The $300 to found a town is the smallest amount you pay. Upgrading the town from 500 to 42800 points (the maximum possible) takes about $100,000. You will need good or pure builders to upgrade the town, else the cost might be $200,000.
You should consider that somebody abandoned the 911 points town for some reason (usually to join a bigger, 10000-20000 points town). If you cannot get into a bigger town (at level 9 it's difficult, towns are looking for higher level players), you have these options:
1. Found a town (or join a small town), work and level up, then join a bigger town.
2. Play without a town, keep the money (except $10 for sleeping), level up, and once you are level 15+ try to join a bigger town.
3. Found a town and run it until it gets big. Set the rules, invite players to join, dismiss those who don't respect those rules. Make pacts with neighbors. Control your anger when you get dueled repeatedly. Be disappointed when people leave your town.