2220 S Meridian St · Marion, IN 46953

$10,000

2 bd · 1.0 ba · 880 sqft · SingleFamily public records · 36 Days on market

Built 1910 0.35 ac lot

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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 +9.8/10.0
• ARV discount +7.5/15.0
• 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

Investment opportunity with potential. This 2-bedroom, 1 bathroom home sits on a great lot in a quiet neighborhood and is ready for a full renovation. The property has experienced fire damage and is being sold in as-is condition. Ideal for investors, flippers, or buyers looking for their next rehab or new construction project. Bring your vision and restore this home to its full potential.

Key facts

• Great lot
• Full renovation
• Quiet neighborhood

Tags

• GREAT LOT
• QUIET NEIGHBORHOOD
• FULL RENOVATION

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Municipal sewer connected; No municipal solid waste service listed
• Home design: Single-family residence; One level; Property described as fixer
• Construction: Block foundation; Other construction materials
• Exterior features: City lot; Lot approximately 0.35 acres (about 1/4–1/2 acre)

Interior

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

🏗️ New construction. The $10,000 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $58,828.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $10k.

Deal economics

• At list price, monthly cash flow is $281 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($871 rent vs $10k).
• Recommended offer: $10k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.0% 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: 112 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $407 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 $16k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($10k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 8.8% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $9,700 (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 1910 — 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. 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.
7. 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.
8. 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: 1.48% ✓
• Cap rate: 12.03%
• Cash-on-cash: 20.50%
• DSCR: 1.91
• GRM: 5.6

CMA / ARV

• ARV (median comp): $58,828
• List price: $10,000
• Delta: -83.00%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2722 S Home Ave	0.42mi	2/1.0	868 (-1%)	6mo	$58,000	$67	73
2701 S Washington St	0.40mi	2/1.0	852 (-3%)	8mo	$25,500	$30	70
808 E 28th St	0.41mi	2/1.0	864 (-2%)	16mo	$85,000	$98	65
1616 S Mcclure St	0.36mi	2/1.0	972 (+10%)	2mo	$20,000	$21	64
3216 S Overman St	0.71mi	2/1.0	880 (0%)	10mo	$75,000	$85	58
2104 S Gallatin St	0.43mi	2/1.0	760 (-14%)	3mo	$54,000	$71	55
504 W 26th St	0.61mi	2/1.0	900 (+2%)	16mo	$107,500	$119	54
2114 S Branson St	0.17mi	3/1.5 (+1)	1,000 (+14%)	10mo	$120,000	$120	54
1818 S Nebraska St	0.55mi	3/1.0 (+1)	960 (+9%)	12mo	$97,000	$101	44
1122 E 27th St	0.58mi	3/1.0 (+1)	976 (+11%)	9mo	$108,500	$111	42
2312 S Selby St	0.63mi	3/1.0 (+1)	1,008 (+14%)	18mo	$74,000	$73	26
419 W 30th St	0.72mi	3/1.0 (+1)	1,010 (+15%)	15mo	$86,000	$85	24

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: 12.8%
• Equity multiple: 1.51×
• Total profit: $8,401
• Equity at exit: $8,771

10-year hold

• IRR: 21.7%
• Equity multiple: 2.85×
• Total profit: $30,445
• Equity at exit: $5,086

Cash invested: $16,472 (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: 1.0×

Monthly cashflow live

• Estimated rent: $871 medium
• Mortgage (P&I): −$308
• Tax est. 1.5%: −$74 /mo · $882/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$183
• Net cashflow: $281

Break-even live

Break-even rent $515

Max offer price $58,828

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: $14,707
• Closing costs: $1,765
• Reserves months: —
• Total cash needed: —

Rent comps 2 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	44d	1	0.35mi
2516 S Washington St Unit 1 Marion, IN	1.0	1.0	800	$675	$0.84	44d	1	0.39mi

Listing history 15 events

1. 2026-06-19
   days on market $10,000 Active 36 DOM
2. 2026-06-18
   days on market $10,000 Active 35 DOM
3. 2026-06-17
   days on market $10,000 Active 34 DOM
4. 2026-06-16
   days on market $10,000 Active 33 DOM
5. 2026-06-15
   days on market $10,000 Active 32 DOM
6. 2026-06-14
   days on market $10,000 Active 30 DOM
7. 2026-06-12
   days on market $10,000 Active 29 DOM
8. 2026-06-09
   days on market $10,000 Active 26 DOM
9. 2026-06-08
   days on market $10,000 Active 25 DOM
10. 2026-06-07
    days on market $10,000 Active 24 DOM
11. 2026-06-02
    days on market $10,000 Active 19 DOM
12. 2026-06-01
    days on market $10,000 Active 18 DOM
13. 2026-05-31
    days on market $10,000 Active 17 DOM
14. 2026-05-30
    days on market $10,000 Active 16 DOM
15. 2026-05-12
    listed $10,000 Active 391-char remark

ⓘ 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 3/10 Moderate FEMA zone X (unshaded) · 7% 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: $10,449
• − Mortgage interest: −$3,295
• − Property taxes: −$882
• − Insurance: −$294
• − Repairs & maintenance: −$836
• − Management: −$836
• − Depreciation: −$1,711
• Taxable income: $2,594
• Est. tax owed @ 24.0%: −$623
• After-tax cash flow: $2,754/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

1 event — show timeline

• 2026-05-12 Listed $10,000 MIBOR as Distributed by MLS Grid

Property tax history

-1.9%/yr

Latest (2025): $718 · +15.8% YoY. Source: county tax records.