3640 S Washington St · Marion, IN 46952

$37,900

3 bd · 1.5 ba · 1,480 sqft · SingleFamily public records · 491 Days on market

Built 1900 10,019 sqft lot $26/sqft · 51% below area Est $68k · 44% under ↓ 5% since listing

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Options and Opportunities!!!!! This home has been gutted down to the studs and is ready to be reimagined. In a prime location to all Marion has to offer. This home is situated right between two other homes that have recently been completely renovated, making this the perfect spot to renovate with newer added value. If you see only studs and can't see beyond them, this might be a dud, but for those with an imagination this home could be cultivated into a beauty of opportunity.

Key facts

• Completely renovated
• Prime location
• 0.23 acre lot

Tags

• PRIME LOCATION
• COMPLETELY RENOVATED
• GUTTED DOWN TO THE STUDS

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $38k.

Deal economics

• At list price, monthly cash flow is $636 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $38k).
• Recommended offer: $33k (12.0% below list) — sets the bar for market timing.
• Cap rate 26.4% 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: 124 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 $262 of loan paydown is wiped out by about $1k 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 $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 491 days — a 12% lower offer ($33k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $2k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $33,352 (12.0% below list)

Questions for the listing agent

1. It's been on market 491 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 2.92% ✓
• Cap rate: 26.42%
• Cash-on-cash: 71.89%
• DSCR: 4.20
• GRM: 2.9

CMA / ARV

• ARV (median comp): $68,017
• List price: $37,900
• Delta: -44.28%
• 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
402 W 39th St	0.38mi	3/1.5	1,416 (-4%)	11mo	$142,000	$100	66
402 E 35th St	0.31mi	3/1.0	1,456 (-2%)	20mo	$128,000	$88	64
3528 S Adams St	0.35mi	3/1.0	1,608 (+9%)	6mo	$25,000	$16	63
3621 S Harmon St	0.15mi	4/2.0 (+1)	1,600 (+8%)	12mo	$113,000	$71	62
3816 S Felton St	0.36mi	2/1.5 (-1)	1,616 (+9%)	2mo	$121,000	$75	62
320 W 37th St	0.22mi	3/1.5	1,344 (-9%)	17mo	$86,000	$64	60
3125 S Mcclure St	0.66mi	3/2.0	1,404 (-5%)	9mo	$130,000	$93	52
3816 S Harmon St	0.27mi	3/2.0	1,620 (+10%)	24mo	$107,500	$66	50
3807 S Felton St	0.36mi	2/1.0 (-1)	1,320 (-11%)	21mo	$145,000	$110	41
3529 S Meridian St	0.61mi	2/1.5 (-1)	1,392 (-6%)	20mo	$100,000	$72	40
3907 S Landess St	0.34mi	2/2.0 (-1)	1,308 (-12%)	22mo	$110,000	$84	39
2911 S Nebraska St	0.63mi	2/1.0 (-1)	1,260 (-15%)	15mo	$6,000	$5	26

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: 71.5%
• Equity multiple: 4.24×
• Total profit: $34,352
• Equity at exit: $5,651

10-year hold

• IRR: 75.5%
• Equity multiple: 8.73×
• Total profit: $82,062
• Equity at exit: $3,277

Cash invested: $10,612 (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 46952

• Home prices YoY: -29.9%
• Active inventory: 124
• Price-to-rent: 2.9×

Monthly cashflow live

• Estimated rent: $1,108 medium
• Mortgage (P&I): −$199
• Tax from tax record: −$25 /mo · $302/yr
• Insurance: −$16
• HOA: −$0
• Vacancy / Maint / Mgmt: −$233
• Net cashflow: $636

Break-even live

Break-even rent $303

Max offer price $37,900

Occupancy floor 38%

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: $9,475
• Closing costs: $1,137
• 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	1.00mi
5000 Prestwick Sq Marion, IN	2.0–3.0	2.0	884	$1,100	$1.24	44d	5	1.08mi

Listing history 20 events

1. 2026-06-19
   days on market $37,900 Active 491 DOM
2. 2026-06-18
   days on market $37,900 Active 490 DOM
3. 2026-06-17
   days on market $37,900 Active 489 DOM
4. 2026-06-16
   days on market $37,900 Active 488 DOM
5. 2026-06-15
   days on market $37,900 Active 487 DOM
6. 2026-06-14
   days on market $37,900 Active 485 DOM
7. 2026-06-12
   days on market $37,900 Active 484 DOM
8. 2026-06-09
   days on market $37,900 Active 481 DOM
9. 2026-06-08
   days on market $37,900 Active 480 DOM
10. 2026-06-07
    days on market $37,900 Active 479 DOM
11. 2026-06-02
    days on market $37,900 Active 474 DOM
12. 2026-06-01
    days on market $37,900 Active 473 DOM
13. 2026-05-31
    days on market $37,900 Active 472 DOM
14. 2026-05-30
    days on market $37,900 Active 471 DOM
15. 2025-11-05
    price $37,900 480-char remark

    Show marketing remark (480 chars)

    Options and Opportunities!!!!! This home has been gutted down to the studs and is ready to be reimagined. In a prime location to all Marion has to offer. This home is situated right between two other homes that have recently been completely renovated, making this the perfect spot to renovate with newer added value. If you see only studs and can't see beyond them, this might be a dud, but for those with an imagination this home could be cultivated into a beauty of opportunity.

16. 2025-09-19
    historical
17. 2025-07-21
    price $38,900 480-char remark

    Show marketing remark (480 chars)

    Options and Opportunities!!!!! This home has been gutted down to the studs and is ready to be reimagined. In a prime location to all Marion has to offer. This home is situated right between two other homes that have recently been completely renovated, making this the perfect spot to renovate with newer added value. If you see only studs and can't see beyond them, this might be a dud, but for those with an imagination this home could be cultivated into a beauty of opportunity.

18. 2025-07-21
    price $38,900

    Show marketing remark (480 chars)

    Options and Opportunities!!!!! This home has been gutted down to the studs and is ready to be reimagined. In a prime location to all Marion has to offer. This home is situated right between two other homes that have recently been completely renovated, making this the perfect spot to renovate with newer added value. If you see only studs and can't see beyond them, this might be a dud, but for those with an imagination this home could be cultivated into a beauty of opportunity.

19. 2025-02-13
    listed $39,900 Active 480-char remark

    Show marketing remark (480 chars)

    Options and Opportunities!!!!! This home has been gutted down to the studs and is ready to be reimagined. In a prime location to all Marion has to offer. This home is situated right between two other homes that have recently been completely renovated, making this the perfect spot to renovate with newer added value. If you see only studs and can't see beyond them, this might be a dud, but for those with an imagination this home could be cultivated into a beauty of opportunity.

20. 2025-02-13
    listed $39,900 Active

    Show marketing remark (480 chars)

    Options and Opportunities!!!!! This home has been gutted down to the studs and is ready to be reimagined. In a prime location to all Marion has to offer. This home is situated right between two other homes that have recently been completely renovated, making this the perfect spot to renovate with newer added value. If you see only studs and can't see beyond them, this might be a dud, but for those with an imagination this home could be cultivated into a beauty of opportunity.

ⓘ 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: $302 · $25/mo
• Projected year-2 tax: $312 · $26/mo
• Expected delta: +$10/yr (+$1/mo · 3.3%)

ⓘ 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,298
• − Mortgage interest: −$2,123
• − Property taxes: −$302
• − Insurance: −$190
• − Repairs & maintenance: −$1,064
• − Management: −$1,064
• − Depreciation: −$1,103
• Taxable income: $7,453
• Est. tax owed @ 24.0%: −$1,789
• After-tax cash flow: $5,840/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

-5.0% since first listed

6 events — show timeline

• 2025-11-05 Price Changed $37,900 IRMLS
• 2025-09-19 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-07-21 Price Changed $38,900 IRMLS
• 2025-07-21 Price Changed $38,900 MIBOR as Distributed by MLS Grid
• 2025-02-13 Listed $39,900 MIBOR as Distributed by MLS Grid
• 2025-02-13 Listed $39,900 IRMLS

Property tax history

-3.9%/yr

Latest (2025): $302 · +4.1% YoY. Source: county tax records.