1601 S Burlington Dr · Muncie, IN 47302

$102,000

3 bd · 1.0 ba · 1,350 sqft · SingleFamily public records · 7 Days on market

Built 1912 0.35 ac lot $76/sqft · 14% above area Est $100k · at est.

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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 +25.3/30.0
• DSCR +8.3/10.0
• ARV discount +6.4/15.0
• 1% rule +5.8/10.0
• 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

2-3 bedroom, 1.5 bath home with a 1.5 car detached garage that is move-in-ready! Lots of character and uniqueness. Enjoy the covered front porch, large laundry room, and walk-in-closet in the large master bedroom. New roof (1 yr old). Privacy fenced in backyard. Master bedroom has been re-drywalled and re-insulated. Trane forced air gas furnace and central a/c. Quick access to by-pass and Prairie Creek Reservoir.

Key facts

• New carpet
• Main floor laundry
• New water heater

Tags

• MAIN FLOOR LAUNDRY
• NEW WATER HEATER
• BRAND NEW KITCHEN APPLIANCES
• NEW CARPET
• FENCED BACKYARD
• STORAGE SHED

Property features AI

Exterior

• Parking: Detached garage; Approximately 1.5 garage spaces
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; One story
• Construction: Vinyl siding; Block foundation; Shingle roof; Built as a site-built home
• Exterior features: Fenced yard with full privacy fencing; Level lot; Shed(s) on the property

Interior

• Kitchen: Refrigerator; Electric range
• Flooring: Carpet; Vinyl
• Bathrooms: One full bathroom; One half bathroom; One main-level bathroom
• Heating & cooling: Central air conditioning; Natural gas heating; Baseboard heating; Forced air heating
• Interior features: Refrigerator; Electric range; Full basement; Seven total rooms
• Laundry & utility: Washer; Laundry on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $102k.

Deal economics

• At list price, monthly cash flow is $231 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $102k).
• Cap rate 9.0% 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: Southside Middle School (math 7% / reading 15%, grade F, #312 of 330 statewide, top 95%, 443 students, 85% FRL) — zoned schools average 85% FRL vs 68% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.1%/yr); 148 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals lingering (median 45d 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 $705 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 + 6.1% rent growth), your $29k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 13y 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.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $102,000

Questions for the listing agent

1. Built in 1912 — 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: 1.08% ✓
• Cap rate: 9.02%
• Cash-on-cash: 9.73%
• DSCR: 1.43
• GRM: 7.7

CMA / ARV

• ARV (median comp): $99,574
• List price: $102,000
• Delta: 2.44%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1601 S Burlington Dr	0.00mi	3/1.5	1,504 (+11%)	0mo	$92,000	$61	79
2800 E 16th St	0.49mi	3/1.0	1,370 (+2%)	3mo	$55,000	$40	72
2715 E 14th St	0.42mi	3/2.0	1,305 (-3%)	3mo	$169,900	$130	68
1908 S Biltmore Ave	0.25mi	3/1.0	1,200 (-11%)	9mo	$79,000	$66	62
2212 S Delawanda Ave	0.40mi	3/1.0	1,406 (+4%)	15mo	$40,000	$28	62
1611 S Jersey Ave	0.42mi	3/1.5	1,356 (+0%)	19mo	$89,900	$66	62
1900 S Manville Rd	0.27mi	3/1.5	1,232 (-9%)	13mo	$125,000	$101	60
2605 E 13th St	0.50mi	3/2.0	1,275 (-6%)	22mo	$100,000	$78	45
1501 S Wall Ave	0.48mi	3/1.0	1,500 (+11%)	17mo	$105,900	$71	44
3005 E Esther Ln	0.73mi	3/1.5	1,288 (-5%)	15mo	$178,000	$138	44
2905 E Imperial Ln	0.67mi	3/1.5	1,472 (+9%)	12mo	$141,000	$96	42
2432 E 16th St	0.65mi	2/2.0 (-1)	1,254 (-7%)	10mo	$114,900	$92	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 · 6.11% rent growth · sell at horizon

5-year hold

• IRR: 1.5%
• Equity multiple: 1.06×
• Total profit: $1,731
• Equity at exit: $15,209

10-year hold

• IRR: 13.8%
• Equity multiple: 2.26×
• Total profit: $35,882
• Equity at exit: $8,819

Cash invested: $28,560 (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: 7.7×

Monthly cashflow live

• Estimated rent: $1,098 high
• Mortgage (P&I): −$535
• Tax from tax record: −$58 /mo · $701/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$231
• Net cashflow: $231

Break-even live

Break-even rent $805

Max offer price $102,000

Occupancy floor 74%

Sensitivity live

Price	-10% $289	-5% $260	+0% $231	+5% $203	+10% $174
Rent	-10% $145	-5% $188	+0% $231	+5% $275	+10% $318
Rate	-1.0pp $283	-0.5pp $257	base $231	+0.5pp $205	+1.0pp $178

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: $25,500
• Closing costs: $3,060
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3508 E Memorial Dr Muncie, IN	2.0–3.0	1.0–2.0	1029	$1,091	$1.06	45d	7	0.22mi
1804 S Wall Ave Muncie, IN	2.0	1.0	900	$899	$1.00	45d	1	0.45mi
2213 E Memorial Dr Muncie, IN	2.0	1.0–2.0	997	$1,078	$1.08	45d	1	0.67mi
1802 E Willard St Muncie, IN	3.0	2.5	1224	$1,100	$0.90	45d	1	0.97mi
305 N Biltmore Ave Muncie, IN	2.0	1.0	912	$1,186	$1.30	45d	1	1.03mi
2808 S Brotherton St Muncie, IN	2.0	1.0	966	$825	$0.85	45d	1	1.19mi
1521 E Kirby Ave Muncie, IN	2.0–4.0	1.0–2.0	972	$1,150	$1.18	45d	2	1.21mi
609 N Waldemere Ave Muncie, IN	4.0	1.0	1664	$1,300	$0.78	45d	1	1.25mi
9901 N State St Muncie, IN	3.0	2.0	1136	$1,110	$0.98	45d	5	1.32mi
1109 E Kirby Ave Muncie, IN	2.0–3.0	1.0	971	$975	$1.00	45d	2	1.44mi

Listing history 7 events

1. 2026-05-12
   status Pending 627-char remark
2. 2026-05-05
   listed $102,000 Active 627-char remark
3. 2026-05-05
   listed $102,000 Active
4. 2020-03-23
   soldstatus $58,000

   Show marketing remark (417 chars)

   2-3 bedroom, 1.5 bath home with a 1.5 car detached garage that is move-in-ready! Lots of character and uniqueness. Enjoy the covered front porch, large laundry room, and walk-in-closet in the large master bedroom. New roof (1 yr old). Privacy fenced in backyard. Master bedroom has been re-drywalled and re-insulated. Trane forced air gas furnace and central a/c. Quick access to by-pass and Prairie Creek Reservoir.

5. 2020-02-24
   listed $59,900

   Show marketing remark (417 chars)

   2-3 bedroom, 1.5 bath home with a 1.5 car detached garage that is move-in-ready! Lots of character and uniqueness. Enjoy the covered front porch, large laundry room, and walk-in-closet in the large master bedroom. New roof (1 yr old). Privacy fenced in backyard. Master bedroom has been re-drywalled and re-insulated. Trane forced air gas furnace and central a/c. Quick access to by-pass and Prairie Creek Reservoir.

6. 2014-08-29
   soldstatus $43,500
7. 2013-12-16
   listed $44,500

ⓘ 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: $701 · $58/mo
• Projected year-2 tax: $784 · $65/mo
• Expected delta: +$83/yr (+$7/mo · 11.8%)

ⓘ 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: $13,174
• − Mortgage interest: −$5,714
• − Property taxes: −$701
• − Insurance: −$510
• − Repairs & maintenance: −$1,054
• − Management: −$1,054
• − Depreciation: −$2,967
• Taxable income: $1,174
• Est. tax owed @ 24.0%: −$282
• After-tax cash flow: $2,496/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

+106.7% since first listed

8 events — show timeline

• 2026-06-09 Sold (MLS) $92,000 IRMLS
• 2026-05-12 Pending — IRMLS
• 2026-05-05 Listed $102,000 MIBOR as Distributed by MLS Grid
• 2026-05-05 Listed $102,000 IRMLS
• 2020-03-23 Sold (MLS) $58,000 IRMLS
• 2020-02-24 Listed $59,900 IRMLS
• 2014-08-29 Sold (MLS) $43,500 IRMLS
• 2013-12-16 Listed $44,500 IRMLS

Property tax history

+15.9%/yr

Latest (2024): $701 · -1.4% YoY. Source: county tax records.