216 N 9th St · Decatur, IN 46733

$110,000

2 bd · 1.0 ba · 892 sqft · SingleFamily public records · 11 Days on market

Built 1948 6,534 sqft lot $123/sqft · 29% above area Est $157k · 30% under ↓ 11% since listing

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Why this score? — see what drove the F 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).

• ARV discount +15.0/15.0
• Cash flow +6.1/30.0
• Livability +3.9/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.4/10.0
• DSCR +0.5/10.0
• Appreciation +0.0/10.0

Listing remarks

Come and take a look at this nice investment property!!!! You can make it the perfect home for yourself or fix it up and make it as a rental with a good profit. This property offers a metal roof that is less than 10 years old, the furnace and AC units are in great working condition. This property also offers a great size lot. We are just waiting on you, great buyer to call it home. Come and see it yourself

Key facts

• Metal roof
• Great size lot
• 6,534 sq ft lot

Tags

• METAL ROOF
• GREAT SIZE LOT

Property features AI

Exterior

• Parking: Attached garage (1 car)
• Utilities: Public water; Public sewer
• Home design: Single-family site-built home; One story
• Construction: Aluminum siding; Metal roof; Has basement
• Exterior features: Level lot; Lot dimensions approximately 132 x 50

Interior

• Kitchen: Microwave; Refrigerator
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Central air conditioning; Natural gas forced air heating
• Interior features: Living room fireplace with gas log; Unfinished basement
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $-204 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $74k (32.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $71k (35.7% below list).
• Recommended offer: $71k (35.7% below list) — sets the bar for 1% rule.
• Cap rate 4.1% vs local median 3.4% in Decatur — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 77/100 on livability (#40 in IN, #3,038 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities F, commute F.
• North Adams Community Schools (town): math 29% / reading 35% proficiency, ranked #220 of 301 in IN (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bellmont Elementary (math 30% / reading 23%, grade F, #755 of 994 statewide, top 76%, 656 students, 60% FRL); Bellmont Middle School (math 21% / reading 36%, grade F, #224 of 330 statewide, top 68%, 313 students, 58% FRL); Bellmont Senior High School (math 42% / reading 57%, grade D, #123 of 369 statewide, top 36%, 641 students, 34% FRL).
• Market conditions: 55 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 78 units permitted in Adams County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Adams County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $70,702 (35.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.64% ✗
• Cap rate: 4.06%
• Cash-on-cash: -7.97%
• DSCR: 0.65
• GRM: 13.0

CMA / ARV

• ARV (median comp): $156,633
• List price: $110,000
• Delta: -29.77%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
127 N 9th St	0.07mi	2/1.0	909 (+2%)	2mo	$132,000	$145	92
104 N 11th St	0.18mi	2/1.0	872 (-2%)	16mo	$98,000	$112	75
815 Jefferson St	0.22mi	2/1.0	946 (+6%)	20mo	$65,000	$69	63
113 N 5th St	0.23mi	2/1.0	1,000 (+12%)	12mo	$140,000	$140	60
309 W Jackson St	0.33mi	2/1.0	968 (+8%)	15mo	$137,900	$142	58
433 Line St	0.52mi	3/1.5 (+1)	936 (+5%)	7mo	$146,000	$156	55
1515 W Monroe St	0.43mi	2/1.0	1,000 (+12%)	7mo	$144,000	$144	54
116 N 6th St	0.20mi	3/1.0 (+1)	988 (+11%)	17mo	$107,900	$109	53
110 S 15th St	0.46mi	3/1.0 (+1)	1,000 (+12%)	1mo	$184,900	$185	52
516 Patterson St	0.46mi	2/1.0	800 (-10%)	15mo	$115,000	$144	49
916 N 2nd St	0.64mi	2/1.0	850 (-5%)	18mo	$100,000	$118	48
1104 N 2nd St	0.73mi	2/1.0	864 (-3%)	22mo	$132,000	$153	42

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: -30.3%
• Equity multiple: -0.00×
• Total profit: $-30,835
• Equity at exit: $16,401

10-year hold

• IRR: -32.0%
• Equity multiple: -0.41×
• Total profit: $-43,570
• Equity at exit: $9,511

Cash invested: $30,800 (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 46733

• Home prices YoY: -18.9%
• Active inventory: 55
• Price-to-rent: 13.0×

Monthly cashflow live

• Estimated rent: $707 medium
• Mortgage (P&I): −$577
• Tax from tax record: −$140 /mo · $1,684/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$148
• Net cashflow: $-204

Break-even live

Break-even rent $966

Max offer price $73,879

Occupancy floor —

Sensitivity live

Price	-10% $-142	-5% $-173	+0% $-204	+5% $-236	+10% $-267
Rent	-10% $-260	-5% $-232	+0% $-204	+5% $-177	+10% $-149
Rate	-1.0pp $-149	-0.5pp $-176	base $-204	+0.5pp $-233	+1.0pp $-262

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1010 Lewis Pl Unit 1012 Decatur, IN	1.0	1.0	600	$675	$1.12	14d	1	0.64mi
1034 Lewis St Decatur, IN	1.0	1.0	600	$675	$1.12	21d	1	0.68mi
709 Woodlynn Dr Unit 752 Decatur, IN	2.0	1.0	816	$750	$0.92	44d	1	1.20mi
654 Woodlynn Dr Decatur, IN	2.0	1.0	816	$750	$0.92	44d	1	1.21mi

Listing history 2 events

1. 2026-05-06
   status Pending 409-char remark
2. 2026-04-26
   listed $110,000 Active 409-char remark

ⓘ 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: $1,684 · $140/mo
• Projected year-2 tax: $1,684 · $140/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 6/10 Major FEMA zone X (unshaded) · 69% 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $8,484
• − Mortgage interest: −$6,162
• − Property taxes: −$1,684
• − Insurance: −$550
• − Repairs & maintenance: −$679
• − Management: −$679
• − Depreciation: −$3,200
• Taxable loss: −$4,469
• Est. tax savings @ 24.0%: +$1,073
• After-tax cash flow: $-1,381/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: North Adams Community Schools
• NCES district ID: 1807680
• Math proficiency: 29% ▼ -3.00%
• Reading proficiency: 35% ▼ -6.00%
• Median HH income: $45,806
• Composite: 27.44/100
• National rank: #6964
• State rank: #220 of 301 in IN

Livability — Decatur

• Score: 77/100
• State rank: #40
• US rank: #3038

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Decatur, IN
• City population: 19,246
• Population (ZIP): 19,246

Population outlook (Adams County) Hauer SSP2

• Today (2025): 33,772 people
• By 2030: 32,927 · -2.5%
• By 2040: 31,349 · -7.2%
• By 2050: 29,447 · -12.8%
• By 2075: 24,062 · -28.8%
• By 2100: 18,126 · -46.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 6% Two or more races 4%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Lithuanian 2% Italian 2% Slovak 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · German/W. Germanic 3% Spanish 1%

Political lean MEDSL · Adams

• 2024 margin: Solid R (+52.6) · D 22.8% · R 75.4% · Other 1.8%
• 2008→2024 swing: -26.9pp toward R · 2008: -25.7pp · 2024: -52.6pp
• All cycles: 2024: R+52.6 2020: R+52.4 2016: R+52.5 2012: R+39.5 2008: R+25.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -50.02%
• Current HPI: 215.0238
• 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

-11.0% since first listed

3 events — show timeline

• 2026-06-01 Sold (MLS) $97,900 IRMLS
• 2026-05-06 Pending — IRMLS
• 2026-04-26 Listed $110,000 IRMLS

Property tax history

+19.5%/yr

Latest (2024): $1,684 · +9.3% YoY. Source: county tax records.