318 W 7th St · Marion, IN 46952

$24,900

4 bd · 4.0 ba · 2,400 sqft · MultiFamily public records · 136 Days on market

Built 1880 6,098 sqft lot $10/sqft · 69% below area

---

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 +7.5/15.0
• 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

Prospective buyer should verify elementary school. Property was a 4 plex, has been gutted for rehab, new stairs, no HVAC system, take a flashlight, no elec

Key facts

• 6,098 sq ft lot
• Built 1880
• Listed 135 days

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath multifamily listed at $25k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $25k).
• Recommended offer: $22k (12.0% below list) — sets the bar for market timing.
• Cap rate 115.1% vs local median 8.1% 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: 127 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).
• At $3,073/mo this rent would consume 70% 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 $172 of loan paydown is wiped out by about $747 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 $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 136 days — a 12% lower offer ($22k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $10k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $21,912 (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. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 12.34% ✓
• Cap rate: 115.09%
• Cash-on-cash: 388.56%
• DSCR: 18.29
• GRM: 0.7

CMA / ARV

• ARV (median comp): $73,767
• List price: $24,900
• Delta: -66.25%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
823 W 6th St	0.32mi	4/3.0	2,616 (+9%)	1mo	$85,000	$32	66
717 W 3rd St	0.33mi	5/3.5 (+1)	2,236 (-7%)	5mo	$153,000	$68	62
715 W 6th St	0.24mi	4/4.0	2,652 (+10%)	14mo	$155,000	$58	60
1522 S Washington St	0.60mi	5/2.0 (+1)	2,304 (-4%)	0mo	$45,000	$20	52
1103 W 5th St #1103	0.48mi	4/2.0	2,048 (-15%)	3mo	$65,000	$32	43
1413 W 4th St	0.72mi	4/2.0	2,150 (-10%)	17mo	$130,000	$60	27

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: 17.19×
• Total profit: $112,890
• Equity at exit: $3,713

10-year hold

• IRR: —
• Equity multiple: 36.82×
• Total profit: $249,715
• Equity at exit: $2,153

Cash invested: $6,972 (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: 127
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $3,073 medium
• Mortgage (P&I): −$131
• Tax from tax record: −$29 /mo · $350/yr
• Insurance: −$10
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$645
• Net cashflow: $1,831

Break-even live

Break-even rent $755

Max offer price $24,900

Occupancy floor 35%

Sensitivity live

Price	-10% $1,845	-5% $1,838	+0% $1,831	+5% $1,824	+10% $1,817
Rent	-10% $1,588	-5% $1,710	+0% $1,831	+5% $1,952	+10% $2,074
Rate	-1.0pp $1,844	-0.5pp $1,837	base $1,831	+0.5pp $1,825	+1.0pp $1,818

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$3,072
Total (4 units)			$3,073

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: $6,225
• Closing costs: $747
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
511 W Buckingham Dr Marion, IN	3.0	2.0	1942	$2,000	$1.03	45d	1	1.12mi

Listing history 21 events

1. 2026-06-22
   days on market $24,900 Active 136 DOM
2. 2026-06-21
   days on market $24,900 Active 135 DOM
3. 2026-06-19
   days on market $24,900 Active 133 DOM
4. 2026-06-18
   days on market $24,900 Active 132 DOM
5. 2026-06-17
   days on market $24,900 Active 131 DOM
6. 2026-06-16
   days on market $24,900 Active 130 DOM
7. 2026-06-15
   days on market $24,900 Active 129 DOM
8. 2026-06-14
   days on market $24,900 Active 127 DOM
9. 2026-06-12
   days on market $24,900 Active 126 DOM
10. 2026-06-09
    days on market $24,900 Active 123 DOM
11. 2026-06-08
    days on market $24,900 Active 122 DOM
12. 2026-06-07
    days on market $24,900 Active 121 DOM
13. 2026-06-02
    days on market $24,900 Active 116 DOM
14. 2026-06-01
    days on market $24,900 Active 115 DOM
15. 2026-05-31
    days on market $24,900 Active 114 DOM
16. 2026-05-30
    days on market $24,900 Active 113 DOM
17. 2026-04-16
    price $24,900 155-char remark

    Show marketing remark (155 chars)

    Prospective buyer should verify elementary school. Property was a 4 plex, has been gutted for rehab, new stairs, no HVAC system, take a flashlight, no elec

18. 2026-02-06
    listed $35,000 Active 155-char remark

    Show marketing remark (155 chars)

    Prospective buyer should verify elementary school. Property was a 4 plex, has been gutted for rehab, new stairs, no HVAC system, take a flashlight, no elec

19. 2024-03-13
    soldstatus $30,000 Closed 566-char remark

    Show marketing remark (566 chars)

    Are you seeking a diamond in the rough? Look no further! Presenting a 4plex apartment building in need of some TLC, nestled in a prime location with promising potential. * Income Potential: With four units, this property offers multiple streams of rental income, maximizing your investment potential. * Fixer-Upper: Perfect for investors with a vision! This property is in poor condition, presenting an ideal opportunity for renovation and value enhancement. * Spacious Layout: Each unit boasts ample living space, providing comfortable accommodation for tenants.

20. 2024-02-26
    status Pending 566-char remark

    Show marketing remark (566 chars)

    Are you seeking a diamond in the rough? Look no further! Presenting a 4plex apartment building in need of some TLC, nestled in a prime location with promising potential. * Income Potential: With four units, this property offers multiple streams of rental income, maximizing your investment potential. * Fixer-Upper: Perfect for investors with a vision! This property is in poor condition, presenting an ideal opportunity for renovation and value enhancement. * Spacious Layout: Each unit boasts ample living space, providing comfortable accommodation for tenants.

21. 2024-02-13
    listed $15,900 Active 566-char remark

    Show marketing remark (566 chars)

    Are you seeking a diamond in the rough? Look no further! Presenting a 4plex apartment building in need of some TLC, nestled in a prime location with promising potential. * Income Potential: With four units, this property offers multiple streams of rental income, maximizing your investment potential. * Fixer-Upper: Perfect for investors with a vision! This property is in poor condition, presenting an ideal opportunity for renovation and value enhancement. * Spacious Layout: Each unit boasts ample living space, providing comfortable accommodation for tenants.

ⓘ 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: $350 · $29/mo
• Projected year-2 tax: $350 · $29/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 AE · 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $36,876
• − Mortgage interest: −$1,395
• − Property taxes: −$350
• − Insurance: −$5,243
• − Repairs & maintenance: −$2,950
• − Management: −$2,950
• − Depreciation: −$724
• Taxable income: $23,264
• Est. tax owed @ 24.0%: −$5,583
• After-tax cash flow: $16,389/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

+56.6% since first listed

5 events — show timeline

• 2026-04-16 Price Changed $24,900 IRMLS
• 2026-02-06 Listed $35,000 IRMLS
• 2024-03-13 Sold (MLS) $30,000 IRMLS
• 2024-02-26 Pending — IRMLS
• 2024-02-13 Listed $15,900 IRMLS

Property tax history

-7.8%/yr

Latest (2025): $350 · +5.4% YoY. Source: county tax records.