606 - 608 S 5th St · Terre Haute, IN 47807

$265,000

3 bd · 2.0 ba · 3,780 sqft · MultiFamily public records · 1 Days on market

Built 1980

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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 +26.6/30.0
• DSCR +9.1/10.0
• ARV discount +7.5/15.0
• Appreciation +7.1/10.0
• 1% rule +7.0/10.0
• Livability +3.8/5.0
• Rent growth +3.4/5.0
• Schools +2.9/10.0
• Condition / age +2.5/5.0

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

Nice Duplex close to the college with 3 bedrooms and 1 bath per side. Tenants pay all utilities. Rent is $600. each side. On street parking and in the rear of the duplex. Call Brad to view @ 812-870-0971. 24 hour notice is required before showing. Property to be sold as/is//where/is. Buyer must sign "as is" addendum to purchase agreement.

Key facts

• Built 1980

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $265k.

Deal economics

• At list price, monthly cash flow is $711 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $265k).
• Cap rate 9.5% vs local median 4.7% in Terre Haute — 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 75/100 on livability (#63 in IN, #4,186 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, employment F.
• Vigo County School Corporation (urban): math 32% / reading 37% proficiency, ranked #202 of 301 in IN (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Farrington Grove Elementary School (math 27% / reading 22%, grade F, #762 of 994 statewide, top 78%, 428 students, 92% FRL); Sarah Scott Middle School (math 8% / reading 18%, grade F, #304 of 330 statewide, top 94%, 397 students, 86% FRL); Terre Haute South Vigo High School (math 37% / reading 72%, grade C-, #79 of 369 statewide, top 26%, 1,610 students, 51% FRL) — zoned schools average 76% FRL vs 47% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.7%/yr); 78 active listings in the ZIP; lower-income renter base — watch delinquency; 60 units permitted in Vigo County in 2024 (0 in 5+ unit buildings).
• At $3,167/mo this rent would consume 154% of the median local household income ($25k/yr) (locally 1836% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $13k of equity ($2k loan paydown + $11k appreciation (4.1% local appreciation)).
• Vigo County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (4.1% appreciation + 3.7% rent growth), your $74k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 7y 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 $45k; list at $265k implies a 489% gain — meaningful room to come down on a strong offer.

Recommended offer $265,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. Crime grade is F 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?
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 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: 1.20% ✓
• Cap rate: 9.51%
• Cash-on-cash: 11.50%
• DSCR: 1.51
• GRM: 7.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.14% appreciation · 3.74% rent growth · sell at horizon

5-year hold

• IRR: 21.3%
• Equity multiple: 2.29×
• Total profit: $95,962
• Equity at exit: $136,568

10-year hold

• IRR: 21.9%
• Equity multiple: 4.54×
• Total profit: $262,506
• Equity at exit: $225,149

Cash invested: $74,200 (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 47807

• Home prices YoY: 2.8%
• Rents YoY: 3.7%
• Active inventory: 78
• Price-to-rent: 13.9×

Monthly cashflow live

• Estimated rent: $3,167 high
• Mortgage (P&I): −$1,390
• Tax from tax record: −$291 /mo · $3,492/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$665
• Net cashflow: $711

Break-even live

Break-even rent $2,267

Max offer price $265,000

Occupancy floor 73%

Sensitivity live

Price	-10% $861	-5% $786	+0% $711	+5% $636	+10% $561
Rent	-10% $461	-5% $586	+0% $711	+5% $836	+10% $961
Rate	-1.0pp $844	-0.5pp $778	base $711	+0.5pp $642	+1.0pp $572

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,166
Total (2 units)			$3,167

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-04-08
   status Pending
2. 2026-04-03
   listed $265,000 Active
3. 2025-08-06
   historical $1,500
4. 2025-07-10
   listed $1,500
5. 2025-06-06
   historical $1,500
6. 2025-05-13
   price $1,500
7. 2025-02-17
   price $1,800
8. 2025-02-04
   listed $1,050
9. 2019-08-01
   soldstatus $45,000 351-char remark

   Show marketing remark (351 chars)

   Nice Duplex close to the college with 3 bedrooms and 1 bath per side. Tenants pay all utilities. Rent is $600. each side. On street parking and in the rear of the duplex. Call Brad to view @ 812-870-0971. 24 hour notice is required before showing. Property to be sold as/is//where/is. Buyer must sign "as is" addendum to purchase agreement.

10. 2019-01-15
    listed $45,000 351-char remark

    Show marketing remark (351 chars)

    Nice Duplex close to the college with 3 bedrooms and 1 bath per side. Tenants pay all utilities. Rent is $600. each side. On street parking and in the rear of the duplex. Call Brad to view @ 812-870-0971. 24 hour notice is required before showing. Property to be sold as/is//where/is. Buyer must sign "as is" addendum to purchase agreement.

ⓘ 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: $3,492 · $291/mo
• Projected year-2 tax: $3,492 · $291/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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥105°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $38,004
• − Mortgage interest: −$14,844
• − Property taxes: −$3,492
• − Insurance: −$1,325
• − Repairs & maintenance: −$3,040
• − Management: −$3,040
• − Depreciation: −$7,709
• Taxable income: $4,553
• Est. tax owed @ 24.0%: −$1,093
• After-tax cash flow: $7,437/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: Vigo County School Corporation
• NCES district ID: 1812090
• Math proficiency: 32% ▼ -10.00%
• Reading proficiency: 37% ▼ -8.00%
• Median HH income: $40,100
• Composite: 28.97/100
• National rank: #6625
• State rank: #202 of 301 in IN

Livability — Terre Haute

• Score: 75/100
• State rank: #63
• US rank: #4186

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Terre Haute, IN
• County: Vigo County · 91,193 people
• City population: 91,193
• Metro: Terre Haute, IN
• Population (ZIP): 13,140
• Household income: $24,706
• Rent vs Own: 73.5% rent · 26.5% own
• Severe rent burden: 1836.0

Population outlook (Vigo County) Hauer SSP2

• Today (2025): 106,366 people
• By 2030: 105,674 · -0.7%
• By 2040: 103,731 · -2.5%
• By 2050: 101,200 · -4.9%
• By 2075: 95,674 · -10.1%
• By 2100: 85,910 · -19.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Black 14% Two or more races 8% Hispanic / Latino 4%
• Common ancestry: Slovak 4% Romanian 2% Lithuanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 4% Arabic 1%

Political lean MEDSL · Vigo

• 2024 margin: R (+18.1) · D 40.0% · R 58.1% · Other 2.0%
• 2008→2024 swing: -33.9pp toward R · 2008: 15.8pp · 2024: -18.1pp
• All cycles: 2024: R+18.1 2020: R+14.7 2016: R+15.2 2012: D+0.8 2008: D+15.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.14%
• Current HPI: 152.8073
• Rent YoY: ▲ 3.74%
• Metro: Terre Haute, 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

+488.9% since first listed

10 events — show timeline

• 2026-04-08 Pending — THAAR
• 2026-04-03 Listed $265,000 THAAR
• 2025-08-06 Rental Removed $1,500 APPFOLIO
• 2025-07-10 Listed for Rent $1,500 APPFOLIO
• 2025-06-06 Rental Removed $1,500 APPFOLIO
• 2025-05-13 Price Changed $1,500 APPFOLIO
• 2025-02-17 Price Changed $1,800 APPFOLIO
• 2025-02-04 Listed for Rent $1,050 APPFOLIO
• 2019-08-01 Sold (MLS) $45,000 THAAR
• 2019-01-15 Listed $45,000 THAAR

Property tax history

-3.3%/yr

Latest (2024): $3,492 · +4.8% YoY. Source: county tax records.