2117 N Carriage Ln · Muncie, IN 47304

$199,900

3 bd · 1.5 ba · 1,620 sqft · SingleFamily public records · 1 Days on market

Built 1960 5,663 sqft lot Est $243k · 18% under

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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).

• ARV discount +15.0/15.0
• Cash flow +6.7/30.0
• Rent growth +4.5/5.0
• Schools +4.3/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• DSCR +1.0/10.0
• 1% rule +0.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This beautifully renovated house will be sure to turn eyes. It recently had a full makeover and is ready to be made into someone's home. This home is in Yorktown Schools, and is conveniently located within a short drive to many stores and restaurants. The home features an attached 2 car garage, has a nice backyard, sports all new stainless appliances, and much much more!

Key facts

• Generous lot
• Concrete drive
• Quiet neighborhood

Tags

• NEW ROOF
• QUIET NEIGHBORHOOD
• GENEROUS LOT
• CONCRETE DRIVE
• LARGE ATTACHED GARAGE
• MULTIPLE LIVING AREAS

Property features AI

Finance

• Other: Directions: Morrison to Perry, west to Old Towne Rd., west on Carriage to home (GPS friendly); Subdivision: None; Cross streets: Morrison / Petty
• HOA & community: No association amenities

Exterior

• Parking: Attached concrete garage with 2 spaces
• Utilities: Public water; Public sewer; Cable available
• Home design: Single-family residence (site-built); 2 stories
• Construction: Brick and vinyl siding exterior; Shingle roof; Slab and block foundation; Built as a site-built home
• Exterior features: Irregular, level lot; 75 x 80 lot dimensions; Workshop on the property; No fencing

Interior

• Kitchen: Dishwasher; Refrigerator; Electric range
• Bedrooms: Total rooms: 8
• Flooring: Hardwood flooring; Laminate flooring
• Bathrooms: 1 full bathroom; 1 half bathroom; 1 main-level bathroom
• Heating & cooling: Heat pump heating and cooling; Electric heating; Ceiling heating
• Interior features: Laminate counters; Wood-burning fireplace in the living room
• Laundry & utility: Electric dryer hookup on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $-316 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $144k (27.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $119k (40.6% below list).
• Recommended offer: $119k (40.6% below list) — sets the bar for 1% rule.
• Cap rate 4.4% vs local median 6.0% in Muncie — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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.
• Yorktown Community Schools (suburban): math 49% / reading 51% proficiency, ranked #48 of 301 in IN (top 16%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Yorktown Elementary School (math 62% / reading 49%, grade C, #188 of 994 statewide, top 19%, 672 students, 36% FRL); Yorktown Middle School (math 38% / reading 44%, grade F, #113 of 330 statewide, top 35%, 656 students, 37% FRL); Yorktown High School (math 42% / reading 77%, grade C+, #49 of 369 statewide, top 16%, 793 students, 33% FRL).
• Market conditions: Rents rising fast (+8.1%/yr); 202 active listings in the ZIP; 3 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 $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 8y 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.
• Current owner paid $145k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $118,807 (40.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1960 — 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. 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?
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: 0.59% ✗
• Cap rate: 4.40%
• Cash-on-cash: -6.77%
• DSCR: 0.70
• GRM: 14.0

CMA / ARV

• ARV (on-the-fly): $243,000
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2100 N Halifax Dr	0.13mi	3/2.0	1,536 (-5%)	2mo	$245,000	$160	82
5404 W Wedgewood Ln W	0.19mi	3/2.5	1,716 (+6%)	2mo	$277,450	$162	75
2100 N Benton Rd	0.25mi	3/2.0	1,560 (-4%)	12mo	$234,500	$150	70
5501 W Wedgewood Ln	0.22mi	3/2.0	1,400 (-14%)	2mo	$246,000	$176	63
2304 N Moors St	0.51mi	3/2.0	1,720 (+6%)	4mo	$224,900	$131	61
4405 W Sandpiper Dr	0.56mi	3/2.0	1,558 (-4%)	8mo	$235,000	$151	59
4306 W Nightingale Way	0.65mi	3/2.0	1,607 (-1%)	12mo	$223,000	$139	56
5417 W Hazelwood Dr	0.38mi	3/2.0	1,406 (-13%)	7mo	$210,000	$149	52
4313 W Hummingbird Way	0.62mi	3/2.0	1,524 (-6%)	10mo	$225,000	$148	51
4201 W Robinwood Dr	0.68mi	3/2.0	1,428 (-12%)	2mo	$215,000	$151	45
1806 N Mockingbird Ln	0.71mi	3/2.5	1,813 (+12%)	1mo	$245,000	$135	42
4208 W Robinwood Dr	0.65mi	3/2.0	1,850 (+14%)	3mo	$225,000	$122	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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -23.3%
• Equity multiple: 0.17×
• Total profit: $-46,296
• Equity at exit: $29,806

10-year hold

• IRR: -9.2%
• Equity multiple: 0.32×
• Total profit: $-37,891
• Equity at exit: $17,284

Cash invested: $55,972 (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 47304

• Home prices YoY: -28.4%
• Rents YoY: 8.1%
• Active inventory: 202
• Price-to-rent: 14.0×

Monthly cashflow live

• Estimated rent: $1,188 medium
• Mortgage (P&I): −$1,048
• Tax from tax record: −$123 /mo · $1,475/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$249
• Net cashflow: $-316

Break-even live

Break-even rent $1,588

Max offer price $144,090

Occupancy floor —

Sensitivity live

Price	-10% $-203	-5% $-259	+0% $-316	+5% $-373	+10% $-429
Rent	-10% $-410	-5% $-363	+0% $-316	+5% $-269	+10% $-222
Rate	-1.0pp $-215	-0.5pp $-265	base $-316	+0.5pp $-368	+1.0pp $-420

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5124 W Canterbury Dr Muncie, IN	2.0–3.0	1.5	1050	$1,438	$1.37	45d	2	0.87mi
4500 W Bethel Ave Muncie, IN	2.0–4.0	2.0–4.0	1207	$674	$0.56	45d	26	0.88mi
101 N Redwood Ln Muncie, IN	2.0	1.0	1120	$1,000	$0.89	45d	1	1.29mi

Listing history 11 events

1. 2026-05-29
   status Pending
2. 2026-05-28
   listed $199,900 Active
3. 2022-12-18
   status Active
4. 2022-12-09
   status Pending
5. 2022-10-26
   price $164,900
6. 2022-09-26
   listed $169,900 Active
7. 2021-06-11
   soldstatus $145,000 373-char remark

   Show marketing remark (373 chars)

   This beautifully renovated house will be sure to turn eyes. It recently had a full makeover and is ready to be made into someone's home. This home is in Yorktown Schools, and is conveniently located within a short drive to many stores and restaurants. The home features an attached 2 car garage, has a nice backyard, sports all new stainless appliances, and much much more!

8. 2021-05-06
   listed $159,000 373-char remark

   Show marketing remark (373 chars)

   This beautifully renovated house will be sure to turn eyes. It recently had a full makeover and is ready to be made into someone's home. This home is in Yorktown Schools, and is conveniently located within a short drive to many stores and restaurants. The home features an attached 2 car garage, has a nice backyard, sports all new stainless appliances, and much much more!

9. 2019-10-15
   historical
10. 2018-05-15
    listed $65,900
11. 2018-05-14
    listed $65,900

ⓘ 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: $1,475 · $123/mo
• Projected year-2 tax: $1,587 · $132/mo
• Expected delta: +$112/yr (+$9/mo · 7.6%)

ⓘ 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 ≥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: $14,257
• − Mortgage interest: −$11,198
• − Property taxes: −$1,475
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,141
• − Management: −$1,141
• − Depreciation: −$5,815
• Taxable loss: −$7,512
• Est. tax savings @ 24.0%: +$1,803
• After-tax cash flow: $-1,988/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: Yorktown Community Schools
• NCES district ID: 1807230
• Math proficiency: 49% ▼ -8.00%
• Reading proficiency: 51% ▼ -2.00%
• Median HH income: $55,611
• Composite: 43.32/100
• National rank: #3036
• State rank: #48 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): 31,237
• Household income: $63,215
• Rent vs Own: 34.6% rent · 65.4% own
• Severe rent burden: 1141.0

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 (85%)
• Race & ethnicity: White 85% Two or more races 5% Black 4% Asian 4% Hispanic / Latino 3%
• Common ancestry: Lithuanian 2% Romanian 2% Slovak 1%
• Foreign-born: 5% · Canada, Vietnam, China
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% Vietnamese 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: ▼ -78.53%
• Current HPI: 197.5213
• Rent YoY: ▲ 8.08%
• 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

+203.3% since first listed

11 events — show timeline

• 2026-05-29 Pending — IRMLS
• 2026-05-28 Listed $199,900 IRMLS
• 2022-12-18 Relisted — IRMLS
• 2022-12-09 Pending — IRMLS
• 2022-10-26 Price Changed $164,900 IRMLS
• 2022-09-26 Listed $169,900 IRMLS
• 2021-06-11 Sold (MLS) $145,000 IRMLS
• 2021-05-06 Listed $159,000 IRMLS
• 2019-10-15 Listing Removed — MIBOR as Distributed by MLS Grid
• 2018-05-15 Listed $65,900 MIBOR as Distributed by MLS Grid
• 2018-05-14 Listed $65,900 IRMLS

Property tax history

-8.4%/yr

Latest (2024): $1,475 · +17.0% YoY. Source: county tax records.