614 S Race St · Marion, IN 46953

$10,900

3 bd · 2.0 ba · 1,843 sqft · SingleFamily public records · 17 Days on market

Built 1910 4,884 sqft lot

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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

Opportunity awaits at 614 S Race St in Marion! This 3-bedroom, 2-bath home features plenty of potential for investors, rehabbers, or buyers looking to restore a classic property. Featuring a spacious layout and charming architectural character, this property is ready for a complete renovation and presents an excellent chance to add value. The home is being sold as-is and will require significant repairs and updates, including major mechanical and structural improvements. Conveniently located near downtown Marion, shopping, dining, schools, and local amenities. Bring your vision and transform this property into something special.

Key facts

• 4,884 sq ft lot
• Garage
• Built 1910

Property features AI

Exterior

• Parking: Attached garage (1-car)
• Utilities: Public water; Municipal sewer connected; No solid waste service listed
• Home design: Single-family residence; One-and-a-half story layout; Less than 1/4 acre lot
• Construction: Wood siding construction; Full foundation
• Exterior features: Other exterior features

Interior

• Kitchen: Appliances listed as Other
• Bedrooms: Three bedrooms total — two on the main level and one on the upper level
• Bathrooms: Two full bathrooms — one on the main level and one on the upper level
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Built-in features

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $11k.

Deal economics

• At list price, monthly cash flow is $588 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $11k).
• Recommended offer: $11k (1.5% below list) — sets the bar for market timing.
• Cap rate 121.7% 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: 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).
• This rent runs 38% 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 $75 of loan paydown is wiped out by about $327 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 $3k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($11k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 4.1% 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 $10,736 (1.5% below list)

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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?
7. 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.
8. 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.
9. 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: 13.32% ✓
• Cap rate: 121.67%
• Cash-on-cash: 412.05%
• DSCR: 19.33
• GRM: 0.6

CMA / ARV

• ARV (on-the-fly): $108,737
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
617 W 7th St	0.09mi	3/2.0	1,718 (-7%)	4mo	$56,000	$33	81
417 W Nelson St	0.41mi	3/1.0	1,846 (+0%)	0mo	$30,000	$16	76
1108 W 6th St	0.38mi	3/1.5	1,784 (-3%)	1mo	$80,000	$45	74
920 W 6th St	0.29mi	4/1.5 (+1)	1,892 (+3%)	4mo	$124,900	$66	72
119 N D St	0.47mi	3/1.0	1,780 (-3%)	3mo	$104,900	$59	66
614 W 5th St	0.13mi	4/2.0 (+1)	1,574 (-15%)	0mo	$99,000	$63	64
1314 S Boots St	0.51mi	3/2.5	1,970 (+7%)	0mo	$97,000	$49	63
712 S G St	0.44mi	3/1.0	1,728 (-6%)	8mo	$150,000	$87	58
1324 S Gallatin St	0.50mi	3/2.0	1,692 (-8%)	11mo	$165,000	$98	54
118 N Nebraska St	0.41mi	4/2.0 (+1)	2,080 (+13%)	3mo	$34,000	$16	52
1419 S Washington St	0.60mi	4/2.0 (+1)	1,664 (-10%)	9mo	$35,000	$21	43
1200 W Euclid Ave	0.73mi	3/1.5	2,028 (+10%)	9mo	$144,900	$71	40

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: 12.79×
• Total profit: $35,975
• Equity at exit: $1,625

10-year hold

• IRR: —
• Equity multiple: 27.48×
• Total profit: $80,811
• Equity at exit: $942

Cash invested: $3,052 (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: 0.6×

Monthly cashflow live

• Estimated rent: $1,452 medium
• Mortgage (P&I): −$57
• Tax from tax record: −$37 /mo · $448/yr
• Insurance: −$5
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$305
• Net cashflow: $588

Break-even live

Break-even rent $708

Max offer price $10,900

Occupancy floor 55%

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: $2,725
• Closing costs: $327
• Reserves months: —
• Total cash needed: —

Rent comps 2 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	43d	1	1.05mi
2145 W 2nd St Marion, IN	3.0	1.5	1377	$1,650	$1.20	43d	1	1.43mi

Listing history 14 events

1. 2026-06-19
   days on market $10,900 Active 17 DOM
2. 2026-06-18
   days on market $10,900 Active 16 DOM
3. 2026-06-17
   price $10,900 Active 15 DOM
4. 2026-06-17
   days on market $13,900 Active 15 DOM
5. 2026-06-16
   days on market $13,900 Active 14 DOM
6. 2026-06-16
   price $13,900 Active 13 DOM
7. 2026-06-15
   days on market $15,900 Active 13 DOM
8. 2026-06-14
   days on market $15,900 Active 11 DOM
9. 2026-06-12
   days on market $15,900 Active 10 DOM
10. 2026-06-09
    days on market $15,900 Active 7 DOM
11. 2026-06-08
    days on market $15,900 Active 6 DOM
12. 2026-06-07
    days on market $15,900 Active 5 DOM
13. 2026-06-03
    remarks 636-char remark
14. 2026-06-03
    listed $15,900 Active 1 DOM

ⓘ 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: $448 · $37/mo
• Projected year-2 tax: $448 · $37/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 7/10 Severe FEMA zone AE · 75% 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: $17,423
• − Mortgage interest: −$611
• − Property taxes: −$448
• − Insurance: −$5,580
• − Repairs & maintenance: −$1,394
• − Management: −$1,394
• − Depreciation: −$317
• Taxable income: $7,680
• Est. tax owed @ 24.0%: −$1,843
• After-tax cash flow: $5,207/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

• 2026-06-02 Listed $15,900 MIBOR as Distributed by MLS Grid

Property tax history

-48.2%/yr

Latest (2025): $448 · -48.2% YoY. Source: county tax records.