102 S Bradner Ave · Marion, IN 46952

$279,900

2 bd · 1.0 ba · 700 sqft · MultiFamily public records · 130 Days on market

Built 1977 0.27 ac lot $400/sqft · 1139% above area ↓ 7% since listing

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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 +28.5/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Great investment in this brick fourplex! This property was built as a multi unit featuring 4 units each with 2 bedrooms, 1 bath, full kitchen with refrigerator and ranges included and hookups for a washer and dryer. The units are all identical layouts. This property is in a desirable location convenient to major employer GM motors, retail, schools and medical facilities. All units are rented and managed by BlueSky property management. Property is in an estate. No Seller Disclosures. Minimum of 24 hour notice to show.

Key facts

• Retail
• Full kitchen
• Brick fourplex

Tags

• BRICK FOURPLEX
• MULTI UNIT
• FULL KITCHEN
• DESIRABLE LOCATION
• MAJOR EMPLOYER
• RETAIL

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1-bath units multifamily listed at $280k.

Deal economics

• At list price, monthly cash flow is $912 ($11k/yr) — positive. Per door: $228/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $280k).
• Recommended offer: $246k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.2% vs local median 8.5% in Marion — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: 126 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 52 units permitted in Grant County in 2024 (8 in 5+ unit buildings).
• At $3,443/mo this rent would consume 78% of the median local household income ($53k/yr) (locally 662% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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 $78k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 130 days — a 12% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $246,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 130 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.23% ✓
• Cap rate: 10.20%
• Cash-on-cash: 13.96%
• DSCR: 1.62
• GRM: 6.8

CMA / ARV

• ARV (median comp): $90,322
• List price: $279,900
• Delta: 209.89%
• Verdict: OVERPRICED
• Comps: 6 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 4.2%
• Equity multiple: 1.16×
• Total profit: $12,705
• Equity at exit: $41,734

10-year hold

• IRR: 13.7%
• Equity multiple: 2.09×
• Total profit: $85,755
• Equity at exit: $24,201

Cash invested: $78,372 (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: 27.1×

Monthly cashflow live

• Estimated rent: $3,443 high
• Mortgage (P&I): −$1,468
• Tax from tax record: −$224 /mo · $2,682/yr
• Insurance: −$117
• HOA: −$0
• Vacancy / Maint / Mgmt: −$723
• Net cashflow: $912

Break-even live

Break-even rent $2,289

Max offer price $279,900

Occupancy floor 69%

Sensitivity live

Price	-10% $1,070	-5% $991	+0% $912	+5% $833	+10% $754
Rent	-10% $640	-5% $776	+0% $912	+5% $1,048	+10% $1,184
Rate	-1.0pp $1,053	-0.5pp $983	base $912	+0.5pp $839	+1.0pp $766

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$3,444
Total (4 units)			$3,443

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: $69,975
• Closing costs: $8,397
• Reserves months: —
• Total cash needed: —

Rent comps 2 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	0.19mi
2111 W Frederick Dr Marion, IN	1.0–2.0	1.0–1.5	965	$937	$0.97	44d	4	0.73mi

Listing history 20 events

1. 2026-06-21
   days on market $279,900 Active 130 DOM
2. 2026-06-19
   days on market $279,900 Active 128 DOM
3. 2026-06-18
   days on market $279,900 Active 127 DOM
4. 2026-06-17
   days on market $279,900 Active 126 DOM
5. 2026-06-16
   days on market $279,900 Active 125 DOM
6. 2026-06-15
   days on market $279,900 Active 124 DOM
7. 2026-06-14
   days on market $279,900 Active 122 DOM
8. 2026-06-12
   days on market $279,900 Active 121 DOM
9. 2026-06-09
   days on market $279,900 Active 118 DOM
10. 2026-06-08
    days on market $279,900 Active 117 DOM
11. 2026-06-07
    days on market $279,900 Active 116 DOM
12. 2026-06-02
    days on market $279,900 Active 111 DOM
13. 2026-06-01
    days on market $279,900 Active 110 DOM
14. 2026-05-31
    days on market $279,900 Active 109 DOM
15. 2026-05-30
    days on market $279,900 Active 108 DOM
16. 2026-04-16
    price $279,900 522-char remark

    Show marketing remark (522 chars)

    Great investment in this brick fourplex! This property was built as a multi unit featuring 4 units each with 2 bedrooms, 1 bath, full kitchen with refrigerator and ranges included and hookups for a washer and dryer. The units are all identical layouts. This property is in a desirable location convenient to major employer GM motors, retail, schools and medical facilities. All units are rented and managed by BlueSky property management. Property is in an estate. No Seller Disclosures. Minimum of 24 hour notice to show.

17. 2026-04-09
    price $279,900 500-char remark

    Show marketing remark (500 chars)

    Great investment in this brick fourplex! This property was built as a multi unit featuring 4 units each with 2 bedrooms, 1 bath, full kitchen with refrigerator and ranges included and hookups for a washer and dryer. The units are all identical layouts. This property is in a desirable location convenient to major employer GM motors, retail, schools and medical facilities. 3 units are rented and managed by BlueSky property management. Property is in a Trust and in an estate. No Seller Disclosures.

18. 2026-02-11
    listed $299,900 Active 500-char remark

    Show marketing remark (500 chars)

    Great investment in this brick fourplex! This property was built as a multi unit featuring 4 units each with 2 bedrooms, 1 bath, full kitchen with refrigerator and ranges included and hookups for a washer and dryer. The units are all identical layouts. This property is in a desirable location convenient to major employer GM motors, retail, schools and medical facilities. 3 units are rented and managed by BlueSky property management. Property is in a Trust and in an estate. No Seller Disclosures.

19. 2026-02-10
    listed $299,900 Active 522-char remark

    Show marketing remark (522 chars)

    Great investment in this brick fourplex! This property was built as a multi unit featuring 4 units each with 2 bedrooms, 1 bath, full kitchen with refrigerator and ranges included and hookups for a washer and dryer. The units are all identical layouts. This property is in a desirable location convenient to major employer GM motors, retail, schools and medical facilities. All units are rented and managed by BlueSky property management. Property is in an estate. No Seller Disclosures. Minimum of 24 hour notice to show.

20. 2022-01-03
    price $599

ⓘ 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: $2,682 · $224/mo
• Projected year-2 tax: $2,682 · $224/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 ≥101°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: $41,316
• − Mortgage interest: −$15,679
• − Property taxes: −$2,682
• − Insurance: −$1,400
• − Repairs & maintenance: −$3,305
• − Management: −$3,305
• − Depreciation: −$8,143
• Taxable income: $6,803
• Est. tax owed @ 24.0%: −$1,633
• After-tax cash flow: $9,312/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

-6.7% since first listed

5 events — show timeline

• 2026-04-16 Price Changed $279,900 MIBOR as Distributed by MLS Grid
• 2026-04-09 Price Changed $279,900 IRMLS
• 2026-02-11 Listed $299,900 IRMLS
• 2026-02-10 Listed $299,900 MIBOR as Distributed by MLS Grid
• 2022-01-03 Price Changed $599 RENT.

Property tax history

-4.6%/yr

Latest (2025): $2,682 · -3.6% YoY. Source: county tax records.