2022 S Waldemere Ave · Muncie, IN 47302

$64,900

2 bd · 1.5 ba · 1,628 sqft · SingleFamily public records · 159 Days on market

Built 1940 9,147 sqft lot $40/sqft · 27% below area ↓ 14% since listing

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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 MLS

Calling all visionaries and those with a twinkle in their eye! 2022 S Waldemere AVE S, MUNCIE, IN, beckons from its prime spot in Delaware County, presenting a canvas brimming with potential, and a "ready-to-roll-up-your-sleeves" invitation for handy homeowners and savvy investors alike. The heart of this single-family residence is undoubtedly the kitchen, where shaker cabinets stand ready to house your culinary creations, offering a delightful blend of classic charm and modern functionality as you whip up your signature dishes. With 1628 square feet spread across two stories, and boasting three bedrooms, this 1940-built home offers ample room to spread out and let your imagination run wild, envisioning the transformation of each space into a personalized haven. The convenience of one full bathroom and one half bathroom ensures that even while you're adding your personal touch, comfort is always at hand. This property is calling out for you to transform it into a shining star.

Key facts

• Shaker cabinets
• 9,147 sq ft lot
• Garage

Tags

• SHAKER CABINETS

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $273 ($3k/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: $57k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.3% 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: schools D+, 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.
• Market conditions: Rents rising fast (+6.1%/yr); 148 active listings in the ZIP; 4 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 $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 ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 159 days — a 12% lower offer ($57k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 9y ago; this cycle's ask has dropped $25k (28%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $30k; list at $65k implies a 115% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price; built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $57,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 159 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.55% ✓
• Cap rate: 11.34%
• Cash-on-cash: 18.02%
• DSCR: 1.80
• GRM: 5.4

CMA / ARV

• ARV (median comp): $134,164
• List price: $64,900
• Delta: -51.63%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1601 S Burlington Dr	0.27mi	3/1.5 (+1)	1,504 (-8%)	0mo	$92,000	$61	69
1217 S Helen Dr	0.55mi	3/2.0 (+1)	1,632 (+0%)	2mo	$179,500	$110	66
2014 S Manville Rd	0.28mi	3/1.0 (+1)	1,662 (+2%)	16mo	$170,000	$102	62
2405 S Wisteria Ln	0.41mi	3/2.0 (+1)	1,750 (+8%)	7mo	$214,900	$123	56
2212 S Delawanda Ave	0.13mi	3/1.0 (+1)	1,406 (-14%)	15mo	$40,000	$28	52
2905 E Imperial Ln	0.40mi	3/1.5 (+1)	1,472 (-10%)	12mo	$141,000	$96	50
1100 S May Ave	0.66mi	3/1.0 (+1)	1,768 (+9%)	2mo	$115,000	$65	46
1405 S Ribble Ave	0.75mi	3/1.0 (+1)	1,555 (-4%)	13mo	$150,000	$96	40
1501 S Wall Ave	0.55mi	3/1.0 (+1)	1,500 (-8%)	17mo	$105,900	$71	40
1104 S Wall Ave	0.73mi	3/1.5 (+1)	1,680 (+3%)	20mo	$130,000	$77	40

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: 13.5%
• Equity multiple: 1.56×
• Total profit: $10,172
• Equity at exit: $9,677

10-year hold

• IRR: 24.8%
• Equity multiple: 3.51×
• Total profit: $45,680
• Equity at exit: $5,611

Cash invested: $18,172 (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: 5.4×

Monthly cashflow live

• Estimated rent: $1,006 medium
• Mortgage (P&I): −$340
• Tax from tax record: −$154 /mo · $1,850/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$211
• Net cashflow: $273

Break-even live

Break-even rent $660

Max offer price $64,900

Occupancy floor 68%

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: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

Rent comps 4 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	$429	$0.42	43d	7	0.24mi
2213 E Memorial Dr Muncie, IN	2.0	1.0–2.0	997	$1,078	$1.08	43d	1	0.63mi
1802 E Willard St Muncie, IN	3.0	2.5	1224	$1,100	$0.90	43d	1	1.09mi
1521 E Kirby Ave Muncie, IN	2.0–4.0	1.0–2.0	972	$800	$0.82	43d	2	1.35mi

Listing history 25 events

1. 2026-06-19
   days on market $64,900 Active 159 DOM
2. 2026-06-18
   days on market $64,900 Active 158 DOM
3. 2026-06-17
   days on market $64,900 Active 157 DOM
4. 2026-06-16
   days on market $64,900 Active 156 DOM
5. 2026-06-15
   days on market $64,900 Active 155 DOM
6. 2026-06-14
   days on market $64,900 Active 153 DOM
7. 2026-06-13
   days on market $64,900 Active 152 DOM
8. 2026-06-10
   days on market $64,900 Active 150 DOM
9. 2026-06-09
   days on market $64,900 Active 149 DOM
10. 2026-06-08
    pricedays on market $64,900 Active 148 DOM
11. 2026-06-07
    days on market $69,000 Active 147 DOM
12. 2026-05-31
    days on market $69,000 Active 145 DOM
13. 2026-05-30
    days on market $69,000 Active 144 DOM
14. 2026-05-05
    price $69,000 1002-char remark

    Show marketing remark (1002 chars)

    Calling all visionaries and those with a twinkle in their eye! 2022 S Waldemere AVE S, MUNCIE, IN, beckons from its prime spot in Delaware County, presenting a canvas brimming with potential, and a "ready-to-roll-up-your-sleeves" invitation for handy homeowners and savvy investors alike. The heart of this single-family residence is undoubtedly the kitchen, where shaker cabinets stand ready to house your culinary creations, offering a delightful blend of classic charm and modern functionality as you whip up your signature dishes. With 1628 square feet spread across two stories, and boasting three bedrooms, this 1940-built home offers ample room to spread out and let your imagination run wild, envisioning the transformation of each space into a personalized haven. The convenience of one full bathroom and one half bathroom ensures that even while you're adding your personal touch, comfort is always at hand. This property is calling out for you to transform it into a shining star.

15. 2026-03-26
    price $74,999 1002-char remark

    Show marketing remark (1002 chars)

    Calling all visionaries and those with a twinkle in their eye! 2022 S Waldemere AVE S, MUNCIE, IN, beckons from its prime spot in Delaware County, presenting a canvas brimming with potential, and a "ready-to-roll-up-your-sleeves" invitation for handy homeowners and savvy investors alike. The heart of this single-family residence is undoubtedly the kitchen, where shaker cabinets stand ready to house your culinary creations, offering a delightful blend of classic charm and modern functionality as you whip up your signature dishes. With 1628 square feet spread across two stories, and boasting three bedrooms, this 1940-built home offers ample room to spread out and let your imagination run wild, envisioning the transformation of each space into a personalized haven. The convenience of one full bathroom and one half bathroom ensures that even while you're adding your personal touch, comfort is always at hand. This property is calling out for you to transform it into a shining star.

16. 2026-03-18
    price $79,850 1002-char remark

    Show marketing remark (1002 chars)

    Calling all visionaries and those with a twinkle in their eye! 2022 S Waldemere AVE S, MUNCIE, IN, beckons from its prime spot in Delaware County, presenting a canvas brimming with potential, and a "ready-to-roll-up-your-sleeves" invitation for handy homeowners and savvy investors alike. The heart of this single-family residence is undoubtedly the kitchen, where shaker cabinets stand ready to house your culinary creations, offering a delightful blend of classic charm and modern functionality as you whip up your signature dishes. With 1628 square feet spread across two stories, and boasting three bedrooms, this 1940-built home offers ample room to spread out and let your imagination run wild, envisioning the transformation of each space into a personalized haven. The convenience of one full bathroom and one half bathroom ensures that even while you're adding your personal touch, comfort is always at hand. This property is calling out for you to transform it into a shining star.

17. 2026-03-04
    status Active 1002-char remark

    Show marketing remark (1002 chars)

    Calling all visionaries and those with a twinkle in their eye! 2022 S Waldemere AVE S, MUNCIE, IN, beckons from its prime spot in Delaware County, presenting a canvas brimming with potential, and a "ready-to-roll-up-your-sleeves" invitation for handy homeowners and savvy investors alike. The heart of this single-family residence is undoubtedly the kitchen, where shaker cabinets stand ready to house your culinary creations, offering a delightful blend of classic charm and modern functionality as you whip up your signature dishes. With 1628 square feet spread across two stories, and boasting three bedrooms, this 1940-built home offers ample room to spread out and let your imagination run wild, envisioning the transformation of each space into a personalized haven. The convenience of one full bathroom and one half bathroom ensures that even while you're adding your personal touch, comfort is always at hand. This property is calling out for you to transform it into a shining star.

18. 2026-03-04
    price $84,900 1002-char remark

    Show marketing remark (1002 chars)

    Calling all visionaries and those with a twinkle in their eye! 2022 S Waldemere AVE S, MUNCIE, IN, beckons from its prime spot in Delaware County, presenting a canvas brimming with potential, and a "ready-to-roll-up-your-sleeves" invitation for handy homeowners and savvy investors alike. The heart of this single-family residence is undoubtedly the kitchen, where shaker cabinets stand ready to house your culinary creations, offering a delightful blend of classic charm and modern functionality as you whip up your signature dishes. With 1628 square feet spread across two stories, and boasting three bedrooms, this 1940-built home offers ample room to spread out and let your imagination run wild, envisioning the transformation of each space into a personalized haven. The convenience of one full bathroom and one half bathroom ensures that even while you're adding your personal touch, comfort is always at hand. This property is calling out for you to transform it into a shining star.

19. 2026-01-15
    historical 1002-char remark

    Show marketing remark (1002 chars)

    Calling all visionaries and those with a twinkle in their eye! 2022 S Waldemere AVE S, MUNCIE, IN, beckons from its prime spot in Delaware County, presenting a canvas brimming with potential, and a "ready-to-roll-up-your-sleeves" invitation for handy homeowners and savvy investors alike. The heart of this single-family residence is undoubtedly the kitchen, where shaker cabinets stand ready to house your culinary creations, offering a delightful blend of classic charm and modern functionality as you whip up your signature dishes. With 1628 square feet spread across two stories, and boasting three bedrooms, this 1940-built home offers ample room to spread out and let your imagination run wild, envisioning the transformation of each space into a personalized haven. The convenience of one full bathroom and one half bathroom ensures that even while you're adding your personal touch, comfort is always at hand. This property is calling out for you to transform it into a shining star.

20. 2025-11-20
    listed $90,000 Active 1002-char remark

    Show marketing remark (1002 chars)

    Calling all visionaries and those with a twinkle in their eye! 2022 S Waldemere AVE S, MUNCIE, IN, beckons from its prime spot in Delaware County, presenting a canvas brimming with potential, and a "ready-to-roll-up-your-sleeves" invitation for handy homeowners and savvy investors alike. The heart of this single-family residence is undoubtedly the kitchen, where shaker cabinets stand ready to house your culinary creations, offering a delightful blend of classic charm and modern functionality as you whip up your signature dishes. With 1628 square feet spread across two stories, and boasting three bedrooms, this 1940-built home offers ample room to spread out and let your imagination run wild, envisioning the transformation of each space into a personalized haven. The convenience of one full bathroom and one half bathroom ensures that even while you're adding your personal touch, comfort is always at hand. This property is calling out for you to transform it into a shining star.

21. 2025-10-31
    soldstatus $30,250
22. 2025-04-08
    soldstatus $79,241
23. 2018-01-21
    historical
24. 2017-06-21
    listed $79,900
25. 2017-06-21
    listed $79,900

ⓘ 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: $1,850 · $154/mo
• Projected year-2 tax: $1,850 · $154/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 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,068
• − Mortgage interest: −$3,635
• − Property taxes: −$1,850
• − Insurance: −$324
• − Repairs & maintenance: −$965
• − Management: −$965
• − Depreciation: −$1,888
• Taxable income: $2,439
• Est. tax owed @ 24.0%: −$585
• After-tax cash flow: $2,690/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

-13.6% since first listed

12 events — show timeline

• 2026-05-05 Price Changed $69,000 MIBOR as Distributed by MLS Grid
• 2026-03-26 Price Changed $74,999 MIBOR as Distributed by MLS Grid
• 2026-03-18 Price Changed $79,850 MIBOR as Distributed by MLS Grid
• 2026-03-04 Relisted — MIBOR as Distributed by MLS Grid
• 2026-03-04 Price Changed $84,900 MIBOR as Distributed by MLS Grid
• 2026-01-15 Listing Removed — MIBOR as Distributed by MLS Grid
• 2025-11-20 Listed $90,000 MIBOR as Distributed by MLS Grid
• 2025-10-31 Sold (Public Records) $30,250 Public Records
• 2025-04-08 Sold (Public Records) $79,241 Public Records
• 2018-01-21 Listing Removed — MIBOR as Distributed by MLS Grid
• 2017-06-21 Listed $79,900 MIBOR as Distributed by MLS Grid
• 2017-06-21 Listed $79,900 IRMLS

Property tax history

+43.4%/yr

Latest (2024): $1,850 · +12.5% YoY. Source: county tax records.