115 S 9th St · Lafayette, IN 47905

$419,900

3 bd · 5.0 ba · 4,098 sqft · MultiFamily public records · 72 Days on market

Built 1900 10,411 sqft lot $102/sqft · 15% above area Est $366k · 15% over

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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 +29.6/30.0
• DSCR +10.0/10.0
• 1% rule +8.1/10.0
• Rent growth +3.8/5.0
• Livability +3.7/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• ARV discount +0.8/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

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 MLS

Fully rented 5-plex in highly desirable Historic 9th Street Hill neighborhood. Close to downtown. Earns $5,400 gross monthly rent. Every unit has been renovated within the past 4 years.

Key facts

• 0.24 acre lot
• 5 parking spots
• Built 1900

What this means for you Summary

Snapshot

• This is a 5 × 2-bed/1-bath units multifamily listed at $420k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive. Per door: $303/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $420k).
• Recommended offer: $395k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.6% vs local median 4.2% in Lafayette — 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 74/100 on livability (#68 in IN, #4,374 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, amenities D+, employment D+.
• Lafayette School Corporation (urban): math 29% / reading 34% proficiency, ranked #235 of 301 in IN (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.1%/yr); 219 active listings in the ZIP; 1,341 units permitted in Tippecanoe County in 2024 (869 in 5+ unit buildings).
• At $5,504/mo this rent would consume 100% of the median local household income ($66k/yr) (locally 1475% 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 $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Tippecanoe County population projected at +41% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 5.1% rent growth), your $118k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($395k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago; this cycle's ask has dropped $49k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $205k; list at $420k implies a 105% 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 $394,706 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% 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. 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 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?
8. Crime grade is F 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?
9. 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.
10. 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.
11. 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: 1.31% ✓
• Cap rate: 10.62%
• Cash-on-cash: 15.46%
• DSCR: 1.69
• GRM: 6.4

CMA / ARV

• ARV (median comp): $365,657
• List price: $419,900
• Delta: 14.83%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.12% rent growth · sell at horizon

5-year hold

• IRR: 8.6%
• Equity multiple: 1.34×
• Total profit: $40,449
• Equity at exit: $62,608

10-year hold

• IRR: 19.5%
• Equity multiple: 2.79×
• Total profit: $210,974
• Equity at exit: $36,305

Cash invested: $117,572 (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 47905

• Home prices YoY: -33.2%
• Rents YoY: 5.1%
• Active inventory: 219
• Price-to-rent: 31.8×

Monthly cashflow live

• Estimated rent: $5,504 high
• Mortgage (P&I): −$2,202
• Tax from tax record: −$457 /mo · $5,480/yr
• Insurance: −$175
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,156
• Net cashflow: $1,515

Break-even live

Break-even rent $3,587

Max offer price $419,900

Occupancy floor 67%

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

Units	Beds	Baths	Est. rent
▸ 5× units	2	1	$5,505
Total (5 units)			$5,504

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: $104,975
• Closing costs: $12,597
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-19
   days on market $419,900 Active 72 DOM
2. 2026-06-18
   days on market $419,900 Active 71 DOM
3. 2026-06-17
   days on market $419,900 Active 70 DOM
4. 2026-06-16
   days on market $419,900 Active 69 DOM
5. 2026-06-15
   days on market $419,900 Active 68 DOM
6. 2026-06-14
   days on market $419,900 Active 66 DOM
7. 2026-06-13
   pricedays on market $419,900 Active 65 DOM
8. 2026-06-10
   days on market $434,900 Active 63 DOM
9. 2026-06-09
   days on market $434,900 Active 62 DOM
10. 2026-06-08
    days on market $434,900 Active 61 DOM
11. 2026-06-07
    days on market $434,900 Active 60 DOM
12. 2026-06-02
    days on market $434,900 Active 55 DOM
13. 2026-06-01
    days on market $434,900 Active 54 DOM
14. 2026-05-31
    days on market $434,900 Active 53 DOM
15. 2026-05-30
    days on market $434,900 Active 52 DOM
16. 2026-05-14
    price $434,900 185-char remark

    Show marketing remark (185 chars)

    Fully rented 5-plex in highly desirable Historic 9th Street Hill neighborhood. Close to downtown. Earns $5,400 gross monthly rent. Every unit has been renovated within the past 4 years.

17. 2026-04-28
    price $449,900 185-char remark

    Show marketing remark (185 chars)

    Fully rented 5-plex in highly desirable Historic 9th Street Hill neighborhood. Close to downtown. Earns $5,400 gross monthly rent. Every unit has been renovated within the past 4 years.

18. 2026-04-08
    listed $469,000 Active 185-char remark

    Show marketing remark (185 chars)

    Fully rented 5-plex in highly desirable Historic 9th Street Hill neighborhood. Close to downtown. Earns $5,400 gross monthly rent. Every unit has been renovated within the past 4 years.

19. 2022-10-21
    soldstatus $205,000 Closed 214-char remark

    Show marketing remark (214 chars)

    Fully rented 5 unit building bringing in over $3,000 per month in gross rents. All leases expire in July, 2022 so the new owner can structure leases however they'd like. At least 24 hour notice needed for showings.

20. 2022-09-06
    status Pending 214-char remark

    Show marketing remark (214 chars)

    Fully rented 5 unit building bringing in over $3,000 per month in gross rents. All leases expire in July, 2022 so the new owner can structure leases however they'd like. At least 24 hour notice needed for showings.

21. 2022-06-21
    price $249,900 214-char remark

    Show marketing remark (214 chars)

    Fully rented 5 unit building bringing in over $3,000 per month in gross rents. All leases expire in July, 2022 so the new owner can structure leases however they'd like. At least 24 hour notice needed for showings.

22. 2022-06-07
    listed $274,900 Active 214-char remark

    Show marketing remark (214 chars)

    Fully rented 5 unit building bringing in over $3,000 per month in gross rents. All leases expire in July, 2022 so the new owner can structure leases however they'd like. At least 24 hour notice needed for showings.

ⓘ 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: $5,480 · $457/mo
• Projected year-2 tax: $5,480 · $457/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 ≥102°F today · 18 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: $66,048
• − Mortgage interest: −$23,521
• − Property taxes: −$5,480
• − Insurance: −$2,100
• − Repairs & maintenance: −$5,284
• − Management: −$5,284
• − Depreciation: −$12,215
• Taxable income: $12,165
• Est. tax owed @ 24.0%: −$2,920
• After-tax cash flow: $15,255/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: Lafayette School Corporation
• NCES district ID: 1805400
• Math proficiency: 29% ▼ -9.00%
• Reading proficiency: 34% ▼ -7.00%
• Median HH income: $39,817
• Composite: 26.46/100
• National rank: #7217
• State rank: #235 of 301 in IN

Livability — Lafayette

• Score: 74/100
• State rank: #68
• US rank: #4374

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lafayette, IN
• County: Tippecanoe County · 181,820 people
• City population: 106,622
• Metro: Lafayette-West Lafayette, IN
• Population (ZIP): 42,219
• Household income: $65,861
• Rent vs Own: 38.6% rent · 61.4% own
• Severe rent burden: 1475.0

Population outlook (Tippecanoe County) Hauer SSP2

• Today (2025): 215,327 people
• By 2030: 232,284 · +7.9%
• By 2040: 266,517 · +23.8%
• By 2050: 302,826 · +40.6%
• By 2075: 394,445 · +83.2%
• By 2100: 463,500 · +115.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 12% Two or more races 8% Black 7% Asian 4%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Romanian 3% Italian 2% Slovak 2%
• Foreign-born: 10% · Canada, China, Vietnam
• Languages at home: 91% English-only · Spanish 6% Other Asian/Pacific 1% Vietnamese 1%

Political lean MEDSL · Tippecanoe

• 2024 margin: Toss-up / Even · D 49.0% · R 49.1% · Other 1.9%
• 2008→2024 swing: -11.8pp toward R · 2008: 11.6pp · 2024: -0.1pp
• All cycles: 2024: R+0.1 2020: D+0.6 2016: R+5.7 2012: R+3.6 2008: D+11.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -113.05%
• Current HPI: 227.1583
• Rent YoY: ▲ 5.12%
• Metro: Lafayette-West Lafayette, 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

+58.2% since first listed

7 events — show timeline

• 2026-05-14 Price Changed $434,900 IRMLS
• 2026-04-28 Price Changed $449,900 IRMLS
• 2026-04-08 Listed $469,000 IRMLS
• 2022-10-21 Sold (MLS) $205,000 IRMLS
• 2022-09-06 Pending — IRMLS
• 2022-06-21 Price Changed $249,900 IRMLS
• 2022-06-07 Listed $274,900 IRMLS

Property tax history

+3.0%/yr

Latest (2024): $5,480 · +31.1% YoY. Source: county tax records.