3601 S Boots St · Marion, IN 46953

$61,999

5 bd · 4.0 ba · 2,396 sqft · MultiFamily public records · 81 Days on market

Built 1900 5,401 sqft lot $26/sqft · 15% below area Est $73k · 15% under ↓ 17% since listing

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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 +14.3/15.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Discover a rare investment gem at 3601 S Boots St, Marion, IN 46953! This charming, early-20th-century multifamily property spans approximately 2,396?sq?ft and features four income-producing units—perfectly configured for savvy investors. With strong rental income potential, this property delivers solid cash flow and long-term equity growth. Set on a corner lot in a vibrant Marion neighborhood, the building offers a mix of 5 bedrooms and 4 baths, ample parking. Whether you're expanding your portfolio or entering the rental market, this property offers immediate income, historic charm, and a strategic location. Don’t miss your chance to own a piece of Marion’s thriving real estate scene!

Key facts

• Multifamily property
• Historic charm
• Strategic location

Tags

• MULTIFAMILY PROPERTY
• INCOME PRODUCING UNITS
• STRONG RENTAL INCOME
• CORNER LOT
• HISTORIC CHARM
• STRATEGIC LOCATION

What this means for you Summary

Snapshot

• This is a 5-bed/4.0-bath multifamily listed at $62k.

Deal economics

• At list price, monthly cash flow is $3k ($39k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $62k).
• Recommended offer: $58k (6.0% below list) — sets the bar for market timing.
• Cap rate 69.5% vs local median 8.1% 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: amenities F, commute F, employment 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.
• Zoned schools: Frances Slocum Elem School (math 12% / reading 12%, grade F, #893 of 994 statewide, top 91%, 472 students, 81% FRL); John L Mcculloch Junior High Sch (math 11% / reading 22%, grade F, #287 of 330 statewide, top 88%, 524 students, 74% FRL); Marion High School (math 12% / reading 47%, grade F, #308 of 369 statewide, top 84%, 1,050 students, 66% FRL).
• Market conditions: 114 active listings in the ZIP; 52 units permitted in Grant County in 2024 (8 in 5+ unit buildings).
• At $4,677/mo this rent would consume 121% of the median local household income ($46k/yr) (locally 597% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $428 of loan paydown is wiped out by about $2k 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 $17k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 81 days — a 6% lower offer ($58k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $58,279 (6.0% below list)

Questions for the listing agent

1. It's been on market 81 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 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. 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 7.54% ✓
• Cap rate: 69.54%
• Cash-on-cash: 225.87%
• DSCR: 11.05
• GRM: 1.1

CMA / ARV

• ARV (median comp): $73,067
• List price: $61,999
• Delta: -15.15%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3702 S Boots St	0.13mi	4/3.0 (-1)	2,400 (+0%)	12mo	$60,000	$25	75

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: 12.41×
• Total profit: $198,134
• Equity at exit: $9,244

10-year hold

• IRR: —
• Equity multiple: 26.39×
• Total profit: $440,792
• Equity at exit: $5,361

Cash invested: $17,360 (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: 114
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $4,677 medium
• Mortgage (P&I): −$325
• Tax from tax record: −$76 /mo · $916/yr
• Insurance: −$26
• HOA: −$0
• Vacancy / Maint / Mgmt: −$982
• Net cashflow: $3,268

Break-even live

Break-even rent $541

Max offer price $61,999

Occupancy floor 25%

Sensitivity live

Price	-10% $3,303	-5% $3,285	+0% $3,268	+5% $3,250	+10% $3,232
Rent	-10% $2,898	-5% $3,083	+0% $3,268	+5% $3,452	+10% $3,637
Rate	-1.0pp $3,299	-0.5pp $3,283	base $3,268	+0.5pp $3,251	+1.0pp $3,235

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	5	4	$4,676
Total (4 units)			$4,677

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: $15,500
• Closing costs: $1,860
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-09
   statusdays on market $61,999 Pending 81 DOM
2. 2026-06-08
   days on market $61,999 Active 80 DOM
3. 2026-06-07
   days on market $61,999 Active 79 DOM
4. 2026-06-02
   days on market $61,999 Active 74 DOM
5. 2026-06-01
   days on market $61,999 Active 73 DOM
6. 2026-05-31
   days on market $61,999 Active 72 DOM
7. 2026-05-30
   days on market $61,999 Active 71 DOM
8. 2026-05-06
   price $61,999 713-char remark

   Show marketing remark (713 chars)

   Discover a rare investment gem at 3601 S Boots St, Marion, IN 46953! This charming, early-20th-century multifamily property spans approximately 2,396?sq?ft and features four income-producing units—perfectly configured for savvy investors. With strong rental income potential, this property delivers solid cash flow and long-term equity growth. Set on a corner lot in a vibrant Marion neighborhood, the building offers a mix of 5 bedrooms and 4 baths, ample parking. Whether you're expanding your portfolio or entering the rental market, this property offers immediate income, historic charm, and a strategic location. Don’t miss your chance to own a piece of Marion’s thriving real estate scene!

9. 2026-04-14
   price $64,999 713-char remark

   Show marketing remark (713 chars)

   Discover a rare investment gem at 3601 S Boots St, Marion, IN 46953! This charming, early-20th-century multifamily property spans approximately 2,396?sq?ft and features four income-producing units—perfectly configured for savvy investors. With strong rental income potential, this property delivers solid cash flow and long-term equity growth. Set on a corner lot in a vibrant Marion neighborhood, the building offers a mix of 5 bedrooms and 4 baths, ample parking. Whether you're expanding your portfolio or entering the rental market, this property offers immediate income, historic charm, and a strategic location. Don’t miss your chance to own a piece of Marion’s thriving real estate scene!

10. 2026-03-19
    listed $75,000 Active 713-char remark

    Show marketing remark (713 chars)

    Discover a rare investment gem at 3601 S Boots St, Marion, IN 46953! This charming, early-20th-century multifamily property spans approximately 2,396?sq?ft and features four income-producing units—perfectly configured for savvy investors. With strong rental income potential, this property delivers solid cash flow and long-term equity growth. Set on a corner lot in a vibrant Marion neighborhood, the building offers a mix of 5 bedrooms and 4 baths, ample parking. Whether you're expanding your portfolio or entering the rental market, this property offers immediate income, historic charm, and a strategic location. Don’t miss your chance to own a piece of Marion’s thriving real estate scene!

ⓘ 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: $916 · $76/mo
• Projected year-2 tax: $916 · $76/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 5/10 Major FEMA zone X (unshaded) · 54% 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: $56,124
• − Mortgage interest: −$3,473
• − Property taxes: −$916
• − Insurance: −$310
• − Repairs & maintenance: −$4,490
• − Management: −$4,490
• − Depreciation: −$1,804
• Taxable income: $40,642
• Est. tax owed @ 24.0%: −$9,754
• After-tax cash flow: $29,456/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

-17.3% since first listed

3 events — show timeline

• 2026-05-06 Price Changed $61,999 IRMLS
• 2026-04-14 Price Changed $64,999 IRMLS
• 2026-03-19 Listed $75,000 IRMLS

Property tax history

-2.3%/yr

Latest (2025): $916 · -22.8% YoY. Source: county tax records.