3722 S Gallatin St · Marion, IN 46953

$35,000

2 bd · 1.0 ba · 898 sqft · SingleFamily public records · 20 Days on market

Built 1910 5,808 sqft lot $39/sqft · 45% below area Est $64k · 45% under ↓ 22% since listing

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Why this score? — see what drove the B 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
• ARV discount +15.0/15.0
• 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
• Appreciation +0.0/10.0

Listing remarks MLS

2-bedroom home full of potential and ready for your personal touch! This property offers a great opportunity for investors or anyone looking to add value with a little TLC. Features include a spacious living area, functional layout, and a generously sized yard perfect for entertaining or relaxing. With some updates and vision, this home could truly shine. Home being sold as-is.

Key facts

• Spacious living area
• Functional layout
• 5,808 sq ft lot

Tags

• SPACIOUS LIVING AREA
• FUNCTIONAL LAYOUT
• GENEROUSLY SIZED YARD

Property features AI

Exterior

• Utilities: Public water; Municipal sewer connected
• Home design: Single-family residence; One-story
• Construction: Vinyl siding; Crawl space foundation
• Exterior features: Lot under 1/4 acre (0.13 acres)

Interior

• Kitchen: No appliances included
• Bedrooms: 2 bedrooms (both on main level)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); No central cooling
• Interior features: Attic access; Living room on main level; Laundry room on main level
• Laundry & utility: Laundry room (main level)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $35k.

Deal economics

• At list price, monthly cash flow is $482 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($888 rent vs $35k).
• Recommended offer: $34k (1.5% below list) — sets the bar for market timing.
• Cap rate 22.8% 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: Frances Slocum Elem School (math 12% / reading 12%, grade F, #893 of 994 statewide, top 91%, 472 students, 81% FRL); Marion High School (math 12% / reading 47%, grade F, #308 of 369 statewide, top 84%, 1,050 students, 66% FRL).
• Market conditions: 112 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 $242 of loan paydown is wiped out by about $1k 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 $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($34k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $10k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $34,475 (1.5% below list)

Questions for the listing agent

1. Built in 1910 — 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: 2.54% ✓
• Cap rate: 22.81%
• Cash-on-cash: 59.01%
• DSCR: 3.63
• GRM: 3.3

CMA / ARV

• ARV (median comp): $64,218
• List price: $35,000
• Delta: -45.50%
• 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
3706 S Gallatin St	0.03mi	2/1.5	984 (+10%)	1mo	$49,000	$50	80
3514 S Gallatin St	0.23mi	2/1.0	912 (+2%)	17mo	$60,000	$66	72
3639 S Felton St	0.17mi	3/1.0 (+1)	960 (+7%)	9mo	$74,000	$77	68
3631 S Nebraska St	0.12mi	3/1.5 (+1)	964 (+7%)	11mo	$95,000	$99	66
3609 S Boots St	0.18mi	3/1.0 (+1)	1,012 (+13%)	1mo	$121,000	$120	65
3120 S Nebraska St	0.56mi	2/1.0	900 (+0%)	13mo	$79,900	$89	62
111 E 35th St	0.28mi	2/1.0	820 (-9%)	16mo	$42,500	$52	59
3804 S Carey St	0.45mi	3/1.0 (+1)	960 (+7%)	5mo	$102,000	$106	59
3808 S Carey St	0.45mi	2/1.0	812 (-10%)	7mo	$107,000	$132	57
4118 S Landess St	0.49mi	2/1.0	1,024 (+14%)	6mo	$97,000	$95	49
3232 S Hamaker St	0.56mi	3/1.0 (+1)	924 (+3%)	21mo	$35,000	$38	47
419 W 30th St	0.68mi	3/1.0 (+1)	1,010 (+12%)	14mo	$86,000	$85	31

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: 57.6%
• Equity multiple: 3.55×
• Total profit: $25,019
• Equity at exit: $5,219

10-year hold

• IRR: 62.5%
• Equity multiple: 7.26×
• Total profit: $61,306
• Equity at exit: $3,026

Cash invested: $9,800 (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: 3.3×

Monthly cashflow live

• Estimated rent: $888 medium
• Mortgage (P&I): −$184
• Tax from tax record: −$22 /mo · $262/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$187
• Net cashflow: $482

Break-even live

Break-even rent $278

Max offer price $35,000

Occupancy floor 41%

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

Rent comps 3 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	43d	1	0.96mi
2516 S Washington St Unit 1 Marion, IN	1.0	1.0	800	$675	$0.84	43d	1	0.96mi
5000 Prestwick Sq Marion, IN	2.0–3.0	2.0	884	$915	$1.04	43d	5	1.03mi

Listing history 7 events

1. 2026-06-13
   status $35,000 Pending 20 DOM

   Show marketing remark (380 chars)

   2-bedroom home full of potential and ready for your personal touch! This property offers a great opportunity for investors or anyone looking to add value with a little TLC. Features include a spacious living area, functional layout, and a generously sized yard perfect for entertaining or relaxing. With some updates and vision, this home could truly shine. Home being sold as-is.

2. 2026-06-12
   days on market $35,000 Active 20 DOM
3. 2026-06-09
   days on market $35,000 Active 17 DOM
4. 2026-06-08
   days on market $35,000 Active 16 DOM
5. 2026-06-07
   pricestatusdays on market $35,000 Active 15 DOM
6. 2026-05-15
   listed $45,000 Active 380-char remark

   Show marketing remark (380 chars)

   2-bedroom home full of potential and ready for your personal touch! This property offers a great opportunity for investors or anyone looking to add value with a little TLC. Features include a spacious living area, functional layout, and a generously sized yard perfect for entertaining or relaxing. With some updates and vision, this home could truly shine. Home being sold as-is.

7. 2026-05-15
   listed $45,000 Active 380-char remark

   Show marketing remark (380 chars)

   2-bedroom home full of potential and ready for your personal touch! This property offers a great opportunity for investors or anyone looking to add value with a little TLC. Features include a spacious living area, functional layout, and a generously sized yard perfect for entertaining or relaxing. With some updates and vision, this home could truly shine. Home being sold as-is.

ⓘ 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: $262 · $22/mo
• Projected year-2 tax: $280 · $23/mo
• Expected delta: +$18/yr (+$1/mo · 6.9%)

ⓘ 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,660
• − Mortgage interest: −$1,961
• − Property taxes: −$262
• − Insurance: −$175
• − Repairs & maintenance: −$853
• − Management: −$853
• − Depreciation: −$1,018
• Taxable income: $5,539
• Est. tax owed @ 24.0%: −$1,329
• After-tax cash flow: $4,453/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

-22.2% since first listed

10 events — show timeline

• 2026-06-13 Contingent — IRMLS
• 2026-06-13 Pending — MIBOR as Distributed by MLS Grid
• 2026-06-05 Price Changed $35,000 IRMLS
• 2026-06-05 Price Changed $35,000 MIBOR as Distributed by MLS Grid
• 2026-06-03 Relisted — IRMLS
• 2026-06-03 Relisted — MIBOR as Distributed by MLS Grid
• 2026-05-27 Contingent — IRMLS
• 2026-05-27 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-15 Listed $45,000 MIBOR as Distributed by MLS Grid
• 2026-05-15 Listed $45,000 IRMLS

Property tax history

-11.5%/yr

Latest (2023): $262 · -7.9% YoY. Source: county tax records.