2103 S Burlington Dr · Muncie, IN 47302

$140,000

3 bd · 1.5 ba · 1,760 sqft · SingleFamily public records · 12 Days on market

Built 1926 5,600 sqft lot Est $180k · 22% under

---

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 +16.5/30.0
• ARV discount +15.0/15.0
• DSCR +5.1/10.0
• 1% rule +4.0/10.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great investment opportunity. This home features 4 bedrooms and 2.5 bathrooms.

Key facts

• Black appliances
• Natural light
• Updated kitchen

Tags

• OPEN-CONCEPT LAYOUT
• VAULTED CEILINGS
• NATURAL LIGHT
• UPDATED KITCHEN
• WHITE SHAKER CABINETRY
• BLACK APPLIANCES

Property features AI

Finance

• HOA & community: Not a low-maintenance lifestyle community

Exterior

• Parking: Detached 2-car garage; Assigned outside parking available
• Utilities: Public water; Municipal sewer
• Home design: Single-family residence; Two levels
• Construction: Vinyl with brick and wood siding; Brick/mortar foundation
• Exterior features: Less than 1/4 acre lot (0.13 acre)

Interior

• Kitchen: Electric cooktop; Electric oven; Microwave; Disposal
• Bedrooms: Four bedrooms total — three on the main level and one on the upper level
• Bathrooms: Two full bathrooms (one on the main level and one on the upper level)
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Eat-in kitchen; Pantry; Smart thermostat; Walk-in closets; Has basement
• Laundry & utility: Main-level laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $81 ($974/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 $126k (9.9% below list).
• Recommended offer: $126k (9.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 80/100 on livability (#18 in IN, #1,654 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools D+, crime F, employment F.
• Muncie Community Schools (urban): math 18% / reading 25% proficiency, ranked #275 of 301 in IN (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+6.1%/yr); 148 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 171 units permitted in Delaware County in 2024 (57 in 5+ unit buildings).
• This rent runs 32% of the median local income ($48k/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 $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Delaware County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 7y 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 $18k; list at $140k implies a 678% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $126,179 (9.9% below list)

Questions for the listing agent

1. Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. 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.
6. 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.
7. 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: 0.90% ✗
• Cap rate: 6.99%
• Cash-on-cash: 2.48%
• DSCR: 1.11
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $179,520
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2405 S Wisteria Ln	0.27mi	3/2.0	1,750 (-1%)	7mo	$214,900	$123	78
2014 S Manville Rd	0.15mi	3/1.0	1,662 (-6%)	17mo	$170,000	$102	68
2014 S Manville Rd	0.15mi	3/1.0	1,662 (-6%)	17mo	$170,000	$102	68
1100 S May Ave	0.74mi	3/1.0	1,768 (+0%)	2mo	$115,000	$65	61
1601 S Burlington Dr	0.32mi	3/1.5	1,504 (-14%)	0mo	$92,000	$61	61
4325 E Maple Manor Pkwy	0.69mi	3/2.0	1,800 (+2%)	7mo	$265,500	$148	56
1910 S May Ave	0.39mi	4/2.0 (+1)	1,640 (-7%)	8mo	$93,000	$57	56
1217 S Helen Dr	0.63mi	3/2.0	1,632 (-7%)	2mo	$179,500	$110	55
4308 E Maple Manor Pkwy	0.60mi	3/2.0	1,914 (+9%)	3mo	$244,000	$127	53
1421 S Burlington Dr	0.48mi	3/1.0	1,952 (+11%)	15mo	$129,900	$67	45
1424 S Meeker Ave	0.74mi	4/2.0 (+1)	1,904 (+8%)	3mo	$88,000	$46	43
1511 S Meeker Ave	0.74mi	4/2.0 (+1)	1,936 (+10%)	5mo	$174,900	$90	38

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 · 6.11% rent growth · sell at horizon

5-year hold

• IRR: -9.1%
• Equity multiple: 0.66×
• Total profit: $-13,460
• Equity at exit: $20,874

10-year hold

• IRR: 3.9%
• Equity multiple: 1.32×
• Total profit: $12,691
• Equity at exit: $12,105

Cash invested: $39,200 (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 47302

• Home prices YoY: -12.6%
• Rents YoY: 6.1%
• Active inventory: 148
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,262 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$123 /mo · $1,478/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $81

Break-even live

Break-even rent $1,159

Max offer price $140,000

Occupancy floor 89%

Sensitivity live

Price	-10% $160	-5% $121	+0% $81	+5% $42	+10% $2
Rent	-10% $-19	-5% $31	+0% $81	+5% $131	+10% $181
Rate	-1.0pp $152	-0.5pp $117	base $81	+0.5pp $45	+1.0pp $8

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1521 E Kirby Ave Muncie, IN	2.0–4.0	1.0–2.0	972	$1,150	$1.18	44d	2	1.48mi

Listing history 11 events

1. 2026-06-19
   days on market $140,000 Active 12 DOM
2. 2026-06-18
   days on market $140,000 Active 11 DOM
3. 2026-06-17
   days on market $140,000 Active 10 DOM
4. 2026-06-16
   days on market $140,000 Active 9 DOM
5. 2026-06-15
   days on market $140,000 Active 8 DOM
6. 2026-06-14
   days on market $140,000 Active 6 DOM
7. 2026-06-13
   days on market $140,000 Active 5 DOM
8. 2026-06-10
   days on market $140,000 Active 3 DOM
9. 2026-06-09
   days on market $140,000 Active 2 DOM
10. 2026-06-07
    remarks 699-char remark
11. 2026-06-07
    listed $140,000 Active 1 DOM

ⓘ 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: $1,478 · $123/mo
• Projected year-2 tax: $1,478 · $123/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 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,141
• − Mortgage interest: −$7,842
• − Property taxes: −$1,478
• − Insurance: −$700
• − Repairs & maintenance: −$1,211
• − Management: −$1,211
• − Depreciation: −$4,073
• Taxable loss: −$1,374
• Est. tax savings @ 24.0%: +$330
• After-tax cash flow: $1,303/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: Muncie Community Schools
• NCES district ID: 1807320
• Math proficiency: 18% ▼ -9.00%
• Reading proficiency: 25% ▼ -4.00%
• Median HH income: $30,052
• Composite: 17.22/100
• National rank: #9099
• State rank: #275 of 301 in IN

Livability — Muncie

• Score: 80/100
• State rank: #18
• US rank: #1654

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime F Employment F Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Muncie, IN
• County: Delaware County · 84,658 people
• City population: 84,658
• Metro: Muncie, IN
• Population (ZIP): 25,473
• Household income: $47,837
• Rent vs Own: 35.2% rent · 64.8% own
• Severe rent burden: 1150.0

Population outlook (Delaware County) Hauer SSP2

• Today (2025): 113,036 people
• By 2030: 111,313 · -1.5%
• By 2040: 106,432 · -5.8%
• By 2050: 100,747 · -10.9%
• By 2075: 91,000 · -19.5%
• By 2100: 80,687 · -28.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 6% Black 6% Hispanic / Latino 4%
• Common ancestry: Italian 2% Slovak 1% Romanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Delaware

• 2024 margin: R (+15.8) · D 41.2% · R 57.0% · Other 1.8%
• 2008→2024 swing: -30.8pp toward R · 2008: 15.0pp · 2024: -15.8pp
• All cycles: 2024: R+15.8 2020: R+13.2 2016: R+13.7 2012: D+3.1 2008: D+15.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -30.32%
• Current HPI: 210.431
• Rent YoY: ▲ 6.11%
• Metro: Muncie, 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

+409.1% since first listed

7 events — show timeline

• 2026-06-06 Listed $140,000 MIBOR as Distributed by MLS Grid
• 2023-09-18 Rental Removed $1,200 APPFOLIO
• 2023-09-13 Listed for Rent $1,200 APPFOLIO
• 2023-08-29 Rental Removed $1,200 APPFOLIO
• 2023-08-05 Listed for Rent $1,200 APPFOLIO
• 2020-02-25 Sold (MLS) $18,000 IRMLS
• 2019-11-20 Listed $27,500 IRMLS

Property tax history

+11.3%/yr

Latest (2024): $1,478 · +12.5% YoY. Source: county tax records.