2025 S Lazy Creek Dr · Muncie, IN 47302

$78,900

3 bd · 1.0 ba · 974 sqft · SingleFamily public records · 47 Days on market

Built 1953 6,300 sqft lot $81/sqft · 18% below area Est $96k · 18% 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 +28.4/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• 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

Charming ranch-style home featuring 3 bedrooms and 1 bath. Brand new roof in 2026. Enjoy relaxing in the front enclosed sunroom, perfect for morning coffee or additional living space. This property includes a 1.5-car detached garage with an extra storage area, plus a convenient carport for additional covered parking. The fenced-in backyard offers privacy and space for outdoor activities. Inside, you’ll find a dedicated laundry room for added convenience. This home is ready for its next owner to add their own personal touches and make it truly their own.

Key facts

• Extra storage area
• Carport
• Fenced-in backyard

Tags

• NEW ROOF
• FRONT ENCLOSED SUNROOM
• DETACHED GARAGE
• EXTRA STORAGE AREA
• CARPORT
• FENCED-IN BACKYARD

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $79k.

Deal economics

• At list price, monthly cash flow is $-172 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $48k (38.6% below list).
• Meets the 1% rule at list price ($1k rent vs $79k).
• Recommended offer: $48k (38.6% below list) — sets the bar for cash-flow.
• Cap rate 10.2% vs local median 5.9% 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: West View Elementary School (math 32% / reading 27%, grade F, #697 of 994 statewide, top 73%, 479 students, 61% FRL); Southside Middle School (math 7% / reading 15%, grade F, #312 of 330 statewide, top 95%, 443 students, 85% FRL); Muncie Central High School (math 20% / reading 39%, 1,326 students, 70% FRL) — zoned schools at 72% FRL track the district average.
• Market conditions: Rents rising fast (+6.1%/yr); 149 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals lingering (median 46d 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 $545 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.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($77k) is reasonable based on typical stale-listing flexibility.
• 5 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.
• Current owner paid $6k; list at $79k implies a 1335% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $48,441 (38.6% 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. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 39% concession, seller financing, or rate buy-down credit?
3. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.33% ✓
• Cap rate: 10.16%
• Cash-on-cash: 13.80%
• DSCR: 1.61
• GRM: 6.3

CMA / ARV

• ARV (median comp): $96,217
• List price: $78,900
• Delta: -18.00%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2025 S Lazy Creek Dr	0.00mi	3/1.0	974 (0%)	0mo	$81,500	$84	100
2320 W 10th St	0.25mi	3/1.0	960 (-1%)	3mo	$73,000	$76	84
2233 W 11th St	0.19mi	3/1.5	1,034 (+6%)	4mo	$125,000	$121	75
2405 W 10th St	0.22mi	3/1.0	1,056 (+8%)	7mo	$25,500	$24	69
2003 S Phillip Dr	0.16mi	3/1.0	1,100 (+13%)	3mo	$125,000	$114	69
2708 W 8th St	0.42mi	3/1.0	1,040 (+7%)	7mo	$117,000	$113	64
1800 W 13th St	0.44mi	2/1.0 (-1)	896 (-8%)	0mo	$97,000	$108	61
1617 W 16th St	0.52mi	3/1.0	894 (-8%)	2mo	$100,000	$112	60
1913 W 10th St	0.42mi	2/1.0 (-1)	1,052 (+8%)	4mo	$95,000	$90	58
1436 W 14th St	0.62mi	2/1.0 (-1)	952 (-2%)	5mo	$95,000	$100	58
2504 W 8th St	0.37mi	3/1.0	1,116 (+15%)	3mo	$115,000	$103	56
1514 W Memorial Dr	0.57mi	2/1.5 (-1)	1,056 (+8%)	1mo	$85,000	$80	52

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: -25.5%
• Equity multiple: 0.09×
• Total profit: $-20,092
• Equity at exit: $11,764

10-year hold

• IRR: -9.1%
• Equity multiple: 0.29×
• Total profit: $-15,651
• Equity at exit: $6,822

Cash invested: $22,092 (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: 149
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,048 high
• Mortgage (P&I): −$414
• Tax from tax record: −$127 /mo · $1,522/yr
• Insurance: −$33
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$220
• Net cashflow: $-172

Break-even live

Break-even rent $1,266

Max offer price $48,441

Occupancy floor —

Sensitivity live

Price	-10% $-128	-5% $-150	+0% $-172	+5% $-195	+10% $-217
Rent	-10% $-255	-5% $-214	+0% $-172	+5% $-131	+10% $-90
Rate	-1.0pp $-133	-0.5pp $-152	base $-172	+0.5pp $-193	+1.0pp $-214

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: $19,725
• Closing costs: $2,367
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1704 W 15th St Muncie, IN	3.0	1.0	1026	$1,275	$1.24	45d	1	0.50mi
715 S Cole Ave Muncie, IN	1.0–2.0	1.0	462	$995	$2.15	45d	6	0.76mi
2015 W Godman Ave Muncie, IN	2.0	1.0	900	$985	$1.09	45d	7	0.89mi
815 W Memorial Dr Muncie, IN	2.0	1.0	800	$750	$0.94	45d	1	1.05mi
309 S McKinley Ave Muncie, IN	2.0	1.0	875	$1,100	$1.26	45d	1	1.09mi
1609 S Gharkey St Muncie, IN	2.0	1.0	744	$750	$1.01	45d	1	1.14mi
2106 W Main St Muncie, IN	3.0	1.0	1036	$1,209	$1.17	45d	1	1.20mi
1001 W 1st St Unit 1 Muncie, IN	3.0	1.5	1098	$875	$0.80	45d	1	1.22mi
106 N McKinley Ave Muncie, IN	2.0	1.0	996	$1,024	$1.03	45d	2	1.27mi
1409 W Jackson St Muncie, IN	2.0	1.0	811	$844	$1.04	45d	1	1.27mi
509 W 8th St Muncie, IN	3.0	1.0	1008	$1,325	$1.31	45d	1	1.27mi
415 W 9th St Muncie, IN	2.0	1.0	705	$925	$1.31	45d	1	1.32mi
216 N McKinley Ave Muncie, IN	1.0–2.0	1.0	679	$825	$1.22	45d	3	1.33mi
301 W 13th St Muncie, IN	1.0–2.0	1.0	725	$844	$1.16	45d	1	1.37mi
319 W 10th St Muncie, IN	2.0	1.0	869	$885	$1.02	45d	1	1.38mi
206 W 13th St Muncie, IN	2.0	1.0	992	$900	$0.91	45d	1	1.43mi
402 N Calvert St Muncie, IN	2.0	1.0–1.5	720	$899	$1.25	45d	5	1.45mi

Listing history 10 events

1. 2026-04-28
   price $78,900 565-char remark

   Show marketing remark (559 chars)

   Charming ranch-style home featuring 3 bedrooms and 1 bath. Brand new roof in 2026. Enjoy relaxing in the front enclosed sunroom, perfect for morning coffee or additional living space. This property includes a 1.5-car detached garage with an extra storage area, plus a convenient carport for additional covered parking. The fenced-in backyard offers privacy and space for outdoor activities. Inside, you'll find a dedicated laundry room for added convenience. This home is ready for its next owner to add their own personal touches and make it truly their own.

2. 2026-04-28
   price $78,900 559-char remark

   Show marketing remark (559 chars)

   Charming ranch-style home featuring 3 bedrooms and 1 bath. Brand new roof in 2026. Enjoy relaxing in the front enclosed sunroom, perfect for morning coffee or additional living space. This property includes a 1.5-car detached garage with an extra storage area, plus a convenient carport for additional covered parking. The fenced-in backyard offers privacy and space for outdoor activities. Inside, you'll find a dedicated laundry room for added convenience. This home is ready for its next owner to add their own personal touches and make it truly their own.

3. 2026-04-15
   status Active 565-char remark

   Show marketing remark (559 chars)

   Charming ranch-style home featuring 3 bedrooms and 1 bath. Brand new roof in 2026. Enjoy relaxing in the front enclosed sunroom, perfect for morning coffee or additional living space. This property includes a 1.5-car detached garage with an extra storage area, plus a convenient carport for additional covered parking. The fenced-in backyard offers privacy and space for outdoor activities. Inside, you'll find a dedicated laundry room for added convenience. This home is ready for its next owner to add their own personal touches and make it truly their own.

4. 2026-04-15
   status Active 559-char remark

   Show marketing remark (559 chars)

   Charming ranch-style home featuring 3 bedrooms and 1 bath. Brand new roof in 2026. Enjoy relaxing in the front enclosed sunroom, perfect for morning coffee or additional living space. This property includes a 1.5-car detached garage with an extra storage area, plus a convenient carport for additional covered parking. The fenced-in backyard offers privacy and space for outdoor activities. Inside, you'll find a dedicated laundry room for added convenience. This home is ready for its next owner to add their own personal touches and make it truly their own.

5. 2026-04-11
   status Pending 559-char remark

   Show marketing remark (565 chars)

   Charming ranch-style home featuring 3 bedrooms and 1 bath. Brand new roof in 2026. Enjoy relaxing in the front enclosed sunroom, perfect for morning coffee or additional living space. This property includes a 1.5-car detached garage with an extra storage area, plus a convenient carport for additional covered parking. The fenced-in backyard offers privacy and space for outdoor activities. Inside, you’ll find a dedicated laundry room for added convenience. This home is ready for its next owner to add their own personal touches and make it truly their own.

6. 2026-04-11
   status Pending 565-char remark

   Show marketing remark (565 chars)

   Charming ranch-style home featuring 3 bedrooms and 1 bath. Brand new roof in 2026. Enjoy relaxing in the front enclosed sunroom, perfect for morning coffee or additional living space. This property includes a 1.5-car detached garage with an extra storage area, plus a convenient carport for additional covered parking. The fenced-in backyard offers privacy and space for outdoor activities. Inside, you’ll find a dedicated laundry room for added convenience. This home is ready for its next owner to add their own personal touches and make it truly their own.

7. 2026-04-01
   listed $79,900 Active 565-char remark

   Show marketing remark (559 chars)

   Charming ranch-style home featuring 3 bedrooms and 1 bath. Brand new roof in 2026. Enjoy relaxing in the front enclosed sunroom, perfect for morning coffee or additional living space. This property includes a 1.5-car detached garage with an extra storage area, plus a convenient carport for additional covered parking. The fenced-in backyard offers privacy and space for outdoor activities. Inside, you'll find a dedicated laundry room for added convenience. This home is ready for its next owner to add their own personal touches and make it truly their own.

8. 2026-04-01
   listed $79,900 Active 559-char remark

   Show marketing remark (559 chars)

   Charming ranch-style home featuring 3 bedrooms and 1 bath. Brand new roof in 2026. Enjoy relaxing in the front enclosed sunroom, perfect for morning coffee or additional living space. This property includes a 1.5-car detached garage with an extra storage area, plus a convenient carport for additional covered parking. The fenced-in backyard offers privacy and space for outdoor activities. Inside, you'll find a dedicated laundry room for added convenience. This home is ready for its next owner to add their own personal touches and make it truly their own.

9. 2014-02-14
   soldstatus $5,500
10. 2013-10-08
    listed $9,900

ⓘ 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: $1,522 · $127/mo
• Projected year-2 tax: $1,522 · $127/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone AE · 41% 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 0% 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: $12,571
• − Mortgage interest: −$4,420
• − Property taxes: −$1,522
• − Insurance: −$5,513
• − Repairs & maintenance: −$1,006
• − Management: −$1,006
• − Depreciation: −$2,295
• Taxable loss: −$3,190
• Est. tax savings @ 24.0%: +$766
• After-tax cash flow: $-1,303/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

+697.0% since first listed

10 events — show timeline

• 2026-04-28 Price Changed $78,900 IRMLS
• 2026-04-28 Price Changed $78,900 MIBOR as Distributed by MLS Grid
• 2026-04-15 Relisted — IRMLS
• 2026-04-15 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-11 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-11 Pending — IRMLS
• 2026-04-01 Listed $79,900 MIBOR as Distributed by MLS Grid
• 2026-04-01 Listed $79,900 IRMLS
• 2014-02-14 Sold (MLS) $5,500 MIBOR as Distributed by MLS Grid
• 2013-10-08 Listed $9,900 MIBOR as Distributed by MLS Grid

Property tax history

-2.6%/yr

Latest (2024): $1,522 · -8.0% YoY. Source: county tax records.