We present the characterization of the star KOI 961, an M dwarf with transit signals indicative of three short-period exoplanets, originally discovered by the Kepler Mission. We proceed by comparing KOI 961 to Barnards Star, a nearby, well-characterized mid-M dwarf. By comparing colors, optical and near-infrared spectra, we find remarkable agreement between the two, implying similar effective temperatures and metallicities. Both are metal-poor compared to the Solar neighborhood, have low projected rotational velocity, high absolute radial velocity, large proper motion and no quiescent H-alpha emission--all of which is consistent with being old M dwarfs. We combine empirical measurements of Barnards Star and expectations from evolutionary isochrones to estimate KOI 961s mass (0.13 +/- 0.05 Msun), radius (0.17 +/- 0.04 Rsun) and luminosity (2.40 x 10^(-3.0 +/- 0.3) Lsun). We calculate KOI 961s distance (38.7 +/- 6.3 pc) and space motions, which, like Barnards Star, are consistent with a high scale-height population in the Milky Way. We perform an independent multi-transit fit to the public Kepler light curve and significantly revise the transit parameters for the three planets. We calculate the false-positive probability for each planet-candidate, and find a less than 1% chance that any one of the transiting signals is due to a background or hierarchical eclipsing binary, validating the planetary nature of the transits. The best-fitting radii for all three planets are less than 1 Rearth, with KOI 961.03 being Mars-sized (Rp = 0.57 +/- 0.18 Rearth), and they represent some of the smallest exoplanets detected to date.
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