212 N Hodson Ave · Muncie, IN 47303

$72,000

2 bd · 1.0 ba · 780 sqft · SingleFamily public records · 4 Days on market

Built 1953 8,056 sqft lot Est $82k · 12% 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 +30.0/30.0
• ARV discount +12.9/15.0
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• 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

Don't miss this turnkey opportunity. This 2 bedroom, 1 bath home offers an excellent opportunity with a tenant already in place until March 2027 providing immediate rental income. The peppery features 8 year old roof, water heater and furnace are 3 years old, a nice sized yard, a2 car detached garage, and plenty of appeal for long term investment potential.

Key facts

• 8,056 sq ft lot
• Garage
• Built 1953

Property features AI

Finance

• Other: Tax annual amount noted

Exterior

• Parking: Detached gravel garage with 1 garage space
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built home; One story
• Construction: Vinyl siding; Shingle roof
• Exterior features: Level lot; No fencing; Lot dimensions approximately 53 x 152

Interior

• Kitchen: Refrigerator; Electric range
• Bedrooms: Total of 5 rooms (bedrooms included in room count)
• Flooring: Vinyl flooring; Other flooring
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Natural gas forced-air heating; No cooling
• Interior features: Laminate counters; One fireplace
• Laundry & utility: Laundry on main level; Crawl space basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $72k.

Deal economics

• At list price, monthly cash flow is $310 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($988 rent vs $72k).
• Cap rate 11.5% 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: Longfellow Elementary School (math 17% / reading 12%, grade F, #862 of 994 statewide, top 88%, 324 students, 86% FRL); Northside Middle School (math 17% / reading 36%, grade F, #236 of 330 statewide, top 72%, 583 students, 70% FRL).
• Market conditions: Rents rising fast (+7.8%/yr); 112 active listings in the ZIP; 14 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 $498 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 $20k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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 1953 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $72,000

Questions for the listing agent

1. Built in 1953 — 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: 1.37% ✓
• Cap rate: 11.45%
• Cash-on-cash: 18.43%
• DSCR: 1.82
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $81,900
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
107 N Delawanda Ave	0.31mi	2/1.0	780 (0%)	4mo	$67,000	$86	82
215 N Grafton Ave	0.04mi	2/1.0	760 (-3%)	16mo	$75,000	$99	80
1008 N Bellaire Ave	0.54mi	2/1.0	768 (-2%)	8mo	$95,000	$124	66
3000 E Manor St	0.43mi	2/1.0	736 (-6%)	6mo	$125,000	$170	65
307 N Biltmore Ave	0.24mi	2/1.0	720 (-8%)	22mo	$58,000	$81	57
920 S Ribble Ave	0.62mi	2/1.0	768 (-2%)	14mo	$103,000	$134	57
206 N Waldemere Ave	0.39mi	2/1.0	864 (+11%)	10mo	$32,000	$37	55
1052 S Burlington Dr	0.65mi	2/1.0	780 (0%)	18mo	$99,900	$128	54
926 S Ribble Ave	0.64mi	2/1.0	812 (+4%)	23mo	$84,900	$105	44
714 S Ribble Ave	0.51mi	3/1.0 (+1)	864 (+11%)	21mo	$110,000	$127	36
711 N Waldemere Ave	0.47mi	1/1.0 (-1)	896 (+15%)	20mo	$50,000	$56	32

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: 15.3%
• Equity multiple: 1.65×
• Total profit: $13,060
• Equity at exit: $10,735

10-year hold

• IRR: 27.2%
• Equity multiple: 3.95×
• Total profit: $59,442
• Equity at exit: $6,225

Cash invested: $20,160 (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: 6.1×

Monthly cashflow live

• Estimated rent: $988 high
• Mortgage (P&I): −$378
• Tax from tax record: −$63 /mo · $760/yr
• Insurance: −$30
• HOA: −$0
• Vacancy / Maint / Mgmt: −$208
• Net cashflow: $310

Break-even live

Break-even rent $596

Max offer price $72,000

Occupancy floor 64%

Sensitivity live

Price	-10% $350	-5% $330	+0% $310	+5% $289	+10% $269
Rent	-10% $232	-5% $271	+0% $310	+5% $349	+10% $388
Rate	-1.0pp $346	-0.5pp $328	base $310	+0.5pp $291	+1.0pp $272

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: $18,000
• Closing costs: $2,160
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
305 N Biltmore Ave Muncie, IN	2.0	1.0	912	$1,186	$1.30	44d	1	0.24mi
9901 N State St Muncie, IN	3.0	2.0	1136	$1,110	$0.98	44d	5	0.75mi
1521 E Kirby Ave Muncie, IN	2.0–4.0	1.0–2.0	972	$800	$0.82	44d	2	0.82mi
1414 E Highland Ave Muncie, IN	2.0	1.5	1056	$900	$0.85	44d	1	0.97mi
1109 E Kirby Ave Muncie, IN	2.0–3.0	1.0	971	$835	$0.86	44d	2	1.04mi
1310 E 5th St Muncie, IN	3.0	1.0	864	$1,300	$1.50	44d	1	1.05mi
1804 S Wall Ave Muncie, IN	2.0	1.0	900	$899	$1.00	44d	1	1.10mi
305 N Pershing Dr Muncie, IN	3.0	1.0	1062	$1,100	$1.04	44d	1	1.14mi
2213 E Memorial Dr Muncie, IN	2.0	1.0–2.0	997	$1,078	$1.08	44d	1	1.22mi
3508 E Memorial Dr Muncie, IN	2.0–3.0	1.0–2.0	1029	$429	$0.42	44d	7	1.25mi
1307 S Ebright St Unit 2 Muncie, IN	1.0	1.0	630	$695	$1.10	44d	1	1.28mi
1311 E 11th St Unit 2 Muncie, IN	1.0	1.0	672	$715	$1.06	44d	1	1.37mi
1703 E 14th St Apt 15 Muncie, IN	2.0	1.0	756	$777	$1.03	44d	1	1.41mi
2321 N Macedonia Ave Muncie, IN	2.0	1.0	1009	$860	$0.85	44d	1	1.42mi

Listing history 6 events

1. 2026-06-19
   days on market $72,000 Active 4 DOM
2. 2026-06-18
   days on market $72,000 Active 3 DOM
3. 2026-06-17
   days on market $72,000 Active 2 DOM
4. 2026-06-17
   remarks 377-char remark
5. 2026-06-15
   remarks 360-char remark

   Show marketing remark (359 chars)

   Don't miss this turnkey opportunity. This 2 bedroom, 1 bath home offers an excellent opportunity with a tenant already in place until March 2027 providing immediate rental income. The peppery features 8 year old roof, water heater and furnace are 3 years old, a nice sized yard, a2 car detached garage, and plenty of appeal for long term investment potential.

6. 2026-06-15
   listed $72,000 Active 1 DOM

   Show marketing remark (359 chars)

   Don't miss this turnkey opportunity. This 2 bedroom, 1 bath home offers an excellent opportunity with a tenant already in place until March 2027 providing immediate rental income. The peppery features 8 year old roof, water heater and furnace are 3 years old, a nice sized yard, a2 car detached garage, and plenty of appeal for long term investment potential.

ⓘ 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: $760 · $63/mo
• Projected year-2 tax: $760 · $63/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: $11,857
• − Mortgage interest: −$4,033
• − Property taxes: −$760
• − Insurance: −$360
• − Repairs & maintenance: −$949
• − Management: −$949
• − Depreciation: −$2,095
• Taxable income: $2,713
• Est. tax owed @ 24.0%: −$651
• After-tax cash flow: $3,065/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

+0.0% since first listed

2 events — show timeline

• 2026-06-15 Listed $72,000 IRMLS
• 2026-06-15 Listed $72,000 IRMLS

Property tax history

-5.6%/yr

Latest (2024): $760 · -14.8% YoY. Source: county tax records.