5900 W County Road 350 N #17

Muncie, IN 47304

$17,500D+

2 bd · 1.0 ba · 896 sqft · Built 2024 · Manufactured · Active · 154 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $988/mo
• Mortgage (P&I): −$92
• Tax + insurance: −$29
• HOA: −$0
• Vac / Maint / Mgmt: −$207
• Net cashflow: $660/mo
• Annual: $7,916/yr
• Cap rate: 51.53%
• Cash-on-cash: 161.55%
• DSCR: 8.19
• 1% rule: 5.65%
• Cash to close: $4,900

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $18k.
• 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).
• It's been on market 154 days — a 12% lower offer ($15k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $15k (12.0% below list) — sets the bar for market timing.
• 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.
• 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).
• Delaware County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.
• 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.
• 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.

Questions for listing agent

• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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?
• 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.
• 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.