1202 S Shipley St · Muncie, IN 47302

$90,000

2 bd · 1.0 ba · 992 sqft · SingleFamily public records · 3 Days on market

Built 1913 6,250 sqft lot Est $83k · 8% over

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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 +25.6/30.0
• DSCR +8.5/10.0
• 1% rule +5.8/10.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• ARV discount +3.9/15.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Character and charm meets energy efficient updates in this recently rehabbed home brought to you by Pathstone Housing Corp of Indiana. This home has been completely renovated and is ready for you. New roof, new hvac, new electrical, new kitchen, new bathroom, new appliances, and more! You will love the HUGE great room featuring a large living space and spacious kitchen with breakfast bar. All the space is maximized in this home with the bedrooms directly off the great room. The combination of wood tones, original trim, large windows, and brick exterior make this home truly the best of both worlds where character meets modern updates. Outside there is a large yard with parking both on Street and off the alley. Buyers must meet income requirements.

Key facts

• Open concept living
• 6,250 sq ft lot
• Garage

Tags

• CENTRAL HEATING AND AC
• OPEN CONCEPT LIVING
• VINYL FLOORING THROUGHOUT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $212 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($969 rent vs $90k).
• Cap rate 9.1% 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: South View Elementary School (math 8% / reading 11%, grade F, #932 of 994 statewide, top 94%, 445 students, 92% FRL) — zoned schools average 92% FRL vs 68% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 10% at this address vs 22% district-wide (-12 pts) — the specific schools serving this property underperform the Muncie Community Schools average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+6.1%/yr); 148 active listings in the ZIP; 35 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 $622 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 + 6.1% rent growth), your $25k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 8y 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.
• Current owner paid $50k; list at $90k implies a 80% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1913 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $90,000

Questions for the listing agent

1. Built in 1913 — 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: 1.08% ✓
• Cap rate: 9.11%
• Cash-on-cash: 10.08%
• DSCR: 1.45
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $83,328
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1407 S Meeker Ave	0.42mi	2/1.0	980 (-1%)	5mo	$110,000	$112	74
1304 S Shipley St	0.07mi	3/1.0 (+1)	1,136 (+14%)	5mo	$76,280	$67	63
1512 S Wall Ave	0.54mi	2/1.0	912 (-8%)	4mo	$62,500	$69	58
2014 E 13th St	0.49mi	3/1.0 (+1)	958 (-3%)	10mo	$63,000	$66	58
721 South Hackley St	0.63mi	2/1.0	1,080 (+9%)	7mo	$39,000	$36	50
1101 E Memorial Dr	0.62mi	2/1.0	1,085 (+9%)	8mo	$89,900	$83	49
907 S Tennessee Ave	0.61mi	3/1.0 (+1)	1,053 (+6%)	9mo	$106,000	$101	49
2006 S Beacon St	0.68mi	2/1.0	900 (-9%)	9mo	$85,000	$94	45
2005 S Beacon St	0.69mi	3/1.0 (+1)	1,068 (+8%)	6mo	$115,875	$108	45
1215 E 14th St	0.65mi	2/1.0	860 (-13%)	6mo	$72,500	$84	42
2612 E Memorial Dr	0.66mi	2/1.0	852 (-14%)	6mo	$89,000	$104	40
2511 E 13th St	0.73mi	3/1.0 (+1)	864 (-13%)	7mo	$70,000	$81	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 · 6.11% rent growth · sell at horizon

5-year hold

• IRR: 2.0%
• Equity multiple: 1.08×
• Total profit: $1,990
• Equity at exit: $13,419

10-year hold

• IRR: 14.2%
• Equity multiple: 2.30×
• Total profit: $32,645
• Equity at exit: $7,782

Cash invested: $25,200 (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 47302

• Home prices YoY: -12.6%
• Rents YoY: 6.1%
• Active inventory: 148
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $969 high
• Mortgage (P&I): −$472
• Tax from tax record: −$44 /mo · $530/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$203
• Net cashflow: $212

Break-even live

Break-even rent $701

Max offer price $90,000

Occupancy floor 73%

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 35 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1310 E 5th St Muncie, IN	3.0	1.0	864	$1,300	$1.50	43d	1	0.32mi
1521 E Kirby Ave Muncie, IN	2.0–4.0	1.0–2.0	972	$800	$0.82	43d	2	0.36mi
1311 E 11th St Unit 2 Muncie, IN	1.0	1.0	672	$715	$1.06	43d	1	0.48mi
2213 E Memorial Dr Muncie, IN	2.0	1.0–2.0	997	$1,078	$1.08	43d	1	0.53mi
1109 E Kirby Ave Muncie, IN	2.0–3.0	1.0	971	$835	$0.86	43d	2	0.54mi
1307 S Ebright St Unit 2 Muncie, IN	1.0	1.0	630	$695	$1.10	43d	1	0.55mi
1703 E 14th St Apt 15 Muncie, IN	2.0	1.0	756	$777	$1.03	43d	1	0.56mi
1804 S Wall Ave Muncie, IN	2.0	1.0	900	$899	$1.00	43d	1	0.58mi
1806 E 18th St Muncie, IN	3.0	1.0	865	$1,100	$1.27	43d	1	0.79mi
2302 S Hackley St Muncie, IN	2.0	1.0	870	$1,199	$1.38	43d	1	0.89mi
2105 S Vine St Muncie, IN	3.0	1.0	960	$1,365	$1.42	43d	1	0.91mi
1721 S Elm St Muncie, IN	2.0	1.0	940	$925	$0.98	43d	1	0.96mi
305 N Pershing Dr Muncie, IN	3.0	1.0	1062	$1,100	$1.04	43d	1	1.05mi
2808 S Brotherton St Muncie, IN	2.0	1.0	966	$825	$0.85	43d	1	1.06mi
305 N Biltmore Ave Muncie, IN	2.0	1.0	912	$1,186	$1.30	43d	1	1.08mi
1525 S Walnut St Unit 11 Muncie, IN	2.0	1.0	800	$775	$0.97	43d	1	1.11mi
3508 E Memorial Dr Muncie, IN	2.0–3.0	1.0–2.0	1029	$429	$0.42	43d	7	1.13mi
206 W 13th St Muncie, IN	2.0	1.0	992	$900	$0.91	43d	1	1.25mi
319 W 10th St Muncie, IN	2.0	1.0	869	$885	$1.02	43d	1	1.26mi
2316 S Walnut St Muncie, IN	3.0	1.0	956	$1,100	$1.15	43d	1	1.27mi
415 W 9th St Muncie, IN	2.0	1.0	705	$925	$1.31	43d	1	1.31mi
301 W 13th St Muncie, IN	1.0–2.0	1.0	725	$844	$1.16	43d	1	1.31mi
421 W 9th St Muncie, IN	1.0	1.0	672	$525	$0.78	43d	1	1.32mi
326 W Charles St Muncie, IN	2.0	1.0	836	$1,300	$1.56	43d	1	1.35mi
509 W 8th St Muncie, IN	3.0	1.0	1008	$1,325	$1.31	43d	1	1.37mi
3013 S Pershing Dr Muncie, IN	3.0	1.0	814	$850	$1.04	43d	1	1.37mi
1414 E Highland Ave Muncie, IN	2.0	1.5	1056	$900	$0.85	43d	1	1.40mi
2815 S Elm St Muncie, IN	2.0	1.0	672	$875	$1.30	43d	1	1.40mi
1901 E 26th St Unit 5 Muncie, IN	2.0	1.0	600	$865	$1.44	43d	1	1.42mi
3106 S Vine St Muncie, IN	3.0	1.0	1080	$1,200	$1.11	43d	1	1.43mi
514 W Charles St Muncie, IN	2.0	1.0	1062	$800	$0.75	43d	1	1.45mi
400 W Washington St Unit 101 Muncie, IN	1.0	1.0	700	$1,050	$1.50	43d	1	1.46mi
400 W Washington St Unit 213 Muncie, IN	2.0	2.0	1009	$1,200	$1.19	43d	1	1.46mi
522 W Adams St Muncie, IN	2.0	1.0	750	$810	$1.08	43d	6	1.48mi
1609 S Gharkey St Muncie, IN	2.0	1.0	744	$750	$1.01	43d	1	1.50mi

Listing history 8 events

1. 2024-08-13
   status Pending
2. 2024-08-09
   listed $90,000 Active
3. 2020-02-28
   soldstatus $49,900 756-char remark

   Show marketing remark (718 chars)

   Character and charm meets energy efficient updates in this recently rehabbed home brought to you by Pathstone Housing Corp of Indiana. This home has been completely renovated and is ready for you. New roof, new hvac, new electrical, new kitchen, new bathroom, new appliances, and more! You will love the HUGE great room featuring a large living space and spacious kitchen with breakfast bar. All the space is maximized in this home with the bedrooms directly off the great room. The combination of wood tones, original trim, large windows, and brick exterior make this home truly the best of both worlds where character meets modern updates. Outside there is a large yard with parking both on Street and off the alley.

4. 2020-02-28
   soldstatus $49,900 718-char remark

   Show marketing remark (718 chars)

   Character and charm meets energy efficient updates in this recently rehabbed home brought to you by Pathstone Housing Corp of Indiana. This home has been completely renovated and is ready for you. New roof, new hvac, new electrical, new kitchen, new bathroom, new appliances, and more! You will love the HUGE great room featuring a large living space and spacious kitchen with breakfast bar. All the space is maximized in this home with the bedrooms directly off the great room. The combination of wood tones, original trim, large windows, and brick exterior make this home truly the best of both worlds where character meets modern updates. Outside there is a large yard with parking both on Street and off the alley.

5. 2019-10-22
   listed $49,900 718-char remark

   Show marketing remark (756 chars)

   Character and charm meets energy efficient updates in this recently rehabbed home brought to you by Pathstone Housing Corp of Indiana. This home has been completely renovated and is ready for you. New roof, new hvac, new electrical, new kitchen, new bathroom, new appliances, and more! You will love the HUGE great room featuring a large living space and spacious kitchen with breakfast bar. All the space is maximized in this home with the bedrooms directly off the great room. The combination of wood tones, original trim, large windows, and brick exterior make this home truly the best of both worlds where character meets modern updates. Outside there is a large yard with parking both on Street and off the alley. Buyers must meet income requirements.

6. 2019-10-22
   listed $49,900 756-char remark

   Show marketing remark (756 chars)

   Character and charm meets energy efficient updates in this recently rehabbed home brought to you by Pathstone Housing Corp of Indiana. This home has been completely renovated and is ready for you. New roof, new hvac, new electrical, new kitchen, new bathroom, new appliances, and more! You will love the HUGE great room featuring a large living space and spacious kitchen with breakfast bar. All the space is maximized in this home with the bedrooms directly off the great room. The combination of wood tones, original trim, large windows, and brick exterior make this home truly the best of both worlds where character meets modern updates. Outside there is a large yard with parking both on Street and off the alley. Buyers must meet income requirements.

7. 2018-11-16
   soldstatus $5,000
8. 2018-05-31
   listed $15,000

ⓘ 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: $530 · $44/mo
• Projected year-2 tax: $648 · $54/mo
• Expected delta: +$118/yr (+$10/mo · 22.2%)

ⓘ 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 ≥101°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: $11,624
• − Mortgage interest: −$5,041
• − Property taxes: −$530
• − Insurance: −$450
• − Repairs & maintenance: −$930
• − Management: −$930
• − Depreciation: −$2,618
• Taxable income: $1,124
• Est. tax owed @ 24.0%: −$270
• After-tax cash flow: $2,269/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

+500.0% since first listed

8 events — show timeline

• 2024-08-13 Pending — MIBOR as Distributed by MLS Grid
• 2024-08-09 Listed $90,000 MIBOR as Distributed by MLS Grid
• 2020-02-28 Sold (MLS) $49,900 MIBOR as Distributed by MLS Grid
• 2020-02-28 Sold (MLS) $49,900 IRMLS
• 2019-10-22 Listed $49,900 MIBOR as Distributed by MLS Grid
• 2019-10-22 Listed $49,900 IRMLS
• 2018-11-16 Sold (MLS) $5,000 IRMLS
• 2018-05-31 Listed $15,000 IRMLS

Property tax history

-6.2%/yr

Latest (2024): $530 · +0.0% YoY. Source: county tax records.