1804 N Milton St · Muncie, IN 47303

$65,000

2 bd · 1.0 ba · 648 sqft · SingleFamily public records · 296 Days on market

Built 1930 7,250 sqft lot $100/sqft · 31% above area Est $100k · 35% under ↓ 48% 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 +29.8/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.5/10.0
• Rent growth +4.5/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

*Potential 4 property package. Please see the attached document for details.* This charming 1 bed, 1 bath home is rented at $535 month to month. Tenant is responsible for all utilities. Features a detached garage, full basement, and a large backyard. Located near Minnetrista and the Delaware County Fairgrounds. Don't miss this opportunity!

Key facts

• Large backyard
• Full basement
• Detached garage

Tags

• DETACHED GARAGE
• FULL BASEMENT
• LARGE BACKYARD

🏷️ Possibly a rental listed for sale. The $65,000 price doesn't fit this home's estimated sale value (~$99,586) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $238 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($877 rent vs $65k).
• Recommended offer: $57k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.7% 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.
• 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: North View Elementary School (math 27% / reading 27%, grade F, #737 of 994 statewide, top 76%, 371 students, 69% FRL); Northside Middle School (math 17% / reading 36%, grade F, #236 of 330 statewide, top 72%, 583 students, 70% FRL); Muncie Central High School (math 20% / reading 39%, 1,326 students, 70% FRL) — zoned schools at 70% FRL track the district average.
• Market conditions: Rents rising fast (+7.8%/yr); 115 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals lingering (median 46d 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 $449 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 $18k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 296 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 10y ago; this cycle's ask has dropped $15k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $40k; list at $65k implies a 63% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $57,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 296 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.35% ✓
• Cap rate: 10.68%
• Cash-on-cash: 15.68%
• DSCR: 1.70
• GRM: 6.2

CMA / ARV

• ARV (median comp): $99,586
• List price: $65,000
• Delta: -34.73%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
404 W Centennial Ave	0.11mi	2/1.0	720 (+11%)	24mo	$91,900	$128	56
2016 N Ball Ave	0.61mi	2/1.0	720 (+11%)	8mo	$80,000	$111	46
1804 N Rosewood Ave	0.72mi	2/1.0	720 (+11%)	9mo	$85,500	$119	40
1801 N New York Ave	0.50mi	3/1.0 (+1)	728 (+12%)	22mo	$115,000	$158	33

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: 11.9%
• Equity multiple: 1.50×
• Total profit: $9,069
• Equity at exit: $9,692

10-year hold

• IRR: 24.4%
• Equity multiple: 3.62×
• Total profit: $47,597
• Equity at exit: $5,620

Cash invested: $18,200 (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: 115
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $877 high
• Mortgage (P&I): −$341
• Tax from tax record: −$87 /mo · $1,048/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$184
• Net cashflow: $238

Break-even live

Break-even rent $576

Max offer price $65,000

Occupancy floor 68%

Sensitivity live

Price	-10% $275	-5% $256	+0% $238	+5% $219	+10% $201
Rent	-10% $168	-5% $203	+0% $238	+5% $272	+10% $307
Rate	-1.0pp $270	-0.5pp $254	base $238	+0.5pp $221	+1.0pp $204

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1010 W Bethel Ave Muncie, IN	1.0	1.0	700	$874	$1.25	45d	13	0.34mi
151 E Streeter Ave Unit 2 Bedroom Apartment Muncie, IN	2.0	1.0	750	$692	$0.92	45d	1	0.39mi
111 E Streeter Ave Muncie, IN	2.0–3.0	1.0	816	$799	$0.98	45d	3	0.40mi
1000 W Rex St Unit 1000 Muncie, IN	1.0	1.0	480	$790	$1.65	45d	1	0.40mi
1204 W Bethel Ave Muncie, IN	1.0	1.0	504	$795	$1.58	45d	14	0.43mi
824 W Wayne St Muncie, IN	1.0	1.0	710	$795	$1.12	45d	1	0.56mi
920 N Linden St Muncie, IN	2.0	1.0	745	$925	$1.24	45d	1	0.60mi
1701 N Rosewood Ave Muncie, IN	2.0	1.0	750	$1,405	$1.87	45d	1	0.74mi
520 N Alameda Ave Unit A Muncie, IN	1.0	1.0	750	$895	$1.19	45d	1	0.79mi
401 N Wheeling Ave Muncie, IN	1.0	1.0	450	$650	$1.44	45d	1	0.87mi
2000 N Oakwood Ave Muncie, IN	2.0	1.0	626	$825	$1.32	45d	1	0.92mi
125 E Oldfield Ln Muncie, IN	1.0–3.0	1.0–2.0	886	$1,112	$1.26	45d	7	0.98mi
519 N Dill St Muncie, IN	1.0–2.0	1.0	900	$1,125	$1.25	45d	7	1.05mi
1501 W University Ave Muncie, IN	2.0–3.0	1.0	794	$900	$1.13	45d	1	1.06mi
400 W Washington St Unit 101 Muncie, IN	1.0	1.0	700	$1,050	$1.50	45d	1	1.07mi
626 W Main St Muncie, IN	1.0	1.0	738	$715	$0.97	45d	2	1.10mi
906 W Main St Muncie, IN	1.0–2.0	1.0	712	$995	$1.40	45d	3	1.12mi
4000 N Walnut St Muncie, IN	1.0–3.0	1.0	880	$964	$1.10	45d	5	1.13mi
907 W Main St Apt 1 Muncie, IN	2.0	1.0	750	$775	$1.03	45d	1	1.15mi
402 N Calvert St Muncie, IN	2.0	1.0–1.5	720	$899	$1.25	45d	5	1.18mi
522 W Adams St Muncie, IN	2.0	1.0	750	$810	$1.08	45d	6	1.22mi
210 N Martin St Muncie, IN	1.0	1.0	640	$742	$1.16	45d	3	1.24mi
216 N McKinley Ave Muncie, IN	1.0–2.0	1.0	679	$825	$1.22	45d	3	1.30mi
1408 W White River Blvd Muncie, IN	1.0	1.0	610	$938	$1.54	45d	1	1.35mi
218 S Martin Ave Unit 2 Muncie, IN	1.0	1.0	516	$695	$1.35	45d	1	1.40mi

Listing history 39 events

1. 2026-06-22
   days on market $65,000 Active 296 DOM
2. 2026-06-19
   days on market $65,000 Active 294 DOM
3. 2026-06-18
   days on market $65,000 Active 293 DOM
4. 2026-06-17
   days on market $65,000 Active 292 DOM
5. 2026-06-16
   days on market $65,000 Active 291 DOM
6. 2026-06-15
   days on market $65,000 Active 290 DOM
7. 2026-06-14
   days on market $65,000 Active 288 DOM
8. 2026-06-13
   days on market $65,000 Active 287 DOM
9. 2026-06-10
   days on market $65,000 Active 285 DOM
10. 2026-06-09
    days on market $65,000 Active 284 DOM
11. 2026-06-08
    days on market $65,000 Active 283 DOM
12. 2026-06-07
    days on market $65,000 Active 282 DOM
13. 2026-06-05
    days on market $65,000 Active 279 DOM
14. 2026-06-03
    days on market $65,000 Active 278 DOM
15. 2026-06-02
    days on market $65,000 Active 277 DOM
16. 2026-06-01
    days on market $65,000 Active 276 DOM
17. 2026-05-31
    days on market $65,000 Active 275 DOM
18. 2026-05-30
    days on market $65,000 Active 274 DOM
19. 2026-04-09
    price $66,000 341-char remark

    Show marketing remark (350 chars)

    * Potential 4 property package. Please see the attached document for details. * This charming 1 bed, 1 bath home is rented at $535 month to month. Tenant is responsible for all utilities. Features a detached garage, full basement, and a large backyard. Located near Minnetrista and the Delaware County Fairgrounds. Don’t miss this opportunity!

20. 2026-04-09
    price $66,000 350-char remark

    Show marketing remark (350 chars)

    * Potential 4 property package. Please see the attached document for details. * This charming 1 bed, 1 bath home is rented at $535 month to month. Tenant is responsible for all utilities. Features a detached garage, full basement, and a large backyard. Located near Minnetrista and the Delaware County Fairgrounds. Don’t miss this opportunity!

21. 2026-03-03
    price $67,000 350-char remark

    Show marketing remark (341 chars)

    *Potential 4 property package. Please see the attached document for details.* This charming 1 bed, 1 bath home is rented at $535 month to month. Tenant is responsible for all utilities. Features a detached garage, full basement, and a large backyard. Located near Minnetrista and the Delaware County Fairgrounds. Don't miss this opportunity!

22. 2026-03-03
    price $67,000 341-char remark

    Show marketing remark (341 chars)

    *Potential 4 property package. Please see the attached document for details.* This charming 1 bed, 1 bath home is rented at $535 month to month. Tenant is responsible for all utilities. Features a detached garage, full basement, and a large backyard. Located near Minnetrista and the Delaware County Fairgrounds. Don't miss this opportunity!

23. 2026-03-03
    status Active 350-char remark

    Show marketing remark (341 chars)

    *Potential 4 property package. Please see the attached document for details.* This charming 1 bed, 1 bath home is rented at $535 month to month. Tenant is responsible for all utilities. Features a detached garage, full basement, and a large backyard. Located near Minnetrista and the Delaware County Fairgrounds. Don't miss this opportunity!

24. 2026-03-03
    status Active 341-char remark

    Show marketing remark (341 chars)

    *Potential 4 property package. Please see the attached document for details.* This charming 1 bed, 1 bath home is rented at $535 month to month. Tenant is responsible for all utilities. Features a detached garage, full basement, and a large backyard. Located near Minnetrista and the Delaware County Fairgrounds. Don't miss this opportunity!

25. 2026-02-16
    status Pending 350-char remark

    Show marketing remark (341 chars)

    *Potential 4 property package. Please see the attached document for details.* This charming 1 bed, 1 bath home is rented at $535 month to month. Tenant is responsible for all utilities. Features a detached garage, full basement, and a large backyard. Located near Minnetrista and the Delaware County Fairgrounds. Don't miss this opportunity!

26. 2026-02-16
    status Pending 341-char remark

    Show marketing remark (341 chars)

    *Potential 4 property package. Please see the attached document for details.* This charming 1 bed, 1 bath home is rented at $535 month to month. Tenant is responsible for all utilities. Features a detached garage, full basement, and a large backyard. Located near Minnetrista and the Delaware County Fairgrounds. Don't miss this opportunity!

27. 2026-02-09
    price $68,000 350-char remark

    Show marketing remark (341 chars)

    *Potential 4 property package. Please see the attached document for details.* This charming 1 bed, 1 bath home is rented at $535 month to month. Tenant is responsible for all utilities. Features a detached garage, full basement, and a large backyard. Located near Minnetrista and the Delaware County Fairgrounds. Don't miss this opportunity!

28. 2026-02-09
    price $68,000 341-char remark

    Show marketing remark (341 chars)

    *Potential 4 property package. Please see the attached document for details.* This charming 1 bed, 1 bath home is rented at $535 month to month. Tenant is responsible for all utilities. Features a detached garage, full basement, and a large backyard. Located near Minnetrista and the Delaware County Fairgrounds. Don't miss this opportunity!

29. 2026-02-02
    price $69,000 350-char remark

    Show marketing remark (341 chars)

    *Potential 4 property package. Please see the attached document for details.* This charming 1 bed, 1 bath home is rented at $535 month to month. Tenant is responsible for all utilities. Features a detached garage, full basement, and a large backyard. Located near Minnetrista and the Delaware County Fairgrounds. Don't miss this opportunity!

30. 2026-02-02
    price $69,000 341-char remark

    Show marketing remark (341 chars)

    *Potential 4 property package. Please see the attached document for details.* This charming 1 bed, 1 bath home is rented at $535 month to month. Tenant is responsible for all utilities. Features a detached garage, full basement, and a large backyard. Located near Minnetrista and the Delaware County Fairgrounds. Don't miss this opportunity!

31. 2025-10-27
    price $75,000 350-char remark

    Show marketing remark (341 chars)

    *Potential 4 property package. Please see the attached document for details.* This charming 1 bed, 1 bath home is rented at $535 month to month. Tenant is responsible for all utilities. Features a detached garage, full basement, and a large backyard. Located near Minnetrista and the Delaware County Fairgrounds. Don't miss this opportunity!

32. 2025-10-27
    price $75,000 341-char remark

    Show marketing remark (341 chars)

    *Potential 4 property package. Please see the attached document for details.* This charming 1 bed, 1 bath home is rented at $535 month to month. Tenant is responsible for all utilities. Features a detached garage, full basement, and a large backyard. Located near Minnetrista and the Delaware County Fairgrounds. Don't miss this opportunity!

33. 2025-08-15
    listed $80,000 Active 341-char remark

    Show marketing remark (350 chars)

    * Potential 4 property package. Please see the attached document for details. * This charming 1 bed, 1 bath home is rented at $535 month to month. Tenant is responsible for all utilities. Features a detached garage, full basement, and a large backyard. Located near Minnetrista and the Delaware County Fairgrounds. Don’t miss this opportunity!

34. 2025-08-15
    listed $80,000 Active 350-char remark

    Show marketing remark (350 chars)

    * Potential 4 property package. Please see the attached document for details. * This charming 1 bed, 1 bath home is rented at $535 month to month. Tenant is responsible for all utilities. Features a detached garage, full basement, and a large backyard. Located near Minnetrista and the Delaware County Fairgrounds. Don’t miss this opportunity!

35. 2019-11-07
    soldstatus $39,800
36. 2019-08-30
    listed $39,800
37. 2018-11-30
    soldstatus $210,000
38. 2017-01-26
    listed $23,300
39. 2016-04-04
    listed $127,900

ⓘ 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: $1,048 · $87/mo
• Projected year-2 tax: $1,048 · $87/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 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: $10,527
• − Mortgage interest: −$3,641
• − Property taxes: −$1,048
• − Insurance: −$325
• − Repairs & maintenance: −$842
• − Management: −$842
• − Depreciation: −$1,891
• Taxable income: $1,938
• Est. tax owed @ 24.0%: −$465
• After-tax cash flow: $2,388/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): 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

-48.4% since first listed

21 events — show timeline

• 2026-04-09 Price Changed $66,000 MIBOR as Distributed by MLS Grid
• 2026-04-09 Price Changed $66,000 IRMLS
• 2026-03-03 Price Changed $67,000 IRMLS
• 2026-03-03 Price Changed $67,000 MIBOR as Distributed by MLS Grid
• 2026-03-03 Relisted — IRMLS
• 2026-03-03 Relisted — MIBOR as Distributed by MLS Grid
• 2026-02-16 Pending — IRMLS
• 2026-02-16 Pending — MIBOR as Distributed by MLS Grid
• 2026-02-09 Price Changed $68,000 IRMLS
• 2026-02-09 Price Changed $68,000 MIBOR as Distributed by MLS Grid
• 2026-02-02 Price Changed $69,000 IRMLS
• 2026-02-02 Price Changed $69,000 MIBOR as Distributed by MLS Grid
• 2025-10-27 Price Changed $75,000 IRMLS
• 2025-10-27 Price Changed $75,000 MIBOR as Distributed by MLS Grid
• 2025-08-15 Listed $80,000 IRMLS
• 2025-08-15 Listed $80,000 MIBOR as Distributed by MLS Grid
• 2019-11-07 Sold (MLS) $39,800 IRMLS
• 2019-08-30 Listed $39,800 IRMLS
• 2018-11-30 Sold (Public Records) $210,000 Public Records
• 2017-01-26 Listed $23,300 IRMLS
• 2016-04-04 Listed $127,900 IRMLS

Property tax history

-4.8%/yr

Latest (2024): $1,048 · +3.6% YoY. Source: county tax records.