1508 W Spencer Ave · Marion, IN 46952

$65,000

3 bd · 1.0 ba · 2,176 sqft · SingleFamily public records · 32 Days on market

Built 1940 6,098 sqft 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Bring your vision and make this property shine! This fixer-upper is packed with potential and ready for someone to restore it to its full charm. Whether you’re an investor, flipper, or buyer looking to create your dream home, this property offers a great opportunity to build equity. Featuring solid bones, spacious living areas, and endless possibilities for updates and customization. Conveniently located near local amenities, shopping, and dining, this home is ready for its next chapter. With a little TLC, this could truly become something special!

Key facts

• 6,098 sq ft lot
• Built 1940
• Listed 31 days

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; 2 stories
• Construction: Masonite exterior; Block foundation; Built as a site-built home
• Exterior features: Located on a cul-de-sac; Lot dimensions approximately 48 x 132

Interior

• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas forced air heating; No cooling
• Interior features: 7 total rooms; Crawl space basement
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $660 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.
• Cap rate 18.5% vs local median 8.4% 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: 126 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).
• This rent runs 31% of the median local income ($53k/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 $449 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 $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $63,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 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 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
6. 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.
7. 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: 2.08% ✓
• Cap rate: 18.48%
• Cash-on-cash: 43.53%
• DSCR: 2.94
• GRM: 4.0

CMA / ARV

• ARV (on-the-fly): $147,968
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
119 W Short St	0.35mi	4/2.0 (+1)	2,269 (+4%)	1mo	$225,000	$99	67
1200 W Euclid Ave	0.27mi	3/1.5	2,028 (-7%)	9mo	$144,900	$71	66
1121 W 3rd St	0.40mi	4/2.0 (+1)	2,234 (+3%)	14mo	$135,000	$60	57
415 N Lenfesty Ave	0.73mi	3/2.0	2,272 (+4%)	2mo	$155,000	$68	52
803 W 2nd St	0.56mi	3/2.0	2,300 (+6%)	12mo	$123,500	$54	51
412 S Whites Ave	0.75mi	4/2.0 (+1)	2,268 (+4%)	0mo	$190,000	$84	49
414 W 1st St	0.74mi	3/1.5	2,120 (-3%)	16mo	$75,000	$35	46
1028 N Wabash Ave	0.73mi	4/2.5 (+1)	2,148 (-1%)	9mo	$167,075	$78	45
512 W 1st St	0.68mi	3/1.0	2,396 (+10%)	14mo	$69,900	$29	40
920 W 6th St	0.62mi	4/1.5 (+1)	1,892 (-13%)	4mo	$124,900	$66	39
303 S Lenfesty St	0.68mi	3/2.0	1,851 (-15%)	1mo	$130,000	$70	38
614 W Nelson St	0.62mi	3/1.5	2,470 (+14%)	12mo	$122,000	$49	37

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: 40.4%
• Equity multiple: 2.73×
• Total profit: $31,513
• Equity at exit: $9,692

10-year hold

• IRR: 46.7%
• Equity multiple: 5.48×
• Total profit: $81,567
• Equity at exit: $5,620

Cash invested: $18,200 (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: 126
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $1,352 medium
• Mortgage (P&I): −$341
• Tax from tax record: −$40 /mo · $480/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$284
• Net cashflow: $660

Break-even live

Break-even rent $516

Max offer price $65,000

Occupancy floor 46%

Sensitivity live

Price	-10% $697	-5% $679	+0% $660	+5% $642	+10% $623
Rent	-10% $553	-5% $607	+0% $660	+5% $714	+10% $767
Rate	-1.0pp $693	-0.5pp $677	base $660	+0.5pp $643	+1.0pp $626

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: $16,250
• Closing costs: $1,950
• 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	44d	1	0.93mi

Listing history 16 events

1. 2026-06-21
   days on market $65,000 Active 32 DOM
2. 2026-06-19
   days on market $65,000 Active 30 DOM
3. 2026-06-18
   days on market $65,000 Active 29 DOM
4. 2026-06-17
   days on market $65,000 Active 28 DOM
5. 2026-06-16
   days on market $65,000 Active 27 DOM
6. 2026-06-15
   days on market $65,000 Active 26 DOM
7. 2026-06-14
   days on market $65,000 Active 24 DOM
8. 2026-06-12
   days on market $65,000 Active 23 DOM
9. 2026-06-09
   days on market $65,000 Active 20 DOM
10. 2026-06-08
    days on market $65,000 Active 19 DOM
11. 2026-06-07
    days on market $65,000 Active 18 DOM
12. 2026-06-02
    days on market $65,000 Active 13 DOM
13. 2026-06-01
    days on market $65,000 Active 12 DOM
14. 2026-05-31
    days on market $65,000 Active 11 DOM
15. 2026-05-30
    days on market $65,000 Active 10 DOM
16. 2026-05-20
    listed $65,000 Active

ⓘ 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: $480 · $40/mo
• Projected year-2 tax: $516 · $43/mo
• Expected delta: +$36/yr (+$3/mo · 7.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% 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: $16,226
• − Mortgage interest: −$3,641
• − Property taxes: −$480
• − Insurance: −$325
• − Repairs & maintenance: −$1,298
• − Management: −$1,298
• − Depreciation: −$1,891
• Taxable income: $7,293
• Est. tax owed @ 24.0%: −$1,750
• After-tax cash flow: $6,173/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

1 event — show timeline

• 2026-05-20 Listed $65,000 IRMLS

Property tax history

-8.4%/yr

Latest (2025): $480 · +0.0% YoY. Source: county tax records.