2004 S Macedonia Ave · Muncie, IN 47302

$63,000

4 bd · 1.5 ba · 1,704 sqft · SingleFamily public records · 17 Days on market

Built 1947 5,227 sqft lot $37/sqft · 28% below area Est $88k · 28% under

---

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

Charming home with great potential! The main floor has been thoughtfully updated, offering a move-in ready living space with modern touches. Upstairs, you’ll find additional space ready for your personal vision—perfect for adding value with a little TLC, including an unfinished bathroom. The fenced yard provides room to enjoy the outdoors, while the 1-car garage and additional rear parking offer plenty of convenience. A fantastic opportunity to make this home your own!

Key facts

• Fenced yard
• 5,227 sq ft lot
• 2 garage spots

Tags

• FENCED YARD
• MOVE-IN READY LIVING SPACE
• ADDITIONAL REAR PARKING

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $63k.

Deal economics

• At list price, monthly cash flow is $593 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $63k).
• Recommended offer: $62k (1.5% below list) — sets the bar for market timing.
• Cap rate 17.6% 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; 10 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).
• This rent runs 32% 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 $436 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 ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 1947 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $62,055 (1.5% below list)

Questions for the listing agent

1. Built in 1947 — 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: 2.01% ✓
• Cap rate: 17.58%
• Cash-on-cash: 40.31%
• DSCR: 2.79
• GRM: 4.1

CMA / ARV

• ARV (median comp): $88,047
• List price: $63,000
• Delta: -28.45%
• 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
1809 E 13th St	0.08mi	4/2.0	1,762 (+3%)	9mo	$63,000	$36	81
1901 E 14th St	0.14mi	3/2.0 (-1)	1,621 (-5%)	1mo	$167,000	$103	77
1910 S May Ave	0.72mi	4/2.0	1,640 (-4%)	8mo	$93,000	$57	51
1048 S Burlington Dr	0.72mi	3/1.0 (-1)	1,678 (-2%)	8mo	$94,900	$57	51
1510 S Hackley St	0.60mi	3/2.0 (-1)	1,674 (-2%)	14mo	$44,000	$26	50
1424 S Meeker Ave	0.58mi	4/2.0	1,904 (+12%)	3mo	$88,000	$46	49
1511 S Meeker Ave	0.54mi	4/2.0	1,936 (+14%)	5mo	$174,900	$90	46
2103 S Hackley St	0.54mi	4/2.0	1,888 (+11%)	11mo	$80,000	$42	45
1405 S Ribble Ave	0.50mi	3/1.0 (-1)	1,555 (-9%)	13mo	$150,000	$96	45
2410 S Ebright St	0.54mi	4/1.0	1,940 (+14%)	8mo	$105,000	$54	43
1710 E 22nd St	0.59mi	3/2.0 (-1)	1,865 (+9%)	14mo	$179,900	$96	38
800 S Macedonia Ave	0.72mi	5/2.0 (+1)	1,921 (+13%)	3mo	$132,000	$69	35

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: 40.1%
• Equity multiple: 2.79×
• Total profit: $31,619
• Equity at exit: $9,394

10-year hold

• IRR: 47.9%
• Equity multiple: 6.33×
• Total profit: $94,017
• Equity at exit: $5,447

Cash invested: $17,640 (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: 4.1×

Monthly cashflow live

• Estimated rent: $1,267 high
• Mortgage (P&I): −$330
• Tax from tax record: −$52 /mo · $620/yr
• Insurance: −$26
• HOA: −$0
• Vacancy / Maint / Mgmt: −$266
• Net cashflow: $593

Break-even live

Break-even rent $517

Max offer price $63,000

Occupancy floor 48%

Sensitivity live

Price	-10% $628	-5% $610	+0% $593	+5% $575	+10% $557
Rent	-10% $492	-5% $542	+0% $593	+5% $643	+10% $693
Rate	-1.0pp $624	-0.5pp $609	base $593	+0.5pp $576	+1.0pp $560

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: $15,750
• Closing costs: $1,890
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1802 E Willard St Muncie, IN	3.0	2.5	1224	$1,100	$0.90	44d	1	0.61mi
1521 E Kirby Ave Muncie, IN	2.0–4.0	1.0–2.0	972	$1,500	$1.54	44d	2	0.79mi
2904 S Pershing Dr Muncie, IN	4.0	1.0	1362	$1,425	$1.05	44d	1	0.86mi
1109 E Kirby Ave Muncie, IN	2.0–3.0	1.0	971	$975	$1.00	44d	2	0.87mi
301 E Memorial Dr Muncie, IN	3.0	1.5	1172	$1,099	$0.94	44d	1	0.90mi
3106 S Vine St Muncie, IN	3.0	1.0	1080	$1,200	$1.11	44d	1	1.00mi
3508 E Memorial Dr Muncie, IN	2.0–3.0	1.0–2.0	1029	$1,091	$1.06	44d	7	1.15mi
605 W 10th St Muncie, IN	3.0	1.0	1688	$1,150	$0.68	44d	1	1.37mi
623 W 9th St Muncie, IN	3.0	1.0	1574	$1,499	$0.95	44d	1	1.40mi
305 N Pershing Dr Muncie, IN	3.0	1.0	1062	$1,100	$1.04	44d	1	1.44mi

Listing history 4 events

1. 2026-05-18
   status Pending 485-char remark

   Show marketing remark (485 chars)

   Charming home with great potential! The main floor has been thoughtfully updated, offering a move-in ready living space with modern touches. Upstairs, you’ll find additional space ready for your personal vision—perfect for adding value with a little TLC, including an unfinished bathroom. The fenced yard provides room to enjoy the outdoors, while the 1-car garage and additional rear parking offer plenty of convenience. A fantastic opportunity to make this home your own!

2. 2026-05-08
   status Active 485-char remark

   Show marketing remark (485 chars)

   Charming home with great potential! The main floor has been thoughtfully updated, offering a move-in ready living space with modern touches. Upstairs, you’ll find additional space ready for your personal vision—perfect for adding value with a little TLC, including an unfinished bathroom. The fenced yard provides room to enjoy the outdoors, while the 1-car garage and additional rear parking offer plenty of convenience. A fantastic opportunity to make this home your own!

3. 2026-04-20
   status Pending 485-char remark

   Show marketing remark (485 chars)

   Charming home with great potential! The main floor has been thoughtfully updated, offering a move-in ready living space with modern touches. Upstairs, you’ll find additional space ready for your personal vision—perfect for adding value with a little TLC, including an unfinished bathroom. The fenced yard provides room to enjoy the outdoors, while the 1-car garage and additional rear parking offer plenty of convenience. A fantastic opportunity to make this home your own!

4. 2026-04-13
   listed $63,000 Active 485-char remark

   Show marketing remark (485 chars)

   Charming home with great potential! The main floor has been thoughtfully updated, offering a move-in ready living space with modern touches. Upstairs, you’ll find additional space ready for your personal vision—perfect for adding value with a little TLC, including an unfinished bathroom. The fenced yard provides room to enjoy the outdoors, while the 1-car garage and additional rear parking offer plenty of convenience. A fantastic opportunity to make this home your own!

ⓘ 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: $620 · $52/mo
• Projected year-2 tax: $620 · $52/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: $15,202
• − Mortgage interest: −$3,529
• − Property taxes: −$620
• − Insurance: −$315
• − Repairs & maintenance: −$1,216
• − Management: −$1,216
• − Depreciation: −$1,833
• Taxable income: $6,473
• Est. tax owed @ 24.0%: −$1,554
• After-tax cash flow: $5,557/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

4 events — show timeline

• 2026-05-18 Pending — IRMLS
• 2026-05-08 Relisted — IRMLS
• 2026-04-20 Pending — IRMLS
• 2026-04-13 Listed $63,000 IRMLS

Property tax history

+25.2%/yr

Latest (2024): $620 · -0.0% YoY. Source: county tax records.