9901 State Road 3 #28 · Muncie, IN 47303

$68,999

3 bd · 2.0 ba · 1,216 sqft · SingleFamily · 62 Days on market

Built 2026 Poor condition $57/sqft · 60% below area

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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
• Schools +5.1/10.0
• Rent growth +4.5/5.0
• Livability +4.0/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Key facts

• Built 2026
• Listed 61 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $69k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $544 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $69k).
• Recommended offer: $65k (6.0% below list) — sets the bar for market timing.
• Cap rate 15.8% 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: 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); 228 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 171 units permitted in Delaware County in 2024 (57 in 5+ unit buildings).
• This rent runs 33% 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 $477 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 $19k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($65k) is reasonable based on typical stale-listing flexibility.

Recommended offer $64,859 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% 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: 1.87% ✓
• Cap rate: 15.76%
• Cash-on-cash: 33.81%
• DSCR: 2.50
• GRM: 4.4

CMA / ARV

• ARV (median comp): $172,746
• List price: $68,999
• Delta: -60.06%
• Verdict: UNDERPRICED
• Comps: 14 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%)	4mo	$173,500	$131	56
1910 E Delta Dr	1.06mi	3/2.0	1,243 (+2%)	8mo	$157,000	$126	55
2104 E Delta Dr	1.08mi	3/2.0	1,300 (+7%)	6mo	$200,000	$154	49
2100 E CR 700 N	0.93mi	3/1.0	1,152 (-5%)	4mo	$210,000	$182	49
10604 N Mansfield Dr	0.45mi	3/2.0	1,404 (+16%)	8mo	$66,000	$47	48
8207 N Myers Rd	1.09mi	3/1.5	1,344 (+10%)	3mo	$214,500	$160	43
2100 E 700 N	0.91mi	3/1.0	1,142 (-6%)	12mo	$85,900	$75	41
1813 E Delta Dr	1.07mi	3/2.0	1,403 (+15%)	1mo	$189,900	$135	39

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: 34.5%
• Equity multiple: 2.56×
• Total profit: $30,054
• Equity at exit: $10,288

10-year hold

• IRR: 43.8%
• Equity multiple: 6.20×
• Total profit: $100,558
• Equity at exit: $5,966

Cash invested: $19,320 (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: 12 active · 1 under contract
• Months of supply: 36.0 mo (3%/mo absorbed)
• Median asking: $69,999 ($66/sqft)
• Median days on market: 44 d
• This list price: 33% of active listings are priced below it
• ARV vs active asking: +114.3% 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: 228
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,293 medium
• Mortgage (P&I): −$362
• Tax est. 1.5%: −$86 /mo · $1,035/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$271
• Net cashflow: $544

Break-even live

Break-even rent $604

Max offer price $68,999

Occupancy floor 53%

Sensitivity live

Price	-10% $592	-5% $568	+0% $544	+5% $521	+10% $497
Rent	-10% $442	-5% $493	+0% $544	+5% $595	+10% $646
Rate	-1.0pp $579	-0.5pp $562	base $544	+0.5pp $526	+1.0pp $508

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: $17,250
• Closing costs: $2,070
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1101 E State Road 28 Muncie, IN	3.0	2.0	1352	$1,400	$1.04	2d	1	0.33mi

Property features AI

Finance

• Financial info: List price: $68,999

Exterior

• Utilities: Natural gasElectric service (standard)Public water and sewer (not explicitly stated)
• Home design: Spec home — Plan: The Pulse 7616-723Single-story (entry level not specified)
• Construction: Living area approximately 1216Built as part of 2026 inventory
• Exterior features: Shake roof

Interior

• Bedrooms: Three bedrooms
• Bathrooms: Two full bathrooms
• Heating & cooling: Natural gas forced-air heatingCentral air conditioning
• Interior features: 2 total bathrooms3 total bedrooms

Listing history 48 events

1. 2026-08-06
   days on market $68,999 Active 62 DOM
2. 2026-08-05
   days on market $68,999 Active 61 DOM
3. 2026-08-04
   days on market $68,999 Active 60 DOM
4. 2026-08-03
   days on market $68,999 Active 59 DOM
5. 2026-07-31
   days on market $68,999 Active 56 DOM
6. 2026-07-29
   days on market $68,999 Active 54 DOM
7. 2026-07-27
   days on market $68,999 Active 52 DOM
8. 2026-07-25
   days on market $68,999 Active 50 DOM
9. 2026-07-24
   days on market $68,999 Active 49 DOM
10. 2026-07-23
    days on market $68,999 Active 48 DOM
11. 2026-07-22
    days on market $68,999 Active 47 DOM
12. 2026-07-21
    days on market $68,999 Active 46 DOM
13. 2026-07-18
    days on market $68,999 Active 43 DOM
14. 2026-07-16
    days on market $68,999 Active 41 DOM
15. 2026-07-16
    days on market $68,999 Active 40 DOM
16. 2026-07-14
    days on market $68,999 Active 39 DOM
17. 2026-07-13
    days on market $68,999 Active 38 DOM
18. 2026-07-12
    days on market $68,999 Active 37 DOM
19. 2026-07-11
    days on market $68,999 Active 36 DOM
20. 2026-07-10
    days on market $68,999 Active 35 DOM
21. 2026-07-09
    days on market $68,999 Active 34 DOM
22. 2026-07-08
    days on market $68,999 Active 33 DOM
23. 2026-07-07
    days on market $68,999 Active 32 DOM
24. 2026-07-06
    days on market $68,999 Active 31 DOM
25. 2026-07-05
    days on market $68,999 Active 30 DOM
26. 2026-07-04
    days on market $68,999 Active 29 DOM
27. 2026-07-03
    days on market $68,999 Active 28 DOM
28. 2026-07-02
    days on market $68,999 Active 27 DOM
29. 2026-07-01
    days on market $68,999 Active 26 DOM
30. 2026-06-30
    days on market $68,999 Active 25 DOM
31. 2026-06-29
    days on market $68,999 Active 24 DOM
32. 2026-06-28
    days on market $68,999 Active 23 DOM
33. 2026-06-28
    days on market $68,999 Active 22 DOM
34. 2026-06-27
    days on market $68,999 Active 21 DOM
35. 2026-06-26
    days on market $68,999 Active 20 DOM
36. 2026-06-23
    days on market $68,999 Active 17 DOM
37. 2026-06-22
    days on market $68,999 Active 16 DOM
38. 2026-06-19
    days on market $68,999 Active 14 DOM
39. 2026-06-18
    days on market $68,999 Active 13 DOM
40. 2026-06-17
    days on market $68,999 Active 12 DOM
41. 2026-06-16
    days on market $68,999 Active 11 DOM
42. 2026-06-15
    days on market $68,999 Active 10 DOM
43. 2026-06-14
    days on market $68,999 Active 8 DOM
44. 2026-06-13
    days on market $68,999 Active 7 DOM
45. 2026-06-10
    days on market $68,999 Active 5 DOM
46. 2026-06-09
    days on market $68,999 Active 4 DOM
47. 2026-06-08
    days on market $68,999 Active 3 DOM
48. 2026-06-07
    listed $68,999 Active 2 DOM

ⓘ 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: $15,512
• − Mortgage interest: −$3,865
• − Property taxes: −$1,035
• − Insurance: −$345
• − Repairs & maintenance: −$1,241
• − Management: −$1,241
• − Depreciation: −$2,007
• Taxable income: $5,778
• Est. tax owed @ 24.0%: −$1,387
• After-tax cash flow: $5,146/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 · 3 photos

Poor 20/100 Extensive rehab Est. rehab $60,800–$109,440 screening

This property requires extensive repairs and updates to its roof, exterior, flooring, interior walls/paint, HVAC system, and landscaping. Significant investment is needed to bring the property up to a livable condition.

Repairs flagged

• Major roof — No visible roof in the satellite image.
• Major exterior — No visible exterior in the satellite image.
• Major flooring — No visible flooring in the satellite image.
• Major interior walls/paint — No visible interior walls/paint in the satellite image.
• Major HVAC/mechanicals — No visible HVAC/mechanicals in the satellite image.
• Major landscaping/curb appeal — No visible landscaping/curb appeal in the satellite image.

Value-add opportunities

• Both roof replacement — A new roof would significantly improve the home's appearance and functionality. ↑
• Both exterior painting and siding repair — A fresh coat of paint and repairs to the siding would enhance curb appeal and increase the home's value. ↑
• Both flooring replacement — New flooring would improve the home's aesthetic and functionality. ↑
• Both interior painting and updates — Fresh paint and updates to interior spaces would make the home more inviting and increase its value. ↑
• Both HVAC system replacement — A new HVAC system would improve comfort and energy efficiency, enhancing both resale and rental value. ↑
• Both landscaping and curb appeal improvements — A well-maintained landscape and curb appeal would significantly increase the home's value and attract potential buyers/tenants. ↑

ⓘ Rehab cost is a screening estimate — Extensive 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

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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%

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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%

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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

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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

Property features AI

Finance

• Financial info: List price: $68,999

Exterior

• Utilities: Natural gasElectric service (standard)Public water and sewer (not explicitly stated)
• Home design: Spec home — Plan: The Pulse 7616-723Single-story (entry level not specified)
• Construction: Living area approximately 1216Built as part of 2026 inventory
• Exterior features: Shake roof

Interior

• Bedrooms: Three bedrooms
• Bathrooms: Two full bathrooms
• Heating & cooling: Natural gas forced-air heatingCentral air conditioning
• Interior features: 2 total bathrooms3 total bedrooms