1422 S Tenth St · Goshen, IN 46526

$167,000

3 bd · 1.0 ba · 1,102 sqft · SingleFamily public records · 4 Days on market

Built 1949 6,621 sqft lot Est $180k · 7% under

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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 +23.7/30.0
• ARV discount +10.7/15.0
• DSCR +7.6/10.0
• 1% rule +5.3/10.0
• Livability +4.2/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Don't judge this one from the curb. The inside might surprise you! Much of the interior renovation has been completed and the house has a nice layout and feels bigger than it looks. The basement is dry and foundation is solid. The house sits on a corner with room for future garage potential. It still needs exterior improvements (a handful of windows, trim work, roof work) but the property offers an opportunity to continue adding value. The home is comfortable and livable while while still allowing room for finishing touches and exterior improvements to make it your own. Affordable opportunity for owner-occupant looking to build equity or handy-buyer. Convenient location near schools, parks

Key facts

• Solid foundation
• Corner lot
• Dry basement

Tags

• CORNER LOT
• DRY BASEMENT
• SOLID FOUNDATION
• EXTERIOR IMPROVEMENTS

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family site-built home; One story
• Construction: Aluminum and vinyl siding; Asphalt roof
• Exterior features: Corner, level lot; Lot dimensions approximately 50 x 132

Interior

• Bedrooms: Total of 6 rooms (bedrooms and living spaces combined)
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Central air conditioning; Natural gas forced-air heating
• Interior features: One fireplace; Partial basement
• Laundry & utility: Laundry located in the basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $167k.

Deal economics

• At list price, monthly cash flow is $318 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $167k).
• Cap rate 8.6% 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: Parkside Elementary School (math 57% / reading 42%, grade D, #279 of 994 statewide, top 30%, 252 students, 62% 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: 101 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 484 units permitted in Elkhart County in 2024 (136 in 5+ unit buildings).
• This rent runs 31% of the median local income ($67k/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 $5k 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.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $64k; list at $167k implies a 161% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $167,000

Questions for the listing agent

1. Built in 1949 — 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.03% ✓
• Cap rate: 8.58%
• Cash-on-cash: 8.17%
• DSCR: 1.36
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $179,626
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
505 Franklin St	0.25mi	3/1.5	1,120 (+2%)	1mo	$150,000	$134	82
1303 Wilson Ave	0.37mi	3/1.0	1,096 (-0%)	0mo	$177,000	$161	82
1206 S 12th St	0.22mi	3/1.5	1,120 (+2%)	9mo	$240,000	$214	78
1412 S 11th St	0.07mi	3/1.0	1,220 (+11%)	6mo	$185,000	$152	74
913 S 10th St	0.42mi	2/1.0 (-1)	1,160 (+5%)	2mo	$134,536	$116	65
619 S 8th St	0.71mi	3/1.0	1,128 (+2%)	6mo	$142,000	$126	58
902 S 8th St	0.49mi	2/1.0 (-1)	1,219 (+11%)	1mo	$200,000	$164	54
702 Lincolnway East	0.71mi	2/1.0 (-1)	1,104 (+0%)	10mo	$180,000	$163	53
809 S 6th St	0.62mi	2/1.0 (-1)	1,226 (+11%)	1mo	$250,000	$204	47
721 S 9th St	0.60mi	2/1.5 (-1)	1,192 (+8%)	6mo	$185,000	$155	46
714 S 12th St	0.62mi	4/1.0 (+1)	1,002 (-9%)	9mo	$186,000	$186	43
1205 E Reynolds St	0.74mi	2/1.5 (-1)	965 (-12%)	5mo	$180,000	$187	34

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: -3.9%
• Equity multiple: 0.85×
• Total profit: $-6,837
• Equity at exit: $24,900

10-year hold

• IRR: 5.8%
• Equity multiple: 1.43×
• Total profit: $19,968
• Equity at exit: $14,439

Cash invested: $46,760 (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 46526

• Home prices YoY: -28.8%
• Active inventory: 101
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,722 medium
• Mortgage (P&I): −$876
• Tax from tax record: −$97 /mo · $1,161/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$362
• Net cashflow: $318

Break-even live

Break-even rent $1,319

Max offer price $167,000

Occupancy floor 77%

Sensitivity live

Price	-10% $413	-5% $365	+0% $318	+5% $271	+10% $224
Rent	-10% $182	-5% $250	+0% $318	+5% $386	+10% $454
Rate	-1.0pp $402	-0.5pp $361	base $318	+0.5pp $275	+1.0pp $231

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: $41,750
• Closing costs: $5,010
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1401 Park 33 Blvd Goshen, IN	1.0–3.0	1.0–2.0	1170	$2,255	$1.93	22d	20	0.63mi
1006 S Indiana Ave Goshen, IN	1.0–3.0	1.0–2.0	1150	$1,995	$1.73	22d	1	1.25mi

Listing history 3 events

1. 2026-05-22
   listed $167,000 Active
2. 2010-08-11
   soldstatus $64,000
3. 2006-05-18
   soldstatus $150,000

ⓘ 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: $1,161 · $97/mo
• Projected year-2 tax: $1,290 · $108/mo
• Expected delta: +$129/yr (+$11/mo · 11.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 74% 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: $20,663
• − Mortgage interest: −$9,355
• − Property taxes: −$1,161
• − Insurance: −$835
• − Repairs & maintenance: −$1,653
• − Management: −$1,653
• − Depreciation: −$4,858
• Taxable income: $1,148
• Est. tax owed @ 24.0%: −$276
• After-tax cash flow: $3,543/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
• County: Elkhart County · 107,928 people
• City population: 33,668
• Metro: Elkhart-Goshen, IN
• Population (ZIP): 33,668
• Household income: $67,461
• Rent vs Own: 31.2% rent · 68.8% own
• Severe rent burden: 934.0

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 (67%)
• Race & ethnicity: White 67% Hispanic / Latino 26% Two or more races 12% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 16% Puerto Rican 4%
• Common ancestry: Romanian 2% Italian 2% Lithuanian 2%
• Foreign-born: 14% · Canada, China
• Languages at home: 73% English-only · Spanish 21% German/W. Germanic 4%

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: ▼ -89.57%
• Current HPI: 221.643
• Rent YoY: —
• Metro: Elkhart-Goshen, 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

+11.3% since first listed

3 events — show timeline

• 2026-05-22 Listed $167,000 IRMLS
• 2010-08-11 Sold (Public Records) $64,000 Public Records
• 2006-05-18 Sold (Public Records) $150,000 Public Records

Property tax history

+9.3%/yr

Latest (2025): $1,161 · +3.2% YoY. Source: county tax records.