9901 State Road 3 #75 · Eaton, IN 47303

$69,999

3 bd · 2.0 ba · 1,216 sqft · SingleFamily · 38 Days on market

Built 2025 Good condition $58/sqft · 59% below area ↓ 15% 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 +4.5/5.0
• Schools +4.1/10.0
• Condition / age +4.0/5.0
• Livability +3.6/5.0
• Appreciation +0.0/10.0

Key facts

• Built 2025
• Listed 37 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 $524 ($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.

Location & tenants

• Location reads 71/100 on livability (#132 in IN) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, health & safety D, amenities 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.
• Market conditions: Rents rising fast (+7.8%/yr); 112 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 38 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 38 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. 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.
4. 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.
5. 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: 15.28%
• Cash-on-cash: 32.10%
• DSCR: 2.43
• GRM: 4.6

CMA / ARV

• ARV (median comp): $169,965
• List price: $69,999
• Delta: -58.82%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Show comp detail 2 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%)	0mo	$173,500	$131	58
9501 N Hamilton Dr	0.34mi	3/1.5	1,324 (+9%)	23mo	$163,000	$123	48

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: $28,530
• Equity at exit: $10,437

10-year hold

• IRR: 42.1%
• Equity multiple: 5.96×
• Total profit: $97,202
• 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 →

ZIP-level market 47303

• Home prices YoY: -18.0%
• Rents YoY: 7.8%
• Active inventory: 112
• 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: $524

Break-even live

Break-even rent $612

Max offer price $69,999

Occupancy floor 54%

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
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-19
   days on market $69,999 Active 38 DOM
2. 2026-06-18
   days on market $69,999 Active 37 DOM
3. 2026-06-17
   days on market $69,999 Active 36 DOM
4. 2026-06-16
   days on market $69,999 Active 35 DOM
5. 2026-06-15
   days on market $69,999 Active 34 DOM
6. 2026-06-14
   days on market $69,999 Active 32 DOM
7. 2026-06-13
   days on market $69,999 Active 31 DOM
8. 2026-06-10
   days on market $69,999 Active 29 DOM
9. 2026-06-09
   days on market $69,999 Active 28 DOM
10. 2026-06-08
    days on market $69,999 Active 27 DOM
11. 2026-06-07
    days on market $69,999 Active 26 DOM
12. 2026-06-02
    days on market $69,999 Active 21 DOM
13. 2026-06-01
    days on market $69,999 Active 20 DOM
14. 2026-05-31
    days on market $69,999 Active 19 DOM
15. 2026-05-30
    days on market $69,999 Active 18 DOM
16. 2026-05-20
    price $69,999
17. 2026-05-14
    status Active
18. 2026-05-14
    price $76,999
19. 2025-11-07
    historical
20. 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: $15,312
• − Mortgage interest: −$3,921
• − Property taxes: −$1,050
• − Insurance: −$350
• − Repairs & maintenance: −$1,225
• − Management: −$1,225
• − Depreciation: −$2,036
• Taxable income: $5,505
• Est. tax owed @ 24.0%: −$1,321
• After-tax cash flow: $4,970/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

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

Renovation cost estimate screening

Value-add ROI direction

• 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 ↑

ⓘ 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: 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

Livability — Eaton

• Score: 71/100
• State rank: #132
• US rank: #6844

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment D+ Housing A+ Health & safety D User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Delaware County · 84,658 people
• Metro: Muncie, IN
• Population (ZIP): 24,392
• Household income: $47,674
• Rent vs Own: 43.5% rent · 56.5% own
• Severe rent burden: 1434.0

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 (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