2224 S Hoyt Ave · Muncie, IN 47302

$29,900

3 bd · 1.0 ba · 1,152 sqft · SingleFamily public records · 118 Days on market

Built 1927 5,640 sqft lot $26/sqft · 65% below area ↓ 34% since listing

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

Listing remarks MLS

Three bedroom, one bath bungalow waiting for you to make this a gem. Some work has been started. Subfloor and framing work complete. New furnace installed. Reframed in some spots and subfloor is complete. Great investment for flip or rental.

Key facts

• New furnace
• Subfloor work
• Bungalow

Tags

• BUNGALOW
• SUBFLOOR WORK
• FRAMING WORK
• NEW FURNACE
• INVESTMENT OPPORTUNITY

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $30k.

Deal economics

• At list price, monthly cash flow is $664 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $30k).
• Recommended offer: $27k (9.0% below list) — sets the bar for market timing.
• Cap rate 32.9% 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; 34 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 $207 of loan paydown is wiped out by about $897 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 $8k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 118 days — a 9% lower offer ($27k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $15k (34%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $27,209 (9.0% below list)

Questions for the listing agent

1. It's been on market 118 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1927 — 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: 3.57% ✓
• Cap rate: 32.95%
• Cash-on-cash: 95.19%
• DSCR: 5.24
• GRM: 2.3

CMA / ARV

• ARV (median comp): $85,197
• List price: $29,900
• Delta: -64.91%
• 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
2224 S Hoyt Ave	0.00mi	3/1.0	1,152 (0%)	0mo	$26,500	$23	100
1400 W 13th St	0.18mi	3/1.5	1,124 (-2%)	0mo	$104,900	$93	85
1514 W Memorial Dr	0.28mi	2/1.5 (-1)	1,056 (-8%)	1mo	$85,000	$80	65
1308 W 16th St	0.02mi	2/1.0 (-1)	992 (-14%)	10mo	$60,000	$60	63
1437 W 10th St	0.35mi	4/1.0 (+1)	1,240 (+8%)	4mo	$124,900	$101	63
1710 S Gharkey St	0.54mi	2/1.0 (-1)	1,160 (+1%)	8mo	$59,900	$52	62
617 W 15th St	0.46mi	2/1.0 (-1)	1,092 (-5%)	5mo	$108,000	$99	61
1014 W 10th St	0.43mi	2/1.0 (-1)	1,081 (-6%)	6mo	$64,000	$59	60
802 W 13th St	0.38mi	2/1.0 (-1)	1,040 (-10%)	2mo	$92,000	$88	59
1913 W 10th St	0.48mi	2/1.0 (-1)	1,052 (-9%)	4mo	$95,000	$90	54
2233 W 11th St	0.65mi	3/1.5	1,034 (-10%)	4mo	$125,000	$121	47
1609 S Gharkey St	0.56mi	4/2.0 (+1)	1,288 (+12%)	6mo	$65,000	$50	40

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: 99.5%
• Equity multiple: 5.88×
• Total profit: $40,895
• Equity at exit: $4,458

10-year hold

• IRR: —
• Equity multiple: 13.56×
• Total profit: $105,136
• Equity at exit: $2,585

Cash invested: $8,372 (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: 2.3×

Monthly cashflow live

• Estimated rent: $1,067 high
• Mortgage (P&I): −$157
• Tax from tax record: −$10 /mo · $118/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$224
• Net cashflow: $664

Break-even live

Break-even rent $227

Max offer price $29,900

Occupancy floor 33%

Sensitivity live

Price	-10% $681	-5% $673	+0% $664	+5% $656	+10% $647
Rent	-10% $580	-5% $622	+0% $664	+5% $706	+10% $748
Rate	-1.0pp $679	-0.5pp $672	base $664	+0.5pp $656	+1.0pp $648

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: $7,475
• Closing costs: $897
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1704 W 15th St Muncie, IN	3.0	1.0	1026	$1,275	$1.24	44d	1	0.25mi
815 W Memorial Dr Muncie, IN	2.0	1.0	800	$750	$0.94	44d	1	0.37mi
1609 S Gharkey St Muncie, IN	2.0	1.0	744	$750	$1.01	44d	1	0.55mi
301 W 13th St Muncie, IN	1.0–2.0	1.0	725	$844	$1.16	44d	1	0.64mi
509 W 8th St Muncie, IN	3.0	1.0	1008	$1,325	$1.31	44d	1	0.68mi
415 W 9th St Muncie, IN	2.0	1.0	705	$925	$1.31	44d	1	0.69mi
206 W 13th St Muncie, IN	2.0	1.0	992	$900	$0.91	44d	1	0.71mi
319 W 10th St Muncie, IN	2.0	1.0	869	$885	$1.02	44d	1	0.71mi
2316 S Walnut St Muncie, IN	3.0	1.0	956	$1,100	$1.15	44d	1	0.79mi
1525 S Walnut St Unit 11 Muncie, IN	2.0	1.0	800	$775	$0.97	44d	1	0.87mi
1001 W 1st St Unit 1 Muncie, IN	3.0	1.5	1098	$875	$0.80	44d	1	0.90mi
301 E Memorial Dr Muncie, IN	3.0	1.5	1172	$1,099	$0.94	44d	1	0.93mi
1721 S Elm St Muncie, IN	2.0	1.0	940	$925	$0.98	44d	1	0.99mi
2800 W Memorial Dr Muncie, IN	3.0	2.0	1216	$1,139	$0.94	44d	1	1.00mi
2015 W Godman Ave Muncie, IN	2.0	1.0	900	$985	$1.09	44d	7	1.09mi
2105 S Vine St Muncie, IN	3.0	1.0	960	$1,365	$1.42	44d	1	1.13mi
417 S Council St Muncie, IN	3.0	1.0	1132	$1,025	$0.91	44d	1	1.17mi
412 W Howard St Muncie, IN	3.0	1.0	1300	$1,000	$0.77	44d	1	1.20mi
1719 W Adams St Muncie, IN	2.0	1.0	1159	$1,000	$0.86	44d	1	1.21mi
309 S McKinley Ave Muncie, IN	2.0	1.0	875	$1,100	$1.26	44d	1	1.21mi
514 W Charles St Muncie, IN	2.0	1.0	1062	$800	$0.75	44d	1	1.23mi
1409 W Jackson St Muncie, IN	2.0	1.0	811	$844	$1.04	44d	1	1.23mi
326 W Charles St Muncie, IN	2.0	1.0	836	$1,300	$1.56	44d	1	1.27mi
2302 S Hackley St Muncie, IN	2.0	1.0	870	$1,199	$1.38	44d	1	1.28mi
522 W Adams St Muncie, IN	2.0	1.0	750	$810	$1.08	44d	6	1.29mi
2904 S Pershing Dr Muncie, IN	4.0	1.0	1362	$1,425	$1.05	44d	1	1.31mi
3106 S Vine St Muncie, IN	3.0	1.0	1080	$1,200	$1.11	44d	1	1.31mi
907 W Main St Apt 1 Muncie, IN	2.0	1.0	750	$775	$1.03	44d	1	1.32mi
3013 S Pershing Dr Muncie, IN	3.0	1.0	814	$850	$1.04	44d	1	1.32mi
906 W Main St Muncie, IN	1.0–2.0	1.0	712	$995	$1.40	44d	3	1.34mi
106 N McKinley Ave Muncie, IN	2.0	1.0	996	$1,024	$1.03	44d	2	1.38mi
2106 W Main St Muncie, IN	3.0	1.0	1036	$1,209	$1.17	44d	1	1.41mi
216 N McKinley Ave Muncie, IN	1.0–2.0	1.0	679	$825	$1.22	44d	3	1.45mi
400 W Washington St Unit 213 Muncie, IN	2.0	2.0	1009	$1,200	$1.19	44d	1	1.47mi

Listing history 11 events

1. 2026-06-03
   status $29,900 Pending 118 DOM
2. 2026-06-02
   days on market $29,900 Active 118 DOM
3. 2026-06-01
   days on market $29,900 Active 117 DOM
4. 2026-05-31
   days on market $29,900 Active 116 DOM
5. 2026-05-30
   days on market $29,900 Active 115 DOM
6. 2026-04-23
   price $29,900 241-char remark

   Show marketing remark (241 chars)

   Three bedroom, one bath bungalow waiting for you to make this a gem. Some work has been started. Subfloor and framing work complete. New furnace installed. Reframed in some spots and subfloor is complete. Great investment for flip or rental.

7. 2026-04-15
   price $34,900 241-char remark

   Show marketing remark (241 chars)

   Three bedroom, one bath bungalow waiting for you to make this a gem. Some work has been started. Subfloor and framing work complete. New furnace installed. Reframed in some spots and subfloor is complete. Great investment for flip or rental.

8. 2026-03-18
   price $39,000 241-char remark

   Show marketing remark (241 chars)

   Three bedroom, one bath bungalow waiting for you to make this a gem. Some work has been started. Subfloor and framing work complete. New furnace installed. Reframed in some spots and subfloor is complete. Great investment for flip or rental.

9. 2026-02-18
   price $42,900 241-char remark

   Show marketing remark (241 chars)

   Three bedroom, one bath bungalow waiting for you to make this a gem. Some work has been started. Subfloor and framing work complete. New furnace installed. Reframed in some spots and subfloor is complete. Great investment for flip or rental.

10. 2026-02-13
    status Active 241-char remark

    Show marketing remark (241 chars)

    Three bedroom, one bath bungalow waiting for you to make this a gem. Some work has been started. Subfloor and framing work complete. New furnace installed. Reframed in some spots and subfloor is complete. Great investment for flip or rental.

11. 2026-02-01
    listed $45,000 Active 241-char remark

    Show marketing remark (241 chars)

    Three bedroom, one bath bungalow waiting for you to make this a gem. Some work has been started. Subfloor and framing work complete. New furnace installed. Reframed in some spots and subfloor is complete. Great investment for flip or rental.

ⓘ 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: $118 · $10/mo
• Projected year-2 tax: $186 · $16/mo
• Expected delta: +$68/yr (+$6/mo · 57.7%)

ⓘ 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: $12,808
• − Mortgage interest: −$1,675
• − Property taxes: −$118
• − Insurance: −$150
• − Repairs & maintenance: −$1,025
• − Management: −$1,025
• − Depreciation: −$870
• Taxable income: $7,947
• Est. tax owed @ 24.0%: −$1,907
• After-tax cash flow: $6,062/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

-33.6% since first listed

6 events — show timeline

• 2026-04-23 Price Changed $29,900 MIBOR as Distributed by MLS Grid
• 2026-04-15 Price Changed $34,900 MIBOR as Distributed by MLS Grid
• 2026-03-18 Price Changed $39,000 MIBOR as Distributed by MLS Grid
• 2026-02-18 Price Changed $42,900 MIBOR as Distributed by MLS Grid
• 2026-02-13 Relisted — MIBOR as Distributed by MLS Grid
• 2026-02-01 Listed $45,000 MIBOR as Distributed by MLS Grid

Property tax history

+4.1%/yr

Latest (2024): $118 · -87.0% YoY. Source: county tax records.