1002 E 28th St · Marion, IN 46953

$26,000

3 bd · 1.0 ba · 1,162 sqft · SingleFamily public records · 16 Days on market

Built 1925 0.36 ac lot ↓ 24% 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

Charming 3-bedroom, 1-bath home featuring a spacious 2-car detached garage and an unfinished basement offering excellent storage. The functional layout provides comfortable living space with plenty of natural light. Conveniently located and ready for your personal touch—don’t miss this opportunity!

Key facts

• Unfinished basement
• Natural light
• Functional layout

Tags

• DETACHED GARAGE
• UNFINISHED BASEMENT
• NATURAL LIGHT
• FUNCTIONAL LAYOUT

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $26k.

Deal economics

• At list price, monthly cash flow is $729 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $26k).
• Recommended offer: $26k (1.5% below list) — sets the bar for market timing.
• Cap rate 39.9% 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: Allen Elementary School (math 22% / reading 17%, grade F, #814 of 994 statewide, top 83%, 399 students, 84% 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).
• Market conditions: 114 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 ($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 $180 of loan paydown is wiped out by about $780 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 ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($26k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $25,610 (1.5% below list)

Questions for the listing agent

1. Built in 1925 — 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. 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: 4.56% ✓
• Cap rate: 39.93%
• Cash-on-cash: 120.13%
• DSCR: 6.35
• GRM: 1.8

CMA / ARV

• ARV (on-the-fly): $91,798
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1002 E 28th St	0.00mi	3/1.0	1,162 (0%)	0mo	$22,750	$20	100
617 E 27th St	0.33mi	3/1.0	1,212 (+4%)	2mo	$40,000	$33	76
3238 S Harvey St	0.38mi	3/2.0	1,140 (-2%)	6mo	$90,000	$79	70
3231 S Koldyke Dr	0.45mi	3/1.0	1,232 (+6%)	1mo	$155,000	$126	68
1021 E 35th St	0.51mi	3/1.0	1,212 (+4%)	8mo	$30,000	$25	62
3011 S Koldyke Dr	0.33mi	3/1.0	1,008 (-13%)	2mo	$45,000	$45	61
3235 S Koldyke Dr	0.46mi	3/1.0	1,024 (-12%)	2mo	$75,000	$73	58
2 S Colonial Park Dr	0.70mi	3/1.5	1,235 (+6%)	3mo	$185,000	$150	53
3507 S Allegheny Ave	0.56mi	3/1.0	1,008 (-13%)	3mo	$100,000	$99	50
1607 E 33rd St	0.52mi	3/1.0	1,000 (-14%)	6mo	$44,900	$45	48
3608 S Home Ave	0.67mi	3/1.0	1,304 (+12%)	4mo	$160,000	$123	45
3605 S Home Ave	0.65mi	2/1.0 (-1)	1,336 (+15%)	8mo	$132,900	$99	33

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: —
• Equity multiple: 6.80×
• Total profit: $42,239
• Equity at exit: $3,877

10-year hold

• IRR: —
• Equity multiple: 14.28×
• Total profit: $96,695
• Equity at exit: $2,248

Cash invested: $7,280 (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: 114
• Price-to-rent: 1.8×

Monthly cashflow live

• Estimated rent: $1,187 medium
• Mortgage (P&I): −$136
• Tax from tax record: −$61 /mo · $737/yr
• Insurance: −$11
• HOA: −$0
• Vacancy / Maint / Mgmt: −$249
• Net cashflow: $729

Break-even live

Break-even rent $264

Max offer price $26,000

Occupancy floor 34%

Sensitivity live

Price	-10% $744	-5% $736	+0% $729	+5% $721	+10% $714
Rent	-10% $635	-5% $682	+0% $729	+5% $776	+10% $823
Rate	-1.0pp $742	-0.5pp $735	base $729	+0.5pp $722	+1.0pp $715

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: $6,500
• Closing costs: $780
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
703 E 28th St Marion, IN	2.0	1.0	1085	$1,200	$1.11	45d	1	0.30mi

Listing history 3 events

1. 2026-03-12
   status Pending
2. 2026-03-06
   price $26,000
3. 2026-02-24
   listed $34,000 Active

ⓘ 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: $737 · $61/mo
• Projected year-2 tax: $737 · $61/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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,238
• − Mortgage interest: −$1,456
• − Property taxes: −$737
• − Insurance: −$130
• − Repairs & maintenance: −$1,139
• − Management: −$1,139
• − Depreciation: −$756
• Taxable income: $8,881
• Est. tax owed @ 24.0%: −$2,131
• After-tax cash flow: $6,614/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

-23.5% since first listed

3 events — show timeline

• 2026-03-12 Pending — IRMLS
• 2026-03-06 Price Changed $26,000 IRMLS
• 2026-02-24 Listed $34,000 IRMLS

Property tax history

+5.3%/yr

Latest (2025): $737 · +18.5% YoY. Source: county tax records.