315 N Adams St · Marion, IN 46952

$57,400

3 bd · 1.0 ba · 1,844 sqft · SingleFamily public records · 6 Days on market

Built 1959 8,357 sqft lot Est $109k · 47% under

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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
• ARV discount +15.0/15.0
• 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
• Appreciation +0.0/10.0

Listing remarks MLS

Investment Property! This home is currently used as a Single Family home but could be converted into a Duplex with a 1 bedroom upstairs and possible 2 bedroom down. Also comes a 2 car detached garage with Workshop that's ready for that new owners special touch! Don't miss out on this one!

Key facts

• Outdoor space
• Corner lot
• Tenant-occupied

Tags

• CORNER LOT
• DETACHED GARAGE
• OUTDOOR SPACE
• TENANT-OCCUPIED
• VACANT UNIT

Property features AI

Finance

• Other: Pets allowed
• Financial info: Property used as residential income (duplex)

Exterior

• Parking: Garage; Four open parking spaces; On-street parking available
• Utilities: Public water; Public sewer
• Home design: Residential income duplex; Two-story
• Construction: Vinyl siding; Block foundation; Asphalt shingle roof; Built as a duplex (residential income)
• Exterior features: Corner lot; Level lot

Interior

• Kitchen: Range; Refrigerator
• Flooring: Laminate flooring
• Bathrooms: Two full bathrooms; Three main-level bathrooms
• Heating & cooling: Forced air heating (natural gas); Wall unit cooling
• Interior features: Range; Refrigerator; Partial, unfinished basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $57k.

Deal economics

• At list price, monthly cash flow is $626 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $57k).
• Cap rate 19.4% vs local median 8.2% 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: amenities F, commute F, employment 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.
• Zoned schools: Riverview Elementary School (math 42% / reading 27%, grade F, #597 of 994 statewide, top 63%, 396 students, 72% FRL); John L Mcculloch Junior High Sch (math 11% / reading 22%, grade F, #287 of 330 statewide, top 88%, 524 students, 74% FRL); Marion High School (math 12% / reading 47%, grade F, #308 of 369 statewide, top 84%, 1,050 students, 66% FRL) — zoned schools at 71% FRL track the district average.
• Market conditions: 126 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).
• This rent runs 31% of the median local income ($53k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $397 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 ~3 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• Current owner paid $15k; list at $57k implies a 285% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.6% of price; built in 1959 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $57,400

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: 2.37% ✓
• Cap rate: 19.39%
• Cash-on-cash: 46.76%
• DSCR: 3.08
• GRM: 3.5

CMA / ARV

• ARV (on-the-fly): $108,796
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
417 W Nelson St	0.36mi	3/1.0	1,846 (+0%)	0mo	$30,000	$16	83
410 E Lincoln St	0.29mi	4/2.0 (+1)	1,764 (-4%)	3mo	$70,000	$40	68
618 Berkley Dr	0.50mi	3/1.0	1,736 (-6%)	2mo	$101,000	$58	65
519 E Grant St	0.31mi	3/1.0	1,984 (+8%)	11mo	$125,000	$63	64
510 E Grant St	0.30mi	4/1.0 (+1)	1,656 (-10%)	1mo	$47,000	$28	63
119 N D St	0.61mi	3/1.0	1,780 (-4%)	3mo	$104,900	$59	63
607 N Washington St	0.28mi	4/2.0 (+1)	1,676 (-9%)	11mo	$16,900	$10	54
118 N Nebraska St	0.32mi	4/2.0 (+1)	2,080 (+13%)	3mo	$34,000	$16	52
806 N Tippy Dr	0.66mi	3/2.0	1,916 (+4%)	8mo	$174,500	$91	52
608 N Windsor Dr	0.72mi	3/2.0	1,766 (-4%)	8mo	$167,400	$95	49
1200 W Euclid Ave	0.74mi	3/1.5	2,028 (+10%)	9mo	$144,900	$71	39
614 W 5th St	0.65mi	4/2.0 (+1)	1,574 (-15%)	0mo	$99,000	$63	36

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: 44.1%
• Equity multiple: 2.91×
• Total profit: $30,637
• Equity at exit: $8,559

10-year hold

• IRR: 50.1%
• Equity multiple: 5.87×
• Total profit: $78,248
• Equity at exit: $4,963

Cash invested: $16,072 (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: 126
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $1,359 medium
• Mortgage (P&I): −$301
• Tax from tax record: −$122 /mo · $1,470/yr
• Insurance: −$24
• HOA: −$0
• Vacancy / Maint / Mgmt: −$285
• Net cashflow: $626

Break-even live

Break-even rent $566

Max offer price $57,400

Occupancy floor 49%

Sensitivity live

Price	-10% $659	-5% $642	+0% $626	+5% $610	+10% $594
Rent	-10% $519	-5% $573	+0% $626	+5% $680	+10% $734
Rate	-1.0pp $655	-0.5pp $641	base $626	+0.5pp $611	+1.0pp $596

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: $14,350
• Closing costs: $1,722
• 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	45d	1	0.51mi

Listing history 6 events

1. 2026-06-21
   days on market $57,400 Active 6 DOM
2. 2026-06-19
   days on market $57,400 Active 4 DOM
3. 2026-06-18
   days on market $57,400 Active 3 DOM
4. 2026-06-17
   days on market $57,400 Active 2 DOM
5. 2026-06-16
   remarks 699-char remark
6. 2026-06-16
   listed $57,400 Active 1 DOM

ⓘ 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: $1,470 · $122/mo
• Projected year-2 tax: $1,470 · $122/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: $16,309
• − Mortgage interest: −$3,215
• − Property taxes: −$1,470
• − Insurance: −$287
• − Repairs & maintenance: −$1,305
• − Management: −$1,305
• − Depreciation: −$1,670
• Taxable income: $7,058
• Est. tax owed @ 24.0%: −$1,694
• After-tax cash flow: $5,821/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

+285.2% since first listed

6 events — show timeline

• 2026-06-15 Listed $57,400 IRMLS
• 2025-01-10 Rental Removed $600 APPFOLIO
• 2024-12-10 Price Changed $600 APPFOLIO
• 2024-05-04 Listed for Rent $675 APPFOLIO
• 2020-12-10 Sold (MLS) $14,900 IRMLS
• 2020-10-23 Listed $14,900 IRMLS

Property tax history

+33.2%/yr

Latest (2025): $1,470 · -10.1% YoY. Source: county tax records.