1311 E Butler St · Muncie, IN 47303

$84,900

2 bd · 1.5 ba · 924 sqft · SingleFamily public records · 30 Days on market

Built 1920 5,360 sqft lot $92/sqft · 92% above area ↓ 21% since listing

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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 +25.4/30.0
• DSCR +8.4/10.0
• ARV discount +7.5/15.0
• 1% rule +6.1/10.0
• 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

Located at 1311 E Butler ST, MUNCIE, IN, this single-family residence in Delaware County presents an inviting home with plenty of outdoor space, as it includes the neighboring city lot. This home is ready for its new owners to move in and begin their chapter. The living room greets you with an air of sophistication, enhanced by the detailed crown molding that adds a touch of timeless elegance to the space. Imagine evenings spent here, bathed in the warm glow of lamplight, enjoying the simple pleasures of home in a refined and comfortable setting. The kitchen offers both style and functionality with its shaker cabinets, providing ample storage and a clean, classic aesthetic, while the crown

Key facts

• Walk-in closet
• Sunroom
• Shaker cabinets

Tags

• CROWN MOLDING
• SHAKER CABINETS
• WALK-IN CLOSET
• SUNROOM

Property features AI

Exterior

• Utilities: Public water; Municipal sewer connected; No solid waste service indicated
• Home design: Single-family residence; One story
• Construction: Vinyl siding; Block foundation
• Exterior features: Lot under 1/4 acre (approximately 0.12 acre)

Interior

• Kitchen: No appliances included
• Bedrooms: 2 bedrooms on the main level (one approx. 14 x 8)
• Bathrooms: 1 full bathroom on the main level; 1 half bathroom on the main level
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Attic access; Living room (approx. 13 x 15, main level); Kitchen (approx. 16 x 9, main level); Additional main-level rooms totaling 8 rooms

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $195 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($939 rent vs $85k).
• Recommended offer: $84k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.0% 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: schools D+, 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.
• Market conditions: Rents rising fast (+7.8%/yr); 112 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals lingering (median 45d 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 $587 of loan paydown is wiped out by about $3k 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 $24k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• 4 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 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $83,626 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — 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: 1.11% ✓
• Cap rate: 9.05%
• Cash-on-cash: 9.83%
• DSCR: 1.44
• GRM: 7.5

CMA / ARV

• ARV (median comp): $44,228
• List price: $84,900
• Delta: 91.96%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1601 N Elm St	0.53mi	2/1.0	896 (-3%)	1mo	$53,000	$59	67
1809 E Hines St	0.32mi	2/1.0	896 (-3%)	17mo	$35,500	$40	64
1811 E Hines St	0.33mi	3/1.0 (+1)	912 (-1%)	23mo	$85,000	$93	57
2414 N Blaine St	0.68mi	2/1.0	936 (+1%)	12mo	$109,900	$117	54
2317 N Turner St	0.69mi	2/1.0	1,004 (+9%)	6mo	$65,000	$65	46
1316 E Centennial Ave	0.22mi	3/1.0 (+1)	1,034 (+12%)	20mo	$84,000	$81	46
1512 E Waid Ave	0.55mi	2/1.0	832 (-10%)	13mo	$90,000	$108	45
704 N Mulberry St	0.75mi	2/1.0	893 (-3%)	19mo	$55,000	$62	42
2107 N Brady St	0.50mi	2/1.0	816 (-12%)	19mo	$33,750	$41	40
2413 N Macedonia Ave	0.70mi	1/1.0 (-1)	825 (-11%)	11mo	$46,000	$56	33
114 N Ohio Ave	0.72mi	3/1.0 (+1)	1,014 (+10%)	18mo	$72,000	$71	28

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: 3.5%
• Equity multiple: 1.14×
• Total profit: $3,391
• Equity at exit: $12,659

10-year hold

• IRR: 17.0%
• Equity multiple: 2.70×
• Total profit: $40,440
• Equity at exit: $7,341

Cash invested: $23,772 (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: 7.5×

Monthly cashflow live

• Estimated rent: $939 high
• Mortgage (P&I): −$445
• Tax from tax record: −$67 /mo · $802/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$197
• Net cashflow: $195

Break-even live

Break-even rent $693

Max offer price $84,900

Occupancy floor 74%

Sensitivity live

Price	-10% $243	-5% $219	+0% $195	+5% $171	+10% $147
Rent	-10% $121	-5% $158	+0% $195	+5% $232	+10% $269
Rate	-1.0pp $237	-0.5pp $216	base $195	+0.5pp $173	+1.0pp $150

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: $21,225
• Closing costs: $2,547
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1414 E Highland Ave Muncie, IN	2.0	1.5	1056	$900	$0.85	45d	1	0.05mi
305 N Pershing Dr Muncie, IN	3.0	1.0	1062	$1,100	$1.04	45d	1	0.66mi
2321 N Macedonia Ave Muncie, IN	2.0	1.0	1009	$860	$0.85	45d	1	0.70mi
151 E Streeter Ave Unit 2 Bedroom Apartment Muncie, IN	2.0	1.0	750	$692	$0.92	45d	1	0.97mi
222 W Centennial Ave Muncie, IN	2.0	1.5	1042	$925	$0.89	45d	1	0.98mi
111 E Streeter Ave Muncie, IN	2.0–3.0	1.0	816	$799	$0.98	45d	3	1.02mi
2901 N Elgin St Muncie, IN	2.0–3.0	2.0	1045	$999	$0.96	45d	4	1.04mi
1521 E Kirby Ave Muncie, IN	2.0–4.0	1.0–2.0	972	$800	$0.82	45d	2	1.09mi
1109 E Kirby Ave Muncie, IN	2.0–3.0	1.0	971	$835	$0.86	45d	2	1.09mi
520 N Alameda Ave Unit A Muncie, IN	1.0	1.0	750	$895	$1.19	45d	1	1.10mi
400 W Washington St Unit 213 Muncie, IN	2.0	2.0	1009	$1,200	$1.19	45d	1	1.16mi
400 W Washington St Unit 101 Muncie, IN	1.0	1.0	700	$1,050	$1.50	45d	1	1.16mi
305 N Biltmore Ave Muncie, IN	2.0	1.0	912	$1,186	$1.30	45d	1	1.18mi
824 W Wayne St Muncie, IN	1.0	1.0	710	$795	$1.12	45d	1	1.25mi
720 W Centennial Ave Muncie, IN	2.0–3.0	1.0–2.0	1034	$799	$0.77	45d	1	1.28mi
326 W Charles St Muncie, IN	2.0	1.0	836	$1,300	$1.56	45d	1	1.28mi
920 N Linden St Muncie, IN	2.0	1.0	745	$925	$1.24	45d	1	1.30mi
626 W Main St Muncie, IN	1.0	1.0	738	$715	$0.97	45d	2	1.31mi
1310 E 5th St Muncie, IN	3.0	1.0	864	$1,300	$1.50	45d	1	1.32mi
522 W Adams St Muncie, IN	2.0	1.0	750	$810	$1.08	45d	6	1.32mi
2125 E Harvard Ave Muncie, IN	3.0	2.0	1040	$1,200	$1.15	45d	1	1.33mi
1403 N Linden St Muncie, IN	1.0	1.0	760	$890	$1.17	45d	1	1.34mi
514 W Charles St Muncie, IN	2.0	1.0	1062	$800	$0.75	45d	1	1.36mi
1001 W Wayne St Muncie, IN	3.0	2.0	1100	$1,200	$1.09	45d	1	1.37mi
1010 W Bethel Ave Muncie, IN	1.0	1.0	700	$874	$1.25	45d	13	1.40mi
1307 S Ebright St Unit 2 Muncie, IN	1.0	1.0	630	$695	$1.10	45d	1	1.42mi
906 W Main St Muncie, IN	1.0–2.0	1.0	712	$995	$1.40	45d	3	1.44mi
907 W Main St Apt 1 Muncie, IN	2.0	1.0	750	$775	$1.03	45d	1	1.45mi
1200 W Bethel Ave Muncie, IN	3.0	2.0	1100	$1,300	$1.18	45d	13	1.48mi
9901 N State St Muncie, IN	3.0	2.0	1136	$1,110	$0.98	45d	5	1.49mi

Listing history 27 events

1. 2026-06-19
   days on market $84,900 Active 30 DOM
2. 2026-06-18
   days on market $84,900 Active 29 DOM
3. 2026-06-17
   days on market $84,900 Active 28 DOM
4. 2026-06-16
   days on market $84,900 Active 27 DOM
5. 2026-06-15
   days on market $84,900 Active 26 DOM
6. 2026-06-14
   days on market $84,900 Active 24 DOM
7. 2026-06-13
   days on market $84,900 Active 23 DOM
8. 2026-06-10
   days on market $84,900 Active 21 DOM
9. 2026-06-09
   days on market $84,900 Active 20 DOM
10. 2026-06-08
    days on market $84,900 Active 19 DOM
11. 2026-06-07
    days on market $84,900 Active 18 DOM
12. 2026-06-05
    days on market $84,900 Active 15 DOM
13. 2026-06-03
    days on market $84,900 Active 14 DOM
14. 2026-06-02
    days on market $84,900 Active 13 DOM
15. 2026-06-01
    days on market $84,900 Active 12 DOM
16. 2026-05-31
    days on market $84,900 Active 11 DOM
17. 2026-05-30
    days on market $84,900 Active 10 DOM
18. 2026-04-27
    status Active 1330-char remark
19. 2026-03-31
    status Pending 1330-char remark
20. 2026-03-21
    price $84,900 1330-char remark
21. 2026-02-03
    price $89,999 1330-char remark
22. 2026-01-13
    price $92,500 1330-char remark
23. 2026-01-06
    listed $94,900 Active 1330-char remark
24. 2026-01-06
    historical
25. 2025-12-18
    price $94,900
26. 2025-12-01
    price $99,900
27. 2025-11-12
    listed $104,900 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: $802 · $67/mo
• Projected year-2 tax: $802 · $67/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: $11,273
• − Mortgage interest: −$4,756
• − Property taxes: −$802
• − Insurance: −$424
• − Repairs & maintenance: −$902
• − Management: −$902
• − Depreciation: −$2,470
• Taxable income: $1,017
• Est. tax owed @ 24.0%: −$244
• After-tax cash flow: $2,092/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

-21.4% since first listed

13 events — show timeline

• 2026-06-19 Price Changed $82,500 MIBOR as Distributed by MLS Grid
• 2026-05-20 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-05-20 Listed $84,900 MIBOR as Distributed by MLS Grid
• 2026-04-27 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-31 Pending — MIBOR as Distributed by MLS Grid
• 2026-03-21 Price Changed $84,900 MIBOR as Distributed by MLS Grid
• 2026-02-03 Price Changed $89,999 MIBOR as Distributed by MLS Grid
• 2026-01-13 Price Changed $92,500 MIBOR as Distributed by MLS Grid
• 2026-01-06 Listing Removed — MIBOR as Distributed by MLS Grid
• 2026-01-06 Listed $94,900 MIBOR as Distributed by MLS Grid
• 2025-12-18 Price Changed $94,900 MIBOR as Distributed by MLS Grid
• 2025-12-01 Price Changed $99,900 MIBOR as Distributed by MLS Grid
• 2025-11-12 Listed $104,900 MIBOR as Distributed by MLS Grid

Property tax history

+11.1%/yr

Latest (2024): $802 · -30.6% YoY. Source: county tax records.