2520 W 11th St · Muncie, IN 47302

$65,000

2 bd · 1.0 ba · 1,384 sqft · SingleFamily public records · 31 Days on market

Built 1950 5,009 sqft lot $47/sqft · 40% below area Est $109k · 40% 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

3 bed, 1 bath home with 1,384 sq ft, built in 1950. Tenant-occupied with immediate income. Sold as-is. Do not disturb tenant

Key facts

• 5,009 sq ft lot
• Built 1950
• Listed 31 days

🏷️ Possibly a rental listed for sale. The $65,000 price doesn't fit this home's estimated sale value (~$108,590) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $385 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.4% 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: West View Elementary School (math 32% / reading 27%, grade F, #697 of 994 statewide, top 73%, 479 students, 61% FRL); Southside Middle School (math 7% / reading 15%, grade F, #312 of 330 statewide, top 95%, 443 students, 85% FRL); Muncie Central High School (math 20% / reading 39%, 1,326 students, 70% FRL) — zoned schools at 72% FRL track the district average.
• Market conditions: Rents rising fast (+6.1%/yr); 149 active listings in the ZIP; 21 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 $449 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 + 6.1% rent growth), your $18k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y ago; this cycle's ask has dropped $5k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $12k; list at $65k implies a 420% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $63,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 1.66% ✓
• Cap rate: 13.41%
• Cash-on-cash: 25.41%
• DSCR: 2.13
• GRM: 5.0

CMA / ARV

• ARV (median comp): $108,590
• List price: $65,000
• Delta: -40.14%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2200 W Memorial Dr	0.24mi	2/1.0	1,341 (-3%)	2mo	$63,000	$47	82
1601 S Clark St	0.09mi	3/1.0 (+1)	1,240 (-10%)	2mo	$140,000	$113	72
2300 W 10th St	0.15mi	3/2.0 (+1)	1,305 (-6%)	16mo	$20,000	$15	61
910 S Umbarger Rd	0.61mi	2/1.0	1,310 (-5%)	6mo	$118,250	$90	58
2409 W Ethel Ave	0.62mi	3/1.5 (+1)	1,428 (+3%)	9mo	$150,000	$105	51
1438 W 13th St	0.69mi	3/1.5 (+1)	1,462 (+6%)	2mo	$149,900	$103	49
2619 W Ethel Ave	0.62mi	2/1.0	1,328 (-4%)	21mo	$95,000	$72	47
3515 W 8th St	0.63mi	2/1.0	1,222 (-12%)	10mo	$54,000	$44	43
1712 W 7th St	0.57mi	2/1.0	1,209 (-13%)	21mo	$61,000	$50	35
2509 S Hoyt Ave	0.74mi	2/1.0	1,243 (-10%)	16mo	$94,000	$76	35
1901 W 8th St	0.46mi	3/1.0 (+1)	1,565 (+13%)	21mo	$48,900	$31	34
1442 W 15th St	0.73mi	3/3.0 (+1)	1,585 (+14%)	19mo	$104,000	$66	12

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: 22.5%
• Equity multiple: 1.96×
• Total profit: $17,520
• Equity at exit: $9,692

10-year hold

• IRR: 32.6%
• Equity multiple: 4.42×
• Total profit: $62,202
• Equity at exit: $5,620

Cash invested: $18,200 (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: 149
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,079 high
• Mortgage (P&I): −$341
• Tax from tax record: −$99 /mo · $1,190/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$227
• Net cashflow: $385

Break-even live

Break-even rent $591

Max offer price $65,000

Occupancy floor 59%

Sensitivity live

Price	-10% $422	-5% $404	+0% $385	+5% $367	+10% $349
Rent	-10% $300	-5% $343	+0% $385	+5% $428	+10% $471
Rate	-1.0pp $418	-0.5pp $402	base $385	+0.5pp $369	+1.0pp $351

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2800 W Memorial Dr Muncie, IN	3.0	2.0	1216	$1,139	$0.94	45d	1	0.17mi
2112 W 11th St Muncie, IN	3.0	2.0	1646	$1,000	$0.61	45d	1	0.28mi
1704 W 15th St Muncie, IN	3.0	1.0	1026	$1,275	$1.24	45d	1	0.59mi
2015 W Godman Ave Muncie, IN	2.0	1.0	900	$985	$1.09	45d	7	0.78mi
328 S Talley Ave Muncie, IN	2.0	1.0	1770	$1,400	$0.79	45d	1	0.93mi
309 S McKinley Ave Muncie, IN	2.0	1.0	875	$1,100	$1.26	45d	1	0.98mi
312 S Calvert St Muncie, IN	3.0	1.0	1813	$1,500	$0.83	45d	1	1.01mi
1719 W Adams St Muncie, IN	2.0	1.0	1159	$1,000	$0.86	45d	1	1.03mi
2106 W Main St Muncie, IN	3.0	1.0	1036	$1,209	$1.17	45d	1	1.07mi
106 N McKinley Ave Muncie, IN	2.0	1.0	996	$1,024	$1.03	45d	2	1.16mi
1001 W 1st St Unit 1 Muncie, IN	3.0	1.5	1098	$875	$0.80	45d	1	1.18mi
216 N McKinley Ave Muncie, IN	1.0–2.0	1.0	679	$825	$1.22	45d	3	1.21mi
623 W 9th St Muncie, IN	3.0	1.0	1574	$1,499	$0.95	45d	1	1.23mi
605 W 10th St Muncie, IN	3.0	1.0	1688	$1,150	$0.68	45d	1	1.25mi
810 W 1st St Muncie, IN	1.0	1.0	980	$599	$0.61	45d	1	1.28mi
509 W 8th St Muncie, IN	3.0	1.0	1008	$1,325	$1.31	45d	1	1.30mi
402 N Calvert St Muncie, IN	2.0	1.0–1.5	720	$899	$1.25	45d	5	1.34mi
519 N Dill St Muncie, IN	1.0–2.0	1.0	900	$1,125	$1.25	45d	7	1.46mi
206 W 13th St Muncie, IN	2.0	1.0	992	$900	$0.91	45d	1	1.48mi
906 W Main St Muncie, IN	1.0–2.0	1.0	712	$995	$1.40	45d	3	1.49mi
417 S Council St Muncie, IN	3.0	1.0	1132	$1,025	$0.91	45d	1	1.49mi

Listing history 7 events

1. 2026-05-13
   status Pending 124-char remark

   Show marketing remark (124 chars)

   3 bed, 1 bath home with 1,384 sq ft, built in 1950. Tenant-occupied with immediate income. Sold as-is. Do not disturb tenant

2. 2026-04-29
   price $65,000 124-char remark

   Show marketing remark (124 chars)

   3 bed, 1 bath home with 1,384 sq ft, built in 1950. Tenant-occupied with immediate income. Sold as-is. Do not disturb tenant

3. 2026-04-26
   status Active 124-char remark

   Show marketing remark (124 chars)

   3 bed, 1 bath home with 1,384 sq ft, built in 1950. Tenant-occupied with immediate income. Sold as-is. Do not disturb tenant

4. 2026-04-09
   status Pending 124-char remark

   Show marketing remark (124 chars)

   3 bed, 1 bath home with 1,384 sq ft, built in 1950. Tenant-occupied with immediate income. Sold as-is. Do not disturb tenant

5. 2026-03-26
   listed $69,900 Active 124-char remark

   Show marketing remark (124 chars)

   3 bed, 1 bath home with 1,384 sq ft, built in 1950. Tenant-occupied with immediate income. Sold as-is. Do not disturb tenant

6. 2014-02-19
   soldstatus $12,500 236-char remark

   Show marketing remark (236 chars)

   Two story 3 bedroom house, with laundry room and eat in kitchen, this is a Fannie Mae Homepath property, purchase this property with as little as 3% down, and is approved for Homepath Mortgage and Homepath Renovation Mortgage Financing.

7. 2013-09-18
   listed $18,900 236-char remark

   Show marketing remark (236 chars)

   Two story 3 bedroom house, with laundry room and eat in kitchen, this is a Fannie Mae Homepath property, purchase this property with as little as 3% down, and is approved for Homepath Mortgage and Homepath Renovation Mortgage Financing.

ⓘ 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: $1,190 · $99/mo
• Projected year-2 tax: $1,190 · $99/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: $12,949
• − Mortgage interest: −$3,641
• − Property taxes: −$1,190
• − Insurance: −$325
• − Repairs & maintenance: −$1,036
• − Management: −$1,036
• − Depreciation: −$1,891
• Taxable income: $3,830
• Est. tax owed @ 24.0%: −$919
• After-tax cash flow: $3,705/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

+243.9% since first listed

7 events — show timeline

• 2026-05-13 Pending — IRMLS
• 2026-04-29 Price Changed $65,000 IRMLS
• 2026-04-26 Relisted — IRMLS
• 2026-04-09 Pending — IRMLS
• 2026-03-26 Listed $69,900 IRMLS
• 2014-02-19 Sold (MLS) $12,500 MIBOR as Distributed by MLS Grid
• 2013-09-18 Listed $18,900 MIBOR as Distributed by MLS Grid

Property tax history

-3.8%/yr

Latest (2024): $1,190 · +18.1% YoY. Source: county tax records.