1311 E 1st St · Muncie, IN 47302

$7,000

3 bd · 1.0 ba · 1,064 sqft · SingleFamily public records · 33 Days on market

Built 1900 5,227 sqft lot $7/sqft · 85% below area

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

Great investment in college town. Excellent choice for a flip project, rental or single family. Number of rooms and sizers are estimates.

Key facts

• 5,227 sq ft lot
• Built 1900
• Listed 33 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $7k.

Deal economics

• At list price, monthly cash flow is $804 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $7k).
• Recommended offer: $7k (3.0% below list) — sets the bar for market timing.
• Cap rate 144.1% 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; 37 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 $48 of loan paydown is wiped out by about $210 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 $2k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($7k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.6% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $6,790 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 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 1900 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 15.64% ✓
• Cap rate: 144.13%
• Cash-on-cash: 492.28%
• DSCR: 22.90
• GRM: 0.5

CMA / ARV

• ARV (median comp): $47,158
• List price: $7,000
• Delta: -85.16%
• 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
721 South Hackley St	0.27mi	2/1.0 (-1)	1,080 (+2%)	7mo	$39,000	$36	74
1302 E 6th St	0.23mi	3/1.0	1,141 (+7%)	9mo	$70,000	$61	69
1304 S Shipley St	0.42mi	3/1.0	1,136 (+7%)	5mo	$76,280	$67	65
2005 S Beacon St	0.73mi	3/1.0	1,068 (+0%)	6mo	$115,875	$108	60
1327 E Jackson St	0.34mi	2/1.0 (-1)	1,029 (-3%)	20mo	$45,000	$44	57
114 N Ohio Ave	0.45mi	3/1.0	1,014 (-5%)	18mo	$72,000	$71	56
1101 E Memorial Dr	0.66mi	2/1.0 (-1)	1,085 (+2%)	8mo	$89,900	$83	55
1301 S Shipley St	0.40mi	3/1.0	936 (-12%)	14mo	$99,900	$107	50
708 S Ribble Ave	0.61mi	3/1.0	1,008 (-5%)	19mo	$101,500	$101	47
1217 S Shipley St	0.38mi	2/1.0 (-1)	916 (-14%)	16mo	$108,000	$118	41
1700 E 13th St	0.72mi	2/1.0 (-1)	1,180 (+11%)	6mo	$50,000	$42	38
1125 S Ribble Ave	0.61mi	2/1.0 (-1)	945 (-11%)	14mo	$100,000	$106	36

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: —
• Equity multiple: 28.36×
• Total profit: $53,632
• Equity at exit: $1,044

10-year hold

• IRR: —
• Equity multiple: 66.40×
• Total profit: $128,189
• Equity at exit: $605

Cash invested: $1,960 (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: 0.5×

Monthly cashflow live

• Estimated rent: $1,095 high
• Mortgage (P&I): −$37
• Tax from tax record: −$21 /mo · $252/yr
• Insurance: −$3
• HOA: −$0
• Vacancy / Maint / Mgmt: −$230
• Net cashflow: $804

Break-even live

Break-even rent $77

Max offer price $7,000

Occupancy floor 22%

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: $1,750
• Closing costs: $210
• Reserves months: —
• Total cash needed: —

Rent comps 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1521 E Kirby Ave Muncie, IN	2.0–4.0	1.0–2.0	972	$1,150	$1.18	43d	2	0.14mi
1310 E 5th St Muncie, IN	3.0	1.0	864	$1,300	$1.50	43d	1	0.14mi
1109 E Kirby Ave Muncie, IN	2.0–3.0	1.0	971	$975	$1.00	43d	2	0.16mi
1802 E Willard St Muncie, IN	3.0	2.5	1224	$1,100	$0.90	43d	1	0.32mi
305 N Pershing Dr Muncie, IN	3.0	1.0	1062	$1,100	$1.04	43d	1	0.70mi
1721 S Elm St Muncie, IN	2.0	1.0	940	$925	$0.98	43d	1	0.79mi
1703 E 14th St Apt 15 Muncie, IN	2.0	1.0	756	$777	$1.03	43d	1	0.81mi
2105 S Vine St Muncie, IN	3.0	1.0	960	$1,365	$1.42	43d	1	0.86mi
1525 S Walnut St Unit 11 Muncie, IN	2.0	1.0	800	$775	$0.97	43d	1	0.88mi
301 E Memorial Dr Muncie, IN	3.0	1.5	1172	$1,099	$0.94	43d	1	0.88mi
2213 E Memorial Dr Muncie, IN	2.0	1.0–2.0	997	$1,078	$1.08	43d	1	0.88mi
2302 S Hackley St Muncie, IN	2.0	1.0	870	$1,199	$1.38	43d	1	0.93mi
1804 S Wall Ave Muncie, IN	2.0	1.0	900	$899	$1.00	43d	1	0.96mi
326 W Charles St Muncie, IN	2.0	1.0	836	$1,300	$1.56	43d	1	0.98mi
412 W Howard St Muncie, IN	3.0	1.0	1300	$1,000	$0.77	43d	1	1.01mi
319 W 10th St Muncie, IN	2.0	1.0	869	$885	$1.02	43d	1	1.03mi
1806 E 18th St Muncie, IN	3.0	1.0	865	$1,100	$1.27	43d	1	1.06mi
415 W 9th St Muncie, IN	2.0	1.0	705	$925	$1.31	43d	1	1.06mi
206 W 13th St Muncie, IN	2.0	1.0	992	$900	$0.91	43d	1	1.07mi
514 W Charles St Muncie, IN	2.0	1.0	1062	$800	$0.75	43d	1	1.08mi
400 W Washington St Unit 213 Muncie, IN	2.0	2.0	1009	$1,200	$1.19	43d	1	1.08mi
509 W 8th St Muncie, IN	3.0	1.0	1008	$1,325	$1.31	43d	1	1.10mi
417 S Council St Muncie, IN	3.0	1.0	1132	$1,025	$0.91	43d	1	1.10mi
522 W Adams St Muncie, IN	2.0	1.0	750	$810	$1.08	43d	6	1.11mi
301 W 13th St Muncie, IN	1.0–2.0	1.0	725	$844	$1.16	43d	1	1.14mi
1414 E Highland Ave Muncie, IN	2.0	1.5	1056	$900	$0.85	43d	1	1.16mi
2316 S Walnut St Muncie, IN	3.0	1.0	956	$1,100	$1.15	43d	1	1.17mi
305 N Biltmore Ave Muncie, IN	2.0	1.0	912	$1,186	$1.30	43d	1	1.19mi
1609 S Gharkey St Muncie, IN	2.0	1.0	744	$750	$1.01	43d	1	1.24mi
1001 W 1st St Unit 1 Muncie, IN	3.0	1.5	1098	$875	$0.80	43d	1	1.31mi
2808 S Brotherton St Muncie, IN	2.0	1.0	966	$825	$0.85	43d	1	1.32mi
907 W Main St Apt 1 Muncie, IN	2.0	1.0	750	$775	$1.03	43d	1	1.35mi
2904 S Pershing Dr Muncie, IN	4.0	1.0	1362	$1,425	$1.05	43d	1	1.35mi
906 W Main St Muncie, IN	1.0–2.0	1.0	712	$995	$1.40	43d	3	1.35mi
815 W Memorial Dr Muncie, IN	2.0	1.0	800	$750	$0.94	43d	1	1.38mi
3013 S Pershing Dr Muncie, IN	3.0	1.0	814	$850	$1.04	43d	1	1.45mi
808 W Beechwood Ave Muncie, IN	4.0	2.0	1261	$900	$0.71	43d	1	1.49mi

Listing history 1 events

1. 2026-04-16
   listed $7,000 Active 137-char remark

   Show marketing remark (137 chars)

   Great investment in college town. Excellent choice for a flip project, rental or single family. Number of rooms and sizers are estimates.

ⓘ 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: $252 · $21/mo
• Projected year-2 tax: $252 · $21/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 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: $13,134
• − Mortgage interest: −$392
• − Property taxes: −$252
• − Insurance: −$35
• − Repairs & maintenance: −$1,051
• − Management: −$1,051
• − Depreciation: −$204
• Taxable income: $10,150
• Est. tax owed @ 24.0%: −$2,436
• After-tax cash flow: $7,213/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

1 event — show timeline

• 2026-04-16 Listed $7,000 IRMLS

Property tax history

-10.2%/yr

Latest (2024): $252 · -14.3% YoY. Source: county tax records.