407-409 S 8th St · Richmond, IN 47374

$51,000

6 bd · 2.0 ba · 2,989 sqft · MultiFamily public records · 69 Days on market

Built 1910 6,534 sqft lot Est $66k · 22% under ↓ 32% since listing

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• 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 MLS

Discover the potential in this duplex located in the heart of Richmond! Priced to sell, this property is perfect for investors or DIY enthusiasts looking for their next project. With spacious living areas and a flexible layout, this duplex offers endless possibilities for customization. Don't miss out on this fantastic opportunity to transform this property into a true gem.

Key facts

• Flexible layout
• 6,534 sq ft lot
• Built 1910

Tags

• SPACIOUS LIVING AREAS
• FLEXIBLE LAYOUT
• POTENTIAL FOR CUSTOMIZATION

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $51k.

Deal economics

• At list price, monthly cash flow is $849 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $51k).
• Recommended offer: $48k (6.0% below list) — sets the bar for market timing.
• Cap rate 26.3% vs local median 5.2% in Richmond — 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 83/100 on livability (#10 in IN, #869 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D+, employment D-.
• Richmond Community Schools (town): math 18% / reading 27% proficiency, ranked #270 of 301 in IN (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Vaile Elementary School (math 17% / reading 22%, grade F, #814 of 994 statewide, top 83%, 304 students, 92% FRL); Test Intermediate School (math 13% / reading 24%, grade F, #276 of 330 statewide, top 84%, 762 students, 75% FRL); Richmond High School (math 21% / reading 48%, grade F, #270 of 369 statewide, top 77%, 1,332 students, 66% FRL).
• Market conditions: 273 active listings in the ZIP; 38 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).
• This rent runs 35% of the median local income ($51k/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 $353 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Wayne County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $47,940 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is D 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?
7. 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.
8. 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.
9. 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: 2.87% ✓
• Cap rate: 26.28%
• Cash-on-cash: 71.38%
• DSCR: 4.18
• GRM: 2.9

CMA / ARV

• ARV (on-the-fly): $65,758
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1215 S A St	0.42mi	6/2.0	2,924 (-2%)	10mo	$48,000	$16	68
242 S 8th St	0.11mi	6/—	3,398 (+14%)	14mo	$17,000	$5	61
1020 S C St	0.19mi	7/3.0 (+1)	3,192 (+7%)	17mo	$100,000	$31	56
425-427 S 15th St	0.53mi	6/2.0	2,640 (-12%)	2mo	$58,000	$22	54

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: 71.0%
• Equity multiple: 4.21×
• Total profit: $45,829
• Equity at exit: $7,604

10-year hold

• IRR: 75.0%
• Equity multiple: 8.67×
• Total profit: $109,547
• Equity at exit: $4,410

Cash invested: $14,280 (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 47374

• Active inventory: 273
• Price-to-rent: 2.9×

Monthly cashflow live

• Estimated rent: $1,466 medium
• Mortgage (P&I): −$267
• Tax from tax record: −$20 /mo · $236/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$308
• Net cashflow: $849

Break-even live

Break-even rent $390

Max offer price $51,000

Occupancy floor 37%

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: $12,750
• Closing costs: $1,530
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-04-28
   status Pending

   Show marketing remark (376 chars)

   Discover the potential in this duplex located in the heart of Richmond! Priced to sell, this property is perfect for investors or DIY enthusiasts looking for their next project. With spacious living areas and a flexible layout, this duplex offers endless possibilities for customization. Don't miss out on this fantastic opportunity to transform this property into a true gem.

2. 2026-04-28
   status Pending 376-char remark

   Show marketing remark (376 chars)

   Discover the potential in this duplex located in the heart of Richmond! Priced to sell, this property is perfect for investors or DIY enthusiasts looking for their next project. With spacious living areas and a flexible layout, this duplex offers endless possibilities for customization. Don't miss out on this fantastic opportunity to transform this property into a true gem.

3. 2026-02-20
   status Active 376-char remark

   Show marketing remark (376 chars)

   Discover the potential in this duplex located in the heart of Richmond! Priced to sell, this property is perfect for investors or DIY enthusiasts looking for their next project. With spacious living areas and a flexible layout, this duplex offers endless possibilities for customization. Don't miss out on this fantastic opportunity to transform this property into a true gem.

4. 2026-02-20
   price $51,000 376-char remark

   Show marketing remark (376 chars)

   Discover the potential in this duplex located in the heart of Richmond! Priced to sell, this property is perfect for investors or DIY enthusiasts looking for their next project. With spacious living areas and a flexible layout, this duplex offers endless possibilities for customization. Don't miss out on this fantastic opportunity to transform this property into a true gem.

5. 2026-02-17
   listed $51,000 Active
6. 2026-02-01
   historical 376-char remark

   Show marketing remark (376 chars)

   Discover the potential in this duplex located in the heart of Richmond! Priced to sell, this property is perfect for investors or DIY enthusiasts looking for their next project. With spacious living areas and a flexible layout, this duplex offers endless possibilities for customization. Don't miss out on this fantastic opportunity to transform this property into a true gem.

7. 2025-10-14
   price $59,000 376-char remark

   Show marketing remark (376 chars)

   Discover the potential in this duplex located in the heart of Richmond! Priced to sell, this property is perfect for investors or DIY enthusiasts looking for their next project. With spacious living areas and a flexible layout, this duplex offers endless possibilities for customization. Don't miss out on this fantastic opportunity to transform this property into a true gem.

8. 2025-10-14
   price $59,000

   Show marketing remark (376 chars)

   Discover the potential in this duplex located in the heart of Richmond! Priced to sell, this property is perfect for investors or DIY enthusiasts looking for their next project. With spacious living areas and a flexible layout, this duplex offers endless possibilities for customization. Don't miss out on this fantastic opportunity to transform this property into a true gem.

9. 2025-06-12
   price $64,000

   Show marketing remark (376 chars)

   Discover the potential in this duplex located in the heart of Richmond! Priced to sell, this property is perfect for investors or DIY enthusiasts looking for their next project. With spacious living areas and a flexible layout, this duplex offers endless possibilities for customization. Don't miss out on this fantastic opportunity to transform this property into a true gem.

10. 2025-06-12
    price $64,000 376-char remark

    Show marketing remark (376 chars)

    Discover the potential in this duplex located in the heart of Richmond! Priced to sell, this property is perfect for investors or DIY enthusiasts looking for their next project. With spacious living areas and a flexible layout, this duplex offers endless possibilities for customization. Don't miss out on this fantastic opportunity to transform this property into a true gem.

11. 2024-12-03
    price $69,000 376-char remark

    Show marketing remark (376 chars)

    Discover the potential in this duplex located in the heart of Richmond! Priced to sell, this property is perfect for investors or DIY enthusiasts looking for their next project. With spacious living areas and a flexible layout, this duplex offers endless possibilities for customization. Don't miss out on this fantastic opportunity to transform this property into a true gem.

12. 2024-12-03
    price $69,000

    Show marketing remark (376 chars)

    Discover the potential in this duplex located in the heart of Richmond! Priced to sell, this property is perfect for investors or DIY enthusiasts looking for their next project. With spacious living areas and a flexible layout, this duplex offers endless possibilities for customization. Don't miss out on this fantastic opportunity to transform this property into a true gem.

13. 2024-08-02
    listed $75,000 Active 376-char remark

    Show marketing remark (376 chars)

    Discover the potential in this duplex located in the heart of Richmond! Priced to sell, this property is perfect for investors or DIY enthusiasts looking for their next project. With spacious living areas and a flexible layout, this duplex offers endless possibilities for customization. Don't miss out on this fantastic opportunity to transform this property into a true gem.

14. 2024-08-02
    listed $75,000 Active

    Show marketing remark (376 chars)

    Discover the potential in this duplex located in the heart of Richmond! Priced to sell, this property is perfect for investors or DIY enthusiasts looking for their next project. With spacious living areas and a flexible layout, this duplex offers endless possibilities for customization. Don't miss out on this fantastic opportunity to transform this property into a true gem.

ⓘ 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: $236 · $20/mo
• Projected year-2 tax: $335 · $28/mo
• Expected delta: +$99/yr (+$8/mo · 41.8%)

ⓘ 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) · 73% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,586
• − Mortgage interest: −$2,857
• − Property taxes: −$236
• − Insurance: −$255
• − Repairs & maintenance: −$1,407
• − Management: −$1,407
• − Depreciation: −$1,484
• Taxable income: $9,941
• Est. tax owed @ 24.0%: −$2,386
• After-tax cash flow: $7,807/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: Richmond Community Schools
• NCES district ID: 1809510
• Math proficiency: 18% ▼ -7.00%
• Reading proficiency: 27% ▼ -2.00%
• Median HH income: $35,288
• Composite: 18.55/100
• National rank: #8913
• State rank: #270 of 301 in IN

Livability — Richmond

• Score: 83/100
• State rank: #10
• US rank: #869

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richmond, IN
• County: Wayne County · 44,615 people
• City population: 44,615
• Metro: Richmond, IN
• Population (ZIP): 44,615
• Household income: $50,766
• Rent vs Own: 36.0% rent · 64.0% own
• Severe rent burden: 1600.0

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 63,316 people
• By 2030: 60,893 · -3.8%
• By 2040: 55,386 · -12.5%
• By 2050: 49,946 · -21.1%
• By 2075: 37,900 · -40.1%
• By 2100: 26,562 · -58.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 7% Black 6% Hispanic / Latino 4% Asian 1%
• Common ancestry: Slovak 2% Italian 1% Lithuanian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 95% English-only · Spanish 3%

Political lean MEDSL · Wayne

• 2024 margin: Solid R (+32.5) · D 32.9% · R 65.4% · Other 1.6%
• 2008→2024 swing: -28.6pp toward R · 2008: -3.9pp · 2024: -32.5pp
• All cycles: 2024: R+32.5 2020: R+29.1 2016: R+30.1 2012: R+14.7 2008: R+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -118.64%
• Current HPI: 182.5038
• Rent YoY: —
• Metro: Richmond, 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

-32.0% since first listed

14 events — show timeline

• 2026-04-28 Pending — IRMLS
• 2026-04-28 Pending — RRELMS
• 2026-02-20 Relisted — RRELMS
• 2026-02-20 Price Changed $51,000 RRELMS
• 2026-02-17 Listed $51,000 IRMLS
• 2026-02-01 Delisted — RRELMS
• 2025-10-14 Price Changed $59,000 RRELMS
• 2025-10-14 Price Changed $59,000 IRMLS
• 2025-06-12 Price Changed $64,000 IRMLS
• 2025-06-12 Price Changed $64,000 RRELMS
• 2024-12-03 Price Changed $69,000 RRELMS
• 2024-12-03 Price Changed $69,000 IRMLS
• 2024-08-02 Listed $75,000 RRELMS
• 2024-08-02 Listed $75,000 IRMLS

Property tax history

-14.0%/yr

Latest (2024): $236 · +14.6% YoY. Source: county tax records.