1501 E Dartmouth Ave · Muncie, IN 47303

$47,500

3 bd · 1.0 ba · 1,440 sqft · SingleFamily public records · 26 Days on market

Built 1949 0.45 ac lot $33/sqft · 53% below area

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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 +4.5/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Key facts

• 0.45 acre lot
• Built 1949
• Listed 26 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $48k.

Deal economics

• At list price, monthly cash flow is $562 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $48k).
• Recommended offer: $47k (1.5% below list) — sets the bar for market timing.
• Cap rate 20.5% 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 (+7.8%/yr); 112 active listings in the ZIP; 13 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $328 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 + 7.8% rent growth), your $13k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($47k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $46,787 (1.5% below list)

Questions for the listing agent

1. Built in 1949 — 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: 2.38% ✓
• Cap rate: 20.49%
• Cash-on-cash: 50.69%
• DSCR: 3.26
• GRM: 3.5

CMA / ARV

• ARV (median comp): $100,703
• List price: $47,500
• Delta: -52.83%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1501 E Dartmouth Ave	0.00mi	4/1.0 (+1)	1,440 (0%)	1mo	$38,500	$27	94
1720 E Cornell Ave	0.28mi	2/1.0 (-1)	1,592 (+11%)	2mo	$52,400	$33	63
2420 N Macedonia Ave	0.47mi	2/1.0 (-1)	1,304 (-9%)	8mo	$17,000	$13	51
1405 E Robin Ln	0.43mi	3/1.5	1,608 (+12%)	22mo	$185,000	$115	40
1710 E Waid Ave	0.62mi	2/1.0 (-1)	1,248 (-13%)	7mo	$15,000	$12	38
602 E Pine St	0.61mi	3/2.0	1,258 (-13%)	12mo	$110,000	$87	37
2107 N Turner St	0.67mi	4/2.0 (+1)	1,502 (+4%)	21mo	$89,000	$59	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 · 7.8% rent growth · sell at horizon

5-year hold

• IRR: 53.9%
• Equity multiple: 3.54×
• Total profit: $33,840
• Equity at exit: $7,082

10-year hold

• IRR: 60.9%
• Equity multiple: 8.64×
• Total profit: $101,618
• Equity at exit: $4,107

Cash invested: $13,300 (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 47303

• Home prices YoY: -18.0%
• Rents YoY: 7.8%
• Active inventory: 112
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $1,133 high
• Mortgage (P&I): −$249
• Tax from tax record: −$64 /mo · $770/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$238
• Net cashflow: $562

Break-even live

Break-even rent $422

Max offer price $47,500

Occupancy floor 45%

Sensitivity live

Price	-10% $589	-5% $575	+0% $562	+5% $548	+10% $535
Rent	-10% $472	-5% $517	+0% $562	+5% $607	+10% $651
Rate	-1.0pp $586	-0.5pp $574	base $562	+0.5pp $549	+1.0pp $537

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: $11,875
• Closing costs: $1,425
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2901 N Elgin St Muncie, IN	2.0–3.0	2.0	1045	$1,199	$1.15	45d	4	0.25mi
2125 E Harvard Ave Muncie, IN	3.0	2.0	1040	$1,200	$1.15	45d	1	0.42mi
2321 N Macedonia Ave Muncie, IN	2.0	1.0	1009	$860	$0.85	45d	1	0.51mi
3001 N Westwood Rd Muncie, IN	3.0	1.0	1837	$1,200	$0.65	45d	1	0.60mi
125 E Oldfield Ln Muncie, IN	1.0–3.0	1.0–2.0	886	$1,325	$1.50	45d	7	0.84mi
4000 N Walnut St Muncie, IN	1.0–3.0	1.0	880	$1,060	$1.20	45d	5	0.93mi
111 E Streeter Ave Muncie, IN	2.0–3.0	1.0	816	$999	$1.22	45d	3	1.00mi
3906 N Franklin St Apt 1 Muncie, IN	2.0	1.0	972	$972	$1.00	45d	1	1.03mi
3910 N Franklin St Muncie, IN	2.0	1.5	1008	$999	$0.99	45d	2	1.04mi
3905 N Franklin St Muncie, IN	2.0	1.5	1342	$1,200	$0.89	45d	1	1.06mi
1414 E Highland Ave Muncie, IN	2.0	1.5	1056	$900	$0.85	45d	1	1.19mi
3413 N Milton St Muncie, IN	4.0	1.5	1422	$1,350	$0.95	45d	1	1.19mi
222 W Centennial Ave Muncie, IN	2.0	1.5	1042	$925	$0.89	45d	1	1.27mi

Listing history 2 events

1. 2026-05-18
   status Pending
2. 2026-04-21
   listed $47,500 Active

ⓘ 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: $770 · $64/mo
• Projected year-2 tax: $770 · $64/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 ≥100°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: $13,593
• − Mortgage interest: −$2,661
• − Property taxes: −$770
• − Insurance: −$238
• − Repairs & maintenance: −$1,087
• − Management: −$1,087
• − Depreciation: −$1,382
• Taxable income: $6,368
• Est. tax owed @ 24.0%: −$1,528
• After-tax cash flow: $5,213/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): 24,392
• Household income: $47,674
• Rent vs Own: 43.5% rent · 56.5% own
• Severe rent burden: 1434.0

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 (82%)
• Race & ethnicity: White 82% Black 9% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Italian 4% Slovak 3% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 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: ▼ -50.45%
• Current HPI: 229.8654
• Rent YoY: ▲ 7.80%
• 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

2 events — show timeline

• 2026-05-18 Pending — IRMLS
• 2026-04-21 Listed $47,500 IRMLS

Property tax history

+7.8%/yr

Latest (2024): $770 · -0.5% YoY. Source: county tax records.