2109 S Delawanda Ave · Muncie, IN 47302

$70,000

4 bd · 1.0 ba · 1,467 sqft · SingleFamily public records · 21 Days on market

Built 1945 4,640 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Bring your vision and creativity to this 3-bedroom home on S Delawanda Ave! Featuring a spacious living area and a kitchen with plenty of built-in cabinets for storage, this property offers great potential to make it your own. Additional features include a carport and detached garage for added convenience. Come check out the possibilities this property has to offer!

Key facts

• Spacious living area
• Carport
• Built-in cabinets

Tags

• SPACIOUS LIVING AREA
• BUILT-IN CABINETS
• CARPORT
• DETACHED GARAGE

Property features AI

Exterior

• Parking: Detached carport; Detached 2-car garage (576 sq ft)
• Utilities: Public water; Municipal sewer connected; Electricity connected; Natural gas available; Water connected
• Home design: Single-family residence; One story; East-facing; Property listed as fixer; Has a view
• Construction: Vinyl siding; Crawl space foundation
• Exterior features: Mature trees on the lot; No fence

Interior

• Kitchen: Electric oven; Refrigerator
• Bedrooms: Three bedrooms on the main level
• Flooring: Luxury vinyl plank
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Luxury vinyl plank flooring throughout main living areas; Family room and great room
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $489 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $69k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.7% 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) — zoned schools average 85% FRL vs 68% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 8% at this address vs 22% district-wide (-14 pts) — the specific schools serving this property underperform the Muncie Community Schools average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+6.1%/yr); 148 active listings in the ZIP; 3 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).
• This rent runs 31% of the median local income ($48k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $484 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 $20k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($69k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $68,950 (1.5% below list)

Questions for the listing agent

1. Built in 1945 — 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: 1.78% ✓
• Cap rate: 14.68%
• Cash-on-cash: 29.94%
• DSCR: 2.33
• GRM: 4.7

CMA / ARV

• ARV (on-the-fly): $140,832
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1601 S Burlington Dr	0.34mi	3/1.5 (-1)	1,504 (+2%)	0mo	$92,000	$61	73
2800 E 16th St	0.19mi	3/1.0 (-1)	1,370 (-7%)	3mo	$55,000	$40	72
2212 S Delawanda Ave	0.08mi	3/1.0 (-1)	1,406 (-4%)	15mo	$40,000	$28	72
2905 E Imperial Ln	0.33mi	3/1.5 (-1)	1,472 (+0%)	12mo	$141,000	$96	67
2715 E 14th St	0.18mi	3/2.0 (-1)	1,305 (-11%)	3mo	$169,900	$130	62
1910 S May Ave	0.19mi	4/2.0	1,640 (+12%)	8mo	$93,000	$57	61
1501 S Wall Ave	0.52mi	3/1.0 (-1)	1,500 (+2%)	17mo	$105,900	$71	53
1217 S Helen Dr	0.57mi	3/2.0 (-1)	1,632 (+11%)	2mo	$179,500	$110	44
1517 S Meeker Ave	0.54mi	4/2.0	1,584 (+8%)	17mo	$60,000	$38	43
1405 S Ribble Ave	0.70mi	3/1.0 (-1)	1,555 (+6%)	13mo	$150,000	$96	42
2014 S Manville Rd	0.37mi	3/1.0 (-1)	1,662 (+13%)	16mo	$170,000	$102	42
3005 E Esther Ln	0.41mi	3/1.5 (-1)	1,288 (-12%)	15mo	$178,000	$138	41

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: 28.0%
• Equity multiple: 2.22×
• Total profit: $23,847
• Equity at exit: $10,437

10-year hold

• IRR: 37.3%
• Equity multiple: 5.01×
• Total profit: $78,562
• Equity at exit: $6,052

Cash invested: $19,600 (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: 148
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $1,246 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$99 /mo · $1,192/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$262
• Net cashflow: $489

Break-even live

Break-even rent $627

Max offer price $70,000

Occupancy floor 56%

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3508 E Memorial Dr Muncie, IN	2.0–3.0	1.0–2.0	1029	$1,091	$1.06	43d	7	0.36mi
1802 E Willard St Muncie, IN	3.0	2.5	1224	$1,100	$0.90	43d	1	1.05mi
1521 E Kirby Ave Muncie, IN	2.0–4.0	1.0–2.0	972	$1,500	$1.54	43d	2	1.31mi

Listing history 21 events

1. 2026-06-19
   days on market $70,000 Active 21 DOM
2. 2026-06-18
   days on market $70,000 Active 20 DOM
3. 2026-06-17
   days on market $70,000 Active 19 DOM
4. 2026-06-16
   days on market $70,000 Active 18 DOM
5. 2026-06-15
   days on market $70,000 Active 17 DOM
6. 2026-06-14
   days on market $70,000 Active 15 DOM
7. 2026-06-13
   days on market $70,000 Active 14 DOM
8. 2026-06-10
   days on market $70,000 Active 12 DOM
9. 2026-06-09
   days on market $70,000 Active 11 DOM
10. 2026-06-08
    days on market $70,000 Active 10 DOM
11. 2026-06-07
    days on market $70,000 Active 9 DOM
12. 2026-06-05
    days on market $70,000 Active 6 DOM
13. 2026-06-03
    days on market $70,000 Active 5 DOM
14. 2026-06-02
    days on market $70,000 Active 4 DOM
15. 2026-06-01
    days on market $70,000 Active 3 DOM
16. 2026-05-31
    days on market $70,000 Active 2 DOM
17. 2026-05-29
    listed $70,000 Active
18. 2024-06-22
    historical $1,050
19. 2024-06-06
    price $1,050
20. 2024-06-06
    listed $1,100
21. 2022-02-05
    price $975

ⓘ 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: $1,192 · $99/mo
• Projected year-2 tax: $1,192 · $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 ≥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: $14,955
• − Mortgage interest: −$3,921
• − Property taxes: −$1,192
• − Insurance: −$350
• − Repairs & maintenance: −$1,196
• − Management: −$1,196
• − Depreciation: −$2,036
• Taxable income: $5,063
• Est. tax owed @ 24.0%: −$1,215
• After-tax cash flow: $4,652/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

+6263.6% since first listed

5 events — show timeline

• 2026-05-29 Listed $70,000 MIBOR as Distributed by MLS Grid
• 2024-06-22 Rental Removed $1,050 APPFOLIO
• 2024-06-06 Price Changed $1,050 APPFOLIO
• 2024-06-06 Listed for Rent $1,100 APPFOLIO
• 2022-02-05 Price Changed $975 RENT.

Property tax history

+9.2%/yr

Latest (2024): $1,192 · +6.0% YoY. Source: county tax records.