414 S 9th St · Richmond, IN 47374

$99,750

3 bd · 1.0 ba · 1,308 sqft · MultiFamily public records · 684 Days on market

Built 1890 3,485 sqft lot Est $127k · 21% under

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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 +20.5/30.0
• ARV discount +15.0/15.0
• DSCR +6.5/10.0
• 1% rule +4.7/10.0
• 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 (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Great commercial opportunity with heavy traffic flow and high visibility. This site has potential for further expansion of existing or new retail opportunities. This site is located immediately north of the existing Family Dollar store at the corner of US 27 and South E Street. This property is also available as a long term investment rental with 2 large apartments and a very nice rentable 2.5 car garage. This is a great buy and hold investment. Call or text Kyle Tom @ 765.220.0199 for additional details today. (24 5/12 FT OM 394 LOT 10 SWS 24 1/2 FT OM 398 LOT SWS)

Key facts

• Rentable garage
• 2 large apartments
• High traffic flow

Tags

• HIGH TRAFFIC FLOW
• HIGH VISIBILITY
• POTENTIAL FOR EXPANSION
• LONG TERM INVESTMENT
• 2 LARGE APARTMENTS
• RENTABLE GARAGE

Property features AI

Finance

• Financial info: Annual tax listed

Exterior

• Parking: Detached parking
• Utilities: Public water; Public sewer
• Home design: Duplex residential income property; 2 stories
• Construction: Brick construction
• Exterior features: Asphalt shingle roof; 50 x 132 lot

Interior

• Interior features: 7 total rooms; Partial, unfinished basement with crawl space

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath multifamily listed at $100k.

Deal economics

• At list price, monthly cash flow is $132 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $96k (3.5% below list).
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.9% 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); Test Intermediate School (math 13% / reading 24%, grade F, #276 of 330 statewide, top 84%, 762 students, 75% 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; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 38 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $690 of loan paydown is wiped out by about $3k 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.

Negotiation context

• It's been on market 684 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y 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.

Risks & watch-outs

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

Recommended offer $87,780 (12.0% below list)

Questions for the listing agent

1. It's been on market 684 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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?
7. 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.
8. 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.
9. 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: 0.97% ✗
• Cap rate: 7.88%
• Cash-on-cash: 5.67%
• DSCR: 1.25
• GRM: 8.6

CMA / ARV

• ARV (on-the-fly): $126,876
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
705-705 1/2 S J St	0.50mi	2/2.0 (-1)	1,232 (-6%)	9mo	$120,000	$97	51
732 S 7th St	0.34mi	4/2.0 (+1)	1,120 (-14%)	17mo	$25,000	$22	37

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: -7.5%
• Equity multiple: 0.72×
• Total profit: $-7,777
• Equity at exit: $14,873

10-year hold

• IRR: 2.0%
• Equity multiple: 1.14×
• Total profit: $3,964
• Equity at exit: $8,625

Cash invested: $27,930 (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: 8.6×

Monthly cashflow live

• Estimated rent: $963 medium
• Mortgage (P&I): −$523
• Tax from tax record: −$64 /mo · $768/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$202
• Net cashflow: $132

Break-even live

Break-even rent $796

Max offer price $99,750

Occupancy floor 81%

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: $24,938
• Closing costs: $2,992
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
401 N 10th St Richmond, IN	1.0–2.0	1.0	817	$895	$1.09	43d	3	0.76mi
1300 S 18th St Richmond, IN	3.0	2.0	847	$1,040	$1.23	43d	7	1.00mi
1032 S 23rd St Richmond, IN	1.0–2.0	1.0	937	$790	$0.84	43d	4	1.11mi

Listing history 23 events

1. 2026-06-19
   days on market $99,750 Active 684 DOM
2. 2026-06-18
   days on market $99,750 Active 683 DOM
3. 2026-06-17
   days on market $99,750 Active 682 DOM
4. 2026-06-16
   days on market $99,750 Active 681 DOM
5. 2026-06-15
   days on market $99,750 Active 680 DOM
6. 2026-06-14
   days on market $99,750 Active 678 DOM
7. 2026-06-12
   days on market $99,750 Active 677 DOM
8. 2026-06-09
   days on market $99,750 Active 674 DOM
9. 2026-06-08
   days on market $99,750 Active 673 DOM
10. 2026-06-07
    days on market $99,750 Active 672 DOM
11. 2026-06-03
    days on market $99,750 Active 668 DOM
12. 2026-06-02
    days on market $99,750 Active 667 DOM
13. 2026-06-01
    days on market $99,750 Active 666 DOM
14. 2026-05-31
    days on market $99,750 Active 665 DOM
15. 2026-05-30
    days on market $99,750 Active 664 DOM
16. 2026-01-04
    status Active
17. 2026-01-01
    historical
18. 2025-01-02
    status Active
19. 2025-01-02
    price $99,750
20. 2025-01-01
    historical
21. 2024-08-26
    status Active
22. 2024-07-02
    historical
23. 2023-08-31
    listed $99,900 Active

ⓘ 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: $768 · $64/mo
• Projected year-2 tax: $808 · $67/mo
• Expected delta: +$40/yr (+$3/mo · 5.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 20% 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: $11,555
• − Mortgage interest: −$5,588
• − Property taxes: −$768
• − Insurance: −$499
• − Repairs & maintenance: −$924
• − Management: −$924
• − Depreciation: −$2,902
• Taxable loss: −$50
• Est. tax savings @ 24.0%: +$12
• After-tax cash flow: $1,596/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

-0.2% since first listed

8 events — show timeline

• 2026-01-04 Relisted — RRELMS
• 2026-01-01 Delisted — RRELMS
• 2025-01-02 Relisted — RRELMS
• 2025-01-02 Price Changed $99,750 RRELMS
• 2025-01-01 Delisted — RRELMS
• 2024-08-26 Relisted — RRELMS
• 2024-07-02 Delisted — RRELMS
• 2023-08-31 Listed $99,900 RRELMS

Property tax history

-6.5%/yr

Latest (2024): $768 · +0.0% YoY. Source: county tax records.