246 N 500 E #172 · Marion, IN 46952

$77,800

3 bd · 2.0 ba · 1,165 sqft · Manufactured · 17 Days on market

Built 2026 Good condition

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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
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• ARV discount +7.5/15.0
• Condition / age +4.0/5.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks

Enjoy living in your dream home in the close-knit community of Summit Village. Our manufactured homes are fully customizable, with spacious 2-3 bedroom models to choose from. Our homes' core features include wood kitchen cabinets, full kitchen appliance packages, and spa-like primary baths. Outside the privacy of your home, Summit Village is a caring and engaged community filled with yearly events for residents, as well as a playground and bus shelter. Our Summit Village Community is located just outside Marion, Indiana, nestled in a country setting near Gas City, and larger cities like Fort Wayne, Indiana. Marion itself is a thriving city, with tons of local attractions and several fun out

Key facts

• Pools
• Outdoor parks
• Built 2026

Tags

• WOOD KITCHEN CABINETS
• SPA-LIKE PRIMARY BATHS
• OUTDOOR PARKS
• POOLS

Property features AI

Finance

• Financial info: List price $64,619

Exterior

• Utilities: Natural gas; Central air
• Home design: Single-family spec home; Clayton Summit Village plan
• Construction: Living area 1,165
• Exterior features: Shake roof

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator
• Bedrooms: 3 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heating; Central air; Ceiling fan(s)
• Interior features: Dishwasher; Microwave; Refrigerator

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $78k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $353 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $78k).
• Recommended offer: $77k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.7% 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: 124 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $538 of loan paydown is wiped out by about $2k 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 $22k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($77k) is reasonable based on typical stale-listing flexibility.

Recommended offer $76,633 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 1.45% ✓
• Cap rate: 11.74%
• Cash-on-cash: 19.44%
• DSCR: 1.86
• GRM: 5.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 11.4%
• Equity multiple: 1.45×
• Total profit: $9,882
• Equity at exit: $11,600

10-year hold

• IRR: 20.5%
• Equity multiple: 2.73×
• Total profit: $37,610
• Equity at exit: $6,727

Cash invested: $21,784 (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: 5.8×

Monthly cashflow live

• Estimated rent: $1,127 medium
• Mortgage (P&I): −$408
• Tax est. 1.5%: −$97 /mo · $1,167/yr
• Insurance: −$32
• HOA: −$0
• Vacancy / Maint / Mgmt: −$237
• Net cashflow: $353

Break-even live

Break-even rent $681

Max offer price $77,800

Occupancy floor 64%

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: $19,450
• Closing costs: $2,334
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
246 N 500 E Marion, IN	2.0–3.0	2.0	1018	$925	$0.91	43d	1	0.02mi

Listing history 12 events

1. 2026-06-19
   days on market $77,800 Active 17 DOM
2. 2026-06-18
   days on market $77,800 Active 16 DOM
3. 2026-06-17
   days on market $77,800 Active 15 DOM
4. 2026-06-16
   days on market $77,800 Active 14 DOM
5. 2026-06-15
   days on market $77,800 Active 13 DOM
6. 2026-06-14
   days on market $77,800 Active 11 DOM
7. 2026-06-12
   days on market $77,800 Active 10 DOM
8. 2026-06-09
   days on market $77,800 Active 7 DOM
9. 2026-06-08
   days on market $77,800 Active 6 DOM
10. 2026-06-07
    pricedays on market $77,800 Active 5 DOM
11. 2026-06-02
    remarks 699-char remark
12. 2026-06-02
    listed $64,619 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,526
• − Mortgage interest: −$4,358
• − Property taxes: −$1,167
• − Insurance: −$389
• − Repairs & maintenance: −$1,082
• − Management: −$1,082
• − Depreciation: −$2,263
• Taxable income: $3,185
• Est. tax owed @ 24.0%: −$764
• After-tax cash flow: $3,470/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This manufactured home is in good condition with modern finishes and a clean interior. It has potential for further updates to increase its value.

Value-add opportunities

• Both Paint interior walls — Fresh paint can make a home feel new and inviting
• Both Replace countertops — Modern countertops can add value and functionality
• Both Install new flooring in bathrooms — Update flooring can enhance the look and feel of the bathrooms

Renovation cost estimate screening

Value-add ROI direction

• Both Paint interior walls — Fresh paint can make a home feel new and inviting ↑
• Both Replace countertops — Modern countertops can add value and functionality ↑
• Both Install new flooring in bathrooms — Update flooring can enhance the look and feel of the bathrooms ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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