2404 S J St · Elwood, IN 46036

$29,500

1 bd · 1.0 ba · 1,012 sqft · SingleFamily public records · 49 Days on market

Built 1905 6,011 sqft lot $29/sqft · 66% 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 MLS

Spacious 3-bedroom 1 bath home with a 2-car attached garage. Close to shopping and other amenities. Come and take a look today!

Key facts

• Newer roof
• Partial basement
• 6,011 sq ft lot

Tags

• NEWER ROOF
• PARTIAL BASEMENT

Property features AI

Exterior

• Parking: Attached 2-car garage
• Utilities: Municipal sewer connected; Water source listed as other; No solid waste service listed
• Home design: Single-family residential fixer; One story
• Construction: Aluminum siding; Block foundation
• Exterior features: Covered patio/porch

Interior

• Kitchen: No appliances listed
• Bedrooms: Three main-level bedrooms
• Bathrooms: One full bathroom (main level)
• Heating & cooling: No heating system listed; No cooling system listed
• Interior features: Five total rooms on the main level; Basement present

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $30k.

Deal economics

• At list price, monthly cash flow is $548 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($977 rent vs $30k).
• Recommended offer: $29k (3.0% below list) — sets the bar for market timing.
• Cap rate 28.6% 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 $204 of loan paydown is wiped out by about $885 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 $8k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($29k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 22y 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.
• Current owner paid $25k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $28,615 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 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 1905 — 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: 3.31% ✓
• Cap rate: 28.57%
• Cash-on-cash: 79.58%
• DSCR: 4.54
• GRM: 2.5

CMA / ARV

• ARV (median comp): $130,964
• List price: $29,500
• Delta: -77.47%
• 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
2111 S I	0.21mi	2/1.0 (+1)	960 (-5%)	4mo	$140,000	$146	73
2428 S C St	0.45mi	2/1.0 (+1)	1,007 (-0%)	7mo	$119,900	$119	68
2232 S H St	0.15mi	2/1.0 (+1)	870 (-14%)	2mo	$70,000	$80	62
2705 S B St	0.52mi	2/1.0 (+1)	962 (-5%)	1mo	$167,500	$174	62
1518 S G St	0.64mi	2/1.0 (+1)	1,072 (+6%)	6mo	$40,000	$37	51
1523 S K St	0.61mi	2/1.0 (+1)	968 (-4%)	12mo	$135,000	$139	49
2017 S B St	0.54mi	2/1.0 (+1)	959 (-5%)	14mo	$26,000	$27	49
2500 S N St	0.29mi	2/1.0 (+1)	860 (-15%)	9mo	$159,900	$186	49
1924 S A St	0.65mi	2/2.0 (+1)	983 (-3%)	12mo	$140,000	$142	45
620 S 18th St	0.55mi	2/1.0 (+1)	1,104 (+9%)	16mo	$115,000	$104	42
10880 N 23rd St	0.48mi	2/1.0 (+1)	866 (-14%)	10mo	$152,000	$176	40
2827 Main St	0.69mi	2/1.0 (+1)	935 (-8%)	15mo	$31,500	$34	38

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: 79.7%
• Equity multiple: 4.65×
• Total profit: $30,134
• Equity at exit: $4,399

10-year hold

• IRR: 83.2%
• Equity multiple: 9.63×
• Total profit: $71,274
• Equity at exit: $2,551

Cash invested: $8,260 (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: 2.5×

Monthly cashflow live

• Estimated rent: $977 high
• Mortgage (P&I): −$155
• Tax from tax record: −$57 /mo · $688/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$205
• Net cashflow: $548

Break-even live

Break-even rent $284

Max offer price $29,500

Occupancy floor 39%

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: $7,375
• Closing costs: $885
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3033 S P St Elwood, IN	2.0	1.0	576	$860	$1.49	2d	1	0.59mi
209 S 16th St Elwood, IN	2.0	2.0	1060	$1,135	$1.07	2d	1	0.76mi
1349 S B St Unit 1 Elwood, IN	2.0	1.0	850	$1,250	$1.47	15d	1	0.83mi
1349 S B St Unit 4 Elwood, IN	2.0	1.0	950	$1,400	$1.47	12d	1	0.83mi
1775 Antler Ct Elwood, IN	2.0	1.0	1000	$935	$0.94	2d	1	0.93mi
239 N 13th St Elwood, IN	1.0–2.0	1.0	629	$825	$1.31	2d	3	1.08mi
9401 Frans Way Elwood, IN	1.0–2.0	1.0–2.0	815	$1,005	$1.23	2d	6	1.15mi

Listing history 22 events

1. 2026-06-18
   days on market $29,500 Active 49 DOM
2. 2026-06-17
   days on market $29,500 Active 48 DOM
3. 2026-06-16
   days on market $29,500 Active 47 DOM
4. 2026-06-15
   days on market $29,500 Active 46 DOM
5. 2026-06-13
   days on market $29,500 Active 44 DOM
6. 2026-06-09
   days on market $29,500 Active 40 DOM
7. 2026-06-08
   days on market $29,500 Active 39 DOM
8. 2026-06-07
   days on market $29,500 Active 38 DOM
9. 2026-06-03
   days on market $29,500 Active 34 DOM
10. 2026-06-02
    days on market $29,500 Active 33 DOM
11. 2026-06-01
    days on market $29,500 Active 32 DOM
12. 2026-05-31
    days on market $29,500 Active 31 DOM
13. 2026-04-30
    listed $29,500 Active 390-char remark
14. 2023-04-27
    soldstatus $25,000
15. 2023-01-20
    soldstatus $25,000 Closed 127-char remark

    Show marketing remark (127 chars)

    Spacious 3-bedroom 1 bath home with a 2-car attached garage. Close to shopping and other amenities. Come and take a look today!

16. 2023-01-20
    soldstatus $25,000 Closed

    Show marketing remark (127 chars)

    Spacious 3-bedroom 1 bath home with a 2-car attached garage. Close to shopping and other amenities. Come and take a look today!

17. 2022-12-15
    status Pending

    Show marketing remark (127 chars)

    Spacious 3-bedroom 1 bath home with a 2-car attached garage. Close to shopping and other amenities. Come and take a look today!

18. 2022-12-09
    status Pending 127-char remark

    Show marketing remark (127 chars)

    Spacious 3-bedroom 1 bath home with a 2-car attached garage. Close to shopping and other amenities. Come and take a look today!

19. 2022-11-14
    listed $29,900 Active 127-char remark

    Show marketing remark (127 chars)

    Spacious 3-bedroom 1 bath home with a 2-car attached garage. Close to shopping and other amenities. Come and take a look today!

20. 2022-11-14
    listed $29,900 Active

    Show marketing remark (127 chars)

    Spacious 3-bedroom 1 bath home with a 2-car attached garage. Close to shopping and other amenities. Come and take a look today!

21. 2005-08-25
    soldstatus $16,275
22. 2004-12-30
    listed $19,900

ⓘ 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: $688 · $57/mo
• Projected year-2 tax: $688 · $57/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: $11,728
• − Mortgage interest: −$1,652
• − Property taxes: −$688
• − Insurance: −$148
• − Repairs & maintenance: −$938
• − Management: −$938
• − Depreciation: −$858
• Taxable income: $6,505
• Est. tax owed @ 24.0%: −$1,561
• After-tax cash flow: $5,012/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

+48.2% since first listed

10 events — show timeline

• 2026-04-30 Listed $29,500 MIBOR as Distributed by MLS Grid
• 2023-04-27 Sold (Public Records) $25,000 Public Records
• 2023-01-20 Sold (MLS) $25,000 IRMLS
• 2023-01-20 Sold (MLS) $25,000 MIBOR as Distributed by MLS Grid
• 2022-12-15 Pending — IRMLS
• 2022-12-09 Pending — MIBOR as Distributed by MLS Grid
• 2022-11-14 Listed $29,900 IRMLS
• 2022-11-14 Listed $29,900 MIBOR as Distributed by MLS Grid
• 2005-08-25 Sold (MLS) $16,275 MIBOR as Distributed by MLS Grid
• 2004-12-30 Listed $19,900 MIBOR as Distributed by MLS Grid

Property tax history

+0.7%/yr

Latest (2024): $688 · +7.5% YoY. Source: county tax records.