1405 S May Ave · Muncie, IN 47302

$64,900

2 bd · 1.0 ba · 672 sqft · SingleFamily public records · 2 Days on market

Built 1936 6,970 sqft lot Est $71k · 8% under

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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 +29.9/30.0
• ARV discount +11.1/15.0
• DSCR +10.0/10.0
• 1% rule +7.5/10.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks

Affordable and easy to maintain, this home could be yours! Inside you’ll find spacious rooms, updated flooring in the living areas, bright natural light, and a full basement that provides excellent storage space along with room for hobbies and laundry. Outside, enjoy the fenced backyard with plenty of room for pets, play, or entertaining, plus a storage shed for extra convenience. Whether you’re looking for your first home, downsizing, or adding to an investment portfolio, this property offers comfort, simplicity, and value all in one package!

Key facts

• Full basement
• Storage shed
• Updated flooring

Tags

• UPDATED FLOORING
• FULL BASEMENT
• FENCED BACKYARD
• STORAGE SHED

Property features AI

Finance

• Other: Lot dimensions approximately 48 x 145 (0.16 acre)

Exterior

• Parking: Off-street parking via driveway
• Utilities: Public water; Public sewer; Public power (standard service)
• Home design: Single-family residence; Site-built home; One story
• Construction: Vinyl siding; Asphalt shingle roof; Concrete perimeter and block foundation; Built as a site-built home
• Exterior features: Fully fenced chain-link yard; Level lot; Shed on property

Interior

• Kitchen: Dishwasher; Refrigerator; Gas range
• Bedrooms: Total rooms: 4
• Flooring: Carpet; Vinyl
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Central air; Ceiling fans; Natural gas forced-air heating
• Interior features: Ceiling fans; Laminate countertops; Window treatments and blinds; One fireplace (no special features noted)
• Laundry & utility: Washer hookup in basement; Washer and dryer included; Gas water heater

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 $240 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($814 rent vs $65k).
• 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: Southside Middle School (math 7% / reading 15%, grade F, #312 of 330 statewide, top 95%, 443 students, 85% FRL) — zoned schools average 85% FRL vs 68% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.1%/yr); 148 active listings in the ZIP; 5 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 $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 + 6.1% rent growth), your $18k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

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

Risks & watch-outs

• Watch-outs: built in 1936 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $64,900

Questions for the listing agent

1. Built in 1936 — 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: 1.25% ✓
• Cap rate: 10.72%
• Cash-on-cash: 15.82%
• DSCR: 1.70
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $70,560
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2003 S Manhattan Ave	0.37mi	2/1.0	660 (-2%)	24mo	$19,000	$29	60
2205 E 8th St	0.38mi	2/1.0	660 (-2%)	24mo	$54,000	$82	60
2014 S Biltmore Ave	0.42mi	2/1.0	720 (+7%)	14mo	$35,500	$49	57
1505 S Biltmore Ave	0.15mi	2/1.0	768 (+14%)	18mo	$81,000	$105	54
2006 S Manhattan Ave	0.38mi	2/1.0	728 (+8%)	17mo	$75,000	$103	54
1528 S Jersey Ave	0.14mi	2/1.0	768 (+14%)	19mo	$75,000	$98	54
707 S Luick Ave	0.56mi	1/1.0 (-1)	625 (-7%)	6mo	$24,000	$38	52
1716 S Jersey Ave	0.22mi	2/1.0	768 (+14%)	16mo	$82,000	$107	52
3308 E 14th St	0.53mi	2/1.0	696 (+4%)	21mo	$78,500	$113	52
1526 S Ribble Ave	0.34mi	2/1.0	768 (+14%)	20mo	$115,000	$150	43
920 S Ribble Ave	0.46mi	2/1.0	768 (+14%)	14mo	$103,000	$134	43
1211 S Ribble Dr	0.37mi	3/1.0 (+1)	768 (+14%)	14mo	$93,000	$121	42

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 · 6.11% rent growth · sell at horizon

5-year hold

• IRR: 9.9%
• Equity multiple: 1.40×
• Total profit: $7,350
• Equity at exit: $9,677

10-year hold

• IRR: 21.3%
• Equity multiple: 3.06×
• Total profit: $37,469
• Equity at exit: $5,611

Cash invested: $18,172 (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 47302

• Home prices YoY: -12.6%
• Rents YoY: 6.1%
• Active inventory: 148
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $814 high
• Mortgage (P&I): −$340
• Tax from tax record: −$36 /mo · $432/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$171
• Net cashflow: $240

Break-even live

Break-even rent $511

Max offer price $64,900

Occupancy floor 66%

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: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2011 E 18th St Muncie, IN	2.0	1.0	470	$725	$1.54	43d	1	0.84mi
1521 E Kirby Ave Muncie, IN	2.0–4.0	1.0–2.0	972	$800	$0.82	43d	2	0.94mi
1311 E 11th St Unit 2 Muncie, IN	1.0	1.0	672	$715	$1.06	43d	1	0.98mi
1307 S Ebright St Unit 2 Muncie, IN	1.0	1.0	630	$695	$1.10	43d	1	1.19mi
1901 E 26th St Unit 5 Muncie, IN	2.0	1.0	600	$865	$1.44	43d	1	1.39mi

Listing history 3 events

1. 2026-05-31
   status $64,900 Pending 2 DOM
2. 2026-05-30
   days on market $64,900 Active 2 DOM
3. 2026-05-28
   listed $64,900 Active

ⓘ 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: $432 · $36/mo
• Projected year-2 tax: $492 · $41/mo
• Expected delta: +$60/yr (+$5/mo · 13.8%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 10% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°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: $9,766
• − Mortgage interest: −$3,635
• − Property taxes: −$432
• − Insurance: −$324
• − Repairs & maintenance: −$781
• − Management: −$781
• − Depreciation: −$1,888
• Taxable income: $1,923
• Est. tax owed @ 24.0%: −$462
• After-tax cash flow: $2,413/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): 25,473
• Household income: $47,837
• Rent vs Own: 35.2% rent · 64.8% own
• Severe rent burden: 1150.0

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 (84%)
• Race & ethnicity: White 84% Two or more races 6% Black 6% Hispanic / Latino 4%
• Common ancestry: Italian 2% Slovak 1% Romanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1% German/W. Germanic 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: ▼ -30.32%
• Current HPI: 210.431
• Rent YoY: ▲ 6.11%
• 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 event — show timeline

• 2026-05-28 Listed $64,900 IRMLS

Property tax history

+4.5%/yr

Latest (2024): $432 · +3.3% YoY. Source: county tax records.