818 S Gallatin St · Marion, IN 46953

$57,500

3 bd · 1.0 ba · 1,173 sqft · SingleFamily public records · 106 Days on market

Built 1900 4,356 sqft lot $49/sqft · 34% above area Est $43k · 34% over

---

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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

This affordable three (3) bedroom, one (1) bathroom house is situated on a corner lot just outside of downtown Marion and provides over 1,100 sq. ft. of living space, NEW face lift on the exterior (2026), completely NEW large living room (2026), newer roof, two enclosed porches, three sizable bedrooms, and partially privacy fenced in yard. This bargain would be perfect to add to your investment portfolio with instant income or to live in and transform into your own! Currently rented for $250/wk

Key facts

• Corner lot
• Two enclosed porches
• 4,356 sq ft lot

Tags

• CORNER LOT
• NEW LARGE LIVING ROOM
• TWO ENCLOSED PORCHES
• PARTIALLY PRIVACY FENCED YARD

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $58k.

Deal economics

• At list price, monthly cash flow is $499 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $58k).
• Recommended offer: $52k (9.0% below list) — sets the bar for market timing.
• Cap rate 16.7% 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; 2 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 $398 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 $16k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 106 days — a 9% lower offer ($52k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y 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.

Risks & watch-outs

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

Recommended offer $52,325 (9.0% below list)

Questions for the listing agent

1. It's been on market 106 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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: 1.87% ✓
• Cap rate: 16.71%
• Cash-on-cash: 37.22%
• DSCR: 2.66
• GRM: 4.5

CMA / ARV

• ARV (median comp): $43,062
• List price: $57,500
• Delta: 33.53%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
916 S Nebraska St	0.09mi	3/1.0	1,088 (-7%)	2mo	$30,000	$28	82
229 W Spencer Ave	0.57mi	2/1.5 (-1)	1,214 (+4%)	1mo	$115,000	$95	60
1003 W 12th St	0.51mi	3/1.0	1,120 (-4%)	14mo	$50,000	$45	57
1148 W 6th St	0.63mi	2/1.0 (-1)	1,161 (-1%)	8mo	$123,100	$106	57
221 N D St	0.71mi	3/2.0	1,221 (+4%)	2mo	$144,500	$118	54
636 W 1st St	0.55mi	2/1.0 (-1)	1,218 (+4%)	11mo	$113,200	$93	54
120 W 14th St	0.36mi	2/1.0 (-1)	1,276 (+9%)	14mo	$64,900	$51	52
312 Horace Mann Ct	0.45mi	2/1.0 (-1)	1,040 (-11%)	5mo	$153,000	$147	51
706 S Western Ave	0.62mi	2/1.0 (-1)	1,116 (-5%)	11mo	$51,000	$46	49
1015 W 3rd St	0.58mi	2/1.5 (-1)	1,298 (+11%)	7mo	$76,900	$59	42
1204 W 9th St	0.56mi	4/1.5 (+1)	1,344 (+15%)	14mo	$114,900	$85	31
110 N G St	0.75mi	2/1.0 (-1)	1,022 (-13%)	14mo	$25,000	$24	27

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: 33.1%
• Equity multiple: 2.40×
• Total profit: $22,470
• Equity at exit: $8,573

10-year hold

• IRR: 40.1%
• Equity multiple: 4.76×
• Total profit: $60,462
• Equity at exit: $4,972

Cash invested: $16,100 (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: 4.5×

Monthly cashflow live

• Estimated rent: $1,075 medium
• Mortgage (P&I): −$302
• Tax from tax record: −$24 /mo · $290/yr
• Insurance: −$24
• HOA: −$0
• Vacancy / Maint / Mgmt: −$226
• Net cashflow: $499

Break-even live

Break-even rent $443

Max offer price $57,500

Occupancy floor 49%

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: $14,375
• Closing costs: $1,725
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
715 E Sherman St Marion, IN	2.0	1.0	1085	$1,050	$0.97	43d	1	1.08mi
703 E 28th St Marion, IN	2.0	1.0	1085	$1,200	$1.11	43d	1	1.33mi

Listing history 18 events

1. 2026-06-19
   days on market $57,500 Active 106 DOM
2. 2026-06-18
   days on market $57,500 Active 105 DOM
3. 2026-06-17
   days on market $57,500 Active 104 DOM
4. 2026-06-16
   days on market $57,500 Active 103 DOM
5. 2026-06-15
   days on market $57,500 Active 102 DOM
6. 2026-06-14
   days on market $57,500 Active 100 DOM
7. 2026-06-12
   days on market $57,500 Active 99 DOM
8. 2026-06-09
   days on market $57,500 Active 96 DOM
9. 2026-06-08
   days on market $57,500 Active 95 DOM
10. 2026-06-07
    days on market $57,500 Active 94 DOM
11. 2026-06-02
    days on market $57,500 Active 89 DOM
12. 2026-06-01
    days on market $57,500 Active 88 DOM
13. 2026-05-31
    days on market $57,500 Active 87 DOM
14. 2026-05-30
    days on market $57,500 Active 86 DOM
15. 2026-03-05
    listed $60,000 Active 499-char remark

    Show marketing remark (499 chars)

    This affordable three (3) bedroom, one (1) bathroom house is situated on a corner lot just outside of downtown Marion and provides over 1,100 sq. ft. of living space, NEW face lift on the exterior (2026), completely NEW large living room (2026), newer roof, two enclosed porches, three sizable bedrooms, and partially privacy fenced in yard. This bargain would be perfect to add to your investment portfolio with instant income or to live in and transform into your own! Currently rented for $250/wk

16. 2025-03-17
    price $44,000
17. 2025-01-10
    listed $45,000 Active
18. 2020-05-11
    listed $35,000

ⓘ 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: $290 · $24/mo
• Projected year-2 tax: $389 · $32/mo
• Expected delta: +$99/yr (+$8/mo · 34.3%)

ⓘ 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: $12,896
• − Mortgage interest: −$3,221
• − Property taxes: −$290
• − Insurance: −$288
• − Repairs & maintenance: −$1,032
• − Management: −$1,032
• − Depreciation: −$1,673
• Taxable income: $5,361
• Est. tax owed @ 24.0%: −$1,287
• After-tax cash flow: $4,705/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

+71.4% since first listed

4 events — show timeline

• 2026-03-05 Listed $60,000 IRMLS
• 2025-03-17 Price Changed $44,000 IRMLS
• 2025-01-10 Listed $45,000 IRMLS
• 2020-05-11 Listed $35,000 IRMLS

Property tax history

-5.3%/yr

Latest (2025): $290 · +8.2% YoY. Source: county tax records.