1323 S 8th St · Goshen, IN 46528

$399,000

5 bd · 1.0 ba · 3,803 sqft · MultiFamily public records · 205 Days on market

Built 1900 7,841 sqft lot $105/sqft · 44% above area

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 5 units. estimate disagrees with records

Listing remarks MLS

Opportunity is knocking at this fully occupied 5 unit investment property near downtown Goshen! Close to Goshen Hospital, Goshen College, biking and walking trails, schools and shopping. Location, location, location! This all brick two story has plenty of on street and off street parking, and walking distance to all Goshen Indiana has to offer! Separate gas and electric meters. Owner pays gas and electric for common area out of rental income.

Key facts

• Off street parking
• Walking distance
• Near downtown

Tags

• INVESTMENT PROPERTY
• NEAR DOWNTOWN
• ON STREET PARKING
• OFF STREET PARKING
• WALKING DISTANCE

What this means for you Summary

Snapshot

• This is a 5 × 5-bed/5.0-bath units multifamily listed at $399k.

Deal economics

• At list price, monthly cash flow is $2k ($29k/yr) — positive. Per door: $478/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $399k).
• Recommended offer: $351k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.5% 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: schools D+, 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.
• Market conditions: 77 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 $3k of loan paydown is wiped out by about $12k 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 $112k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 205 days — a 12% lower offer ($351k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 16y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $114k; list at $399k implies a 250% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $351,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 205 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.61% ✓
• Cap rate: 13.48%
• Cash-on-cash: 25.66%
• DSCR: 2.14
• GRM: 5.2

CMA / ARV

• ARV (median comp): $192,497
• List price: $399,000
• Delta: 107.28%
• Verdict: OVERPRICED
• Comps: 15 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1508 S 8th St	0.11mi	5/3.0	3,234 (-15%)	5mo	$240,000	$74	57

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: 19.3%
• Equity multiple: 1.78×
• Total profit: $87,547
• Equity at exit: $59,492

10-year hold

• IRR: 27.6%
• Equity multiple: 3.44×
• Total profit: $272,357
• Equity at exit: $34,498

Cash invested: $111,720 (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: 77
• Price-to-rent: 25.9×

Monthly cashflow live

• Estimated rent: $6,418 medium
• Mortgage (P&I): −$2,092
• Tax from tax record: −$423 /mo · $5,072/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,348
• Net cashflow: $2,389

Break-even live

Break-even rent $3,394

Max offer price $399,000

Occupancy floor 58%

Sensitivity live

Price	-10% $2,615	-5% $2,502	+0% $2,389	+5% $2,276	+10% $2,163
Rent	-10% $1,882	-5% $2,135	+0% $2,389	+5% $2,642	+10% $2,896
Rate	-1.0pp $2,590	-0.5pp $2,490	base $2,389	+0.5pp $2,286	+1.0pp $2,180

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

Units	Beds	Baths	Est. rent
▸ 5× units	5	5	$6,420
Total (5 units)			$6,418

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-05-31
   days on market $399,000 Active 205 DOM
2. 2026-05-30
   days on market $399,000 Active 204 DOM
3. 2025-11-07
   listed $399,000 Active 449-char remark

   Show marketing remark (449 chars)

   Opportunity is knocking at this fully occupied 5 unit investment property near downtown Goshen! Close to Goshen Hospital, Goshen College, biking and walking trails, schools and shopping. Location, location, location! This all brick two story has plenty of on street and off street parking, and walking distance to all Goshen Indiana has to offer! Separate gas and electric meters. Owner pays gas and electric for common area out of rental income.

4. 2025-10-08
   historical $525
5. 2025-10-02
   listed $525
6. 2025-08-23
   status Active
7. 2025-08-23
   historical
8. 2025-07-19
   historical $795
9. 2025-06-13
   listed $795
10. 2025-05-06
    price $409,900
11. 2025-02-24
    price $435,000
12. 2025-01-07
    status Active
13. 2024-12-20
    status Active
14. 2024-12-11
    historical Active Under Contract
15. 2024-10-04
    status Pending
16. 2024-07-02
    listed $455,000 Active
17. 2022-01-02
    price $680
18. 2010-01-20
    listed $184,900
19. 1999-09-09
    soldstatus $114,000

ⓘ 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: $5,072 · $423/mo
• Projected year-2 tax: $5,072 · $423/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 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: $77,016
• − Mortgage interest: −$22,350
• − Property taxes: −$5,072
• − Insurance: −$1,995
• − Repairs & maintenance: −$6,161
• − Management: −$6,161
• − Depreciation: −$11,607
• Taxable income: $23,669
• Est. tax owed @ 24.0%: −$5,681
• After-tax cash flow: $22,986/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

+250.0% since first listed

17 events — show timeline

• 2025-11-07 Listed $399,000 IRMLS
• 2025-10-08 Rental Removed $525 APPFOLIO
• 2025-10-02 Listed for Rent $525 APPFOLIO
• 2025-08-23 Relisted — IRMLS
• 2025-08-23 Delisted — IRMLS
• 2025-07-19 Rental Removed $795 APPFOLIO
• 2025-06-13 Listed for Rent $795 APPFOLIO
• 2025-05-06 Price Changed $409,900 IRMLS
• 2025-02-24 Price Changed $435,000 IRMLS
• 2025-01-07 Relisted — IRMLS
• 2024-12-20 Relisted — IRMLS
• 2024-12-11 Contingent — IRMLS
• 2024-10-04 Pending — IRMLS
• 2024-07-02 Listed $455,000 IRMLS
• 2022-01-02 Price Changed $680 RENT.
• 2010-01-20 Listed $184,900 IRMLS
• 1999-09-09 Sold (Public Records) $114,000 Public Records

Property tax history

-0.2%/yr

Latest (2025): $5,072 · +0.4% YoY. Source: county tax records.