2801 S Stone Rd #31 · Marion, IN 46953

$12,900

2 bd · 1.0 ba · 980 sqft · Manufactured · 555 Days on market

Built 2024 ↓ 31% 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 +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

* THIS IS A RESALE LISTING * This welcoming, well-maintained 2 bedroom, 1 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as scenic views, community events, and a playground, your family will be excited to live here. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

Key facts

• Built 2024
• Listed 554 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $13k.

Deal economics

• At list price, monthly cash flow is $655 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($942 rent vs $13k).
• Recommended offer: $11k (12.0% below list) — sets the bar for market timing.
• Cap rate 67.2% 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; 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 $89 of loan paydown is wiped out by about $387 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 $4k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 555 days — a 12% lower offer ($11k) is reasonable based on typical stale-listing flexibility.

Recommended offer $11,352 (12.0% below list)

Questions for the listing agent

1. It's been on market 555 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 7.30% ✓
• Cap rate: 67.25%
• Cash-on-cash: 217.70%
• DSCR: 10.69
• GRM: 1.1

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: —
• Equity multiple: 11.98×
• Total profit: $39,659
• Equity at exit: $1,923

10-year hold

• IRR: —
• Equity multiple: 25.46×
• Total profit: $88,332
• Equity at exit: $1,115

Cash invested: $3,612 (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: 1.1×

Monthly cashflow live

• Estimated rent: $942 medium
• Mortgage (P&I): −$68
• Tax est. 1.5%: −$16 /mo · $194/yr
• Insurance: −$5
• HOA: −$0
• Vacancy / Maint / Mgmt: −$198
• Net cashflow: $655

Break-even live

Break-even rent $113

Max offer price $12,900

Occupancy floor 25%

Sensitivity live

Price	-10% $664	-5% $660	+0% $655	+5% $651	+10% $646
Rent	-10% $581	-5% $618	+0% $655	+5% $692	+10% $730
Rate	-1.0pp $662	-0.5pp $659	base $655	+0.5pp $652	+1.0pp $649

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: $3,225
• Closing costs: $387
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-19
   days on market $12,900 Active 555 DOM
2. 2026-06-18
   days on market $12,900 Active 554 DOM
3. 2026-06-17
   days on market $12,900 Active 553 DOM
4. 2026-06-16
   days on market $12,900 Active 552 DOM
5. 2026-06-15
   days on market $12,900 Active 551 DOM
6. 2026-06-14
   days on market $12,900 Active 549 DOM
7. 2026-06-12
   days on market $12,900 Active 548 DOM
8. 2026-06-09
   days on market $12,900 Active 545 DOM
9. 2026-06-08
   days on market $12,900 Active 544 DOM
10. 2026-06-07
    days on market $12,900 Active 543 DOM
11. 2026-06-02
    days on market $12,900 Active 538 DOM
12. 2026-06-01
    pricedays on market $12,900 Active 537 DOM
13. 2026-05-31
    days on market $12,400 Active 536 DOM
14. 2026-05-30
    days on market $12,400 Active 535 DOM
15. 2026-02-01
    price $12,400 511-char remark

    Show marketing remark (511 chars)

    * THIS IS A RESALE LISTING * This welcoming, well-maintained 2 bedroom, 1 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as scenic views, community events, and a playground, your family will be excited to live here. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

16. 2025-06-20
    price $12,900 511-char remark

    Show marketing remark (511 chars)

    * THIS IS A RESALE LISTING * This welcoming, well-maintained 2 bedroom, 1 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as scenic views, community events, and a playground, your family will be excited to live here. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

17. 2024-12-12
    listed $18,000 Active 511-char remark

    Show marketing remark (511 chars)

    * THIS IS A RESALE LISTING * This welcoming, well-maintained 2 bedroom, 1 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as scenic views, community events, and a playground, your family will be excited to live here. This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

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

Taxation est. · year 1

• Rental income: $11,308
• − Mortgage interest: −$723
• − Property taxes: −$194
• − Insurance: −$64
• − Repairs & maintenance: −$905
• − Management: −$905
• − Depreciation: −$375
• Taxable income: $8,143
• Est. tax owed @ 24.0%: −$1,954
• After-tax cash flow: $5,909/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

• 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

-31.1% since first listed

3 events — show timeline

• 2026-02-01 Price Changed $12,400 Zillow
• 2025-06-20 Price Changed $12,900 Zillow
• 2024-12-12 Listed $18,000 Zillow