35,909
• Equity at exit: $14,396

Cash invested: $46,620 (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: 3.6×

Monthly cashflow live

• Estimated rent: $1,145 high
• Mortgage (P&I): −$873
• Tax from tax record: −$50 /mo · $595/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$240
• Net cashflow: $-87

Break-even live

Break-even rent $1,256

Max offer price $151,054

Occupancy floor —

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: $41,625
• Closing costs: $4,995
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1775 Antler Ct Elwood, IN	2.0	1.0	1000	$935	$0.94	1d	1	0.54mi
1349 S B St Unit 4 Elwood, IN	2.0	1.0	950	$1,400	$1.47	12d	1	0.68mi
1349 S B St Unit 1 Elwood, IN	2.0	1.0	850	$1,250	$1.47	14d	1	0.68mi
209 S 16th St Elwood, IN	2.0	2.0	1060	$1,135	$1.07	1d	1	0.70mi
9401 Frans Way Elwood, IN	1.0–2.0	1.0–2.0	815	$1,325	$1.63	1d	6	0.76mi
3033 S P St Elwood, IN	2.0	1.0	576	$925	$1.61	1d	1	0.84mi
2107 N B St Elwood, IN	2.0	1.0	672	$1,100	$1.64	16d	1	0.91mi
239 N 13th St Elwood, IN	1.0–2.0	1.0	629	$1,055	$1.68	1d	3	0.99mi

Listing history 7 events

1. 2026-05-08
   status Pending 230-char remark

   Show marketing remark (230 chars)

   Great investment opportunity on the southeast side of Elwood. This 2-3 bedroom home has tons of potential and sits on a desirable lot. The home is being sold through an auction (see below). Auction is from 4/27/2026 - 4/29/2026.

2. 2026-04-06
   listed $49,900 Active 230-char remark

   Show marketing remark (230 chars)

   Great investment opportunity on the southeast side of Elwood. This 2-3 bedroom home has tons of potential and sits on a desirable lot. The home is being sold through an auction (see below). Auction is from 4/27/2026 - 4/29/2026.

3. 2025-10-03
   soldstatus $70,307
4. 2001-11-16
   soldstatus $4,900 51-char remark

   Show marketing remark (51 chars)

   **IINFORMATION DEEMED RELIABLE BUT NOT GUARANTEED**

5. 2001-10-31
   historical
6. 2001-10-02
   listed $7,500
7. 2001-08-09
   listed $7,500 51-char remark

   Show marketing remark (51 chars)

   **IINFORMATION DEEMED RELIABLE BUT NOT GUARANTEED**

ⓘ 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: $595 · $50/mo
• Projected year-2 tax: $595 · $50/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: $13,742
• − Mortgage interest: −$9,327
• − Property taxes: −$595
• − Insurance: −$832
• − Repairs & maintenance: −$1,099
• − Management: −$1,099
• − Depreciation: −$4,844
• Taxable loss: −$4,055
• Est. tax savings @ 24.0%: +$973
• After-tax cash flow: $-76/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

+565.3% since first listed

7 events — show timeline

• 2026-05-08 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-06 Listed $49,900 MIBOR as Distributed by MLS Grid
• 2025-10-03 Sold (Public Records) $70,307 Public Records
• 2001-11-16 Sold (MLS) $4,900 MIBOR as Distributed by MLS Grid
• 2001-10-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2001-10-02 Listed $7,500 MIBOR as Distributed by MLS Grid
• 2001-08-09 Listed $7,500 MIBOR as Distributed by MLS Grid

Property tax history

+8.6%/yr

Latest (2024): $595 · +9.0% YoY. Source: county tax records.