1506 W 11th St · Muncie, IN 47302

$30,000

3 bd · 1.0 ba · 1,035 sqft · SingleFamily public records · 24 Days on market

Built 1865 ↓ 25% 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

Opportunity for investment or reasonably priced home on Near West location. Nice sized rooms, and appears be in good condition. Basement and large detached garage. Enclosed porch. Home could possibly go low down payment financing to qualified buyer. Unbelievably LOW PAYMENTS for a buyer who qualifies!!!! Take a look today! Home is within 8 minutes of BSU and Ball hospital!

Key facts

• Basement
• Enclosed porch
• 8 minutes of bsu

Tags

• BASEMENT
• LARGE DETACHED GARAGE
• ENCLOSED PORCH
• 8 MINUTES OF BSU
• 8 MINUTES OF BALL HOSPITAL

Property features AI

Exterior

• Home design: Built in 1865
• Construction: Constructed in 1865
• Exterior features: Located in the Thomas Park - Avondale subdivision

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 $633 ($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: $30k (1.5% below list) — sets the bar for market timing.
• Cap rate 31.6% 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 (+6.1%/yr); 148 active listings in the ZIP; 37 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 $207 of loan paydown is wiped out by about $900 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 24 days — a 2% lower offer ($30k) 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 1865 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $29,550 (1.5% below list)

Questions for the listing agent

1. Built in 1865 — 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: 3.60% ✓
• Cap rate: 31.60%
• Cash-on-cash: 90.38%
• DSCR: 5.02
• GRM: 2.3

CMA / ARV

• ARV (on-the-fly): $103,500
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1514 W Memorial Dr	0.06mi	2/1.5 (-1)	1,056 (+2%)	1mo	$85,000	$80	86
1913 W 10th St	0.22mi	2/1.0 (-1)	1,052 (+2%)	4mo	$95,000	$90	78
1400 W 13th St	0.18mi	3/1.5	1,124 (+9%)	0mo	$104,900	$93	75
2233 W 11th St	0.46mi	3/1.5	1,034 (-0%)	4mo	$125,000	$121	73
802 W 13th St	0.48mi	2/1.0 (-1)	1,040 (+0%)	2mo	$92,000	$88	70
1436 W 14th St	0.19mi	2/1.0 (-1)	952 (-8%)	5mo	$95,000	$100	69
2224 S Hoyt Ave	0.33mi	3/1.0	1,152 (+11%)	0mo	$26,500	$23	65
1800 W 13th St	0.19mi	2/1.0 (-1)	896 (-13%)	0mo	$97,000	$108	64
2320 W 10th St	0.53mi	3/1.0	960 (-7%)	3mo	$73,000	$76	61
1617 W 16th St	0.33mi	3/1.0	894 (-14%)	2mo	$100,000	$112	60
2504 W 8th St	0.63mi	3/1.0	1,116 (+8%)	3mo	$115,000	$103	55
805 W 15th St	0.54mi	3/1.0	896 (-13%)	0mo	$91,000	$102	52

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: 94.6%
• Equity multiple: 5.64×
• Total profit: $38,939
• Equity at exit: $4,473

10-year hold

• IRR: 98.0%
• Equity multiple: 13.04×
• Total profit: $101,116
• Equity at exit: $2,594

Cash invested: $8,400 (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: $1,079 high
• Mortgage (P&I): −$157
• Tax from tax record: −$50 /mo · $596/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$227
• Net cashflow: $633

Break-even live

Break-even rent $278

Max offer price $30,000

Occupancy floor 36%

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: $7,500
• Closing costs: $900
• Reserves months: —
• Total cash needed: —

Rent comps 37 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	0.23mi
815 W Memorial Dr Muncie, IN	2.0	1.0	800	$750	$0.94	44d	1	0.46mi
1609 S Gharkey St Muncie, IN	2.0	1.0	744	$750	$1.01	44d	1	0.54mi
509 W 8th St Muncie, IN	3.0	1.0	1008	$1,325	$1.31	44d	1	0.68mi
1001 W 1st St Unit 1 Muncie, IN	3.0	1.5	1098	$875	$0.80	44d	1	0.71mi
415 W 9th St Muncie, IN	2.0	1.0	705	$925	$1.31	44d	1	0.73mi
2015 W Godman Ave Muncie, IN	2.0	1.0	900	$985	$1.09	44d	7	0.77mi
319 W 10th St Muncie, IN	2.0	1.0	869	$885	$1.02	44d	1	0.78mi
301 W 13th St Muncie, IN	1.0–2.0	1.0	725	$844	$1.16	44d	1	0.80mi
2800 W Memorial Dr Muncie, IN	3.0	2.0	1216	$1,139	$0.94	44d	1	0.80mi
206 W 13th St Muncie, IN	2.0	1.0	992	$900	$0.91	44d	1	0.85mi
309 S McKinley Ave Muncie, IN	2.0	1.0	875	$1,100	$1.26	44d	1	0.91mi
1719 W Adams St Muncie, IN	2.0	1.0	1159	$1,000	$0.86	44d	1	0.91mi
1525 S Walnut St Unit 11 Muncie, IN	2.0	1.0	800	$775	$0.97	44d	1	0.93mi
1409 W Jackson St Muncie, IN	2.0	1.0	811	$844	$1.04	44d	1	0.95mi
2316 S Walnut St Muncie, IN	3.0	1.0	956	$1,100	$1.15	44d	1	1.01mi
417 S Council St Muncie, IN	3.0	1.0	1132	$1,025	$0.91	44d	1	1.01mi
412 W Howard St Muncie, IN	3.0	1.0	1300	$1,000	$0.77	44d	1	1.06mi
301 E Memorial Dr Muncie, IN	3.0	1.5	1172	$1,099	$0.94	44d	1	1.07mi
514 W Charles St Muncie, IN	2.0	1.0	1062	$800	$0.75	44d	1	1.07mi
106 N McKinley Ave Muncie, IN	2.0	1.0	996	$1,024	$1.03	44d	2	1.08mi
907 W Main St Apt 1 Muncie, IN	2.0	1.0	750	$775	$1.03	44d	1	1.10mi
2106 W Main St Muncie, IN	3.0	1.0	1036	$1,209	$1.17	44d	1	1.10mi
1721 S Elm St Muncie, IN	2.0	1.0	940	$925	$0.98	44d	1	1.10mi
906 W Main St Muncie, IN	1.0–2.0	1.0	712	$995	$1.40	44d	3	1.12mi
522 W Adams St Muncie, IN	2.0	1.0	750	$810	$1.08	44d	6	1.13mi
326 W Charles St Muncie, IN	2.0	1.0	836	$1,300	$1.56	44d	1	1.14mi
216 N McKinley Ave Muncie, IN	1.0–2.0	1.0	679	$825	$1.22	44d	3	1.14mi
402 N Calvert St Muncie, IN	2.0	1.0–1.5	720	$899	$1.25	44d	5	1.25mi
1501 W University Ave Muncie, IN	2.0–3.0	1.0	794	$1,125	$1.42	44d	1	1.28mi
400 W Washington St Unit 213 Muncie, IN	2.0	2.0	1009	$1,200	$1.19	44d	1	1.30mi
2105 S Vine St Muncie, IN	3.0	1.0	960	$1,365	$1.42	44d	1	1.30mi
519 N Dill St Muncie, IN	1.0–2.0	1.0	900	$1,125	$1.25	44d	7	1.34mi
701 N Dicks St Unit 1&3 Muncie, IN	2.0	1.5	920	$1,580	$1.72	44d	1	1.42mi
701 N Dicks St Unit 4 Muncie, IN	2.0	1.5	920	$1,580	$1.72	44d	1	1.43mi
2302 S Hackley St Muncie, IN	2.0	1.0	870	$1,199	$1.38	44d	1	1.47mi
808 W Beechwood Ave Muncie, IN	4.0	2.0	1261	$900	$0.71	44d	1	1.49mi

Listing history 21 events

1. 2026-06-19
   days on market $30,000 Active 24 DOM
2. 2026-06-18
   days on market $30,000 Active 23 DOM
3. 2026-06-17
   days on market $30,000 Active 22 DOM
4. 2026-06-16
   days on market $30,000 Active 21 DOM
5. 2026-06-15
   days on market $30,000 Active 20 DOM
6. 2026-06-14
   days on market $30,000 Active 18 DOM
7. 2026-06-13
   days on market $30,000 Active 17 DOM
8. 2026-06-10
   days on market $30,000 Active 15 DOM
9. 2026-06-09
   days on market $30,000 Active 14 DOM
10. 2026-06-08
    days on market $30,000 Active 13 DOM
11. 2026-06-07
    days on market $30,000 Active 12 DOM
12. 2026-06-05
    days on market $30,000 Active 9 DOM
13. 2026-06-03
    days on market $30,000 Active 8 DOM
14. 2026-06-02
    days on market $30,000 Active 7 DOM
15. 2026-06-01
    days on market $30,000 Active 6 DOM
16. 2026-05-31
    days on market $30,000 Active 5 DOM
17. 2026-05-30
    days on market $30,000 Active 4 DOM
18. 2026-05-26
    listed $30,000 Active
19. 2025-06-17
    price $33,995
20. 2025-04-08
    price $38,995
21. 2025-03-05
    listed $39,995 Active

ⓘ 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: $596 · $50/mo
• Projected year-2 tax: $596 · $50/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 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: $12,944
• − Mortgage interest: −$1,680
• − Property taxes: −$596
• − Insurance: −$150
• − Repairs & maintenance: −$1,036
• − Management: −$1,036
• − Depreciation: −$873
• Taxable income: $7,574
• Est. tax owed @ 24.0%: −$1,818
• After-tax cash flow: $5,774/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

-25.0% since first listed

4 events — show timeline

• 2026-05-26 Listed $30,000 FSBO.com
• 2025-06-17 Price Changed $33,995 IRMLS
• 2025-04-08 Price Changed $38,995 IRMLS
• 2025-03-05 Listed $39,995 IRMLS

Property tax history

-10.6%/yr

Latest (2024): $596 · +10.8% YoY. Source: county tax records.