1601 N Elm St · Muncie, IN 47303

$55,000

2 bd · 1.0 ba · 896 sqft · SingleFamily public records · 14 Days on market

Built 1925 8,000 sqft lot Est $108k · 49% under

---

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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Investor Special. This property has tons of potential. This home is minutes from the mall. Solid 2 bedroom, 1 story home. Large one bathroom. Partial basement. Large backyard along the walking trails. Blown in insulation on exterior walls. Home does Need some TLC.

Key facts

• 8,000 sq ft lot
• Built 1925
• Listed 14 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $55k.

Deal economics

• At list price, monthly cash flow is $401 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($968 rent vs $55k).
• Cap rate 15.0% 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: 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: East Washington Academy (math 41% / reading 42%, grade F, #478 of 994 statewide, top 49%, 468 students, 70% FRL); Northside Middle School (math 17% / reading 36%, grade F, #236 of 330 statewide, top 72%, 583 students, 70% FRL) — zoned schools at 70% FRL track the district average.
• Zoned-school proficiency averages 34% at this address vs 22% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Muncie Community Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+7.8%/yr); 112 active listings in the ZIP; 38 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 $380 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 $15k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 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 $9k; list at $55k implies a 511% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $55,000

Questions for the listing agent

1. Built in 1925 — 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: 1.76% ✓
• Cap rate: 15.05%
• Cash-on-cash: 31.26%
• DSCR: 2.39
• GRM: 4.7

CMA / ARV

• ARV (on-the-fly): $107,520
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1601 N Elm St	0.00mi	2/1.0	896 (0%)	1mo	$53,000	$59	99
321 W Weber Dr	0.50mi	2/1.0	832 (-7%)	2mo	$108,000	$130	63
2414 N Blaine St	0.68mi	2/1.0	936 (+4%)	12mo	$109,900	$117	51
2804 N Westwood Rd	0.62mi	3/1.0 (+1)	925 (+3%)	13mo	$114,000	$123	50
627 E Pine St	0.58mi	3/1.0 (+1)	962 (+7%)	6mo	$115,000	$120	50
201 W Waid Ave	0.50mi	2/1.0	998 (+11%)	12mo	$120,000	$120	48
2817 N Linda Layne	0.61mi	3/1.0 (+1)	875 (-2%)	18mo	$104,000	$119	48
2905 N Barr St	0.64mi	3/1.0 (+1)	925 (+3%)	15mo	$65,000	$70	47
2209 N Walnut St	0.48mi	3/1.0 (+1)	966 (+8%)	16mo	$112,500	$116	47
200 W Cromer Ave	0.46mi	3/1.0 (+1)	1,006 (+12%)	8mo	$150,000	$149	46
1512 E Waid Ave	0.69mi	2/1.0	832 (-7%)	13mo	$90,000	$108	45
713 W Cromer Ave	0.75mi	2/1.0	988 (+10%)	10mo	$140,000	$142	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 · 7.8% rent growth · sell at horizon

5-year hold

• IRR: 31.3%
• Equity multiple: 2.40×
• Total profit: $21,543
• Equity at exit: $8,201

10-year hold

• IRR: 41.0%
• Equity multiple: 5.80×
• Total profit: $73,892
• Equity at exit: $4,755

Cash invested: $15,400 (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: 4.7×

Monthly cashflow live

• Estimated rent: $968 high
• Mortgage (P&I): −$288
• Tax from tax record: −$52 /mo · $628/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$203
• Net cashflow: $401

Break-even live

Break-even rent $460

Max offer price $55,000

Occupancy floor 54%

Sensitivity live

Price	-10% $432	-5% $417	+0% $401	+5% $386	+10% $370
Rent	-10% $325	-5% $363	+0% $401	+5% $439	+10% $478
Rate	-1.0pp $429	-0.5pp $415	base $401	+0.5pp $387	+1.0pp $372

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
151 E Streeter Ave Unit 2 Bedroom Apartment Muncie, IN	2.0	1.0	750	$692	$0.92	44d	1	0.44mi
222 W Centennial Ave Muncie, IN	2.0	1.5	1042	$925	$0.89	44d	1	0.44mi
111 E Streeter Ave Muncie, IN	2.0–3.0	1.0	816	$799	$0.98	44d	3	0.49mi
1414 E Highland Ave Muncie, IN	2.0	1.5	1056	$900	$0.85	44d	1	0.60mi
720 W Centennial Ave Muncie, IN	2.0–3.0	1.0–2.0	1034	$799	$0.77	44d	1	0.75mi
2321 N Macedonia Ave Muncie, IN	2.0	1.0	1009	$860	$0.85	44d	1	0.78mi
305 N Pershing Dr Muncie, IN	3.0	1.0	1062	$1,100	$1.04	44d	1	0.85mi
520 N Alameda Ave Unit A Muncie, IN	1.0	1.0	750	$895	$1.19	44d	1	0.86mi
824 W Wayne St Muncie, IN	1.0	1.0	710	$795	$1.12	44d	1	0.86mi
1403 N Linden St Muncie, IN	1.0	1.0	760	$890	$1.17	44d	1	0.87mi
1010 W Bethel Ave Muncie, IN	1.0	1.0	700	$874	$1.25	44d	13	0.90mi
920 N Linden St Muncie, IN	2.0	1.0	745	$925	$1.24	44d	1	0.92mi
1200 W Bethel Ave Muncie, IN	3.0	2.0	1100	$1,300	$1.18	44d	13	0.98mi
1001 W Wayne St Muncie, IN	3.0	2.0	1100	$1,200	$1.09	44d	1	0.98mi
400 W Washington St Unit 213 Muncie, IN	2.0	2.0	1009	$1,200	$1.19	44d	1	1.05mi
400 W Washington St Unit 101 Muncie, IN	1.0	1.0	700	$1,050	$1.50	44d	1	1.05mi
2901 N Elgin St Muncie, IN	2.0–3.0	2.0	1045	$999	$0.96	44d	4	1.05mi
2600 N Wheeling Ave Muncie, IN	2.0–3.0	1.0	1024	$915	$0.89	44d	1	1.07mi
125 E Oldfield Ln Muncie, IN	1.0–3.0	1.0–2.0	886	$1,112	$1.26	44d	7	1.09mi
816 N New York Ave Muncie, IN	3.0–4.0	1.0	1200	$1,000	$0.83	44d	10	1.13mi
626 W Main St Muncie, IN	1.0	1.0	738	$715	$0.97	44d	2	1.16mi
522 W Adams St Muncie, IN	2.0	1.0	750	$810	$1.08	44d	6	1.22mi
326 W Charles St Muncie, IN	2.0	1.0	836	$1,300	$1.56	44d	1	1.24mi
906 W Main St Muncie, IN	1.0–2.0	1.0	712	$995	$1.40	44d	3	1.24mi
4000 N Walnut St Muncie, IN	1.0–3.0	1.0	880	$964	$1.10	44d	5	1.26mi
907 W Main St Apt 1 Muncie, IN	2.0	1.0	750	$775	$1.03	44d	1	1.26mi
3906 N Franklin St Apt 1 Muncie, IN	2.0	1.0	972	$972	$1.00	44d	1	1.27mi
1801 N Glenwood Ave Muncie, IN	2.0	1.0	1096	$1,250	$1.14	44d	1	1.27mi
514 W Charles St Muncie, IN	2.0	1.0	1062	$800	$0.75	44d	1	1.28mi
3910 N Franklin St Muncie, IN	2.0	1.5	1008	$999	$0.99	44d	2	1.31mi
701 N Dicks St Unit 1&3 Muncie, IN	2.0	1.5	920	$1,580	$1.72	44d	1	1.32mi
701 N Dicks St Unit 4 Muncie, IN	2.0	1.5	920	$1,580	$1.72	44d	1	1.33mi
1701 N Rosewood Ave Muncie, IN	2.0	1.0	750	$1,405	$1.87	44d	1	1.33mi
2125 E Harvard Ave Muncie, IN	3.0	2.0	1040	$1,200	$1.15	44d	1	1.38mi
1501 W University Ave Muncie, IN	2.0–3.0	1.0	794	$900	$1.13	44d	1	1.40mi
1109 E Kirby Ave Muncie, IN	2.0–3.0	1.0	971	$835	$0.86	44d	2	1.40mi
519 N Dill St Muncie, IN	1.0–2.0	1.0	900	$1,125	$1.25	44d	7	1.42mi
1521 E Kirby Ave Muncie, IN	2.0–4.0	1.0–2.0	972	$800	$0.82	44d	2	1.48mi

Listing history 9 events

1. 2026-04-23
   status Pending
2. 2026-04-09
   listed $55,000 Active
3. 2019-11-25
   soldstatus $9,000 264-char remark

   Show marketing remark (264 chars)

   Investor Special. This property has tons of potential. This home is minutes from the mall. Solid 2 bedroom, 1 story home. Large one bathroom. Partial basement. Large backyard along the walking trails. Blown in insulation on exterior walls. Home does Need some TLC.

4. 2019-11-25
   soldstatus $9,000

   Show marketing remark (264 chars)

   Investor Special. This property has tons of potential. This home is minutes from the mall. Solid 2 bedroom, 1 story home. Large one bathroom. Partial basement. Large backyard along the walking trails. Blown in insulation on exterior walls. Home does Need some TLC.

5. 2019-05-10
   listed $12,500

   Show marketing remark (264 chars)

   Investor Special. This property has tons of potential. This home is minutes from the mall. Solid 2 bedroom, 1 story home. Large one bathroom. Partial basement. Large backyard along the walking trails. Blown in insulation on exterior walls. Home does Need some TLC.

6. 2019-05-10
   listed $12,500 264-char remark

   Show marketing remark (264 chars)

   Investor Special. This property has tons of potential. This home is minutes from the mall. Solid 2 bedroom, 1 story home. Large one bathroom. Partial basement. Large backyard along the walking trails. Blown in insulation on exterior walls. Home does Need some TLC.

7. 2019-03-01
   historical
8. 2018-08-30
   listed $24,900
9. 2018-08-30
   listed $24,900

ⓘ 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: $628 · $52/mo
• Projected year-2 tax: $628 · $52/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 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: $11,617
• − Mortgage interest: −$3,081
• − Property taxes: −$628
• − Insurance: −$275
• − Repairs & maintenance: −$929
• − Management: −$929
• − Depreciation: −$1,600
• Taxable income: $4,175
• Est. tax owed @ 24.0%: −$1,002
• After-tax cash flow: $3,812/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

+120.9% since first listed

9 events — show timeline

• 2026-04-23 Pending — IRMLS
• 2026-04-09 Listed $55,000 IRMLS
• 2019-11-25 Sold (MLS) $9,000 MIBOR as Distributed by MLS Grid
• 2019-11-25 Sold (MLS) $9,000 IRMLS
• 2019-05-10 Listed $12,500 MIBOR as Distributed by MLS Grid
• 2019-05-10 Listed $12,500 IRMLS
• 2019-03-01 Listing Removed — MIBOR as Distributed by MLS Grid
• 2018-08-30 Listed $24,900 MIBOR as Distributed by MLS Grid
• 2018-08-30 Listed $24,900 IRMLS

Property tax history

-6.3%/yr

Latest (2024): $628 · -38.6% YoY. Source: county tax records.