221 W Memorial Dr · Muncie, IN 47302

$72,500

2 bd · 1.0 ba · 900 sqft · SingleFamily public records · 4 Days on market

Built 1925 3,485 sqft lot $81/sqft · 16% above area Est $62k · 16% 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 +28.2/30.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• ARV discount +0.2/15.0
• Appreciation +0.0/10.0

Listing remarks

Charming 3 bedroom, 1 bath home offering approximately 900 sq ft of comfortable living space. This property features a functional layout, spacious bedrooms, and convenient access to local shopping, dining, parks, and major roadways.

Key facts

• 3,485 sq ft lot
• Garage
• Built 1925

Property features AI

Exterior

• Parking: Attached garage (1 garage space); Off-street parking
• Utilities: Public water; Public sewer
• Home design: Single-family, site-built home; One-story
• Construction: Brick and vinyl siding exterior; Shingle roof; Block foundation; About 900 above-grade finished square feet
• Exterior features: Level lot; Lot dimensions approximately 45 x 82

Interior

• Bathrooms: One full bathroom (main level)
• Heating & cooling: Natural gas forced-air heating; No central cooling
• Interior features: Full unfinished basement; Five total rooms
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $72k.

Deal economics

• At list price, monthly cash flow is $230 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($926 rent vs $72k).
• Cap rate 10.1% 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: 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.
• Zoned schools: Southside Middle School (math 7% / reading 15%, grade F, #312 of 330 statewide, top 95%, 443 students, 85% FRL) — zoned schools average 85% FRL vs 68% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.1%/yr); 148 active listings in the ZIP; 40 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 $501 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 $20k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 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 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $72,500

Questions for the listing agent

1. Built in 1925 — 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: 1.28% ✓
• Cap rate: 10.11%
• Cash-on-cash: 13.61%
• DSCR: 1.61
• GRM: 6.5

CMA / ARV

• ARV (median comp): $62,360
• List price: $72,500
• Delta: 16.26%
• 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
805 W 15th St	0.39mi	3/1.0 (+1)	896 (-0%)	0mo	$91,000	$102	76
1720 S Jefferson St	0.26mi	2/1.0	936 (+4%)	9mo	$89,900	$96	74
808 E 13th St	0.57mi	2/1.0	897 (-0%)	2mo	$102,500	$114	72
226 E 16th St	0.32mi	2/1.0	960 (+7%)	6mo	$50,000	$52	69
2316 S Walnut St	0.31mi	3/1.0 (+1)	956 (+6%)	5mo	$35,000	$37	66
2310 S Hackley St	0.67mi	2/1.0	910 (+1%)	8mo	$60,000	$66	60
2006 S Beacon St	0.73mi	2/1.0	900 (0%)	9mo	$85,000	$94	58
1712 S Elm St	0.32mi	2/1.0	1,004 (+12%)	12mo	$96,200	$96	56
904 W 15th St	0.43mi	2/1.0	1,012 (+12%)	10mo	$99,000	$98	51
1300 W 13th St	0.65mi	2/1.0	972 (+8%)	13mo	$30,000	$31	46
2116 S Beacon St	0.75mi	2/1.0	832 (-8%)	11mo	$25,000	$30	43
1308 W 16th St	0.70mi	2/1.0	992 (+10%)	10mo	$60,000	$60	42

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: 7.2%
• Equity multiple: 1.29×
• Total profit: $5,922
• Equity at exit: $10,810

10-year hold

• IRR: 19.1%
• Equity multiple: 2.83×
• Total profit: $37,169
• Equity at exit: $6,268

Cash invested: $20,300 (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 47302

• Home prices YoY: -12.6%
• Rents YoY: 6.1%
• Active inventory: 148
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $926 high
• Mortgage (P&I): −$380
• Tax est. 1.5%: −$91 /mo · $1,088/yr
• Insurance: −$30
• HOA: −$0
• Vacancy / Maint / Mgmt: −$194
• Net cashflow: $230

Break-even live

Break-even rent $634

Max offer price $72,500

Occupancy floor 70%

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: $18,125
• Closing costs: $2,175
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
206 W 13th St Muncie, IN	2.0	1.0	992	$900	$0.91	44d	1	0.03mi
301 W 13th St Muncie, IN	1.0–2.0	1.0	725	$844	$1.16	44d	1	0.09mi
319 W 10th St Muncie, IN	2.0	1.0	869	$885	$1.02	44d	1	0.16mi
1525 S Walnut St Unit 11 Muncie, IN	2.0	1.0	800	$775	$0.97	44d	1	0.23mi
415 W 9th St Muncie, IN	2.0	1.0	705	$925	$1.31	44d	1	0.25mi
421 W 9th St Muncie, IN	1.0	1.0	672	$525	$0.78	44d	1	0.25mi
1721 S Elm St Muncie, IN	2.0	1.0	940	$925	$0.98	44d	1	0.27mi
2316 S Walnut St Muncie, IN	3.0	1.0	956	$1,100	$1.15	44d	1	0.30mi
509 W 8th St Muncie, IN	3.0	1.0	1008	$1,325	$1.31	44d	1	0.33mi
1609 S Gharkey St Muncie, IN	2.0	1.0	744	$750	$1.01	44d	1	0.38mi
815 W Memorial Dr Muncie, IN	2.0	1.0	800	$750	$0.94	44d	1	0.39mi
2105 S Vine St Muncie, IN	3.0	1.0	960	$1,365	$1.42	44d	1	0.46mi
2302 S Hackley St Muncie, IN	2.0	1.0	870	$1,199	$1.38	44d	1	0.64mi
2815 S Elm St Muncie, IN	2.0	1.0	672	$875	$1.30	44d	1	0.69mi
1307 S Ebright St Unit 2 Muncie, IN	1.0	1.0	630	$695	$1.10	44d	1	0.73mi
810 W 1st St Muncie, IN	1.0	1.0	980	$599	$0.61	44d	1	0.78mi
1001 W 1st St Unit 1 Muncie, IN	3.0	1.5	1098	$875	$0.80	44d	1	0.81mi
1311 E 11th St Unit 2 Muncie, IN	1.0	1.0	672	$715	$1.06	44d	1	0.84mi
326 W Charles St Muncie, IN	2.0	1.0	836	$1,300	$1.56	44d	1	0.92mi
3013 S Pershing Dr Muncie, IN	3.0	1.0	814	$850	$1.04	44d	1	0.93mi
514 W Charles St Muncie, IN	2.0	1.0	1062	$800	$0.75	44d	1	0.94mi
1704 W 15th St Muncie, IN	3.0	1.0	1026	$1,275	$1.24	44d	1	0.94mi
3106 S Vine St Muncie, IN	3.0	1.0	1080	$1,200	$1.11	44d	1	0.96mi
1310 E 5th St Muncie, IN	3.0	1.0	864	$1,300	$1.50	44d	1	0.97mi
1109 E Kirby Ave Muncie, IN	2.0–3.0	1.0	971	$835	$0.86	44d	2	1.00mi
522 W Adams St Muncie, IN	2.0	1.0	750	$810	$1.08	44d	6	1.01mi
1703 E 14th St Apt 15 Muncie, IN	2.0	1.0	756	$777	$1.03	44d	1	1.13mi
626 W Main St Muncie, IN	1.0	1.0	738	$715	$0.97	44d	2	1.14mi
400 W Washington St Unit 213 Muncie, IN	2.0	2.0	1009	$1,200	$1.19	44d	1	1.14mi
400 W Washington St Unit 101 Muncie, IN	1.0	1.0	700	$1,050	$1.50	44d	1	1.14mi
907 W Main St Apt 1 Muncie, IN	2.0	1.0	750	$775	$1.03	44d	1	1.16mi
906 W Main St Muncie, IN	1.0–2.0	1.0	712	$995	$1.40	44d	3	1.18mi
1521 E Kirby Ave Muncie, IN	2.0–4.0	1.0–2.0	972	$800	$0.82	44d	2	1.19mi
1408 W White River Blvd Muncie, IN	1.0	1.0	610	$938	$1.54	44d	1	1.24mi
1806 E 18th St Muncie, IN	3.0	1.0	865	$1,100	$1.27	44d	1	1.27mi
1409 W Jackson St Muncie, IN	2.0	1.0	811	$844	$1.04	44d	1	1.28mi
305 N Pershing Dr Muncie, IN	3.0	1.0	1062	$1,100	$1.04	44d	1	1.33mi
2808 S Brotherton St Muncie, IN	2.0	1.0	966	$825	$0.85	44d	1	1.39mi
2015 W Godman Ave Muncie, IN	2.0	1.0	900	$985	$1.09	44d	7	1.39mi
309 S McKinley Ave Muncie, IN	2.0	1.0	875	$1,100	$1.26	44d	1	1.42mi

Listing history 3 events

1. 2026-05-11
   status Pending 232-char remark
2. 2026-05-07
   listed $72,500 Active 232-char remark
3. 2026-05-07
   listed $72,500 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $11,109
• − Mortgage interest: −$4,061
• − Property taxes: −$1,088
• − Insurance: −$362
• − Repairs & maintenance: −$889
• − Management: −$889
• − Depreciation: −$2,109
• Taxable income: $1,711
• Est. tax owed @ 24.0%: −$411
• After-tax cash flow: $2,353/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

+0.0% since first listed

3 events — show timeline

• 2026-05-11 Pending — IRMLS
• 2026-05-07 Listed $72,500 MIBOR as Distributed by MLS Grid
• 2026-05-07 Listed $72,500 IRMLS

Property tax history

+4.6%/yr

Latest (2024): $108 · +0.0% YoY. Source: county tax records.