2200 S Biltmore Ave · Muncie, IN 47302

$45,000

2 bd · 1.0 ba · 716 sqft · SingleFamily public records · 13 Days on market

Built 1939 4,640 sqft lot Est $74k · 39% 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

2-bedroom, 1-bath rental home located on Muncie’s southside. Currently tenant-occupied with a month-to-month lease at $550 per month, providing immediate rental income. Situated within a designated Opportunity Zone, this property offers potential tax advantages and long-term investment appeal. A solid addition to any investor’s portfolio.

Key facts

• 4,640 sq ft lot
• Garage
• Built 1939

Property features AI

Exterior

• Parking: Detached garage (1 car) with approximately 400 sq ft; Guest street parking
• Utilities: Public water; Municipal sewer connected; Electricity connected (100 amp service); Solid waste service available
• Home design: Single-family residence; One story; Property listed as fixer
• Construction: Vinyl siding; Block foundation
• Exterior features: City lot with curbs and sidewalks; Storm sewer and street lights; No fence

Interior

• Kitchen: Electric oven; Refrigerator; Range hood
• Bedrooms: Two main-level bedrooms
• Bathrooms: One full bathroom with tub and shower
• Heating & cooling: Forced air heating (natural gas); Window air conditioning unit(s)
• Interior features: Laundry in unit with utility room; Water heater; Range hood
• Laundry & utility: Washer/dryer connections (all); Utility room

🏷️ Possibly a rental listed for sale. The $45,000 price doesn't fit this home's estimated sale value (~$73,748) 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 $45k.

Deal economics

• At list price, monthly cash flow is $317 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($817 rent vs $45k).
• Cap rate 14.8% 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: Grissom Elementary School (math 8% / reading 8%, grade F, #949 of 994 statewide, top 97%, 450 students, 85% 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).
• Market conditions: Rents rising fast (+6.1%/yr); 149 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 46d 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 $311 of loan paydown is wiped out by about $1k 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 $13k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 13y 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.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $45,000

Questions for the listing agent

1. Built in 1939 — 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: 1.82% ✓
• Cap rate: 14.75%
• Cash-on-cash: 30.21%
• DSCR: 2.34
• GRM: 4.6

CMA / ARV

• ARV (on-the-fly): $73,748
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2014 S Biltmore Ave	0.07mi	2/1.0	720 (+1%)	14mo	$35,500	$49	84
2006 S Manhattan Ave	0.11mi	2/1.0	728 (+2%)	17mo	$75,000	$103	78
1904 S Rosemont Ave	0.23mi	2/1.0	776 (+8%)	13mo	$80,000	$103	64
2209 S Biltmore Ave	0.04mi	2/1.0	816 (+14%)	14mo	$68,316	$84	64
2211 E 19 St	0.53mi	2/1.0	726 (+1%)	12mo	$85,000	$117	62
1716 S Jersey Ave	0.36mi	2/1.0	768 (+7%)	16mo	$82,000	$107	58
1505 S Biltmore Ave	0.45mi	2/1.0	768 (+7%)	18mo	$81,000	$105	52
1528 S Jersey Ave	0.44mi	2/1.0	768 (+7%)	19mo	$75,000	$98	52
1527 S Ribble Ave	0.64mi	2/1.0	800 (+12%)	2mo	$72,000	$90	49
1624 S Jersey Ave	0.40mi	3/1.0 (+1)	780 (+9%)	15mo	$65,000	$83	49
1926 E 17 St	0.71mi	2/1.0	672 (-6%)	12mo	$72,900	$108	47
2806 S Sycamore Ave	0.64mi	2/1.0	816 (+14%)	2mo	$120,000	$147	45

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: 28.4%
• Equity multiple: 2.24×
• Total profit: $15,569
• Equity at exit: $6,710

10-year hold

• IRR: 37.7%
• Equity multiple: 5.06×
• Total profit: $51,200
• Equity at exit: $3,891

Cash invested: $12,600 (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: 4.6×

Monthly cashflow live

• Estimated rent: $817 high
• Mortgage (P&I): −$236
• Tax from tax record: −$74 /mo · $886/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$172
• Net cashflow: $317

Break-even live

Break-even rent $416

Max offer price $45,000

Occupancy floor 56%

Sensitivity live

Price	-10% $343	-5% $330	+0% $317	+5% $304	+10% $292
Rent	-10% $253	-5% $285	+0% $317	+5% $349	+10% $382
Rate	-1.0pp $340	-0.5pp $329	base $317	+0.5pp $306	+1.0pp $294

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2011 E 18th St Muncie, IN	2.0	1.0	470	$725	$1.54	45d	1	0.70mi
1901 E 26th St Unit 5 Muncie, IN	2.0	1.0	600	$865	$1.44	45d	1	1.12mi
1311 E 11th St Unit 2 Muncie, IN	1.0	1.0	672	$715	$1.06	45d	1	1.13mi
1521 E Kirby Ave Muncie, IN	2.0–4.0	1.0–2.0	972	$800	$0.82	45d	2	1.31mi
1307 S Ebright St Unit 2 Muncie, IN	1.0	1.0	630	$695	$1.10	45d	1	1.44mi

Listing history 11 events

1. 2026-06-22
   days on market $45,000 Active 13 DOM
2. 2026-06-19
   days on market $45,000 Active 11 DOM
3. 2026-06-18
   days on market $45,000 Active 10 DOM
4. 2026-06-17
   days on market $45,000 Active 9 DOM
5. 2026-06-16
   days on market $45,000 Active 8 DOM
6. 2026-06-15
   days on market $45,000 Active 7 DOM
7. 2026-06-14
   days on market $45,000 Active 5 DOM
8. 2026-06-13
   days on market $45,000 Active 4 DOM
9. 2026-06-10
   days on market $45,000 Active 2 DOM
10. 2026-06-09
    remarks 340-char remark
11. 2026-06-09
    listed $45,000 Active 1 DOM

ⓘ 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: $886 · $74/mo
• Projected year-2 tax: $886 · $74/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 ≥101°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: $9,809
• − Mortgage interest: −$2,521
• − Property taxes: −$886
• − Insurance: −$225
• − Repairs & maintenance: −$785
• − Management: −$785
• − Depreciation: −$1,309
• Taxable income: $3,299
• Est. tax owed @ 24.0%: −$792
• After-tax cash flow: $3,014/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

+350.0% since first listed

4 events — show timeline

• 2026-06-08 Listed $45,000 MIBOR as Distributed by MLS Grid
• 2026-06-08 Listed $45,000 IRMLS
• 2013-09-18 Listing Removed — MIBOR as Distributed by MLS Grid
• 2013-04-15 Listed $10,000 MIBOR as Distributed by MLS Grid

Property tax history

-2.5%/yr

Latest (2024): $886 · +11.0% YoY. Source: county tax records.