508 W Wharton Dr · Marion, IN 46952

$110,000

3 bd · 1.0 ba · 816 sqft · SingleFamily public records · 211 Days on market

Built 1954 6,970 sqft lot $135/sqft · 9% below area Est $121k · 9% 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 +20.3/30.0
• ARV discount +11.7/15.0
• DSCR +6.4/10.0
• 1% rule +4.4/10.0
• 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

Move in ready! Welcome to this cozy 3 bed, 1 bath home located within walking distance to the Riverwalk. Home is also located close to all amenities & Marion General Hospital. This home has a covered front porch, and a 3-season room on the back for dining and entertaining while overlooking the fenced back yard. Property also includes a 1 car detached garage. This home is ready for a new owner and new memories!!

Key facts

• Covered front porch
• Fenced back yard
• Close to amenities

Tags

• COVERED FRONT PORCH
• 3-SEASON ROOM
• FENCED BACK YARD
• WALKING DISTANCE TO RIVERWALK
• CLOSE TO AMENITIES

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $141 ($2k/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 $103k (6.5% below list).
• Recommended offer: $97k (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.
• 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 $761 of loan paydown is wiped out by about $3k 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 211 days — a 12% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 10y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $75k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $96,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 211 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 1954 — 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: 0.94% ✗
• Cap rate: 7.83%
• Cash-on-cash: 5.49%
• DSCR: 1.24
• GRM: 8.9

CMA / ARV

• ARV (median comp): $121,407
• List price: $110,000
• Delta: -9.40%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
716 W Wharton Dr	0.14mi	3/1.0	864 (+6%)	8mo	$99,900	$116	77
214 W Wharton Dr	0.14mi	2/1.0 (-1)	864 (+6%)	5mo	$130,000	$150	75
616 W Wharton Dr	0.10mi	3/1.0	864 (+6%)	14mo	$125,000	$145	74
713 W Wharton Dr	0.13mi	3/1.0	864 (+6%)	13mo	$139,900	$162	73
1008 N Quarry Rd	0.25mi	2/1.0 (-1)	768 (-6%)	1mo	$116,500	$152	73
1203 W National Ave	0.58mi	2/1.0 (-1)	848 (+4%)	2mo	$85,000	$100	60
1005 N Oxford Dr	0.54mi	3/1.0	864 (+6%)	6mo	$109,900	$127	60
609 E Wiley St	0.68mi	3/1.0	864 (+6%)	8mo	$94,000	$109	52
1210 W National Ave	0.58mi	3/1.0	864 (+6%)	14mo	$105,000	$122	51
409 E Lincoln St	0.67mi	2/1.0 (-1)	832 (+2%)	14mo	$78,000	$94	49
1126 N Meridian St	0.48mi	2/1.0 (-1)	724 (-11%)	9mo	$40,000	$55	46
334 N Boots St	0.73mi	3/2.0	728 (-11%)	14mo	$65,000	$89	32

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: -7.8%
• Equity multiple: 0.71×
• Total profit: $-8,893
• Equity at exit: $16,401

10-year hold

• IRR: 1.7%
• Equity multiple: 1.12×
• Total profit: $3,650
• Equity at exit: $9,511

Cash invested: $30,800 (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: 8.9×

Monthly cashflow live

• Estimated rent: $1,029 medium
• Mortgage (P&I): −$577
• Tax from tax record: −$49 /mo · $589/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$216
• Net cashflow: $141

Break-even live

Break-even rent $850

Max offer price $110,000

Occupancy floor 81%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
715 E Sherman St Marion, IN	2.0	1.0	1085	$1,050	$0.97	43d	1	1.11mi
2111 W Frederick Dr Marion, IN	1.0–2.0	1.0–1.5	965	$937	$0.97	43d	4	1.47mi

Listing history 21 events

1. 2026-06-19
   days on market $110,000 Active 211 DOM
2. 2026-06-18
   days on market $110,000 Active 210 DOM
3. 2026-06-17
   days on market $110,000 Active 209 DOM
4. 2026-06-16
   days on market $110,000 Active 208 DOM
5. 2026-06-15
   days on market $110,000 Active 207 DOM
6. 2026-06-14
   days on market $110,000 Active 205 DOM
7. 2026-06-12
   days on market $110,000 Active 204 DOM
8. 2026-06-09
   days on market $110,000 Active 201 DOM
9. 2026-06-08
   days on market $110,000 Active 200 DOM
10. 2026-06-07
    days on market $110,000 Active 199 DOM
11. 2026-06-02
    days on market $110,000 Active 194 DOM
12. 2026-06-01
    days on market $110,000 Active 193 DOM
13. 2026-05-31
    days on market $110,000 Active 192 DOM
14. 2026-05-30
    days on market $110,000 Active 191 DOM
15. 2026-04-22
    status Active 420-char remark

    Show marketing remark (420 chars)

    Move in ready! Welcome to this cozy 3 bed, 1 bath home located within walking distance to the Riverwalk. Home is also located close to all amenities & Marion General Hospital. This home has a covered front porch, and a 3-season room on the back for dining and entertaining while overlooking the fenced back yard. Property also includes a 1 car detached garage. This home is ready for a new owner and new memories!!

16. 2026-03-22
    historical Active Under Contract 420-char remark

    Show marketing remark (420 chars)

    Move in ready! Welcome to this cozy 3 bed, 1 bath home located within walking distance to the Riverwalk. Home is also located close to all amenities & Marion General Hospital. This home has a covered front porch, and a 3-season room on the back for dining and entertaining while overlooking the fenced back yard. Property also includes a 1 car detached garage. This home is ready for a new owner and new memories!!

17. 2025-11-20
    listed $115,000 Active 420-char remark

    Show marketing remark (420 chars)

    Move in ready! Welcome to this cozy 3 bed, 1 bath home located within walking distance to the Riverwalk. Home is also located close to all amenities & Marion General Hospital. This home has a covered front porch, and a 3-season room on the back for dining and entertaining while overlooking the fenced back yard. Property also includes a 1 car detached garage. This home is ready for a new owner and new memories!!

18. 2020-09-25
    soldstatus $75,000 385-char remark

    Show marketing remark (385 chars)

    Super cute three bedroom home on a quiet street. Home has a nice front porch and a great fully fenced backyard. Screened in porch off the back adds to this home's appeal and is perfect for relaxing after work or on the weekends. Oversized one car garage that provides extra storage. Close proximity to Matter Park & the Riverwalk! Come take a look so you can call this your home!

19. 2020-07-20
    listed $79,900 385-char remark

    Show marketing remark (385 chars)

    Super cute three bedroom home on a quiet street. Home has a nice front porch and a great fully fenced backyard. Screened in porch off the back adds to this home's appeal and is perfect for relaxing after work or on the weekends. Oversized one car garage that provides extra storage. Close proximity to Matter Park & the Riverwalk! Come take a look so you can call this your home!

20. 2016-06-17
    soldstatus $63,000
21. 2016-04-29
    listed $63,900

ⓘ 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: $589 · $49/mo
• Projected year-2 tax: $762 · $63/mo
• Expected delta: +$173/yr (+$14/mo · 29.4%)

ⓘ 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,343
• − Mortgage interest: −$6,162
• − Property taxes: −$589
• − Insurance: −$550
• − Repairs & maintenance: −$987
• − Management: −$987
• − Depreciation: −$3,200
• Taxable loss: −$132
• Est. tax savings @ 24.0%: +$32
• After-tax cash flow: $1,722/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

+80.0% since first listed

7 events — show timeline

• 2026-04-22 Relisted — IRMLS
• 2026-03-22 Contingent — IRMLS
• 2025-11-20 Listed $115,000 IRMLS
• 2020-09-25 Sold (MLS) $75,000 MIBOR as Distributed by MLS Grid
• 2020-07-20 Listed $79,900 MIBOR as Distributed by MLS Grid
• 2016-06-17 Sold (MLS) $63,000 IRMLS
• 2016-04-29 Listed $63,900 IRMLS

Property tax history

-9.9%/yr

Latest (2025): $589 · -16.7% YoY. Source: county tax records.