2002 E Highland Ave · Muncie, IN 47303

$113,500

3 bd · 1.0 ba · 866 sqft · SingleFamily public records · 41 Days on market

Built 1924 5,600 sqft lot $131/sqft · 118% above area

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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 +19.5/30.0
• ARV discount +7.5/15.0
• DSCR +6.2/10.0
• Rent growth +4.5/5.0
• 1% rule +4.3/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this warm and inviting place where comfort meets convenience. This charming home offers beautiful, updated spaces, stylish flooring, and a bright, welcoming layout perfect for everyday living and special gatherings alike. The spacious kitchen provides plenty of room for cooking family meals, sharing stories around the table, and creating lasting memories. Step outside to the large deck and enjoy morning coffee, summer cookouts, or relaxing evenings in your private backyard retreat. There's plenty of space for a playground, pets, and gardens. The property has several updates, new roof, new furnace, new water heater, new electrical, plus all the cosmetic repairs, like the kitchen and bathroom been redone. Conveniently located near shopping, dining, parks, schools, and everyday amenities, this home makes it easy to enjoy all that Muncie has to offer while still having a peaceful place to call your own. Schedule a showing today!

Key facts

• Large deck
• New furnace
• New water heater

Tags

• LARGE DECK
• PRIVATE BACKYARD RETREAT
• NEW ROOF
• NEW FURNACE
• NEW WATER HEATER
• NEW ELECTRICAL

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $114k.

Deal economics

• At list price, monthly cash flow is $129 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $106k (6.5% below list).
• Recommended offer: $106k (6.5% below list) — sets the bar for 1% rule.
• Cap rate 7.7% vs local median 6.0% in Muncie — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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; 13 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 $785 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 + 7.8% rent growth), your $32k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $6k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $36k; list at $114k implies a 220% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $106,088 (6.5% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
2. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.93% ✗
• Cap rate: 7.66%
• Cash-on-cash: 4.87%
• DSCR: 1.22
• GRM: 8.9

CMA / ARV

• ARV (median comp): $52,075
• List price: $113,500
• Delta: 117.96%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1809 E Hines St	0.15mi	2/1.0 (-1)	896 (+4%)	17mo	$35,500	$40	68
1811 E Hines St	0.14mi	3/1.0	912 (+5%)	23mo	$85,000	$93	66
1008 N Bellaire Ave	0.17mi	2/1.0 (-1)	768 (-11%)	8mo	$95,000	$124	62
606 N Biltmore Ave	0.71mi	3/1.0	945 (+9%)	1mo	$129,000	$137	51
920 N Central Ave	0.28mi	3/1.0	960 (+11%)	24mo	$84,900	$88	49
1608 N Macedonia Ave	0.37mi	2/1.0 (-1)	742 (-14%)	6mo	$115,000	$155	49
1512 E Waid Ave	0.65mi	2/1.0 (-1)	832 (-4%)	13mo	$90,000	$108	48
2107 N Brady St	0.60mi	2/1.0 (-1)	816 (-6%)	18mo	$33,750	$41	42
1705 N Turner St	0.37mi	2/1.5 (-1)	760 (-12%)	18mo	$33,750	$44	40
3000 E Manor St	0.66mi	2/1.0 (-1)	736 (-15%)	6mo	$125,000	$170	34
215 N Grafton Ave	0.71mi	2/1.0 (-1)	760 (-12%)	16mo	$75,000	$99	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 · 7.8% rent growth · sell at horizon

5-year hold

• IRR: -3.9%
• Equity multiple: 0.85×
• Total profit: $-4,839
• Equity at exit: $16,923

10-year hold

• IRR: 10.3%
• Equity multiple: 1.96×
• Total profit: $30,583
• Equity at exit: $9,813

Cash invested: $31,780 (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: 8.9×

Monthly cashflow live

• Estimated rent: $1,061 high
• Mortgage (P&I): −$595
• Tax from tax record: −$67 /mo · $800/yr
• Insurance: −$47
• HOA: −$0
• Vacancy / Maint / Mgmt: −$223
• Net cashflow: $129

Break-even live

Break-even rent $898

Max offer price $113,500

Occupancy floor 83%

Sensitivity live

Price	-10% $193	-5% $161	+0% $129	+5% $97	+10% $65
Rent	-10% $45	-5% $87	+0% $129	+5% $171	+10% $213
Rate	-1.0pp $186	-0.5pp $158	base $129	+0.5pp $100	+1.0pp $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: $28,375
• Closing costs: $3,405
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1414 E Highland Ave Muncie, IN	2.0	1.5	1056	$900	$0.85	44d	1	0.38mi
2321 N Macedonia Ave Muncie, IN	2.0	1.0	1009	$860	$0.85	44d	1	0.71mi
305 N Biltmore Ave Muncie, IN	2.0	1.0	912	$1,186	$1.30	44d	1	0.84mi
305 N Pershing Dr Muncie, IN	3.0	1.0	1062	$1,100	$1.04	44d	1	0.95mi
2901 N Elgin St Muncie, IN	2.0–3.0	2.0	1045	$1,199	$1.15	44d	4	1.01mi
9901 N State St Muncie, IN	3.0	2.0	1136	$1,110	$0.98	44d	5	1.08mi
1521 E Kirby Ave Muncie, IN	2.0–4.0	1.0–2.0	972	$1,150	$1.18	44d	2	1.13mi
1109 E Kirby Ave Muncie, IN	2.0–3.0	1.0	971	$975	$1.00	44d	2	1.22mi
2125 E Harvard Ave Muncie, IN	3.0	2.0	1040	$1,200	$1.15	44d	1	1.23mi
151 E Streeter Ave Unit 2 Bedroom Apartment Muncie, IN	2.0	1.0	750	$692	$0.92	44d	1	1.32mi
111 E Streeter Ave Muncie, IN	2.0–3.0	1.0	816	$999	$1.22	44d	3	1.37mi
222 W Centennial Ave Muncie, IN	2.0	1.5	1042	$925	$0.89	44d	1	1.38mi
1310 E 5th St Muncie, IN	3.0	1.0	864	$1,300	$1.50	44d	1	1.38mi

Listing history 5 events

1. 2026-04-24
   price $114,900 949-char remark

   Show marketing remark (949 chars)

   Welcome to this warm and inviting place where comfort meets convenience. This charming home offers beautiful, updated spaces, stylish flooring, and a bright, welcoming layout perfect for everyday living and special gatherings alike. The spacious kitchen provides plenty of room for cooking family meals, sharing stories around the table, and creating lasting memories. Step outside to the large deck and enjoy morning coffee, summer cookouts, or relaxing evenings in your private backyard retreat. There's plenty of space for a playground, pets, and gardens. The property has several updates, new roof, new furnace, new water heater, new electrical, plus all the cosmetic repairs, like the kitchen and bathroom been redone. Conveniently located near shopping, dining, parks, schools, and everyday amenities, this home makes it easy to enjoy all that Muncie has to offer while still having a peaceful place to call your own. Schedule a showing today!

2. 2026-04-16
   listed $119,900 Active 949-char remark

   Show marketing remark (949 chars)

   Welcome to this warm and inviting place where comfort meets convenience. This charming home offers beautiful, updated spaces, stylish flooring, and a bright, welcoming layout perfect for everyday living and special gatherings alike. The spacious kitchen provides plenty of room for cooking family meals, sharing stories around the table, and creating lasting memories. Step outside to the large deck and enjoy morning coffee, summer cookouts, or relaxing evenings in your private backyard retreat. There's plenty of space for a playground, pets, and gardens. The property has several updates, new roof, new furnace, new water heater, new electrical, plus all the cosmetic repairs, like the kitchen and bathroom been redone. Conveniently located near shopping, dining, parks, schools, and everyday amenities, this home makes it easy to enjoy all that Muncie has to offer while still having a peaceful place to call your own. Schedule a showing today!

3. 2024-11-07
   soldstatus $35,500 Closed 241-char remark

   Show marketing remark (241 chars)

   Investment property with great potential! This home requires updates to the plumbing, a fresh coat of paint, and renovations to the kitchen, bathroom, and flooring. Perfect for investors looking to add value through renovations and upgrades.

4. 2024-10-29
   status Pending 241-char remark

   Show marketing remark (241 chars)

   Investment property with great potential! This home requires updates to the plumbing, a fresh coat of paint, and renovations to the kitchen, bathroom, and flooring. Perfect for investors looking to add value through renovations and upgrades.

5. 2024-10-25
   listed $39,900 Active 241-char remark

   Show marketing remark (241 chars)

   Investment property with great potential! This home requires updates to the plumbing, a fresh coat of paint, and renovations to the kitchen, bathroom, and flooring. Perfect for investors looking to add value through renovations and upgrades.

ⓘ 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: $800 · $67/mo
• Projected year-2 tax: $882 · $74/mo
• Expected delta: +$82/yr (+$7/mo · 10.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 71% 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: $12,731
• − Mortgage interest: −$6,358
• − Property taxes: −$800
• − Insurance: −$568
• − Repairs & maintenance: −$1,018
• − Management: −$1,018
• − Depreciation: −$3,302
• Taxable loss: −$333
• Est. tax savings @ 24.0%: +$80
• After-tax cash flow: $1,627/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

+188.0% since first listed

5 events — show timeline

• 2026-04-24 Price Changed $114,900 MIBOR as Distributed by MLS Grid
• 2026-04-16 Listed $119,900 MIBOR as Distributed by MLS Grid
• 2024-11-07 Sold (MLS) $35,500 MIBOR as Distributed by MLS Grid
• 2024-10-29 Pending — MIBOR as Distributed by MLS Grid
• 2024-10-25 Listed $39,900 MIBOR as Distributed by MLS Grid

Property tax history

-2.1%/yr

Latest (2024): $800 · +13.3% YoY. Source: county tax records.