2101 N Macedonia Ave · Muncie, IN 47303

$73,900

2 bd · 1.0 ba · 840 sqft · SingleFamily public records · 328 Days on market

Built 1950 5,360 sqft lot $88/sqft · 54% above area ↓ 1% 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 +29.4/30.0
• DSCR +10.0/10.0
• 1% rule +7.7/10.0
• 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

Listing remarks MLS

*This property is part of a potential 11 property package. Please see the attached document for details.* This property features 2 beds/1 bath, a laundry room, carport, and a shed. Located on a spacious corner lot. Needs some TLC. Water currently off.

Key facts

• 5,360 sq ft lot
• Built 1950
• Listed 327 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $74k.

Deal economics

• At list price, monthly cash flow is $262 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($937 rent vs $74k).
• Recommended offer: $65k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.6% 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; 14 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 $511 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 + 7.8% rent growth), your $21k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 328 days — a 12% lower offer ($65k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $6k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $65,032 (12.0% below list)

Questions for the listing agent

1. It's been on market 328 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — 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: 1.27% ✓
• Cap rate: 10.55%
• Cash-on-cash: 15.22%
• DSCR: 1.68
• GRM: 6.6

CMA / ARV

• ARV (median comp): $48,056
• List price: $73,900
• Delta: 53.78%
• 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
1512 E Waid Ave	0.10mi	2/1.0	832 (-1%)	13mo	$90,000	$108	83
2413 N Macedonia Ave	0.21mi	1/1.0 (-1)	825 (-2%)	11mo	$46,000	$56	73
1608 N Macedonia Ave	0.19mi	2/1.0	742 (-12%)	6mo	$115,000	$155	66
1809 N Turner St	0.13mi	2/1.0	728 (-13%)	9mo	$49,500	$68	64
2414 N Blaine St	0.27mi	2/1.0	936 (+11%)	12mo	$109,900	$117	58
1809 E Hines St	0.42mi	2/1.0	896 (+7%)	17mo	$35,500	$40	55
1601 N Elm St	0.72mi	2/1.0	896 (+7%)	1mo	$53,000	$59	55
2315 N Wolfe St	0.19mi	2/1.0	720 (-14%)	17mo	$65,000	$90	53
1008 N Bellaire Ave	0.71mi	2/1.0	768 (-9%)	8mo	$95,000	$124	46
2804 N Westwood Rd	0.66mi	3/1.0 (+1)	925 (+10%)	13mo	$114,000	$123	37
2905 N Barr St	0.66mi	3/1.0 (+1)	925 (+10%)	15mo	$65,000	$70	35
627 E Pine St	0.68mi	3/1.0 (+1)	962 (+14%)	6mo	$115,000	$120	33

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: 11.0%
• Equity multiple: 1.46×
• Total profit: $9,480
• Equity at exit: $11,019

10-year hold

• IRR: 23.5%
• Equity multiple: 3.48×
• Total profit: $51,260
• Equity at exit: $6,390

Cash invested: $20,692 (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: 6.6×

Monthly cashflow live

• Estimated rent: $937 high
• Mortgage (P&I): −$388
• Tax from tax record: −$60 /mo · $714/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$197
• Net cashflow: $262

Break-even live

Break-even rent $605

Max offer price $73,900

Occupancy floor 67%

Sensitivity live

Price	-10% $304	-5% $283	+0% $262	+5% $242	+10% $221
Rent	-10% $188	-5% $225	+0% $262	+5% $299	+10% $336
Rate	-1.0pp $300	-0.5pp $281	base $262	+0.5pp $243	+1.0pp $224

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: $18,475
• Closing costs: $2,217
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2321 N Macedonia Ave Muncie, IN	2.0	1.0	1009	$860	$0.85	44d	1	0.19mi
2901 N Elgin St Muncie, IN	2.0–3.0	2.0	1045	$999	$0.96	44d	4	0.52mi
1414 E Highland Ave Muncie, IN	2.0	1.5	1056	$900	$0.85	44d	1	0.52mi
2125 E Harvard Ave Muncie, IN	3.0	2.0	1040	$1,200	$1.15	44d	1	0.80mi
151 E Streeter Ave Unit 2 Bedroom Apartment Muncie, IN	2.0	1.0	750	$692	$0.92	44d	1	0.96mi
111 E Streeter Ave Muncie, IN	2.0–3.0	1.0	816	$799	$0.98	44d	3	0.99mi
222 W Centennial Ave Muncie, IN	2.0	1.5	1042	$925	$0.89	44d	1	1.11mi
305 N Pershing Dr Muncie, IN	3.0	1.0	1062	$1,100	$1.04	44d	1	1.19mi
125 E Oldfield Ln Muncie, IN	1.0–3.0	1.0–2.0	886	$1,112	$1.26	44d	7	1.26mi
305 N Biltmore Ave Muncie, IN	2.0	1.0	912	$1,186	$1.30	44d	1	1.34mi
4000 N Walnut St Muncie, IN	1.0–3.0	1.0	880	$964	$1.10	44d	5	1.41mi
720 W Centennial Ave Muncie, IN	2.0–3.0	1.0–2.0	1034	$799	$0.77	44d	1	1.43mi
9901 N State St Muncie, IN	3.0	2.0	1136	$1,110	$0.98	44d	5	1.47mi
3906 N Franklin St Apt 1 Muncie, IN	2.0	1.0	972	$972	$1.00	44d	1	1.48mi

Listing history 22 events

1. 2026-06-19
   days on market $73,900 Active 328 DOM
2. 2026-06-18
   days on market $73,900 Active 327 DOM
3. 2026-06-17
   price $73,900 Active 326 DOM
4. 2026-06-17
   days on market $78,900 Active 326 DOM
5. 2026-06-16
   days on market $78,900 Active 325 DOM
6. 2026-06-15
   days on market $78,900 Active 324 DOM
7. 2026-06-14
   days on market $78,900 Active 322 DOM
8. 2026-06-13
   days on market $78,900 Active 321 DOM
9. 2026-06-10
   days on market $78,900 Active 319 DOM
10. 2026-06-09
    days on market $78,900 Active 318 DOM
11. 2026-06-08
    days on market $78,900 Active 317 DOM
12. 2026-06-07
    days on market $78,900 Active 316 DOM
13. 2026-06-05
    days on market $78,900 Active 313 DOM
14. 2026-06-03
    days on market $78,900 Active 312 DOM
15. 2026-06-02
    days on market $78,900 Active 311 DOM
16. 2026-06-01
    days on market $78,900 Active 310 DOM
17. 2026-05-31
    days on market $78,900 Active 309 DOM
18. 2026-05-30
    days on market $78,900 Active 308 DOM
19. 2025-09-07
    price $78,900 252-char remark

    Show marketing remark (254 chars)

    * This property is part of a potential 11 property package. Please see the attached document for details. * This property features 2 beds/1 bath, a laundry room, carport, and a shed. Located on a spacious corner lot. Needs some TLC. Water currently off.

20. 2025-09-07
    price $78,900 254-char remark

    Show marketing remark (254 chars)

    * This property is part of a potential 11 property package. Please see the attached document for details. * This property features 2 beds/1 bath, a laundry room, carport, and a shed. Located on a spacious corner lot. Needs some TLC. Water currently off.

21. 2025-07-25
    listed $79,900 Active 252-char remark

    Show marketing remark (254 chars)

    * This property is part of a potential 11 property package. Please see the attached document for details. * This property features 2 beds/1 bath, a laundry room, carport, and a shed. Located on a spacious corner lot. Needs some TLC. Water currently off.

22. 2025-07-25
    listed $79,900 Active 254-char remark

    Show marketing remark (254 chars)

    * This property is part of a potential 11 property package. Please see the attached document for details. * This property features 2 beds/1 bath, a laundry room, carport, and a shed. Located on a spacious corner lot. Needs some TLC. Water currently off.

ⓘ 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: $714 · $60/mo
• Projected year-2 tax: $714 · $60/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 100% 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: $11,245
• − Mortgage interest: −$4,140
• − Property taxes: −$714
• − Insurance: −$370
• − Repairs & maintenance: −$900
• − Management: −$900
• − Depreciation: −$2,150
• Taxable income: $2,073
• Est. tax owed @ 24.0%: −$497
• After-tax cash flow: $2,652/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

-1.3% since first listed

4 events — show timeline

• 2025-09-07 Price Changed $78,900 MIBOR as Distributed by MLS Grid
• 2025-09-07 Price Changed $78,900 IRMLS
• 2025-07-25 Listed $79,900 IRMLS
• 2025-07-25 Listed $79,900 MIBOR as Distributed by MLS Grid

Property tax history

-2.3%/yr

Latest (2024): $714 · +12.3% YoY. Source: county tax records.