1419 S 9th St

Noblesville, IN 46060

$350,000C-

4 bd · 3.0 ba · 2,500 sqft · Built 1950 · MultiFamily · Pending · 96 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,663/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$666
• HOA: −$0
• Vac / Maint / Mgmt: −$769
• Net cashflow: $392/mo
• Annual: $4,706/yr
• Cap rate: 7.64%
• Cash-on-cash: 4.80%
• DSCR: 1.21
• 1% rule: 1.05%
• Cash to close: $98,000

Investor read

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $350k.
• 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).
• It's been on market 96 days — a 9% lower offer ($318k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $318k (9.0% below list) — sets the bar for market timing.
• 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.
• 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.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+1.8%/yr); 456 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).
• Hamilton County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.
• 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.

Questions for listing agent

• 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.