1505 S Vine St · Muncie, IN 47302

$89,900

3 bd · 1.0 ba · 2,140 sqft · SingleFamily public records · 83 Days on market

Built 1884 6,250 sqft lot $42/sqft · 29% above area Est $100k · 10% under

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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
• ARV discount +11.9/15.0
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• 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

Rented for $1,146 per month, on a section 8 lease. Spacious 2 story home offering 5 bedrooms and 1.5 baths with 2,140 sq ft of living space. Features include a 2 car detached garage and laundry located in the basement. The fully fenced yard provides privacy and plenty of room.

Key facts

• 6,250 sq ft lot
• 2 garage spots
• Built 1884

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $424 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $85k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.9% 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; 2 comparable units currently listed for rent nearby; 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 $622 of loan paydown is wiped out by about $3k 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 $25k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($85k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 17y 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 1884 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $84,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1884 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
8. 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.
9. 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: 1.41% ✓
• Cap rate: 11.95%
• Cash-on-cash: 20.20%
• DSCR: 1.90
• GRM: 5.9

CMA / ARV

• ARV (median comp): $99,711
• List price: $89,900
• Delta: -9.84%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1206 S Madison St	0.20mi	3/2.0	2,240 (+5%)	2mo	$148,900	$66	77
701 E Memorial Dr	0.27mi	4/2.0 (+1)	2,070 (-3%)	11mo	$136,300	$66	64
1911 S Walnut St	0.48mi	2/1.0 (-1)	2,004 (-6%)	5mo	$84,900	$42	58
1325 S Hackley St	0.14mi	4/2.0 (+1)	2,376 (+11%)	12mo	$42,500	$18	56
917 S Grant St	0.41mi	3/2.0	2,304 (+8%)	12mo	$130,000	$56	54
202 E 13th St	0.42mi	3/1.5	1,890 (-12%)	7mo	$124,900	$66	53
320 W 6th St	0.55mi	3/2.0	1,954 (-9%)	12mo	$129,000	$66	46
413 W 8th St	0.59mi	3/1.5	1,885 (-12%)	7mo	$32,900	$17	44
2103 S Hackley St	0.42mi	4/2.0 (+1)	1,888 (-12%)	11mo	$80,000	$42	42
2410 S Ebright St	0.67mi	4/1.0 (+1)	1,940 (-9%)	8mo	$105,000	$54	41
725 E Jackson St	0.73mi	3/1.5	2,374 (+11%)	10mo	$220,000	$93	38
324 S Beacon St	0.67mi	4/2.0 (+1)	1,848 (-14%)	10mo	$21,150	$11	28

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: 15.7%
• Equity multiple: 1.66×
• Total profit: $16,513
• Equity at exit: $13,404

10-year hold

• IRR: 26.5%
• Equity multiple: 3.66×
• Total profit: $67,039
• Equity at exit: $7,773

Cash invested: $25,172 (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: 5.9×

Monthly cashflow live

• Estimated rent: $1,271 medium
• Mortgage (P&I): −$471
• Tax from tax record: −$71 /mo · $854/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$267
• Net cashflow: $424

Break-even live

Break-even rent $734

Max offer price $89,900

Occupancy floor 62%

Sensitivity live

Price	-10% $475	-5% $449	+0% $424	+5% $398	+10% $373
Rent	-10% $323	-5% $374	+0% $424	+5% $474	+10% $524
Rate	-1.0pp $469	-0.5pp $447	base $424	+0.5pp $400	+1.0pp $377

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
605 W 10th St Muncie, IN	3.0	1.0	1688	$1,150	$0.68	44d	1	0.72mi
623 W 9th St Muncie, IN	3.0	1.0	1574	$1,499	$0.95	44d	1	0.74mi

Listing history 27 events

1. 2026-06-19
   days on market $89,900 Active 83 DOM
2. 2026-06-18
   days on market $89,900 Active 82 DOM
3. 2026-06-17
   days on market $89,900 Active 81 DOM
4. 2026-06-16
   days on market $89,900 Active 80 DOM
5. 2026-06-15
   days on market $89,900 Active 79 DOM
6. 2026-06-14
   days on market $89,900 Active 77 DOM
7. 2026-06-13
   days on market $89,900 Active 76 DOM
8. 2026-06-10
   days on market $89,900 Active 74 DOM
9. 2026-06-09
   days on market $89,900 Active 73 DOM
10. 2026-06-08
    days on market $89,900 Active 72 DOM
11. 2026-06-07
    days on market $89,900 Active 71 DOM
12. 2026-06-05
    days on market $89,900 Active 68 DOM
13. 2026-06-03
    days on market $89,900 Active 67 DOM
14. 2026-06-02
    days on market $89,900 Active 66 DOM
15. 2026-06-01
    days on market $89,900 Active 65 DOM
16. 2026-05-31
    days on market $89,900 Active 64 DOM
17. 2026-05-30
    days on market $89,900 Active 63 DOM
18. 2026-03-27
    listed $89,900 Active 277-char remark

    Show marketing remark (277 chars)

    Rented for $1,146 per month, on a section 8 lease. Spacious 2 story home offering 5 bedrooms and 1.5 baths with 2,140 sq ft of living space. Features include a 2 car detached garage and laundry located in the basement. The fully fenced yard provides privacy and plenty of room.

19. 2026-03-27
    listed $89,900 Active 277-char remark

    Show marketing remark (277 chars)

    Rented for $1,146 per month, on a section 8 lease. Spacious 2 story home offering 5 bedrooms and 1.5 baths with 2,140 sq ft of living space. Features include a 2 car detached garage and laundry located in the basement. The fully fenced yard provides privacy and plenty of room.

20. 2023-08-28
    status Pending
21. 2023-08-23
    price $65,000
22. 2023-08-22
    status Active
23. 2023-08-16
    status Pending
24. 2023-08-11
    historical
25. 2023-08-10
    listed $75,000 Active
26. 2009-06-19
    historical
27. 2009-03-19
    listed $16,625

ⓘ 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: $854 · $71/mo
• Projected year-2 tax: $854 · $71/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: $15,248
• − Mortgage interest: −$5,036
• − Property taxes: −$854
• − Insurance: −$450
• − Repairs & maintenance: −$1,220
• − Management: −$1,220
• − Depreciation: −$2,615
• Taxable income: $3,853
• Est. tax owed @ 24.0%: −$925
• After-tax cash flow: $4,160/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

+440.8% since first listed

10 events — show timeline

• 2026-03-27 Listed $89,900 MIBOR as Distributed by MLS Grid
• 2026-03-27 Listed $89,900 IRMLS
• 2023-08-28 Pending — IRMLS
• 2023-08-23 Price Changed $65,000 IRMLS
• 2023-08-22 Relisted — IRMLS
• 2023-08-16 Pending — IRMLS
• 2023-08-11 Delisted — IRMLS
• 2023-08-10 Listed $75,000 IRMLS
• 2009-06-19 Listing Removed — MIBOR as Distributed by MLS Grid
• 2009-03-19 Listed $16,625 MIBOR as Distributed by MLS Grid

Property tax history

-5.9%/yr

Latest (2024): $854 · -0.9% YoY. Source: county tax records.