9901 State Road 3 #28 · Eaton, IN 47303

$68,999

3 bd · 2.0 ba · 1,216 sqft · SingleFamily · 14 Days on market

Built 2026 Poor condition

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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
• Livability +3.6/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Key facts

• Built 2026
• Listed 13 days

Property features AI

Finance

• Financial info: List price: $68,999

Exterior

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

Interior

• Bedrooms: Three bedrooms
• Bathrooms: Two full bathrooms
• Heating & cooling: Natural gas forced-air heating; Central air conditioning
• Interior features: 2 total bathrooms; 3 total bedrooms

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 $531 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $69k).

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 $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

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $68,999

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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: 1.85% ✓
• Cap rate: 15.53%
• Cash-on-cash: 32.99%
• DSCR: 2.47
• GRM: 4.5

CMA / ARV

• ARV (on-the-fly): $159,296
• Comps found: 2

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: 33.5%
• Equity multiple: 2.51×
• Total profit: $29,132
• Equity at exit: $10,288

10-year hold

• IRR: 43.0%
• Equity multiple: 6.09×
• Total profit: $98,293
• 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 →

ZIP-level market 47303

• Home prices YoY: -18.0%
• Rents YoY: 7.8%
• Active inventory: 112
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $1,276 medium
• Mortgage (P&I): −$362
• Tax est. 1.5%: −$86 /mo · $1,035/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$268
• Net cashflow: $531

Break-even live

Break-even rent $604

Max offer price $68,999

Occupancy floor 53%

Sensitivity live

Price	-10% $579	-5% $555	+0% $531	+5% $507	+10% $484
Rent	-10% $430	-5% $481	+0% $531	+5% $582	+10% $632
Rate	-1.0pp $566	-0.5pp $549	base $531	+0.5pp $513	+1.0pp $495

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
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-19
   days on market $68,999 Active 14 DOM
2. 2026-06-18
   days on market $68,999 Active 13 DOM
3. 2026-06-17
   days on market $68,999 Active 12 DOM
4. 2026-06-16
   days on market $68,999 Active 11 DOM
5. 2026-06-15
   days on market $68,999 Active 10 DOM
6. 2026-06-14
   days on market $68,999 Active 8 DOM
7. 2026-06-13
   days on market $68,999 Active 7 DOM
8. 2026-06-10
   days on market $68,999 Active 5 DOM
9. 2026-06-09
   days on market $68,999 Active 4 DOM
10. 2026-06-08
    days on market $68,999 Active 3 DOM
11. 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: $15,312
• − Mortgage interest: −$3,865
• − Property taxes: −$1,035
• − Insurance: −$345
• − Repairs & maintenance: −$1,225
• − Management: −$1,225
• − Depreciation: −$2,007
• Taxable income: $5,610
• Est. tax owed @ 24.0%: −$1,346
• After-tax cash flow: $5,028/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

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.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · No visible roof in the satellite image.	Major	$15,000–50,000
exterior · No visible exterior in the satellite image.	Major	$15,000–50,000
flooring · No visible flooring in the satellite image.	Major	$15,000–50,000
interior walls/paint · No visible interior walls/paint in the satellite image.	Major	$15,000–50,000
HVAC/mechanicals · No visible HVAC/mechanicals in the satellite image.	Major	$15,000–50,000
landscaping/curb appeal · No visible landscaping/curb appeal in the satellite image.	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• 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. ↑

ⓘ 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