31 E Main St · Gosport, IN 47433

$225,000

2 bd · 3.5 ba · 5,088 sqft · MultiFamily public records · 186 Days on market

Built 1867 Good condition 1,742 sqft lot

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Why this score? — see what drove the C 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 +15.9/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +4.9/10.0
• 1% rule +4.4/10.0
• Condition / age +3.8/5.0
• Livability +3.6/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Live-Work Investment Opportunity... This property is perfectly suited for entrepreneurs, creators, or small business owners looking to live where they work and eliminate overhead costs. The expansive main level provides ample room for a storefront, office, studio, or workshop, while the upstairs unit offers customizable living quarters with direct rooftop access. Use the downstairs for: Retail or a boutique, Tattoo parlor, or barber studio, a Professional office (insurance, real estate, accounting, counseling) Cafe, tasting room, or bakery, Photography, art studio. All while enjoying the upstairs as your private residence-and rent out the basement for additional income. The live-work configurations is endless which makes this property an exceptional long-term investment in a growing community.

Key facts

• Updated electrical
• Water heater
• Historic building

Tags

• HISTORIC BUILDING
• NEW RUBBER ROOF
• UPDATED ELECTRICAL
• NEWER HVAC SYSTEM
• WATER HEATER
• TUCK-POINTED EXTERIOR BRICK

What this means for you Summary

Snapshot

• This is a 2-bed/3.5-bath multifamily listed at $225k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $109 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $211k (6.4% below list).
• Recommended offer: $198k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 71/100 on livability (#133 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D+, employment D, amenities F.
• Spencer-Owen Community Schools (rural): math 38% / reading 40% proficiency, ranked #155 of 301 in IN (top 52%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 30 active listings in the ZIP; 120 units permitted in Owen County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $24k of equity ($2k loan paydown + $22k appreciation (10.0% local appreciation)).
• Owen County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $63k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 186 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 7y ago; this cycle's ask has dropped $100k (31%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1867 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $198,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 186 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 1867 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.94% ✗
• Cap rate: 6.87%
• Cash-on-cash: 2.07%
• DSCR: 1.09
• GRM: 8.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 25.8%
• Equity multiple: 3.06×
• Total profit: $129,503
• Equity at exit: $202,698

10-year hold

• IRR: 22.7%
• Equity multiple: 6.97×
• Total profit: $375,979
• Equity at exit: $437,126

Cash invested: $63,000 (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 47433

• Home prices YoY: 9.4%
• Active inventory: 30
• Price-to-rent: 17.8×

Monthly cashflow live

• Estimated rent: $2,106 medium
• Mortgage (P&I): −$1,180
• Tax est. 1.5%: −$281 /mo · $3,375/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$442
• Net cashflow: $109

Break-even live

Break-even rent $1,968

Max offer price $225,000

Occupancy floor 90%

Sensitivity live

Price	-10% $264	-5% $187	+0% $109	+5% $31	+10% $-47
Rent	-10% $-58	-5% $26	+0% $109	+5% $192	+10% $275
Rate	-1.0pp $222	-0.5pp $166	base $109	+0.5pp $51	+1.0pp $-9

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,106
Total (2 units)			$2,106

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-19
   days on market $225,000 Active 186 DOM
2. 2026-06-18
   days on market $225,000 Active 185 DOM
3. 2026-06-17
   days on market $225,000 Active 184 DOM
4. 2026-06-16
   days on market $225,000 Active 183 DOM
5. 2026-06-15
   days on market $225,000 Active 182 DOM
6. 2026-06-14
   days on market $225,000 Active 180 DOM
7. 2026-06-13
   days on market $225,000 Active 179 DOM
8. 2026-06-10
   days on market $225,000 Active 177 DOM
9. 2026-06-09
   days on market $225,000 Active 176 DOM
10. 2026-06-08
    days on market $225,000 Active 175 DOM
11. 2026-06-07
    days on market $225,000 Active 174 DOM
12. 2026-06-05
    days on market $225,000 Active 171 DOM
13. 2026-06-03
    days on market $225,000 Active 170 DOM
14. 2026-06-03
    price $225,000 Active 169 DOM
15. 2026-06-02
    days on market $232,000 Active 169 DOM
16. 2026-06-01
    days on market $232,000 Active 168 DOM
17. 2026-05-31
    days on market $232,000 Active 167 DOM
18. 2026-05-30
    days on market $232,000 Active 166 DOM
19. 2026-05-08
    status Active 805-char remark

    Show marketing remark (805 chars)

    Live-Work Investment Opportunity... This property is perfectly suited for entrepreneurs, creators, or small business owners looking to live where they work and eliminate overhead costs. The expansive main level provides ample room for a storefront, office, studio, or workshop, while the upstairs unit offers customizable living quarters with direct rooftop access. Use the downstairs for: Retail or a boutique, Tattoo parlor, or barber studio, a Professional office (insurance, real estate, accounting, counseling) Cafe, tasting room, or bakery, Photography, art studio. All while enjoying the upstairs as your private residence-and rent out the basement for additional income. The live-work configurations is endless which makes this property an exceptional long-term investment in a growing community.

20. 2026-04-30
    status Pending 805-char remark

    Show marketing remark (805 chars)

    Live-Work Investment Opportunity... This property is perfectly suited for entrepreneurs, creators, or small business owners looking to live where they work and eliminate overhead costs. The expansive main level provides ample room for a storefront, office, studio, or workshop, while the upstairs unit offers customizable living quarters with direct rooftop access. Use the downstairs for: Retail or a boutique, Tattoo parlor, or barber studio, a Professional office (insurance, real estate, accounting, counseling) Cafe, tasting room, or bakery, Photography, art studio. All while enjoying the upstairs as your private residence-and rent out the basement for additional income. The live-work configurations is endless which makes this property an exceptional long-term investment in a growing community.

21. 2026-04-02
    status Active 805-char remark

    Show marketing remark (805 chars)

    Live-Work Investment Opportunity... This property is perfectly suited for entrepreneurs, creators, or small business owners looking to live where they work and eliminate overhead costs. The expansive main level provides ample room for a storefront, office, studio, or workshop, while the upstairs unit offers customizable living quarters with direct rooftop access. Use the downstairs for: Retail or a boutique, Tattoo parlor, or barber studio, a Professional office (insurance, real estate, accounting, counseling) Cafe, tasting room, or bakery, Photography, art studio. All while enjoying the upstairs as your private residence-and rent out the basement for additional income. The live-work configurations is endless which makes this property an exceptional long-term investment in a growing community.

22. 2026-02-02
    status Pending 805-char remark

    Show marketing remark (805 chars)

    Live-Work Investment Opportunity... This property is perfectly suited for entrepreneurs, creators, or small business owners looking to live where they work and eliminate overhead costs. The expansive main level provides ample room for a storefront, office, studio, or workshop, while the upstairs unit offers customizable living quarters with direct rooftop access. Use the downstairs for: Retail or a boutique, Tattoo parlor, or barber studio, a Professional office (insurance, real estate, accounting, counseling) Cafe, tasting room, or bakery, Photography, art studio. All while enjoying the upstairs as your private residence-and rent out the basement for additional income. The live-work configurations is endless which makes this property an exceptional long-term investment in a growing community.

23. 2026-01-08
    price $232,000 805-char remark

    Show marketing remark (805 chars)

    Live-Work Investment Opportunity... This property is perfectly suited for entrepreneurs, creators, or small business owners looking to live where they work and eliminate overhead costs. The expansive main level provides ample room for a storefront, office, studio, or workshop, while the upstairs unit offers customizable living quarters with direct rooftop access. Use the downstairs for: Retail or a boutique, Tattoo parlor, or barber studio, a Professional office (insurance, real estate, accounting, counseling) Cafe, tasting room, or bakery, Photography, art studio. All while enjoying the upstairs as your private residence-and rent out the basement for additional income. The live-work configurations is endless which makes this property an exceptional long-term investment in a growing community.

24. 2025-12-02
    price $244,000 805-char remark

    Show marketing remark (805 chars)

    Live-Work Investment Opportunity... This property is perfectly suited for entrepreneurs, creators, or small business owners looking to live where they work and eliminate overhead costs. The expansive main level provides ample room for a storefront, office, studio, or workshop, while the upstairs unit offers customizable living quarters with direct rooftop access. Use the downstairs for: Retail or a boutique, Tattoo parlor, or barber studio, a Professional office (insurance, real estate, accounting, counseling) Cafe, tasting room, or bakery, Photography, art studio. All while enjoying the upstairs as your private residence-and rent out the basement for additional income. The live-work configurations is endless which makes this property an exceptional long-term investment in a growing community.

25. 2025-11-04
    price $257,000 805-char remark

    Show marketing remark (805 chars)

    Live-Work Investment Opportunity... This property is perfectly suited for entrepreneurs, creators, or small business owners looking to live where they work and eliminate overhead costs. The expansive main level provides ample room for a storefront, office, studio, or workshop, while the upstairs unit offers customizable living quarters with direct rooftop access. Use the downstairs for: Retail or a boutique, Tattoo parlor, or barber studio, a Professional office (insurance, real estate, accounting, counseling) Cafe, tasting room, or bakery, Photography, art studio. All while enjoying the upstairs as your private residence-and rent out the basement for additional income. The live-work configurations is endless which makes this property an exceptional long-term investment in a growing community.

26. 2025-10-23
    price $285,000 805-char remark

    Show marketing remark (805 chars)

    Live-Work Investment Opportunity... This property is perfectly suited for entrepreneurs, creators, or small business owners looking to live where they work and eliminate overhead costs. The expansive main level provides ample room for a storefront, office, studio, or workshop, while the upstairs unit offers customizable living quarters with direct rooftop access. Use the downstairs for: Retail or a boutique, Tattoo parlor, or barber studio, a Professional office (insurance, real estate, accounting, counseling) Cafe, tasting room, or bakery, Photography, art studio. All while enjoying the upstairs as your private residence-and rent out the basement for additional income. The live-work configurations is endless which makes this property an exceptional long-term investment in a growing community.

27. 2025-10-08
    listed $325,000 Active 805-char remark

    Show marketing remark (805 chars)

    Live-Work Investment Opportunity... This property is perfectly suited for entrepreneurs, creators, or small business owners looking to live where they work and eliminate overhead costs. The expansive main level provides ample room for a storefront, office, studio, or workshop, while the upstairs unit offers customizable living quarters with direct rooftop access. Use the downstairs for: Retail or a boutique, Tattoo parlor, or barber studio, a Professional office (insurance, real estate, accounting, counseling) Cafe, tasting room, or bakery, Photography, art studio. All while enjoying the upstairs as your private residence-and rent out the basement for additional income. The live-work configurations is endless which makes this property an exceptional long-term investment in a growing community.

28. 2019-10-01
    listed $99,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥102°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,272
• − Mortgage interest: −$12,603
• − Property taxes: −$3,375
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,022
• − Management: −$2,022
• − Depreciation: −$6,545
• Taxable loss: −$2,420
• Est. tax savings @ 24.0%: +$581
• After-tax cash flow: $1,887/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This multi-family property offers a good investment opportunity with a good condition and minimal repairs needed. The property is well-suited for live-work entrepreneurs with ample space for various business uses and a private residence upstairs.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Replace cabinetry — Modernizes kitchen and improves functionality

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Replace cabinetry — Modernizes kitchen and improves functionality ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Spencer-Owen Community Schools
• NCES district ID: 1810950
• Math proficiency: 38% ▼ -6.00%
• Reading proficiency: 40% ▼ -6.00%
• Median HH income: $45,258
• Composite: 33.21/100
• National rank: #5529
• State rank: #155 of 301 in IN

Livability — Gosport

• Score: 71/100
• State rank: #133
• US rank: #6926

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gosport, IN
• Population (ZIP): 3,722

Population outlook (Owen County) Hauer SSP2

• Today (2025): 19,045 people
• By 2030: 17,930 · -5.9%
• By 2040: 15,507 · -18.6%
• By 2050: 13,253 · -30.4%
• By 2075: 9,364 · -50.8%
• By 2100: 6,686 · -64.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 2%
• Common ancestry: Italian 12% Iranian 2% Slovak 2%
• Foreign-born: 0%

Political lean MEDSL · Owen

• 2024 margin: Solid R (+50.7) · D 23.8% · R 74.5% · Other 1.6%
• 2008→2024 swing: -40.3pp toward R · 2008: -10.3pp · 2024: -50.7pp
• All cycles: 2024: R+50.7 2020: R+49.1 2016: R+49.4 2012: R+27.6 2008: R+10.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 24.01%
• Current HPI: 278.3717
• Rent YoY: —
• Metro: —
• 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

+134.3% since first listed

10 events — show timeline

• 2026-05-08 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-30 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-02 Relisted — MIBOR as Distributed by MLS Grid
• 2026-02-02 Pending — MIBOR as Distributed by MLS Grid
• 2026-01-08 Price Changed $232,000 MIBOR as Distributed by MLS Grid
• 2025-12-02 Price Changed $244,000 MIBOR as Distributed by MLS Grid
• 2025-11-04 Price Changed $257,000 MIBOR as Distributed by MLS Grid
• 2025-10-23 Price Changed $285,000 MIBOR as Distributed by MLS Grid
• 2025-10-08 Listed $325,000 MIBOR as Distributed by MLS Grid
• 2019-10-01 Listed $99,000 IRMLS

Property tax history

-60.5%/yr

Latest (2024): $28 · +2.0% YoY. Source: county tax records.