1617 W 3rd St · Marion, IN 46952

$72,900

2 bd · 2.0 ba · 1,148 sqft · SingleFamily public records · 18 Days on market

Built 1918 436 sqft lot $64/sqft · at area comps Est $53k · 36% over

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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

Charming two bedroom home with open concept. Living area offers great natural lighting and opens to the fully updated kitchen with farmhouse sink & butcher block countertop island. Two bedrooms, and two completely renovated full baths. Sellers will seed yard when weather permits & install fence on the west side of the home, or give credit at closing.

Key facts

• Built 1918
• Listed 18 days

Property features AI

Finance

• Financial info: Annual property tax approximately $600

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; 1 story
• Construction: Vinyl siding exterior
• Exterior features: Level lot; Lot dimensions approximately 128 x 45

Interior

• Bedrooms: Main-level bedrooms (number not specified)
• Bathrooms: 2 full bathrooms (both on the main level)
• Heating & cooling: Natural gas forced air heating; Window cooling units
• Interior features: 5 total rooms; Partial, unfinished basement
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $73k.

Deal economics

• At list price, monthly cash flow is $405 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $73k).
• Recommended offer: $72k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.0% 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: 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: 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 $504 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 $20k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($72k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 7y ago; this cycle's ask has dropped $7k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $60k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $71,806 (1.5% below list)

Questions for the listing agent

1. Built in 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.51% ✓
• Cap rate: 12.96%
• Cash-on-cash: 23.81%
• DSCR: 2.06
• GRM: 5.5

CMA / ARV

• ARV (median comp): $53,451
• List price: $72,900
• Delta: 36.39%
• 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
1420 W 5th St	0.21mi	2/1.5	1,074 (-6%)	5mo	$48,000	$45	73
1645 W Spencer Ave	0.27mi	3/1.0 (+1)	1,132 (-1%)	4mo	$58,000	$51	72
1148 W 6th St	0.38mi	2/1.0	1,161 (+1%)	8mo	$123,100	$106	70
706 S Western Ave	0.44mi	2/1.0	1,116 (-3%)	11mo	$51,000	$46	62
1640 W Spencer Ave	0.30mi	2/1.5	1,004 (-12%)	2mo	$74,000	$74	61
202 N G St	0.45mi	3/2.0 (+1)	1,114 (-3%)	12mo	$18,000	$16	59
221 N D St	0.62mi	3/2.0 (+1)	1,221 (+6%)	2mo	$144,500	$118	54
1015 W 3rd St	0.48mi	2/1.5	1,298 (+13%)	7mo	$76,900	$59	48
312 Horace Mann Ct	0.67mi	2/1.0	1,040 (-9%)	5mo	$153,000	$147	45
636 W 1st St	0.73mi	2/1.0	1,218 (+6%)	11mo	$113,200	$93	42
2111 W Euclid Ave	0.67mi	3/1.0 (+1)	1,272 (+11%)	2mo	$145,000	$114	40
2115 W 8th St	0.66mi	3/1.0 (+1)	1,255 (+9%)	9mo	$42,000	$33	38

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: 17.0%
• Equity multiple: 1.68×
• Total profit: $13,972
• Equity at exit: $10,870

10-year hold

• IRR: 25.5%
• Equity multiple: 3.22×
• Total profit: $45,350
• Equity at exit: $6,303

Cash invested: $20,412 (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: 5.5×

Monthly cashflow live

• Estimated rent: $1,101 medium
• Mortgage (P&I): −$382
• Tax from tax record: −$52 /mo · $627/yr
• Insurance: −$30
• HOA: −$0
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $405

Break-even live

Break-even rent $588

Max offer price $72,900

Occupancy floor 58%

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: $18,225
• Closing costs: $2,187
• 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	44d	1	0.53mi
2145 W 2nd St Marion, IN	3.0	1.5	1377	$1,650	$1.20	44d	1	0.62mi
2111 W Frederick Dr Marion, IN	1.0–2.0	1.0–1.5	965	$937	$0.97	44d	4	1.01mi

Listing history 13 events

1. 2026-05-15
   status Pending 182-char remark
2. 2026-05-08
   price $72,900 182-char remark
3. 2026-05-04
   price $74,900 182-char remark
4. 2026-04-29
   price $77,900 182-char remark
5. 2026-04-27
   listed $79,900 Active 182-char remark
6. 2026-04-09
   listed $79,900 Active
7. 2020-04-14
   soldstatus $60,000

   Show marketing remark (364 chars)

   Charming two bedroom home with open concept. Living area offers great natural lighting and opens to the fully updated kitchen with farmhouse sink & butcher block countertop island. Two bedrooms, and two completely renovated full baths. Sellers will seed yard when weather permits & install fence on the west side of the home, or give credit at closing.

8. 2020-02-21
   listed $62,000

   Show marketing remark (364 chars)

   Charming two bedroom home with open concept. Living area offers great natural lighting and opens to the fully updated kitchen with farmhouse sink & butcher block countertop island. Two bedrooms, and two completely renovated full baths. Sellers will seed yard when weather permits & install fence on the west side of the home, or give credit at closing.

9. 2020-01-12
   listed $59,000
10. 2019-09-12
    soldstatus $3,500
11. 2019-09-11
    soldstatus $3,500
12. 2019-02-01
    listed $4,900
13. 2019-02-01
    listed $4,900

ⓘ 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: $627 · $52/mo
• Projected year-2 tax: $627 · $52/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: $13,213
• − Mortgage interest: −$4,084
• − Property taxes: −$627
• − Insurance: −$364
• − Repairs & maintenance: −$1,057
• − Management: −$1,057
• − Depreciation: −$2,121
• Taxable income: $3,904
• Est. tax owed @ 24.0%: −$937
• After-tax cash flow: $3,923/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

+1387.8% since first listed

13 events — show timeline

• 2026-05-15 Pending — IRMLS
• 2026-05-08 Price Changed $72,900 IRMLS
• 2026-05-04 Price Changed $74,900 IRMLS
• 2026-04-29 Price Changed $77,900 IRMLS
• 2026-04-27 Listed $79,900 IRMLS
• 2026-04-09 Listed $79,900 IRMLS
• 2020-04-14 Sold (MLS) $60,000 IRMLS
• 2020-02-21 Listed $62,000 IRMLS
• 2020-01-12 Listed $59,000 IRMLS
• 2019-09-12 Sold (MLS) $3,500 MIBOR as Distributed by MLS Grid
• 2019-09-11 Sold (MLS) $3,500 IRMLS
• 2019-02-01 Listed $4,900 MIBOR as Distributed by MLS Grid
• 2019-02-01 Listed $4,900 IRMLS

Property tax history

+16.1%/yr

Latest (2025): $627 · +14.7% YoY. Source: county tax records.