612 W 4th St · Marion, IN 46952

$535,000

4 bd · 4.0 ba · 3,610 sqft · MultiFamily public records · 2 Days on market

Built 1900 0.26 ac 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 +29.4/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.1/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 9 units. estimate disagrees with records

Listing remarks MLS

Let's be direct, this place needs ALOT of work!! This is an ideal property for an investor looking for a challenge, or the aspiring horror film director looking for their next filming location. It was originally set up as 8- 1 bedroom apartments, but with this much square footage, it's current condition, and a lot of imagination the configuration possibilities are open. This home is very open concept, by that most of the inside is open to the outside because of the number of broken windows. Most of the home has been stripped, except for a number of broken doors and old toilets stacked in one of the old apartments. If you decide to live dangerously and want to see this one in person please sign a hold harmless, be vigilant, and bring a flashlight. As-Is

Key facts

• New water heaters
• Off-street parking
• 0.26 acre lot

Tags

• INVESTMENT OPPORTUNITY
• RENOVATED APARTMENT BUILDING
• NEW HVAC MINI-SPLIT SYSTEMS
• NEW WATER HEATERS
• NEW KITCHEN APPLIANCES
• OFF-STREET PARKING

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Residential income property; Multi-family (apartment building, 5+ units)
• Construction: Vinyl siding
• Exterior features: Shingle roof; Sloped lot; Publicly maintained road; Has view

Interior

• Kitchen: Range; Oven; Refrigerator
• Heating & cooling: Has cooling
• Interior features: Ceiling fans; Partial basement
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 9 × 1-bed/?-bath units multifamily listed at $535k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $211/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $535k).
• Cap rate 10.6% vs local median 8.7% in Marion — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 65/100 on livability (#337 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Marion Community Schools (town): math 18% / reading 24% proficiency, ranked #277 of 301 in IN (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Marion High School (math 12% / reading 47%, grade F, #308 of 369 statewide, top 84%, 1,050 students, 66% FRL) — zoned schools at 66% FRL track the district average.
• Market conditions: 124 active listings in the ZIP; 52 units permitted in Grant County in 2024 (8 in 5+ unit buildings).
• At $6,457/mo this rent would consume 147% of the median local household income ($53k/yr) (locally 662% 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 $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Grant County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $150k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 5y 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 $10k; list at $535k implies a 5250% 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 $535,000

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. Schools are F-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. 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 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: 1.21% ✓
• Cap rate: 10.55%
• Cash-on-cash: 15.22%
• DSCR: 1.68
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $194,940
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1005 W Spencer Ave	0.40mi	5/2.0 (+1)	3,248 (-10%)	8mo	$175,000	$54	45

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: 5.9%
• Equity multiple: 1.23×
• Total profit: $34,102
• Equity at exit: $79,770

10-year hold

• IRR: 15.2%
• Equity multiple: 2.23×
• Total profit: $184,663
• Equity at exit: $46,257

Cash invested: $149,800 (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 46952

• Home prices YoY: -29.9%
• Active inventory: 124
• Price-to-rent: 62.1×

Monthly cashflow live

• Estimated rent: $6,457 medium
• Mortgage (P&I): −$2,806
• Tax from tax record: −$173 /mo · $2,072/yr
• Insurance: −$223
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,356
• Net cashflow: $1,900

Break-even live

Break-even rent $4,052

Max offer price $535,000

Occupancy floor 66%

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

Units	Beds	Baths	Est. rent
▸ 9× units	1	—	$6,453
Total (9 units)			$6,457

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: $133,750
• Closing costs: $16,050
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-19
   days on market $535,000 Active 2 DOM
2. 2026-06-18
   remarks 683-char remark
3. 2026-06-18
   listed $535,000 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: $2,072 · $173/mo
• Projected year-2 tax: $3,310 · $276/mo
• Expected delta: +$1,238/yr (+$103/mo · 59.7%)

ⓘ 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 ≥100°F today · 18 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: $77,484
• − Mortgage interest: −$29,968
• − Property taxes: −$2,072
• − Insurance: −$2,675
• − Repairs & maintenance: −$6,199
• − Management: −$6,199
• − Depreciation: −$15,564
• Taxable income: $14,808
• Est. tax owed @ 24.0%: −$3,554
• After-tax cash flow: $19,244/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: Marion Community Schools
• NCES district ID: 1806390
• Math proficiency: 18% ▼ -9.00%
• Reading proficiency: 24% ▼ -6.00%
• Median HH income: $33,415
• Composite: 17.13/100
• National rank: #9115
• State rank: #277 of 301 in IN

Livability — Marion

• Score: 65/100
• State rank: #337
• US rank: #13006

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Marion, IN
• County: Grant County · 41,561 people
• City population: 41,561
• Metro: Marion, IN
• Population (ZIP): 18,189
• Household income: $52,880
• Rent vs Own: 31.5% rent · 68.5% own
• Severe rent burden: 662.0

Population outlook (Grant County) Hauer SSP2

• Today (2025): 64,394 people
• By 2030: 62,145 · -3.5%
• By 2040: 57,252 · -11.1%
• By 2050: 52,968 · -17.7%
• By 2075: 45,986 · -28.6%
• By 2100: 39,400 · -38.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 7% Hispanic / Latino 5% Black 4% Asian 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 3% Romanian 1% Iranian 1%
• Foreign-born: 4% · Canada
• Languages at home: 96% English-only · Spanish 3%

Political lean MEDSL · Grant

• 2024 margin: Solid R (+41.8) · D 28.2% · R 70.0% · Other 1.9%
• 2008→2024 swing: -28.7pp toward R · 2008: -13.1pp · 2024: -41.8pp
• All cycles: 2024: R+41.8 2020: R+38.8 2016: R+39.5 2012: R+22.0 2008: R+13.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -76.69%
• Current HPI: 180.1174
• Rent YoY: —
• Metro: Marion, 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

+5250.0% since first listed

3 events — show timeline

• 2026-06-17 Listed $535,000 SEIBR
• 2021-08-11 Sold (MLS) $10,000 IRMLS
• 2021-07-07 Listed $10,000 IRMLS

Property tax history

+6.8%/yr

Latest (2025): $2,072 · -3.4% YoY. Source: county tax records.