652 Northgate Cir · Rochester, IN 46975

$5,395,000

5760 bd · 3600.0 ba · 74,198 sqft · MultiFamily · 54 Days on market

Built 1986 Good condition 3.97 ac lot

---

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 +25.7/30.0
• DSCR +8.6/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Condition / age +4.2/5.0
• Livability +3.5/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 60 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Northgate Apartments, located at 652 Northgate Cir in Rochester, Indiana, is a well-maintained 60-unit multifamily community offering a diverse unit mix and strong in-place performance. Built in 1986, the property features six, two-story buildings with an efficient layout. The property includes a balanced unit mix of 24 studio units, 26 two-bedroom townhomes, and 10 two-bedroom apartment units, catering to a wide range of tenant needs. Notably, the two-bedroom townhomes and two-bedroom apartment units are equipped with in-unit washer and dryer, enhancing tenant convenience and overall desirability.

Key facts

• 3.97 acre lot
• 120 parking spots
• Built 1986

Tags

• IN UNIT WASHER AND DRYER

What this means for you Summary

Snapshot

• This is a 24×1bd/1ba + 36×2bd/1ba units multifamily listed at $5.39M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $13k ($155k/yr) — positive. Per door: $216/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($64k rent vs $5.39M).
• Recommended offer: $5.23M (3.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 2.4% in Rochester — 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 69/100 on livability (#206 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: employment D, schools F, amenities F.
• Rochester Community School Corporation (town): math 31% / reading 41% proficiency, ranked #188 of 301 in IN (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 97 active listings in the ZIP; 23 units permitted in Fulton County in 2024 (0 in 5+ unit buildings).
• At $63,572/mo this rent would consume 1247% of the median local household income ($61k/yr) (locally 238% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $37k of loan paydown is wiped out by about $162k of value loss. Plan a longer hold.
• Fulton County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 54 days — a 3% lower offer ($5.23M) is reasonable based on typical stale-listing flexibility.

Recommended offer $5,233,150 (3.0% below list)

Questions for the listing agent

1. It's been on market 54 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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.
7. 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.
8. 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: 1.18% ✓
• Cap rate: 9.17%
• Cash-on-cash: 10.28%
• DSCR: 1.46
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -0.9%
• Equity multiple: 0.97×
• Total profit: $-49,219
• Equity at exit: $804,412

10-year hold

• IRR: 8.8%
• Equity multiple: 1.68×
• Total profit: $1,022,127
• Equity at exit: $466,461

Cash invested: $1,510,600 (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 46975

• Home prices YoY: -28.7%
• Active inventory: 97
• Price-to-rent: 439.6×

Monthly cashflow live

• Estimated rent: $63,572 medium
• Mortgage (P&I): −$28,292
• Tax est. 1.5%: −$6,744 /mo · $80,925/yr
• Insurance: −$2,248
• HOA: −$0
• Vacancy / Maint / Mgmt: −$13,350
• Net cashflow: $12,938

Break-even live

Break-even rent $47,194

Max offer price $5,395,000

Occupancy floor 75%

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

Units	Beds	Baths	Est. rent
▸ 24× units	1	1	$24,552
▸ 36× units	2	1	$39,024
Total (60 units)			$63,572

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: $1,348,750
• Closing costs: $161,850
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-09
   days on market $5,395,000 Active 54 DOM
2. 2026-06-08
   days on market $5,395,000 Active 53 DOM
3. 2026-06-07
   days on market $5,395,000 Active 52 DOM
4. 2026-06-03
   days on market $5,395,000 Active 48 DOM
5. 2026-06-02
   days on market $5,395,000 Active 47 DOM
6. 2026-06-01
   days on market $5,395,000 Active 46 DOM
7. 2026-05-31
   days on market $5,395,000 Active 45 DOM
8. 2026-05-31
   days on market $5,395,000 Active 44 DOM
9. 2026-04-16
   listed $5,395,000 Active 605-char remark

   Show marketing remark (605 chars)

   Northgate Apartments, located at 652 Northgate Cir in Rochester, Indiana, is a well-maintained 60-unit multifamily community offering a diverse unit mix and strong in-place performance. Built in 1986, the property features six, two-story buildings with an efficient layout. The property includes a balanced unit mix of 24 studio units, 26 two-bedroom townhomes, and 10 two-bedroom apartment units, catering to a wide range of tenant needs. Notably, the two-bedroom townhomes and two-bedroom apartment units are equipped with in-unit washer and dryer, enhancing tenant convenience and overall desirability.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 3/10 Moderate 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $762,864
• − Mortgage interest: −$302,204
• − Property taxes: −$80,925
• − Insurance: −$26,975
• − Repairs & maintenance: −$61,029
• − Management: −$61,029
• − Depreciation: −$156,945
• Taxable income: $73,756
• Est. tax owed @ 24.0%: −$17,702
• After-tax cash flow: $137,557/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.

Condition & rehab AI · 13 photos

Good 85/100 Cosmetic rehab

This well-maintained multi-family property offers a good investment opportunity with minimal repairs and updates needed. The exterior and interior are in good condition, and updates to the exterior and interior can significantly enhance its value.

Value-add opportunities

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics
• Both Re-carpeting or re-laying flooring — Improves comfort and appearance
• Both Upgrading kitchen appliances — Modernizes the space and attracts tenants

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics ↑
• Both Re-carpeting or re-laying flooring — Improves comfort and appearance ↑
• Both Upgrading kitchen appliances — Modernizes the space and attracts tenants ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Rochester Community School Corporation
• NCES district ID: 1809630
• Math proficiency: 31% ▼ -4.00%
• Reading proficiency: 41% ▲ 2.00%
• Median HH income: $42,645
• Composite: 30.44/100
• National rank: #6231
• State rank: #188 of 301 in IN

Livability — Rochester

• Score: 69/100
• State rank: #206
• US rank: #9060

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rochester, IN
• County: Fulton County · 13,824 people
• City population: 13,824
• Metro: nan
• Population (ZIP): 13,824
• Household income: $61,185
• Rent vs Own: 21.3% rent · 78.7% own
• Severe rent burden: 238.0

Population outlook (Fulton County) Hauer SSP2

• Today (2025): 19,537 people
• By 2030: 19,013 · -2.7%
• By 2040: 17,959 · -8.1%
• By 2050: 17,038 · -12.8%
• By 2075: 15,117 · -22.6%
• By 2100: 13,179 · -32.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 4% Two or more races 3%
• Common ancestry: Iranian 2% Scottish 2% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · German/W. Germanic 2% Spanish 1%

Political lean MEDSL · Fulton

• 2024 margin: Solid R (+51.2) · D 23.7% · R 74.9% · Other 1.4%
• 2008→2024 swing: -35.2pp toward R · 2008: -16.0pp · 2024: -51.2pp
• All cycles: 2024: R+51.2 2020: R+48.2 2016: R+48.4 2012: R+33.2 2008: R+16.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -85.72%
• Current HPI: 212.9033
• Rent YoY: —
• Metro: nan
• 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

• 2026-04-16 Listed $5,395,000 IRMLS