117 N 6th St · Goshen, IN 46528

$249,900

4 bd · 1.5 ba · 3,070 sqft · MultiFamily public records · 14 Days on market

Built 1910 0.25 ac lot Est $175k · 43% over

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• Livability +4.2/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• 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

Timeless character and craftsmanship shine throughout this spacious early 1900s home offering over 2,500 finished square feet, situated along one of Goshen’s few remaining historic brick roads. Rich original woodwork, detailed trim, hardwood floors, built-ins, and a stunning staircase create warmth and charm from the moment you enter. The main level features multiple living spaces, including a large living room with fireplace, a dinning room, and an office with natural light. The home offers 4 bedrooms, 2 full bathrooms, along with a finished loft area that provides flexible space for an additional bedroom, studio, hobby room, or additional living area. The eat-in kitchen maintains it

Key facts

• Stunning staircase
• Original woodwork
• Detailed trim

Tags

• ORIGINAL WOODWORK
• DETAILED TRIM
• HARDWOOD FLOORS
• BUILT-INS
• STUNNING STAIRCASE
• MULTIPLE LIVING SPACES

Property features AI

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family, site-built home; Two stories
• Construction: Brick and concrete construction
• Exterior features: Level lot; Outbuilding on the property

Interior

• Bathrooms: Two full bathrooms, including one on the main level
• Heating & cooling: Hot water heating; Window AC unit(s)
• Interior features: Living room fireplace (1)
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $250k).
• Cap rate 12.6% vs local median 3.2% in Goshen — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 85/100 on livability (#4 in IN, #622 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D+.
• Goshen Community Schools (urban): math 31% / reading 40% proficiency, ranked #190 of 301 in IN (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Chamberlain Elementary School (math 22% / reading 17%, grade F, #814 of 994 statewide, top 83%, 261 students, 82% FRL); Goshen Junior High School (math 25% / reading 38%, grade F, #197 of 330 statewide, top 60%, 1,001 students, 70% FRL); Goshen High School (math 32% / reading 65%, grade D, #139 of 369 statewide, top 38%, 2,004 students, 64% FRL).
• Market conditions: 74 active listings in the ZIP; 484 units permitted in Elkhart County in 2024 (136 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Elkhart County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $70k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $249,900

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.42% ✓
• Cap rate: 12.64%
• Cash-on-cash: 22.67%
• DSCR: 2.01
• GRM: 5.8

CMA / ARV

• ARV (on-the-fly): $174,990
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
433 N 1st St	0.55mi	5/3.0 (+1)	2,888 (-6%)	24mo	$165,500	$57	33

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: 15.5%
• Equity multiple: 1.62×
• Total profit: $43,599
• Equity at exit: $37,261

10-year hold

• IRR: 24.2%
• Equity multiple: 3.09×
• Total profit: $145,996
• Equity at exit: $21,607

Cash invested: $69,972 (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 46528

• Home prices YoY: -26.9%
• Active inventory: 74
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $3,560 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$76 /mo · $912/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$748
• Net cashflow: $1,322

Break-even live

Break-even rent $1,887

Max offer price $249,900

Occupancy floor 58%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,560
Total (2 units)			$3,560

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-09
   status $249,900 Pending 14 DOM
2. 2026-06-08
   days on market $249,900 Active 14 DOM
3. 2026-06-07
   days on market $249,900 Active 13 DOM
4. 2026-06-05
   days on market $249,900 Active 10 DOM
5. 2026-06-02
   days on market $249,900 Active 8 DOM
6. 2026-06-01
   days on market $249,900 Active 7 DOM
7. 2026-05-31
   days on market $249,900 Active 6 DOM
8. 2026-05-30
   days on market $249,900 Active 5 DOM
9. 2026-05-26
   listed $249,900 Active

ⓘ 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: $912 · $76/mo
• Projected year-2 tax: $1,518 · $126/mo
• Expected delta: +$606/yr (+$51/mo · 66.5%)

ⓘ 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 ≥100°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $42,720
• − Mortgage interest: −$13,998
• − Property taxes: −$912
• − Insurance: −$1,250
• − Repairs & maintenance: −$3,418
• − Management: −$3,418
• − Depreciation: −$7,270
• Taxable income: $12,455
• Est. tax owed @ 24.0%: −$2,989
• After-tax cash flow: $12,872/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: Goshen Community Schools
• NCES district ID: 1803930
• Math proficiency: 31% ▼ -11.00%
• Reading proficiency: 40% ▼ -4.00%
• Median HH income: $44,892
• Composite: 30.24/100
• National rank: #6292
• State rank: #190 of 301 in IN

Livability — Goshen

• Score: 85/100
• State rank: #4
• US rank: #622

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Goshen, IN
• City population: 33,668
• Population (ZIP): 26,356

Population outlook (Elkhart County) Hauer SSP2

• Today (2025): 213,761 people
• By 2030: 218,103 · +2.0%
• By 2040: 225,381 · +5.4%
• By 2050: 229,447 · +7.3%
• By 2075: 232,856 · +8.9%
• By 2100: 214,088 · +0.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 19% Two or more races 7% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 16%
• Common ancestry: Italian 3% Iranian 2% Polish 2%
• Foreign-born: 9% · Canada, South Korea, Jamaica
• Languages at home: 73% English-only · Spanish 14% German/W. Germanic 11% Russian/Polish/Slavic 1%

Political lean MEDSL · Elkhart

• 2024 margin: Solid R (+32.4) · D 33.1% · R 65.5% · Other 1.4%
• 2008→2024 swing: -21.2pp toward R · 2008: -11.2pp · 2024: -32.4pp
• All cycles: 2024: R+32.4 2020: R+28.1 2016: R+32.4 2012: R+26.5 2008: R+11.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -85.40%
• Current HPI: 231.4441
• 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

1 event — show timeline

• 2026-05-26 Listed $249,900 IRMLS

Property tax history

+0.6%/yr

Latest (2025): $912 · +2.0% YoY. Source: county tax records.