9901 State Road 3 #75 · Muncie, IN 47303

$69,999

3 bd · 2.0 ba · 1,216 sqft · SingleFamily · 44 Days on market

Built 2025 Good condition $58/sqft · 59% below area ↓ 15% since listing

---

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
• Schools +5.1/10.0
• Rent growth +4.5/5.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Appreciation +0.0/10.0

Key facts

• Built 2025
• Listed 44 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $70k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $525 ($6k/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: $68k (3.0% below list) — sets the bar for market timing.
• Cap rate 15.3% vs local median 5.8% 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.
• Delaware Community School Corporation (rural): math 43% / reading 51% proficiency, ranked #76 of 301 in IN (top 25%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Eaton Elementary School (math 52% / reading 47%, grade D, #279 of 994 statewide, top 30%, 268 students, 66% FRL); Delta Middle School (math 28% / reading 45%, grade F, #156 of 330 statewide, top 48%, 633 students, 51% FRL); Delta High School (math 57% / reading 77%, grade B, #24 of 369 statewide, top 7%, 787 students, 43% FRL) — zoned schools average 53% FRL vs 32% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+7.8%/yr); 161 active listings in the ZIP; 171 units permitted in Delaware County in 2024 (57 in 5+ unit buildings).
• This rent runs 32% 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 $484 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 + 7.8% rent growth), your $20k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $12k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $67,899 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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: 1.82% ✓
• Cap rate: 15.29%
• Cash-on-cash: 32.12%
• DSCR: 2.43
• GRM: 4.6

CMA / ARV

• ARV (median comp): $171,580
• List price: $69,999
• Delta: -59.20%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10708 N Mansfield Dr	0.54mi	3/1.5	1,320 (+9%)	2mo	$173,500	$131	57
1910 E Delta Dr	1.06mi	3/2.0	1,243 (+2%)	6mo	$157,000	$126	56
2104 E Delta Dr	1.08mi	3/2.0	1,300 (+7%)	4mo	$200,000	$154	50
2100 E CR 700 N	0.93mi	3/1.0	1,152 (-5%)	3mo	$210,000	$182	50
10604 N Mansfield Dr	0.45mi	3/2.0	1,404 (+16%)	6mo	$66,000	$47	49
8207 N Myers Rd	1.09mi	3/1.5	1,344 (+10%)	2mo	$214,500	$160	44
2100 E 700 N	0.91mi	3/1.0	1,142 (-6%)	10mo	$85,900	$75	42
8418 N State Road 3	0.96mi	2/1.0 (-1)	1,323 (+9%)	23mo	$132,500	$100	22

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: 32.5%
• Equity multiple: 2.46×
• Total profit: $28,549
• Equity at exit: $10,437

10-year hold

• IRR: 42.1%
• Equity multiple: 5.96×
• Total profit: $97,248
• Equity at exit: $6,052

Cash invested: $19,600 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 9 active · 1 under contract
• Months of supply: 18.0 mo (6%/mo absorbed)
• Median asking: $69,999 ($66/sqft)
• Median days on market: 44 d
• This list price: 44% of active listings are priced below it
• ARV vs active asking: +112.9% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 47303

• Home prices YoY: -18.0%
• Rents YoY: 7.8%
• Active inventory: 161
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,276 medium
• Mortgage (P&I): −$367
• Tax est. 1.5%: −$87 /mo · $1,050/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$268
• Net cashflow: $525

Break-even live

Break-even rent $612

Max offer price $69,999

Occupancy floor 54%

Sensitivity live

Price	-10% $573	-5% $549	+0% $525	+5% $500	+10% $476
Rent	-10% $424	-5% $474	+0% $525	+5% $575	+10% $625
Rate	-1.0pp $560	-0.5pp $542	base $525	+0.5pp $506	+1.0pp $488

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: $17,500
• Closing costs: $2,100
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-26
   days on market $69,999 Active 44 DOM
2. 2026-06-23
   days on market $69,999 Active 41 DOM
3. 2026-06-22
   days on market $69,999 Active 40 DOM
4. 2026-06-19
   days on market $69,999 Active 38 DOM
5. 2026-06-18
   days on market $69,999 Active 37 DOM
6. 2026-06-17
   days on market $69,999 Active 36 DOM
7. 2026-06-16
   days on market $69,999 Active 35 DOM
8. 2026-06-15
   days on market $69,999 Active 34 DOM
9. 2026-06-14
   days on market $69,999 Active 32 DOM
10. 2026-06-13
    days on market $69,999 Active 31 DOM
11. 2026-06-10
    days on market $69,999 Active 29 DOM
12. 2026-06-09
    days on market $69,999 Active 28 DOM
13. 2026-06-08
    days on market $69,999 Active 27 DOM
14. 2026-06-07
    days on market $69,999 Active 26 DOM
15. 2026-06-02
    days on market $69,999 Active 21 DOM
16. 2026-06-01
    days on market $69,999 Active 20 DOM
17. 2026-05-31
    days on market $69,999 Active 19 DOM
18. 2026-05-30
    days on market $69,999 Active 18 DOM
19. 2026-05-20
    price $69,999
20. 2026-05-14
    status Active
21. 2026-05-14
    price $76,999
22. 2025-11-07
    historical
23. 2025-11-06
    listed $81,999 Active

ⓘ 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: $15,316
• − Mortgage interest: −$3,921
• − Property taxes: −$1,050
• − Insurance: −$350
• − Repairs & maintenance: −$1,225
• − Management: −$1,225
• − Depreciation: −$2,036
• Taxable income: $5,508
• Est. tax owed @ 24.0%: −$1,322
• After-tax cash flow: $4,973/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

Good 80/100 Cosmetic rehab Est. rehab $6,080–$18,240 screening

This home is in good condition with a modern kitchen and hardwood floors. It has a clean and well-maintained appearance, making it a good candidate for both resale and rental.

Value-add opportunities

• Resale Paint exterior siding — Painting the exterior siding can enhance the home's curb appeal and increase its resale value ↑
• Rental Replace window screens — Replacing window screens can improve the home's energy efficiency and reduce maintenance costs for potential renters ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

D Composite school gradezoned avg 51/100

Zoned Schools

Elementary Eaton Elementary School D IN #279/994 Nat'l #12,785/41,679 Middle Delta Middle School F IN #156/330 Nat'l #7,065/14,009 High Delta High School B IN #24/369 Nat'l #2,514/17,239

Schools (NCES district)

• District: Delaware Community School Corporation
• NCES district ID: 1802660
• Math proficiency: 43% ▼ -13.00%
• Reading proficiency: 51% ▼ -10.00%
• Median HH income: $54,665
• Composite: 40.72/100
• National rank: #3659
• State rank: #76 of 301 in IN

A Composite livability gradescore 80/100

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

• County: Delaware County · 113,036 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: 9% of renters

---

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

-14.6% since first listed

5 events — show timeline

• 2026-05-20 Price Changed $69,999 Zillow
• 2026-05-14 Relisted — Zillow
• 2026-05-14 Price Changed $76,999 Zillow
• 2025-11-07 Delisted — Zillow
• 2025-11-06 Listed $81,999 Zillow