2411 S Ebright St · Muncie, IN 47302

$92,000

3 bd · 1.5 ba · 916 sqft · SingleFamily public records · 84 Days on market

Built 1947 4,792 sqft lot $100/sqft · 15% above area Est $80k · 15% over

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Why this score? — see what drove the C 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 +27.9/30.0
• DSCR +9.9/10.0
• 1% rule +6.8/10.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• ARV discount +0.8/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Three bedroom, 1.5 bath home being sold as-is. Property will require updates and repairs and is priced accordingly. This is a great opportunity for investors or buyers looking for a project with upside potential. Seller is motivated and ready to move forward with a quick sale. Home will not qualify for FHA/VA.

Key facts

• 4,792 sq ft lot
• Built 1947
• Listed 83 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $92k.

Deal economics

• At list price, monthly cash flow is $284 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $92k).
• Recommended offer: $86k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.0% 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; 26 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 $636 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 $26k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 84 days — a 6% lower offer ($86k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y 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.
• Current owner paid $75k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $86,480 (6.0% below list)

Questions for the listing agent

1. It's been on market 84 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 1947 — 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: 1.18% ✓
• Cap rate: 9.99%
• Cash-on-cash: 13.21%
• DSCR: 1.59
• GRM: 7.0

CMA / ARV

• ARV (median comp): $80,138
• List price: $92,000
• Delta: 14.80%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2310 S Hackley St	0.09mi	2/1.0 (-1)	910 (-1%)	8mo	$60,000	$66	81
2710 S Hackley St	0.19mi	2/1.0 (-1)	876 (-4%)	2mo	$109,900	$125	75
808 E 13th St	0.35mi	2/1.0 (-1)	897 (-2%)	2mo	$102,500	$114	72
2210 S Penn St	0.24mi	2/1.0 (-1)	840 (-8%)	6mo	$108,000	$129	63
1215 E 14th St	0.31mi	2/1.0 (-1)	860 (-6%)	6mo	$72,500	$84	63
2316 S Walnut St	0.52mi	3/1.0	956 (+4%)	5mo	$35,000	$37	62
1401 E 24th St	0.50mi	3/1.0	884 (-4%)	8mo	$92,500	$105	62
226 E 16th St	0.45mi	2/1.0 (-1)	960 (+5%)	6mo	$50,000	$52	59
1806 E 18th St	0.59mi	3/1.0	865 (-6%)	6mo	$92,500	$107	56
1720 S Jefferson St	0.62mi	2/1.0 (-1)	936 (+2%)	9mo	$89,900	$96	53
1914 E 23rd St	0.73mi	2/1.0 (-1)	872 (-5%)	0mo	$92,000	$106	51
1525 E 23rd St	0.54mi	2/1.0 (-1)	792 (-14%)	8mo	$76,500	$97	38

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: 6.4%
• Equity multiple: 1.26×
• Total profit: $6,648
• Equity at exit: $13,717

10-year hold

• IRR: 18.2%
• Equity multiple: 2.72×
• Total profit: $44,329
• Equity at exit: $7,954

Cash invested: $25,760 (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: 7.0×

Monthly cashflow live

• Estimated rent: $1,088 high
• Mortgage (P&I): −$482
• Tax from tax record: −$55 /mo · $664/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$229
• Net cashflow: $284

Break-even live

Break-even rent $729

Max offer price $92,000

Occupancy floor 69%

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: $23,000
• Closing costs: $2,760
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2302 S Hackley St Muncie, IN	2.0	1.0	870	$1,199	$1.38	43d	1	0.09mi
2105 S Vine St Muncie, IN	3.0	1.0	960	$1,365	$1.42	43d	1	0.29mi
3013 S Pershing Dr Muncie, IN	3.0	1.0	814	$850	$1.04	43d	1	0.46mi
2815 S Elm St Muncie, IN	2.0	1.0	672	$875	$1.30	43d	1	0.49mi
3106 S Vine St Muncie, IN	3.0	1.0	1080	$1,200	$1.11	43d	1	0.52mi
1703 E 14th St Apt 15 Muncie, IN	2.0	1.0	756	$777	$1.03	43d	1	0.52mi
2316 S Walnut St Muncie, IN	3.0	1.0	956	$1,100	$1.15	43d	1	0.54mi
1806 E 18th St Muncie, IN	3.0	1.0	865	$1,100	$1.27	43d	1	0.58mi
1721 S Elm St Muncie, IN	2.0	1.0	940	$925	$0.98	43d	1	0.59mi
2808 S Brotherton St Muncie, IN	2.0	1.0	966	$825	$0.85	43d	1	0.66mi
206 W 13th St Muncie, IN	2.0	1.0	992	$900	$0.91	43d	1	0.71mi
301 W 13th St Muncie, IN	1.0–2.0	1.0	725	$844	$1.16	43d	1	0.75mi
1525 S Walnut St Unit 11 Muncie, IN	2.0	1.0	800	$775	$0.97	43d	1	0.80mi
1310 E 5th St Muncie, IN	3.0	1.0	864	$1,300	$1.50	43d	1	0.85mi
319 W 10th St Muncie, IN	2.0	1.0	869	$885	$1.02	43d	1	0.86mi
2213 E Memorial Dr Muncie, IN	2.0	1.0–2.0	997	$1,078	$1.08	43d	1	0.86mi
1901 E 26th St Unit 5 Muncie, IN	2.0	1.0	600	$865	$1.44	43d	1	0.90mi
415 W 9th St Muncie, IN	2.0	1.0	705	$925	$1.31	43d	1	0.95mi
509 W 8th St Muncie, IN	3.0	1.0	1008	$1,325	$1.31	43d	1	1.03mi
1109 E Kirby Ave Muncie, IN	2.0–3.0	1.0	971	$975	$1.00	43d	2	1.06mi
1804 S Wall Ave Muncie, IN	2.0	1.0	900	$899	$1.00	43d	1	1.08mi
815 W Memorial Dr Muncie, IN	2.0	1.0	800	$750	$0.94	43d	1	1.08mi
1609 S Gharkey St Muncie, IN	2.0	1.0	744	$750	$1.01	43d	1	1.10mi
1521 E Kirby Ave Muncie, IN	2.0–4.0	1.0–2.0	972	$1,150	$1.18	43d	2	1.10mi
326 W Charles St Muncie, IN	2.0	1.0	836	$1,300	$1.56	43d	1	1.45mi
1001 W 1st St Unit 1 Muncie, IN	3.0	1.5	1098	$875	$0.80	43d	1	1.49mi

Listing history 25 events

1. 2026-06-19
   days on market $92,000 Active 84 DOM
2. 2026-06-18
   days on market $92,000 Active 83 DOM
3. 2026-06-17
   days on market $92,000 Active 82 DOM
4. 2026-06-16
   days on market $92,000 Active 81 DOM
5. 2026-06-15
   days on market $92,000 Active 80 DOM
6. 2026-06-14
   days on market $92,000 Active 78 DOM
7. 2026-06-13
   days on market $92,000 Active 77 DOM
8. 2026-06-10
   days on market $92,000 Active 75 DOM
9. 2026-06-09
   days on market $92,000 Active 74 DOM
10. 2026-06-08
    days on market $92,000 Active 73 DOM
11. 2026-06-07
    days on market $92,000 Active 72 DOM
12. 2026-06-05
    days on market $92,000 Active 69 DOM
13. 2026-06-03
    days on market $92,000 Active 68 DOM
14. 2026-06-02
    days on market $92,000 Active 67 DOM
15. 2026-06-01
    days on market $92,000 Active 66 DOM
16. 2026-05-31
    days on market $92,000 Active 65 DOM
17. 2026-05-30
    days on market $92,000 Active 64 DOM
18. 2026-03-27
    listed $92,000 Active 311-char remark

    Show marketing remark (311 chars)

    Three bedroom, 1.5 bath home being sold as-is. Property will require updates and repairs and is priced accordingly. This is a great opportunity for investors or buyers looking for a project with upside potential. Seller is motivated and ready to move forward with a quick sale. Home will not qualify for FHA/VA.

19. 2021-10-28
    soldstatus $75,000 508-char remark

    Show marketing remark (508 chars)

    RARE FIND 3 BR 1.5 BATH, MOVE IN READY! New vinyl plank flooring throughout, both baths have all new fixtures, kitchen has new cabinets, solid surface countertops, stainless steel sink and faucet, 4pc stainless steel kitchen appliance package, new central air unit, new light fixtures, ceiling fans, outlets and switches. Fresh interior paint, 12x15 concrete patio, 8x20 covered porch deck, vinyl replacements windows, dimensional shingles, maintenance free exterior, nicely landscaped. Immediate possession!

20. 2021-10-27
    soldstatus $75,000
21. 2021-09-03
    listed $79,900

    Show marketing remark (508 chars)

    RARE FIND 3 BR 1.5 BATH, MOVE IN READY! New vinyl plank flooring throughout, both baths have all new fixtures, kitchen has new cabinets, solid surface countertops, stainless steel sink and faucet, 4pc stainless steel kitchen appliance package, new central air unit, new light fixtures, ceiling fans, outlets and switches. Fresh interior paint, 12x15 concrete patio, 8x20 covered porch deck, vinyl replacements windows, dimensional shingles, maintenance free exterior, nicely landscaped. Immediate possession!

22. 2021-09-03
    listed $79,900 508-char remark

    Show marketing remark (508 chars)

    RARE FIND 3 BR 1.5 BATH, MOVE IN READY! New vinyl plank flooring throughout, both baths have all new fixtures, kitchen has new cabinets, solid surface countertops, stainless steel sink and faucet, 4pc stainless steel kitchen appliance package, new central air unit, new light fixtures, ceiling fans, outlets and switches. Fresh interior paint, 12x15 concrete patio, 8x20 covered porch deck, vinyl replacements windows, dimensional shingles, maintenance free exterior, nicely landscaped. Immediate possession!

23. 2021-05-13
    historical
24. 2021-05-07
    listed $24,900
25. 2021-05-07
    listed $24,900

ⓘ 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: $664 · $55/mo
• Projected year-2 tax: $723 · $60/mo
• Expected delta: +$59/yr (+$5/mo · 8.9%)

ⓘ 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: $13,060
• − Mortgage interest: −$5,153
• − Property taxes: −$664
• − Insurance: −$460
• − Repairs & maintenance: −$1,045
• − Management: −$1,045
• − Depreciation: −$2,676
• Taxable income: $2,016
• Est. tax owed @ 24.0%: −$484
• After-tax cash flow: $2,920/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

+269.5% since first listed

8 events — show timeline

• 2026-03-27 Listed $92,000 IRMLS
• 2021-10-28 Sold (MLS) $75,000 IRMLS
• 2021-10-27 Sold (MLS) $75,000 MIBOR as Distributed by MLS Grid
• 2021-09-03 Listed $79,900 MIBOR as Distributed by MLS Grid
• 2021-09-03 Listed $79,900 IRMLS
• 2021-05-13 Listing Removed — MIBOR as Distributed by MLS Grid
• 2021-05-07 Listed $24,900 MIBOR as Distributed by MLS Grid
• 2021-05-07 Listed $24,900 IRMLS

Property tax history

+5.7%/yr

Latest (2024): $664 · -1.2% YoY. Source: county tax records.