1000 E 39th St · Marion, IN 46953

$20,000

4 bd · 2.0 ba · 1,200 sqft · Land · 269 Days on market

Built 1998 $17/sqft · 82% below area

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

Selling as is. Showings will be made available upon request. Phone number is 765-279-0193, please text if possible. Make this home your own! It can be moved or kept at its current location within the mobile home park, Lot rent is $400 a month. This home offers an open kitchen as well as a spacious master bedroom. The master bedroom has a walk-in closet and French doors leading to the master bathroom. The roof, central air unit, and furnace were all replaced less than 4 years ago. Brand new cabinets were installed less than 2 years ago, as well as some drywall, outlets, and light switches. The living room and both hallways have laminate flooring. Extra laminate flooring stays with the home for the new owner to use as they please. Bedroom 1 is 11 by 8 Bedroom 2 is 10 10 Bedroom 3 is 11 by 8 Master bedroom 14 13

Key facts

• Walk-in closet
• Own bathroom
• Replaced furnace

Tags

• OPEN KITCHEN AND LIVING ROOM
• WALK-IN CLOSET
• OWN BATHROOM
• REPLACED ROOF
• REPLACED CENTRAL AIR UNIT
• REPLACED FURNACE

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath land listed at $20k.

Deal economics

• At list price, monthly cash flow is $848 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $20k).
• Recommended offer: $18k (12.0% below list) — sets the bar for market timing.
• Cap rate 57.2% 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).
• This rent runs 32% of the median local income ($46k/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 $138 of loan paydown is wiped out by about $600 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 $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 269 days — a 12% lower offer ($18k) is reasonable based on typical stale-listing flexibility.

Recommended offer $17,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 269 days. Have you received any prior offers? Is the seller open to a 12% 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 6.24% ✓
• Cap rate: 57.19%
• Cash-on-cash: 181.77%
• DSCR: 9.09
• GRM: 1.3

CMA / ARV

• ARV (median comp): $110,265
• List price: $20,000
• Delta: -81.86%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 10.07×
• Total profit: $50,803
• Equity at exit: $2,982

10-year hold

• IRR: —
• Equity multiple: 21.34×
• Total profit: $113,882
• Equity at exit: $1,729

Cash invested: $5,600 (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: 1.3×

Monthly cashflow live

• Estimated rent: $1,249 medium
• Mortgage (P&I): −$105
• Tax est. 1.5%: −$25 /mo · $300/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$262
• Net cashflow: $848

Break-even live

Break-even rent $175

Max offer price $20,000

Occupancy floor 27%

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: $5,000
• Closing costs: $600
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5000 Prestwick Sq Marion, IN	2.0–3.0	2.0	884	$1,100	$1.24	43d	5	1.19mi

Listing history 15 events

1. 2026-06-19
   days on market $20,000 Active 269 DOM
2. 2026-06-18
   days on market $20,000 Active 268 DOM
3. 2026-06-17
   days on market $20,000 Active 267 DOM
4. 2026-06-16
   days on market $20,000 Active 266 DOM
5. 2026-06-15
   days on market $20,000 Active 265 DOM
6. 2026-06-14
   days on market $20,000 Active 263 DOM
7. 2026-06-12
   days on market $20,000 Active 262 DOM
8. 2026-06-09
   days on market $20,000 Active 259 DOM
9. 2026-06-08
   days on market $20,000 Active 258 DOM
10. 2026-06-07
    days on market $20,000 Active 257 DOM
11. 2026-06-02
    days on market $20,000 Active 252 DOM
12. 2026-06-01
    days on market $20,000 Active 251 DOM
13. 2026-05-31
    days on market $20,000 Active 250 DOM
14. 2026-05-30
    days on market $20,000 Active 249 DOM
15. 2025-09-23
    listed $20,000 Active 825-char remark

    Show marketing remark (825 chars)

    Selling as is. Showings will be made available upon request. Phone number is 765-279-0193, please text if possible. Make this home your own! It can be moved or kept at its current location within the mobile home park, Lot rent is $400 a month. This home offers an open kitchen as well as a spacious master bedroom. The master bedroom has a walk-in closet and French doors leading to the master bathroom. The roof, central air unit, and furnace were all replaced less than 4 years ago. Brand new cabinets were installed less than 2 years ago, as well as some drywall, outlets, and light switches. The living room and both hallways have laminate flooring. Extra laminate flooring stays with the home for the new owner to use as they please. Bedroom 1 is 11 by 8 Bedroom 2 is 10 10 Bedroom 3 is 11 by 8 Master bedroom 14 13

ⓘ 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 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: $14,984
• − Mortgage interest: −$1,120
• − Property taxes: −$300
• − Insurance: −$100
• − Repairs & maintenance: −$1,199
• − Management: −$1,199
• − Depreciation: −$582
• Taxable income: $10,485
• Est. tax owed @ 24.0%: −$2,516
• After-tax cash flow: $7,663/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

• 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

1 event — show timeline

• 2025-09-23 Listed $20,000 ForSaleByOwner.com

Property tax history

+0.4%/yr

Latest (2025): $4,244 · -2.6% YoY. Source: county tax records.