2217 S F St · Elwood, IN 46036

$49,000

3 bd · 1.0 ba · 1,620 sqft · SingleFamily public records · 41 Days on market

Built 1940 5,280 sqft lot $30/sqft · 58% below area

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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

Listing remarks

* * FIXER UPPER OPPORTUNITY * * Great opportunity for investors and fixer uppers in Elwood. Nice house with four bedrooms and 1 bathroom on main floor and half bathroom on the upper floor, needs full rehab.

Key facts

• 5,280 sq ft lot
• Built 1940
• Listed 41 days

Property features AI

Exterior

• Utilities: Public water; Municipal sewer connected; No solid waste service reported
• Home design: Single-family residence; Two levels; Fixer condition; Front of home faces north
• Construction: Wood siding exterior; Block foundation
• Exterior features: Property under 1/4 acre (approx. 0.12 acre)

Interior

• Kitchen: Kitchen on main level (approx. 12x12); No appliances reported
• Bedrooms: Four bedrooms total — two on the main level and two on the upper level; Main-level bedrooms include an 8x10 and a 10x10 room; Upper-level bedroom approx. 10x10
• Bathrooms: One full bath (main level); One half bath (upper level)
• Heating & cooling: No heating system reported; No cooling system reported; Other noted for heating and cooling
• Interior features: Attic access; Living room (upper level, approx. 15x15); Additional upper room (approx. 10x15); Kitchen (main level, approx. 12x12)
• Laundry & utility: Laundry closet

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $49k.

Deal economics

• At list price, monthly cash flow is $736 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $49k).
• Recommended offer: $48k (3.0% below list) — sets the bar for market timing.
• Cap rate 24.3% 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; 7 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 $339 of loan paydown is wiped out by about $1k 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 $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($48k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $47,530 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — 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: 2.73% ✓
• Cap rate: 24.31%
• Cash-on-cash: 64.34%
• DSCR: 3.86
• GRM: 3.1

CMA / ARV

• ARV (median comp): $136,019
• List price: $49,000
• Delta: -63.98%
• 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
1914 S L St	0.47mi	2/1.0 (-1)	1,616 (-0%)	0mo	$43,000	$27	72
2336 S E St S	0.12mi	3/3.0	1,806 (+12%)	1mo	$294,500	$163	66
2435 S D St	0.19mi	4/2.5 (+1)	1,761 (+9%)	0mo	$220,000	$125	65
2111 S A St	0.32mi	3/2.5	1,740 (+7%)	5mo	$205,000	$118	63
1804 S G St	0.36mi	3/1.0	1,382 (-15%)	6mo	$203,900	$148	54
805 S 17th St	0.43mi	3/1.0	1,392 (-14%)	4mo	$60,000	$43	54
1336 S G St	0.66mi	3/2.5	1,680 (+4%)	4mo	$210,500	$125	54
1901 S F St	0.30mi	3/2.0	1,846 (+14%)	7mo	$197,000	$107	53
2024 N B St	0.54mi	2/1.0 (-1)	1,456 (-10%)	0mo	$94,000	$65	52
2719 N A St	0.53mi	3/1.0	1,420 (-12%)	4mo	$199,900	$141	51
1616 S I St	0.46mi	2/1.0 (-1)	1,404 (-13%)	0mo	$165,000	$118	51
2107 N C St	0.57mi	4/1.5 (+1)	1,488 (-8%)	5mo	$69,000	$46	48

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: 63.4%
• Equity multiple: 3.84×
• Total profit: $38,919
• Equity at exit: $7,306

10-year hold

• IRR: 67.9%
• Equity multiple: 7.87×
• Total profit: $94,252
• Equity at exit: $4,237

Cash invested: $13,720 (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: 3.1×

Monthly cashflow live

• Estimated rent: $1,336 high
• Mortgage (P&I): −$257
• Tax from tax record: −$42 /mo · $505/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$280
• Net cashflow: $736

Break-even live

Break-even rent $404

Max offer price $49,000

Occupancy floor 40%

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: $12,250
• Closing costs: $1,470
• Reserves months: —
• Total cash needed: —

Rent comps 7 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	0.50mi
209 S 16th St Elwood, IN	2.0	2.0	1060	$1,135	$1.07	1d	1	0.59mi
1325 S G St Elwood, IN	3.0	1.0	1504	$1,200	$0.80	1d	1	0.70mi
1019 N 9th St Elwood, IN	3.0	2.5	1762	$1,750	$0.99	1d	1	1.45mi
1021 N 9th St Elwood, IN	3.0	2.5	1725	$1,750	$1.01	1d	1	1.45mi
1023 N 9th St Elwood, IN	3.0	2.5	1762	$1,750	$0.99	14d	1	1.46mi
1025 N 9th St Elwood, IN	3.0	2.5	1762	$1,750	$0.99	1d	1	1.46mi

Listing history 13 events

1. 2026-06-18
   days on market $49,000 Active 41 DOM
2. 2026-06-17
   days on market $49,000 Active 40 DOM
3. 2026-06-16
   days on market $49,000 Active 39 DOM
4. 2026-06-15
   days on market $49,000 Active 38 DOM
5. 2026-06-13
   days on market $49,000 Active 36 DOM
6. 2026-06-09
   days on market $49,000 Active 32 DOM
7. 2026-06-08
   days on market $49,000 Active 31 DOM
8. 2026-06-07
   days on market $49,000 Active 30 DOM
9. 2026-06-03
   days on market $49,000 Active 26 DOM
10. 2026-06-02
    days on market $49,000 Active 25 DOM
11. 2026-06-01
    days on market $49,000 Active 24 DOM
12. 2026-05-31
    days on market $49,000 Active 23 DOM
13. 2026-05-08
    listed $49,000 Active 202-char remark

ⓘ 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: $505 · $42/mo
• Projected year-2 tax: $505 · $42/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: $16,026
• − Mortgage interest: −$2,745
• − Property taxes: −$505
• − Insurance: −$245
• − Repairs & maintenance: −$1,282
• − Management: −$1,282
• − Depreciation: −$1,425
• Taxable income: $8,542
• Est. tax owed @ 24.0%: −$2,050
• After-tax cash flow: $6,777/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

1 event — show timeline

• 2026-05-08 Listed $49,000 MIBOR as Distributed by MLS Grid

Property tax history

+6.4%/yr

Latest (2024): $505 · -45.3% YoY. Source: county tax records.