1224 W 4th St · Marion, IN 46952

$89,900

5 bd · 2.5 ba · 3,226 sqft · SingleFamily public records · 71 Days on market

Built 1910 0.34 ac lot $28/sqft · 50% below area

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Listing remarks MLS

Spacious 5-bedroom, 2.5-bath two-story home with a full basement, offering incredible potential for the right buyer! Situated on a desirable corner lot, this property features a 2-car attached garage and a generous layout perfect for growing families or investors. Inside, you’ll find ample living space with room to customize and make it your own. While the home does need some work, it presents a fantastic opportunity to build equity and create your dream home or a profitable investment. Conveniently located and full of possibilities, this property is priced to sell. Don’t miss your chance to bring this home back to life—schedule your showing today! Property is being sold in as-is condition.

Key facts

• 0.34 acre lot
• 2 garage spots
• Built 1910

What this means for you Summary

Snapshot

• This is a 5-bed/2.5-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $466 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $85k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.5% vs local median 8.7% in Marion — 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 65/100 on livability (#337 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute 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.
• Market conditions: 124 active listings in the ZIP; 52 units permitted in Grant County in 2024 (8 in 5+ unit buildings).
• This rent runs 31% of the median local income ($53k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k 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 $25k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($85k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 10y ago; this cycle's ask has dropped $9k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $52k; list at $90k implies a 73% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $84,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.51% ✓
• Cap rate: 12.51%
• Cash-on-cash: 22.19%
• DSCR: 1.99
• GRM: 5.5

CMA / ARV

• ARV (median comp): $180,089
• List price: $89,900
• Delta: -50.08%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
512 S Gallatin St	0.61mi	6/2.0 (+1)	3,290 (+2%)	5mo	$57,500	$17	57
909 W Spencer Ave	0.37mi	4/2.5 (-1)	3,184 (-1%)	24mo	$230,000	$72	55
910 W Spencer Ave	0.40mi	4/2.5 (-1)	2,874 (-11%)	8mo	$175,000	$61	51
815 S Boots St	0.75mi	4/2.0 (-1)	3,070 (-5%)	14mo	$13,000	$4	38

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: 15.0%
• Equity multiple: 1.60×
• Total profit: $15,095
• Equity at exit: $13,404

10-year hold

• IRR: 23.7%
• Equity multiple: 3.04×
• Total profit: $51,378
• Equity at exit: $7,773

Cash invested: $25,172 (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: 5.5×

Monthly cashflow live

• Estimated rent: $1,362 medium
• Mortgage (P&I): −$471
• Tax from tax record: −$101 /mo · $1,215/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$286
• Net cashflow: $466

Break-even live

Break-even rent $772

Max offer price $89,900

Occupancy floor 61%

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $89,900 Active 71 DOM
2. 2026-06-18
   days on market $89,900 Active 70 DOM
3. 2026-06-17
   days on market $89,900 Active 69 DOM
4. 2026-06-16
   days on market $89,900 Active 68 DOM
5. 2026-06-15
   days on market $89,900 Active 67 DOM
6. 2026-06-14
   days on market $89,900 Active 65 DOM
7. 2026-06-12
   days on market $89,900 Active 64 DOM
8. 2026-06-09
   days on market $89,900 Active 61 DOM
9. 2026-06-08
   days on market $89,900 Active 60 DOM
10. 2026-06-07
    days on market $89,900 Active 59 DOM
11. 2026-06-02
    days on market $89,900 Active 54 DOM
12. 2026-06-01
    days on market $89,900 Active 53 DOM
13. 2026-05-31
    days on market $89,900 Active 52 DOM
14. 2026-05-30
    days on market $89,900 Active 51 DOM
15. 2026-04-09
    price $99,900 717-char remark

    Show marketing remark (717 chars)

    Spacious 5-bedroom, 2.5-bath two-story home with a full basement, offering incredible potential for the right buyer! Situated on a desirable corner lot, this property features a 2-car attached garage and a generous layout perfect for growing families or investors. Inside, you’ll find ample living space with room to customize and make it your own. While the home does need some work, it presents a fantastic opportunity to build equity and create your dream home or a profitable investment. Conveniently located and full of possibilities, this property is priced to sell. Don’t miss your chance to bring this home back to life—schedule your showing today! Property is being sold in as-is condition.

16. 2026-04-09
    listed $99,000 Active 717-char remark

    Show marketing remark (717 chars)

    Spacious 5-bedroom, 2.5-bath two-story home with a full basement, offering incredible potential for the right buyer! Situated on a desirable corner lot, this property features a 2-car attached garage and a generous layout perfect for growing families or investors. Inside, you’ll find ample living space with room to customize and make it your own. While the home does need some work, it presents a fantastic opportunity to build equity and create your dream home or a profitable investment. Conveniently located and full of possibilities, this property is priced to sell. Don’t miss your chance to bring this home back to life—schedule your showing today! Property is being sold in as-is condition.

17. 2017-01-30
    soldstatus $52,000 527-char remark

    Show marketing remark (527 chars)

    Spacious 5 BR, 2.5 bath with large corner lot. This home boasts a large kitchen with tons of cabinetry and counter space, Butler's pantry front and rear stair case, beautiful architecture, tremendous built in storage everywhere, huge , master suite with private bath, several bedrooms have multiple closets and built in wardrobes, crown molding, original hardwoods, wood burning fireplace, full walk up attic, spacious basement, private patio, 2 car attached garage, off street parking, and newer roof to decking 3-5 years ago.

18. 2016-09-16
    listed $59,990 527-char remark

    Show marketing remark (527 chars)

    Spacious 5 BR, 2.5 bath with large corner lot. This home boasts a large kitchen with tons of cabinetry and counter space, Butler's pantry front and rear stair case, beautiful architecture, tremendous built in storage everywhere, huge , master suite with private bath, several bedrooms have multiple closets and built in wardrobes, crown molding, original hardwoods, wood burning fireplace, full walk up attic, spacious basement, private patio, 2 car attached garage, off street parking, and newer roof to decking 3-5 years ago.

ⓘ 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: $1,215 · $101/mo
• Projected year-2 tax: $1,215 · $101/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 3/10 Moderate FEMA zone X (unshaded) · 12% 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: $16,339
• − Mortgage interest: −$5,036
• − Property taxes: −$1,215
• − Insurance: −$450
• − Repairs & maintenance: −$1,307
• − Management: −$1,307
• − Depreciation: −$2,615
• Taxable income: $4,409
• Est. tax owed @ 24.0%: −$1,058
• After-tax cash flow: $4,528/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

+66.5% since first listed

4 events — show timeline

• 2026-04-09 Price Changed $99,900 IRMLS
• 2026-04-09 Listed $99,000 IRMLS
• 2017-01-30 Sold (MLS) $52,000 IRMLS
• 2016-09-16 Listed $59,990 IRMLS

Property tax history

-0.6%/yr

Latest (2025): $1,215 · -12.1% YoY. Source: county tax records.