2405 S Boots St · Marion, IN 46953

$5,000

3 bd · 1.0 ba · 1,124 sqft · SingleFamily public records · 18 Days on market

Built 1939 4,620 sqft lot ↓ 44% 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 +30.0/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.4/10.0
• 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

Online-only no-reserve auction opportunity in Marion! Bidding will end on June 18 at noon. This 2-bedroom, 1-bath home is ready for a full renovation and offers a low-entry opportunity for investors, flippers, or buyers looking for their next major rehab project. The home is being sold strictly as-is and will require extensive work throughout, but the existing layout provides a practical footprint with a living room, dining/flex space, kitchen, two bedrooms, bath, hallway/closet area, enclosed front porch/sunroom, rear enclosed porch, and rear canopy area. The conceptual floor plan provides approximately 1,120 SF of main finished layout, plus additional enclosed porch/canopy spaces, to be v

Key facts

• Convenient access
• Rear enclosed porch
• Full renovation

Tags

• FULL RENOVATION
• ENCLOSED FRONT PORCH
• REAR ENCLOSED PORCH
• REAR CANOPY AREA
• CONVENIENT ACCESS
• LOCAL SHOPPING

Property features AI

Finance

• Other: Residential property in fixer condition; Lot under 1/4 acre (approximately 0.11 acres)

Exterior

• Parking: Detached parking (no garage spaces)
• Utilities: Public water; Municipal sewer connected; Solid waste service available
• Home design: Single-family residence; One story; West-facing
• Construction: Shingle siding; Block foundation
• Exterior features: City lot with mature trees; Property offers access

Interior

• Kitchen: No appliances included
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: No heating; No cooling
• Interior features: Attic access

🔨 Auction listing. The $5,000 list price is a nominal opening bid, not a real ask — every metric below is computed on the estimated value $95,540 (ARV from comps), not the list price.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $5k.

Deal economics

• At list price, monthly cash flow is $378 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $5k).
• Recommended offer: $5k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.0% vs local median 8.7% 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: 112 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 $661 of loan paydown is wiped out by about $3k 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 $27k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($5k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: property tax is 4.2% of price; built in 1939 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $4,925 (1.5% below list)

Questions for the listing agent

1. Built in 1939 — 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. 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: 1.24% ✓
• Cap rate: 11.04%
• Cash-on-cash: 16.97%
• DSCR: 1.76
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $95,540
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2520 S Selby St	0.31mi	3/1.0	1,152 (+2%)	10mo	$105,000	$91	73
617 E 27th St	0.43mi	3/1.0	1,212 (+8%)	2mo	$40,000	$33	65
114 W 30th St	0.37mi	3/1.0	1,188 (+6%)	13mo	$25,000	$21	62
2922 S Nebraska St	0.41mi	2/1.0 (-1)	1,160 (+3%)	12mo	$500	—	60
2114 S Branson St	0.23mi	3/1.5	1,000 (-11%)	10mo	$120,000	$120	60
2809 S Landess St	0.53mi	2/1.0 (-1)	1,054 (-6%)	9mo	$90,000	$85	52
2906 S Hamaker St	0.53mi	3/1.0	1,008 (-10%)	8mo	$110,000	$109	52
2910 S Brownlee St	0.53mi	3/1.0	1,015 (-10%)	10mo	$10,250	$10	50
2500 S Waite St	0.68mi	3/1.0	1,180 (+5%)	13mo	$47,000	$40	49
1818 S Nebraska St	0.36mi	3/1.0	960 (-15%)	12mo	$97,000	$101	49
1616 S Mcclure St	0.51mi	2/1.0 (-1)	972 (-14%)	2mo	$20,000	$21	47
2203 S Valley Ave	0.56mi	2/1.0 (-1)	982 (-13%)	10mo	$134,900	$137	40

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: 8.2%
• Equity multiple: 1.32×
• Total profit: $8,568
• Equity at exit: $14,245

10-year hold

• IRR: 17.4%
• Equity multiple: 2.43×
• Total profit: $38,305
• Equity at exit: $8,261

Cash invested: $26,751 (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: 0.4×

Monthly cashflow live

• Estimated rent: $1,185 medium
• Mortgage (P&I): −$501
• Tax from tax record: −$17 /mo · $208/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$249
• Net cashflow: $378

Break-even live

Break-even rent $707

Max offer price $95,540

Occupancy floor 63%

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: $23,885
• Closing costs: $2,866
• 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	43d	1	0.48mi

Listing history 12 events

1. 2026-06-19
   days on market $5,000 Active 18 DOM
2. 2026-06-18
   days on market $5,000 Active 17 DOM
3. 2026-06-17
   days on market $5,000 Active 16 DOM
4. 2026-06-16
   days on market $5,000 Active 15 DOM
5. 2026-06-15
   days on market $5,000 Active 14 DOM
6. 2026-06-14
   days on market $5,000 Active 12 DOM
7. 2026-06-12
   days on market $5,000 Active 11 DOM
8. 2026-06-09
   days on market $5,000 Active 8 DOM
9. 2026-06-08
   days on market $5,000 Active 7 DOM
10. 2026-06-07
    days on market $5,000 Active 6 DOM
11. 2026-06-02
    remarks 699-char remark
12. 2026-06-02
    listed $5,000 Active 1 DOM

ⓘ 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: $208 · $17/mo
• Projected year-2 tax: $208 · $17/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: $14,225
• − Mortgage interest: −$5,352
• − Property taxes: −$208
• − Insurance: −$478
• − Repairs & maintenance: −$1,138
• − Management: −$1,138
• − Depreciation: −$2,779
• Taxable income: $3,132
• Est. tax owed @ 24.0%: −$752
• After-tax cash flow: $3,788/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

-44.4% since first listed

5 events — show timeline

• 2026-06-01 Listed $5,000 MIBOR as Distributed by MLS Grid
• 2019-03-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2018-04-24 Listed $9,000 MIBOR as Distributed by MLS Grid
• 2017-10-31 Listing Removed — MIBOR as Distributed by MLS Grid
• 2017-04-26 Listed $9,000 MIBOR as Distributed by MLS Grid

Property tax history

-1.1%/yr

Latest (2025): $208 · +7.2% YoY. Source: county tax records.