2205 S Vine St · Muncie, IN 47302

$89,900

3 bd · 1.0 ba · 1,152 sqft · SingleFamily public records · 32 Days on market

Built 1948 6,229 sqft lot Est $76k · 18% over

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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 +29.1/30.0
• DSCR +10.0/10.0
• 1% rule +7.5/10.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

This 3-bedroom, 1 bath has been well maintained. New roof, HVAC, windows and water heater in 2016. Newer washer, dryer, refrigerator and stove included. Back on market due to buyer unable to obtain financing.

Key facts

• New hvac
• New water heater
• New washer

Tags

• NEW ROOF
• NEW HVAC
• NEW WINDOWS
• NEW WATER HEATER
• NEW WASHER
• NEW DRYER

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $309 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.4% 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: 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.
• Zoned schools: Grissom Elementary School (math 8% / reading 8%, grade F, #949 of 994 statewide, top 97%, 450 students, 85% FRL); Southside Middle School (math 7% / reading 15%, grade F, #312 of 330 statewide, top 95%, 443 students, 85% FRL) — zoned schools average 85% FRL vs 68% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 9% at this address vs 22% district-wide (-12 pts) — the specific schools serving this property underperform the Muncie Community Schools average; the district grade overstates school quality for this exact location.
• 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 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 $622 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 + 6.1% rent growth), your $25k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($87k) 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 1948 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $87,203 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1948 — 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: 1.25% ✓
• Cap rate: 10.42%
• Cash-on-cash: 14.74%
• DSCR: 1.66
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $76,032
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2823 S Vine St	0.45mi	3/1.0	1,157 (+0%)	1mo	$112,500	$97	77
2005 S Beacon St	0.28mi	3/1.0	1,068 (-7%)	6mo	$115,875	$108	69
2107 S Elm St	0.20mi	2/1.0 (-1)	1,072 (-7%)	8mo	$40,000	$37	68
2004 S High St	0.43mi	3/1.0	1,092 (-5%)	5mo	$72,000	$66	67
1101 E Memorial Dr	0.34mi	2/1.0 (-1)	1,085 (-6%)	8mo	$89,900	$83	63
1702 S High St	0.53mi	2/1.0 (-1)	1,096 (-5%)	3mo	$59,000	$54	60
2812 S Jefferson St	0.49mi	2/1.0 (-1)	1,110 (-4%)	8mo	$128,500	$116	59
1302 E 6th St	0.74mi	3/1.0	1,141 (-1%)	9mo	$70,000	$61	56
1700 E 13th St	0.67mi	2/1.0 (-1)	1,180 (+2%)	6mo	$50,000	$42	54
617 W 15th St	0.70mi	2/1.0 (-1)	1,092 (-5%)	5mo	$108,000	$99	50
3201 S Elm St	0.70mi	2/1.5 (-1)	1,073 (-7%)	6mo	$61,000	$57	44
1503 E 20th St	0.63mi	2/1.0 (-1)	1,035 (-10%)	10mo	$32,000	$31	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: 8.5%
• Equity multiple: 1.35×
• Total profit: $8,738
• Equity at exit: $13,404

10-year hold

• IRR: 20.2%
• Equity multiple: 2.94×
• Total profit: $48,770
• Equity at exit: $7,773

Cash invested: $25,172 (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: 6.7×

Monthly cashflow live

• Estimated rent: $1,122 high
• Mortgage (P&I): −$471
• Tax from tax record: −$69 /mo · $824/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$236
• Net cashflow: $309

Break-even live

Break-even rent $731

Max offer price $89,900

Occupancy floor 67%

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2105 S Vine St Muncie, IN	3.0	1.0	960	$1,365	$1.42	43d	1	0.07mi
2302 S Hackley St Muncie, IN	2.0	1.0	870	$1,199	$1.38	43d	1	0.17mi
301 E Memorial Dr Muncie, IN	3.0	1.5	1172	$1,099	$0.94	43d	1	0.29mi
2316 S Walnut St Muncie, IN	3.0	1.0	956	$1,100	$1.15	43d	1	0.33mi
1721 S Elm St Muncie, IN	2.0	1.0	940	$925	$0.98	43d	1	0.35mi
206 W 13th St Muncie, IN	2.0	1.0	992	$900	$0.91	43d	1	0.46mi
2904 S Pershing Dr Muncie, IN	4.0	1.0	1362	$1,425	$1.05	43d	1	0.50mi
301 W 13th St Muncie, IN	1.0–2.0	1.0	725	$844	$1.16	43d	1	0.50mi
1525 S Walnut St Unit 11 Muncie, IN	2.0	1.0	800	$775	$0.97	43d	1	0.56mi
3013 S Pershing Dr Muncie, IN	3.0	1.0	814	$850	$1.04	43d	1	0.59mi
319 W 10th St Muncie, IN	2.0	1.0	869	$885	$1.02	43d	1	0.61mi
3106 S Vine St Muncie, IN	3.0	1.0	1080	$1,200	$1.11	43d	1	0.63mi
415 W 9th St Muncie, IN	2.0	1.0	705	$925	$1.31	43d	1	0.69mi
1703 E 14th St Apt 15 Muncie, IN	2.0	1.0	756	$777	$1.03	43d	1	0.70mi
509 W 8th St Muncie, IN	3.0	1.0	1008	$1,325	$1.31	43d	1	0.78mi
1806 E 18th St Muncie, IN	3.0	1.0	865	$1,100	$1.27	43d	1	0.80mi
1310 E 5th St Muncie, IN	3.0	1.0	864	$1,300	$1.50	43d	1	0.81mi
815 W Memorial Dr Muncie, IN	2.0	1.0	800	$750	$0.94	43d	1	0.84mi
1609 S Gharkey St Muncie, IN	2.0	1.0	744	$750	$1.01	43d	1	0.85mi
2808 S Brotherton St Muncie, IN	2.0	1.0	966	$825	$0.85	43d	1	0.91mi
1109 E Kirby Ave Muncie, IN	2.0–3.0	1.0	971	$975	$1.00	43d	2	0.96mi
2213 E Memorial Dr Muncie, IN	2.0	1.0–2.0	997	$1,078	$1.08	43d	1	1.03mi
1802 E Willard St Muncie, IN	3.0	2.5	1224	$1,100	$0.90	43d	1	1.04mi
1521 E Kirby Ave Muncie, IN	2.0–4.0	1.0–2.0	972	$1,150	$1.18	43d	2	1.06mi
412 W Howard St Muncie, IN	3.0	1.0	1300	$1,000	$0.77	43d	1	1.20mi
326 W Charles St Muncie, IN	2.0	1.0	836	$1,300	$1.56	43d	1	1.23mi
1804 S Wall Ave Muncie, IN	2.0	1.0	900	$899	$1.00	43d	1	1.24mi
1001 W 1st St Unit 1 Muncie, IN	3.0	1.5	1098	$875	$0.80	43d	1	1.24mi
417 S Council St Muncie, IN	3.0	1.0	1132	$1,025	$0.91	43d	1	1.26mi
514 W Charles St Muncie, IN	2.0	1.0	1062	$800	$0.75	43d	1	1.28mi
522 W Adams St Muncie, IN	2.0	1.0	750	$810	$1.08	43d	6	1.35mi
1704 W 15th St Muncie, IN	3.0	1.0	1026	$1,275	$1.24	43d	1	1.36mi
305 N Pershing Dr Muncie, IN	3.0	1.0	1062	$1,100	$1.04	43d	1	1.44mi
400 W Washington St Unit 213 Muncie, IN	2.0	2.0	1009	$1,200	$1.19	43d	1	1.45mi

Listing history 15 events

1. 2026-06-19
   days on market $89,900 Active 32 DOM
2. 2026-06-18
   days on market $89,900 Active 31 DOM
3. 2026-06-17
   days on market $89,900 Active 30 DOM
4. 2026-06-16
   days on market $89,900 Active 29 DOM
5. 2026-06-15
   days on market $89,900 Active 28 DOM
6. 2026-06-14
   days on market $89,900 Active 26 DOM
7. 2026-06-13
   days on market $89,900 Active 25 DOM
8. 2026-06-10
   days on market $89,900 Active 23 DOM
9. 2026-06-09
   days on market $89,900 Active 22 DOM
10. 2026-06-09
    remarks 208-char remark
11. 2026-06-09
    status $89,900 Active 21 DOM
12. 2026-04-27
    status Pending
13. 2026-04-14
    status Active
14. 2026-04-10
    status Pending
15. 2026-04-02
    listed $89,900 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: $824 · $69/mo
• Projected year-2 tax: $824 · $69/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 6/10 Major FEMA zone X (unshaded) · 75% 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 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: $13,470
• − Mortgage interest: −$5,036
• − Property taxes: −$824
• − Insurance: −$450
• − Repairs & maintenance: −$1,078
• − Management: −$1,078
• − Depreciation: −$2,615
• Taxable income: $2,390
• Est. tax owed @ 24.0%: −$574
• After-tax cash flow: $3,137/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

4 events — show timeline

• 2026-04-27 Pending — IRMLS
• 2026-04-14 Relisted — IRMLS
• 2026-04-10 Pending — IRMLS
• 2026-04-02 Listed $89,900 IRMLS

Property tax history

-1.3%/yr

Latest (2024): $824 · +1.9% YoY. Source: county tax records.