1908 W Norwood Dr · Muncie, IN 47304

$149,900

3 bd · 1.0 ba · 1,170 sqft · SingleFamily public records · 4 Days on market

Built 1959 8,811 sqft lot Est $161k · 7% under

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Why this score? — see what drove the D 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 +13.9/30.0
• ARV discount +10.7/15.0
• Rent growth +4.5/5.0
• DSCR +4.2/10.0
• Livability +4.0/5.0
• 1% rule +3.2/10.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Key facts

• New roof
• New vinyl flooring
• 8,811 sq ft lot

Tags

• NEW VINYL FLOORING
• NEW ROOF
• EASY ACCESS TO SHOPPING
• EASY ACCESS TO DINING
• EASY ACCESS TO AMENITIES

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $16 ($195/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 $123k (17.7% below list).
• Recommended offer: $123k (17.7% 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: Northside Middle School (math 17% / reading 36%, grade F, #236 of 330 statewide, top 72%, 583 students, 70% FRL) — zoned schools at 70% FRL track the district average.
• Market conditions: Rents rising fast (+8.1%/yr); 202 active listings in the ZIP; 20 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 $1k 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 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 16y ago 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 1959 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $123,317 (17.7% below list)

Questions for the listing agent

1. Built in 1959 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. 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: 0.82% ✗
• Cap rate: 6.42%
• Cash-on-cash: 0.46%
• DSCR: 1.02
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $161,460
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1908 W Norwood Dr	0.00mi	3/1.0	1,170 (0%)	0mo	$153,900	$132	100
3709 N Lanewood Dr	0.44mi	3/1.0	1,147 (-2%)	2mo	$169,900	$148	75
2008 W Bryden Rd	0.14mi	3/2.0	1,300 (+11%)	2mo	$137,000	$105	70
3509 N Lanewood Dr	0.44mi	3/1.0	1,230 (+5%)	4mo	$180,000	$146	68
3507 N Glenwood Ave	0.31mi	3/1.0	1,060 (-9%)	2mo	$160,000	$151	68
2011 W Sheffield Dr	0.38mi	3/1.0	1,248 (+7%)	5mo	$162,000	$130	67
4205 N New York Ave	0.50mi	3/1.0	1,100 (-6%)	4mo	$159,900	$145	64
1501 W Sheffield Dr	0.48mi	3/2.5	1,200 (+3%)	5mo	$165,000	$138	63
2117 N Maplewood Ave	0.71mi	3/2.0	1,188 (+2%)	0mo	$140,000	$118	60
2209 W Concord Rd	0.48mi	3/1.0	1,026 (-12%)	5mo	$159,900	$156	53
3613 N Locust St	0.56mi	3/1.0	1,050 (-10%)	5mo	$135,000	$129	53
2009 W Sherman Dr	0.53mi	3/1.0	1,024 (-12%)	6mo	$129,000	$126	50

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: -10.5%
• Equity multiple: 0.60×
• Total profit: $-16,768
• Equity at exit: $22,351

10-year hold

• IRR: 4.4%
• Equity multiple: 1.39×
• Total profit: $16,273
• Equity at exit: $12,961

Cash invested: $41,972 (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: 10.1×

Monthly cashflow live

• Estimated rent: $1,233 high
• Mortgage (P&I): −$786
• Tax from tax record: −$109 /mo · $1,313/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$259
• Net cashflow: $16

Break-even live

Break-even rent $1,213

Max offer price $149,900

Occupancy floor 94%

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1810 W Northfield Dr Muncie, IN	2.0	1.5	1418	$1,300	$0.92	43d	1	0.18mi
2600 N Wheeling Ave Muncie, IN	2.0–3.0	1.0	1024	$1,035	$1.01	43d	1	0.78mi
2000 N Oakwood Ave Muncie, IN	2.0	1.0	626	$825	$1.32	43d	1	0.83mi
3413 N Milton St Muncie, IN	4.0	1.5	1422	$1,350	$0.95	43d	1	0.88mi
1801 N Glenwood Ave Muncie, IN	2.0	1.0	1096	$1,250	$1.14	43d	1	0.91mi
1701 N Rosewood Ave Muncie, IN	2.0	1.0	750	$1,405	$1.87	43d	1	0.93mi
2010 W Enterprise Ave Unit 2014 Muncie, IN	2.0	1.0	864	$800	$0.93	43d	1	1.04mi
3905 N Franklin St Muncie, IN	2.0	1.5	1342	$1,200	$0.89	43d	1	1.07mi
3906 N Franklin St Apt 1 Muncie, IN	2.0	1.0	972	$972	$1.00	43d	1	1.10mi
3910 N Franklin St Muncie, IN	2.0	1.5	1008	$999	$0.99	43d	2	1.10mi
1200 W Bethel Ave Muncie, IN	3.0	2.0	1100	$1,300	$1.18	43d	13	1.15mi
720 W Centennial Ave Muncie, IN	2.0–3.0	1.0–2.0	1034	$1,099	$1.06	43d	1	1.17mi
4000 N Walnut St Muncie, IN	1.0–3.0	1.0	880	$1,060	$1.20	43d	5	1.21mi
125 E Oldfield Ln Muncie, IN	1.0–3.0	1.0–2.0	886	$1,325	$1.50	43d	7	1.24mi
711 W Centennial Ave Muncie, IN	3.0	2.0	1372	$1,200	$0.87	43d	1	1.25mi
3601 N Chadam Ln Muncie, IN	1.0–2.0	1.0–2.0	822	$2,600	$3.16	43d	33	1.26mi
3000 W Cypress Dr Unit 3008 Muncie, IN	2.0	1.0	1200	$1,000	$0.83	43d	1	1.26mi
111 E Streeter Ave Muncie, IN	2.0–3.0	1.0	816	$999	$1.22	43d	3	1.35mi
222 W Centennial Ave Muncie, IN	2.0	1.5	1042	$925	$0.89	43d	1	1.40mi
151 E Streeter Ave Unit 2 Bedroom Apartment Muncie, IN	2.0	1.0	750	$692	$0.92	43d	1	1.40mi

Listing history 6 events

1. 2026-04-21
   status Pending
2. 2026-04-17
   listed $149,900 Active
3. 2011-09-13
   historical
4. 2011-07-16
   listed $79,900
5. 2011-04-23
   historical
6. 2010-03-31
   listed $84,900

ⓘ 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: $1,313 · $109/mo
• Projected year-2 tax: $1,313 · $109/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% 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 0% 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: $14,798
• − Mortgage interest: −$8,397
• − Property taxes: −$1,313
• − Insurance: −$750
• − Repairs & maintenance: −$1,184
• − Management: −$1,184
• − Depreciation: −$4,361
• Taxable loss: −$2,390
• Est. tax savings @ 24.0%: +$574
• After-tax cash flow: $768/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

+76.6% since first listed

6 events — show timeline

• 2026-04-21 Pending — IRMLS
• 2026-04-17 Listed $149,900 IRMLS
• 2011-09-13 Listing Removed — MIBOR as Distributed by MLS Grid
• 2011-07-16 Listed $79,900 MIBOR as Distributed by MLS Grid
• 2011-04-23 Listing Removed — MIBOR as Distributed by MLS Grid
• 2010-03-31 Listed $84,900 MIBOR as Distributed by MLS Grid

Property tax history

+6.2%/yr

Latest (2024): $1,313 · +9.2% YoY. Source: county tax records.