334 W 9th St · Auburn, IN 46706

$229,900

2 bd · 2.0 ba · 1,846 sqft · MultiFamily public records · 14 Days on market

Built 1900 7,754 sqft lot

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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 +23.1/30.0
• ARV discount +7.5/15.0
• DSCR +7.4/10.0
• 1% rule +5.7/10.0
• Schools +3.9/10.0
• Livability +3.6/5.0
• 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

334 W 9th St, Auburn - Lower floor - 2 bed 1 bath, 1008 sq ft. Rents for $1000 a month - chances to increase at lease renewal. This unit offers large rooms, high ceilings, new bathroom, unique galley kitchen. Basement access, 1 car detached garage and a large lawn! Laundry services available in basement. Washer dryer hook up in basement. Currently marketed for Rent. So if interested in owner occupied - write your offer soon! Upper Unit -1 bed, 1 bath, 846 Sq ft. Rents for $600 a month - this cozy 1 bed 1 bath upstairs apartment today. This apartment offers hardwood floors through out, large storage closets, a large bedroom and living room. Bathroom has a shower stall only. The apartment is close to downtown no w/ d hookup, street parking only, Nipsco gas (water heater in basement with furnace), auburn city utilities. 2 gas meters, 2 electric meters. separate water meters. Has garage in rear of home that needs some attention but would increase revenue another $250 a month. Below photos for your reference when units were unoccupied.

Key facts

• 7,754 sq ft lot
• 2 parking spots
• Built 1900

Property features AI

Finance

• Other: Pets allowed with breed restrictions

Exterior

• Parking: 2 open parking spaces
• Utilities: Public water; Public sewer
• Home design: Duplex residential income property; 2-story
• Construction: Shingle siding; Built with full basement
• Exterior features: Level lot; Lot dimensions approximately 155 x 50

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator
• Flooring: Carpet; Tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating with natural gas
• Interior features: Dishwasher; Disposal; Microwave; Range; Refrigerator; Full basement
• Laundry & utility: Washer hookup; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $230k.

Deal economics

• At list price, monthly cash flow is $412 ($5k/yr) — positive. Per door: $206/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $230k).
• Cap rate 8.4% vs local median 2.6% in Auburn — 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 71/100 on livability (#125 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Dekalb County Ctl United School District (town): math 42% / reading 50% proficiency, ranked #91 of 301 in IN (top 30%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mckenney-Harrison Elementary Sch (math 51% / reading 37%, grade F, #408 of 994 statewide, top 41%, 644 students, 56% FRL); Dekalb Middle School (math 34% / reading 52%, grade D-, #92 of 330 statewide, top 29%, 800 students, 47% FRL); Dekalb High School (math 43% / reading 70%, grade C, #70 of 369 statewide, top 19%, 1,075 students, 36% FRL).
• Market conditions: 151 active listings in the ZIP; 116 units permitted in DeKalb County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• DeKalb County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 9y 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 $135k; list at $230k implies a 70% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $229,900

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 1900 — 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. 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.
6. 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.
7. 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: 1.07% ✓
• Cap rate: 8.44%
• Cash-on-cash: 7.69%
• DSCR: 1.34
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $134,758
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
334 W 9th St	0.00mi	3/2.0 (+1)	1,846 (0%)	15mo	$135,000	$73	82
335 W 4th St	0.16mi	3/2.0 (+1)	1,825 (-1%)	21mo	$125,000	$68	68

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: -4.6%
• Equity multiple: 0.83×
• Total profit: $-10,991
• Equity at exit: $34,279

10-year hold

• IRR: 5.1%
• Equity multiple: 1.38×
• Total profit: $24,262
• Equity at exit: $19,878

Cash invested: $64,372 (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 46706

• Home prices YoY: -15.2%
• Active inventory: 151
• Price-to-rent: 15.5×

Monthly cashflow live

• Estimated rent: $2,467 medium
• Mortgage (P&I): −$1,206
• Tax from tax record: −$235 /mo · $2,823/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$518
• Net cashflow: $412

Break-even live

Break-even rent $1,945

Max offer price $229,900

Occupancy floor 78%

Sensitivity live

Price	-10% $542	-5% $477	+0% $412	+5% $347	+10% $282
Rent	-10% $217	-5% $315	+0% $412	+5% $510	+10% $607
Rate	-1.0pp $528	-0.5pp $471	base $412	+0.5pp $353	+1.0pp $292

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,466
Total (2 units)			$2,467

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: $57,475
• Closing costs: $6,897
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-21
   statusdays on market $229,900 Pending 14 DOM
2. 2026-06-18
   days on market $229,900 Active 13 DOM
3. 2026-06-17
   days on market $229,900 Active 12 DOM
4. 2026-06-16
   days on market $229,900 Active 11 DOM
5. 2026-06-15
   days on market $229,900 Active 10 DOM
6. 2026-06-13
   days on market $229,900 Active 8 DOM
7. 2026-06-12
   days on market $229,900 Active 7 DOM
8. 2026-06-09
   days on market $229,900 Active 4 DOM
9. 2026-06-08
   days on market $229,900 Active 3 DOM
10. 2026-06-07
    days on market $229,900 Active 2 DOM
11. 2026-06-07
    remarks 699-char remark
12. 2026-06-07
    listed $229,900 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: $2,823 · $235/mo
• Projected year-2 tax: $2,823 · $235/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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°F today · 17 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: $29,604
• − Mortgage interest: −$12,878
• − Property taxes: −$2,823
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,368
• − Management: −$2,368
• − Depreciation: −$6,688
• Taxable income: $1,329
• Est. tax owed @ 24.0%: −$319
• After-tax cash flow: $4,628/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: Dekalb County Ctl United School District
• NCES district ID: 1801590
• Math proficiency: 42% ▼ -7.00%
• Reading proficiency: 50% ▼ -7.00%
• Median HH income: $48,100
• Composite: 39.26/100
• National rank: #4000
• State rank: #91 of 301 in IN

Livability — Auburn

• Score: 71/100
• State rank: #125
• US rank: #6607

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Auburn, IN
• Population (ZIP): 20,277

Population outlook (DeKalb County) Hauer SSP2

• Today (2025): 42,875 people
• By 2030: 42,678 · -0.5%
• By 2040: 41,494 · -3.2%
• By 2050: 38,939 · -9.2%
• By 2075: 31,457 · -26.6%
• By 2100: 20,780 · -51.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 3% Hispanic / Latino 2%
• Common ancestry: Iranian 3% Romanian 3% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · DeKalb

• 2024 margin: Solid R (+47.1) · D 25.6% · R 72.7% · Other 1.7%
• 2008→2024 swing: -31.9pp toward R · 2008: -15.2pp · 2024: -47.1pp
• All cycles: 2024: R+47.1 2020: R+47.2 2016: R+48.2 2012: R+31.7 2008: R+15.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -43.82%
• Current HPI: 243.6936
• 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

+228.9% since first listed

12 events — show timeline

• 2026-06-05 Listed $229,900 IRMLS
• 2025-08-31 Rental Removed $1,500 TURBOTENANT
• 2025-08-06 Listed for Rent $1,500 TURBOTENANT
• 2025-03-14 Sold (MLS) $135,000 IRMLS
• 2025-02-17 Rental Removed $1,000 APPFOLIO
• 2025-02-14 Pending — IRMLS
• 2025-02-10 Relisted — IRMLS
• 2025-01-31 Listed for Rent $1,000 APPFOLIO
• 2025-01-31 Delisted — IRMLS
• 2025-01-29 Listed $135,000 IRMLS
• 2017-09-06 Sold (MLS) $60,000 IRMLS
• 2017-04-23 Listed $69,900 IRMLS

Property tax history

+3.2%/yr

Latest (2024): $2,823 · +2.8% YoY. Source: county tax records.