5900 W County Road 350 N #17 · Muncie, IN 47304

$17,500

2 bd · 1.0 ba · 896 sqft · Manufactured · 154 Days on market

Built 2024 ↓ 32% 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 +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.5/5.0
• Livability +4.0/5.0
• Schools +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

* THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 1 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as a playground, community events, a basketball court, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

Key facts

• Built 2024
• Listed 154 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $18k.

Deal economics

• At list price, monthly cash flow is $660 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($988 rent vs $18k).
• Recommended offer: $15k (12.0% below list) — sets the bar for market timing.
• Cap rate 51.5% vs local median 6.0% in Muncie — 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 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.
• Wes-Del Community Schools (rural): math 27% / reading 38% proficiency, ranked #209 of 301 in IN (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+8.1%/yr); 202 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $121 of loan paydown is wiped out by about $525 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $5k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 154 days — a 12% lower offer ($15k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $8k (30%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $15,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 154 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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 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: 5.65% ✓
• Cap rate: 51.53%
• Cash-on-cash: 161.55%
• DSCR: 8.19
• GRM: 1.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 10.06×
• Total profit: $44,414
• Equity at exit: $2,609

10-year hold

• IRR: —
• Equity multiple: 24.80×
• Total profit: $116,601
• Equity at exit: $1,513

Cash invested: $4,900 (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 47304

• Home prices YoY: -28.4%
• Rents YoY: 8.1%
• Active inventory: 202
• Price-to-rent: 1.5×

Monthly cashflow live

• Estimated rent: $988 medium
• Mortgage (P&I): −$92
• Tax est. 1.5%: −$22 /mo · $262/yr
• Insurance: −$7
• HOA: −$0
• Vacancy / Maint / Mgmt: −$207
• Net cashflow: $660

Break-even live

Break-even rent $153

Max offer price $17,500

Occupancy floor 28%

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: $4,375
• Closing costs: $525
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4500 W Bethel Ave Muncie, IN	2.0–4.0	2.0–4.0	1207	$449	$0.37	44d	26	1.50mi

Listing history 9 events

1. 2026-06-02
   days on market $17,500 Active 154 DOM
2. 2026-06-01
   pricedays on market $17,500 Active 153 DOM
3. 2026-05-31
   days on market $17,000 Active 152 DOM
4. 2026-05-30
   days on market $17,000 Active 151 DOM
5. 2026-04-22
   price $17,000 406-char remark

   Show marketing remark (406 chars)

   * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 1 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as a playground, community events, a basketball court, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

6. 2026-03-05
   status Active 406-char remark

   Show marketing remark (406 chars)

   * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 1 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as a playground, community events, a basketball court, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

7. 2026-03-05
   price $20,700 406-char remark

   Show marketing remark (406 chars)

   * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 1 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as a playground, community events, a basketball court, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

8. 2024-04-19
   historical 406-char remark

   Show marketing remark (406 chars)

   * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 1 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as a playground, community events, a basketball court, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

9. 2024-02-14
   listed $25,000 Active 406-char remark

   Show marketing remark (406 chars)

   * THIS IS A RESALE LISTING * You'll love living in this 2 bedroom, 1 bathroom home within a wonderful family-friendly community. Check out the awesome amenities your community has to offer such as a playground, community events, a basketball court, and more! This home won't be on the market long, so call us today for more information or to schedule a tour. Deposits & Fees are subject to change.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 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: $11,857
• − Mortgage interest: −$980
• − Property taxes: −$262
• − Insurance: −$88
• − Repairs & maintenance: −$949
• − Management: −$949
• − Depreciation: −$509
• Taxable income: $8,120
• Est. tax owed @ 24.0%: −$1,949
• After-tax cash flow: $5,967/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: Wes-Del Community Schools
• NCES district ID: 1804500
• Math proficiency: 27% ▼ -9.00%
• Reading proficiency: 38% ▼ -3.00%
• Median HH income: $50,271
• Composite: 28.26/100
• National rank: #6795
• State rank: #209 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

• County: Delaware County · 84,658 people
• City population: 84,658
• Metro: Muncie, IN
• Population (ZIP): 31,237
• Household income: $63,215
• Rent vs Own: 34.6% rent · 65.4% own
• Severe rent burden: 1141.0

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 (85%)
• Race & ethnicity: White 85% Two or more races 5% Black 4% Asian 4% Hispanic / Latino 3%
• Common ancestry: Lithuanian 2% Romanian 2% Slovak 1%
• Foreign-born: 5% · Canada, Vietnam, China
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% Vietnamese 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: ▼ -78.53%
• Current HPI: 197.5213
• Rent YoY: ▲ 8.08%
• 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

-32.0% since first listed

5 events — show timeline

• 2026-04-22 Price Changed $17,000 Zillow
• 2026-03-05 Relisted — Zillow
• 2026-03-05 Price Changed $20,700 Zillow
• 2024-04-19 Delisted — Zillow
• 2024-02-14 Listed $25,000 Zillow