1115 W Bannister Dr · Marion, IN 46953

$119,900

3 bd · 1.0 ba · 1,340 sqft · SingleFamily public records · 190 Days on market

Built 1956 0.52 ac lot $89/sqft · 23% below area Est $156k · 23% under

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Why this score? — see what drove the C- 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 +17.7/30.0
• ARV discount +15.0/15.0
• DSCR +5.5/10.0
• 1% rule +5.0/10.0
• Livability +3.2/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming fixer upper in Mississinewa School District. Offering 3 spacious bedrooms with hardwood floors. Oversized 2 car garage with high ceilings. Expansive family room perfect for gatherings. Generous lot size for outdoor activities. Home is a fantastic fixer-upper, offering endless possibilities to customize and add value.

Key facts

• Hardwood floors
• Oversized garage
• Generous lot size

Tags

• HARDWOOD FLOORS
• OVERSIZED GARAGE
• EXPANSIVE FAMILY ROOM
• GENEROUS LOT SIZE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $96 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $119k (0.4% below list).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.

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.
• Mississinewa Community School Corporation (town): math 29% / reading 34% proficiency, ranked #233 of 301 in IN (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 112 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 ($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 $829 of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 190 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $30k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $100k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $105,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 190 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 1956 — 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: 1.00% ✗
• Cap rate: 7.25%
• Cash-on-cash: 3.43%
• DSCR: 1.15
• GRM: 8.4

CMA / ARV

• ARV (median comp): $156,273
• List price: $119,900
• Delta: -23.28%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1508 Glendale Dr	0.46mi	3/1.0	1,389 (+4%)	7mo	$159,900	$115	67
908 W 54th St	0.31mi	2/2.0 (-1)	1,274 (-5%)	10mo	$155,000	$122	60
1616 W Lakeview Dr	0.60mi	3/2.0	1,440 (+8%)	0mo	$72,000	$50	55
1404 West Lakeview Dr	0.50mi	2/2.0 (-1)	1,339 (-0%)	17mo	$155,000	$116	53
1607 W Glendale Dr	0.53mi	3/2.0	1,297 (-3%)	21mo	$149,250	$115	48
4613 S Landess St	0.47mi	3/2.0	1,488 (+11%)	20mo	$145,800	$98	39

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: -10.9%
• Equity multiple: 0.60×
• Total profit: $-13,280
• Equity at exit: $17,877

10-year hold

• IRR: -1.6%
• Equity multiple: 0.89×
• Total profit: $-3,564
• Equity at exit: $10,367

Cash invested: $33,572 (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: 8.4×

Monthly cashflow live

• Estimated rent: $1,194 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$168 /mo · $2,020/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$251
• Net cashflow: $96

Break-even live

Break-even rent $1,072

Max offer price $119,900

Occupancy floor 87%

Sensitivity live

Price	-10% $164	-5% $130	+0% $96	+5% $62	+10% $28
Rent	-10% $2	-5% $49	+0% $96	+5% $143	+10% $190
Rate	-1.0pp $156	-0.5pp $127	base $96	+0.5pp $65	+1.0pp $33

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5000 Prestwick Sq Marion, IN	2.0–3.0	2.0	884	$1,100	$1.24	44d	5	0.35mi

Listing history 23 events

1. 2026-06-19
   days on market $119,900 Active 190 DOM
2. 2026-06-18
   days on market $119,900 Active 189 DOM
3. 2026-06-17
   days on market $119,900 Active 188 DOM
4. 2026-06-16
   days on market $119,900 Active 187 DOM
5. 2026-06-15
   days on market $119,900 Active 186 DOM
6. 2026-06-14
   days on market $119,900 Active 184 DOM
7. 2026-06-12
   days on market $119,900 Active 183 DOM
8. 2026-06-09
   days on market $119,900 Active 180 DOM
9. 2026-06-08
   days on market $119,900 Active 179 DOM
10. 2026-06-07
    days on market $119,900 Active 178 DOM
11. 2026-06-03
    days on market $119,900 Active 174 DOM
12. 2026-06-02
    days on market $119,900 Active 173 DOM
13. 2026-06-01
    days on market $119,900 Active 172 DOM
14. 2026-05-31
    days on market $119,900 Active 171 DOM
15. 2026-05-30
    days on market $119,900 Active 170 DOM
16. 2026-05-14
    price $119,900 327-char remark

    Show marketing remark (327 chars)

    Charming fixer upper in Mississinewa School District. Offering 3 spacious bedrooms with hardwood floors. Oversized 2 car garage with high ceilings. Expansive family room perfect for gatherings. Generous lot size for outdoor activities. Home is a fantastic fixer-upper, offering endless possibilities to customize and add value.

17. 2026-05-13
    status Active 327-char remark

    Show marketing remark (327 chars)

    Charming fixer upper in Mississinewa School District. Offering 3 spacious bedrooms with hardwood floors. Oversized 2 car garage with high ceilings. Expansive family room perfect for gatherings. Generous lot size for outdoor activities. Home is a fantastic fixer-upper, offering endless possibilities to customize and add value.

18. 2026-02-12
    price $135,900 327-char remark

    Show marketing remark (327 chars)

    Charming fixer upper in Mississinewa School District. Offering 3 spacious bedrooms with hardwood floors. Oversized 2 car garage with high ceilings. Expansive family room perfect for gatherings. Generous lot size for outdoor activities. Home is a fantastic fixer-upper, offering endless possibilities to customize and add value.

19. 2025-12-11
    listed $149,900 Active 327-char remark

    Show marketing remark (327 chars)

    Charming fixer upper in Mississinewa School District. Offering 3 spacious bedrooms with hardwood floors. Oversized 2 car garage with high ceilings. Expansive family room perfect for gatherings. Generous lot size for outdoor activities. Home is a fantastic fixer-upper, offering endless possibilities to customize and add value.

20. 2022-09-26
    soldstatus $100,000 Closed 490-char remark

    Show marketing remark (490 chars)

    Solid 3 Bedroom Home on quiet street in the Mississinewa District! Close to South Marion Conveniences, Shopping, & Dining! There is a 2 Car Attached Garage! Great Main Living Space, Eat-in Kitchen w/ all appliances that remain inc. washer/dryer. Huge Family Room with slider door that leads to covered patio. Chain Link Fenced Yard Perimeter. Roof is only 3 years old. Low Maintenance Vinyl Siding. Plenty of Parking. Offering Immediate Possession! Estate Sale Property, selling as-is.

21. 2022-09-18
    status Pending 490-char remark

    Show marketing remark (490 chars)

    Solid 3 Bedroom Home on quiet street in the Mississinewa District! Close to South Marion Conveniences, Shopping, & Dining! There is a 2 Car Attached Garage! Great Main Living Space, Eat-in Kitchen w/ all appliances that remain inc. washer/dryer. Huge Family Room with slider door that leads to covered patio. Chain Link Fenced Yard Perimeter. Roof is only 3 years old. Low Maintenance Vinyl Siding. Plenty of Parking. Offering Immediate Possession! Estate Sale Property, selling as-is.

22. 2022-09-06
    historical Active Under Contract 490-char remark

    Show marketing remark (490 chars)

    Solid 3 Bedroom Home on quiet street in the Mississinewa District! Close to South Marion Conveniences, Shopping, & Dining! There is a 2 Car Attached Garage! Great Main Living Space, Eat-in Kitchen w/ all appliances that remain inc. washer/dryer. Huge Family Room with slider door that leads to covered patio. Chain Link Fenced Yard Perimeter. Roof is only 3 years old. Low Maintenance Vinyl Siding. Plenty of Parking. Offering Immediate Possession! Estate Sale Property, selling as-is.

23. 2022-08-04
    listed $99,900 Active 490-char remark

    Show marketing remark (490 chars)

    Solid 3 Bedroom Home on quiet street in the Mississinewa District! Close to South Marion Conveniences, Shopping, & Dining! There is a 2 Car Attached Garage! Great Main Living Space, Eat-in Kitchen w/ all appliances that remain inc. washer/dryer. Huge Family Room with slider door that leads to covered patio. Chain Link Fenced Yard Perimeter. Roof is only 3 years old. Low Maintenance Vinyl Siding. Plenty of Parking. Offering Immediate Possession! Estate Sale Property, selling as-is.

ⓘ 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: $2,020 · $168/mo
• Projected year-2 tax: $2,020 · $168/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°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: $14,327
• − Mortgage interest: −$6,716
• − Property taxes: −$2,020
• − Insurance: −$600
• − Repairs & maintenance: −$1,146
• − Management: −$1,146
• − Depreciation: −$3,488
• Taxable loss: −$790
• Est. tax savings @ 24.0%: +$190
• After-tax cash flow: $1,343/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: Mississinewa Community School Corporation
• NCES district ID: 1806870
• Math proficiency: 29% ▼ -10.00%
• Reading proficiency: 34% ▼ -10.00%
• Median HH income: $41,555
• Composite: 26.62/100
• National rank: #7175
• State rank: #233 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

+20.0% since first listed

8 events — show timeline

• 2026-05-14 Price Changed $119,900 IRMLS
• 2026-05-13 Relisted — IRMLS
• 2026-02-12 Price Changed $135,900 IRMLS
• 2025-12-11 Listed $149,900 IRMLS
• 2022-09-26 Sold (MLS) $100,000 IRMLS
• 2022-09-18 Pending — IRMLS
• 2022-09-06 Contingent — IRMLS
• 2022-08-04 Listed $99,900 IRMLS

Property tax history

+20.7%/yr

Latest (2025): $2,020 · +3.1% YoY. Source: county tax records.