1419 S 9th St · Noblesville, IN 46060

$350,000

4 bd · 3.0 ba · 2,500 sqft · MultiFamily public records · 96 Days on market

Built 1950 6,534 sqft lot Est $342k · at est.

---

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 +19.4/30.0
• ARV discount +6.5/15.0
• DSCR +6.1/10.0
• 1% rule +5.5/10.0
• Schools +4.8/10.0
• Livability +4.3/5.0
• Rent growth +2.9/5.0
• 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

10% net cap rate on this triple close to downtown Noblesville. Completely rehabbed in 2019. New pex plumbing, HVAC, wiring and windows. New flooring, paint, appliances, cabinets, countertops in all three units (except B where the original hardwoods were restored). Dishwashers and laundry connection in Units A and B. Landlord responsible for water/sewer trash, each unit responsible for their own gas and electric. Full financials and lease information available via agent.

Key facts

• Recent updates
• Fully leased triplex
• 6,534 sq ft lot

Tags

• TRIPLEX INVESTMENT OPPORTUNITY
• FULLY LEASED TRIPLEX
• THREE WELL-MAINTAINED UNITS
• SPACIOUS LOWER-LEVEL UNIT
• TWO UPPER-LEVEL UNITS
• RECENT UPDATES

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $392 ($5k/yr) — positive. Per door: $196/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Recommended offer: $318k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 3.2% in Noblesville — 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 86/100 on livability (#3 in IN, #446 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, cost of living A+; Watch: commute F.
• Noblesville Schools (suburban): math 51% / reading 57% proficiency, ranked #26 of 301 in IN (top 9%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Hinkle Creek Elementary School (math 56% / reading 55%, grade C, #188 of 994 statewide, top 19%, 927 students, 19% FRL); Noblesville High School (math 53% / reading 79%, grade B, #28 of 369 statewide, top 7%, 3,227 students, 23% FRL) — zoned schools at 21% FRL track the district average.
• Market conditions: Rents rising (+1.8%/yr); 451 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 4,661 units permitted in Hamilton County in 2024 (1,528 in 5+ unit buildings).
• At $3,663/mo this rent would consume 48% of the median local household income ($92k/yr) (locally 641% 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 $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Hamilton County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 96 days — a 9% lower offer ($318k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 22y 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 $250k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $318,500 (9.0% below list)

Questions for the listing agent

1. It's been on market 96 days. Have you received any prior offers? Is the seller open to a 9% 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 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.05% ✓
• Cap rate: 7.64%
• Cash-on-cash: 4.80%
• DSCR: 1.21
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $342,500
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
410 S 11th St	0.65mi	4/3.0	2,184 (-13%)	9mo	$300,000	$137	41

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 · 1.79% rent growth · sell at horizon

5-year hold

• IRR: -10.2%
• Equity multiple: 0.63×
• Total profit: $-36,039
• Equity at exit: $52,186

10-year hold

• IRR: -2.6%
• Equity multiple: 0.83×
• Total profit: $-16,437
• Equity at exit: $30,262

Cash invested: $98,000 (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 46060

• Rents YoY: 1.8%
• Active inventory: 451
• Price-to-rent: 15.9×

Monthly cashflow live

• Estimated rent: $3,663 high
• Mortgage (P&I): −$1,835
• Tax from tax record: −$520 /mo · $6,244/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$769
• Net cashflow: $392

Break-even live

Break-even rent $3,167

Max offer price $350,000

Occupancy floor 84%

Sensitivity live

Price	-10% $590	-5% $491	+0% $392	+5% $293	+10% $194
Rent	-10% $103	-5% $247	+0% $392	+5% $537	+10% $682
Rate	-1.0pp $568	-0.5pp $481	base $392	+0.5pp $301	+1.0pp $209

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$3,662
Total (2 units)			$3,663

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
637 Cherry St Noblesville, IN	3.0	2.0	2000	$2,000	$1.00	24d	1	0.74mi

Listing history 20 events

1. 2025-12-05
   status Pending
2. 2025-09-22
   price $350,000
3. 2025-09-10
   price $380,000
4. 2025-08-29
   listed $350,000 Active
5. 2025-07-29
   historical
6. 2025-02-14
   listed $500,000 Active
7. 2020-06-19
   soldstatus $250,000 Sold 479-char remark

   Show marketing remark (479 chars)

   10% net cap rate on this triple close to downtown Noblesville. Completely rehabbed in 2019. New pex plumbing, HVAC, wiring and windows. New flooring, paint, appliances, cabinets, countertops in all three units (except B where the original hardwoods were restored). Dishwashers and laundry connection in Units A and B. Landlord responsible for water/sewer trash, each unit responsible for their own gas and electric. Full financials and lease information available via agent.

8. 2020-05-05
   status Pending 479-char remark

   Show marketing remark (479 chars)

   10% net cap rate on this triple close to downtown Noblesville. Completely rehabbed in 2019. New pex plumbing, HVAC, wiring and windows. New flooring, paint, appliances, cabinets, countertops in all three units (except B where the original hardwoods were restored). Dishwashers and laundry connection in Units A and B. Landlord responsible for water/sewer trash, each unit responsible for their own gas and electric. Full financials and lease information available via agent.

9. 2020-04-30
   historical 479-char remark

   Show marketing remark (479 chars)

   10% net cap rate on this triple close to downtown Noblesville. Completely rehabbed in 2019. New pex plumbing, HVAC, wiring and windows. New flooring, paint, appliances, cabinets, countertops in all three units (except B where the original hardwoods were restored). Dishwashers and laundry connection in Units A and B. Landlord responsible for water/sewer trash, each unit responsible for their own gas and electric. Full financials and lease information available via agent.

10. 2020-04-20
    listed $264,900 Active 479-char remark

    Show marketing remark (479 chars)

    10% net cap rate on this triple close to downtown Noblesville. Completely rehabbed in 2019. New pex plumbing, HVAC, wiring and windows. New flooring, paint, appliances, cabinets, countertops in all three units (except B where the original hardwoods were restored). Dishwashers and laundry connection in Units A and B. Landlord responsible for water/sewer trash, each unit responsible for their own gas and electric. Full financials and lease information available via agent.

11. 2019-09-13
    soldstatus $85,000 Sold
12. 2019-08-28
    status Pending
13. 2019-08-20
    listed $85,000 Active
14. 2014-11-14
    historical
15. 2014-11-14
    soldstatus $29,000
16. 2013-12-26
    listed $34,900
17. 2006-04-27
    historical
18. 2005-04-27
    listed $109,900
19. 2005-04-26
    historical
20. 2004-04-26
    listed $119,900

ⓘ 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: $6,244 · $520/mo
• Projected year-2 tax: $6,244 · $520/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 3/10 Moderate 7 d/yr ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,956
• − Mortgage interest: −$19,605
• − Property taxes: −$6,244
• − Insurance: −$1,750
• − Repairs & maintenance: −$3,516
• − Management: −$3,516
• − Depreciation: −$10,182
• Taxable loss: −$858
• Est. tax savings @ 24.0%: +$206
• After-tax cash flow: $4,912/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: Noblesville Schools
• NCES district ID: 1807650
• Math proficiency: 51% ▼ -12.00%
• Reading proficiency: 57% ▼ -8.00%
• Median HH income: $71,719
• Composite: 48.16/100
• National rank: #2177
• State rank: #26 of 301 in IN

Livability — Noblesville

• Score: 86/100
• State rank: #3
• US rank: #446

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Noblesville, IN
• County: Hamilton County · 337,479 people
• City population: 88,670
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 47,610
• Household income: $91,918
• Rent vs Own: 31.2% rent · 68.8% own
• Severe rent burden: 641.0

Population outlook (Hamilton County) Hauer SSP2

• Today (2025): 381,938 people
• By 2030: 417,496 · +9.3%
• By 2040: 486,684 · +27.4%
• By 2050: 549,805 · +44.0%
• By 2075: 687,078 · +79.9%
• By 2100: 754,495 · +97.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Hispanic / Latino 7% Two or more races 6% Black 6% Asian 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Romanian 3% Slovak 2% Italian 2%
• Foreign-born: 7% · Canada
• Languages at home: 91% English-only · Spanish 5% Other Indo-European 2% French/Haitian/Cajun 1%

Political lean MEDSL · Hamilton

• 2024 margin: Lean R (+6.1) · D 46.0% · R 52.1% · Other 1.9%
• 2008→2024 swing: +16.2pp toward D · 2008: -22.2pp · 2024: -6.1pp
• All cycles: 2024: R+6.1 2020: R+6.8 2016: R+19.6 2012: R+34.3 2008: R+22.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -165.86%
• Current HPI: 234.6658
• Rent YoY: ▲ 1.79%
• Metro: Indianapolis-Carmel-Anderson, 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

+191.9% since first listed

20 events — show timeline

• 2025-12-05 Pending — MIBOR as Distributed by MLS Grid
• 2025-09-22 Price Changed $350,000 MIBOR as Distributed by MLS Grid
• 2025-09-10 Price Changed $380,000 MIBOR as Distributed by MLS Grid
• 2025-08-29 Listed $350,000 MIBOR as Distributed by MLS Grid
• 2025-07-29 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-02-14 Listed $500,000 MIBOR as Distributed by MLS Grid
• 2020-06-19 Sold (MLS) $250,000 MIBOR as Distributed by MLS Grid
• 2020-05-05 Pending — MIBOR as Distributed by MLS Grid
• 2020-04-30 Listing Removed — MIBOR as Distributed by MLS Grid
• 2020-04-20 Listed $264,900 MIBOR as Distributed by MLS Grid
• 2019-09-13 Sold (MLS) $85,000 MIBOR as Distributed by MLS Grid
• 2019-08-28 Pending — MIBOR as Distributed by MLS Grid
• 2019-08-20 Listed $85,000 MIBOR as Distributed by MLS Grid
• 2014-11-14 Listing Removed — MIBOR as Distributed by MLS Grid
• 2014-11-14 Sold (MLS) $29,000 MIBOR as Distributed by MLS Grid
• 2013-12-26 Listed $34,900 MIBOR as Distributed by MLS Grid
• 2006-04-27 Listing Removed — MIBOR as Distributed by MLS Grid
• 2005-04-27 Listed $109,900 MIBOR as Distributed by MLS Grid
• 2005-04-26 Listing Removed — MIBOR as Distributed by MLS Grid
• 2004-04-26 Listed $119,900 MIBOR as Distributed by MLS Grid

Property tax history

+9.0%/yr

Latest (2025): $6,244 · -14.1% YoY. Source: county tax records.