802 S Anderson St, Elwood, IN 46036

Home Description

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.