1506 E 24th St · Muncie, IN 47302

$75,000

2 bd · 1.0 ba · 834 sqft · SingleFamily public records · 128 Days on market

Built 1955 8,276 sqft lot $90/sqft · 11% below area Est $85k · 11% under

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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 +28.5/30.0
• ARV discount +12.6/15.0
• DSCR +10.0/10.0
• 1% rule +7.7/10.0
• 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

Great Opportunity for an investment property or possible flip. Or do some updates and make it your own! This cute 2-bedroom home has lots of potential with a great floor plan, and the original hard wood floors make a statement. Features include an open living and kitchen area, laundry room with shelves and a covered back porch. A new furnace, water heater and 200-amp electrical box are being installed. There is a detached garage/outbuilding for extra storage and long drive for plenty of parking. A great little home, good location and just waiting for some updates!

Key facts

• New furnace
• New water heater
• Covered back porch

Tags

• OPEN LIVING AND KITCHEN AREA
• LAUNDRY ROOM WITH SHELVES
• COVERED BACK PORCH
• NEW FURNACE
• NEW WATER HEATER
• 200-AMP ELECTRICAL BOX

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $244 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($956 rent vs $75k).
• Recommended offer: $66k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.2% 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; 28 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 $519 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 $21k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 128 days — a 12% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 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 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $66,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 128 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 1955 — 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: 10.19%
• Cash-on-cash: 13.94%
• DSCR: 1.62
• GRM: 6.5

CMA / ARV

• ARV (median comp): $84,629
• List price: $75,000
• Delta: -11.38%
• 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
1914 E 23rd St	0.35mi	2/1.0	872 (+5%)	0mo	$92,000	$106	76
1727 E 24th St	0.24mi	2/1.0	768 (-8%)	1mo	$85,000	$111	75
3404 S Grant St	0.33mi	2/1.0	774 (-7%)	1mo	$80,000	$103	72
3506 S Penn St	0.40mi	2/1.0	792 (-5%)	1mo	$121,000	$153	72
2710 S Hackley St	0.40mi	2/1.0	876 (+5%)	2mo	$109,900	$125	71
2210 S Penn St	0.56mi	2/1.0	840 (+1%)	6mo	$108,000	$129	68
2806 S Sycamore Ave	0.59mi	2/1.0	816 (-2%)	2mo	$120,000	$147	67
1904 E Greenlawn Ct	0.38mi	2/1.0	768 (-8%)	4mo	$103,000	$134	66
1806 E 18th St	0.49mi	3/1.0 (+1)	865 (+4%)	7mo	$92,500	$107	60
1215 E 14th St	0.66mi	2/1.0	860 (+3%)	6mo	$72,500	$84	58
2911 S Hackley St	0.36mi	2/1.0	728 (-13%)	5mo	$62,500	$86	58
2207 E Sharon Dr	0.57mi	3/1.0 (+1)	936 (+12%)	5mo	$103,500	$111	44

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: 7.6%
• Equity multiple: 1.31×
• Total profit: $6,472
• Equity at exit: $11,183

10-year hold

• IRR: 19.4%
• Equity multiple: 2.86×
• Total profit: $39,165
• Equity at exit: $6,485

Cash invested: $21,000 (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: $956 high
• Mortgage (P&I): −$393
• Tax from tax record: −$86 /mo · $1,038/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$201
• Net cashflow: $244

Break-even live

Break-even rent $647

Max offer price $75,000

Occupancy floor 69%

Sensitivity live

Price	-10% $286	-5% $265	+0% $244	+5% $223	+10% $201
Rent	-10% $168	-5% $206	+0% $244	+5% $282	+10% $319
Rate	-1.0pp $282	-0.5pp $263	base $244	+0.5pp $224	+1.0pp $205

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2808 S Brotherton St Muncie, IN	2.0	1.0	966	$825	$0.85	45d	1	0.35mi
3013 S Pershing Dr Muncie, IN	3.0	1.0	814	$850	$1.04	45d	1	0.40mi
1901 E 26th St Unit 5 Muncie, IN	2.0	1.0	600	$865	$1.44	45d	1	0.42mi
3106 S Vine St Muncie, IN	3.0	1.0	1080	$1,200	$1.11	45d	1	0.44mi
1806 E 18th St Muncie, IN	3.0	1.0	865	$1,100	$1.27	45d	1	0.49mi
2302 S Hackley St Muncie, IN	2.0	1.0	870	$1,199	$1.38	45d	1	0.58mi
1703 E 14th St Apt 15 Muncie, IN	2.0	1.0	756	$777	$1.03	45d	1	0.66mi
2815 S Elm St Muncie, IN	2.0	1.0	672	$875	$1.30	45d	1	0.66mi
2105 S Vine St Muncie, IN	3.0	1.0	960	$1,365	$1.42	45d	1	0.77mi
1311 E 11th St Unit 2 Muncie, IN	1.0	1.0	672	$715	$1.06	45d	1	0.82mi
2213 E Memorial Dr Muncie, IN	2.0	1.0–2.0	997	$1,078	$1.08	45d	1	0.90mi
2316 S Walnut St Muncie, IN	3.0	1.0	956	$1,100	$1.15	45d	1	0.93mi
1721 S Elm St Muncie, IN	2.0	1.0	940	$925	$0.98	45d	1	1.08mi
1804 S Wall Ave Muncie, IN	2.0	1.0	900	$899	$1.00	45d	1	1.11mi
206 W 13th St Muncie, IN	2.0	1.0	992	$900	$0.91	45d	1	1.16mi
301 W 13th St Muncie, IN	1.0–2.0	1.0	725	$844	$1.16	45d	1	1.18mi
1307 S Ebright St Unit 2 Muncie, IN	1.0	1.0	630	$695	$1.10	45d	1	1.19mi
1310 E 5th St Muncie, IN	3.0	1.0	864	$1,300	$1.50	45d	1	1.24mi
1525 S Walnut St Unit 11 Muncie, IN	2.0	1.0	800	$775	$0.97	45d	1	1.29mi
319 W 10th St Muncie, IN	2.0	1.0	869	$885	$1.02	45d	1	1.33mi
4609 S Madison St Muncie, IN	3.0	1.0	1100	$1,150	$1.05	45d	1	1.40mi
4613 S Madison St Muncie, IN	2.0	1.0	772	$975	$1.26	45d	1	1.41mi
415 W 9th St Muncie, IN	2.0	1.0	705	$925	$1.31	45d	1	1.41mi
421 W 9th St Muncie, IN	1.0	1.0	672	$525	$0.78	45d	1	1.42mi
1521 E Kirby Ave Muncie, IN	2.0–4.0	1.0–2.0	972	$800	$0.82	45d	2	1.47mi
1109 E Kirby Ave Muncie, IN	2.0–3.0	1.0	971	$835	$0.86	45d	2	1.48mi
509 W 8th St Muncie, IN	3.0	1.0	1008	$1,325	$1.31	45d	1	1.50mi
815 W Memorial Dr Muncie, IN	2.0	1.0	800	$750	$0.94	45d	1	1.50mi

Listing history 2 events

1. 2026-04-18
   status Active 571-char remark

   Show marketing remark (571 chars)

   Great Opportunity for an investment property or possible flip. Or do some updates and make it your own! This cute 2-bedroom home has lots of potential with a great floor plan, and the original hard wood floors make a statement. Features include an open living and kitchen area, laundry room with shelves and a covered back porch. A new furnace, water heater and 200-amp electrical box are being installed. There is a detached garage/outbuilding for extra storage and long drive for plenty of parking. A great little home, good location and just waiting for some updates!

2. 2025-11-29
   listed $75,000 Active 571-char remark

   Show marketing remark (571 chars)

   Great Opportunity for an investment property or possible flip. Or do some updates and make it your own! This cute 2-bedroom home has lots of potential with a great floor plan, and the original hard wood floors make a statement. Features include an open living and kitchen area, laundry room with shelves and a covered back porch. A new furnace, water heater and 200-amp electrical box are being installed. There is a detached garage/outbuilding for extra storage and long drive for plenty of parking. A great little home, good location and just waiting for some updates!

ⓘ 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: $1,038 · $86/mo
• Projected year-2 tax: $1,038 · $86/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 ≥101°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: $11,467
• − Mortgage interest: −$4,201
• − Property taxes: −$1,038
• − Insurance: −$375
• − Repairs & maintenance: −$917
• − Management: −$917
• − Depreciation: −$2,182
• Taxable income: $1,837
• Est. tax owed @ 24.0%: −$441
• After-tax cash flow: $2,486/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

2 events — show timeline

• 2026-04-18 Relisted — MIBOR as Distributed by MLS Grid
• 2025-11-29 Listed $75,000 MIBOR as Distributed by MLS Grid

Property tax history

+32.6%/yr

Latest (2024): $1,038 · +0.0% YoY. Source: county tax records.