215 W 7th St · Marion, IN 46952

$49,900

2 bd · 3.0 ba · 1,985 sqft · MultiFamily public records · 360 Days on market

Built 1900 2,134 sqft lot $25/sqft · 30% below area Est $72k · 30% under ↓ 33% since listing

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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: 2 units. confirmed

Listing remarks MLS

Motivated Seller ~~ Great Investment Opportunity! This duplex has been vacant for over a year and is ready for your vision and updates. One side features 2 bedrooms and 2 full bathrooms, offering spacious living potential, while the other side includes 1 bedroom and 1 bathroom—perfect for a tenant or guest suite. Whether you're looking to renovate and rent both units or live in one and lease the other, this property offers flexibility and income potential

Key facts

• 2,134 sq ft lot
• 2 parking spots
• Built 1900

🏷️ Possibly a rental listed for sale. The $49,900 price doesn't fit this home's estimated sale value (~$71,540) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/3.0-bath units multifamily listed at $50k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $691/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $50k).
• Recommended offer: $44k (12.0% below list) — sets the bar for market timing.
• Cap rate 39.5% 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: 124 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 $2,173/mo this rent would consume 49% of the median local household income ($53k/yr) (locally 662% 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 $345 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 $14k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 360 days — a 12% lower offer ($44k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $43,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 360 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 4.35% ✓
• Cap rate: 39.55%
• Cash-on-cash: 118.77%
• DSCR: 6.28
• GRM: 1.9

CMA / ARV

• ARV (median comp): $71,540
• List price: $49,900
• Delta: -30.25%
• Verdict: UNDERPRICED
• Comps: 19 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
920 W 5th St	0.47mi	3/2.0 (+1)	1,896 (-4%)	2mo	$44,800	$24	60
1608 S Washington St	0.61mi	3/2.0 (+1)	1,848 (-7%)	2mo	$55,900	$30	50
225 N E St	0.70mi	3/2.5 (+1)	2,008 (+1%)	11mo	$90,008	$45	50

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: 6.73×
• Total profit: $80,015
• Equity at exit: $7,440

10-year hold

• IRR: —
• Equity multiple: 14.11×
• Total profit: $183,193
• Equity at exit: $4,314

Cash invested: $13,972 (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 46952

• Home prices YoY: -29.9%
• Active inventory: 124
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $2,173 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$51 /mo · $616/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$456
• Net cashflow: $1,383

Break-even live

Break-even rent $423

Max offer price $49,900

Occupancy floor 31%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	3	$2,172
Total (2 units)			$2,173

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
610 S Gallatin St Marion, IN	1.0	1.0	2554	$530	$0.21	43d	1	0.05mi
511 W Buckingham Dr Marion, IN	3.0	2.0	1942	$2,000	$1.03	43d	1	1.12mi

Listing history 19 events

1. 2026-06-19
   days on market $49,900 Active 360 DOM
2. 2026-06-18
   days on market $49,900 Active 359 DOM
3. 2026-06-17
   days on market $49,900 Active 358 DOM
4. 2026-06-16
   days on market $49,900 Active 357 DOM
5. 2026-06-15
   days on market $49,900 Active 356 DOM
6. 2026-06-14
   days on market $49,900 Active 354 DOM
7. 2026-06-12
   days on market $49,900 Active 353 DOM
8. 2026-06-09
   days on market $49,900 Active 350 DOM
9. 2026-06-08
   days on market $49,900 Active 349 DOM
10. 2026-06-07
    days on market $49,900 Active 348 DOM
11. 2026-06-02
    days on market $49,900 Active 343 DOM
12. 2026-06-01
    days on market $49,900 Active 342 DOM
13. 2026-05-31
    days on market $49,900 Active 341 DOM
14. 2026-05-30
    days on market $49,900 Active 340 DOM
15. 2026-04-14
    price $49,900 465-char remark

    Show marketing remark (465 chars)

    Motivated Seller ~~ Great Investment Opportunity! This duplex has been vacant for over a year and is ready for your vision and updates. One side features 2 bedrooms and 2 full bathrooms, offering spacious living potential, while the other side includes 1 bedroom and 1 bathroom—perfect for a tenant or guest suite. Whether you're looking to renovate and rent both units or live in one and lease the other, this property offers flexibility and income potential

16. 2026-03-30
    price $52,000 465-char remark

    Show marketing remark (465 chars)

    Motivated Seller ~~ Great Investment Opportunity! This duplex has been vacant for over a year and is ready for your vision and updates. One side features 2 bedrooms and 2 full bathrooms, offering spacious living potential, while the other side includes 1 bedroom and 1 bathroom—perfect for a tenant or guest suite. Whether you're looking to renovate and rent both units or live in one and lease the other, this property offers flexibility and income potential

17. 2026-03-12
    price $59,000 465-char remark

    Show marketing remark (465 chars)

    Motivated Seller ~~ Great Investment Opportunity! This duplex has been vacant for over a year and is ready for your vision and updates. One side features 2 bedrooms and 2 full bathrooms, offering spacious living potential, while the other side includes 1 bedroom and 1 bathroom—perfect for a tenant or guest suite. Whether you're looking to renovate and rent both units or live in one and lease the other, this property offers flexibility and income potential

18. 2025-08-08
    price $64,900 465-char remark

    Show marketing remark (465 chars)

    Motivated Seller ~~ Great Investment Opportunity! This duplex has been vacant for over a year and is ready for your vision and updates. One side features 2 bedrooms and 2 full bathrooms, offering spacious living potential, while the other side includes 1 bedroom and 1 bathroom—perfect for a tenant or guest suite. Whether you're looking to renovate and rent both units or live in one and lease the other, this property offers flexibility and income potential

19. 2025-06-24
    listed $75,000 Active 465-char remark

    Show marketing remark (465 chars)

    Motivated Seller ~~ Great Investment Opportunity! This duplex has been vacant for over a year and is ready for your vision and updates. One side features 2 bedrooms and 2 full bathrooms, offering spacious living potential, while the other side includes 1 bedroom and 1 bathroom—perfect for a tenant or guest suite. Whether you're looking to renovate and rent both units or live in one and lease the other, this property offers flexibility and income 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: $616 · $51/mo
• Projected year-2 tax: $616 · $51/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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,076
• − Mortgage interest: −$2,795
• − Property taxes: −$616
• − Insurance: −$250
• − Repairs & maintenance: −$2,086
• − Management: −$2,086
• − Depreciation: −$1,452
• Taxable income: $16,792
• Est. tax owed @ 24.0%: −$4,030
• After-tax cash flow: $12,564/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): 18,189
• Household income: $52,880
• Rent vs Own: 31.5% rent · 68.5% own
• Severe rent burden: 662.0

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 (84%)
• Race & ethnicity: White 84% Two or more races 7% Hispanic / Latino 5% Black 4% Asian 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 3% Romanian 1% Iranian 1%
• Foreign-born: 4% · 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: ▼ -76.69%
• Current HPI: 180.1174
• 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

-33.5% since first listed

5 events — show timeline

• 2026-04-14 Price Changed $49,900 IRMLS
• 2026-03-30 Price Changed $52,000 IRMLS
• 2026-03-12 Price Changed $59,000 IRMLS
• 2025-08-08 Price Changed $64,900 IRMLS
• 2025-06-24 Listed $75,000 IRMLS

Property tax history

-2.2%/yr

Latest (2025): $616 · +6.9% YoY. Source: county tax records.