1229 S 8th St · Terre Haute, IN 47802

$150,000

4 bd · 2.0 ba · 2,328 sqft · MultiFamily public records · 26 Days on market

Built 1890 5,227 sqft lot

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Why this score? — see what drove the B- 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 +29.9/30.0
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Schools +2.9/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• 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

Great investment property near Farrington's Grove — currently used as a large single-family home but easily converted back to a duplex with 2 furnaces, 2 electric meters, 2 gas meters, and 2 hot water heaters. Has been a rental since 2016 with several updates completed. Roof, siding, and most windows all replaced in 2018. Enjoy the character of an older home with wood floors in the kitchen, sunrooms on both levels, and generous room sizes throughout. This property offers flexibility — use as a spacious single-family home, continue as a rental, or restore to a duplex. Solid value no matter what your future plans are. Schedule your showing today. Average utilities: Duke 418/monthl

Key facts

• 2 furnaces
• 2 hot water heaters
• 2 electric meters

Tags

• LARGE SINGLE-FAMILY HOME
• EASILY CONVERTED DUPLEX
• 2 FURNACES
• 2 ELECTRIC METERS
• 2 GAS METERS
• 2 HOT WATER HEATERS

Property features AI

Exterior

• Parking: Gravel parking
• Utilities: Public sewer
• Home design: Single-family residence; 2 stories
• Construction: Metal siding; Vinyl siding; Shingle roof; Partial unfinished basement
• Exterior features: Balcony; Front porch

Interior

• Flooring: Carpet; Hardwood; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air; Ceiling fans; Electric heating; Natural gas heating
• Interior features: Walk-in closets; Insulated windows; Fireplace (1)

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $556 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $148k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.7% vs local median 4.7% in Terre Haute — 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 75/100 on livability (#63 in IN, #4,186 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, employment F.
• Vigo County School Corporation (urban): math 32% / reading 37% proficiency, ranked #202 of 301 in IN (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Farrington Grove Elementary School (math 27% / reading 22%, grade F, #762 of 994 statewide, top 78%, 428 students, 92% FRL); Sarah Scott Middle School (math 8% / reading 18%, grade F, #304 of 330 statewide, top 94%, 397 students, 86% FRL); Terre Haute South Vigo High School (math 37% / reading 72%, grade C-, #79 of 369 statewide, top 26%, 1,610 students, 51% FRL) — zoned schools average 76% FRL vs 47% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.2%/yr); 191 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 60 units permitted in Vigo County in 2024 (0 in 5+ unit buildings).
• This rent runs 43% of the median local income ($57k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Vigo County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 1.2% rent growth), your $42k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $147,750 (1.5% below list)

Questions for the listing agent

1. Built in 1890 — 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. Crime grade is F 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?
5. 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.
6. 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.
7. 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: 1.38% ✓
• Cap rate: 10.74%
• Cash-on-cash: 15.87%
• DSCR: 1.71
• GRM: 6.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.23% rent growth · sell at horizon

5-year hold

• IRR: 4.7%
• Equity multiple: 1.18×
• Total profit: $7,517
• Equity at exit: $22,365

10-year hold

• IRR: 12.5%
• Equity multiple: 1.90×
• Total profit: $38,009
• Equity at exit: $12,969

Cash invested: $42,000 (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 47802

• Home prices YoY: -26.8%
• Rents YoY: 1.2%
• Active inventory: 191
• Price-to-rent: 12.1×

Monthly cashflow live

• Estimated rent: $2,068 high
• Mortgage (P&I): −$787
• Tax from tax record: −$229 /mo · $2,748/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$434
• Net cashflow: $556

Break-even live

Break-even rent $1,365

Max offer price $150,000

Occupancy floor 68%

Sensitivity live

Price	-10% $641	-5% $598	+0% $556	+5% $513	+10% $471
Rent	-10% $392	-5% $474	+0% $556	+5% $637	+10% $719
Rate	-1.0pp $631	-0.5pp $594	base $556	+0.5pp $517	+1.0pp $477

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,068
Total (2 units)			$2,068

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2116 Poplar St Terre Haute, IN	4.0	1.5	1872	$1,900	$1.01	45d	1	1.28mi

Listing history 18 events

1. 2026-06-21
   days on market $150,000 Active 26 DOM
2. 2026-06-19
   days on market $150,000 Active 24 DOM
3. 2026-06-18
   days on market $150,000 Active 23 DOM
4. 2026-06-17
   days on market $150,000 Active 22 DOM
5. 2026-06-16
   days on market $150,000 Active 21 DOM
6. 2026-06-15
   days on market $150,000 Active 20 DOM
7. 2026-06-14
   days on market $150,000 Active 18 DOM
8. 2026-06-13
   days on market $150,000 Active 17 DOM
9. 2026-06-10
   days on market $150,000 Active 15 DOM
10. 2026-06-09
    days on market $150,000 Active 14 DOM
11. 2026-06-08
    days on market $150,000 Active 13 DOM
12. 2026-06-07
    days on market $150,000 Active 12 DOM
13. 2026-06-05
    days on market $150,000 Active 9 DOM
14. 2026-06-02
    days on market $150,000 Active 7 DOM
15. 2026-06-01
    days on market $150,000 Active 6 DOM
16. 2026-05-31
    days on market $150,000 Active 5 DOM
17. 2026-05-30
    days on market $150,000 Active 4 DOM
18. 2026-05-26
    listed $150,000 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: $2,748 · $229/mo
• Projected year-2 tax: $2,748 · $229/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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥105°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,816
• − Mortgage interest: −$8,402
• − Property taxes: −$2,748
• − Insurance: −$750
• − Repairs & maintenance: −$1,985
• − Management: −$1,985
• − Depreciation: −$4,364
• Taxable income: $4,581
• Est. tax owed @ 24.0%: −$1,100
• After-tax cash flow: $5,568/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: Vigo County School Corporation
• NCES district ID: 1812090
• Math proficiency: 32% ▼ -10.00%
• Reading proficiency: 37% ▼ -8.00%
• Median HH income: $40,100
• Composite: 28.97/100
• National rank: #6625
• State rank: #202 of 301 in IN

Livability — Terre Haute

• Score: 75/100
• State rank: #63
• US rank: #4186

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Terre Haute, IN
• County: Vigo County · 91,193 people
• City population: 91,193
• Metro: Terre Haute, IN
• Population (ZIP): 33,135
• Household income: $57,395
• Rent vs Own: 41.0% rent · 59.0% own
• Severe rent burden: 1102.0

Population outlook (Vigo County) Hauer SSP2

• Today (2025): 106,366 people
• By 2030: 105,674 · -0.7%
• By 2040: 103,731 · -2.5%
• By 2050: 101,200 · -4.9%
• By 2075: 95,674 · -10.1%
• By 2100: 85,910 · -19.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Black 8% Two or more races 5% Hispanic / Latino 3% Asian 3%
• Common ancestry: Lithuanian 3% Slovak 2% Serbian 2%
• Foreign-born: 3% · China, Canada
• Languages at home: 96% English-only · Spanish 1% Other Indo-European 1% Chinese 1%

Political lean MEDSL · Vigo

• 2024 margin: R (+18.1) · D 40.0% · R 58.1% · Other 2.0%
• 2008→2024 swing: -33.9pp toward R · 2008: 15.8pp · 2024: -18.1pp
• All cycles: 2024: R+18.1 2020: R+14.7 2016: R+15.2 2012: D+0.8 2008: D+15.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -67.05%
• Current HPI: 183.0194
• Rent YoY: ▲ 1.23%
• Metro: Terre Haute, 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

1 event — show timeline

• 2026-05-26 Listed $150,000 THAAR

Property tax history

+7.4%/yr

Latest (2024): $2,748 · +4.7% YoY. Source: county tax records.