1436 W Spencer Ave · Marion, IN 46952

$29,000

3 bd · 1.0 ba · 1,442 sqft · SingleFamily public records · 200 Days on market

Built 1949 4,356 sqft lot $20/sqft · 60% 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

Investor Alert! Fixer-upper in Marion, Indiana - a great investment opportunity! This home offers 3 bedrooms, 1 bath, and a spacious loft on the second floor. Buyer and buyer's agent to perform due diligence;

Key facts

• 4,356 sq ft lot
• 2 garage spots
• Built 1949

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $29k.

Deal economics

• At list price, monthly cash flow is $706 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $29k).
• Recommended offer: $26k (12.0% below list) — sets the bar for market timing.
• Cap rate 35.5% 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; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $200 of loan paydown is wiped out by about $870 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 $8k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 200 days — a 12% lower offer ($26k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Risks & watch-outs

• Watch-outs: property tax is 3.0% of price; built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $25,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 200 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 4.12% ✓
• Cap rate: 35.52%
• Cash-on-cash: 104.39%
• DSCR: 5.64
• GRM: 2.0

CMA / ARV

• ARV (median comp): $71,948
• List price: $29,000
• Delta: -59.69%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
205 N F St	0.30mi	3/2.0	1,412 (-2%)	1mo	$164,900	$117	78
820 N Oxford Dr	0.46mi	3/1.0	1,492 (+4%)	2mo	$155,000	$104	71
1515 W 4th St	0.37mi	3/1.0	1,361 (-6%)	3mo	$161,500	$119	70
215 N G St	0.23mi	3/1.0	1,242 (-14%)	12mo	$25,000	$20	56
716 W 7th St	0.73mi	2/1.0 (-1)	1,409 (-2%)	3mo	$65,000	$46	54
1710 W Spencer Ave	0.25mi	4/1.5 (+1)	1,289 (-11%)	12mo	$109,900	$85	54
1009 N Oxford Dr	0.60mi	3/2.0	1,392 (-4%)	11mo	$146,500	$105	53
617 Berkley Dr	0.51mi	2/1.5 (-1)	1,564 (+8%)	3mo	$145,000	$93	53
916 N Oxford Dr	0.54mi	3/2.0	1,300 (-10%)	3mo	$142,000	$109	52
1015 W 3rd St	0.44mi	2/1.5 (-1)	1,298 (-10%)	7mo	$76,900	$59	49
502 N Lenfesty Ave	0.74mi	3/1.5	1,292 (-10%)	1mo	$150,000	$116	46
614 W 5th St	0.71mi	4/2.0 (+1)	1,574 (+9%)	0mo	$99,000	$63	42

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: 5.97×
• Total profit: $40,330
• Equity at exit: $4,324

10-year hold

• IRR: —
• Equity multiple: 12.48×
• Total profit: $93,212
• Equity at exit: $2,507

Cash invested: $8,120 (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: 2.0×

Monthly cashflow live

• Estimated rent: $1,194 medium
• Mortgage (P&I): −$152
• Tax from tax record: −$72 /mo · $870/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$251
• Net cashflow: $706

Break-even live

Break-even rent $300

Max offer price $29,000

Occupancy floor 36%

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: $7,250
• Closing costs: $870
• Reserves months: —
• Total cash needed: —

Rent comps 3 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	43d	1	0.68mi
2145 W 2nd St Marion, IN	3.0	1.5	1377	$1,650	$1.20	43d	1	0.82mi
2111 W Frederick Dr Marion, IN	1.0–2.0	1.0–1.5	965	$937	$0.97	43d	4	0.92mi

Listing history 19 events

1. 2026-06-17
   status $29,000 Pending 200 DOM
2. 2026-06-16
   days on market $29,000 Active 200 DOM
3. 2026-06-15
   days on market $29,000 Active 199 DOM
4. 2026-06-14
   days on market $29,000 Active 197 DOM
5. 2026-06-12
   days on market $29,000 Active 196 DOM
6. 2026-06-09
   days on market $29,000 Active 193 DOM
7. 2026-06-08
   days on market $29,000 Active 192 DOM
8. 2026-06-07
   days on market $29,000 Active 191 DOM
9. 2026-06-02
   days on market $29,000 Active 186 DOM
10. 2026-06-01
    days on market $29,000 Active 185 DOM
11. 2026-05-31
    days on market $29,000 Active 184 DOM
12. 2026-05-30
    days on market $29,000 Active 183 DOM
13. 2026-05-15
    price $29,000 209-char remark

    Show marketing remark (209 chars)

    Investor Alert! Fixer-upper in Marion, Indiana - a great investment opportunity! This home offers 3 bedrooms, 1 bath, and a spacious loft on the second floor. Buyer and buyer's agent to perform due diligence;

14. 2026-05-15
    status Active 209-char remark

    Show marketing remark (209 chars)

    Investor Alert! Fixer-upper in Marion, Indiana - a great investment opportunity! This home offers 3 bedrooms, 1 bath, and a spacious loft on the second floor. Buyer and buyer's agent to perform due diligence;

15. 2026-05-07
    status Pending 209-char remark

    Show marketing remark (209 chars)

    Investor Alert! Fixer-upper in Marion, Indiana - a great investment opportunity! This home offers 3 bedrooms, 1 bath, and a spacious loft on the second floor. Buyer and buyer's agent to perform due diligence;

16. 2026-04-30
    status Active 209-char remark

    Show marketing remark (209 chars)

    Investor Alert! Fixer-upper in Marion, Indiana - a great investment opportunity! This home offers 3 bedrooms, 1 bath, and a spacious loft on the second floor. Buyer and buyer's agent to perform due diligence;

17. 2026-04-30
    price $39,000 209-char remark

    Show marketing remark (209 chars)

    Investor Alert! Fixer-upper in Marion, Indiana - a great investment opportunity! This home offers 3 bedrooms, 1 bath, and a spacious loft on the second floor. Buyer and buyer's agent to perform due diligence;

18. 2026-03-01
    historical 209-char remark

    Show marketing remark (209 chars)

    Investor Alert! Fixer-upper in Marion, Indiana - a great investment opportunity! This home offers 3 bedrooms, 1 bath, and a spacious loft on the second floor. Buyer and buyer's agent to perform due diligence;

19. 2025-09-22
    listed $29,000 Active 209-char remark

    Show marketing remark (209 chars)

    Investor Alert! Fixer-upper in Marion, Indiana - a great investment opportunity! This home offers 3 bedrooms, 1 bath, and a spacious loft on the second floor. Buyer and buyer's agent to perform due diligence;

ⓘ 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: $870 · $72/mo
• Projected year-2 tax: $870 · $72/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: $14,324
• − Mortgage interest: −$1,624
• − Property taxes: −$870
• − Insurance: −$145
• − Repairs & maintenance: −$1,146
• − Management: −$1,146
• − Depreciation: −$844
• Taxable income: $8,549
• Est. tax owed @ 24.0%: −$2,052
• After-tax cash flow: $6,424/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

+0.0% since first listed

7 events — show timeline

• 2026-05-15 Price Changed $29,000 MIBOR as Distributed by MLS Grid
• 2026-05-15 Relisted — MIBOR as Distributed by MLS Grid
• 2026-05-07 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-30 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-30 Price Changed $39,000 MIBOR as Distributed by MLS Grid
• 2026-03-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-09-22 Listed $29,000 MIBOR as Distributed by MLS Grid

Property tax history

-4.8%/yr

Latest (2025): $870 · -14.5% YoY. Source: county tax records.