246 N 500 E #246 · Marion, IN 46952

$28,000

3 bd · 2.0 ba · 1,280 sqft · Manufactured · 113 Days on market

Built 2026 Good condition

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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
• Condition / age +4.0/5.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Enjoy living in your dream home in the close-knit community of Summit Village. Our manufactured homes are fully customizable, with spacious 2-3 bedroom models to choose from. Our homes' core features include wood kitchen cabinets, full kitchen appliance packages, and spa-like primary baths. Outside the privacy of your home, Summit Village is a caring and engaged community filled with yearly events for residents, as well as a playground and bus shelter. Our Summit Village Community is located just outside Marion, Indiana, nestled in a country setting near Gas City, and larger cities like Fort Wayne, Indiana. Marion itself is a thriving city, with tons of local attractions and several fun outdoor parks and pools to enjoy. If you're looking for an easy day trip, Indianapolis is less than ninety minutes away. Stop on by and explore our available homes, we're excited to help you find the home of your dreams at a price you'll love. Summit Village is located in the Marion Indépendant Schools District.

Key facts

• Pools
• Outdoor parks
• Built 2026

Tags

• WOOD KITCHEN CABINETS
• SPA-LIKE PRIMARY BATHS
• OUTDOOR PARKS
• POOLS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $28k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $713 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $28k).
• Recommended offer: $25k (9.0% below list) — sets the bar for market timing.
• Cap rate 36.8% 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: 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $194 of loan paydown is wiped out by about $840 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 ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 113 days — a 9% lower offer ($25k) is reasonable based on typical stale-listing flexibility.

Recommended offer $25,480 (9.0% below list)

Questions for the listing agent

1. It's been on market 113 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 4.10% ✓
• Cap rate: 36.83%
• Cash-on-cash: 109.08%
• DSCR: 5.85
• GRM: 2.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.21×
• Total profit: $40,868
• Equity at exit: $4,175

10-year hold

• IRR: —
• Equity multiple: 13.00×
• Total profit: $94,101
• Equity at exit: $2,421

Cash invested: $7,840 (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: $1,147 medium
• Mortgage (P&I): −$147
• Tax est. 1.5%: −$35 /mo · $420/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$241
• Net cashflow: $713

Break-even live

Break-even rent $245

Max offer price $28,000

Occupancy floor 33%

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: $7,000
• Closing costs: $840
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
246 N 500 E Marion, IN	2.0–3.0	2.0	1018	$925	$0.91	44d	1	0.02mi

Listing history 15 events

1. 2026-06-19
   days on market $28,000 Active 113 DOM
2. 2026-06-18
   days on market $28,000 Active 112 DOM
3. 2026-06-17
   days on market $28,000 Active 111 DOM
4. 2026-06-16
   days on market $28,000 Active 110 DOM
5. 2026-06-15
   days on market $28,000 Active 109 DOM
6. 2026-06-14
   days on market $28,000 Active 107 DOM
7. 2026-06-12
   days on market $28,000 Active 106 DOM
8. 2026-06-09
   days on market $28,000 Active 103 DOM
9. 2026-06-08
   days on market $28,000 Active 102 DOM
10. 2026-06-07
    days on market $28,000 Active 101 DOM
11. 2026-06-02
    days on market $28,000 Active 96 DOM
12. 2026-06-01
    days on market $28,000 Active 95 DOM
13. 2026-05-31
    days on market $28,000 Active 94 DOM
14. 2026-05-30
    days on market $28,000 Active 93 DOM
15. 2026-02-26
    listed $28,000 Active 1016-char remark

    Show marketing remark (1016 chars)

    Enjoy living in your dream home in the close-knit community of Summit Village. Our manufactured homes are fully customizable, with spacious 2-3 bedroom models to choose from. Our homes' core features include wood kitchen cabinets, full kitchen appliance packages, and spa-like primary baths. Outside the privacy of your home, Summit Village is a caring and engaged community filled with yearly events for residents, as well as a playground and bus shelter. Our Summit Village Community is located just outside Marion, Indiana, nestled in a country setting near Gas City, and larger cities like Fort Wayne, Indiana. Marion itself is a thriving city, with tons of local attractions and several fun outdoor parks and pools to enjoy. If you're looking for an easy day trip, Indianapolis is less than ninety minutes away. Stop on by and explore our available homes, we're excited to help you find the home of your dreams at a price you'll love. Summit Village is located in the Marion Indépendant Schools District.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°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: $13,764
• − Mortgage interest: −$1,568
• − Property taxes: −$420
• − Insurance: −$140
• − Repairs & maintenance: −$1,101
• − Management: −$1,101
• − Depreciation: −$815
• Taxable income: $8,619
• Est. tax owed @ 24.0%: −$2,069
• After-tax cash flow: $6,483/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This manufactured home is in good condition with minimal repairs needed. Painting the exterior and replacing the carpet would significantly enhance its resale and rental value.

Value-add opportunities

• Resale Paint exterior — Enhances curb appeal and value
• Rental Replace carpet — Fresh carpet improves tenant satisfaction and reduces maintenance costs

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior — Enhances curb appeal and value ↑
• Rental Replace carpet — Fresh carpet improves tenant satisfaction and reduces maintenance costs ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

1 event — show timeline

• 2026-02-26 Listed $28,000 Zillow