500 S 10th St · Richmond, IN 47374

$160,000

8 bd · 4.0 ba · 3,010 sqft · MultiFamily public records · 47 Days on market

Built 1900 8,451 sqft lot ↓ 3% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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 (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

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

Unlock immediate income potential with this versatile 4-unit investment opportunity on a prime corner lot near South E Street with off-street parking available. Whether you're expanding your portfolio or making your first move into multifamily investing, this property offers the perfect blend of cash flow, upside, and flexibility. Live smart and occupy one unit while the remaining units help cover your mortgage or maximize returns by leasing all four. The property currently features a leased 2-bedroom apartment generating $850 (with gas and electric in the tenant's name), plus two updated 1-bedroom units ready for new tenants. These rent-ready apartments showcase attractive finishes includi

Key facts

• Off street parking
• 8,451 sq ft lot
• Built 1900

Tags

• 4 UNIT INVESTMENT OPPORTUNITY
• OFF STREET PARKING
• LEASED 2 BEDROOM APARTMENT
• UPDATED 1 BEDROOM UNITS
• THREE TOTAL WATER HEATERS
• HIGHLY CONVENIENT LOCATION

Property features AI

Finance

• Other: Zoned residential/multi-family

Exterior

• Utilities: Public water; Public sewer
• Home design: Residential income property; Quadruplex (4-unit); 2 stories
• Construction: Brick and vinyl siding construction
• Exterior features: Asphalt/shingle roof

Interior

• Bedrooms: Total of 16 rooms (room-level details not provided)
• Interior features: Full basement
• Laundry & utility: Electric water heater; Gas water heater

What this means for you Summary

Snapshot

• This is a 4 × 5-bed/4.0-bath units multifamily listed at $160k.

Deal economics

• At list price, monthly cash flow is $3k ($36k/yr) — positive. Per door: $759/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $160k).
• Recommended offer: $155k (3.0% below list) — sets the bar for market timing.
• Cap rate 29.1% 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); Dennis Middle School (math 9% / reading 22%, grade F, #293 of 330 statewide, top 90%, 597 students, 82% 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).
• At $5,244/mo this rent would consume 124% of the median local household income ($51k/yr) (locally 1600% 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 $1k of loan paydown is wiped out by about $5k 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 $45k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($155k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $155,200 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 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. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 3.28% ✓
• Cap rate: 29.07%
• Cash-on-cash: 81.35%
• DSCR: 4.62
• GRM: 2.5

CMA / ARV

• ARV (on-the-fly): $93,310
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1020 S C St	0.22mi	7/3.0 (-1)	3,192 (+6%)	17mo	$100,000	$31	56

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: 81.6%
• Equity multiple: 4.74×
• Total profit: $167,583
• Equity at exit: $23,857

10-year hold

• IRR: 85.0%
• Equity multiple: 9.82×
• Total profit: $395,322
• Equity at exit: $13,834

Cash invested: $44,800 (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 47374

• Active inventory: 273
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $5,244 medium
• Mortgage (P&I): −$839
• Tax est. 1.5%: −$200 /mo · $2,400/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,101
• Net cashflow: $3,037

Break-even live

Break-even rent $1,400

Max offer price $160,000

Occupancy floor 37%

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

Units	Beds	Baths	Est. rent
▸ 4× units	5	4	$5,244
Total (4 units)			$5,244

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-12
   statusdays on market $160,000 Pending 47 DOM
2. 2026-06-09
   days on market $160,000 Active 46 DOM
3. 2026-06-08
   days on market $160,000 Active 45 DOM
4. 2026-06-07
   days on market $160,000 Active 44 DOM
5. 2026-06-03
   days on market $160,000 Active 40 DOM
6. 2026-06-02
   days on market $160,000 Active 39 DOM
7. 2026-06-01
   days on market $160,000 Active 38 DOM
8. 2026-05-31
   days on market $160,000 Active 37 DOM
9. 2026-05-30
   days on market $160,000 Active 36 DOM
10. 2026-05-22
    price $160,000
11. 2026-04-24
    listed $165,000 Active

ⓘ 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 · 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: $62,928
• − Mortgage interest: −$8,962
• − Property taxes: −$2,400
• − Insurance: −$800
• − Repairs & maintenance: −$5,034
• − Management: −$5,034
• − Depreciation: −$4,655
• Taxable income: $36,042
• Est. tax owed @ 24.0%: −$8,650
• After-tax cash flow: $27,794/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

-3.0% since first listed

2 events — show timeline

• 2026-05-22 Price Changed $160,000 RRELMS
• 2026-04-24 Listed $165,000 RRELMS

Property tax history

-16.5%/yr

Latest (2024): $198 · +12.5% YoY. Source: county tax records.