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1535 Elm St
Terre Haute, IN

1535 Elm St

$82,700
3 bd • 1 ba • 2,040 sf

This analysis was generated by artificial intelligence on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$82,700

Price/Sq.Ft

$41

Year Built

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

The property at 1535 Elm St, Terre Haute, IN 47807 offers exceptional value at $40.54/sqft, which is significantly below the average price for similar homes in the area (typically ranging from $80-$100/sqft). With 2,040 sqft, it provides 36% more living space than the average 3-bedroom home in Terre Haute (1,500 sqft). The large lot features mature trees, enhancing curb appeal and potentially lowering cooling costs. Its location on Elm St suggests it's in an established neighborhood, likely with good walkability. The attached garage adds convenience and value, estimated at $10,000-$15,000. Based on local rental rates, this property could generate approximately $1,047/month as a 3-bedroom rental, potentially yielding a gross annual return of 15.2% on the purchase price.

The Bad

The property's single bathroom for a 3-bedroom home is below the current market standard of 2+ bathrooms, potentially limiting its appeal and future resale value. The lack of detailed information about the year built and property features suggests it may be an older home, possibly requiring significant updates or repairs. The exterior paint appears worn, indicating potential neglect in maintenance. Given the median income of $23,495 in the area, finding qualified renters or buyers may be challenging, potentially leading to longer vacancy periods or lower rental rates.

The Ugly

The unknown build year is a significant concern, potentially hiding major issues related to outdated systems, foundation problems, or hazardous materials like lead paint or asbestos. If the home was built before 1978, lead paint remediation could cost $10,000-$30,000. Asbestos removal, if necessary, might range from $20,000-$40,000. The property's low price point relative to its size suggests potential structural or major system issues. Given Terre Haute's industrial history, soil contamination could be a concern, requiring environmental testing ($500-$1,500) and potential remediation costs. The single bathroom for a 3-bedroom home is severely outdated, and adding a second bathroom could cost $15,000-$25,000.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is best suited for investors with renovation experience and capital for improvements. It could appeal to first-time homebuyers willing to take on a fixer-upper, especially those with DIY skills. The large size makes it suitable for growing families who prioritize space over modern amenities and are willing to gradually update the property. Real estate developers looking for properties with potential for significant value-add through renovations may also find this attractive.

Not For

This property is not suitable for buyers seeking a move-in ready home or those without the budget for potential major renovations. It's not ideal for individuals with mobility issues or families needing multiple bathrooms immediately. Investors looking for turnkey rental properties should avoid this unless they have the capacity for a full renovation. Those sensitive to potential environmental hazards or without the means to conduct thorough inspections and possible remediation should also look elsewhere.
Demographics
Area Median Income

$23,495

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Risk Assessment

Risk Analysis

The unknown build year poses risks of outdated electrical, plumbing, and HVAC systems, with potential replacement costs of $15,000-$30,000 for each system. There's a high risk of lead paint and asbestos if built before 1978. The single bathroom layout is functionally obsolete for a 3-bedroom home, potentially impacting resale value by 5-10%. Terre Haute's flood risk along the Wabash River could necessitate flood insurance, adding $500-$2,000 annually to ownership costs. The low median income in the area ($23,495) suggests a risk of property value stagnation or slow appreciation. Potential soil contamination from Terre Haute's industrial past could require costly remediation. The property's low price point relative to size indicates potential structural issues, with foundation repairs potentially costing $5,000-$50,000 or more.

Financials

Monthly Costs

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$74,100

-10.4% below list price

Median Price

$74,000

Based on 5 recent sales

Price per Sq.Ft

$48

Comparable Properties

2817 Fenwood Avenue, Terre Haute, IN 47803
Price: $75,000
Sq.Ft: 1,884
Beds/Baths: 2/1
$/Sq.Ft:
$401.8%
Sale Date: 9/30/2024
91 S 19th Street, Terre Haute, IN 47807
Price: $180,000
Sq.Ft: 2,197
Beds/Baths: 4/2
$/Sq.Ft:
$82102.1%
Sale Date: 10/11/2024
2411 6th Avenue, Terre Haute, IN 47803
Price: $38,000
Sq.Ft: 1,809
Beds/Baths: 3/2
$/Sq.Ft:
$2148.2%
Sale Date: 9/9/2024
49 S 13th 1/2 Street, Terre Haute, IN 47807
Price: $74,000
Sq.Ft:
Beds/Baths: /
$/Sq.Ft: N/A
Sale Date: 9/28/2024
2000 1st Avenue, Terre Haute, IN 47807
Price: $3,500
Sq.Ft:
Beds/Baths: /
$/Sq.Ft: N/A
Sale Date: 7/29/2024

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