1303 S Miller Ave · Marion, IN 46953

$26,400

2 bd · 1.0 ba · 864 sqft · SingleFamily public records · 12 Days on market

Built 1959 7,800 sqft lot $31/sqft · 70% 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

Great opportunity to buy this ranch style home built in 1959, located in Marion, IN and sitting on a . 179 acre lot (65x120). The all one floor interior has 864 sq. ft. with 3 bedrooms and 1 bathroom.

Key facts

• 7,800 sq ft lot
• Built 1959
• Listed 12 days

Property features AI

Exterior

• Utilities: Public water; Municipal sewer connected
• Home design: Single-family residence; One-story
• Construction: Vinyl siding; Other exterior materials; Slab foundation
• Exterior features: Lot under 1/4 acre (approximately 0.18 acre)

Interior

• Kitchen: Eat-in kitchen; No appliances included
• Bedrooms: Three bedrooms on the main level
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Forced air heating (natural gas); No central air
• Interior features: Eat-in kitchen; Five total rooms (all on main level)
• Laundry & utility: No washer/dryer information provided

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $26k.

Deal economics

• At list price, monthly cash flow is $494 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($918 rent vs $26k).
• Cap rate 28.8% 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: 112 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $183 of loan paydown is wiped out by about $792 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 $7k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: property tax is 3.7% of price; built in 1959 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $26,400

Questions for the listing agent

1. Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 3.48% ✓
• Cap rate: 28.76%
• Cash-on-cash: 80.24%
• DSCR: 4.57
• GRM: 2.4

CMA / ARV

• ARV (median comp): $88,802
• List price: $26,400
• Delta: -70.27%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2323 W 10th St	0.32mi	2/1.0	864 (0%)	12mo	$56,000	$65	75
2112 W 6th St	0.54mi	2/1.5	864 (0%)	3mo	$134,000	$155	70
2230 W 13th St	0.12mi	2/1.0	948 (+10%)	15mo	$47,000	$50	65
1745 W 10th St	0.56mi	2/1.0	878 (+2%)	13mo	$10,000	$11	60
804 Alabama Ct	0.61mi	3/1.0 (+1)	925 (+7%)	7mo	$79,000	$85	49
1727 W 10th St	0.60mi	2/1.0	778 (-10%)	10mo	$12,700	$16	47
2352 W 13th St	0.26mi	2/2.0	962 (+11%)	23mo	$65,000	$68	46
1306 S Geneva Ave	0.48mi	3/1.0 (+1)	956 (+11%)	20mo	$90,000	$94	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: 80.5%
• Equity multiple: 4.69×
• Total profit: $27,247
• Equity at exit: $3,936

10-year hold

• IRR: 83.9%
• Equity multiple: 9.72×
• Total profit: $64,441
• Equity at exit: $2,283

Cash invested: $7,392 (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 46953

• Home prices YoY: -23.4%
• Active inventory: 112
• Price-to-rent: 2.4×

Monthly cashflow live

• Estimated rent: $918 medium
• Mortgage (P&I): −$138
• Tax from tax record: −$81 /mo · $974/yr
• Insurance: −$11
• HOA: −$0
• Vacancy / Maint / Mgmt: −$193
• Net cashflow: $494

Break-even live

Break-even rent $292

Max offer price $26,400

Occupancy floor 41%

Sensitivity live

Price	-10% $509	-5% $502	+0% $494	+5% $487	+10% $479
Rent	-10% $422	-5% $458	+0% $494	+5% $531	+10% $567
Rate	-1.0pp $508	-0.5pp $501	base $494	+0.5pp $487	+1.0pp $480

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: $6,600
• Closing costs: $792
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2116 W 2nd St Marion, IN	1.0–2.0	1.0	764	$945	$1.24	44d	1	0.91mi

Listing history 1 events

1. 2026-05-14
   listed $26,400 Active 199-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: $974 · $81/mo
• Projected year-2 tax: $974 · $81/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 ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,011
• − Mortgage interest: −$1,479
• − Property taxes: −$974
• − Insurance: −$132
• − Repairs & maintenance: −$881
• − Management: −$881
• − Depreciation: −$768
• Taxable income: $5,897
• Est. tax owed @ 24.0%: −$1,415
• After-tax cash flow: $4,516/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): 23,372
• Household income: $46,288
• Rent vs Own: 32.2% rent · 67.8% own
• Severe rent burden: 597.0

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 (77%)
• Race & ethnicity: White 77% Black 10% Two or more races 9% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 3% Iranian 1% Slovak 1%
• Foreign-born: 2% · 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: ▼ -52.47%
• Current HPI: 171.7246
• 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

2 events — show timeline

• 2026-05-26 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-14 Listed $26,400 MIBOR as Distributed by MLS Grid

Property tax history

+21.7%/yr

Latest (2025): $974 · +5.2% YoY. Source: county tax records.