3817 Windmill Rd Unit WIN3817 · Muncie, IN 47303

$24,400

3 bd · 2.0 ba · 1,216 sqft · Manufactured · 35 Days on market

Built 2024 Good condition $20/sqft · 28% above area Est $19k · 28% over ↓ 10% 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
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.5/5.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Schools +1.7/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

* THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 2 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as community events, a picnic area / pavilion / grill, and a playground, your family will be excited to live here. 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 34 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $24k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $752 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $24k).
• Recommended offer: $24k (3.0% below list) — sets the bar for market timing.
• Cap rate 43.3% 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.
• 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 (+7.8%/yr); 112 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $169 of loan paydown is wiped out by about $732 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 + 7.8% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($24k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $2k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $23,668 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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. 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?
6. 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.
7. 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.
8. 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: 4.78% ✓
• Cap rate: 43.29%
• Cash-on-cash: 132.14%
• DSCR: 6.88
• GRM: 1.7

CMA / ARV

• ARV (median comp): $19,000
• List price: $24,400
• Delta: 28.42%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 7.8% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 8.30×
• Total profit: $49,881
• Equity at exit: $3,638

10-year hold

• IRR: —
• Equity multiple: 20.31×
• Total profit: $131,956
• Equity at exit: $2,110

Cash invested: $6,832 (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 47303

• Home prices YoY: -18.0%
• Rents YoY: 7.8%
• Active inventory: 112
• Price-to-rent: 1.7×

Monthly cashflow live

• Estimated rent: $1,166 medium
• Mortgage (P&I): −$128
• Tax est. 1.5%: −$30 /mo · $366/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$245
• Net cashflow: $752

Break-even live

Break-even rent $213

Max offer price $24,400

Occupancy floor 30%

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: $6,100
• Closing costs: $732
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2125 E Harvard Ave Muncie, IN	3.0	2.0	1040	$1,200	$1.15	44d	1	0.27mi
2901 N Elgin St Muncie, IN	2.0–3.0	2.0	1045	$1,199	$1.15	44d	4	0.60mi
2321 N Macedonia Ave Muncie, IN	2.0	1.0	1009	$860	$0.85	44d	1	0.89mi
125 E Oldfield Ln Muncie, IN	1.0–3.0	1.0–2.0	886	$1,325	$1.50	44d	7	1.46mi

Listing history 16 events

1. 2026-06-19
   days on market $24,400 Active 35 DOM
2. 2026-06-18
   days on market $24,400 Active 34 DOM
3. 2026-06-17
   days on market $24,400 Active 33 DOM
4. 2026-06-16
   days on market $24,400 Active 32 DOM
5. 2026-06-15
   days on market $24,400 Active 31 DOM
6. 2026-06-14
   days on market $24,400 Active 29 DOM
7. 2026-06-13
   days on market $24,400 Active 28 DOM
8. 2026-06-10
   days on market $24,400 Active 26 DOM
9. 2026-06-09
   days on market $24,400 Active 25 DOM
10. 2026-06-08
    days on market $24,400 Active 24 DOM
11. 2026-06-07
    days on market $24,400 Active 23 DOM
12. 2026-06-05
    pricestatusdays on market $24,400 Active 20 DOM
13. 2026-05-13
    status Active 531-char remark

    Show marketing remark (531 chars)

    * THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 2 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as community events, a picnic area / pavilion / grill, and a playground, your family will be excited to live here. 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.

14. 2026-05-13
    price $23,900 531-char remark

    Show marketing remark (531 chars)

    * THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 2 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as community events, a picnic area / pavilion / grill, and a playground, your family will be excited to live here. 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.

15. 2025-01-03
    historical 531-char remark

    Show marketing remark (531 chars)

    * THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 2 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as community events, a picnic area / pavilion / grill, and a playground, your family will be excited to live here. 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.

16. 2024-12-23
    listed $26,500 Active 531-char remark

    Show marketing remark (531 chars)

    * THIS IS A RESALE LISTING * This welcoming, well-maintained 3 bedroom, 2 bathroom home is a perfect place to raise your family. For your convenience, we have onsite community management to assist you when you need it. With our family-friendly community amenities such as community events, a picnic area / pavilion / grill, and a playground, your family will be excited to live here. 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,989
• − Mortgage interest: −$1,367
• − Property taxes: −$366
• − Insurance: −$122
• − Repairs & maintenance: −$1,119
• − Management: −$1,119
• − Depreciation: −$710
• Taxable income: $9,186
• Est. tax owed @ 24.0%: −$2,205
• After-tax cash flow: $6,823/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.

Condition & rehab AI · 7 photos

Good 75/100 Cosmetic rehab

This well-maintained mobile home is ready for a new owner or renter. Simple updates can further enhance its value and appeal.

Value-add opportunities

• Both Paint interior walls and trim — Fresh paint can enhance the home's curb appeal and interior aesthetics.
• Both Replace carpet with hardwood flooring — Hardwood flooring can increase both resale and rental value.
• Both Install new kitchen appliances — Upgrading appliances can attract more buyers and renters.
• Both Add a small outdoor patio or deck — An outdoor space can increase the home's appeal and functionality.
• Rental Install a smart thermostat — Smart thermostats can reduce energy costs and attract tech-savvy renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint interior walls and trim — Fresh paint can enhance the home's curb appeal and interior aesthetics. ↑
• Both Replace carpet with hardwood flooring — Hardwood flooring can increase both resale and rental value. ↑
• Both Install new kitchen appliances — Upgrading appliances can attract more buyers and renters. ↑
• Both Add a small outdoor patio or deck — An outdoor space can increase the home's appeal and functionality. ↑
• Rental Install a smart thermostat — Smart thermostats can reduce energy costs and attract tech-savvy renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 24,392
• Household income: $47,674
• Rent vs Own: 43.5% rent · 56.5% own
• Severe rent burden: 1434.0

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 (82%)
• Race & ethnicity: White 82% Black 9% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Italian 4% Slovak 3% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 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: ▼ -50.45%
• Current HPI: 229.8654
• Rent YoY: ▲ 7.80%
• 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

-9.8% since first listed

4 events — show timeline

• 2026-05-13 Relisted — Zillow
• 2026-05-13 Price Changed $23,900 Zillow
• 2025-01-03 Delisted — Zillow
• 2024-12-23 Listed $26,500 Zillow