2202 S Home Ave · Marion, IN 46953

$29,900

2 bd · 1.0 ba · 1,056 sqft · Manufactured public records · 136 Days on market

Built 1985 0.34 ac lot $28/sqft · 42% below area ↓ 20% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Future homeowner (or savvy investor!), feast your eyes on 2202 S Home Ave, a property that is full of potential! This place is waiting for someone with a creative vision! This home features three bedrooms, offering plentiful options for private retreats, home office & more. With two full bathrooms that offer convenience of your own space & over 1000 square feet of living area on a sprawling large corner lot, there's room to roam, to dream, and to unleash your inner artistic abilities for turning this home into a modern masterpiece!

Key facts

• 0.34 acre lot
• Garage
• Built 1985

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $30k.

Deal economics

• At list price, monthly cash flow is $508 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($915 rent vs $30k).
• Recommended offer: $26k (12.0% below list) — sets the bar for market timing.
• Cap rate 26.7% 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; 2 comparable units currently listed for rent nearby; 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 $207 of loan paydown is wiped out by about $897 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 $8k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 136 days — a 12% lower offer ($26k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $10k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $26,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 136 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
6. 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.
7. 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: 3.06% ✓
• Cap rate: 26.69%
• Cash-on-cash: 72.85%
• DSCR: 4.24
• GRM: 2.7

CMA / ARV

• ARV (median comp): $103,096
• List price: $29,900
• Delta: -71.00%
• 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: 72.6%
• Equity multiple: 4.29×
• Total profit: $27,546
• Equity at exit: $4,458

10-year hold

• IRR: 76.5%
• Equity multiple: 8.85×
• Total profit: $65,748
• Equity at exit: $2,585

Cash invested: $8,372 (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: 112
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $915 medium
• Mortgage (P&I): −$157
• Tax from tax record: −$45 /mo · $542/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$192
• Net cashflow: $508

Break-even live

Break-even rent $271

Max offer price $29,900

Occupancy floor 39%

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: $7,475
• Closing costs: $897
• Reserves months: —
• Total cash needed: —

Rent comps 2 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	0.37mi
2516 S Washington St Unit 1 Marion, IN	1.0	1.0	800	$675	$0.84	43d	1	0.57mi

Listing history 23 events

1. 2026-06-19
   days on market $29,900 Active 136 DOM
2. 2026-06-18
   days on market $29,900 Active 135 DOM
3. 2026-06-17
   days on market $29,900 Active 134 DOM
4. 2026-06-16
   days on market $29,900 Active 133 DOM
5. 2026-06-15
   days on market $29,900 Active 132 DOM
6. 2026-06-14
   days on market $29,900 Active 130 DOM
7. 2026-06-12
   days on market $29,900 Active 129 DOM
8. 2026-06-09
   days on market $29,900 Active 126 DOM
9. 2026-06-08
   days on market $29,900 Active 125 DOM
10. 2026-06-07
    days on market $29,900 Active 124 DOM
11. 2026-06-03
    price $29,900 Active 119 DOM
12. 2026-06-02
    days on market $31,900 Active 119 DOM
13. 2026-06-01
    days on market $31,900 Active 118 DOM
14. 2026-05-31
    days on market $31,900 Active 117 DOM
15. 2026-05-30
    days on market $31,900 Active 116 DOM
16. 2026-05-18
    price $31,900 545-char remark

    Show marketing remark (545 chars)

    Future homeowner (or savvy investor!), feast your eyes on 2202 S Home Ave, a property that is full of potential! This place is waiting for someone with a creative vision! This home features three bedrooms, offering plentiful options for private retreats, home office & more. With two full bathrooms that offer convenience of your own space & over 1000 square feet of living area on a sprawling large corner lot, there's room to roam, to dream, and to unleash your inner artistic abilities for turning this home into a modern masterpiece!

17. 2026-05-18
    status Active 545-char remark

    Show marketing remark (545 chars)

    Future homeowner (or savvy investor!), feast your eyes on 2202 S Home Ave, a property that is full of potential! This place is waiting for someone with a creative vision! This home features three bedrooms, offering plentiful options for private retreats, home office & more. With two full bathrooms that offer convenience of your own space & over 1000 square feet of living area on a sprawling large corner lot, there's room to roam, to dream, and to unleash your inner artistic abilities for turning this home into a modern masterpiece!

18. 2026-05-13
    status Pending 545-char remark

    Show marketing remark (545 chars)

    Future homeowner (or savvy investor!), feast your eyes on 2202 S Home Ave, a property that is full of potential! This place is waiting for someone with a creative vision! This home features three bedrooms, offering plentiful options for private retreats, home office & more. With two full bathrooms that offer convenience of your own space & over 1000 square feet of living area on a sprawling large corner lot, there's room to roam, to dream, and to unleash your inner artistic abilities for turning this home into a modern masterpiece!

19. 2026-04-06
    price $33,900 545-char remark

    Show marketing remark (545 chars)

    Future homeowner (or savvy investor!), feast your eyes on 2202 S Home Ave, a property that is full of potential! This place is waiting for someone with a creative vision! This home features three bedrooms, offering plentiful options for private retreats, home office & more. With two full bathrooms that offer convenience of your own space & over 1000 square feet of living area on a sprawling large corner lot, there's room to roam, to dream, and to unleash your inner artistic abilities for turning this home into a modern masterpiece!

20. 2026-03-03
    price $35,900 545-char remark

    Show marketing remark (545 chars)

    Future homeowner (or savvy investor!), feast your eyes on 2202 S Home Ave, a property that is full of potential! This place is waiting for someone with a creative vision! This home features three bedrooms, offering plentiful options for private retreats, home office & more. With two full bathrooms that offer convenience of your own space & over 1000 square feet of living area on a sprawling large corner lot, there's room to roam, to dream, and to unleash your inner artistic abilities for turning this home into a modern masterpiece!

21. 2026-02-04
    status Active 545-char remark

    Show marketing remark (545 chars)

    Future homeowner (or savvy investor!), feast your eyes on 2202 S Home Ave, a property that is full of potential! This place is waiting for someone with a creative vision! This home features three bedrooms, offering plentiful options for private retreats, home office & more. With two full bathrooms that offer convenience of your own space & over 1000 square feet of living area on a sprawling large corner lot, there's room to roam, to dream, and to unleash your inner artistic abilities for turning this home into a modern masterpiece!

22. 2025-12-29
    historical 545-char remark

    Show marketing remark (545 chars)

    Future homeowner (or savvy investor!), feast your eyes on 2202 S Home Ave, a property that is full of potential! This place is waiting for someone with a creative vision! This home features three bedrooms, offering plentiful options for private retreats, home office & more. With two full bathrooms that offer convenience of your own space & over 1000 square feet of living area on a sprawling large corner lot, there's room to roam, to dream, and to unleash your inner artistic abilities for turning this home into a modern masterpiece!

23. 2025-12-23
    listed $39,900 Active 545-char remark

    Show marketing remark (545 chars)

    Future homeowner (or savvy investor!), feast your eyes on 2202 S Home Ave, a property that is full of potential! This place is waiting for someone with a creative vision! This home features three bedrooms, offering plentiful options for private retreats, home office & more. With two full bathrooms that offer convenience of your own space & over 1000 square feet of living area on a sprawling large corner lot, there's room to roam, to dream, and to unleash your inner artistic abilities for turning this home into a modern masterpiece!

ⓘ 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: $542 · $45/mo
• Projected year-2 tax: $542 · $45/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 5/10 Major FEMA zone X (unshaded) · 24% 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: $10,978
• − Mortgage interest: −$1,675
• − Property taxes: −$542
• − Insurance: −$150
• − Repairs & maintenance: −$878
• − Management: −$878
• − Depreciation: −$870
• Taxable income: $5,985
• Est. tax owed @ 24.0%: −$1,436
• After-tax cash flow: $4,663/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

-20.1% since first listed

8 events — show timeline

• 2026-05-18 Price Changed $31,900 MIBOR as Distributed by MLS Grid
• 2026-05-18 Relisted — MIBOR as Distributed by MLS Grid
• 2026-05-13 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-06 Price Changed $33,900 MIBOR as Distributed by MLS Grid
• 2026-03-03 Price Changed $35,900 MIBOR as Distributed by MLS Grid
• 2026-02-04 Relisted — MIBOR as Distributed by MLS Grid
• 2025-12-29 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-12-23 Listed $39,900 MIBOR as Distributed by MLS Grid

Property tax history

-7.1%/yr

Latest (2025): $542 · -46.2% YoY. Source: county tax records.