416 N Adams St · Marion, IN 46952

$39,900

4 bd · 1.0 ba · 3,216 sqft · SingleFamily public records · 68 Days on market

Built 1939 8,973 sqft lot $12/sqft · 64% below area Est $66k · 40% under ↓ 20% 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

Property being sold AS-IS. 4 bed, 1 bath. For the investor, this property has the potential of a garage apartment, side efficiency apartment and an upstairs apartment for additional income. Needs TLC!

Key facts

• Garage apartment
• Upstairs apartment
• 8,973 sq ft lot

Tags

• GARAGE APARTMENT
• SIDE EFFICIENCY APARTMENT
• UPSTAIRS APARTMENT

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $40k.

Deal economics

• At list price, monthly cash flow is $747 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $38k (6.0% below list) — sets the bar for market timing.
• Cap rate 28.8% 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; 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 $276 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 68 days — a 6% lower offer ($38k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $37,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 68 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1939 — 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: 3.26% ✓
• Cap rate: 28.75%
• Cash-on-cash: 80.21%
• DSCR: 4.57
• GRM: 2.6

CMA / ARV

• ARV (median comp): $65,964
• List price: $39,900
• Delta: -39.51%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
821 N Washington St	0.37mi	3/1.5 (-1)	3,380 (+5%)	0mo	$31,000	$9	67
721 W Jeffras Ave	0.50mi	3/3.5 (-1)	3,273 (+2%)	12mo	$320,000	$98	48
909 W Spencer Ave	0.64mi	4/2.5	3,184 (-1%)	24mo	$230,000	$72	42
910 W Spencer Ave	0.63mi	4/2.5	2,874 (-11%)	8mo	$175,000	$61	40
936 Gustave Pl	0.54mi	4/3.5	2,806 (-13%)	12mo	$254,900	$91	33

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: 80.4%
• Equity multiple: 4.68×
• Total profit: $41,121
• Equity at exit: $5,949

10-year hold

• IRR: 83.8%
• Equity multiple: 9.70×
• Total profit: $97,148
• Equity at exit: $3,450

Cash invested: $11,172 (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: 2.6×

Monthly cashflow live

• Estimated rent: $1,303 medium
• Mortgage (P&I): −$209
• Tax from tax record: −$56 /mo · $678/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$274
• Net cashflow: $747

Break-even live

Break-even rent $357

Max offer price $39,900

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: $9,975
• Closing costs: $1,197
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-17
   status $39,900 Pending 68 DOM
2. 2026-06-16
   days on market $39,900 Active Under Contract 68 DOM
3. 2026-06-15
   days on market $39,900 Active Under Contract 67 DOM
4. 2026-06-14
   days on market $39,900 Active Under Contract 65 DOM
5. 2026-06-12
   statusdays on market $39,900 Active Under Contract 64 DOM
6. 2026-06-09
   days on market $39,900 Active 61 DOM
7. 2026-06-08
   days on market $39,900 Active 60 DOM
8. 2026-06-07
   days on market $39,900 Active 59 DOM
9. 2026-06-02
   days on market $39,900 Active 54 DOM
10. 2026-06-01
    days on market $39,900 Active 53 DOM
11. 2026-05-31
    days on market $39,900 Active 52 DOM
12. 2026-05-30
    days on market $39,900 Active 51 DOM
13. 2026-05-06
    price $39,900 200-char remark

    Show marketing remark (200 chars)

    Property being sold AS-IS. 4 bed, 1 bath. For the investor, this property has the potential of a garage apartment, side efficiency apartment and an upstairs apartment for additional income. Needs TLC!

14. 2026-04-09
    listed $49,900 Active 200-char remark

    Show marketing remark (200 chars)

    Property being sold AS-IS. 4 bed, 1 bath. For the investor, this property has the potential of a garage apartment, side efficiency apartment and an upstairs apartment for additional income. Needs TLC!

ⓘ 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: $678 · $56/mo
• Projected year-2 tax: $678 · $56/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 ≥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: $15,633
• − Mortgage interest: −$2,235
• − Property taxes: −$678
• − Insurance: −$200
• − Repairs & maintenance: −$1,251
• − Management: −$1,251
• − Depreciation: −$1,161
• Taxable income: $8,858
• Est. tax owed @ 24.0%: −$2,126
• After-tax cash flow: $6,835/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

-20.0% since first listed

2 events — show timeline

• 2026-05-06 Price Changed $39,900 IRMLS
• 2026-04-09 Listed $49,900 IRMLS

Property tax history

-10.8%/yr

Latest (2025): $678 · +0.0% YoY. Source: county tax records.