1001-1003 S 8th St · Richmond, IN 47374

$89,000

2 bd · 1.0 ba · 1,320 sqft · MultiFamily public records · 298 Days on market

Built 1925 4,356 sqft lot Est $128k · 30% under

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Why this score? — see what drove the D+ 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).

• ARV discount +15.0/15.0
• Cash flow +13.5/30.0
• 1% rule +5.1/10.0
• Livability +4.2/5.0
• DSCR +4.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Check out this duplex investment opportunity in Richmond! Both units are two bedroom, one bathroom and full of opportunity! Recent updates include a new roof and gutters. Don’t miss out!

Key facts

• Plumbing
• Recent updates
• Electrical wiring

Tags

• DUPLEX INVESTMENT OPPORTUNITY
• RECENT UPDATES
• NEW ROOF
• NEW GUTTERS
• PLUMBING
• ELECTRICAL WIRING

Property features AI

Exterior

• Parking: No designated parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence (site-built); Two stories
• Construction: Vinyl siding; Asphalt roof
• Exterior features: Covered porch/patio

Interior

• Kitchen: Eat-in kitchen
• Flooring: Hardwood floors; Laminate floors
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Forced air heating; No central air
• Interior features: Eat-in kitchen; One fireplace
• Laundry & utility: Laundry on the main level; Basement access with crawl space and partial basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $89k.

Deal economics

• At list price, monthly cash flow is $3 ($40/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($896 rent vs $89k).
• Recommended offer: $78k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.3% vs local median 5.2% in Richmond — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 83/100 on livability (#10 in IN, #869 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D+, employment D-.
• Richmond Community Schools (town): math 18% / reading 27% proficiency, ranked #270 of 301 in IN (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Vaile Elementary School (math 17% / reading 22%, grade F, #814 of 994 statewide, top 83%, 304 students, 92% FRL); Test Intermediate School (math 13% / reading 24%, grade F, #276 of 330 statewide, top 84%, 762 students, 75% FRL); Richmond High School (math 21% / reading 48%, grade F, #270 of 369 statewide, top 77%, 1,332 students, 66% FRL).
• Market conditions: 273 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 38 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $615 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Wayne County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 298 days — a 12% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 10y ago; this cycle's ask has dropped $5k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $16k; list at $89k implies a 446% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $78,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 298 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.01% ✓
• Cap rate: 6.34%
• Cash-on-cash: 0.16%
• DSCR: 1.01
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $128,040
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
705-705 1/2 S J St	0.06mi	2/2.0	1,232 (-7%)	9mo	$120,000	$97	75

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: -16.0%
• Equity multiple: 0.43×
• Total profit: $-14,139
• Equity at exit: $13,270

10-year hold

• IRR: -7.4%
• Equity multiple: 0.53×
• Total profit: $-11,759
• Equity at exit: $7,695

Cash invested: $24,920 (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 47374

• Active inventory: 273
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $896 medium
• Mortgage (P&I): −$467
• Tax from tax record: −$201 /mo · $2,408/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$188
• Net cashflow: $3

Break-even live

Break-even rent $892

Max offer price $89,000

Occupancy floor 95%

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1300 S 18th St Richmond, IN	3.0	2.0	847	$1,027	$1.21	43d	7	0.73mi
1032 S 23rd St Richmond, IN	1.0–2.0	1.0	937	$790	$0.84	43d	4	0.98mi
401 N 10th St Richmond, IN	1.0–2.0	1.0	817	$895	$1.09	43d	3	1.24mi

Listing history 24 events

1. 2026-06-19
   days on market $89,000 Active 298 DOM
2. 2026-06-18
   days on market $89,000 Active 297 DOM
3. 2026-06-17
   days on market $89,000 Active 296 DOM
4. 2026-06-16
   days on market $89,000 Active 295 DOM
5. 2026-06-15
   days on market $89,000 Active 294 DOM
6. 2026-06-14
   days on market $89,000 Active 292 DOM
7. 2026-06-12
   days on market $89,000 Active 291 DOM
8. 2026-06-09
   days on market $89,000 Active 288 DOM
9. 2026-06-08
   days on market $89,000 Active 287 DOM
10. 2026-06-07
    days on market $89,000 Active 286 DOM
11. 2026-06-03
    days on market $89,000 Active 282 DOM
12. 2026-06-02
    days on market $89,000 Active 281 DOM
13. 2026-06-01
    days on market $89,000 Active 280 DOM
14. 2026-05-31
    days on market $89,000 Active 279 DOM
15. 2026-05-30
    days on market $89,000 Active 278 DOM
16. 2025-10-14
    price $89,000 192-char remark

    Show marketing remark (192 chars)

    Check out this duplex investment opportunity in Richmond! Both units are two bedroom, one bathroom and full of opportunity! Recent updates include a new roof and gutters. Don’t miss out!

17. 2025-10-14
    price $89,000

    Show marketing remark (192 chars)

    Check out this duplex investment opportunity in Richmond! Both units are two bedroom, one bathroom and full of opportunity! Recent updates include a new roof and gutters. Don’t miss out!

18. 2025-08-25
    listed $94,000 Active 192-char remark

    Show marketing remark (192 chars)

    Check out this duplex investment opportunity in Richmond! Both units are two bedroom, one bathroom and full of opportunity! Recent updates include a new roof and gutters. Don’t miss out!

19. 2025-08-25
    listed $94,000 Active

    Show marketing remark (192 chars)

    Check out this duplex investment opportunity in Richmond! Both units are two bedroom, one bathroom and full of opportunity! Recent updates include a new roof and gutters. Don’t miss out!

20. 2024-10-20
    price $99,000
21. 2024-10-20
    price $99,000
22. 2024-08-02
    listed $115,000 Active
23. 2016-09-29
    soldstatus $16,300
24. 2016-07-26
    listed $18,500

ⓘ 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: $2,408 · $201/mo
• Projected year-2 tax: $2,408 · $201/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 ≥99°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,752
• − Mortgage interest: −$4,985
• − Property taxes: −$2,408
• − Insurance: −$445
• − Repairs & maintenance: −$860
• − Management: −$860
• − Depreciation: −$2,589
• Taxable loss: −$1,396
• Est. tax savings @ 24.0%: +$335
• After-tax cash flow: $375/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: Richmond Community Schools
• NCES district ID: 1809510
• Math proficiency: 18% ▼ -7.00%
• Reading proficiency: 27% ▼ -2.00%
• Median HH income: $35,288
• Composite: 18.55/100
• National rank: #8913
• State rank: #270 of 301 in IN

Livability — Richmond

• Score: 83/100
• State rank: #10
• US rank: #869

Category grades

Amenities A Commute A+ Cost of living A+ Crime D+ Employment D- Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richmond, IN
• County: Wayne County · 44,615 people
• City population: 44,615
• Metro: Richmond, IN
• Population (ZIP): 44,615
• Household income: $50,766
• Rent vs Own: 36.0% rent · 64.0% own
• Severe rent burden: 1600.0

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 63,316 people
• By 2030: 60,893 · -3.8%
• By 2040: 55,386 · -12.5%
• By 2050: 49,946 · -21.1%
• By 2075: 37,900 · -40.1%
• By 2100: 26,562 · -58.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 7% Black 6% Hispanic / Latino 4% Asian 1%
• Common ancestry: Slovak 2% Italian 1% Lithuanian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 95% English-only · Spanish 3%

Political lean MEDSL · Wayne

• 2024 margin: Solid R (+32.5) · D 32.9% · R 65.4% · Other 1.6%
• 2008→2024 swing: -28.6pp toward R · 2008: -3.9pp · 2024: -32.5pp
• All cycles: 2024: R+32.5 2020: R+29.1 2016: R+30.1 2012: R+14.7 2008: R+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -118.64%
• Current HPI: 182.5038
• Rent YoY: —
• Metro: Richmond, 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

+381.1% since first listed

9 events — show timeline

• 2025-10-14 Price Changed $89,000 RRELMS
• 2025-10-14 Price Changed $89,000 IRMLS
• 2025-08-25 Listed $94,000 RRELMS
• 2025-08-25 Listed $94,000 IRMLS
• 2024-10-20 Price Changed $99,000 RRELMS
• 2024-10-20 Price Changed $99,000 IRMLS
• 2024-08-02 Listed $115,000 IRMLS
• 2016-09-29 Sold (MLS) $16,300 RRELMS
• 2016-07-26 Listed $18,500 RRELMS

Property tax history

+3.8%/yr

Latest (2024): $2,408 · +13.3% YoY. Source: county tax records.