613 W Spencer Ave · Marion, IN 46952

$68,999

3 bd · 3.0 ba · 2,636 sqft · MultiFamily public records · 74 Days on market

Built 1900 6,970 sqft lot $26/sqft · 12% below area Est $78k · 12% under ↓ 8% since listing

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +12.9/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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: 4 units. confirmed

Listing remarks MLS

Major fixer-upper opportunity! This fourplex features three spacious 3-bedroom units and one 1-bedroom unit, each with it's own kitchen and bathroom. The property has 3 electric meters, plus 1 shared gas meter and 1 water meter. Original natural hardwood floors throughout add classic character. Currently vacant & ready for renovation, this building offers huge potential for income or resale once restored to it's full charm.

Key facts

• 6,970 sq ft lot
• 3 parking spots
• Built 1900

What this means for you Summary

Snapshot

• This is a 3×3bd/1.0ba + 1×2bd/1.0ba units multifamily listed at $69k.

Deal economics

• At list price, monthly cash flow is $2k ($30k/yr) — positive. Per door: $617/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $69k).
• Recommended offer: $65k (6.0% below list) — sets the bar for market timing.
• Cap rate 49.2% 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; 1 comparable units currently listed for rent nearby; 52 units permitted in Grant County in 2024 (8 in 5+ unit buildings).
• At $3,763/mo this rent would consume 85% 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 $477 of loan paydown is wiped out by about $2k 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 $19k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 74 days — a 6% lower offer ($65k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 9y 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 $58k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $64,859 (6.0% below list)

Questions for the listing agent

1. It's been on market 74 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 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?
8. 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?
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: 5.45% ✓
• Cap rate: 49.21%
• Cash-on-cash: 153.28%
• DSCR: 7.82
• GRM: 1.5

CMA / ARV

• ARV (median comp): $78,394
• List price: $68,999
• Delta: -11.98%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
823 W 6th St	0.49mi	4/3.0 (+1)	2,616 (-1%)	1mo	$85,000	$32	70
715 W 6th St	0.47mi	4/4.0 (+1)	2,652 (+1%)	14mo	$155,000	$58	57
441 N Washington St	0.43mi	3/3.0	2,302 (-13%)	23mo	$66,000	$29	40

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: —
• Equity multiple: 8.56×
• Total profit: $146,072
• Equity at exit: $10,288

10-year hold

• IRR: —
• Equity multiple: 18.08×
• Total profit: $329,890
• Equity at exit: $5,966

Cash invested: $19,320 (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: 5.7×

Monthly cashflow live

• Estimated rent: $3,763 medium
• Mortgage (P&I): −$362
• Tax from tax record: −$114 /mo · $1,372/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$790
• Net cashflow: $2,468

Break-even live

Break-even rent $639

Max offer price $68,999

Occupancy floor 29%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$3,000
1× unit	2	1	$761
Total (4 units)			$3,763

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: $17,250
• Closing costs: $2,070
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
511 W Buckingham Dr Marion, IN	3.0	2.0	1942	$2,000	$1.03	43d	1	0.58mi

Listing history 23 events

1. 2026-06-19
   days on market $68,999 Active 74 DOM
2. 2026-06-18
   days on market $68,999 Active 73 DOM
3. 2026-06-17
   days on market $68,999 Active 72 DOM
4. 2026-06-16
   days on market $68,999 Active 71 DOM
5. 2026-06-15
   days on market $68,999 Active 70 DOM
6. 2026-06-14
   days on market $68,999 Active 68 DOM
7. 2026-06-12
   days on market $68,999 Active 67 DOM
8. 2026-06-09
   days on market $68,999 Active 64 DOM
9. 2026-06-08
   days on market $68,999 Active 63 DOM
10. 2026-06-07
    days on market $68,999 Active 62 DOM
11. 2026-06-02
    days on market $68,999 Active 57 DOM
12. 2026-06-01
    days on market $68,999 Active 56 DOM
13. 2026-05-31
    days on market $68,999 Active 55 DOM
14. 2026-05-30
    days on market $68,999 Active 54 DOM
15. 2026-04-06
    listed $68,999 Active 434-char remark

    Show marketing remark (434 chars)

    Major fixer-upper opportunity! This fourplex features three spacious 3-bedroom units and one 1-bedroom unit, each with it's own kitchen and bathroom. The property has 3 electric meters, plus 1 shared gas meter and 1 water meter. Original natural hardwood floors throughout add classic character. Currently vacant & ready for renovation, this building offers huge potential for income or resale once restored to it's full charm.

16. 2025-08-06
    listed $69,900 Active
17. 2024-05-14
    soldstatus $57,900 Closed
18. 2024-03-14
    status Pending
19. 2024-02-12
    historical Active Under Contract
20. 2024-01-26
    listed $59,900 Active
21. 2018-11-02
    listed $74,900
22. 2018-11-02
    listed $74,900
23. 2017-02-09
    listed $74,900

ⓘ 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: $1,372 · $114/mo
• Projected year-2 tax: $1,372 · $114/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 ≥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: $45,156
• − Mortgage interest: −$3,865
• − Property taxes: −$1,372
• − Insurance: −$345
• − Repairs & maintenance: −$3,612
• − Management: −$3,612
• − Depreciation: −$2,007
• Taxable income: $30,342
• Est. tax owed @ 24.0%: −$7,282
• After-tax cash flow: $22,332/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

-7.9% since first listed

9 events — show timeline

• 2026-04-06 Listed $68,999 IRMLS
• 2025-08-06 Listed $69,900 IRMLS
• 2024-05-14 Sold (MLS) $57,900 IRMLS
• 2024-03-14 Pending — IRMLS
• 2024-02-12 Contingent — IRMLS
• 2024-01-26 Listed $59,900 IRMLS
• 2018-11-02 Listed $74,900 IRMLS
• 2018-11-02 Listed $74,900 IRMLS
• 2017-02-09 Listed $74,900 IRMLS

Property tax history

-2.6%/yr

Latest (2025): $1,372 · +111.7% YoY. Source: county tax records.