624 S Gallatin St · Marion, IN 46953

$44,000

3 bd · 2.0 ba · 1,344 sqft · MultiFamily public records · 36 Days on market

Built 1949 8,712 sqft lot $33/sqft · 13% below area Est $63k · 31% 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

Welcome to this 3-bedroom, 2-bathroom home offering 1,344 square feet of living space, ideally situated on a desirable corner lot. This property features a functional layout with great potential for customization and value-add improvements. Equipped with a gas furnace and central air conditioning, the home provides year-round comfort. While the property does require updates throughout, it presents an excellent opportunity for investors or buyers looking to personalize a home to their taste. Conveniently located within walking distance to the public library and close to local amenities, this home combines location and potential.

Key facts

• Gas furnace
• Functional layout
• Corner lot

Tags

• CORNER LOT
• FUNCTIONAL LAYOUT
• GAS FURNACE
• CENTRAL AIR CONDITIONING
• CLOSE TO LOCAL AMENITIES
• POTENTIAL FOR CUSTOMIZATION

Property features AI

Exterior

• Parking: No garage or designated parking
• Utilities: Public water; Municipal sewer
• Home design: Single-family residence; One story
• Construction: Wood siding exterior; Block foundation
• Exterior features: Covered patio/porch; Lot under 1/4 acre (0.2 acre)

Interior

• Kitchen: No appliances included
• Bedrooms: Three bedrooms on the main level (all bedrooms on main)
• Bathrooms: Two full bathrooms (both on main level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Unfinished basement; Covered patio/porch
• Laundry & utility: Main-level laundry room (8x4)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $44k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $44k).
• Recommended offer: $43k (3.0% below list) — sets the bar for market timing.
• Cap rate 41.4% 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 $2,083/mo this rent would consume 54% 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 $304 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 $12k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($43k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 3.0% of price; built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $42,680 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 4.73% ✓
• Cap rate: 41.40%
• Cash-on-cash: 125.37%
• DSCR: 6.58
• GRM: 1.8

CMA / ARV

• ARV (median comp): $63,359
• List price: $44,000
• Delta: -30.55%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
321 E Grant St	0.65mi	4/2.0 (+1)	1,352 (+1%)	8mo	$80,000	$59	57

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: 7.08×
• Total profit: $74,915
• Equity at exit: $6,561

10-year hold

• IRR: —
• Equity multiple: 14.88×
• Total profit: $171,060
• Equity at exit: $3,804

Cash invested: $12,320 (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: 3.5×

Monthly cashflow live

• Estimated rent: $2,083 medium
• Mortgage (P&I): −$231
• Tax from tax record: −$109 /mo · $1,312/yr
• Insurance: −$18
• HOA: −$0
• Vacancy / Maint / Mgmt: −$437
• Net cashflow: $1,287

Break-even live

Break-even rent $454

Max offer price $44,000

Occupancy floor 33%

Sensitivity live

Price	-10% $1,312	-5% $1,300	+0% $1,287	+5% $1,275	+10% $1,262
Rent	-10% $1,123	-5% $1,205	+0% $1,287	+5% $1,369	+10% $1,452
Rate	-1.0pp $1,309	-0.5pp $1,298	base $1,287	+0.5pp $1,276	+1.0pp $1,264

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,084
Total (2 units)			$2,083

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: $11,000
• Closing costs: $1,320
• 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	1.03mi
703 E 28th St Marion, IN	2.0	1.0	1085	$1,200	$1.11	45d	1	1.40mi

Listing history 11 events

1. 2026-06-13
   status $44,000 Pending 36 DOM
2. 2026-06-12
   days on market $44,000 Active 36 DOM

   Show marketing remark (635 chars)

   Welcome to this 3-bedroom, 2-bathroom home offering 1,344 square feet of living space, ideally situated on a desirable corner lot. This property features a functional layout with great potential for customization and value-add improvements. Equipped with a gas furnace and central air conditioning, the home provides year-round comfort. While the property does require updates throughout, it presents an excellent opportunity for investors or buyers looking to personalize a home to their taste. Conveniently located within walking distance to the public library and close to local amenities, this home combines location and potential.

3. 2026-06-09
   days on market $44,000 Active 33 DOM
4. 2026-06-08
   days on market $44,000 Active 32 DOM
5. 2026-06-07
   days on market $44,000 Active 31 DOM
6. 2026-06-02
   days on market $44,000 Active 26 DOM
7. 2026-06-01
   days on market $44,000 Active 25 DOM
8. 2026-05-31
   days on market $44,000 Active 24 DOM
9. 2026-05-30
   days on market $44,000 Active 23 DOM
10. 2026-05-07
    listed $44,000 Active 635-char remark

    Show marketing remark (635 chars)

    Welcome to this 3-bedroom, 2-bathroom home offering 1,344 square feet of living space, ideally situated on a desirable corner lot. This property features a functional layout with great potential for customization and value-add improvements. Equipped with a gas furnace and central air conditioning, the home provides year-round comfort. While the property does require updates throughout, it presents an excellent opportunity for investors or buyers looking to personalize a home to their taste. Conveniently located within walking distance to the public library and close to local amenities, this home combines location and potential.

11. 2026-05-07
    listed $44,000 Active 635-char remark

    Show marketing remark (635 chars)

    Welcome to this 3-bedroom, 2-bathroom home offering 1,344 square feet of living space, ideally situated on a desirable corner lot. This property features a functional layout with great potential for customization and value-add improvements. Equipped with a gas furnace and central air conditioning, the home provides year-round comfort. While the property does require updates throughout, it presents an excellent opportunity for investors or buyers looking to personalize a home to their taste. Conveniently located within walking distance to the public library and close to local amenities, this home combines location and potential.

ⓘ 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: $1,312 · $109/mo
• Projected year-2 tax: $1,312 · $109/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 3/10 Moderate FEMA zone X (unshaded) · 17% 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: $24,996
• − Mortgage interest: −$2,465
• − Property taxes: −$1,312
• − Insurance: −$220
• − Repairs & maintenance: −$2,000
• − Management: −$2,000
• − Depreciation: −$1,280
• Taxable income: $15,720
• Est. tax owed @ 24.0%: −$3,773
• After-tax cash flow: $11,673/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

+0.0% since first listed

4 events — show timeline

• 2026-06-12 Pending — MIBOR as Distributed by MLS Grid
• 2026-06-12 Pending — IRMLS
• 2026-05-07 Listed $44,000 IRMLS
• 2026-05-07 Listed $44,000 MIBOR as Distributed by MLS Grid

Property tax history

-2.3%/yr

Latest (2025): $1,312 · +120.9% YoY. Source: county tax records.