1422 S Tenth St

Goshen, IN 46526

$167,000C

3 bd · 1.0 ba · 1,102 sqft · Built 1949 · SingleFamily · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,722/mo
• Mortgage (P&I): −$876
• Tax + insurance: −$166
• HOA: −$0
• Vac / Maint / Mgmt: −$362
• Net cashflow: $318/mo
• Annual: $3,818/yr
• Cap rate: 8.58%
• Cash-on-cash: 8.17%
• DSCR: 1.36
• 1% rule: 1.03%
• Cash to close: $46,760

Investor read

• This is a 3-bed/1.0-bath single-family listed at $167k.
• 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).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• 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).
• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 102 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).
• Elkhart County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $64k; list at $167k implies a 161% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• 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.
• This rent runs 31% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.