3205 E Jackson St · Muncie, IN 47303

$94,000

4 bd · 1.0 ba · 2,602 sqft · SingleFamily · 20 Days on market

Built 1900 Fair condition 0.71 ac lot Est $122k · 23% under

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.5/5.0
• Livability +4.0/5.0
• Condition / age +2.2/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nice 4 Bedroom home conveniently located near the bypass. This two-story home has a nice floorplan with 2 bedrooms upstairs and 2 bedrooms downstairs. Enjoy the spacious living room with the warmth of hardwood floors and a large kitchen that includes a gas range. All bedrooms are a nice size. Outside, you can relax on the big patio. There is a small shed for storage. The stone exterior adds lots of character. This property is currently leased on a month to month basis. An office next door at 3201 E Jackson can also be purchased as a package with this listing. Call listing agent for details.

Key facts

• Small shed
• Large kitchen
• Two story home

Tags

• TWO STORY HOME
• HARDWOOD FLOORS
• LARGE KITCHEN
• GAS RANGE
• BIG PATIO
• SMALL SHED

Property features AI

Finance

• Other: Approximately 0.71-acre lot (city lot)

Exterior

• Parking: Gravel parking
• Utilities: Public water; Municipal sewer connected; 100 Amp electric service; Cable available; Electricity connected; Natural gas connected; Separate electric meter; Separate gas meter; Water connected
• Home design: Single-family residence; Attached property; One and one-half stories
• Construction: Vinyl with stone siding; Stone accents; Block foundation
• Exterior features: Covered patio; Patio

Interior

• Kitchen: Gas oven; Refrigerator
• Bedrooms: Four bedrooms total — two on the main level and two upstairs; Bedroom sizes include 13x12 and 14x11 (upper); 11x10 (main)
• Flooring: Hardwood floors
• Bathrooms: One full bathroom
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Hardwood floors; Full basement
• Laundry & utility: In-unit laundry

🏷️ Possibly a rental listed for sale. The $94,000 price doesn't fit this home's estimated sale value (~$122,294) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $94k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $513 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $94k).
• Recommended offer: $93k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.8% 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: 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.
• Zoned schools: East Washington Academy (math 41% / reading 42%, grade F, #478 of 994 statewide, top 49%, 468 students, 70% FRL) — zoned schools at 70% FRL track the district average.
• Zoned-school proficiency averages 42% at this address vs 22% district-wide (+20 pts) — the actual schools serving this property are materially stronger than the Muncie Community Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+7.8%/yr); 112 active listings in the ZIP; 171 units permitted in Delaware County in 2024 (57 in 5+ unit buildings).
• This rent runs 37% 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 $650 of loan paydown is wiped out by about $3k 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 $26k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($93k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $92,590 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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: 1.56% ✓
• Cap rate: 12.84%
• Cash-on-cash: 23.37%
• DSCR: 2.04
• GRM: 5.3

CMA / ARV

• ARV (on-the-fly): $122,294
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1238 S Burlington St	0.62mi	3/1.0 (-1)	2,936 (+13%)	4mo	$137,000	$47	41

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 · 7.8% rent growth · sell at horizon

5-year hold

• IRR: 21.8%
• Equity multiple: 1.95×
• Total profit: $24,882
• Equity at exit: $14,016

10-year hold

• IRR: 32.9%
• Equity multiple: 4.71×
• Total profit: $97,550
• Equity at exit: $8,127

Cash invested: $26,320 (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: 5.3×

Monthly cashflow live

• Estimated rent: $1,471 medium
• Mortgage (P&I): −$493
• Tax est. 1.5%: −$118 /mo · $1,410/yr
• Insurance: −$39
• HOA: −$0
• Vacancy / Maint / Mgmt: −$309
• Net cashflow: $513

Break-even live

Break-even rent $822

Max offer price $94,000

Occupancy floor 60%

Sensitivity live

Price	-10% $577	-5% $545	+0% $513	+5% $480	+10% $448
Rent	-10% $396	-5% $454	+0% $513	+5% $571	+10% $629
Rate	-1.0pp $560	-0.5pp $536	base $513	+0.5pp $488	+1.0pp $463

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: $23,500
• Closing costs: $2,820
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-19
   days on market $94,000 Active 20 DOM
2. 2026-06-18
   days on market $94,000 Active 19 DOM
3. 2026-06-17
   days on market $94,000 Active 18 DOM
4. 2026-06-16
   days on market $94,000 Active 17 DOM
5. 2026-06-15
   days on market $94,000 Active 16 DOM
6. 2026-06-14
   days on market $94,000 Active 14 DOM
7. 2026-06-13
   days on market $94,000 Active 13 DOM
8. 2026-06-10
   days on market $94,000 Active 11 DOM
9. 2026-06-09
   days on market $94,000 Active 10 DOM
10. 2026-06-08
    days on market $94,000 Active 9 DOM
11. 2026-06-07
    days on market $94,000 Active 8 DOM
12. 2026-06-05
    days on market $94,000 Active 5 DOM
13. 2026-06-03
    days on market $94,000 Active 4 DOM
14. 2026-06-02
    days on market $94,000 Active 3 DOM
15. 2026-06-01
    days on market $94,000 Active 2 DOM
16. 2026-05-31
    remarks 597-char remark
17. 2026-05-31
    listed $94,000 Active 1 DOM

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

Taxation est. · year 1

• Rental income: $17,653
• − Mortgage interest: −$5,265
• − Property taxes: −$1,410
• − Insurance: −$470
• − Repairs & maintenance: −$1,412
• − Management: −$1,412
• − Depreciation: −$2,735
• Taxable income: $4,948
• Est. tax owed @ 24.0%: −$1,188
• After-tax cash flow: $4,963/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 · 12 photos

Fair 45/100 Moderate rehab

This 4-bedroom home requires moderate renovations to update the kitchen and bathroom, paint the exterior, and replace the carpet. The property is currently leased and has a good roof, but the interior needs significant updates to increase its resale and rental value.

Repairs flagged

• Moderate kitchen cabinets — outdated and in need of replacement
• Moderate kitchen appliances — outdated and in need of replacement
• Moderate bathroom fixtures — small and outdated
• Moderate flooring — carpeted floors in bedrooms, hardwood in living room
• Minor paint — average paint condition

Value-add opportunities

• Both paint exterior — enhances curb appeal and resale value
• Both update kitchen — modernizes the space and increases appeal
• Both update bathroom — modernizes the space and increases appeal
• Both replace carpet — modernizes the space and increases appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · outdated and in need of replacement	Moderate	$3,000–15,000
kitchen appliances · outdated and in need of replacement	Moderate	$3,000–15,000
bathroom fixtures · small and outdated	Moderate	$3,000–15,000
flooring · carpeted floors in bedrooms, hardwood in living room	Moderate	$3,000–15,000
paint · average paint condition	Minor	$500–3,000
Total estimated repair cost · 5 items		$12,500–63,000

Value-add ROI direction

• Both paint exterior — enhances curb appeal and resale value ↑
• Both update kitchen — modernizes the space and increases appeal ↑
• Both update bathroom — modernizes the space and increases appeal ↑
• Both replace carpet — modernizes the space and increases appeal ↑

ⓘ 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

+0.0% since first listed

2 events — show timeline

• 2026-05-30 Listed $94,000 IRMLS
• 2026-05-30 Listed $94,000 MIBOR as Distributed by MLS Grid