1206 W 15th St · Muncie, IN 47302

$119,900

2 bd · 1.0 ba · 1,326 sqft · SingleFamily public records · 19 Days on market

Built 1926 4,800 sqft lot $90/sqft · 16% above area Est $104k · 16% over

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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 +18.5/30.0
• DSCR +5.8/10.0
• 1% rule +4.0/10.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• ARV discount +0.5/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this spacious, and nicely remodeled 4 bedroom, 1 bathroom home, offering a charming but practical layout. It is a great home for a larger family, offering plenty of nicely laid out living space, or an extra space for an office. Fresh paint and a combination of hardwood floors and carpet flow throughout, and the home features lots of windows filling the space with plenty of natural light. The spacious living room features a large gas fireplace great in the winter, and leads to a spacious, updated kitchen and first large bedroom. The kitchen then opens up into the hallway, with the bathroom and access to all three rear bedrooms. The updated kitchen boasts ample cabinet space, and the electric range and refrigerator. The fully updated bathroom features a new tub/shower, vanity, and toilet. Outside you will appreciate a fenced front and backyards great for your pets, and the shed. Major upgrades include a new high efficiency furnace; the property features updated plumbing and wiring; the new central A/C and gas water heater were installed recently. Thomas park is only a 10 minutes walk from this home. This move-in ready home has everything you need to be happy.

Key facts

• Natural light
• Gas fireplace
• Updated kitchen

Tags

• REMODELED HOME
• HARDWOOD FLOORS
• NATURAL LIGHT
• GAS FIREPLACE
• UPDATED KITCHEN
• AMPLE CABINET SPACE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $113 ($1k/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 $108k (9.9% below list).
• Recommended offer: $108k (9.9% below list) — sets the bar for 1% rule.
• Cap rate 7.4% vs local median 6.0% in Muncie — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 (+6.1%/yr); 148 active listings in the ZIP; 29 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 $829 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

• It's been on market 19 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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 $18k; list at $120k implies a 566% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $107,976 (9.9% below list)

Questions for the listing agent

1. Built in 1926 — 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: 0.90% ✗
• Cap rate: 7.43%
• Cash-on-cash: 4.06%
• DSCR: 1.18
• GRM: 9.3

CMA / ARV

• ARV (median comp): $103,796
• List price: $119,900
• Delta: 15.51%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2224 S Hoyt Ave	0.09mi	3/1.0 (+1)	1,152 (-13%)	0mo	$26,500	$23	69
2200 W Memorial Dr	0.62mi	2/1.0	1,341 (+1%)	2mo	$63,000	$47	68
1438 W 13th St	0.19mi	3/1.5 (+1)	1,462 (+10%)	2mo	$149,900	$103	65
1205 W 15th St	0.03mi	3/1.0 (+1)	1,232 (-7%)	22mo	$115,000	$93	64
2509 S Hoyt Ave	0.27mi	2/1.0	1,243 (-6%)	16mo	$94,000	$76	63
2409 S Elliott St	0.22mi	3/2.0 (+1)	1,456 (+10%)	3mo	$120,000	$82	62
1617 W 10th St	0.39mi	2/1.0	1,353 (+2%)	21mo	$63,000	$47	61
1710 S Gharkey St	0.45mi	2/1.0	1,160 (-12%)	8mo	$59,900	$52	51
901 W 23 St	0.64mi	3/2.0 (+1)	1,337 (+1%)	12mo	$179,500	$134	50
1721 W 18th St	0.38mi	1/1.0 (-1)	1,400 (+6%)	23mo	$74,900	$54	49
1712 W 7th St	0.57mi	2/1.0	1,209 (-9%)	21mo	$61,000	$50	41
1900 W 11th St	0.46mi	2/1.0	1,156 (-13%)	21mo	$122,000	$106	40

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: -6.9%
• Equity multiple: 0.74×
• Total profit: $-8,758
• Equity at exit: $17,877

10-year hold

• IRR: 6.0%
• Equity multiple: 1.50×
• Total profit: $16,762
• Equity at exit: $10,367

Cash invested: $33,572 (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: 9.3×

Monthly cashflow live

• Estimated rent: $1,080 high
• Mortgage (P&I): −$629
• Tax from tax record: −$61 /mo · $730/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$227
• Net cashflow: $113

Break-even live

Break-even rent $936

Max offer price $119,900

Occupancy floor 84%

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1704 W 15th St Muncie, IN	3.0	1.0	1026	$1,275	$1.24	43d	1	0.30mi
605 W 10th St Muncie, IN	3.0	1.0	1688	$1,150	$0.68	43d	1	0.49mi
623 W 9th St Muncie, IN	3.0	1.0	1574	$1,499	$0.95	43d	1	0.51mi
509 W 8th St Muncie, IN	3.0	1.0	1008	$1,325	$1.31	43d	1	0.59mi
2112 W 11th St Muncie, IN	3.0	2.0	1646	$1,000	$0.61	43d	1	0.61mi
206 W 13th St Muncie, IN	2.0	1.0	992	$900	$0.91	43d	1	0.64mi
2316 S Walnut St Muncie, IN	3.0	1.0	956	$1,100	$1.15	43d	1	0.75mi
1001 W 1st St Unit 1 Muncie, IN	3.0	1.5	1098	$875	$0.80	43d	1	0.82mi
301 E Memorial Dr Muncie, IN	3.0	1.5	1172	$1,099	$0.94	43d	1	0.86mi
810 W 1st St Muncie, IN	1.0	1.0	980	$599	$0.61	43d	1	0.87mi
1721 S Elm St Muncie, IN	2.0	1.0	940	$925	$0.98	43d	1	0.92mi
2800 W Memorial Dr Muncie, IN	3.0	2.0	1216	$1,139	$0.94	43d	1	1.03mi
2015 W Godman Ave Muncie, IN	2.0	1.0	900	$985	$1.09	43d	7	1.05mi
2105 S Vine St Muncie, IN	3.0	1.0	960	$1,365	$1.42	43d	1	1.08mi
417 S Council St Muncie, IN	3.0	1.0	1132	$1,025	$0.91	43d	1	1.09mi
412 W Howard St Muncie, IN	3.0	1.0	1300	$1,000	$0.77	43d	1	1.11mi
312 S Calvert St Muncie, IN	3.0	1.0	1813	$1,500	$0.83	43d	1	1.14mi
514 W Charles St Muncie, IN	2.0	1.0	1062	$800	$0.75	43d	1	1.15mi
1719 W Adams St Muncie, IN	2.0	1.0	1159	$1,000	$0.86	43d	1	1.16mi
309 S McKinley Ave Muncie, IN	2.0	1.0	875	$1,100	$1.26	43d	1	1.17mi
328 S Talley Ave Muncie, IN	2.0	1.0	1770	$1,400	$0.79	43d	1	1.20mi
522 W Adams St Muncie, IN	2.0	1.0	750	$810	$1.08	43d	6	1.21mi
906 W Main St Muncie, IN	1.0–2.0	1.0	712	$995	$1.40	43d	3	1.26mi
3106 S Vine St Muncie, IN	3.0	1.0	1080	$1,200	$1.11	43d	1	1.30mi
106 N McKinley Ave Muncie, IN	2.0	1.0	996	$1,024	$1.03	43d	2	1.33mi
2106 W Main St Muncie, IN	3.0	1.0	1036	$1,209	$1.17	43d	1	1.37mi
400 W Washington St Unit 213 Muncie, IN	2.0	2.0	1009	$1,200	$1.19	43d	1	1.38mi
216 N McKinley Ave Muncie, IN	1.0–2.0	1.0	679	$825	$1.22	43d	3	1.39mi
402 N Calvert St Muncie, IN	2.0	1.0–1.5	720	$899	$1.25	43d	5	1.49mi

Listing history 8 events

1. 2026-05-11
   status Pending 1186-char remark

   Show marketing remark (1186 chars)

   Welcome to this spacious, and nicely remodeled 4 bedroom, 1 bathroom home, offering a charming but practical layout. It is a great home for a larger family, offering plenty of nicely laid out living space, or an extra space for an office. Fresh paint and a combination of hardwood floors and carpet flow throughout, and the home features lots of windows filling the space with plenty of natural light. The spacious living room features a large gas fireplace great in the winter, and leads to a spacious, updated kitchen and first large bedroom. The kitchen then opens up into the hallway, with the bathroom and access to all three rear bedrooms. The updated kitchen boasts ample cabinet space, and the electric range and refrigerator. The fully updated bathroom features a new tub/shower, vanity, and toilet. Outside you will appreciate a fenced front and backyards great for your pets, and the shed. Major upgrades include a new high efficiency furnace; the property features updated plumbing and wiring; the new central A/C and gas water heater were installed recently. Thomas park is only a 10 minutes walk from this home. This move-in ready home has everything you need to be happy.

2. 2026-04-22
   listed $119,900 Active 1186-char remark

   Show marketing remark (1186 chars)

   Welcome to this spacious, and nicely remodeled 4 bedroom, 1 bathroom home, offering a charming but practical layout. It is a great home for a larger family, offering plenty of nicely laid out living space, or an extra space for an office. Fresh paint and a combination of hardwood floors and carpet flow throughout, and the home features lots of windows filling the space with plenty of natural light. The spacious living room features a large gas fireplace great in the winter, and leads to a spacious, updated kitchen and first large bedroom. The kitchen then opens up into the hallway, with the bathroom and access to all three rear bedrooms. The updated kitchen boasts ample cabinet space, and the electric range and refrigerator. The fully updated bathroom features a new tub/shower, vanity, and toilet. Outside you will appreciate a fenced front and backyards great for your pets, and the shed. Major upgrades include a new high efficiency furnace; the property features updated plumbing and wiring; the new central A/C and gas water heater were installed recently. Thomas park is only a 10 minutes walk from this home. This move-in ready home has everything you need to be happy.

3. 2022-08-04
   soldstatus $18,000 Closed 176-char remark

   Show marketing remark (176 chars)

   Sweat equity opportunity! Calling all investors! 4 Beds 1 Bath Ranch Style. Located near downtown! Shopping! State Road 67. Fantastic open floor plan! Schedule your tour today!

4. 2022-08-04
   soldstatus $18,000 Closed

   Show marketing remark (176 chars)

   Sweat equity opportunity! Calling all investors! 4 Beds 1 Bath Ranch Style. Located near downtown! Shopping! State Road 67. Fantastic open floor plan! Schedule your tour today!

5. 2022-07-15
   status Pending

   Show marketing remark (176 chars)

   Sweat equity opportunity! Calling all investors! 4 Beds 1 Bath Ranch Style. Located near downtown! Shopping! State Road 67. Fantastic open floor plan! Schedule your tour today!

6. 2022-07-15
   historical 176-char remark

   Show marketing remark (176 chars)

   Sweat equity opportunity! Calling all investors! 4 Beds 1 Bath Ranch Style. Located near downtown! Shopping! State Road 67. Fantastic open floor plan! Schedule your tour today!

7. 2022-06-14
   listed $29,900 Active
8. 2022-06-09
   listed $29,900 176-char remark

   Show marketing remark (176 chars)

   Sweat equity opportunity! Calling all investors! 4 Beds 1 Bath Ranch Style. Located near downtown! Shopping! State Road 67. Fantastic open floor plan! Schedule your tour today!

ⓘ 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: $730 · $61/mo
• Projected year-2 tax: $875 · $73/mo
• Expected delta: +$145/yr (+$12/mo · 19.8%)

ⓘ 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: $12,957
• − Mortgage interest: −$6,716
• − Property taxes: −$730
• − Insurance: −$600
• − Repairs & maintenance: −$1,037
• − Management: −$1,037
• − Depreciation: −$3,488
• Taxable loss: −$650
• Est. tax savings @ 24.0%: +$156
• After-tax cash flow: $1,517/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

+301.0% since first listed

8 events — show timeline

• 2026-05-11 Pending — IRMLS
• 2026-04-22 Listed $119,900 IRMLS
• 2022-08-04 Sold (MLS) $18,000 IRMLS
• 2022-08-04 Sold (MLS) $18,000 MIBOR as Distributed by MLS Grid
• 2022-07-15 Pending — IRMLS
• 2022-07-15 Listing Removed — MIBOR as Distributed by MLS Grid
• 2022-06-14 Listed $29,900 IRMLS
• 2022-06-09 Listed $29,900 MIBOR as Distributed by MLS Grid

Property tax history

+14.0%/yr

Latest (2024): $730 · +10.3% YoY. Source: county tax records.