935 S Branson St · Marion, IN 46953

$54,900

3 bd · 1.0 ba · 1,158 sqft · MultiFamily public records · 109 Days on market

Built 1939 10,019 sqft lot $47/sqft · 87% above area Est $71k · 23% under

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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 +15.0/15.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

This spacious house offers over 2,800 square feet and could be turned into something special! Currently a three (3) bedroom but could be converted to a six (6) bedroom with the three bonus rooms upstairs. Large living room and family room with original hardwood floors, nice dining room area, primary bedroom has LARGE walk-in closet, main level laundry room, newer roof. Sale also includes 933 (931) S Branson that is 1048 sq. ft. and 311 E 10th St. that offers 1048 sq. ft. There is also a detached garage structure that could be converted into an efficiency loft. Add this one to your portfolio and generate instant income, or put your touch on all of this space and make it your own! Whether you’re looking to occupy or invest, this deal comes with so much potential! Currently rented for $250/wk

Key facts

• 0.23 acre lot
• Garage
• Built 1939

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath multifamily listed at $55k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $55k).
• Recommended offer: $50k (9.0% below list) — sets the bar for market timing.
• Cap rate 46.8% 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: 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: 114 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 $2,815/mo this rent would consume 73% of the median local household income ($46k/yr) (locally 597% 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 $380 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 $15k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 109 days — a 9% lower offer ($50k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y ago; this cycle's ask has dropped $5k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $49,959 (9.0% below list)

Questions for the listing agent

1. It's been on market 109 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1939 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 5.13% ✓
• Cap rate: 46.78%
• Cash-on-cash: 144.58%
• DSCR: 7.43
• GRM: 1.6

CMA / ARV

• ARV (median comp): $71,448
• List price: $54,900
• Delta: -23.16%
• 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: 8.10×
• Total profit: $109,101
• Equity at exit: $8,186

10-year hold

• IRR: —
• Equity multiple: 17.07×
• Total profit: $247,049
• Equity at exit: $4,747

Cash invested: $15,372 (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 46953

• Home prices YoY: -23.4%
• Active inventory: 114
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $2,815 medium
• Mortgage (P&I): −$288
• Tax from tax record: −$61 /mo · $732/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$591
• Net cashflow: $1,852

Break-even live

Break-even rent $471

Max offer price $54,900

Occupancy floor 29%

Sensitivity live

Price	-10% $1,883	-5% $1,868	+0% $1,852	+5% $1,837	+10% $1,821
Rent	-10% $1,630	-5% $1,741	+0% $1,852	+5% $1,963	+10% $2,074
Rate	-1.0pp $1,880	-0.5pp $1,866	base $1,852	+0.5pp $1,838	+1.0pp $1,823

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$2,814
Total (3 units)			$2,815

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: $13,725
• Closing costs: $1,647
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
715 E Sherman St Marion, IN	2.0	1.0	1085	$1,050	$0.97	45d	1	1.04mi
703 E 28th St Marion, IN	2.0	1.0	1085	$1,200	$1.11	45d	1	1.13mi

Listing history 21 events

1. 2026-06-22
   days on market $54,900 Active 109 DOM
2. 2026-06-21
   days on market $54,900 Active 108 DOM
3. 2026-06-19
   days on market $54,900 Active 106 DOM
4. 2026-06-18
   days on market $54,900 Active 105 DOM
5. 2026-06-17
   days on market $54,900 Active 104 DOM
6. 2026-06-16
   days on market $54,900 Active 103 DOM
7. 2026-06-15
   days on market $54,900 Active 102 DOM
8. 2026-06-14
   days on market $54,900 Active 100 DOM
9. 2026-06-12
   days on market $54,900 Active 99 DOM
10. 2026-06-09
    days on market $54,900 Active 96 DOM
11. 2026-06-08
    days on market $54,900 Active 95 DOM
12. 2026-06-07
    days on market $54,900 Active 94 DOM
13. 2026-06-02
    days on market $54,900 Active 89 DOM
14. 2026-06-01
    days on market $54,900 Active 88 DOM
15. 2026-05-31
    days on market $54,900 Active 87 DOM
16. 2026-05-30
    days on market $54,900 Active 86 DOM
17. 2026-03-05
    listed $60,000 Active 806-char remark

    Show marketing remark (806 chars)

    This spacious house offers over 2,800 square feet and could be turned into something special! Currently a three (3) bedroom but could be converted to a six (6) bedroom with the three bonus rooms upstairs. Large living room and family room with original hardwood floors, nice dining room area, primary bedroom has LARGE walk-in closet, main level laundry room, newer roof. Sale also includes 933 (931) S Branson that is 1048 sq. ft. and 311 E 10th St. that offers 1048 sq. ft. There is also a detached garage structure that could be converted into an efficiency loft. Add this one to your portfolio and generate instant income, or put your touch on all of this space and make it your own! Whether you’re looking to occupy or invest, this deal comes with so much potential! Currently rented for $250/wk

18. 2025-03-17
    price $59,000
19. 2025-01-28
    price $60,000
20. 2024-12-11
    listed $62,000 Active
21. 2020-05-13
    listed $35,000

ⓘ 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: $732 · $61/mo
• Projected year-2 tax: $732 · $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 4/10 Moderate FEMA zone X (unshaded) · 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,780
• − Mortgage interest: −$3,075
• − Property taxes: −$732
• − Insurance: −$274
• − Repairs & maintenance: −$2,702
• − Management: −$2,702
• − Depreciation: −$1,597
• Taxable income: $22,696
• Est. tax owed @ 24.0%: −$5,447
• After-tax cash flow: $16,778/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

+71.4% since first listed

5 events — show timeline

• 2026-03-05 Listed $60,000 IRMLS
• 2025-03-17 Price Changed $59,000 IRMLS
• 2025-01-28 Price Changed $60,000 IRMLS
• 2024-12-11 Listed $62,000 IRMLS
• 2020-05-13 Listed $35,000 IRMLS

Property tax history

-6.5%/yr

Latest (2025): $732 · +9.9% YoY. Source: county tax records.