4605 S Haymarket Rd · Muncie, IN 47302

$69,900

3 bd · 2.0 ba · 1,680 sqft · Manufactured · 506 Days on market

Built 2025 Fair condition ↓ 13% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Condition / age +2.2/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Countryside Estates Community in Muncie, IN Countryside Estates is a beautiful community located in Muncie, IN and is owned and operated by UMH Properties, Inc. Our turnkey ready homes at Countryside Estates are built to fit your lifestyle. The floor plans include 2 to 3-bedroom, 2-bathroom homes with open concept designs. Our homes are equipped with large living areas, eat-in kitchens, and luxurious primary suites. Each home also has a front and back deck, a yard for those who love to BBQ or garden, and an 8 x 10 storage shed. Countryside Estates is more than just a neighborhood--it is a community with high end amenities for our residents to use. Our community is currently expanding and additional amenities will include a new community center, large pond for fishing, dog park, playground, and business shelter. Countryside Estates' large home lots, top notch amenities, and friendly staff create a wonderful environment to call home. Call Countryside Estates today to schedule a tour of our new homes! In the Muncie Area Located just one hour from Indianapolis and nestled in beautiful Delaware County, Countryside Estates truly is the best of all worlds. There are a plethora of outdoor activities for our residents to enjoy including walking, biking, hiking trails, concerts, splash pad, and pool. You also don't have to travel far to find fun-filled entertainment like Harrahs Hoosier park and Kings Island Amusement Park. Countryside Estates is just minutes away from comforts such as fitness centers, shopping, food stores, and restaurants, making your life simple and convenient. This outstanding affordable housing community, with an array of activities nearby, is where all the action is! Come visit us today.

Key facts

• Built 2025
• Listed 505 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $70k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $420 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.5% 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.
• 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 (+6.1%/yr); 148 active listings in the ZIP; 9 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 $483 of loan paydown is wiped out by about $2k 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 $20k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 506 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.

Recommended offer $61,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 506 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 1.64% ✓
• Cap rate: 13.50%
• Cash-on-cash: 25.75%
• DSCR: 2.15
• GRM: 5.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.11% rent growth · sell at horizon

5-year hold

• IRR: 22.9%
• Equity multiple: 1.98×
• Total profit: $19,130
• Equity at exit: $10,422

10-year hold

• IRR: 32.8%
• Equity multiple: 4.44×
• Total profit: $67,309
• Equity at exit: $6,044

Cash invested: $19,572 (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: 5.1×

Monthly cashflow live

• Estimated rent: $1,143 high
• Mortgage (P&I): −$367
• Tax est. 1.5%: −$87 /mo · $1,048/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$240
• Net cashflow: $420

Break-even live

Break-even rent $611

Max offer price $69,900

Occupancy floor 58%

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: $17,475
• Closing costs: $2,097
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1802 E Willard St Muncie, IN	3.0	2.5	1224	$1,100	$0.90	43d	1	0.49mi
2213 E Memorial Dr Muncie, IN	2.0	1.0–2.0	997	$1,078	$1.08	43d	1	0.62mi
1521 E Kirby Ave Muncie, IN	2.0–4.0	1.0–2.0	972	$1,150	$1.18	43d	2	0.70mi
3508 E Memorial Dr Muncie, IN	2.0–3.0	1.0–2.0	1029	$1,091	$1.06	43d	7	0.77mi
1109 E Kirby Ave Muncie, IN	2.0–3.0	1.0	971	$975	$1.00	43d	2	0.94mi
609 N Waldemere Ave Muncie, IN	4.0	1.0	1664	$1,300	$0.78	43d	1	0.97mi
9901 N State St Muncie, IN	3.0	2.0	1136	$1,110	$0.98	43d	5	1.17mi
305 N Pershing Dr Muncie, IN	3.0	1.0	1062	$1,100	$1.04	43d	1	1.33mi
1414 E Highland Ave Muncie, IN	2.0	1.5	1056	$900	$0.85	43d	1	1.44mi

Listing history 19 events

1. 2026-06-19
   days on market $69,900 Active 506 DOM
2. 2026-06-18
   days on market $69,900 Active 505 DOM
3. 2026-06-17
   days on market $69,900 Active 504 DOM
4. 2026-06-16
   days on market $69,900 Active 503 DOM
5. 2026-06-15
   days on market $69,900 Active 502 DOM
6. 2026-06-14
   days on market $69,900 Active 500 DOM
7. 2026-06-13
   days on market $69,900 Active 499 DOM
8. 2026-06-10
   days on market $69,900 Active 497 DOM
9. 2026-06-09
   days on market $69,900 Active 496 DOM
10. 2026-06-08
    days on market $69,900 Active 495 DOM
11. 2026-06-07
    days on market $69,900 Active 494 DOM
12. 2026-06-05
    days on market $69,900 Active 491 DOM
13. 2026-06-03
    days on market $69,900 Active 490 DOM
14. 2026-06-02
    days on market $69,900 Active 489 DOM
15. 2026-06-01
    days on market $69,900 Active 488 DOM
16. 2026-05-31
    days on market $69,900 Active 487 DOM
17. 2026-05-30
    days on market $69,900 Active 486 DOM
18. 2026-03-07
    price $69,900 1732-char remark

    Show marketing remark (1732 chars)

    Countryside Estates Community in Muncie, IN Countryside Estates is a beautiful community located in Muncie, IN and is owned and operated by UMH Properties, Inc. Our turnkey ready homes at Countryside Estates are built to fit your lifestyle. The floor plans include 2 to 3-bedroom, 2-bathroom homes with open concept designs. Our homes are equipped with large living areas, eat-in kitchens, and luxurious primary suites. Each home also has a front and back deck, a yard for those who love to BBQ or garden, and an 8 x 10 storage shed. Countryside Estates is more than just a neighborhood--it is a community with high end amenities for our residents to use. Our community is currently expanding and additional amenities will include a new community center, large pond for fishing, dog park, playground, and business shelter. Countryside Estates' large home lots, top notch amenities, and friendly staff create a wonderful environment to call home. Call Countryside Estates today to schedule a tour of our new homes! In the Muncie Area Located just one hour from Indianapolis and nestled in beautiful Delaware County, Countryside Estates truly is the best of all worlds. There are a plethora of outdoor activities for our residents to enjoy including walking, biking, hiking trails, concerts, splash pad, and pool. You also don't have to travel far to find fun-filled entertainment like Harrahs Hoosier park and Kings Island Amusement Park. Countryside Estates is just minutes away from comforts such as fitness centers, shopping, food stores, and restaurants, making your life simple and convenient. This outstanding affordable housing community, with an array of activities nearby, is where all the action is! Come visit us today.

19. 2025-01-29
    listed $79,900 Active 1732-char remark

    Show marketing remark (1732 chars)

    Countryside Estates Community in Muncie, IN Countryside Estates is a beautiful community located in Muncie, IN and is owned and operated by UMH Properties, Inc. Our turnkey ready homes at Countryside Estates are built to fit your lifestyle. The floor plans include 2 to 3-bedroom, 2-bathroom homes with open concept designs. Our homes are equipped with large living areas, eat-in kitchens, and luxurious primary suites. Each home also has a front and back deck, a yard for those who love to BBQ or garden, and an 8 x 10 storage shed. Countryside Estates is more than just a neighborhood--it is a community with high end amenities for our residents to use. Our community is currently expanding and additional amenities will include a new community center, large pond for fishing, dog park, playground, and business shelter. Countryside Estates' large home lots, top notch amenities, and friendly staff create a wonderful environment to call home. Call Countryside Estates today to schedule a tour of our new homes! In the Muncie Area Located just one hour from Indianapolis and nestled in beautiful Delaware County, Countryside Estates truly is the best of all worlds. There are a plethora of outdoor activities for our residents to enjoy including walking, biking, hiking trails, concerts, splash pad, and pool. You also don't have to travel far to find fun-filled entertainment like Harrahs Hoosier park and Kings Island Amusement Park. Countryside Estates is just minutes away from comforts such as fitness centers, shopping, food stores, and restaurants, making your life simple and convenient. This outstanding affordable housing community, with an array of activities nearby, is where all the action is! Come visit us today.

ⓘ 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 ≥101°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: $13,718
• − Mortgage interest: −$3,915
• − Property taxes: −$1,048
• − Insurance: −$350
• − Repairs & maintenance: −$1,097
• − Management: −$1,097
• − Depreciation: −$2,033
• Taxable income: $4,176
• Est. tax owed @ 24.0%: −$1,002
• After-tax cash flow: $4,038/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 · 5 photos

Fair 45/100 Moderate rehab

The home requires moderate repairs and updates to improve its condition and value. Repainting, replacing worn carpet, and updating fixtures will significantly enhance its appeal.

Repairs flagged

• Moderate Exterior siding — Weathered and some discoloration.
• Minor Bathroom fixtures — Dated and in need of replacement.
• Moderate Bedroom carpet — Worn and in need of replacement.
• Minor Interior paint — Faded in some areas and could be refreshed with a fresh coat.

Value-add opportunities

• Both Paint interior walls — Fresh paint can improve the home's appearance and value.
• Both Replace worn carpet in bedrooms — New carpet will enhance the home's appeal and comfort.
• Both Update bathroom fixtures — Modern fixtures will make the bathroom more functional and attractive.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Weathered and some discoloration.	Moderate	$3,000–15,000
Bathroom fixtures · Dated and in need of replacement.	Minor	$500–3,000
Bedroom carpet · Worn and in need of replacement.	Moderate	$3,000–15,000
Interior paint · Faded in some areas and could be refreshed with a fresh coat.	Minor	$500–3,000
Total estimated repair cost · 4 items		$7,000–36,000

Value-add ROI direction

• Both Paint interior walls — Fresh paint can improve the home's appearance and value. ↑
• Both Replace worn carpet in bedrooms — New carpet will enhance the home's appeal and comfort. ↑
• Both Update bathroom fixtures — Modern fixtures will make the bathroom more functional and attractive. ↑

ⓘ 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): 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

-12.5% since first listed

2 events — show timeline

• 2026-03-07 Price Changed $69,900 Zillow
• 2025-01-29 Listed $79,900 Zillow