1516 S Washington St · Marion, IN 46953

$5,000

3 bd · 1.0 ba · 2,678 sqft · SingleFamily public records · 57 Days on market

Built 1910 5,227 sqft lot $2/sqft · 95% below area

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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 +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

Listing remarks MLS

Discover the potential of this spacious 3-bedroom, 1-bathroom home located at 1516 S Washington St, Marion, IN 46953. With approximately 2,678 square feet of living space, this property offers ample room for creative renovations. While it requires significant work, its attractive pricing makes it a compelling investment opportunity. Seize the chance to transform this property into a profitable venture.

Key facts

• 5,227 sq ft lot
• Built 1910
• Listed 56 days

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; One story
• Construction: Vinyl siding
• Exterior features: Level lot

Interior

• Bathrooms: One full bathroom (main level)
• Heating & cooling: No heating system listed; No cooling system listed
• Interior features: Five total rooms; Main-level laundry; Crawl space / partial basement
• Laundry & utility: Laundry on the main level

🏷️ Possibly a rental listed for sale. The $5,000 price doesn't fit this home's estimated sale value (~$104,104) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $5k.

Deal economics

• At list price, monthly cash flow is $489 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $5k).
• Recommended offer: $5k (3.0% below list) — sets the bar for market timing.
• Cap rate 234.3% 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: 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: Frances Slocum Elem School (math 12% / reading 12%, grade F, #893 of 994 statewide, top 91%, 472 students, 81% 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).
• Market conditions: 112 active listings in the ZIP; 52 units permitted in Grant County in 2024 (8 in 5+ unit buildings).
• This rent runs 33% of the median local income ($46k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $35 of loan paydown is wiped out by about $150 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 $1k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($5k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $7k (58%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 4.4% of price; flood insurance adds $460/mo; built in 1910 — 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 $4,850 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 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: 25.22% ✓
• Cap rate: 234.25%
• Cash-on-cash: 814.15%
• DSCR: 37.22
• GRM: 0.3

CMA / ARV

• ARV (median comp): $104,104
• List price: $5,000
• Delta: -95.20%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1802 S Jackson St	0.59mi	3/2.5	2,704 (+1%)	4mo	$225,000	$83	62
620 W 6th St	0.73mi	4/2.0 (+1)	2,678 (0%)	6mo	$105,000	$39	52
720 W 7th St	0.71mi	2/1.5 (-1)	2,808 (+5%)	15mo	$60,000	$21	40
815 S Boots St	0.47mi	4/2.0 (+1)	3,070 (+15%)	14mo	$13,000	$4	33

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: 22.91×
• Total profit: $30,671
• Equity at exit: $746

10-year hold

• IRR: —
• Equity multiple: 49.64×
• Total profit: $68,102
• Equity at exit: $432

Cash invested: $1,400 (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: 0.3×

Monthly cashflow live

• Estimated rent: $1,261 medium
• Mortgage (P&I): −$26
• Tax from tax record: −$18 /mo · $218/yr
• Insurance: −$2
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $489

Break-even live

Break-even rent $642

Max offer price $5,000

Occupancy floor 56%

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: $1,250
• Closing costs: $150
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $5,000 Active 57 DOM
2. 2026-06-18
   days on market $5,000 Active 56 DOM
3. 2026-06-17
   days on market $5,000 Active 55 DOM
4. 2026-06-17
   price $5,000 Active 54 DOM
5. 2026-06-16
   days on market $12,000 Active 54 DOM
6. 2026-06-15
   days on market $12,000 Active 53 DOM
7. 2026-06-14
   days on market $12,000 Active 51 DOM
8. 2026-06-12
   days on market $12,000 Active 50 DOM
9. 2026-06-09
   days on market $12,000 Active 47 DOM
10. 2026-06-08
    days on market $12,000 Active 46 DOM
11. 2026-06-07
    days on market $12,000 Active 45 DOM
12. 2026-06-02
    days on market $12,000 Active 40 DOM
13. 2026-06-01
    days on market $12,000 Active 39 DOM
14. 2026-05-31
    days on market $12,000 Active 38 DOM
15. 2026-05-30
    days on market $12,000 Active 37 DOM
16. 2026-04-23
    listed $12,000 Active 203-char remark
17. 2025-06-13
    soldstatus $8,000 Closed 405-char remark

    Show marketing remark (405 chars)

    Discover the potential of this spacious 3-bedroom, 1-bathroom home located at 1516 S Washington St, Marion, IN 46953. With approximately 2,678 square feet of living space, this property offers ample room for creative renovations. While it requires significant work, its attractive pricing makes it a compelling investment opportunity. Seize the chance to transform this property into a profitable venture.

18. 2025-05-27
    status Pending 405-char remark

    Show marketing remark (405 chars)

    Discover the potential of this spacious 3-bedroom, 1-bathroom home located at 1516 S Washington St, Marion, IN 46953. With approximately 2,678 square feet of living space, this property offers ample room for creative renovations. While it requires significant work, its attractive pricing makes it a compelling investment opportunity. Seize the chance to transform this property into a profitable venture.

19. 2025-03-26
    listed $15,000 Active 405-char remark

    Show marketing remark (405 chars)

    Discover the potential of this spacious 3-bedroom, 1-bathroom home located at 1516 S Washington St, Marion, IN 46953. With approximately 2,678 square feet of living space, this property offers ample room for creative renovations. While it requires significant work, its attractive pricing makes it a compelling investment opportunity. Seize the chance to transform this property into a profitable venture.

ⓘ 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: $218 · $18/mo
• Projected year-2 tax: $218 · $18/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 4/10 Moderate FEMA zone AE · 22% 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: $15,134
• − Mortgage interest: −$280
• − Property taxes: −$218
• − Insurance: −$5,550
• − Repairs & maintenance: −$1,211
• − Management: −$1,211
• − Depreciation: −$145
• Taxable income: $6,519
• Est. tax owed @ 24.0%: −$1,565
• After-tax cash flow: $4,309/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

-66.7% since first listed

5 events — show timeline

• 2026-06-16 Price Changed $5,000 IRMLS
• 2026-04-23 Listed $12,000 IRMLS
• 2025-06-13 Sold (MLS) $8,000 IRMLS
• 2025-05-27 Pending — IRMLS
• 2025-03-26 Listed $15,000 IRMLS

Property tax history

-4.6%/yr

Latest (2024): $218 · +0.0% YoY. Source: county tax records.