122 Crescent St · Goshen, IN 46528

$185,000

5 bd · 2.0 ba · 2,382 sqft · MultiFamily public records · 16 Days on market

Built 1890 0.50 ac lot Est $200k · 8% under

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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 +29.8/30.0
• ARV discount +10.9/15.0
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• 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: 2 units. confirmed

Listing remarks MLS

This duplex really cash flows. If you want a good investment property. .. this is it! All utilities are split and paid by tenants.

Key facts

• Spacious corner lot
• 0.5 acre lot
• 2 parking spots

Tags

• TURNKEY INVESTMENT OPPORTUNITY
• BARN GENERATING RENTAL INCOME
• SPACIOUS CORNER LOT
• INCOME PRODUCING PROPERTY

Property features AI

Exterior

• Parking: 2 open parking spaces
• Utilities: Public water; Public sewer
• Home design: Duplex residential income property; 2 stories
• Construction: Wood siding
• Exterior features: Covered patio/porch; Corner lot

Interior

• Kitchen: Range; Refrigerator
• Flooring: Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Hot water heating; Window unit(s) for cooling
• Interior features: Range, Refrigerator; Vinyl flooring; Basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $185k.

Deal economics

• At list price, monthly cash flow is $680 ($8k/yr) — positive. Per door: $340/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $185k).
• Recommended offer: $182k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.7% 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: 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: Chamberlain Elementary School (math 22% / reading 17%, grade F, #814 of 994 statewide, top 83%, 261 students, 82% 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).
• Market conditions: 74 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 $1k of loan paydown is wiped out by about $6k 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 $52k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 12y 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 $78k; list at $185k implies a 137% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $182,225 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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: 1.37% ✓
• Cap rate: 10.70%
• Cash-on-cash: 15.75%
• DSCR: 1.70
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $200,088
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
311 S 7th St	0.46mi	5/2.0	2,263 (-5%)	2mo	$179,000	$79	68
319 N 5th St	0.22mi	4/2.0 (-1)	2,088 (-12%)	8mo	$175,000	$84	58
308 E Madison St	0.52mi	5/5.0	2,050 (-14%)	1mo	$260,000	$127	39

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: 6.6%
• Equity multiple: 1.26×
• Total profit: $13,395
• Equity at exit: $27,584

10-year hold

• IRR: 16.0%
• Equity multiple: 2.31×
• Total profit: $67,689
• Equity at exit: $15,995

Cash invested: $51,800 (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: 74
• Price-to-rent: 12.2×

Monthly cashflow live

• Estimated rent: $2,530 high
• Mortgage (P&I): −$970
• Tax from tax record: −$271 /mo · $3,257/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$531
• Net cashflow: $680

Break-even live

Break-even rent $1,669

Max offer price $185,000

Occupancy floor 68%

Sensitivity live

Price	-10% $785	-5% $732	+0% $680	+5% $628	+10% $575
Rent	-10% $480	-5% $580	+0% $680	+5% $780	+10% $880
Rate	-1.0pp $773	-0.5pp $727	base $680	+0.5pp $632	+1.0pp $583

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,530
Total (2 units)			$2,530

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-19
   days on market $185,000 Active 16 DOM
2. 2026-06-18
   days on market $185,000 Active 15 DOM
3. 2026-06-17
   days on market $185,000 Active 14 DOM
4. 2026-06-16
   days on market $185,000 Active 13 DOM
5. 2026-06-15
   days on market $185,000 Active 12 DOM
6. 2026-06-14
   days on market $185,000 Active 10 DOM
7. 2026-06-13
   days on market $185,000 Active 9 DOM
8. 2026-06-10
   days on market $185,000 Active 7 DOM
9. 2026-06-09
   days on market $185,000 Active 6 DOM
10. 2026-06-08
    days on market $185,000 Active 5 DOM
11. 2026-06-07
    days on market $185,000 Active 4 DOM
12. 2026-06-05
    remarks 699-char remark
13. 2026-06-05
    listed $185,000 Active 1 DOM

ⓘ 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: $3,257 · $271/mo
• Projected year-2 tax: $3,257 · $271/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 2/10 Low 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: $30,360
• − Mortgage interest: −$10,363
• − Property taxes: −$3,257
• − Insurance: −$925
• − Repairs & maintenance: −$2,429
• − Management: −$2,429
• − Depreciation: −$5,382
• Taxable income: $5,575
• Est. tax owed @ 24.0%: −$1,338
• After-tax cash flow: $6,822/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

+185.1% since first listed

12 events — show timeline

• 2026-06-03 Listed $185,000 IRMLS
• 2025-11-15 Relisted — IRMLS
• 2025-10-30 Pending — IRMLS
• 2025-10-03 Price Changed $194,900 IRMLS
• 2025-09-10 Price Changed $199,900 IRMLS
• 2025-09-02 Listed $215,000 IRMLS
• 2023-07-06 Sold (Public Records) $78,000 Public Records
• 2022-01-17 Price Changed $890 RENT.
• 2019-02-15 Sold (MLS) $60,000 IRMLS
• 2018-12-27 Listed $65,000 IRMLS
• 2015-03-20 Sold (MLS) $60,300 IRMLS
• 2014-07-30 Listed $64,900 IRMLS

Property tax history

+2.4%/yr

Latest (2025): $3,257 · +8.1% YoY. Source: county tax records.