6440 N Bobtail Dr · Muncie, IN 47304

$165,000

3 bd · 1.5 ba · 1,860 sqft · SingleFamily public records · 15 Days on market

Built 1975 0.35 ac lot

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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 +19.0/30.0
• ARV discount +7.5/15.0
• DSCR +6.0/10.0
• Rent growth +4.5/5.0
• Livability +4.0/5.0
• 1% rule +3.7/10.0
• Schools +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

FIRST TIME EVER ON THE MARKET! Original owners of this classic charm are ready to sell! This 3 bedroom 1 and a half bath home with a 2 car attached garage could be your new home for cherished traditions and simple pleasures of elegant country life in a small neighborhood setting. Entertain your guests in the over-sized dining room/family room with the beautiful wood burning fireplace. New well pump in 2017! Fully fenced in, large back yard has loads of potential for all of your outside adventures. Two large trees in the front yard provide the perfect summertime shade to help keep the home cool. Say goodbye to all utility bills besides electric! As a bonus, this spacious home also offers an additional small room off the kitchen you can use for an office, large walk-in pantry or so much more! With some TLC this will be a true charmer! As-is sale.

Key facts

• 0.35 acre lot
• Mature trees
• 0.35 acre lot

Tags

• 0.35 ACRE LOT
• PINEWOOD ACRES SUBDIVISION
• BRICK WOOD BURNING FIREPLACE
• DEDICATED SECONDARY ROOM
• FULLY FENCED BACKYARD
• MATURE TREES

Property features AI

Exterior

• Parking: Attached 2-car garage with garage door opener
• Security: Smoke detector(s)
• Utilities: Private water; Septic system; Electricity connected
• Home design: Single-family residence; One story; Has a view
• Construction: Stone and vinyl siding exterior; Slab foundation
• Exterior features: Storage shed; Above-ground outdoor pool with fencing

Interior

• Kitchen: Dishwasher; Refrigerator
• Bedrooms: Three bedrooms on the main level
• Bathrooms: One full bathroom on the main level; One half bathroom on the main level
• Heating & cooling: Electric heating; Central air; Window AC units
• Interior features: Attic access; Pantry; Dining room fireplace
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $171 ($2k/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 $144k (12.5% below list).
• Recommended offer: $144k (12.5% below list) — sets the bar for 1% rule.
• Cap rate 7.5% 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: crime F, employment F.
• Wes-Del Community Schools (rural): math 27% / reading 38% proficiency, ranked #209 of 301 in IN (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Wes-Del Elementary School (math 32% / reading 32%, grade F, #652 of 994 statewide, top 68%, 418 students, 56% FRL) — zoned schools average 56% FRL vs 36% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+8.1%/yr); 202 active listings in the ZIP; 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 $1k of loan paydown is wiped out by about $5k 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 + 8.0% rent growth), your $46k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 7y 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 $69k; list at $165k implies a 139% gain — meaningful room to come down on a strong offer.

Recommended offer $144,366 (12.5% below list)

Questions for the listing agent

1. Built in 1975 — 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: 0.87% ✗
• Cap rate: 7.54%
• Cash-on-cash: 4.45%
• DSCR: 1.20
• GRM: 9.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -4.6%
• Equity multiple: 0.82×
• Total profit: $-8,275
• Equity at exit: $24,602

10-year hold

• IRR: 9.6%
• Equity multiple: 1.89×
• Total profit: $41,235
• Equity at exit: $14,266

Cash invested: $46,200 (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 47304

• Home prices YoY: -28.4%
• Rents YoY: 8.1%
• Active inventory: 202
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,444 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$35 /mo · $421/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$303
• Net cashflow: $171

Break-even live

Break-even rent $1,227

Max offer price $165,000

Occupancy floor 83%

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-13
   status $165,000 Pending 15 DOM
2. 2026-06-10
   days on market $165,000 Active 15 DOM
3. 2026-06-09
   days on market $165,000 Active 14 DOM
4. 2026-06-08
   days on market $165,000 Active 13 DOM
5. 2026-06-07
   days on market $165,000 Active 12 DOM
6. 2026-06-02
   days on market $165,000 Active 7 DOM
7. 2026-06-01
   days on market $165,000 Active 6 DOM
8. 2026-05-31
   days on market $165,000 Active 5 DOM
9. 2026-05-30
   days on market $165,000 Active 4 DOM
10. 2026-05-25
    listed $165,000 Active
11. 2019-10-25
    soldstatus $69,000 858-char remark

    Show marketing remark (858 chars)

    FIRST TIME EVER ON THE MARKET! Original owners of this classic charm are ready to sell! This 3 bedroom 1 and a half bath home with a 2 car attached garage could be your new home for cherished traditions and simple pleasures of elegant country life in a small neighborhood setting. Entertain your guests in the over-sized dining room/family room with the beautiful wood burning fireplace. New well pump in 2017! Fully fenced in, large back yard has loads of potential for all of your outside adventures. Two large trees in the front yard provide the perfect summertime shade to help keep the home cool. Say goodbye to all utility bills besides electric! As a bonus, this spacious home also offers an additional small room off the kitchen you can use for an office, large walk-in pantry or so much more! With some TLC this will be a true charmer! As-is sale.

12. 2019-02-28
    listed $74,900 858-char remark

    Show marketing remark (858 chars)

    FIRST TIME EVER ON THE MARKET! Original owners of this classic charm are ready to sell! This 3 bedroom 1 and a half bath home with a 2 car attached garage could be your new home for cherished traditions and simple pleasures of elegant country life in a small neighborhood setting. Entertain your guests in the over-sized dining room/family room with the beautiful wood burning fireplace. New well pump in 2017! Fully fenced in, large back yard has loads of potential for all of your outside adventures. Two large trees in the front yard provide the perfect summertime shade to help keep the home cool. Say goodbye to all utility bills besides electric! As a bonus, this spacious home also offers an additional small room off the kitchen you can use for an office, large walk-in pantry or so much more! With some TLC this will be a true charmer! As-is sale.

ⓘ 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: $421 · $35/mo
• Projected year-2 tax: $912 · $76/mo
• Expected delta: +$491/yr (+$41/mo · 116.6%)

ⓘ 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 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,324
• − Mortgage interest: −$9,243
• − Property taxes: −$421
• − Insurance: −$825
• − Repairs & maintenance: −$1,386
• − Management: −$1,386
• − Depreciation: −$4,800
• Taxable loss: −$736
• Est. tax savings @ 24.0%: +$177
• After-tax cash flow: $2,233/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: Wes-Del Community Schools
• NCES district ID: 1804500
• Math proficiency: 27% ▼ -9.00%
• Reading proficiency: 38% ▼ -3.00%
• Median HH income: $50,271
• Composite: 28.26/100
• National rank: #6795
• State rank: #209 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

• County: Delaware County · 84,658 people
• City population: 84,658
• Metro: Muncie, IN
• Population (ZIP): 31,237
• Household income: $63,215
• Rent vs Own: 34.6% rent · 65.4% own
• Severe rent burden: 1141.0

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 (85%)
• Race & ethnicity: White 85% Two or more races 5% Black 4% Asian 4% Hispanic / Latino 3%
• Common ancestry: Lithuanian 2% Romanian 2% Slovak 1%
• Foreign-born: 5% · Canada, Vietnam, China
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% Vietnamese 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: ▼ -78.53%
• Current HPI: 197.5213
• Rent YoY: ▲ 8.08%
• 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

+120.3% since first listed

3 events — show timeline

• 2026-05-25 Listed $165,000 MIBOR as Distributed by MLS Grid
• 2019-10-25 Sold (MLS) $69,000 IRMLS
• 2019-02-28 Listed $74,900 IRMLS

Property tax history

-9.4%/yr

Latest (2024): $421 · +27.3% YoY. Source: county tax records.