Save This Old c.1880 Indiana Victorian Fixer Upper $59K
OHU50K Notes $59,000
Realtor Comments
INVESTOR ALERT! Don’t miss this rare opportunity to transform a grand 5-bedroom historic home in the charming city of Elwood. Just blocks from the heart of downtown, this property is bursting with potential and ready for a full gut renovation to bring it back to life. With nearly 3, 200 square feet spread across two and a half floors, the layout and space offer endless possibilities for a creative and ambitious buyer. Some demolition work has already been started, and the roof is approximately 6 years old, giving you a head start on the rehab. The home sits on a spacious corner lot, offering plenty of room to add a garage, accessory dwelling unit (ADU), or even explore the potential for additional units (buyer to verify with the city). Whether you’re looking to renovate for owner occupancy, create a short-term rental like an Airbnb or a charming bed & breakfast, or even explore commercial conversion given its location on Anderson Rd among several commercial properties-the upside is undeniable. If done right, the after-repair value (ARV) could reach $250K-$300K. This is a cash or hard/private money only sale due to the condition. Sold as-is. Bring your vision and unlock the full potential of this historic gem! Sold As-Is. No wholesalers and no seller financing.
- 5 bed
- 1 bath
- Build date 1880
802 S Anderson St, Elwood, IN 46036 $59,000
- Contact Realtor: Peter Stewart
- Google Map
- Niche
Pros of Living in Elwood, IN
Affordable Cost of Living
Elwood boasts a cost of living score of 78.9, making it 21.1% lower than the U.S. average and 5.7% lower than the Indiana average. Housing is notably affordable, with median home prices around $117,400 and average rents for two-bedroom units at $890 per month .
Housing Affordability
The median home value in Elwood is approximately $92,800, and 64% of residents own their homes . This affordability makes homeownership accessible for many
Elwood offers several parks, including Callaway Park, providing residents with spaces for recreation and community events
Community Events
The town hosts annual events like the Elwood Glass Festival, which celebrates local culture with food, crafts, and entertainment, fostering community spirit
Cons of Living in Elwood, IN
Economic Challenges
Elwood faces economic difficulties, including a high poverty rate of 19.7%, which is above the national average . Median household income is relatively low, and the unemployment rate is higher than the national average
Education Concerns
The town’s public schools have received mixed reviews, with some residents expressing concerns about the quality of education and school facilities .
Crime and Safety
Some residents have reported issues with crime and substance abuse in certain areas of Elwood, which may be a concern for potential residents .
Limited Amenities
While Elwood offers essential services, it may lack the amenities and entertainment options found in larger cities. Residents might need to travel to nearby towns for a wider variety of shopping, dining, and entertainment experiences .
Summary
Elwood, IN, offers an affordable cost of living, a strong sense of community, and access to parks and local events. However, potential residents should consider the economic challenges, education quality, and safety concerns when evaluating the town as a place to live.
