505 S Lombard Dr · Muncie, IN 47304

$135,000

2 bd · 1.0 ba · 1,008 sqft · SingleFamily public records · 2 Days on market

Built 1947 7,405 sqft lot $134/sqft · 53% above area Est $176k · 23% under

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Why this score? — see what drove the C- 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 +15.7/30.0
• ARV discount +15.0/15.0
• DSCR +4.8/10.0
• Rent growth +4.5/5.0
• Livability +4.0/5.0
• 1% rule +3.3/10.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to single story living! This charming 2 bedroom, 1 bathroom, 1 car garage home with a full basement has lots of new. Fresh paint, new flooring and so much more. New windows installed after listing pictures. New hot water heater. Newer roof (5 yrs). Updated bathroom. Spacious living room. Large kitchen pantry. All kitchen appliances and washer and dryer stay. Original hardwood floors under carpet & LVP. Private fenced-in backyard is great for furry friends, relaxing or hosting gatherings. Enclosed back patio. Outdoor firepit. Quiet street with mature trees conveniently located near Ball State (3 min), Westside Park (3 min), IU Hospital (5 min), Children's Museum (7 min). Oversized driveway can accommodate multiple vehicles.

Key facts

• Large kitchen pantry
• Newer roof
• New hot water heater

Tags

• FULL BASEMENT
• NEW WINDOWS
• NEW HOT WATER HEATER
• NEWER ROOF
• UPDATED BATHROOM
• LARGE KITCHEN PANTRY

Property features AI

Finance

• Other: Property is residential single family on approximately 0.17 acre

Exterior

• Parking: Attached 1-car garage
• Utilities: Public water; Municipal sewer
• Home design: Single family residence; One level
• Construction: Aluminum siding; Block foundation
• Exterior features: Covered patio/porch; Full yard fencing

Interior

• Kitchen: Electric oven; Microwave; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Attic access; Pantry; Full basement
• Laundry & utility: Washer and dryer; Laundry located in basement; Water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $58 ($697/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $112k (16.8% below list).
• Recommended offer: $112k (16.8% below list) — sets the bar for 1% rule.

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).
• Market conditions: Rents rising fast (+8.1%/yr); 202 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals lingering (median 44d 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 $933 of loan paydown is wiped out by about $4k 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

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $112,381 (16.8% below list)

Questions for the listing agent

1. Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.83% ✗
• Cap rate: 6.81%
• Cash-on-cash: 1.84%
• DSCR: 1.08
• GRM: 10.0

CMA / ARV

• ARV (median comp): $176,409
• List price: $135,000
• Delta: -23.47%
• 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
115 N Bittersweet Ln	0.35mi	2/1.5	1,008 (0%)	5mo	$145,000	$144	77
3214 W Godman Ave	0.19mi	2/1.0	936 (-7%)	7mo	$140,000	$150	74
201 N Shellbark Rd	0.40mi	3/1.5 (+1)	1,008 (0%)	6mo	$162,000	$161	69
609 S Catalpa Dr	0.28mi	3/1.0 (+1)	1,056 (+5%)	7mo	$134,900	$128	68
4513 W Burton Dr	0.71mi	2/1.0	1,030 (+2%)	3mo	$110,000	$107	61
4304 W Garver Dr	0.55mi	2/1.0	1,056 (+5%)	8mo	$140,000	$133	60
315 N Bittersweet Ln	0.43mi	3/1.0 (+1)	1,056 (+5%)	10mo	$159,900	$151	58
2609 W Godman Ave	0.54mi	2/1.0	928 (-8%)	7mo	$125,000	$135	56
409 S Celia Ave	0.63mi	3/1.0 (+1)	1,044 (+4%)	5mo	$126,000	$121	55
205 N Shellbark Rd	0.41mi	3/1.5 (+1)	1,120 (+11%)	1mo	$155,000	$138	54
2708 W 8th St	0.74mi	3/1.0 (+1)	1,040 (+3%)	6mo	$117,000	$113	50
619 N Shellbark Rd	0.63mi	3/1.0 (+1)	884 (-12%)	6mo	$150,000	$170	40

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -8.5%
• Equity multiple: 0.68×
• Total profit: $-12,282
• Equity at exit: $20,129

10-year hold

• IRR: 6.2%
• Equity multiple: 1.55×
• Total profit: $20,912
• Equity at exit: $11,672

Cash invested: $37,800 (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 47304

• Home prices YoY: -28.4%
• Rents YoY: 8.1%
• Active inventory: 202
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $1,124 high
• Mortgage (P&I): −$708
• Tax from tax record: −$66 /mo · $786/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$236
• Net cashflow: $58

Break-even live

Break-even rent $1,050

Max offer price $135,000

Occupancy floor 90%

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
101 N Redwood Ln Muncie, IN	2.0	1.0	1120	$1,000	$0.89	43d	1	0.75mi
405 S Morrison Rd Muncie, IN	1.0–2.0	1.0	800	$1,200	$1.50	43d	1	0.87mi
2800 W Memorial Dr Muncie, IN	3.0	2.0	1216	$1,139	$0.94	43d	1	0.88mi
2106 W Main St Muncie, IN	3.0	1.0	1036	$1,209	$1.17	43d	1	0.90mi
2015 W Godman Ave Muncie, IN	2.0	1.0	900	$985	$1.09	43d	7	0.91mi
309 S McKinley Ave Muncie, IN	2.0	1.0	875	$1,100	$1.26	43d	1	1.02mi
106 N McKinley Ave Muncie, IN	2.0	1.0	996	$1,024	$1.03	43d	2	1.08mi
1719 W Adams St Muncie, IN	2.0	1.0	1159	$1,000	$0.86	43d	1	1.09mi
216 N McKinley Ave Muncie, IN	1.0–2.0	1.0	679	$825	$1.22	43d	3	1.10mi
402 N Calvert St Muncie, IN	2.0	1.0–1.5	720	$899	$1.25	43d	5	1.19mi
5124 W Canterbury Dr Muncie, IN	2.0–3.0	1.5	1050	$1,078	$1.03	43d	2	1.19mi
1409 W Jackson St Muncie, IN	2.0	1.0	811	$844	$1.04	43d	1	1.30mi
519 N Dill St Muncie, IN	1.0–2.0	1.0	900	$1,125	$1.25	43d	7	1.31mi
1501 W University Ave Muncie, IN	2.0–3.0	1.0	794	$900	$1.13	43d	1	1.34mi
5600 W Kilgore Ave Trlr 91 Muncie, IN	3.0	2.0	920	$995	$1.08	43d	1	1.36mi
701 N Dicks St Unit 4 Muncie, IN	2.0	1.5	920	$1,580	$1.72	43d	1	1.41mi
701 N Dicks St Unit 1&3 Muncie, IN	2.0	1.5	920	$1,580	$1.72	43d	1	1.41mi
1704 W 15th St Muncie, IN	3.0	1.0	1026	$1,275	$1.24	43d	1	1.49mi

Listing history 5 events

1. 2026-06-18
   listing id $135,000 Pending 2 DOM
2. 2026-05-17
   status Pending 746-char remark

   Show marketing remark (746 chars)

   Welcome to single story living! This charming 2 bedroom, 1 bathroom, 1 car garage home with a full basement has lots of new. Fresh paint, new flooring and so much more. New windows installed after listing pictures. New hot water heater. Newer roof (5 yrs). Updated bathroom. Spacious living room. Large kitchen pantry. All kitchen appliances and washer and dryer stay. Original hardwood floors under carpet & LVP. Private fenced-in backyard is great for furry friends, relaxing or hosting gatherings. Enclosed back patio. Outdoor firepit. Quiet street with mature trees conveniently located near Ball State (3 min), Westside Park (3 min), IU Hospital (5 min), Children's Museum (7 min). Oversized driveway can accommodate multiple vehicles.

3. 2026-05-17
   status Pending 744-char remark

   Show marketing remark (746 chars)

   Welcome to single story living! This charming 2 bedroom, 1 bathroom, 1 car garage home with a full basement has lots of new. Fresh paint, new flooring and so much more. New windows installed after listing pictures. New hot water heater. Newer roof (5 yrs). Updated bathroom. Spacious living room. Large kitchen pantry. All kitchen appliances and washer and dryer stay. Original hardwood floors under carpet & LVP. Private fenced-in backyard is great for furry friends, relaxing or hosting gatherings. Enclosed back patio. Outdoor firepit. Quiet street with mature trees conveniently located near Ball State (3 min), Westside Park (3 min), IU Hospital (5 min), Children's Museum (7 min). Oversized driveway can accommodate multiple vehicles.

4. 2026-05-15
   listed $135,000 Active 746-char remark

   Show marketing remark (746 chars)

   Welcome to single story living! This charming 2 bedroom, 1 bathroom, 1 car garage home with a full basement has lots of new. Fresh paint, new flooring and so much more. New windows installed after listing pictures. New hot water heater. Newer roof (5 yrs). Updated bathroom. Spacious living room. Large kitchen pantry. All kitchen appliances and washer and dryer stay. Original hardwood floors under carpet & LVP. Private fenced-in backyard is great for furry friends, relaxing or hosting gatherings. Enclosed back patio. Outdoor firepit. Quiet street with mature trees conveniently located near Ball State (3 min), Westside Park (3 min), IU Hospital (5 min), Children's Museum (7 min). Oversized driveway can accommodate multiple vehicles.

5. 2026-05-14
   listed $135,000 Active 744-char remark

ⓘ 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: $786 · $66/mo
• Projected year-2 tax: $967 · $81/mo
• Expected delta: +$181/yr (+$15/mo · 23.0%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 49% 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 100% 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: $13,486
• − Mortgage interest: −$7,562
• − Property taxes: −$786
• − Insurance: −$675
• − Repairs & maintenance: −$1,079
• − Management: −$1,079
• − Depreciation: −$3,927
• Taxable loss: −$1,622
• Est. tax savings @ 24.0%: +$389
• After-tax cash flow: $1,087/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): 31,237
• Household income: $63,215
• Rent vs Own: 34.6% rent · 65.4% own
• Severe rent burden: 1141.0

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 (85%)
• Race & ethnicity: White 85% Two or more races 5% Black 4% Asian 4% Hispanic / Latino 3%
• Common ancestry: Lithuanian 2% Romanian 2% Slovak 1%
• Foreign-born: 5% · Canada, Vietnam, China
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% Vietnamese 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: ▼ -78.53%
• Current HPI: 197.5213
• Rent YoY: ▲ 8.08%
• 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

+1.1% since first listed

5 events — show timeline

• 2026-06-17 Sold (MLS) $136,500 MIBOR as Distributed by MLS Grid
• 2026-05-17 Pending — IRMLS
• 2026-05-17 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-15 Listed $135,000 IRMLS
• 2026-05-14 Listed $135,000 MIBOR as Distributed by MLS Grid

Property tax history

+1.0%/yr

Latest (2024): $786 · -0.3% YoY. Source: county tax records.