1202 S Boots St · Marion, IN 46953

$23,900

3 bd · 1.0 ba · 1,856 sqft · SingleFamily public records · 224 Days on market

Built 1900 5,940 sqft lot $13/sqft · 71% below area ↓ 47% since listing

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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

Bring this historic beauty back to life! Built in 1900, this 4-bedroom home sits on a corner lot with a 1-car detached garage and offers incredible architectural character throughout — original woodwork, detailed trim, and charming gingerbread-style accents over the doors. One bedroom on the main level adds convenience. The home is being sold as-is and will require some TLC, but the potential here is undeniable. Located near city amenities and surrounded by other well-kept homes, this could be a standout investment once restored.

Key facts

• Original woodwork
• Corner lot
• Detailed trim

Tags

• CORNER LOT
• ORIGINAL WOODWORK
• DETAILED TRIM
• GINGERBREAD-STYLE ACCENTS
• ONE BEDROOM ON MAIN LEVEL

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $24k.

Deal economics

• At list price, monthly cash flow is $412 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $24k).
• Recommended offer: $21k (12.0% below list) — sets the bar for market timing.
• Cap rate 50.1% 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 36% 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 $165 of loan paydown is wiped out by about $717 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 $7k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 224 days — a 12% lower offer ($21k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $21k (47%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 3.8% of price; flood insurance adds $460/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $21,032 (12.0% below list)

Questions for the listing agent

1. It's been on market 224 days. Have you received any prior offers? Is the seller open to a 12% 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. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 5.74% ✓
• Cap rate: 50.11%
• Cash-on-cash: 156.48%
• DSCR: 7.96
• GRM: 1.5

CMA / ARV

• ARV (median comp): $98,000
• List price: $23,900
• Delta: -75.61%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1314 S Boots St	0.09mi	3/2.5	1,970 (+6%)	0mo	$97,000	$49	79
1324 S Gallatin St	0.12mi	3/2.0	1,692 (-9%)	11mo	$165,000	$98	66
617 W 7th St	0.43mi	3/2.0	1,718 (-7%)	4mo	$56,000	$33	60
1419 S Washington St	0.18mi	4/2.0 (+1)	1,664 (-10%)	9mo	$35,000	$21	58
1108 W 6th St	0.71mi	3/1.5	1,784 (-4%)	2mo	$80,000	$45	57
920 W 6th St	0.63mi	4/1.5 (+1)	1,892 (+2%)	4mo	$124,900	$66	57
619 W 6th St	0.49mi	3/2.0	1,736 (-6%)	14mo	$115,000	$66	51
712 S G St	0.67mi	3/1.0	1,728 (-7%)	8mo	$150,000	$87	50
1114 W 6th St	0.73mi	3/1.0	1,875 (+1%)	17mo	$97,719	$52	50
1621 S Boots St	0.28mi	3/2.0	2,100 (+13%)	14mo	$138,900	$66	49
2006 S Brownlee St	0.66mi	3/1.5	1,600 (-14%)	14mo	$7,500	$5	32
902 W 5th St	0.66mi	3/2.0	1,632 (-12%)	16mo	$122,500	$75	32

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: 74.2%
• Equity multiple: 4.39×
• Total profit: $22,715
• Equity at exit: $3,564

10-year hold

• IRR: 78.1%
• Equity multiple: 9.21×
• Total profit: $54,936
• Equity at exit: $2,066

Cash invested: $6,692 (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: 1.5×

Monthly cashflow live

• Estimated rent: $1,372 medium
• Mortgage (P&I): −$125
• Tax from tax record: −$76 /mo · $912/yr
• Insurance: −$10
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$288
• Net cashflow: $412

Break-even live

Break-even rent $850

Max offer price $23,900

Occupancy floor 65%

Sensitivity live

Price	-10% $426	-5% $419	+0% $412	+5% $405	+10% $399
Rent	-10% $304	-5% $358	+0% $412	+5% $466	+10% $521
Rate	-1.0pp $424	-0.5pp $418	base $412	+0.5pp $406	+1.0pp $400

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: $5,975
• Closing costs: $717
• 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	44d	1	1.47mi

Listing history 21 events

1. 2026-06-03
   status $23,900 Pending 224 DOM
2. 2026-06-02
   days on market $23,900 Active 224 DOM
3. 2026-06-01
   days on market $23,900 Active 223 DOM
4. 2026-05-31
   days on market $23,900 Active 222 DOM
5. 2026-05-30
   days on market $23,900 Active 221 DOM
6. 2026-05-14
   price $23,900 541-char remark

   Show marketing remark (535 chars)

   Bring this historic beauty back to life! Built in 1900, this 4-bedroom home sits on a corner lot with a 1-car detached garage and offers incredible architectural character throughout - original woodwork, detailed trim, and charming gingerbread-style accents over the doors. One bedroom on the main level adds convenience. The home is being sold as-is and will require some TLC, but the potential here is undeniable. Located near city amenities and surrounded by other well-kept homes, this could be a standout investment once restored.

7. 2026-05-14
   price $23,900 535-char remark

   Show marketing remark (535 chars)

   Bring this historic beauty back to life! Built in 1900, this 4-bedroom home sits on a corner lot with a 1-car detached garage and offers incredible architectural character throughout - original woodwork, detailed trim, and charming gingerbread-style accents over the doors. One bedroom on the main level adds convenience. The home is being sold as-is and will require some TLC, but the potential here is undeniable. Located near city amenities and surrounded by other well-kept homes, this could be a standout investment once restored.

8. 2026-04-29
   price $25,900 541-char remark

   Show marketing remark (535 chars)

   Bring this historic beauty back to life! Built in 1900, this 4-bedroom home sits on a corner lot with a 1-car detached garage and offers incredible architectural character throughout - original woodwork, detailed trim, and charming gingerbread-style accents over the doors. One bedroom on the main level adds convenience. The home is being sold as-is and will require some TLC, but the potential here is undeniable. Located near city amenities and surrounded by other well-kept homes, this could be a standout investment once restored.

9. 2026-04-29
   price $25,900 535-char remark

   Show marketing remark (535 chars)

   Bring this historic beauty back to life! Built in 1900, this 4-bedroom home sits on a corner lot with a 1-car detached garage and offers incredible architectural character throughout - original woodwork, detailed trim, and charming gingerbread-style accents over the doors. One bedroom on the main level adds convenience. The home is being sold as-is and will require some TLC, but the potential here is undeniable. Located near city amenities and surrounded by other well-kept homes, this could be a standout investment once restored.

10. 2026-03-30
    price $27,900 535-char remark

    Show marketing remark (541 chars)

    Bring this historic beauty back to life! Built in 1900, this 4-bedroom home sits on a corner lot with a 1-car detached garage and offers incredible architectural character throughout — original woodwork, detailed trim, and charming gingerbread-style accents over the doors. One bedroom on the main level adds convenience. The home is being sold as-is and will require some TLC, but the potential here is undeniable. Located near city amenities and surrounded by other well-kept homes, this could be a standout investment once restored.

11. 2026-03-30
    price $27,900 541-char remark

    Show marketing remark (541 chars)

    Bring this historic beauty back to life! Built in 1900, this 4-bedroom home sits on a corner lot with a 1-car detached garage and offers incredible architectural character throughout — original woodwork, detailed trim, and charming gingerbread-style accents over the doors. One bedroom on the main level adds convenience. The home is being sold as-is and will require some TLC, but the potential here is undeniable. Located near city amenities and surrounded by other well-kept homes, this could be a standout investment once restored.

12. 2026-03-17
    price $29,900 541-char remark

    Show marketing remark (535 chars)

    Bring this historic beauty back to life! Built in 1900, this 4-bedroom home sits on a corner lot with a 1-car detached garage and offers incredible architectural character throughout - original woodwork, detailed trim, and charming gingerbread-style accents over the doors. One bedroom on the main level adds convenience. The home is being sold as-is and will require some TLC, but the potential here is undeniable. Located near city amenities and surrounded by other well-kept homes, this could be a standout investment once restored.

13. 2026-03-17
    price $29,900 535-char remark

    Show marketing remark (535 chars)

    Bring this historic beauty back to life! Built in 1900, this 4-bedroom home sits on a corner lot with a 1-car detached garage and offers incredible architectural character throughout - original woodwork, detailed trim, and charming gingerbread-style accents over the doors. One bedroom on the main level adds convenience. The home is being sold as-is and will require some TLC, but the potential here is undeniable. Located near city amenities and surrounded by other well-kept homes, this could be a standout investment once restored.

14. 2026-01-20
    price $31,900 541-char remark

    Show marketing remark (535 chars)

    Bring this historic beauty back to life! Built in 1900, this 4-bedroom home sits on a corner lot with a 1-car detached garage and offers incredible architectural character throughout - original woodwork, detailed trim, and charming gingerbread-style accents over the doors. One bedroom on the main level adds convenience. The home is being sold as-is and will require some TLC, but the potential here is undeniable. Located near city amenities and surrounded by other well-kept homes, this could be a standout investment once restored.

15. 2026-01-20
    price $31,900 535-char remark

    Show marketing remark (535 chars)

    Bring this historic beauty back to life! Built in 1900, this 4-bedroom home sits on a corner lot with a 1-car detached garage and offers incredible architectural character throughout - original woodwork, detailed trim, and charming gingerbread-style accents over the doors. One bedroom on the main level adds convenience. The home is being sold as-is and will require some TLC, but the potential here is undeniable. Located near city amenities and surrounded by other well-kept homes, this could be a standout investment once restored.

16. 2025-12-03
    price $34,900 541-char remark

    Show marketing remark (535 chars)

    Bring this historic beauty back to life! Built in 1900, this 4-bedroom home sits on a corner lot with a 1-car detached garage and offers incredible architectural character throughout - original woodwork, detailed trim, and charming gingerbread-style accents over the doors. One bedroom on the main level adds convenience. The home is being sold as-is and will require some TLC, but the potential here is undeniable. Located near city amenities and surrounded by other well-kept homes, this could be a standout investment once restored.

17. 2025-12-03
    price $34,900 535-char remark

    Show marketing remark (535 chars)

    Bring this historic beauty back to life! Built in 1900, this 4-bedroom home sits on a corner lot with a 1-car detached garage and offers incredible architectural character throughout - original woodwork, detailed trim, and charming gingerbread-style accents over the doors. One bedroom on the main level adds convenience. The home is being sold as-is and will require some TLC, but the potential here is undeniable. Located near city amenities and surrounded by other well-kept homes, this could be a standout investment once restored.

18. 2025-11-20
    price $39,900 541-char remark

    Show marketing remark (535 chars)

    Bring this historic beauty back to life! Built in 1900, this 4-bedroom home sits on a corner lot with a 1-car detached garage and offers incredible architectural character throughout - original woodwork, detailed trim, and charming gingerbread-style accents over the doors. One bedroom on the main level adds convenience. The home is being sold as-is and will require some TLC, but the potential here is undeniable. Located near city amenities and surrounded by other well-kept homes, this could be a standout investment once restored.

19. 2025-11-20
    price $39,900 535-char remark

    Show marketing remark (535 chars)

    Bring this historic beauty back to life! Built in 1900, this 4-bedroom home sits on a corner lot with a 1-car detached garage and offers incredible architectural character throughout - original woodwork, detailed trim, and charming gingerbread-style accents over the doors. One bedroom on the main level adds convenience. The home is being sold as-is and will require some TLC, but the potential here is undeniable. Located near city amenities and surrounded by other well-kept homes, this could be a standout investment once restored.

20. 2025-10-21
    listed $44,900 Active 541-char remark

    Show marketing remark (535 chars)

    Bring this historic beauty back to life! Built in 1900, this 4-bedroom home sits on a corner lot with a 1-car detached garage and offers incredible architectural character throughout - original woodwork, detailed trim, and charming gingerbread-style accents over the doors. One bedroom on the main level adds convenience. The home is being sold as-is and will require some TLC, but the potential here is undeniable. Located near city amenities and surrounded by other well-kept homes, this could be a standout investment once restored.

21. 2025-10-21
    listed $44,900 Active 535-char remark

    Show marketing remark (535 chars)

    Bring this historic beauty back to life! Built in 1900, this 4-bedroom home sits on a corner lot with a 1-car detached garage and offers incredible architectural character throughout - original woodwork, detailed trim, and charming gingerbread-style accents over the doors. One bedroom on the main level adds convenience. The home is being sold as-is and will require some TLC, but the potential here is undeniable. Located near city amenities and surrounded by other well-kept homes, this could be a standout investment once restored.

ⓘ 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: $912 · $76/mo
• Projected year-2 tax: $912 · $76/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 4/10 Moderate FEMA zone AE · 22% 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,465
• − Mortgage interest: −$1,339
• − Property taxes: −$912
• − Insurance: −$5,644
• − Repairs & maintenance: −$1,317
• − Management: −$1,317
• − Depreciation: −$695
• Taxable income: $5,240
• Est. tax owed @ 24.0%: −$1,258
• After-tax cash flow: $3,689/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

-46.8% since first listed

16 events — show timeline

• 2026-05-14 Price Changed $23,900 IRMLS
• 2026-05-14 Price Changed $23,900 MIBOR as Distributed by MLS Grid
• 2026-04-29 Price Changed $25,900 IRMLS
• 2026-04-29 Price Changed $25,900 MIBOR as Distributed by MLS Grid
• 2026-03-30 Price Changed $27,900 MIBOR as Distributed by MLS Grid
• 2026-03-30 Price Changed $27,900 IRMLS
• 2026-03-17 Price Changed $29,900 IRMLS
• 2026-03-17 Price Changed $29,900 MIBOR as Distributed by MLS Grid
• 2026-01-20 Price Changed $31,900 IRMLS
• 2026-01-20 Price Changed $31,900 MIBOR as Distributed by MLS Grid
• 2025-12-03 Price Changed $34,900 IRMLS
• 2025-12-03 Price Changed $34,900 MIBOR as Distributed by MLS Grid
• 2025-11-20 Price Changed $39,900 IRMLS
• 2025-11-20 Price Changed $39,900 MIBOR as Distributed by MLS Grid
• 2025-10-21 Listed $44,900 IRMLS
• 2025-10-21 Listed $44,900 MIBOR as Distributed by MLS Grid

Property tax history

+6.0%/yr

Latest (2025): $912 · +12.0% YoY. Source: county tax records.